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10 Best Forex Brokers in Nigeria

Last Update: May 20th, 2024

Best Forex Brokers in Nigeria

 

This is a complete listing of The 10 Best Forex Brokers in Nigeria.  In this in-depth write-up, you will learn:

A Review of the 10 Best Nigeria Forex Brokers 

  • Who is the Best Suited Broker for Beginner Nigerian Traders?
  • Pros and Cons of Forex Trading in West Africa
  • Which brokers offer Naira trading accounts
  • Lowest minimum deposit forex brokers
  • And finally, Is forex trading legal in Nigeria?

And much, much more!

This is a complete listing of The 10 Best Forex Brokers in Nigeria. In this in-depth write-up, you will learn:

 

🏆 10 Best Forex Brokers

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewCySEC, MISA, FSCAUSD 5Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewFCA, FINMA, FSA, ASICUSD 0Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker >>

 

10 Best Forex Brokers in Nigeria (2024*)

  1. ☑️ FXTM – Award-winning Broker in West Africa.
  2. ☑️HFM– Low Minimum Deposit in Nigeria.
  3. ☑️ Exness – Best Trading App for beginners.
  4. ☑️AvaTrade – Best Social Trading App.
  5. ☑️Octa – Low-cost MetaTrader platform for professionals.
  6. ☑️FBS – High-quality services in Nigeria.
  7. ☑️eToro– Best Crypto Trading Platform.
  8. ☑️Alpari – Best Leading Marker in West Africa.
  9. ☑️XM – Low Spread Broker for Beginners.
  10. ☑️SuperForex – Spread betting opportunities for Traders.

 

Best Forex Brokers in Nigeria

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulation✔️ Accepts Nigerian Traders
FXTM👉 Open Account9,000 NGNCySEC, FSCA, FCA, CMA, FSC Mauritius✔️
HFM👉 Open Account0 NGNFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA✔️
Exness👉 Open Account9,000 NGNFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA✔️
AvaTrade👉 Open Account90,000 NGNCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC✔️
Octa👉 Open Account22,000 NGNCySEC, SVG FSA, FSCA✔️
FBS👉 Open Account4,500 NGNIFSC, CySEC, ASIC, FSCA✔️
eToro👉 Open Account180,000 NGNCySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, SIPC✔️
Alpari👉 Open Account4,500 NGNFinancial Services Commission Mauritius (FSC)✔️
XM👉 Open Account4,500 NGNFSCA, IFSC, ASIC, CySEC, DFSA, FCA✔️
SuperForex👉 Open Account900 NGNNone that could be verified✔️

 

10 Best Nigeria Forex Brokers 

FXTM 

Who should use FXTM? 

Nigerian traders who want access to extensive training resources will find FXTM well-suited, especially novices looking for a robust platform. Its top-notch customer service in Nigeria also caters to those prioritizing on-site aid and support. 

 

What does FXTM do best? 

FXTM excels in providing a variety of account types, including micro accounts, which are very useful for traders starting with a small capital investment. Their local seminars and workshops in Nigeria show a dedication to trader education and community development. 

FXTM

Where can FXTM improve? 

FXTM can improve its services by providing more competitive spreads on specific account types. Expanding their tradable instruments beyond forex may also assist Nigerian traders seeking a more diverse portfolio. 

 

FXTM Pros and Cons 

✔️ Pros❌ Cons
Strong educational resources geared toward novicesSome accounts have relatively higher spreads.
Local customer service and presence in NigeriaThere is a limited selection of non-forex instruments
Offers flexible account types to NigeriansWithdrawal costs apply to some transactions
Regular local seminars and workshops are availableProfessional traders have limited access to advanced tools
Nigerians can register NGN-denominated trading accountsThere are limitations to scalping strategies

 

HFM 

Who should use HFM? 

HFM is ideal for Nigerian traders who value competitive spreads, substantial leverage options, and a wide range of account types that cater to novice and experienced traders. 

 

What does HFM do best? 

HFM excels at providing a strong leverage offering of up to 1:2000, appealing to traders trying to maximize prospective returns. It also provides a variety of account types, including Islamic accounts that follow Sharia law, making it accessible to Nigerian traders of the Islamic faith. 

HFM

Where can HFM improve? 

HFM can improve by lowering non-trading costs and providing greater local currency support to enhance Nigerians’ trading experiences. The inclusion of more regional payment alternatives may also be advantageous. 

 

HFM Pros and Cons 

✔️ Pros❌ Cons
Competitive spreads and significant leverageLimited local currency support
Various account types, including Islamic accountsThere are fewer local payment choices than those offered by other brokers
Comprehensive educational resources are availableThe platform interface may be difficult for novices.
Well-regulated, which builds trust among tradersCustomer service can be slow to respond during peak hours
Offers NGN-denominated accountsThere are high non-trading fees

 

Exness 

Who should use Exness? 

Exness is ideal for Nigerian traders looking for tight spreads and a wide range of account options, catering to both high-volume traders and those using automated trading techniques. 

 

What does Exness do best? 

Exness specializes in providing speedy withdrawals, a big benefit for traders who value liquidity and quick access to funds. Their trading environment is also ideal for scalping and EAs. 

Exness

Where can Exness improve? 

Exness could expand its product portfolio and consider extending the demo account duration, especially for beginners. Improving educational resources suited to the Nigerian market might be effective. 

 

Exness Pros and Cons 

✔️ Pros❌ Cons
Tight spreads, particularly between major currency pairsEducational resources are not as extensive as some competitors
Instant withdrawal services provide quick access to moneyThere is a limited presence in Nigeria
An ideal setting for scalping and automatic tradingThere are fewer research tools for advanced market analysis
A variety of account options, including ECN for direct market accessNew users might struggle to find their way around the platform
Strong regulatory compliance improves trader security
Exness offers multi-currency accounts

 

AvaTrade 

Who should use AvaTrade? 

AvaTrade is ideal for Nigerian traders seeking a regulated and stable trading environment concentrating on CFDs and Forex. It is especially tempting to people who favor manual or automated trading systems. 

 

What does AvaTrade do best? 

AvaTrade stands out for its extensive selection of trading platforms, including MetaTrader and AvaTradeGO, which appeal to traders of all skill levels. Their fixed spreads provide stability in trading expenses, which is an important consideration for strategy development. 

AvaTrade

Where can AvaTrade improve? 

AvaTrade can improve by broadening its product offering to include additional Nigerian assets, which would appeal to traders seeking to diversify with local instruments. They could also seek to provide more competitive spreads for specific asset classes. 

 

AvaTrade Pros and Cons 

✔️ Pros❌ Cons
AvaTrade is multi-regulated globallyAvaTrade is not regulated in Nigeria
AvaTrade offers several robust trading platforms across deviceThere are no Nigerian CFDs that can be traded
Traders can access several educational materials and trading toolsInactivity fees apply to dormant accounts
AvaTrade charges fixed spreads and zero commissionsAvaTrade does not offer 24/7 customer support
Nigerians can participate in social trading with AvaTrade

 

Octa 

Who should use Octa? 

Octa is ideal for Nigerian traders searching for low entry hurdles and competitive spreads, particularly those new to the forex market or wishing to start with small quantities. 

 

What does Octa do best? 

Octa excels in providing a user-friendly interface and a simple trading experience, which is ideal for beginners. Their copy trading service is noteworthy, allowing new traders to learn from more experienced ones. 

Octa

Where can Octa improve? 

Octa might improve by increasing its teaching offerings to include more in-depth materials geared toward the Nigerian market. Additionally, adding more local payment choices would improve accessibility for Nigerian customers. 

 

Octa Pros and Cons

✔️ Pros❌ Cons
The low minimum deposit makes it accessible to a wide range of tradersLimited educational materials for advanced trading
Beginners will find the platform easy to useThere is a limited product range
Competitive spreads that reduce trading expensesThere is no local Nigerian office for in-person help.
Copy trading alternatives are accessible for beginning tradersLimited research tools and analytics
There is no commission on deposits and withdrawals

 

FBS 

Who should use FBS? 

FBS is ideal for Nigerian traders seeking flexible leverage choices and diverse trading accounts, including those catering to micro traders. 

 

What does FBS do best? 

FBS excels in providing several promotional offers and bonuses, which might appeal to traders looking to optimize their trading equity. They also provide a copy trading service, which is useful for newbies looking to replicate the transactions of experienced investors.

FBS

Where can FBS Improve? 

FBS can improve by providing a more diverse choice of teaching materials and research tools tailored specifically to the Nigerian market. Improving their customer service to offer more localized support would also be beneficial. 

 

FBS Pros and Cons 

✔️ Pros❌ Cons
Provides local deposit and withdrawal options for Nigerians in NGNEducational and research tools are limited
Flexible leverage choices of up to 1:3000Customer support can be slow to respond
Charges competitive spreads and no commission feesThere is a limited local presence in Nigeria
Copy trading services are availableSpreads can be higher on certain instruments
Initial deposit requirements are low

eToro 

Who should use eToro? 

eToro is ideal for Nigerian traders seeking a social trading experience. It is great for people who wish to observe and mimic experienced investors’ transactions and traders interested in a wide range of asset classes, including cryptocurrency. 

 

What does eToro do best? 

eToro succeeds at social trading thanks to its user-friendly platform, which allows for easy imitation of successful traders’ tactics. Its key strength is a well-integrated community component stimulating trader interaction and learning. 

eToro

Where can eToro improve? 

To increase its competitiveness in the Nigerian market, eToro could reduce its withdrawal and conversion fees. Expanding instructional materials for Forex trading can also benefit its Nigerian clients. 

 

eToro Pros and Cons 

✔️ Pros❌ Cons
The leading platform for social tradingIncreased withdrawal and conversion fees
Beginners will find the UI easy to useSpreads may be wider than the industry norm
A diverse assortment of trading instrumentsThere are limited forex-specific educational resources
Traders can trade crypto directly and as CFDsCustomer service responses can be delayed.
Offers an interactive community for learning and exchanging techniquesNigerian traders may have to pay conversion costs when using USD as their account currency

 

Alpari 

Who should use Alpari? 

Alpari is a fantastic fit for Nigerian traders searching for a broker with a lengthy history and various account options, including PAMM accounts, which allow you to invest in experienced traders’ techniques. 

 

What does Alpari do best? 

Alpari is best recognized for its PAMM account services, which allow traders to invest in successful trading techniques. It also offers competitive spreads and leverage in Forex trading. 

Alpari

Where can Alpari improve? 

Alpari can improve its products by providing Nigerian customers with more local deposit and withdrawal options. Additionally, altering its educational material to include more localized information may be advantageous. 

 

Alpari Pros and Cons 

✔️ Pros❌ Cons
Alpari’s PAMM allows for investments in expert traders’ strategiesNigerian clients have limited local payment choices
Competitive spreads and leverage options are availableEducational resources could be better suited to the local market
There is a variety of account types available to fit different trading techniquesCustomer service can be unresponsive
Alpari provides educational webinars and seminarsPlatform offerings are less advanced than competitors
A robust trading app supports mobile tradingAlpari should broaden the list of traded assets to include local Nigerian equities

 

XM 

Who should use XM? 

XM is ideal for Nigerian traders who want a broker with good instructional information, competitive trading conditions, and an easy-to-use trading experience. 

XM

What does XM do best? 

XM excels in providing vast educational tools and regular live webinars, particularly valuable to new traders. Their simple account opening process and extensive selection of trading instruments are particularly noteworthy. 

 

Where can XM improve? 

XM may improve its offerings in Nigeria by expanding local payment choices and shortening withdrawal times. Expanding their customer assistance to include offerings in local languages could also be beneficial. 

 

XM Pros and Cons 

✔️ Pros ❌ Cons
Comprehensive educational resources, as well as live webinarsNigerian clients have limited access to local payment alternatives
User-friendly trading systems, such as MT4 and MT5The withdrawal process can be slow
A vast variety of trading instruments can be tradedCould provide more competitive spreads on specific instruments
No fees for deposits or withdrawals
Quick account opening process

 

SuperForex 

Who should use SuperForex? 

SuperForex is ideal for Nigerian traders seeking high leverage levels and diverse currency pairs, including exotic ones. It is also helpful for individuals who want to learn about different forms of bonuses and promotions. 

SuperForex

What does SuperForex do best? 

SuperForex’s promotional offerings are compelling, with traders receiving several bonuses that can help them increase their trading capital. It also has a variable leverage mechanism that may exceed 1:2000, appealing to high-risk traders. 

 

Where can SuperForex improve? 

SuperForex can improve by making its trading conditions more transparent and ensuring its bonus terms are clear and understandable. Improving customer assistance availability for Nigerian traders would be a huge improvement. 

 

SuperForex Pros and Cons 

✅ Pros❌ Cons
Offers high leverage of up to 1:2000No local presence in Nigeria
A wide range of currency pairs, including exotic pairs, can be tradedTrading conditions’ transparency must be improved
Attractive bonuses and promotional deals are availableBeginners may struggle with complex bonus terms
Minimum deposit requirements are lowCustomer service responses could be faster
Provides both MetaTrader 4 and a customized platform

 

How to Choose a Forex Broker in Nigeria 

Choosing the proper Forex broker in Nigeria necessitates careful evaluation of several key factors: 

  • The platform should be user-friendly, with fast execution times, advanced charting tools, and news feeds. 
  • Offered: Look for brokers who offer diverse currency pairings, particularly those you are most interested in trading. 
  • Check the broker’s regulatory status. Major financial institutions like the Central Bank of Nigeria (CBN) or other recognized international organizations should regulate a trustworthy broker. 
  • Look for competitive spreads and low commission rates, but be aware of fees concealed in the fine print. 
  • Ensure the broker provides smooth and easy deposit and withdrawal processes that are compatible with the Nigerian financial system. 
  • Look into the broker’s reputation in the trading community and read reviews from other Nigerian traders. 
  • A broker with a local office or customer support can provide more personalized care and help. 
  • Effective customer assistance is critical. The broker should provide timely and friendly assistance to Nigerian traders. 
  • Consider leverage options, margin restrictions, and the simplicity of entering and leaving transactions. 
  • Look for brokers who offer instructional resources, market research, and economic assessments, which are useful to new and seasoned traders. 

Best Forex Brokers in Nigeria

Conclusion

These brokers offer various features tailored to meet the needs of Nigerian traders, including competitive spreads, advanced trading platforms, regulatory compliance with bodies such as the Securities and Exchange Commission (SEC) of Nigeria, and robust customer support services.

FAQs

The best Forex broker in Nigeria offers regulatory compliance, affordable fees, and a strong local presence; AvaTrade, Exness, FXTM, and HFM are frequently rated highly by Nigerian traders. 

Beginners should look for a broker like XM or eToro that offers comprehensive instructional resources, user-friendly platforms, and great customer service. 

Professional traders in Nigeria can opt for brokers like IC Markets or Alpari, which provide innovative trading platforms, competitive trading conditions, and a comprehensive instrument portfolio. 

Forex trading is permitted in Nigeria, and traders should use brokers registered by the Central Bank of Nigeria or other internationally recognized organizations. 

You can fund your Forex account via bank transfers, credit/debit cards, and e-wallets that work with Nigeria’s banking institutions. 

HFM has the lowest Minimum Deposit. 

Some Forex brokers in Nigeria allow cryptocurrency trading. However, it is critical to review each broker’s services and rules. 

If you have a problem with a Forex broker, you should first contact their customer care and then escalate to the regulatory authority with whom they are registered. 

AvaTrade is the best forex broker in Nigeria for beginner forex traders. 

HFM Best Regulated Broker offering trading accounts in Naira.