In this guide we compare and review the best forex brokers in Nigeria.
🏆 Top 10 Forex Brokers in Nigeria
This is the list of the Top 10 Forex Brokers Nigeria.
- Pepperstone – Best Forex Broker in Nigeria 2022
- CM Trading – Nigerian Naira (NGN) Deposits Allowed
- XM – No Deposit Bonuses $30
- HotForex– High Leverage Forex Broker
- AvaTrade – Best ECN Forex Trading Platform
- Plus500 – 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
Comparison of the Best Regulated Forex Brokers in Nigeria
Compare all forex brokers that accept forex traders from Nigeria.
1. Pepperstone is the Best Forex Broker in Nigeria 2022
Pepperstone is a highly regulated “True ECN” forex broker that accepts traders from Nigeria. This forex broker is regulated by the Tier 1 financial market regulators: British 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 forex brokers in the world with intuitive and easy to learn interface is great for all newcomers to trading! Pepperstone is a forex broker with overall great reviews from traders in Nigeria.
- ULTRA LOW spread ECN forex broker
- Minimum deposit is only $10
- Minimum volume size starts from Micro lots
- Local depositing methods available
- 70+ currency pairs
- MetaTrader 4, MetaTrader 5, cTrader
- Large range of CFD stocks
- CFD crypto currencies
- No bonuses
2. CM Trading Broker – Best Regulated Forex Broker with Free Local Deposits & Bonuses
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 profi FX traders.
CM Trading is truly one of the top regulated fx brokers in Nigeria. Its forex broker 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
- Variable spreads from 0.9 Pips
- Maximum leverage up to 1:500
- Metatrader 4 (MT4)
CM Trading Cons:
- Minimum deposit $200
3. XM Group – Best High Leverage Forex Broker with MT4/MT5
XM is very popular MT4/MT5 forex broker. Fully regulated. XM is 100% safe broker and with robust and stable trading platforms.
- Zero re-quotes, Zero rejections policy
- Local depositing methods available for Nigerians
- Minimum deposit required is just $15
- Maximum leverage is 1:888
- Metatrader 4
- Scalping and hedging is allowed
- No local offices in Nigeria
4. HotForex – High Leverage Forex Broker & Low Minimum Deposit
HotForex was founded in 2009. Hotforex is very popular forex broker in Nigeria with offices and customer support located in Lagos. This forex company has entered Nigerian forex market in 2016.
- Forex broker has offices in Lagos Nigeria
- Maximum high leverage 1:1000
- Minimum deposit amount is only $50
- Welcome Bonuses for new forex traders
- KYC compliance team can be quite pushy
5. AvaTrade – Fixed Spread Forex Broker in Nigeria
- 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
- No welcome bonuses
How to Pick the Best Forex Broker in Nigeria
Broker’s regulation and international reputation
African continent is 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.
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 !
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 thats 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!
If you dont want to download any external software to your pc, use webtrader. Otherwise go with either cTrader or MT4.
Frequently Asked Questions (FAQ) :
Who is Regulating FX Brokers in Nigeria ?
The Central Bank of Nigeria (www.cbn.gov.ng) shortly just CBN is the main regulatory body which controls the capital markets including Nigerian forex brokers.
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.
What is History of Forex 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.
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