Niger, or the Niger, is the official Republic of the Niger and it is a landlocked country in West Africa. It was named after the Niger River which is bordered by Libya to the northeast, Chad to the east, Nigeria to the south, Benin as well as Burkina Faso to the southwest, Mali to the west, and finally, Algeria to the northwest.
The country has a Muslim population of around 22 million and amongst these, there have been increases in forex traders in recent years. This is attributed to many forex brokers that have started welcoming traders from developing countries across the world, and especially in Africa.
Traders residing in Niger, especially Muslim traders, who follow the Sharia law, need to seek brokers who make adequate provision for an Islamic or Swap-free account, along with choosing brokers that offer competitive trading conditions.
Traders need not look further than the list provided below for some of the best forex brokers in the industry that offer an Islamic Account or the option for converting a live trading account to that of an Islamic Account.
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Alpari
Overview
Established in 1998, Alpari is a reputable ECN and STP broker with a customer base consisting of traders from around the world. Alpari offers favourable trading conditions and the opportunity for traders to trade in global markets. This can be done through the financial instruments offered along with the trading platforms that Alpari supports.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 and 5 offered | Fixed spread accounts not offered |
| PAMM Accounts offered | Limited financial instruments offered |
| Superior multilingual customer support | Restriction on traders from some countries |
| Well-regulated |
Features
| Feature | Information |
| Regulation | FSC, FSA |
| Minimum deposit from | $5 |
| Average spread from | 0.4 pips |
| Commissions from | $1.5 per lot per side |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
AvaTrade
Overview
AvaTrade is one of the most popular choices as far as online trading brokers is concerned. AvaTrade offers traders with more than 250 financial instruments which can be traded, a variety of reliable trading platforms to choose from, through which trades can be executed at reliable speeds across multiple devices.
Traders are also offered with many opportunities for social trading, fixed and tight spreads, commission-free trading on some instruments, and dedicated, prompt customer support.
Pros and Cons
| PROS | CONS |
| Award-winning broker | Variable spreads not offered |
| Competitive trading conditions | Only one account type for either retail or professionals |
| Fast trade execution | US Clients not allowed |
| Social trading offered | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC, BVI, CBI, FFAJ, FSA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Axi
Overview
Axi has been in operation since 2007 and is yet another popular choice. Even though Axi recently changed its name from Axi, traders can still expect the most comprehensive trading solutions that the broker has always offered.
Traders can also expect commission-free trading, 24/7 dedicated customer service, and low, transparent trading and non-trading fees.
Pros and Cons
| PROS | CONS |
| Strict regulation | US clients not allowed |
| Accounts are commission-free | Fixed spreads not offered |
| MetaTrader 4 NextGen provided | EU-clients restricted on leverage offered |
| Access provided to AutoChartist and PsyQuation |
Features
| Feature | Information |
| Regulation | ASIC, FCA |
| Minimum deposit from | $0 |
| Average spread from | 0.0 pips |
| Commissions from | $7 per round turn |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
easyMarkets
Overview
easyMarkets has been a reputable name in the trading industry for the past decade, offering traders from around the world with comprehensive trading solutions and services. Traders are also offered with free and guaranteed stops, fixed spread accounts, and negative balance which is applied to these accounts.
In addition, traders can also expect a secure trading environment in which trades can be executed.
Pros and Cons
| PROS | CONS |
| Commission-free trading offered | Forex spreads start from 1 pip |
| Fixed spread accounts offered | Variable spread accounts not offered |
| Free guaranteed stops | US Clients not allowed |
| Negative balance protection | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC, CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 |
eToro
Overview
eToro is a reputable and reliable Market Maker broker which offers a variety of financial trading instruments which can be traded through its proprietary trading platform.
eToro is also the leading social online trading platform, offering traders with ample social trading opportunities and a large online trading community.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Commission-free trading offered | Fixed spread accounts not provided |
| Large online trading community | MetaTrader 4 and 5 not offered |
| Leading social trading platform |
Features
| Feature | Information |
| Regulation | ASIC, FCA, CySEC |
| Minimum deposit from | $200 |
| Average spread from | 3 pips on EUR/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/6 |
FXCM
Overview
FXCM is a reputable and popular STP broker that offers tailormade solutions to traders regardless of their trading experience. Traders can benefit from competitive and transparent trading conditions along with the use of popular and dynamic trading platforms such as MetaTrader 4.
Pros and Cons
| PROS | CONS |
| Well-regulated | US clients not accepted |
| Client funds kept in segregated accounts | EU clients restricted to 1:30 leverage |
| Commission-free trading offered | No fixed spreads |
| MetaTrader 4 NextGen offered | |
| Access to AutoChartist and PsyQuation premium |
Features
| Feature | Information |
| Regulation | FCA, ASIC, FSCA |
| Minimum deposit from | $50 |
| Average spread from | 0.2 pips on EUR/USD |
| Commissions from | $0.10 on CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/5 |
FXTM
Overview
FXTM is a popular, well-established, and multi-regulated broker with offices around the world and regulation through CySEC, FCA, FSC, and FSCA, allowing it to offer the online trade in a variety of financial instruments.
Traders can expect competitive trading conditions which consist of tight, zero-pip spreads, low commission charges, and low minimum deposit requirements when registering a trading account.
Pros and Cons
| PROS | CONS |
| Strictly regulated by several entities | US clients not accepted |
| Range of tradable assets | Restricted leverage for EU-clients |
| Commission-free trading offered | |
| Low minimum deposit required | |
| Variety of accounts offered |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSC, FSCA |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | $2 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IC Markets
Overview
IC Markets was founded in 2007 and is one of the largest, true ECN brokers in the industry. IC Markets connects traders form around the globe to financial markets by offering more than 230 financial instruments.
When trading with IC markets, traders can also expect the use of flexible trading accounts and the advantage that hedging and scalping strategies are allowed.
Pros and Cons
| PROS | CONS |
| Strictly regulated | US Clients not allowed |
| Low trading and non-trading fees | Fixed spreads not offered |
| Tight and competitive spreads | |
| Hedging and scalping allowed | |
| Social trading supported |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Pepperstone
Overview
Pepperstone is one of the largest online trading brokers in the world. Established in 2010, Pepperstone has been one of the frontrunners in providing online trading services for more than a decade.
Pepperstone is multi-regulated and offers traders with award-winning services and customer support. In addition, traders have ample trading opportunities, several asset classes to choose from, and the benefit of using a variety of trading strategies, including hedging and scalping.
Pros and Cons
| PROS | CONS |
| Strictly regulated | US Clients not allowed |
| Award-winning customer support | Fixed spread accounts not offered |
| Competitive trading conditions offered | |
| Social trading supported | |
| Hedging and scalping allowed |
Features
| Feature | Information |
| Regulation | ASIC, FCA, DFSA |
| Minimum deposit from | $200 |
| Average spread from | 1 pip |
| Commissions from | AU$3.5 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
XM
Overview
With more than 2.5 million registered traders in 196 countries, XM is one of few brokers that can boast with true global coverage. Traders who use XM to facilitate traders take advantage of the competitive trading conditions that they are offered along with a choice in dynamic accounts and a variety of trading platforms.
XM has refined its services in its years of operation to offer tailored solutions to both retail, institutional, beginner, and professional traders.
Pros and Cons
| PROS | CONS |
| Competitive trading conditions | Fixed spreads not offered |
| Negative balance protection offered | US Clients not allowed |
| Well-regulated |
Features
| Feature | Information |
| Regulation | FCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $1 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:888 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Vantage FX
Overview
Vantage FX is a popular and reputable broker that offers traders with more than 300 financial instruments which can be traded. Vantage FX is well-regulated and offers traders a safe and secure trading environment where they can make use of the competitive trading conditions that the broker offers.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Over 300 financial instruments | No fixed spread accounts |
| Commission-free trading offered | |
| Social trading offered |
Features
| Feature | Information |
| Regulation | FCA, ASIC, CIMA, SIBL |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | $2 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
ThinkMarkets
Overview
ThinkMarkets is a trusted online broker that has strict regulation in facilitating the trade of various tradable financial instruments. Traders can make use of powerful trading platforms, ensuring the seamless execution of trades at reliable speeds and at the lowest possible pricing.
Traders are also offered with commission-free trading options, access to VPS, and competitive trading conditions.
Pros and Cons
| PROS | CONS |
| Strict regulation | No US clients |
| Commission-free trading account | Leverage restricted for EU clients |
| VPS service | Fixed spread accounts not offered |
| Islamic Account option and demo account provided | |
| Competitive trading conditions |
Features
| Feature | Information |
| Regulation | ASIC, FCA |
| Minimum deposit from | $250 |
| Average spread from | 0.1 pips |
| Commissions from | $3.5 per side |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/6 |
RoboForex
Overview
RoboForex is a well-regulated and popular broker which offers traders with the comprehensive and competitive trade in more than 9,400 financial instruments spread across several asset classes.
Traders have a choice in dynamic account types which have negative balance protection applied, however, this is only applicable for retail traders and not professional traders. In addition, traders can trade using a choice in powerful and flexible trading platforms.
Pros and Cons
| PROS | CONS |
| Strictly regulated | No US Clients |
| Negative balance protection provided | Fixed spread accounts not offered |
| Flexible account types offered | |
| Multiple trading platforms supported |
Features
| Feature | Information |
| Regulation | IFSC |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | $0.0045 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/7 |
OctaFX
Overview
OctaFX has been offering its comprehensive services for more than a decade, reaching traders from around the world. Traders have a choice between a variety of fixed spread accounts, and the use of powerful trading platforms through which their trades are executed seamless and at optimal trade execution speeds.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Commission-free trading offered | Limited financial instruments |
| Fixed spread accounts offered | |
| Negative balance protection | |
| Hedging and Scalping allowed |
Features
| Feature | Information |
| Regulation | FSA SVG, CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | $0.02 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IG
Overview
IG is one of the largest brokers in the industry that has been serving global traders for decades. Traders have access to a wide variety of tradable assets, a choice between powerful trading platforms, and the benefit of competitive trading conditions, catering for the varying trading needs and objectives of traders.
Pros and Cons
| PROS | CONS |
| Regulated by multiple reputable entities | High minimum deposit requirement |
| Over 16,000 financial instruments | |
| Variety of account options offered | |
| Competitive trading conditions | |
| Longstanding history and good reputation |
Features
| Feature | Information |
| Regulation | FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF |
| Minimum deposit from | $250 |
| Average spread from | 0.1 pips on Indices |
| Commissions from | 0.10% CFD EU |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
HotForex
Overview
HotForex is a popular and reputable multi-asset broker with headquarters based in Cyprus. HotForex is regulated, authorised, and overseen by strict and reputable entities such as CySEC, FCA, DFSA, and FSCA in facilitating the trade of financial instruments through powerful, flexible trading platforms.
Pros and Cons
| PROS | CONS |
| Strictly and well-regulated | US Clients not allowed |
| Strong international presence | |
| Competitive trading conditions offered | |
| Vast variety of account types offered |
Features
| Feature | Information |
| Regulation | CySEC, FCA, DFSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FXPRIMUS
Overview
FXPRIMUS is a well-regulated ECN and STP broker which is regulated and authorised by FSCA, VFSC, and CySEC in providing the comprehensive and competitive trade of financial instruments.
When trading with FXPRIMUS, traders can expect access to dynamic ECN accounts, commission-free trading options, and negative balance protection which is applied to retail trading accounts.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Negative balance protection offered | No FCA Regulation or authorization |
| Commission-free trading on some accounts | Restricted leverage of 1:30 for EU-clients |
| ECN Accounts offered | VIP Account necessary to gain access to the best trading conditions |
Features
| Feature | Information |
| Regulation | CySEC, FSCA, VFSC |
| Minimum deposit from | $500 |
| Average spread from | 0.0 pips |
| Commissions from | £10 per lot |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FP Markets
Overview
FP Markets is a well-regulated and reputable ECN, STP, and DMA broker that has an award-winning history in offering traders with comprehensive trading solutions, competitive trading conditions and a wide variety of financial instruments which can be traded.
Pros and Cons
| PROS | CONS |
| Well-regulated by reputable entities | US clients not accepted |
| Range of tradable financial instruments | Fixed spreads not offered |
| Commission-free trading offered | |
| ECN-Pricing model |
Features
| Feature | Information |
| Regulation | ASIC, CySEC, SVGFSA |
| Minimum deposit from | AU$100 |
| Average spread from | 0.0 pips |
| Commissions from | US$3 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Exness
Overview
Founded in 2008, Exness is a popular and versatile online trading broker that has Tier-1 and Tier-2 regulation through FCA, SFSA, and CySEC in offering trading services and solutions to traders from around the world.
Traders can expect tight and competitive spreads, low minimum deposit requirements, low commissions, and access to a variety of tradable financial instruments which can be traded through powerful trading platforms seamlessly.
Pros and Cons
| PROS | CONS |
| Strictly regulated | US Clients not allowed |
| High maximum leverage offered | Accounts are not multi-currency |
| Powerful trading platforms supported | |
| Variety of financial instruments |
Features
| Feature | Information |
| Regulation | CySEC, FCA, SFSA |
| Minimum deposit from | $1 |
| Average spread from | 0.0 pips |
| Commissions from | From $3.5 per lot per side |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | None |
| Customer Support | 24/5 |
Blackbull Markets
Overview
Established in 2014, Blackbull Markets is a popular and reputable STP, ECN, and DMA broker that makes use of a no dealing desk, or NDD, model. This ensures that traders are offered with only the best pricing and execution fees.
In addition, traders can also expect a variety of financial instruments which are spread across CFDs, energies, indices, commodities, and forex. The trading conditions which are offered are competitive and they suit the various trading needs and objectives of a variety of traders.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Commission-free trading available | Fixed spread accounts not offered |
| ECN, STP, and NDD models | Limited trading tools offered |
| Access to prime liquidity providers | Cryptocurrency trading not offered |
| Competitive trading conditions |
Features
| Feature | Information |
| Regulation | FSPR |
| Minimum deposit from | $200 |
| Average spread from | 0.1 pips |
| Commissions from | $6 round turn per lot |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Weltrade
Overview
Established in 2006, Weltrade is a well-established online trading broker which is headquartered in Saint Vincent and the Grenadines, offering traders from around the world with the trade in global financial markets.
In addition, traders are also offered with ample trading opportunities, including that of social trading, dedicated customer support, and a variety of dynamic accounts to choose from, each with their own competitive trading conditions and features.
Pros and Cons
| PROS | CONS |
| Variety of account options | Offshore broker |
| Social trading supported through ZuluTrade | Unregulated |
| 24/7 global customer support | Not the tightest spreads |
| Wide selection of funding and withdrawal options | Limited financial instruments |
| Stock trading not offered |
Features
| Feature | Information |
| Regulation | None |
| Minimum deposit from | $25 |
| Average spread from | 0.0 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may be charged |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/7 |
XTB
Overview
XTB has been offering its services since 2004 and is a highly reputable ECN, DMA, and STP broker with offices in several jurisdictions. XTB is multi-regulated and offers the trade in a wide variety of financial instruments.
Pros and Cons
| PROS | CONS |
| Well regulated | US Clients not allowed |
| Competitive trading conditions | Fixed spreads not offered |
| Negative balance protection offered | Restricted leverage of 1:30 for EU Clients |
| Variety of financial instruments offered | |
| Standalone Islamic Account offered |
Features
| Feature | Information |
| Regulation | ACPR, BaFin, CNMV, FCA, IFSC, KNF |
| Minimum deposit from | $250 |
| Average spread from | 0.1 pips |
| Commissions from | $3.50 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Squared Financial
Overview
Squared Financial is a reputable Cyprus-based ENC and STP broker offering traders from around the world with access to global financial markets. There are more than 70 financial instruments that can be traded through the powerful MetaTrader 4 and MetaTrader 5 trading platforms.
Pros and Cons
| PROS | CONS |
| Well-regulated | US clients not accepted |
| Range of useful trading tools provided | FIX API for DMA not offered |
| Selection of educational resources | Not the lowest commissions |
| Both MetaTrader 4 and MetaTrader 5 offered | Limited financial instruments |
| Demo account provided | Live chat support offered, but mostly offline |
Features
| Feature | Information |
| Regulation | Squared Financial (Cyprus) Limited – CySEC
Squared Financial (Seychelles) Limited – FSA |
| Minimum deposit from | $0 |
| Average spread from | 0.0 pips |
| Commissions from | $5 per lot |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:30 (Retail), 1:500 (Professional) |
| Bonuses | None |
| Customer Support | 24/5 |
Orbex
Overview
Orbex is a STP and ECN broker based in Cyprus and Mauritius, offering traders with competitive trading conditions, and unique, comprehensive solutions. In addition, both retail and professional traders will find that Orbex caters for their individual trading needs and objectives.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US clients |
| Fast and seamless execution | Stocks and Cryptocurrency trading not offered |
| Variety of account types offered | High minimum deposit requirement |
| MetaTrader 4 supported | No Social trading support |
| Competitive trading conditions |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | $5 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Key to Markets
Overview
Established in 2010, Key to Markets is a reputable ECN broker based in New Zealand, the United Kingdom, and the UAE, offering traders with the trade in more than 200 tradable financial instruments spread across several asset classes.
Traders are provided with a dynamic trading environment catering for a variety of traders regardless of whether they are beginners or professional traders.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Client fund security ensured | Only two account types offered |
| Commission-free trading offered | Withdrawal fees charged |
| FIX API offered | |
| PAMM Accounts available |
Features
| Feature | Information |
| Regulation | FCA, DMCC |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | €6 or $8 are charged per traded lot round turn |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
FXDD
Overview
FXDD is a large and well-established ECN and Market Maker with more than 400,000 registered traders from around the world. Traders are provided with competitive and comprehensive trading solutions, catering for both retail and institutional traders.
Pros and Cons
| PROS | CONS |
| Well-regulated | US Clients not allowed |
| Negative balance protection offered | Fixed spread accounts not offered |
| Commission-free account offered |
Features
| Feature | Information |
| Regulation | MFSA, FSC |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | $0.02 on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:100 |
| Bonuses | None |
| Customer Support | 24/5 |
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FAQ
What is forex trading?
Forex trading involves the exchange of currencies in the largest financial market in the world.
Which forex brokers are the best?
The brokers indicated on this list are some of the best brokers that cater for traders from Niger.
Can beginners trade in forex?
Anyone can start trading in forex. However, before trading, beginners must first learn the basics and practice trading by using a demo account.
Do these forex brokers offer demo accounts?
Yes. These forex brokers offer traders with the option of registering a demo account.
Is forex trading legal in Niger?
Yes. Forex trading is legal in Niger. However, there is no regulatory framework that oversees and regulates forex trading from within the country.
Top 4 Brokers
