Best Forex Broker in Nigeria 2018 (TOP 10 List)

Below is carefully picked TOP 10 list of best forex brokers in Nigeria.

Nigeria broker
Forex Broker's Name Trader's ScoreBonusMinimum depositTrading PlatformRegulation & LicenseOur Review

9.5 / 10 $30 FREE*$5MetaTrader 4
MetaTrader 5
Android/iOS Apps
+ FCA U.K.XM review

**Your capital is at risk
9.5 / 10 -$10WebTrader
Android/iOS Apps
+ CySEC
IQ OPTION review

9 / 10
-$200CopyTraderâ„¢

+ FCA U.K.
+ CySEC
eToro review
4.9 / 10 100%**

$50 MetaTrader 4+ CySEC
+ FSB South Africa
HotForex review
5.
9 / 10 up to $5000$1000MetaTrader 4+ FCA U.K.
+ DFSA Dubai
6.8.6 / 10 40%$100MetaTrader 4
+ Central Bank of Ireland
+ FSB South Africa
AvaTrade review
7.
**Your capital is at risk.
7.6 / 10 -$100MetaTrader 4+ CySEC
+ FSB South Africa
Markets.com review
8.
**CFD Service. 80.6% lose money
7 / 10 -$100WebTrader+ FCA U.K.
9.6.8 / 10 -$100MetaTrader 4CySEC
10.6 / 10 -$100MetaTrader 4CySEC

forex broker nigeria

Is Forex Trading Legal in Nigeria ?

Yes currency 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 FinanceMagnates.com 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.

Who regulates forex brokers in Nigeria ?

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

Best Forex Broker in Nigeria 2018 (TOP 10 List)
4 (80%) 1 vote