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7 Best CBN Regulated Brokers

Last Update: May 17th, 2024

Best CBN Regulated Brokers


The 7 best CBN Regulated Brokers revealed. We have explored and tested several prominent brokers to identify the list of the best CBN regulated brokers.


In this in-depth guide, you’ll learn:

  • What is a CBN-regulated broker?
  • Who is the best SEC-regulated brokers in Nigeria?
  • Who are the best international Forex brokers in Nigeria?
  • List of regulated and registered forex brokers.
  • The best Forex brokers in Nigeria have minimum deposits.
  • SEC Regulated Forex Brokers.
  • Popular FAQs about the regulated Forex brokers in Nigeria.


And lots more…

So, if you’re ready to go “all in” with the best CBN Regulated brokers…

Let’s dive right in…


Best CBN and SEC Regulated Forex Brokers (2024*)

  1. ☑️Exness – Overall, Best CBN-Regulated Forex Broker in Nigeria.
  2. ☑️AvaTrade – Top Trading Platform for Nigerians.
  3. ☑️FXTM – Verified Mobile App for Scalping.
  4. ☑️HFM – Top Forex Copy Trading Platform.
  5. ☑️Tickmill – Excellent option for MetaTrader traders.
  6. ☑️ARM Stocktrade – Prioritizes Security and Transparency.
  7. ☑️ Atlass Portfolios LTD – Expertise lies in portfolio management.


🏆 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 >>


What is a CBN-regulated Forex broker?

Forex brokers are not directly regulated by the Central Bank of Nigeria (CBN) in Nigeria. Instead, the CBN’s primary role in the Forex markets revolves around maintaining stability in the country’s foreign exchange market and overseeing the regulation of authorized dealers, including commercial banks and financial institutions, who are licensed to participate in foreign exchange transactions.

While the CBN sets policies and regulations governing the overall Forex market landscape in Nigeria, including foreign exchange controls and monetary policies, direct oversight of Forex brokers is primarily handled by self-regulatory bodies and international regulatory authorities.

Here, we explore two Nigerian Forex brokers regulated by the SEC in Nigeria and go on to explore the 5 best internationally regulated Forex brokers that accept traders from Nigeria.


The 2 Best SEC Regulated Brokers in Nigeria

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulation✔️ Accepts Nigerian Traders
ARM Stocktrade👉 Open Account₦50,000 (Nigerian Naira)Licensed by the Nigerian Securities and Exchange Commission (SEC)✔️
Atlass Portfolios Ltd👉 Open Account90,000 NGNCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC✔️


ARM Stocktrade

ARM Stocktrade in Nigeria is a reputable online trading platform offering a range of investment opportunities in stocks and other securities. With user-friendly interfaces, real-time market data, and personalized portfolio management tools, it enables seamless trading experiences for investors. ARM Stocktrade prioritizes security and transparency, fostering trust among its users.

ARM Stocktrade


Unique Features

💰Commissions0.75% (minimum ₦100)
💻 Trading PlatformsWeb-based platform, Mobile App
💸 Minimum Deposit₦1,000 (Nigerian Naira)
✅Deposit FeeFree for most methods, some banks might charge transfer fees
💳Withdrawal Fee₦100 + any applicable bank charges
✔️ Demo AccountYes
✔️ Islamic AccountYes
👉 Open Account👉 Open Account


ARM Stocktrade Pros and Cons

✅ Pros❌ Cons
ARM Stocktrade is part of the ARM Group, a well-known and reputable financial services company in Nigeria, providing a sense of trust and reliabilityDepending on market conditions and regulatory constraints, ARM Stocktrade may have limitations on the availability of certain investment products or asset classes.
offers a variety of investment options, including stocks, bonds, mutual funds, ETFs, and more, catering to diverse investment preferences.Like any brokerage service, trading with ARM Stocktrade may involve fees and charges, including commission fees, transaction fees, and account maintenance fees, which can impact overall returns.
They may offer personalized portfolio management services and investment advice tailored to individual investor needs.may not offer a demo account option for new traders to practice trading strategies without risking real money, which could be a drawback for those seeking a risk-free learning environment.
provide access to research reports, market analysis, and investment insights to help investors make informed decisions.quality of customer support provided by ARM Stocktrade may vary, and some users may experience delays or challenges in resolving inquiries or issues.
Their trading platform may be intuitive and user-friendly, making it easy for both novice and experienced investors to navigate and execute trades.Trading in financial markets involves inherent risks, including market volatility, economic uncertainties, and potential losses, which investors should carefully consider before participating in trading activities with ARM Stocktrade or any other brokerage platform.


Trust Score

ARM stock trade has a trust score of 75%.


Atlass Portfolios Ltd

Atlass Portfolios Ltd in Nigeria is a reputable brokerage firm offering various investment services. With a focus on wealth management and financial advisory, it provides personalized solutions to clients. Their expertise lies in portfolio management, investment research, and tailored investment strategies, fostering long-term financial growth.

Atlass Portfolio Limited


Unique Features

💰CommissionsNot Known
💻 Trading PlatformsDiverse
💸 Minimum DepositNot Known
✅Deposit FeeFree for most methods, some banks might charge transfer fees
💳Withdrawal FeeNot Known
✔️ Demo AccountNo
✔️ Islamic AccountNo
👉 Open Account👉 Open Account


Atlass Portfolios Ltd Pros and Cons

✅ Pros❌ Cons
Atlass Portfolios Ltd may offer personalized investment strategies and portfolio management services, catering to individual client needs and financial goals.services may be restricted to certain types of investors or require a minimum account size, potentially limiting access for some individuals.
might have a team of experienced financial professionals who provide expert advice and guidance on investment decisions.Their brokerage services might come with higher fees and charges compared to other providers, which could impact overall investment returns.
may provide access to a wide range of trading assets, including stocks, bonds, mutual funds, ETFs, and more, allowing for diversified investment portfolios.Trading in financial markets involves inherent risks, and clients of Atlass Portfolios Ltd should be aware of the potential for losses due to market volatility and economic uncertainties.
might offer comprehensive research reports, market analysis, and investment insights to help clients make informed decisions.Clients relying solely on Atlass Portfolios Ltd's expertise for investment decisions might miss out on developing their own understanding of the markets and investment strategies.


Trust Score

Atlass Portfolios Ltd has a trust score of 75%.


The 5 Best International Forex Brokers in Nigeria

👥 Brokers👉 Open Account💰 Minimum Deposit⚖️ Regulation✔️ Accepts Nigerian Traders
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✔️
FXTM👉 Open Account9,000 NGNCySEC, FSCA, FCA, CMA, FSC Mauritius✔️
Tickmill👉 Open Account163066 NGNSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA✔️



Exness is an ideal choice for novice traders in Nigeria seeking cost-effective entry into the Forex markets for several reasons.

They offer low minimum deposit requirements, making it accessible to beginners with limited capital.

Provides a user-friendly trading platform with intuitive interfaces and educational resources tailored for beginners, facilitating a smooth learning curve.

Exness Overview

Additionally, the broker offers competitive spreads and minimal trading fees, reducing trading costs for novice investors.

Exness provides demo accounts that allow beginners to practice trading strategies risk-free before transitioning to live trading.

With its strong regulatory compliance and reputation for reliability, Exness instills trust and confidence in novice traders, ensuring a secure trading environment.

Overall, Exness offers a combination of affordability, user-friendliness, and reliability, making it an excellent choice for beginner traders venturing into the Forex markets in Nigeria.


Unique Features

Feature Information
📲 Social Media PlatformsLinkedIn
💻 Trading AccountsIG Trading Account
Limited Risk Account
Islamic Account (Dubai traders only)
Demo Account
📊 Trading PlatformsMetaTrader 4
IG Platform
ProRealTime (PRT)
L2 Dealer
Minimum Deposit in NGNBased on chosen regional deposit method
📉 Trading AssetsForex
💲 NGN-based Account?✔️ Yes
💲 NGN Deposits Allowed?✔️ Yes
➕ Bonuses for traders?No
📈 Minimum spreadFrom 0.0 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes (Dubai customers only)
👉 Open Account👉 Open Account


Exness Pros and Cons

✔️ Pros❌ Cons
Any trader can modify the leverage to suit their trading style and risk tolerance.Exness operates in multiple regions, each with its own set of restrictions.
Traders can gain experience with virtual funds by demoing an account before investing in the live market.Certain expert traders may believe that the platform's highly adjustable trading tools and capabilities are inferior to those of other specialty platforms. However, this represents a relatively small proportion of dealers.
Exness has been recognized for its practice of fully disclosing trading conditions, spreads, and fees.While customer service representatives make every attempt to be always available, there may be variations in the timing and quality of their responses.
Exness does not impose any fees for withdrawals or deposits.The possible intricacy and sophistication of the user interface may dissuade some traders from using it in comparison to their competitors.
There are options for depositing and withdrawing money locally.Exness's sole focus on FX and CFDs may turn off potential investors searching for a more diverse range of investing opportunities.
Exness offers trading automation options to MetaTrader users, including Expert Advisors (EAs) designed specifically for Taiwanese clients.Furthermore, having a lot of leverage increases the likelihood of substantial losses.
A diverse set of platforms and account types enable traders to trade across multiple markets.Regardless of how deep the insights and market analysis are, some traders may consider they are inadequate.
Exness trades a variety of assets for its clients, including FX pairings, indices, cryptocurrencies, and commodities.


Trust Score

Exness has a trust score of 97%.



AvaTrade stands out as a popular choice for social traders in Nigeria due to its comprehensive suite of social trading features and user-friendly platforms.

With AvaTrade’s integration of social trading tools like AvaSocial and DupliTrade, Nigerian traders can effortlessly connect with a community of seasoned investors, follow their strategies, and even replicate their trades in real time.


This social aspect not only fosters learning and collaboration but also provides opportunities for beginners to benefit from the expertise of experienced traders. Additionally, AvaTrade offers a diverse range of assets, including forex, stocks, commodities, and cryptocurrencies, allowing social traders in Nigeria to diversify their portfolios easily.

Combined with its robust regulatory framework, competitive trading conditions, and excellent customer support, AvaTrade emerges as a top choice for social traders seeking a dynamic and supportive trading environment in Nigeria.


Unique Features

🏛️ RegulationIIROC, Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA
📲 Social Media PlatformsInstagram
You Tube
💻 Trading AccountsRetail Account, Professional Account
📊 Trading PlatformsAvaTradeGO
MetaTrader 4
MetaTrader 5
Minimum Deposit in NGNNGN 155,850 or $100
📉 Trading AssetsForex
Exchange-Traded Funds (ETFs)
Contracts for Difference (CFDs)
Precious Metals
NGN-based Account?No
NGN Deposits Allowed?No
➕ Bonuses for traders?✔️ Yes
📈 Minimum spreadFrom 0.0 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes
👉 Open Account👉 Open Account


Ava Trade Pros and Cons

✅ Pros❌ Cons
AvaTrade offers a unique risk management tool called AvaProtect, which allows traders to protect their trades against adverse market movements for a specified period, offering peace of mind.AvaTrade's spreads may be slightly higher compared to some other brokers, potentially increasing trading costs for investors.
AvaTrade provides access to a diverse range of financial instruments, including forex, stocks, commodities, cryptocurrencies, and more, offering extensive trading opportunities.AvaTrade's educational resources may not be as comprehensive as some competitors, which could hinder the learning curve for novice traders.
AvaTrade offers a user-friendly mobile trading app called AvaTradeGO, which provides access to trading tools, market analysis, and real-time updates on the go, enhancing flexibility for traders.AvaTrade imposes inactivity fees on accounts that remain dormant for an extended period, potentially affecting traders who trade infrequently.
AvaTrade's platform supports copy trading functionality, allowing traders to replicate the trades of experienced investors automatically, facilitating passive investment strategies.While AvaTrade offers cryptocurrency trading, the selection of cryptocurrencies available for trading may be more limited compared to specialized cryptocurrency exchanges.
AvaTrade offers AvaSocial, a social trading platform where traders can interact, share trading ideas, and follow successful traders, fostering a collaborative trading community.AvaTrade's platform customization options may be relatively limited compared to some other brokers, potentially limiting flexibility for advanced traders who prefer highly customizable trading environments.


Trust Score

AvaTrade has a high trust score of 96%.



FXTM stands out as an excellent choice for scalpers and day traders in Nigeria.

They offer tight spreads across various currency pairs, ensuring cost-effective trading for high-frequency strategies.

Provides fast order execution, minimizing slippage and latency issues often encountered by scalpers and day traders.


Additionally, the availability of multiple account types, including ECN accounts, allows traders to access institutional-grade liquidity and enjoy ultra-fast trade execution.

FXTM’s range of advanced trading platforms, such as MetaTrader 4 and MetaTrader 5, offer customizable features and advanced charting tools tailored to the needs of scalpers and day traders.

Lastly, their regulatory compliance and reputation for reliability provide Nigerian traders with confidence in the security and integrity of their trading activities, further enhancing its appeal as a preferred option for scalping and day trading strategies.


Unique Features

Feature Information
🏛️ RegulationCySEC, FSCA, FCA, FSC Mauritius
📲 Social Media PlatformsFacebook
💻 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📊 Trading PlatformsMetaTrader 4, MetaTrader 5, FXTM Trader
Minimum Deposit in NGNNGN 7,902.50 or $5
📉 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
NGN-based Account?Yes
NGN Deposits Allowed?Yes
➕ Bonuses for traders?Yes
📈 Minimum spreadFrom 0.0 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes (Dubai customers only)
👉 Open Account👉 Open Account


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


Trust Score

FXTM has a trust score of 93%.



HFM emerges as an optimal choice for mobile traders in Nigeria for several reasons. HFM’s mobile trading app offers a seamless and intuitive interface, ensuring ease of use and efficient trade execution on the go.

The app provides access to a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies, allowing mobile traders to diversify their portfolios.


Additionally, HFM’s mobile app incorporates advanced charting tools, real-time market analysis, and customizable alerts, empowering traders to make informed decisions from anywhere.

Furthermore, the app’s secure and reliable connectivity ensures uninterrupted access to the markets, crucial for traders in Nigeria where internet connectivity can vary.

Lastly, HFM’s regulatory compliance and reputation for reliability instill confidence in mobile traders, ensuring a safe and secure trading environment while on the move.


Unique Features

Feature Information
💻 API AccessAbility to connect with HFM platform for algorithmic trading.
✍️ Strategy developmentVisual or code-based interface to build automated strategies.
📝 Testing and optimizationOption to test strategies on historical data.
📃 Paper TradingSimulated trading environment to test strategies without risk.
🗄️ Managed AccountsHFM manages your account using their own algorithms (discretionary or systematic).
🏛️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📲 Social Media PlatformsFacebook
💻 Trading AccountsMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📊 Trading PlatformsMetaTrader 4 and MetaTrader 5
Minimum Deposit in NGNNo minimum deposit requirement
📉 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
💲 NGN-based Account?✔️ Yes
💲 NGN Deposits Allowed?✔️ Yes
➕ Bonuses for traders?No
📈 Minimum spreadFrom 0.0 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes (Dubai customers only)
👉 Open Account👉 Open Account


HFM Pros and Cons

✅ Pros❌ Cons
A diverse range of account types cater to different tradersThere is limited German-language help for local traders
Attractive bonus and promotion offerEducational materials are not specifically suited for the German market
A diverse assortment of trading instrumentsThe withdrawal process might be enhanced for efficiency
Provides both MetaTrader 4 and MetaTrader 5 platformsSpreads on certain accounts may not be as competitive
Multiple governments regulate the trading environment, assuring its securityThe bonus system can be complicated and may not comply with local regulatory requirements


Trust Score

HFM has a trust score of 85%.



Tickmill presents an excellent option for MetaTrader traders in Nigeria due to several compelling reasons.

It offers access to the popular MT 4 and MT 5 platforms, known for their advanced charting tools, customizable indicators, and automated trading capabilities, catering to the needs of both novice and experienced traders.

They provide competitive pricing with tight spreads, low commissions, and fast execution speeds, which are essential for MetaTrader traders executing high-frequency or algorithmic trading strategies.


Their regulatory compliance and reputation for reliability ensure a secure trading environment, crucial for traders in Nigeria.

Furthermore, the broker offers a range of trading instruments, including forex, indices, commodities, and cryptocurrencies, allowing MetaTrader traders to diversify their portfolios.

A combination of advanced trading platforms, competitive pricing, and regulatory adherence makes it a compelling choice for MT traders in Nigeria.


Unique Features

🏛️RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📱 Social Media PlatformsFacebook, Twitter, LinkedIn, YouTube, Instagram, Telegram
🔎 Trading AccountsPro Account, Classic Account, VIP Account
💻 Trading PlatformsMetaTrader 4, MetaTrader 5
Minimum Deposit in NGN470 NGN / $100 USD
🔁 Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
💲 NGN-based Account?✔️ Yes
💲 NGN Deposits Allowed?✔️ Yes
💰 Bonuses for traders?✔️ Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo Account✔️ Yes
☪️ Islamic Account✔️ Yes
👉Open an Account👉Open Account


Tickmill Pros and Cons

Deposit and potentially withdraw funds using your mobile phone in select regions.Mobile money support varies by country and provider. Check compatibility before relying on it.
Depending on your provider, deposits might be quicker and more convenient than traditional methods.Double-check if your chosen provider allows both deposits and withdrawals.
Mobile money transactions might incur lower fees compared to some traditional methods, depending on your provider.
Minimum deposit amounts and processing times can vary based on your location and provider.
If unavailable or undesirable, mobile money offers an alternative deposit method.Credit cards and bank transfers are generally more universally accepted by forex brokers.


Trust Score

Tickmill has a trust score of 82%.

Best CBN Regulated Brokers



Overall, while the CBN does not regulate Forex brokers in Nigeria, there is a strong selection of internationally regulated Forex brokers that accept traders from Nigeria.


Frequently Asked Questions


What is the role of the Central Bank of Nigeria (CBN) in regulating Forex brokers?

The CBN’s primary role in the Forex market is to maintain stability and liquidity in Nigeria’s foreign exchange market. However, it does not directly regulate Forex brokers. Instead, it oversees authorized dealers, such as commercial banks, who are licensed to participate in foreign exchange transactions.

How can I verify if a Forex broker is regulated in Nigeria?

You can verify a Forex broker’s regulatory status by checking with the Association of Online Forex Trading Agents (AOFTGA) in Nigeria. Additionally, you can confirm the broker’s regulatory status by checking their website or contacting their customer support to inquire about their licensing and regulations.


What are the benefits of trading with a regulated Forex broker in Nigeria?

Trading with a regulated Forex broker provides investors with a level of security and protection for their funds. Regulated brokers adhere to strict regulatory standards, including segregation of client funds, transparent pricing, and compliance with anti-money laundering (AML) regulations, ensuring a safe and fair trading environment for investors.


Are there any restrictions on Forex trading in Nigeria?

Yes, there are regulations governing Forex trading in Nigeria, including restrictions on leverage, capital requirements for Forex brokers, and limits on currency exchange transactions. Additionally, traders must adhere to tax regulations governing profits earned from Forex trading activities.


Can I trade with international Forex brokers from Nigeria?

Yes, Nigerian traders can trade with international Forex brokers that accept clients from Nigeria. However, it’s essential to ensure that the broker is regulated by reputable international authorities such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) to ensure the safety of funds and fair-trading practices.