Best Forex Brokers in Nigeria

Last updated: June 4th, 2020

We compare the best forex brokers in Nigeria. If you are a trader from Nigeria and want to start forex trading, be smart to avoid financial scams prevalent on African continent and consider trading with a CBN regulated forex broker. Nigerian forex traders should make sure if depositing in Nigerian NAIRA currency is allowed by your chosen Nigerian forex trading platform! Doing so, can save you future exchange rate fees between USD and NAIRA.

The brokers below represent the best forex brokers for trading in Nigeria.

List of the best forex broker Nigeria

  1. CM TRADING – Nbr.1 broker in Nigeria! Fully regulated
  2. XM.COM – best for low spreads & high leverage
  3. IQ OPTION – best for options trading
  4. eToro – best social trading platform


One of the best and most trusted  forex trading brokers on African continent. Fully regulated. CMTRADING is 100% safe and with a robust and stable trading platform that naturally comes with Metatrader 4.

  • Welcome BONUS $250 for new forex traders from Nigeria
  • You can deposit to trading account directly in Nigerian NAIRA currency
  • Local depositing methods available for Nigerians
  • Minimum deposit required is just $250
  • Maximum leverage is 1:200
  • Metatrader 4
  • Scalping and hedging is allowed



XM.COM caters to both beginners and intermediate traders, it is the best all-round forex company ever. Established in 2009 and regulated by ASIC Australia this is one of the go-to brands for profi traders.

  • $30 No deposit bonus and up Bonuses up to $4500
  • Deposits can be made only in USD, € euro
  • No requotes & No slippages policy
  • Fair play policy with low spreads as low as 0.1 Pips
  • Maximum leverage up to 1:888
  • Metatrader 4
  • Minimum first deposit $5


IQ Option

iqoption review

The largest trading platform with intuitive and easy to learn interface is great for all newcomers to trading! Fully regulated by CySEC.

Fully regulated, with safe bank accounts, negative balance protection and wide variety of assets is the best option for starting out in the world of online trading.

  • Local depositing methods available for Nigerians
  • 48 currency pairs
  • Large range of stocks
  • 15 crypto currencies
  • Minimum first deposit $5


Is Forex Trading Legal in Nigeria ?

Yes 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 fx market. This boom has led to many scams and fraud taking place. The national watchdog has been therefore cracking down on unregulated scam forex brokers who promise riches to newbies since the past few years. The fx industry in Nigeria now tries hard to regain its good reputation.

The boom in forex currency trading has begun in mid 2000’s and by now there are around 300 thousand retail forex traders in Nigeria according to resource. Thanks to low barriers of entry (low minimum deposits + high leverage trading + free trading platforms) more and more middle class people can now afford to invest this way.

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

Nigeria forex trading regulation

Central Bank of Nigeria ( shortly just CBN is the main regulatory body which controls the capital markets including forex companies.

How to choose the right fx broker as a Nigerian trader

African continent, especially Nigeria is well known for a widespread forex scam. It is therefore important to protect your hard earned cash from fake forex gurus, crypto scam, ponzi schemes, get rich quick schemes and various con artists.  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 with you forex secrets!