10 Best Forex Brokers in Nigeria

The 10 Best Forex Brokers in Nigeria – Rated and Reviewed. We have listed the Best Forex Brokers regulated in Nigeria.

In this in-depth guide, you’ll learn:

• 10 Best Forex Brokers in Nigeria
• Trading platforms and tools are available
• Account types and minimum deposit requirements
• Is Forex Trading Legal in Nigeria?

and much, MUCH more!

10 Best Forex Brokers in Nigeria (2025)

1. ☑️ HFM – Overall, The Best Forex Brokers in Nigeria
2. ☑️ Exness – Best Multi-Asset Forex Broker
3. ☑️ FXTM – Best Islamic Account
4. ☑️ Pepperstone – Best MT4 Forex Broker
5. ☑️ IC Markets – Best Low Spread Forex Broker
6. ☑️ XM – Exceptional Customer Service
7. ☑️ AvaTrade – Best Forex Broker for Beginners
8. ☑️ Tickmill – Best Educational Broker
9. ☑️ JustMarkets – Best ECN Forex Broker
10. ☑️ FxPro – Best CFD Provider

HFM

HFM is a globally recognized online forex and CFD broker, regulated in multiple jurisdictions.

The broker has a strong presence in Nigeria, including local seminars and educational events. HFM accepts Nigerian clients under its HF Markets (SV) Ltd entity, regulated by the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. They also offer NGN-denominated accounts and local funding options like bank transfer.

★★★★★

Minimum Deposit: $0 Regulated by: FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA Crypto: Yes

Get startedRead Review

Frequently Asked Questions

What is HFM (HotForex)?

HFM is a global forex and CFD broker offering trading services on various instruments, including forex, commodities, indices, shares, ETFs, and cryptocurrencies.

Does HFM accept clients from Nigeria?

Yes, HFM accepts Nigerian clients and supports local deposit/withdrawal methods, NGN accounts, and provides regional customer support.

What platforms does HFM offer?

HFM offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5) on desktop, mobile, and web.

Does HFM offer Islamic accounts?

Yes, swap-free Islamic accounts are available upon request for eligible traders, including Nigerians.

Our Insights

With competitive trading conditions, multiple account types, bonus offers, and strong customer support, HFM remains a popular choice for both beginners and experienced traders in Nigeria and worldwide.

Exness

Exness is a globally recognized forex and CFD broker offering a wide range of trading instruments and services. It is accessible to traders in Nigeria, providing localized features to cater to their specific needs.​

The broker accepts clients from Nigeria, allowing them to open accounts, deposit funds, and access a wide range of trading instruments. Exness supports local bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller. Local payment solutions such as Paystack and Flutterwave are also available, ensuring convenient transactions for Nigerian traders.

★★★★★

Minimum Deposit: $1 Regulated by: CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Can Nigerian traders open accounts with Exness?

Yes, Exness accepts clients from Nigeria. Nigerian traders can open accounts, deposit funds, and access a wide range of trading instruments.

What trading platforms does Exness offer?

Exness provides access to MetaTrader 4 (MT4), MetaTrader 5 (MT5), the Exness Terminal (web-based), and the Exness Trade App (mobile).

Does Exness offer Islamic (swap-free) accounts?

Yes, Exness provides swap-free Islamic accounts, catering to traders who require such accounts.

What leverage does Exness offer?

Exness offers leverage up to 1:Unlimited, depending on the account type and trading experience.

Our Insights

Exness is a reputable and globally regulated forex and CFD broker that offers Nigerian traders access to a wide range of instruments, high leverage, multiple account types (including Islamic accounts), and localized payment options. Its user-friendly platforms, fast withdrawals, and 24/7 multilingual support make it a strong choice for both beginner and professional traders in Nigeria.

FXTM

​FXTM is a globally recognized forex and CFD broker that has established a significant presence in Nigeria, offering tailored services to meet the needs of Nigerian traders.

Nigerian traders can open NGN-denominated accounts, allowing them to deposit, trade, and withdraw in their local currency without conversion fees. The broker Supports local bank transfers for deposits and withdrawals, ensuring fast and convenient transactions for Nigerian clients.

★★★★

Minimum Deposit: $200 Regulated by: FCA, CMA, FSC Crypto: Yes

Get startedRead Review

Frequently Asked Questions​

Can Nigerian traders open accounts with FXTM?

Yes, FXTM accepts clients from Nigeria. Nigerian traders can open accounts, deposit funds, and access a wide range of trading instruments.

What trading platforms does FXTM offer?

FXTM provides access to MetaTrader 4 (MT4), MetaTrader 5 (MT5), and the FXTM Trader App for mobile devices.

What leverage does FXTM offer?

FXTM offers leverage up to 1:2000, depending on the account type and trading experience.

Does FXTM offer customer support in Nigeria?

Yes, FXTM provides customer support to Nigerian traders through local offices in Lagos, Abuja, and Port Harcourt. Support is accessible via phone, email, and live chat.

Our Insights

FXTM stands out as a reliable and trader-friendly forex broker, especially for Nigerian clients. FXTM effectively combines international standards with tailored local service. Its competitive spreads, flexible account types (including Islamic options), and extensive educational resources make it an excellent choice for both beginner and experienced traders in Nigeria.

Pepperstone

Pepperstone is a globally recognized forex and CFD broker that provides Nigerian traders with access to a wide selection of financial instruments, sophisticated trading platforms, and competitive trading conditions.

The broker is available to Nigerian traders, providing them with access to its full suite of services including Trading Platforms, Account Types, Islamic (Swap-Free) Accounts, Customer Support, and Educational Resources.

★★★★★

Minimum Deposit: $200 Regulated by: ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Is Pepperstone available to Nigerian traders?

Yes, Pepperstone accepts clients from Nigeria.

What account types are available?

Pepperstone offers two main account types: Standard Account and Razor Account.

What is the minimum deposit required?

Pepperstone does not set a minimum deposit requirement. Traders should consider their trading experience and financial situation when deciding how much to deposit.

What leverage is available to Nigerian traders?

Nigerian traders, onboarded through Pepperstone’s Kenyan-based entity, regulated by the CMA, can access leverage up to 400:1 for retail clients.

Our Insights

Pepperstone offers Nigerian traders a solid trading environment with access to sophisticated platforms, competitive pricing, and a diverse selection of instruments. While they don’t have physical offices within Nigeria, their strong international regulatory oversight and commitment to providing client support make them a compelling choice for traders in the region.

IC Markets

​IC Markets is a globally recognized forex and CFD broker that offers Nigerian traders access to a wide range of financial instruments, advanced trading platforms, and competitive trading conditions.

The broker is available to Nigerian traders, providing them with access to its full suite of services, including: Trading Platforms, Account Types, Islamic (Swap-Free) Accounts, Customer Support, and Educational Resources.

★★★

Minimum Deposit: $200 Regulated by: FSA Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Is IC Markets available to Nigerian traders?

Yes, IC Markets accepts clients from Nigeria.

What is the minimum deposit required?

The minimum deposit to open an account with IC Markets is $200, which is approximately ₦320,000.

What account types are available?

IC Markets offers the following account types: Standard Account, Raw Spread Account (MT4/MT5), Raw Spread Account (cTrader), and Islamic (Swap-Free) Account.

What leverage is available to Nigerian traders?

Nigerian traders can access leverage up to 1:500 for retail clients under the FSA regulation.

Our Insights

IC Markets provides Nigerian traders with a solid trading environment, featuring sophisticated platforms, competitive pricing, and a wide variety of instruments. Despite not having local offices in Nigeria, their strong international regulatory oversight and dedication to client support make them a compelling option for traders in the region.

XM

​XM is a globally recognized forex and CFD broker that offers Nigerian traders access to a wide range of financial instruments, user-friendly platforms, and competitive trading conditions.

The broker is available to Nigerian traders, offering them access to its full suite of services, including: Trading Platforms, Account Types, Islamic (Swap-Free) Accounts, Customer Support, and Educational Resources.

★★★★★

Minimum Deposit: $5 Regulated by: FSC Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Is XM available to Nigerian traders?

Yes, XM accepts clients from Nigeria.

What is the minimum deposit required?

The minimum deposit to open an account with XM is $5, which is approximately ₦8,000.

What account types are available?

XM offers the following account types: Micro Account, Standard Account, Ultra Low Account, and Shares Account.

What trading platforms does XM offer?

XM provides access to several trading platforms, including MetaTrader 4 (MT4), MetaTrader 5 (MT5), XM WebTrader, and the XM App.

Our Insights

XM is a globally recognized broker that offers Nigerian traders a solid combination of low entry barriers (with just a $5 minimum deposit), competitive trading conditions, and access to powerful platforms like MT4 and MT5. The broker remains a trusted and popular choice due to its transparency, fast execution, and no hidden fees on most transactions.

AvaTrade

AvaTrade is a globally regulated forex and CFD broker that offers Nigerian traders access to a wide range of financial instruments, user-friendly platforms, and competitive trading conditions.

Nigerian traders can access AvaTrade’s full suite of services, including: Trading Platforms, Account Types, Islamic (Swap-Free) Accounts, Customer Support, and Educational Resources.

★★★★★

Minimum Deposit: $100 Regulated by: CBI, BVI, FSC, ASIC, FSCA, JFSA, FFAJ Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Is AvaTrade available to Nigerian traders?

Yes, AvaTrade accepts clients from Nigeria.

What is the minimum deposit required?

The minimum deposit to open an account with AvaTrade is $100, which is approximately ₦160,000.

What trading platforms does AvaTrade offer?

AvaTrade provides access to several trading platforms, including: MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO (mobile app), WebTrader, and AvaOptions.

What leverage is available to Nigerian traders?

Nigerian traders can access leverage up to 1:400 for retail clients.

Our Insights

AvaTrade stands out as a trustworthy, beginner-friendly, and well-regulated forex and CFD broker for Nigerian traders. Nigerian traders benefit from global oversight, multiple funding methods (including local cards), and extensive educational tools, making AvaTrade a suitable option for both new and experienced traders seeking reliability and diversity in trading instruments.

Tickmill

​Tickmill is a globally recognized forex and CFD broker that offers Nigerian traders access to a broad range of financial instruments, competitive trading conditions, and robust trading platforms.

Nigerian traders can open accounts with Tickmill through its Seychelles-based entity. The broker supports local bank transfers, allowing for convenient deposits and withdrawals. Its support for local bank transfers and access to multiple trading platforms make it a convenient choice for traders in Nigeria.

★★★★★

Minimum Deposit: $100 Regulated by: FCA, CySEC, FSA Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Is Tickmill available to Nigerian traders?

Yes, Nigerian traders can open accounts with Tickmill through its Seychelles-based entity, Tickmill Ltd.

Does Tickmill have a presence in Nigeria?

Yes, Tickmill has hosted educational seminars in Lagos, Nigeria, to engage with local traders and provide insights into forex trading.

What account types does Tickmill offer?

Tickmill provides several account types to cater to different trading needs: Classic Account, Raw Account, Islamic Account, and Demo Account.

What leverage does Tickmill offer?

Tickmill offers leverage up to 1:1000, depending on the account type and regulatory restrictions.

Our Insights

Tickmill is a reliable and competitive forex broker that caters to Nigerian traders with a range of account types, including options for swap-free Islamic accounts. Its robust platforms, like MT4, MT5, and TradingView, provide flexibility, and the broker supports local payment methods for deposits and withdrawals, making it accessible for Nigerian clients.

JustMarkets

JustMarkets is a global forex and CFD broker established in 2019. Operating under the jurisdiction of St. Vincent and the Grenadines, it provides trading services to retail clients worldwide, including Nigeria.

Nigerian traders can access JustMarkets’ services, benefiting from: Local Payment Methods, Educational Resources, and Trading Platforms.

★★★★★

Minimum Deposit: $10 Regulated by: FSA, CySEC, FSCA, FSC Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Is JustMarkets available to Nigerian traders?

Yes, Nigerian traders can open accounts with JustMarkets.

What account types does JustMarkets offer?

JustMarkets provides several account types: Standard Cent Account, Standard Account, Pro Account, and Raw Spread Account.

What trading platforms are available?

JustMarkets offers the widely used MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, as well as its proprietary mobile app, catering to various trading preferences.

What leverage does JustMarkets offer?

JustMarkets provides leverage up to 1:3000, allowing traders to amplify their positions.

Our Insights

The broker offers a variety of payment methods, including local options, making it convenient for Nigerian clients to deposit and withdraw funds. It also supports popular trading platforms like MetaTrader 4 and 5, providing traders with powerful tools for analysis and execution.

FxPro

FxPro is a globally recognized online broker established in 2006, offering trading services in over 170 countries.

Nigerian traders can access FxPro’s services, benefiting from: Local Currency Accounts, Wide Range of Payment Methods, and Mobile Trading Platforms. FxPro offers mobile versions of its platforms (MT4, MT5, cTrader), enabling Nigerian traders to manage their trades on the go.

★★★★

Minimum Deposit: $100 Regulated by: FCA, CySEC, ASIC Crypto: Yes

Get startedRead Review

Frequently Asked Questions

Is FxPro available to Nigerian traders?

Yes, Nigerian traders can access FxPro’s services. The broker offers accounts denominated in Nigerian Naira (NGN), allowing for seamless deposits and withdrawals in the local currency.

What account types does FxPro offer?

FxPro provides several account types to cater to different trading preferences: Standard Account, Raw+ Account, Elite Account, and cTrader Account.

What payment methods are available for Nigerian traders?

Nigerian traders can fund their FxPro accounts using various methods, including Bank Transfers, Credit/Debit Cards, and E-wallets.

Can I trade using my mobile device?

Yes, FxPro offers mobile applications for both iOS and Android devices, allowing traders to manage their accounts and execute trades on the go.

Our Insights

FxPro’s wide selection of payment methods, including local payment options, and competitive trading conditions, such as leverage up to 1:500 and low spreads, make it an attractive choice for Nigerian traders. While the broker is regulated by top-tier authorities, traders should be aware of inactivity fees, which may apply after a period of no trading activity.

Is Forex Trading Legal in Nigeria?

Yes, Forex trading is legal in Nigeria. The country has a growing number of retail Forex traders, and many brokers accept Nigerian clients. The Nigerian government, through the Central Bank of Nigeria (CBN), regulates the country’s financial markets, including Forex trading. However, there are important points to keep in mind:

Key Points on Forex Trading in Nigeria

• Regulated Brokers: Forex brokers that operate in Nigeria must be regulated, either locally by the CBN or internationally by respected regulatory bodies like the Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC).
• Central Bank Oversight: While Forex trading is legal, the CBN controls and monitors the Naira’s exchange rate. This means that Nigeria has a managed floating exchange rate, and the CBN intervenes to prevent excessive volatility in the local currency.
• Online Trading: Nigerian traders can access Forex trading platforms from international brokers that accept clients from Nigeria. However, trading may involve currency conversions, as the Naira is not as widely used globally for trading.
• Restrictions and Regulations: Some restrictions may apply to the use of leverage and the types of assets traded. Nigerian traders should ensure they understand the regulatory framework and comply with all local laws.

Risks

• Currency Fluctuations: The Naira has experienced volatility, which can impact Forex trading outcomes.
• Fraudulent Brokers: As in any market, there are unregulated and fraudulent brokers. Traders should conduct thorough research and choose brokers that are well-regulated and have a good reputation.

Forex trading is legal in Nigeria as long as the proper regulations and procedures are followed. It is essential for traders to choose reputable brokers and be aware of any potential legal and financial implications.

In Conclusion

Nigerians have access to a broad range of platforms, account types, and competitive trading conditions. However, it’s essential to choose brokers carefully, understand the associated risks, and avoid unregulated providers. With the right broker, Nigerian traders can participate in global markets efficiently and securely.

You Might also Like:

• HFM Review
• FXTM Review