Our team of experts, has made in-depth review of every single broker on a real account with Naira deposits.
Discover our curated list of Top regulated forex companies available in Nigeria:
- HF Markets – Overall the Winner in 2024
- AvaTrade – ₦ (NGN) Available & Low Fees
- XM – Top Rated MT4 /MT5 Metatrader Broker
- Pepperstone – Ultra Low Spread & Forex Trading Apps
- EXNESS – Free Demo Accounts
Overview
| Forex Broker | More Info | Rating | Benefits | Platforms | 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 |
 |  | 99% |
| MT4; MT5, cTrader, WebTrader, Mobile Apps | Pepperstone Review |
 |  | 98% |
| MT4 iOS/Android App |
HF Markets – Leverage up to 1:2000 & Naira Accounts
HF Markets (formerly HotForex) is considered a legitimate forex company in Nigeria, known for its regulatory compliance and global presence. It offers local Naira account funding and has a dedicated Nigerian office, enhancing its accessibility and convenience for local forex traders.
Pros:
- Legit Naira online payment methods
- Offices in Lagos
- Maximum leverage 1:2000
- The Minimum deposit amount is only $1
- Welcome bonuses for new forex traders
- MT4 and MT5 forex platforms
Cons:
- KYC compliance team can be quite pushy
Pepperstone 
Pepperstone is and ECN/STP broker recommended to all beginners. It offers one of the lowest forex spreads on the market. Company 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, TradingView
- Large range of CFD stocks
- CFD cryptocurrencies
Pepperstone Cons:
- No bonuses
AvaTrade
AvaTrade, founded in 2006, is a reputable online broker offering trading services in forex, CFDs, and cryptocurrencies, with a strong regulatory framework across multiple jurisdictions. It is known for its user-friendly platforms, including MetaTrader and AvaTradeGo, and offers a wide range of educational resources, making it suitable for both beginners and experienced traders. Additionally, AvaTrade is praised for its diverse range of trading instruments, competitive spreads, and dedicated customer support, enhancing its appeal to a global trading audience.
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
Cons:
- No welcome bonuses
XM
XM, established in 2009, is a well-known global online brokerage, recognized for its user-friendly platform and diverse range of trading instruments, including forex, CFDs, and commodities. It has built a strong reputation for its educational resources and customer support, catering to both novice and experienced traders. Additionally, XM is known for its competitive spreads, no re-quotes, and no hidden fees, making it a popular choice among traders seeking transparent and reliable trading conditions.
Pros:
- Maximum leverage is 1:1000
- No Deposit Bonus $50
- Zero re-quotes, Zero rejections policy
- Many local depositing methods available
- A minimum deposit $15
- Metatrader MT4, MT5, XM Webtrader, XM Trading Apps
- Scalping and hedging is allowed
Cons:
- No local offices in Nigeria
CM Trading
CM Trading 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 most legit fx brokers in Nigeria. Trading platform is blazing fast with very competitive spreads, quality customer support and BONUSES for new traders.
Pros:
- Up to $100 welcome bonus for new clients
- Naira (NGN) Deposits Allowed
- Minimum deposit $100
- Variable spreads from 0.9 Pips
- Maximum leverage up to 1:500
- Metatrader 4 (MT4)
Cons:
- Only CFDs
Things to consider when choosing a forex broker
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.
Frequently Asked Questions (FAQ)
Who regulates forex in Nigeria?
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.
Is forex trading legal in Nigeria ?
Yes Forex trading is legal in Nigeria, but it is important for traders to ensure they engage with licensed and regulated brokers to avoid scams.
About Author
