Best Forex Brokers in Nigeria

Nigerian forex traders have a wide range of forex brokers to choose from. Our editorial team of experts, has tested all of them with one aim, to find the best forex brokers in Nigeria. We have reviewed CNB regulated forex brokers and also international brokers and all forex trading platforms.

best forex brokers in nigeria

Top 10 Forex Brokers in Nigeria

This is the list of the best regulated forex brokers in Nigeria for the month of June 2022:

  1. Pepperstone – Ultra Low Spread Forex Broker
  2. CM Trading – The Best Nigerian Forex Broker
  3. XM  – No Deposit Bonuses $30
  4. HotForex– Broker with the Highest Leverage
  5. AvaTrade – Best FX Broker for Beginners
  6. Skilling – Best Forex Demo Account
  7. OANDA – Top Islamic Account
  8. IQ Option – Top Rated & High Leverage 1:1000
  9. IC MARKETS – ECN Broker & Lowest Spreads
  10. FP MARKETS – Top Nigerian Islamic Account


1. Pepperstone – Ultra Low Spread Forex Broker

Pepperstone is a highly regulated “True ECN” broker that accepts traders from Nigeria.

This company is regulated by the Tier 1 financial market regulators: British Financial Conduct Authority (FCA), Australian ASIC and German BaFiN.

You can rest assured your money is safe when trading with Pepperstone.  It has a solid track record among traders. Pepperstone is one of the largest and regulated brokers in the world with intuitive and easy to learn interface is great for all newcomers to trading!

Pepperstone Pros:

  • The Minimum deposit is only $10
  • Minimum volume size starts from Micro lots 
  • Local depositing methods are available
  • 70+ currency pairs
  • MetaTrader 4, MetaTrader 5, cTrader
  • Large range of CFD stocks
  • CFD cryptocurrencies

Pepperstone Cons:

  • No bonuses

Visit Pepperstone.com


2. CM Trading – The Best Nigerian Forex Broker

CM Trading broker caters to both beginners and intermediate traders, it is the best all-round forex company ever. Established in 2009 and regulated by FSCA this is one of the go-to brands for “both beginner and also professional FX traders.

CM Trading is truly one of the top regulated fx brokers in Nigeria. Trading platform is blazing fast with very competitive spreads, quality customer support and BONUSES for new traders.

CM Trading Pros:

  • Up to $100 welcome bonus for new Nigerian clients
  • Nigerian Naira (NGN) Deposits Allowed
  • Minimum deposit $100
  • Variable spreads from 0.9 Pips
  • Maximum leverage up to 1:500
  • Metatrader 4 (MT4)

CM Trading Cons:

  • Only CFDs

Visit www.cmtrading.com


3. XM  – Best Forex Trading Platforms

XM is very popular  MT4/MT5 broker. Fully regulated. XM is legit forex broker and 100% safe with a robust and stable trading platforms.

XM Pros:

  • Zero re-quotes, Zero rejections policy
  • Local depositing methods available for Nigerians
  • A minimum deposit of money required is just $15
  • Maximum leverage is 1:888
  • Metatrader 4
  • Scalping and hedging is allowed

XM Cons:

  • No local offices in Nigeria

Visit  www.xm.com


4. HotForex

HotForex was founded in 2009. Hotforex is very popular online broker in Nigeria with offices and customer support located in Lagos. This broker has entered Nigerian forex market in 2016.

Hotforex Pros:

  • Offices in Lagos Nigeria
  • Maximum high leverage 1:1000
  • The Minimum deposit amount is only $50
  • Welcome Bonuses for new forex traders

Hotforex Cons:

  • KYC compliance team can be quite pushy

Visit  www.hotforex.com


5. AvaTrade

Avatrade Pros:

  • Vast amount of trading platforms (Webtrader, MT4 Metatrader)
  • Fixed Forex Spreads from 0.9 Pips (you will pay the same spread during all market conditions)
  • Regulated by Tier 1 regulators: ASIC Australia, FSA Japan, FSCA South Africa

Avatrade Cons:

  • No welcome bonuses

Visit  www.avatrade.com


What to consider when choosing the right forex broker

Broker’s regulation and international reputation

The African continent is known for a widespread forex scam. It is therefore important to protect your hard earned cash from fake forex gurus, crypto scams, Ponzi schemes, get rich quick schemes and various con artists.

Please do yourself a favor and deposit your hard earned money only into the safe forex trading platform!  Don’t trust anyone who’s telling you they will share forex secrets with you !

Trading fees

Let me be honest with you, if you are going to pay anything over 1 Pip for the most liquid currency pairs is a robbery!

Quality of Customer Support

Shady brokers have shady customer support and that’s a fact. They want your money and not your success.

Number of Forex Currency Pairs Available

Many companies offering forex allow you to trade with over 100 forex pairs, crosses and exotic pairs. But question is, do you really need it ? 90% of forex traders make profits by trading only EURUSD!  

Trading platforms 

If you dont want to download any external software to your pc, use webtrader. Otherwise go with either cTrader or MT4.


 FAQ

1. Which is the best forex broker in Nigeria?

Pepperstone is the best forex broker for Nigerian traders based on the following criteria: strictly regulated and safe, low minimum deposit, fast trade execution and very low spread.

2. Who Regulates Nigerian Forex Markets ?

The Central Bank of Nigeria (CBN) and the Securities and exchange commission (SEC) has  the authorisation to make laws and regulations regarding the trading of financial derivative products in Nigeria. Here the Central Bank of Nigeria (www.cbn.gov.ng) shortly just CBN is the main regulatory body that controls the capital markets including Nigerian forex brokers.

3. Is Forex Trading Legal in Nigeria ?

Forex trading is legal in Nigeria. With the rapidly growing Nigerian economy, it was no wonder that the Nigerian forex market has witnessed rapid growth during the past decade, as more and more middle class Nigerians have been joining the forex market. This boom has led to many scams and fraud taking place. The national watchdog has been therefore cracking down on unregulated scam fx brokers who promise riches to newbies since the past few years. The fx industry  now tries hard to regain its good reputation.

4. What is the History of Foreign Exchange Trading in Nigeria ?

The boom in Nigeria forex trading has begun in mid 2000’s and by now there are around three hundred thousand retail forex traders in Nigeria according to FinanceMagnates.com. Thanks to low barriers of entry (low minimum deposits + high leverage trading + free forex trading platforms) more and more middle class people can now afford to invest this way.

We strongly urge you to start trading with our recommended forex brokers. You may choose either some of our world renowned brokers with regulation in UK, Cyprus or go with some local CBN regulated forex broker.

5. Why is forex trading popular in Nigeria?

In recent years, forex trading platforms have become increasingly popular in Nigeria. This is due to a number of factors, including the country’s growing economy and the increasing popularity of online trading.

  • the country’s economy is growing rapidly, which has led to an increase in the demand for foreign currency.
  • the Nigerian government has recently liberalized the forex market, making it easier for individuals to trade currency.
  • the rise of online trading has made it easier than ever for Nigerians to access the forex market. Online trading platforms provide access to the global forex market, 24 hours a day, 7 days a week. This means that traders can take advantage of opportunities as they arise, regardless of their location.

The good thing is, that the Nigerian government has been supportive of the industry. The government has put in place a number of initiatives to promote forex trading in nigeria, including setting up a dedicated forex bureau within the country’s central bank. The government’s support for forex trading has helped to make it one of the most popular investment opportunities in Nigeria.