10 Best Forex Brokers in Nigeria
Last Update: March 20th, 2024
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
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker >> |
| 🥈 |  | Read Review | FMA, FSA | USD 50 | Visit Broker >> |
| 🥉 |  | Read Review | FSCA, CySEC, DFSA, FSA, CMA | USD 0 | Visit Broker >> |
| 4 |  | Read Review | SFSA, FSCA, CySec* | USD 5 | Visit Broker >> |
| 5 |  | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker >> |
| 6 |  | Read Review | FCA, FINMA, FSA, ASIC | USD 0 | Visit Broker >> |
| 7 |  | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | Visit Broker >> |
| 8 |  | Read Review | Not Regulated | 0.001 BTC | Visit Broker >> |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker >> |
| 10 |  | Read Review | SVGFSA | USD 5 | Visit Broker >> |
10 Best Forex Brokers in Nigeria (2024*)
- ☑️ FXTM – Award-winning Broker in West Africa.
- ☑️HFM– Low Minimum Deposit in Nigeria.
- ☑️ Exness – Best Trading App for beginners.
- ☑️AvaTrade – Best Social Trading App.
- ☑️Octa – Low-cost MetaTrader platform for professionals.
- ☑️FBS – High-quality services in Nigeria.
- ☑️eToro– Best Crypto Trading Platform.
- ☑️Alpari – Best Leading Marker in West Africa.
- ☑️XM – Low Spread Broker for Beginners.
- ☑️SuperForex – Spread betting opportunities for Traders.
Best Forex Brokers in Nigeria
| 👥 Brokers | 👉 Open Account | 💰 Minimum Deposit | ⚖️ Regulation | ✔️ Accepts Nigerian Traders |
| FXTM | 👉 Open Account | 9,000 NGN | CySEC, FSCA, FCA, CMA, FSC Mauritius | ✔️ |
| HFM | 👉 Open Account | 0 NGN | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | ✔️ |
| Exness | 👉 Open Account | 9,000 NGN | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA, CMA | ✔️ |
| AvaTrade | 👉 Open Account | 90,000 NGN | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA, KNF, IIROC | ✔️ |
| Octa | 👉 Open Account | 22,000 NGN | CySEC, SVG FSA, FSCA | ✔️ |
| FBS | 👉 Open Account | 4,500 NGN | IFSC, CySEC, ASIC, FSCA | ✔️ |
| eToro | 👉 Open Account | 180,000 NGN | CySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, SIPC | ✔️ |
| Alpari | 👉 Open Account | 4,500 NGN | Financial Services Commission Mauritius (FSC) | ✔️ |
| XM | 👉 Open Account | 4,500 NGN | FSCA, IFSC, ASIC, CySEC, DFSA, FCA | ✔️ |
| SuperForex | 👉 Open Account | 900 NGN | None 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.
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 novices | Some accounts have relatively higher spreads. |
| Local customer service and presence in Nigeria | There is a limited selection of non-forex instruments |
| Offers flexible account types to Nigerians | Withdrawal costs apply to some transactions |
| Regular local seminars and workshops are available | Professional traders have limited access to advanced tools |
| Nigerians can register NGN-denominated trading accounts | There are limitations to scalping strategies |
HFM
Who should use HFM?
HFM is ideal for Nigerian traders who value a combination of 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.
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 leverage | Limited local currency support |
| Various account types, including Islamic accounts | There are fewer local payment choices than those offered by other brokers |
| Comprehensive educational resources are available | The platform interface may be difficult for novices. |
| Well-regulated, which builds trust among traders | Customer service can be slow to respond during peak hours |
| Offers NGN-denominated accounts | There 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.
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 pairs | Educational resources are not as extensive as some competitors |
| Instant withdrawal services provide quick access to money | There is a limited presence in Nigeria |
| An ideal setting for scalping and automatic trading | There are fewer research tools for advanced market analysis |
| A variety of account options, including ECN for direct market access | New 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.
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 globally | AvaTrade is not regulated in Nigeria |
| AvaTrade offers several robust trading platforms across device | There are no Nigerian CFDs that can be traded |
| Traders can access several educational materials and trading tools | Inactivity fees apply to dormant accounts |
| AvaTrade charges fixed spreads and zero commissions | AvaTrade 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.
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 traders | Limited educational materials for advanced trading |
| Beginners will find the platform easy to use | There is a limited product range |
| Competitive spreads that reduce trading expenses | There is no local Nigerian office for in-person help. |
| Copy trading alternatives are accessible for beginning traders | Limited 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.
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 NGN Educational and research tools are limited
Flexible leverage choices of up to 1:3000 Customer support can be slow to respond
Charges competitive spreads and no commission fees There is a limited local presence in Nigeria
Copy trading services are available Spreads 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.
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 trading | Increased withdrawal and conversion fees |
| Beginners will find the UI easy to use | Spreads may be wider than the industry norm |
| A diverse assortment of trading instruments | There are limited forex-specific educational resources |
| Traders can trade crypto directly and as CFDs | Customer service responses can be delayed. |
| Offers an interactive community for learning and exchanging techniques | Nigerian 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 the techniques of successful traders. It also offers competitive spreads and leverage in Forex trading.
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’ strategies | Nigerian clients have limited local payment choices |
| Competitive spreads and leverage options are available | Educational resources could be better suited to the local market |
| There is a variety of account types available to fit different trading techniques | Customer service can be unresponsive |
| Alpari provides educational webinars and seminars | Platform offerings are less advanced than competitors |
| A robust trading app supports mobile trading | Alpari 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.
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 webinars | Nigerian clients have limited access to local payment alternatives |
| User-friendly trading systems, such as MT4 and MT5 | The withdrawal process can be slow |
| A vast variety of trading instruments can be traded | Could 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.
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 1:2000 | No local presence in Nigeria |
| A wide range of currency pairs, including exotic pairs, can be traded | Trading conditions’ transparency must be improved |
| Attractive bonuses and promotional deals are available | Beginners may struggle with complex bonus terms |
| Minimum deposit requirements are low | Customer 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 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.
Conclusion
These brokers offer a variety of 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.
Frequently Asked Questions
Who is the Best Forex Broker in Nigeria?
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.
Who is the Best Forex Broker for Beginners in Nigeria?
Beginners should look for a broker like XM or eToro that offers comprehensive instructional resources, user-friendly platforms, and great customer service.
Who is the Best Forex Broker for Professional Traders in Nigeria?
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.
What are the legal requirements for Forex trading in Nigeria?
Forex trading is permitted in Nigeria, and traders should use brokers registered by the Central Bank of Nigeria or other internationally recognized organizations.
How do I find my Forex account in Nigeria?
You can fund your Forex account via bank transfers, credit/debit cards, and e-wallets that work with Nigeria’s banking institutions.
Lowest Minimum deposit forex brokers in Nigeria?
HFM has the lowest Minimum Deposit.
Can I trade cryptocurrencies with Nigerian Forex brokers?
Some Forex brokers in Nigeria allow cryptocurrency trading. However, it is critical to review each broker’s services and rules.
What should I do if I dispute with a Forex broker in Nigeria?
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.
Who is the Best Suited Broker for Beginner Nigerian Traders?
AvaTrade is the best forex broker in Nigeria for beginner forex traders
Which brokers offer Naira trading accounts?
HFM – Best Regulated Broker offering trading accounts in Naira.
Top 4 Brokers