Nigerian forex traders have a wide range of brokers to choose from. Our team of experts, tested all of them with one aim, to find the best forex brokers in Nigeria. We have also reviewed CBN regulated brokers and their forex trading platforms.
Top 10 Forex Brokers in Nigeria
This is the list of the best regulated forex brokers in Nigeria for 2023:
- Pepperstone – Best Overall Forex Broker
- HFM (HotForex) – Nigerian Naira Deposits
- AvaTrade – Up to 40% Bonus
- XM – Top Rated MT4 /MT5 Metatrader Broker
- Skilling – Best Forex Demo Account
- OANDA – Top Islamic Account
- IQ Option – Top Rated & High Leverage 1:1000
- IC MARKETS – ECN Broker & Lowest Spreads
- FP MARKETS – Top Nigerian Islamic Account
| Forex Broker | More Info | Rating | Benefits | Platforms | Review |
|---|---|---|---|---|---|
 |  | 99% |
| MT4; MT5, cTrader, WebTrader, Mobile Apps | Pepperstone Review |
|  | 98% |
| MT4 / MT5 HFM Webtrader HFM Mobile App | HFM Review |
 |  | 98% |
| MT4 AvaGO AvaOptions iOS/Android App | Avatrade Review |
 |  | 98% |
| Webtrader MT4 / MT5 Mobile | XM Review |
 |  | 98% |
| MT4 iOS/Android App |
Pepperstone 
Pepperstone is the best forex broker for a Nigerian trader. Pepperstone is a highly regulated ” ECN” broker with the lowest forex spreads on the market.
This broker is regulated by the Tier 1 financial market regulators: 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
HotForex (HFM Markets)
HFM formerly known as HotForex was founded in 2009. HFM is very popular online broker in Nigeria with offices and customer support located in Lagos. This broker has entered Nigerian forex market in 2016.
Pros:
- Legit online payment methods for Nigerians!
- Offices in Lagos Nigeria
- Maximum high leverage 1:1000
- The Minimum deposit amount is only $50
- Welcome Bonuses for new forex traders
Cons:
- KYC compliance team can be quite pushy
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
XM
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 1:1000
- Metatrader 4
- Scalping and hedging is allowed
XM Cons:
- No local offices in Nigeria
CM Trading
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
The bottom line for Nigerian FX brokers
1. Regulations and licenses
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 !
2. 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!
3. Quality of Customer Support
Shady brokers have shady customer support and that’s a fact. They want your money and not your success.
4. 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!
5. 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 broker is the best for forex trading in Nigeria?
One of the most trustworthy forex brokers is Pepperstone. The company is strictly regulated and safe, it has low minimum deposit requirements, fast trade execution and very low spread.
2. Who regulates Nigerian forex market ?
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. 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 ?
The answer is 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 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.
We strongly urge you to start trading with our recommended forex brokers. You may choose either some of international renowned brokers with regulation in UK, Cyprus or go with some local CBN regulated forex broker.
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