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Seven best social trading platforms for Nigerians

It is possible for traders to pool their capital with that of other successful investors in order to mimic their trading tactics, a practice known as copy trading or social trading.

Social Trading Platforms
Best social trading platforms for Nigerians

Copy trading platforms can be automated, semi-automated, or manual, allowing the trader to have varied degrees of overall control over their trades.

In this article, we explore the seven Best Social Trading Platforms for Nigerians offered by Forex brokers that provide excellent trading conditions.

1.    AvaTrade

Overview

An internationally authorised and beginner friendly CFD broker, AvaTrade is able to offer trading on Forex and cryptocurrencies, as well as commodities and indices. AvaTrade also provides trading on stocks, bonds, vanilla options, and ETFs, making it one of the best Social Trading Platforms in Nigeria.

AvaTradeGO, one of the most popular mobile trading apps in the world, has gained widespread industry accolades and, unlike many European brokers, AvaTrade has a local Nigerian customer service team.

Pros and Cons

PROS CONS
Broad range of tradable instruments High EURUSD and inactivity fees
MetaTrader 4 and 5 available
Excellent educational resources

Features

Feature Information
Regulation Central Bank of Ireland, MiFID, ASiC, BVI
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from No commission on Forex
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses First Deposit Bonus

2.    HF Markets

Overview

An international CFD broker, HF Markets offers trading in a wide range of financial assets including Forex, metals, energy and indexes, stocks and commodities, bonds and ETF, and is one of the leading Social Trading Platforms in Nigeria.

HFcopy Accounts can be opened by Strategy Providers who want to expand their Follower base and trade for a Performance Fee. Strategy Providers only get paid if their followers’ tactics are a success.

Pros and Cons

Pros

No deposit or withdrawal fees

Competitive spreads

Cons

High commission charges on the Zero account

Features

Feature Information
Regulation CySEC, DFSA, FCA, FSA, FSCA
Minimum deposit from $5
Average spread from 0,0 pips
Commissions from USD 0.03 per 1K lot.
Deposit/Withdrawal Fees None
Maximum Leverage 1:1000
Bonuses 100% Supercharged Bonus
Customer Support 24/5

3.    Pepperstone

Overview

Pepperstone is well-known for its narrow spreads, lightning-fast execution, and wide range of platform support, but it also offers a variety of strong third-party copy trading systems, such as MetaTrader Signals, Duplitrade, and Myfxbook, that traders can choose from.

Pros and Cons

Pros

No minimum deposit

Low trading fees for forex

No added costs for withdrawals or deposits

Cons

Limited number of instruments

No additional research tools

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from AUD200
Average spread from 0.4 pips
Commissions from ‎$3.76 commission per lot per trade
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

4.    Tickmill

Overview

There are two excellent third-party copy trading platforms supported by Tickmill: Myfxbook AutoTrade and the Pelican Trading mobile trading app. Tickmill is a regulated MT4/MT5 broker. Tickmill customers can use Myfxbook AutoTrade for free.

Pros and Cons

PROS CONS
Competitive pricing

Well regulated

High leverage

Advanced trading software

STP model

Features

Feature Information
Regulation FSA
Minimum deposit from $100
Average spread from 0.1 pips
Commissions from ‎2 per side per 100,000 traded
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses $30 Welcome Bonus
Customer Support 24/5

5.    Exness

Overview

Market maker Exness was founded in 2008 and provides trading on the MT4 and MT5 platforms. For newbie traders, Exness offers the MT4 platform’s Social Trading tool, which allows them to imitate the transactions of other traders.

It is mutually agreed upon that strategy providers are paid a commission when they make money.

Pros and Cons

PROS CONS
Well-regulated
Tight spreads
Over 130 currency pairs

Features

Feature Information
Regulation CySEC, FCA
Minimum deposit from $1
Average spread from 1.3 pips
Commissions from 3 USD and 10 USD per 1 lot for CFDs
Deposit/Withdrawal Fees None
Maximum Leverage 1:2000
Bonuses Standard +10% Bonus Programme
Customer Support 24/5 – multilingual

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6.    IC Markets

Overview

Beginner-friendly CFD broker IC Markets offers trading on a wide range of financial assets, including currency pairs, commodities, indices, bonds and digital currencies.

Autochartist and Trading Central are just two examples of the many trading tools offered by IC Markets, which include a free VPS service and two copy trader tools – Zulutrade and Myfxbook Automated Trades.

Pros and Cons

PROS CONS
Low forex fees

Easy and fast account opening

Free deposit and withdrawal

No Negative Account Balance Protection

Limited number of available CFDs

Features

Feature Information
Regulation ASIC
Minimum deposit from $200
Average spread from 0.0 pips
Commissions from ‎None
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/7

7.    FXTM

Overview

In addition to offering MT4 and MT5 accounts, FXTM is a well-regulated market maker and ECN broker.

Beginning CFD traders can take advantage of FXTM’s advanced copy trading system, which automates the process for them. For investors, FXTM Invest provides access to a list of top-rated traders.

Pros and Cons

PROS CONS
Superb customer service Inactivity and withdrawal fees
High maximum leverage Limited product portfolio
Great educational tools

Features

Feature Information
Regulation CySEC, FCA, FSCA
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from No commission
Deposit/Withdrawal Fees $3
Maximum Leverage 1:500 on average
Bonuses $300 Trading Bonus
Customer Support 24/5

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