- About Forex Brokers in Nigeria
- Top Nigerian Forex Brokers List
- 1. Tickmill
- 2. FBS
- 3. Exness
- 4. FXTM
- 5. Pepperstone
- 6. IC Markets
- 7. HotForex
- 8. AvaTrade
- 9. OctaFX
- 10. FP Markets
- Comparison of Nigerian Forex Brokers
- Is Forex Trading Legal in Nigeria?
- How Do I Trade With Forex Brokers in Nigeria?
- Choosing The Best Forex Brokers in Nigeria
- Pros and Cons of Forex Trading
One of the largest trading markets is a foreign exchange market, with the most significant daily turnover of 6.5 trillion US dollars globally. Which is considered a considerable amount when compared with integrated stock markets worldwide.
Trading activities carried over by the interbank market allow the users to execute trades 24 hours, 5 days a week, starting from Monday to Friday. Forex trading is purchasing and selling foreign currencies to make a profit speculated in the forex market worldwide. Users can execute their trades in the forex market, which allows them to trade Forex currencies; the FX market is preferred by institutions, investors, retail traders, and banks.
The Best forex brokers in Nigeria are quite porous. Before you decide to trade for the Forex trading market, each trader should assess the risk due to the weak laws and regulations of the regulatory authorities. However, the best forex brokers in Nigeria are legalized and are regulated by the Central Bank of Nigeria (CBN) or Securities and Exchange Commission, Nigeria (SEC).
The central bank of Nigeria provides no exclusive trading broker list. Trading best forex brokers in this country can be easily accessed, and one of the most accessible markets to open and register an account and proceed with trading. Registering in an online Forex trading account is very easy.
About Forex Brokers in Nigeria Summary 2023
One of the best ways for a Nigerian investors is to speculate on the increase and decrease in the currency price fluctuations. Nigeria has become one of the most popular countries where the investors daily estimated trading volume is 300 to 450 million Naira.
This country is rich in oil reserves, and it is the gateway to the African continent. This country is also known for its history of different types of financial scams, and a Nigerian trader should find the best forex and trustworthy trading broker to trade with them.
Finding the best, trustworthy, reliable, and regulated Nigerian forex broker is a bit of a complex process. Even though several brokers accept Nigerian traders, it is our opinion you should check whether these best forex brokers that have various features which suit your trading needs and allow you to trade with the country’s currency, the Nigerian Naira. Here are the top 10 trading brokers to consider in Nigeria based on your strategy:
Best Forex Brokers in Nigeria
Our 10 best-registered & regulated forex brokers in Nigeria 2023 are:
- Tickmill:- Best Broker for Beginners & Experienced Traders
- FBS:- The Best Broker for Tradable Assets, Spreads, & Bonuses – No Deposit Bonuses
- Exness:- The Best Broker for Secure Streamlined Trading Environment
- FXTM:- Best for Copy Trading and Social Trading Feature
- Pepperstone:- Best Because of Low-Cost Offerings
- IC Markets:- Best for User Experience
- HotForex:- It is the Best Broker for Extra Tools & Minimal Fees
- AvaTrade:- Best Forex Broker for Forex & CFD Traders
- OctaFX:- Best Forex Broker for Wide Range of Assets with Technical Charting Tools
- FP Markets:- Best Forex Broker for Scalping
Top 10 Nigerian Forex Brokers List!
We have reviewed a list of registered best forex brokers in Nigeria and their top features, pros & cons, regulations, and fee structure. So below are the best brokers for forex in Nigeria discussed:-
Tickmill – Best Broker for Beginners & Experienced Traders
Tickmill is the best forex trading broker with a top brokerage company that provides a platform with technology combined with functionality for its users. This forex trading platform provides its users with a range of trading materials that gives access to traders to understand the broker’s platform and become familiarized with trading in the market, which will help them master trading.
Tickmill is a good platform best suited for forex traders who would like to trade by using a range of technical indicators; They also allow a Nigerian forex traders to use advisors where the users can automatically use the copy trading function to carry out trading functions which provide great help to Nigerian. It also provides demo accounts, where users can learn and then switch to the live account, & has types of accounts suited as per need.
Traders much prefer this best forex brokers platform for day trading and scalping. It is best suited for both advanced and new traders; this broker firm is suitable for short-term trading strategies & provides robotic trading to give algorithmic trading-based signals.
|Regulated By||FSA, CySEC, FCA (Financial Conduct Authority)|
|Best For||Best for Beginners & Experienced Traders|
|Tradable Assets||Stock, Forex, Indices, Metals, Bonds, Oils, Cryptocurrencies|
Tickmill is a regulated fx broker with a license by the Financial Conduct Authority (FCA the UK based) and the Seychelles Financial Services Authority. It is also a broker that is regulated by the Cyprus Securities and exchange commission (CySEC).
That means that the users are guaranteed the safety and reliability of their funds. It is best suited for beginners and experienced traders in Nigeria, along with MetaTrader 4 support, an Islamic account, and a range of trading tools.
Tickmill was founded in August 2014 in Seychelles. The trading platform’s retail brokerage services started in January 2015 and started its forex and CFD trading operations by offering services to the United Kingdom, US, German, European, and Japanese markets.
Trading instruments offered by the Tickmill platform are stock, forex, indices, metals, bonds, oils, and buy and sell of cryptocurrencies. However, check our honest Tickmill review and learn more about this fx trading platform in Nigeria.
Pros and Cons of Tickmill
|You would be able to open a trading account in an easy and fast way if you are a beginner; it also provides MetaTrader 4 support.||A broker platform that needs to be updated.|
|With broker, support will be able to get benefits from low forex fees.||You can get a basic news feed i.e, appropriate for beginners.|
|Best forex brokers with proper terms of withdrawals and deposits, which are free and supports Islamic account.|
Tickmill few best forex brokers Nigeria with a low fee structure that could be used by all various Nigerian traders. This trading platform charges low Forex fees, and CFD broker fees are average. It doesn’t charge fees for withdrawal, deposit, or inactivity.
The users can trade forex and CFDs depending on the different available major currency pairs, and these are EUR, USD, stocks, indices, precious metals, buy and sell of cryptocurrencies, and bonds. It also provides a $30 no deposit bonus to its Nigerian forex traders.
You can get the pro account spreads starting from as low as 0.0 pips for this account; in this account type, the users should pay the commission for 2 currency units per lot on their Pro account. When compared with other Nigeria forex brokers with Tickmill, Tickmill provides a standard commission which is considered to be the lowest around the world, to give an opportunity to Nigerian traders.
FBS – The Best Broker for Tradable Assets, Spreads, & Bonuses – No Deposit Bonuses
FBS is one of the best online brokers in the list of registered forex brokers in Nigeria and that has gained popularity within a short time; this broker has the highest overall rating and has an excellent reputation among the traders. FBS brokers offer no deposit and a 100 bonus trade; you can get $100 of unrestricted funding.
A broker has more active users, and currently, it has more than 17 million traders that offer its membership. It provides trading options with trading instruments like stocks, cryptocurrencies, forex and CFD trading to its clients in Nigeria.
These best forex brokers with international clients, and it is a broker that is regulated by FCSA and IFSC regulations. This broker platform is regulated by the Cyprus Securities and exchange commission (Cysec) for the United Kingdom and EU clients, thereby offering leverage of 500:1 when you decide to trade. For clients in Australia, it is regulated by ASIC (Securities and Investments Commission) and provides leverage 30:1.
|Regulated By||ASIC, CySEC, IFCA, FSCA (South Africa)|
|Best For||Best for Tradable Assets, Spreads, & Bonuses|
|Maximum Leverage||1000:1 (Cent Account Types); 500:1 (ECN Account Types); 3000:1 (All Account Types)|
|Tradable Assets||Currencies, Stocks, Indices, Metals, Energies, Cryptocurrencies, Forex, and CFD|
FBS is a regulated forex broker licensed by the Australian Securities and investment commission (ASIC), the Cyprus securities and exchange commission (CySEC), the International financial services commission (IFCA, Belize), and Authorized financial services providers (FSCA of South Africa).
It is one of the best forex brokers with many features which is best suited for advanced traders in Nigeria. FBS brokers offer several choices of trading accounts like the micro account, EUR/USD pair, Islamic account, and fixed spreads; the standard account has some varying leverages that vary depending on the requirement of a higher minimum deposit. So start trading forex and sign up for an account with a broker that is regulated.
A broker that is best for beginners and helps to choose different kinds of trading tools offered by the platform along with MetaTrader 4 Support. Learn more about the best forex brokers in this region, in our FBS reviews and the list of features suitable for you.
FBS was founded in 2009, and the minimum deposit of 1 USD is required to start trading. Although the maximum leverage offered is 3000:1, and trading instruments offered by the platform are one of the largest, they are currencies, stocks, indices, metals, energies, cryptocurrencies, Forex and CFD trading.
Pros and Cons of FBS
|FBS a good forex broker gives access to a free demo account for its users to help them understand how to trade strategically, especially for beginners.||Deposit and withdrawal fees are charged.|
|With a good overall rating, lower spreads, commissions, and trading tools that you can use.||FBS broker has their restrictions in certain countries.|
|FBS broker that offers a free social trading app for you along with MetaTrader 4 support and an Islamic account.||This broker has a slim product portfolio for trading.|
|Broker that offers higher leverage of 1:3000 along with the EUR/USD pair.|
|Provides multilingual customer service when you might need support With a great trading environment.|
The commissions begin from as low as 20 USD; this platform also charges fees such as deposit and withdrawal fees from its users. and offers fixed spreads.
Exness – The Best Broker for Secure Streamlined Trading Environment
Founded in 2008, Exness is one of the best platforms & is a part of the brand name Nymstar limited, a well-known securities dealer. This company is registered in Seychelles and is regulated by the authority – the FSA (Financial Services Authority) of Seychelles, and Vlerizo Pty Ltd, as a well-known financial service provider, an fx broker with fast execution, a broker that is regulated and authorized by the FSCA (Financial Sector Conduct Authority of South Africa). The Exness has some of the highest overall ratings and over 200 tradable assets on Forex, Shares, energies, cryptocurrencies, metals, Forex, and CFDs, making it a top broker list. You should also know that the broker also provides services on MT4 and MT5 (Metatrader 4 and Metatrader 5) trading account for windows, the web, and Mac along with an Islamic account and micro account.
|Regulated By||FCA, CySEC, FSCA (South Africa), FSA (Financial Services Authority)|
|Best For||Best for Secure Streamlined Trading Environment|
|Tradable Assets||Metals, Currencies, Oil, Stocks, Digital Currencies, Indices|
A Nigerian forex brokers regulate Exness; the Financial Conduct Authority licenses it in the UK and the Cyprus securities and exchange commission (CySEC). Exness has been preferred by advanced traders who would not like to deposit huge capital or will not be trading often with no commission (commission-free trading).
The minimum deposit is $500. Although, there are so many tradable assets available on the Exness platform, one of the largest collections such as metals, currencies, oil, stocks, indices, EUR/USD pair, trading tools, tight spreads, and digital currencies. So start trading forex and sign up for an account with a broker that is regulated.
It offers up-to-date financial news, trading instruments, analysis tools, and technical analysis charts. Although, read our honest Exness reviews and explore the platform well.
Pros and Cons of Exness
|Offers a range of CFD trading instruments and tight spreads starting from 0.0 pips for accounts like MT4 and MT5 accounts.||Exness is not available in all regions.|
|Trading is available commission-free for you along with an Islamic account and micro account.||You can get a website only with a basic interface.|
|Leverage that you can use while trading is unlimited.||It does not provide the benefit of a no deposit bonus.|
|This best forex brokers deposits and withdrawals are free.|
Regarding commissions and fees, Exness offers a flexible structure if a trader chooses a classic account. This account requires the minimum deposit of 500 USD, starting spreads from 0.1 pips for this account with no commissions charged.
FXTM – Best for Copy Trading and Social Trading Feature
FXTM is a short form of Forex time and is a known trading platform and that focuses on foreign exchange. The platform is an international forex broker with specializing in several sectors that offer trading platforms and a lot of forex trading tools, including risk management. They also offer several forex pairs that include minor, majors like EUR/USD pair, and exotic pairs and leverage 1:30.
FXTM is open 24 hours and operates 5 days a week; this broker firm is functional in Cyprus and is licensed by IFSC (international financial service commission), the Cyprus securities and exchange commission (CYSEC), and other top tier regulators from the EU. That is one of the best forex brokers have offices in Nigeria.
The best forex brokers provide a demo-free account, and a swap-free Islamic account type is provided to users to practice and familiarize themselves with different tools to stay up to date, which are available with the broker. Which is a great way to begin your trading journey.
|Regulated By||CySEC, IFSC, FCA (Financial Conduct Authority of the United Kingdom)|
|Best For||Best for Copy Trading and Social Trading Feature|
|Tradable Assets||FX, Metals, Stocks, Commodities, FX Indices, Indices, Stock CFDs, Stock Baskets|
Being the top brokers, FXTM is regulated and overseen by Cyprus Securities and Exchange Commission (CySEC), International Financial Services Commission (IFSC), FCA of the UK (Financial Conduct Authority), and several other top-tier regulators around the EU. It is the best forex broker Nigeria suited for traders who are well versed in using the MetaTrader 4 MetaTrader 5, and more trading platforms.
FXTM was founded in 2011. The minimum deposit to open an account is ₦10 is required to start trading. FXTM has trading platforms that offer leverage of 1:30 and one of the largest collections of financial instruments such as CFDs on commodity futures, Forex, commodities, and Cryptocurrencies you can trade. It takes charge of a local bank transfer or Neteller. So start trading forex and sign up for an account with a broker that is regulated. Get more insight about the platform in our FXTM broker review, where we have covered everything.
Pros and Cons of FXTM
|Spreads are competitive and offer tight spreads from 0.0 along with EUR/USD forex pairs.||The product portfolio is limited.|
|Fast and easy account opening with Islamic account support along with MetaTrader 4 and MetaTrader 5 Support.||The platform does not provide any deposit sign-up bonus to its users.|
|It offers lower fees for forex trading in any choice of an asset that can be a benefit for traders along with trading instruments.|
|Faster deposits and withdrawals with commission-free trade & 24 hours support.|
FXTM offers a variable spread, and it does not charge a commission to users. So for traders, they will get 100% of the deposit amount. The trading platform offers no charge or fees for NGN Nigeria Local Bank Transfer. It offers 0.0 pip for major fx pair and quick deposits and withdrawals.
Pepperstone – Best Because of Low-Cost Offerings
Founded in 2010, Pepperstone is a known reputed forex brokers Nigeria that has a global online presence when dealing with foreign exchange. Being the most prominent broker, it provides CFDs with margin, tight spreads, and social trading around the world.
Pepperstone is supervised and is well-regulated by reputable regulatory authorities, and it is headquartered in Australia. The traders can add a low minimum deposit of 200 USD when they sign up on the platform to trade on this platform. You can sign up with your email address and your account is ready.
Pepperstone also offers a demo account to learn before you invest real money in a live account and an Islamic account for Nigerian traders to familiarize themselves with the Pepperstone platform and try out various trading strategies. The leading and award-winning broker platform is helpful for traders; whether they are new or experienced, it is the best suit for any trader willing to trade the forex market.
It also offers its users a wide range of financial instruments, 24 hours phone support, MetaTrader 4 and MetaTrader 5 Support, bonds & shares, and several major currency pairs (like EUR, USD, & more).
|Regulated By||FCA, ASIC, DFSA, CMA, SCB, CySEC, BaFIN|
|Best For||Best for Low-Cost Offerings|
|Minimum Deposit||No Minimum Deposit Requirement and the Minimum Deposit is $200 Recommended.|
|Tradable Assets||CFDs in Forex, Index, Commodities, Cryptocurrencies, Shares, and Currency Indices|
Pepperstone is well-regulated by the ASIC (Australian Securities and Investments Commission), FCA of the UK (Financial Conduct Authority), and DFSA (Dubai Financial Services Authority). This broker platform is well suited if you’re beginners or an experienced trader who like to trade in the Forex market.
The recommended minimum deposit to fund the account with Pepperstone is 200 USD for a Nigerian Traders. It offers maximum leverage of 500:1, and there are many tradable assets offered by the Pepperstone platform, such as shares, equity, energy, forex, commodities, cryptocurrencies, indices, and metals that you can trade.
Learn more about the platform & know about the best forex broker in this region, in our Pepperstone review and the list of features suitable for you.
Pros and Cons of Pepperstone
|Pepperstone is a regulated broker offering very low minimum deposit accounts, and tight spreads, along with MetaTrader 4 and MetaTrader 5 Support.||The features of the trading platform need to be improved.|
|Users can get access to a wide range of in-depth educational material which is offered to understand how to trade with the broker.||You will not be provided with interactive courses or educational quizzes for market analysis.|
|Customer service is dedicated, knowledgeable & 24 hours available for you.||No deposit bonuses are available.|
|They claim to provide powerful trading tools. Also, they offer swap-free Islamic accounts to their clients.|
This broker charges a low level of non-trading and forex fees, and it doesn’t charge your account with an inactivity fee for a Nigerian traders. But, it charges CFD broker financing rates, that is, the charges for holding CFD positions overnight, which are high for certain asset classes.
IC Markets – Best for User Experience
IC Markets is a most well-known online best forex broker in Nigeria, which provides foreign exchange for CFDs, spread betting, forex, share trading, financial instruments, and digital currency trading for traders with raw spread. One of the best forex brokers in this region was founded in 2007 and provides both MT4 and MT5 (Metatrader 4 and Metatrader 5) and cTrader trading platforms for its users, along with a swap-free account type.
IC Markets headquarters are located in Australia. The minimum account deposit required for opening a trading account is 200 USD for Nigerian traders. It provides a demo account where you can sign up for practice before you trade real money.
This award-winning platform also provides an Islamic account for users who would like to get acquainted with the IC markets platform and test different strategies.
The leading and award-winning platform is an ASIC & a regulated broker trading platform that is for Forex trading in the region & at very competitive fees along with quality educational material.
|IC Markets Features|
|Best For||Best for User Experience|
|Tradable Assets||Forex, Commodities, Indices, Stocks, Cryptocurrencies, Bonds, Futures|
IC Markets is authorized and well-regulated by the Australian Securities and investment commission. This trading platform IC Markets has been rated the highest overall with smooth trading conditions, and it is best suited for all kinds of traders who are willing to take benefit of the lowest spreads along with several trading tools whether they are new or experienced traders.
The initial deposit required to begin trading for your account with IC Markets is 200 USD for Nigerian traders. Although it offers leverage of 1:500 and some of the tradable asset classes offered by the IC Markets platform are Forex, commodities, indices, stocks, bonds, EUR/USD forex pairs, and cryptocurrencies. You should know that the broker IC Markets is considered as World’s most reliable liquidity provider. If you want to explore more about the platform & its assets, you can check our IC Markets review, where we have it all covered.
Note: Your capital is at risk as CFDs are complex financial instruments and may not be suitable for all traders, and you should be aware of the high risk of losing any of your money when trading CFDs with real money and how much you strategize to invest. So always make sure to choose a broker with a good repo.
Pros and Cons of IC Markets
|Account has the benefit of faster opening along with MetaTrader 4 and MetaTrader 5 support.||You will get limited tradable asset classes.|
|In IC Markets, deposits and withdrawals are free with low spreads.||IC Market’s customer support needs to be improved.|
|You will get ultra-low forex fees along with EUR/USD forex pairs support.|
IC markets offer different kinds of trading accounts with raw spread and do not charge commission; it doesn’t charge any trading fees on the standard account, but it charges 0.1 pips for the account with no commission for EUR/USD spread. Free deposits and withdrawals with low spread.
HotForex – It is the Best Broker for Extra Tools & Minimal Fees
Hot Forex was founded in 2010 and is the top brokers known. It has a geographic presence in over 100+ countries and offices in Nigeria, and it also offers services to traders internationally with great trading conditions.
This trading platform has the highest overall rating, with competitive spreads and commissions, enhanced charting, different trading account types, financial instruments, educational offerings, and value-added functionality for its users. The fx broker with an ultra-low spread of an amount of $30; no deposit bonus is provided to its users.
The features of the HotForex account provide different 5 trading accounts, such as the MT4 and MT5 (Metatrader 4 and Metatrader 5), for both mobile and desktop devices.
It also provides its proprietary app where the users can track their preferred asset classes, stay updated with the current market situation, analysis tools, and perform technical analysis.
|Regulated By||CySEC, CMA, DFSA, FSCA, FSA, FCA (Financial Conduct Authority)|
|Best For||Best for Extra Tools & Minimal Trading Fees|
|Minimum Deposit||$5 (Micro Account)
$100 (Premium Account)
$200 (Zero Spread Account)
|Maximum Leverage||1:1000 for Micro Account|
|Tradable Assets||Commodities, Stocks, Shares, Indices, Cryptocurrencies, Bonds, Energy|
HotForex is a well-regulated forex broker with tons of features and is licensed by the FCA (Financial Conduct Authority) in the UK, and it is also licensed in South Africa by the Financial Sector Conduct Authority, the UAE by Dubai Financial Services Authority, and Saint Vincent and the Grenadines to offer financial services to Nigerian clients.
This HotForex is the best for Nigerian traders who are looking for flexibility with low minimum deposit account balances and commissions and the spread is very low. The initial deposit required for HotForex is 200 USD for zero spread trading. The leverage offered by Hotforex is 1:1000, which is high than most other brokers; the high degree of leverage can affect you both positively or the other way around.
These are some of the tradable asset classes offered by the broker, which are commodities, stocks, shares, indices, cryptocurrencies, bonds, energy, and customer support is decent. However, read our review to know all the insights of the Hotforex trading platform in detail.
Pros and Cons of HotForex
|This platform offers 5 different trading account types for its users such as micro, premium, low minimum deposit account, low spread, MetaTrader 4, and MetaTrader 5 Support.||Does not provide a proprietary trading platform.|
|A wide range of resources and value-added analysis tools is also available along with smooth trading conditions.||This broker firm is not available in a few countries in comparison to other brokers.|
|It has a great overall rating and provides an enhanced trading experience.|
Commissions are charged based on the type of trading accounts. The zero accounts are offered by the Hotforex platform, which has very low spreads and has commissioned Forex trading. Other trading accounts have no forex trading commissions, but shares, ETFs, indices, and cryptocurrencies are charged a commission of rates displayed on the website across different account types. The website supports local deposits with minimal trading fees.
AvaTrade – Best Forex Broker for Forex & CFD Traders
AvaTrade is one of the best forex brokers in Nigeria and is also known for providing CFD trading, Forex trading, spread betting trading, copy trading, and social trading, expanding its office in Poland. It was founded in 2006, and it caters to all types of traders; it has several millions of active users trading on its platform internationally.
It offers the MetaTrader 4, MetaTrader 5, and more trading platforms in Nigeria and provides excellent trading conditions to speculate trades of Forex, commodities, ETFs, bonds, equities, cryptocurrencies, etc. Reputed authorities regulate this broker company in the World.
It does not charge trading fees for the deposit or withdrawal, and it is commission-free. Avatrade also offers fixed spreads and an Islamic account for its users also called a swap-free account. It comes with its risk management tool known as AvaProtect. That will help you buy time to decide if you want to reverse your trade in Nigeria.
|Regulated By||ASIC, IIROC, FSA (Financial Services Authority)|
|Best For||Best for Forex & CFD Traders|
|A Minimum Deposit of||$100|
|Maximum Leverage||Up to 400:1|
|Tradable Assets||Cryptocurrencies, Commodities, Forex, Bonds, ETFs, CFDs, Equities, Indices, Stocks|
Avatrade is a well-regulated and licensed platform by the tier 1 authorities of the Australian Securities and investments commission (ASIC), Central Bank of Ireland, Financial services authority (FSA), the British Virgin Islands, the financial service commission, and the Financial stability board.
Avatrade is a famous trading platform and that is available for all types of traders who want to trade Forex and CFDs with an easy sign-up for a demo account to practice and need time to learn. The base currency support is USD mostly and is commission fees are nil.
The minimum deposit required for Forex trade for this ECN broker platform is 100 USD. It offers leverage of 400:1, and some of the assets that can be traded on the Avatrade platform are cryptocurrencies, commodities, Forex, bonds, ETFs, financial instruments, the spread, and equities. Although, read our Avatrade review to learn more about this platform that is supported in Nigeria and which accepts Nigerian traders.
Pros and Cons of AvaTrade
|Avatrade offers a demo account where you can sign up for registration with your email address for practice.||These brokers offers average forex fees.|
|These brokers have a wide range of tradable assets like CFD trading with different trading account support.||Fund transfers can take time, and withdrawals can take more than 10 days on these forex trading platforms.|
|Avatrade offers support in multi-languages, and trading platforms are also provided in different languages.|
|Controlled by multiple top-tier regulatory authorities with great trading conditions and financial instruments.|
If the user wants to trade Forex with the best forex brokers in 2023, this broker does not charge any trading fees or commissions but charges the traders through the bid-ask spread. It also charges inactivity fees of up to 50 USD if the user does not use their trading accounts for three consecutive months. The spread offer is depends on the chosen instrument and no commission fees.
Avatrade also charges an administration fee of up to 100 USD if you do not use their account for 12 consecutive months, which is, in today’s times, charged by the industry that is dealing in forex.
OctaFX – Best Forex Broker for Wide Range of Assets with Technical Charting Tools
Founded in 2011, OctaFX is a popular international ECN broker that is providing Forex trading for experienced and new traders with a minimum deposit of 5 USD. It also provides a demo account for its traders that helps them to get acquainted with the broker’s platform and to test various trading conditions or strategies.
Traders can quickly deposit, and the withdrawal process is easy. OctaFX provides the MetaTrader 4, MetaTrader 5, cTrader ecn account, demo account, and micro account provided for its users. It also provides a mobile app exclusively for Android and IOS devices for mobile trading. OctaFX has won many industry awards in the past few years and does not charge any trading fees or commissions on CFD assets in Nigeria and other countries as well.
|Regulated By||CySEC, FCA (Financial Conduct Authority)|
|Best For||Best for Wide Range of Assets with Technical Charting Tools|
|A Minimum Deposit of||$25|
|Tradable Assets||Currency Pairs, Cryptocurrencies, CFDs, Stocks, Commodities|
OctaFX is well-regulated and licensed by the FCA (Financial Conduct Authority of the UK). This platform is best suited for different types of investors who are looking to trade for a trader that offers a wide choice of assets with technical charting tools, analysis tools, and financial instruments that can be used in your trading, even for beginner traders and the base currency is generally USD.
To start trading on one of the best platforms, an OctaFx minimum deposit of at least 25 USD is required. OctaFX provides leverage of 1:500, and some of the tradable assets offered by the OctaFX platform are currency pairs. A few of these are GBP, USD, and Euro, with live quotes, cryptocurrencies, CFDs, stocks, and commodities in exchange for your money in Nigeria. This platform accepts Nigerian traders so the overall process is always smooth.
Pros and Cons of OctaFX
|The account opening process is easy, and you can take benefit from it if you’re beginner traders along with the demo account support.||Customer support like live chat is not available 24/7.|
|Users are offered leverage of up to 500:1.||You will get limited currency and forex pairs in contrast to most brokers.|
|It does not charge a commission on trades of assets or registration fees with perks of minimum deposits.|
|Nigerian traders will have negative balance protection.|
OctaFX does not charge any fees from its Nigerian clients. But the user should be aware that there are specific fees that may be charged in certain cases in Nigeria as we as your respective country.
FP Markets – Best Forex Broker for Scalping
Founded in 2005, FP Markets Broker is a well-regulated online broker with a Forex trading service for its users. It is an ECN broker offering the raw account with its head office in Australia and provides its services to international players.
The initial deposit is USD 100; you should also know that the broker also provides a demo account where the traders can check tools, trading conditions, a wide range of financial instruments, live chat support, and several currency pairs like GBP/USD are offered by the FP Markets platform in Nigeria.
For Nigerian traders, it offers the MetaTrader 4 forex trading platform, demo account, and swap-free Islamic account type for its traders. FP markets can also be accessed by traders through mobile apps for android and an IOS devices to aid in trading ease.
|FP Markets Features|
|Regulated By||CYSEC, ASIC Australia|
|Best For||Best for Scalping|
|A Minimum Deposit of||100 AUD for MT4/MT5 accounts|
|Tradable Assets||Forex, Cryptocurrencies, Metals, Indices, Commodities, Shares|
FP Markets is well-regulated for traders and authorized by tier 1 regulator ASIC (the Australian Securities and Investment Commission) by providing negative balance protection and segregating Nigerian client’s funds. This broker is also well-regulated in the EU by the Cyprus securities and exchange commission (CySEC)
FP Markets offers trading conditions for scalping and EAs (Expert Advisors) to carry out for forex trading. This broker offers the Metatrader 4, Metatrader 5, & more trading platforms suitable for experienced traders, even for a beginner in Nigeria. Great customer service as well.
The amount of 100 AUD is required as the minimum deposit to start trading, and it offers a leverage of 500:1. However, the broker’s tradable assets are Forex, cryptocurrencies, metals, shares, commodities, and indices. If you want to learn more about the platform check out our FP Markets review and the list of features as it also accepts Nigerian traders.
Pros and Cons of FP Markets
|A live account opening process is quick for new traders, and an easy Islamic account (swap-free) is available along with live chat support.||The broker’s product portfolio is limited.|
|This platform provides MetaTrader 4 & 5 that you can utilize, and it charges lower forex fees with minimum deposits.||The desktop platform needs to be improved in comparison to other brokers.|
|Deposit and withdrawal are quicker available to Forex traders in Nigeria along with negative balance protection.||The broker is to be improved in terms of research tools.|
|This broker provides a demo account to practice for traders, and ultra-tight ECN spreads via its raw account.|
FP Markets charges low non-trading and forex fees, and it does not charge inactivity fees. On the contrary, this broker may be charging a high level of fees for international bank withdrawals.
Comparison of Forex Brokers in Nigeria
|Forex Brokers||Minimum Deposit||Maximum Leverage||Accepts NG Residents|
Know About Forex Trading Legality in Nigeria?
Nigerian investors are showing an interest in trading in the FX market as it has expanded in recent years due to its economic growth. It is challenging to identify licensed and reputable brokers in the Nigerian forex industry; your trading needs cannot be met without the best forex brokers in Nigeria.
The best forex brokers in Nigeria need to be well-regulated by the CBN authorities. Later the trader can proceed with opening an account with them. The Central Bank of Nigeria (CBN) is an authorized body to regulate brokers. Thus it is legal to trade in Nigeria because of the supporting regulations.
How Do I Trade With Best Forex Brokers in Nigeria?
Being Frequently Asked Questions in the Nation, Forex trading in Nigeria is gaining popularity due to the Nation’s abundance of natural resources and its economic growth. Even though Nigerian Forex trading is accepted and legal, the earnings received by traders through trading are taxable under the law in Nigeria.
Since Forex trading is legal in Nigeria, people are showing interest in finding the best forex brokers in the country. We highly recommend that users research the well-regulated and reputable forex broker in Nigeria based on the recommendations and reviews offered that you can use while choosing the top forex brokers in Nigeria.
Several fx brokers in Nigeria offer a generous deposit bonus for their users. There are several steps the user should take if you want to trade with the best forex brokers in Nigeria. In this article, we have listed a few steps that will provide you with great trading conditions, and they are as follows:-
- The first step is to find the central bank of Nigeria that offers a list of forex brokers in Nigeria for review. This regulatory body makes sure the forex trading in Nigeria is regulated, monitored, pricing transparency, and supervised. Brokers to follow these rules that as given by regulatory authority.
- The next step is to check whether the forex broker’s platform provides all the technical tools, guaranteed stop loss, features, and is user-friendly, and see if there is no deposit bonus available. Best forex brokers in Nigeria users should check the fees and commissions charged by a CBN-regulated forex broker in Nigeria. Is it low and affordable?
- The next step is to check what types of trading accounts, such as the micro account, the standard account the fx broker has in store for the users. Next, they should check the broker’s customer support and other additional services available to a Nigerian traders.
In Nigeria, the users can trade with the best forex brokers in the country anytime from the comfort of their home, using the internet. The main requirement for trading Forex is that they should have the appropriate laptop with a stable internet connection. The user can check their trading strategy using the CBN-regulated demo trading option, as this fx broker is always available for Nigerian traders.
The best forex brokers in Nigeria users should check whether the chosen forex broker is a scam broker or not. They should also check whether any regulatory authority approves the forex broker before finalizing any platform after completing the essential details with regulated forex brokers in Nigeria. The trader can start using the FX platform in Nigeria.
In our opinion, you should choose the best forex trading platform in the World that allows you to make money hassle-free on any of the assets you choose to trade.
Choosing The Best Forex Brokers in Nigeria
As there are many scammers available in Forex trading, as a trader, you should find a trustworthy and reliable broker since it is essential to protect your money i.e, hard-earned from money launderers, illegal brokers, and scammers. Here is the list of the essential pointers you should consider to help forex traders as they will choose the best forex broker in Nigeria.
- First, ask about CBN’s restrictions imposed on brokers, if any. The best brokers are usually the ones who have a clean track record.
- One of the most critical factors about forex regulation is that you have to check whether the broker is regulated through the CBN or regulated by any other recognized authority in Nigeria: like the Securities and Exchange Commission, Nigeria (SEC), to avoid forex scams and avoid losing your money regulated forex brokers in Nigeria that is a must.
- Several best forex brokers in Nigeria that provide their traders with trading platforms. Most forex brokers in Nigeria provide many opportunities to trade using your money.
- They also provide high leverage and lower margin requirements that you can consider before deciding on your platform.
- Most of the the best forex brokers in Nigeria that offer various currency pairs, leverage 50:1, and provide a 5% margin requirement. Several forex brokers are operating in many countries without a license; if this is the case, the broker can be prosecuted by the country’s regulators.
- The local forex market of Nigeria has been regulated through the CBN or SEC. The main objective of the central bank of Nigeria is to ensure the efficient, transparent, and smooth functioning of the financial markets.
- It is done by offering licenses to the most forex brokers in Nigeria that being both foreign and local brokers who need to follow the industry’s strict rules and regulations set by the CBN.
- The Central Bank of Nigeria has been the best consumer protection wing that checks the different complaints sent by the traders and investors where brokers are used to trade.
- That will be analyzed if a broker offering a forex trading platform is found guilty, and forex brokers are not treated nicely who do not adhere to the regulations are heavily fined, and their license will be revoked. On their website, a regulated broker must display their license number. If brokers are not displaying they can be mistrusted.
- The best fx broker should be regulated and licensed by regulatory authorities to offer brokerage services.
- The topmost regulated authority should license each broker offering various online trading services along with safe trading conditions.
- You must ensure that they are members of a regulatory organization regardless of the safety perks written on the website.
- If any of the forex broker in Nigeria is not regulated, the user should know that the funds are not secure.
- The main objective of independent regulation is to make sure that any disputes among most brokers and traders are resolved quickly.
- Ensure your listed forex brokers are all trustworthy to well being of your money with great customer service.
Support Nigerian Naira
- Several online brokers that may not support the Nigerian Naira (NGN) as an option for funding the account, which will increase the exchange costs per the latest rate.
- You should find the best forex & the best-licensed broker offers that allow local deposits; ensure that they are regulated forex broker that offers a minimum account deposit in Naira.
- Rest it will be a tedious process for users using a forex broker in Nigeria. When trading in Forex, the user should research and analyze a forex broker that offers many features & is updated with market trends that support Nigerian Naira, a local currency that allows traders as they can invest in the native currency.
- The crucial factors you need to consider before choosing a broker i.e, to check for most forex brokers in Nigeria who charge vast amounts of commission and may charge hidden fees or rollover fees, trading fees, and a high level of fees on all withdrawals and deposits.
- The user should consider different account types, transparency, and fees charged by a forex broker before one opens an account with the forex broker in Nigeria.
- The trader should select that forex broker in Nigeria that offers the lowest funding fees, spreads, and trading fees. Spread is something that can be described as the difference between the asking price and the bid price of a particular currency.
- If a spread forex broker offer is lower in this selected broker, it is ideal for the user as they need to pay less to the brokers that (less trading fees) then provide fast execution of an order if you are planning to invest.
While searching for the best forex broker in Nigeria, the significant factors you must check is the forex trading platforms. Several forex brokers in the Nigerian offer MT4, MT5, and more platform support; if the brokers offer Metatrader 4 or 5, the user can consider opening any types of accounts with the broker.
The user should also check whether the forex trading in Nigeria platform has an easy-to-use interface, live chat support, whether it is commission-free, has an ECN broker, and offers a variety of forex trading technical tools.
Check whether they offer different types of accounts (standard account, micro account), chart station, the lowest spreads, and assets like metals, currencies, and indices. You may need to check them with different time frames.
The user can also check whether they offer technical indicators and try out different types of trading strategies through the demo trading offered by the broker. Most forex brokers in Nigeria have demo accounts to offer. If they use demo trading, this is an easy way to learn; they can use it to analyze the different strategies and choose the best one for them.
Also, the user should check whether the broker offers mobile apps for android and IOS devices to ease mobile trading. Many best forex brokers that are in 2023 are offering attractive deals these days.
Several forex brokers in Nigeria have the flexibility to offer different types of deposit withdrawal methods for their users. Also, they provide Metatrader trading platforms like MT4, MT5, & more that help the users trade quickly on their platforms. The user should check whether the copy trading and the backtesting functions are integrated into the trading software.
If you are copy trading, you can also check how the trading strategy works. You might check a few forex trading platforms that offer copy trading services where the trader can copy the profitable strategy of the other forex traders.
Good Customer Support
A good forex broker in Nigeria should provide excellent customer support for their users. Before signing up with the FX platform, you may have to check customer support and how they can be contacted via live chat, email, or phone. They should also check whether the customer service offered in their native language is available online 24 hours a day throughout the week, and it is a good sign of their support.
After checking the customer service, if the user finds problems, questions, or issues that the customer support team does not solve, it is better not to engage with that forex broker. You might try searching for another best forex broker in Nigeria for beginners that provides excellent customer service and customer support when needed.
Pros and Cons of Forex Trading
|Forex trading in Nigeria can be easily accessed, and it is one of the most accessible financial markets to open and register with any types of accounts and proceed with trading. Registering in an online Forex trading account is very easy. It can be done within the next few minutes since the device’s primary criterion is to have a stable internet connection.||Since the FX market is not regulated, several online brokers platform in Nigeria provide guaranteed stop-loss. Based on all the jurisdictions of the brokers, if the user is based in the UK or US zone, they cannot trade with the best forex brokers in the nation. The latter are regulated by CFTC (Commodities futures trading commission), FCA (the Financial Conduct Authority) in the UK, or the CYSEC (the Cyprus Securities and exchange commission) in the EU.|
|The FX market has high liquidity, and it is not matched by any central bank or other capital markets. With sudden increases or decreases in exchange rates, political events and significant changes in the economic scene can affect the liquidity of the currency pairs, which might affect the FX market.||The significant disadvantage when trading in the FX market is volatility. The primary concern is if the user trades for the short term, regardless of experience, it becomes challenging to deal with volatility.|
|Trading forex costs are low compared with other markets, including commission fees & trading fees. If the user trades from Nigeria with some of the major forex pairs, the spreads can be very tight, which might reduce trading costs. When trading in the Forex trading market, dealing with exotic and minor currency pairs can be more expensive, and it might also increase the trading costs of these pairs.||Retail Forex traders who reside in Nigeria should know that they are trading with professionals, National Central banks, and large multinational corporations with a significant presence in the forex market. Trading in the forex market allows you to make money with a high degree of risk.|
|Several Forex trading platforms provide a demo trading account if you plan to practice for their users to practice trading. That helps the users get acquainted with the online brokers’ trading platforms offered by the broker. Even dedicated customer service.||As the FX market needs constant updating, the user should know about events around the world, macroeconomics, and political events. If they want to achieve consistent profits over the trades, they should limit trading to currency pairs, and they should research every country’s currencies to make informed decisions before trading.|
|Trading the FX market in Nigeria provides quick returns and is one of the broker that offers profitable positions. When the positions are liquidated, it is available for the users to withdraw based on the type of forex broker used.||Trading the markets with leverage can be taken as a double-edged sword that might even magnify the profits, and at the same time, it might also lead to losses. If the trader proceeds with leverage trading, also called margin trading, it can offer both profit and losses.|
|Compared with the stock market, which requires the purchase of stocks, and forex markets & are based on exchanging currencies, the user can leverage stock trading positions with a margin account of a 2:1 ratio; Forex trading has max leverage of 1000:1 in a few locations. There are restrictions on leverage ratios for all forex major and minor currency pairs in the US. At the same time, there are few limits on retail Forex and leverage ratios for major and minor repairs when trading in the UK.||If you are trading in this FX market, patience is required for successful trading. The Nigerian forex traders can use a demo account to get more profits if they’re beginner traders and eager to understand how to invest in the financial markets, and that might offer the traders in Nigeria a lot more experience.|
|The Forex trading market is open 24 hours, 5 days a week. It functions with different trading sessions corresponding to some significant global money centers like Tokyo, New York, and London. They will also offer different types of liquidity when specific currency pair is being used.|
|Compared with stock markets, Forex trading in Nigeria doesn’t have any rules that prevent the users from going long or short. It helps the traders in Nigeria to buy and sell currencies freely when a user takes a position trading in this FX market; a trader can simultaneously take short and long positions.|
|Based on the depth and size of the FX market, it is challenging to manipulate this market for large corporations. Hence, Central banks can’t manipulate the FX market even though they can mitigate movements when trading in the market in Nigeria in favor of any currency.|
Conclusion on Nigerian Forex Brokers
To conclude, several regulated forex brokers in Nigeria are available for international trade. Registering and trading for Nigerian traders with them is very simple. Nigerian traders should use the best forex brokers in their country that are regulated by the FSCA (financial services conduct authority of South Africa), formerly known as FSB. Even though most brokers look similar, few differences can make every broker unique, and it should be adopted by different types of traders as found in a local trading market.
Risk Warning: Trading for Nigerian traders can be tricky as the FX market carries risk, and the user should be aware of the risk involved in trading with CFDs and forex. Before proceeding to trade the market, the user should evaluate their risk, realize their objectives, the choices of trading platforms, commission-free trading conditions, and their willingness to face the type of risk when trading CFDs as these are complex financial instruments.
user should seek professional advice before trading in this FX market to minimize loss to his capital and make sure to choose a broker with a good repo.
Frequently Asked Questions (FAQs)
Which Broker Is the Best for Nigerians?
According to our review, among all forex brokers in Nigeria, the best forex broker is Avatrade, and it is one of the best forex broker for executing Forex trading.
Is Forex Trading Legal in Nigeria?
Forex trading is legal in Nigeria and regulated by the CBN (Central Bank of Nigeria). forex brokers in Nigeria can operate by abiding by specific rules that can be regulated.
Which Forex Broker in Nigeria Charges the Lowest Fees?
In our experience of all the brokers available, one of the best brokers that charges the lowest fees in Nigeria is the IC Markets because of the low spreads offered by the broker. It is based in Australia and regulated by tier 1 regulators ASIC Australia (i.e, the Australian Securities & Investments Commission). IC Markets charges low brokerage fees in Nigeria that include the lower commissions for forex traders that use the MetaTrader 4, MetaTrader 5, & more, providing low spreads on exotic and significant and different types of currency pairs that do not charge withdrawal or deposit fees.
Which Is the Best Forex Trading App in Nigeria?
FXTM, HotForex, and FBS platforms are well known for their trading app in Nigeria with lots of features and are user-friendly.
Which Is the Forex Broker with $1 Minimum Deposit in Nigeria?
As per our review, the FBS Platform in Nigeria has a $1 minimum deposit, and traders start trading.
Risk Disclaimer – CFDs and forex are complex financial instruments that involve a significant risk of loss for your capital, so trade with capital you can afford to lose. 80% of retail invest or accounts lose money when they trade with forex. Trading can be tricky as trading instruments like forex are not suitable for everyone, and we strongly advise you to trade with the money you can afford to lose and thus choose a broker of a good repo. 80% of retail investor accounts lose money when trading CFDs; this is why trade CFDs with caution as they are complex financial instruments. The content of this article is for information purposes only and to help you understand whether forex trading is for you or not. Any of the loss of money will not be covered by us.