Best Forex Brokers in Nigeria 2020 (TOP 10 List): September Update

Last updated: September 10th 2019

Forex has been booming in popularity among Nigerian traders during the past few years, therefore people want to trade only with the best forex brokers in Nigeria. Since the local currency trading market has already become more mature, many of the world’s most famous forex companies have established their local offices directly in capital city Abuja.

Quick Overview: The Best Forex Brokers in Nigeria

  • XM.COM – rated as number one broker of 2019
  • HotForex – (pls see details in table below)
  • IQ OPTION – (see details in table below)
  • eToro – (check comparison below)

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

Forex Broker's Name

Nigeria broker
 Trader's RatingBonusMinimum depositMax. LeverageTrading PlatformsRegulation & LicenseOur Review


30$ FREE$5888:1MetaTrader 4
MetaTrader 5
Android/iOS Apps
ASIC Australia;
CySEC Cyprus;
IFSC Belize;
Read the review


100% Bonus

$501000:1MetaTrader 4
MetaTrader 5
HF CopyTrading
FSCA South Africa
CySEC Cyprus
Read the review


40% bonus$100400:1MetaTrader 4
MetaTrader 5
Social Trading
Options Trading
Android/iOS Apps
FSCA South Africa;
Central Bank Ireland;
ASIC Australia
Read the review

IQ Option

Android/iOS Apps
Read the review


75% of CFD retail accounts lose money.


+ FCA U.K.
Read the review

Henyep Markets HYCM

up to 25%$1000200:1MetaTrader 4+ FCA U.K.
+ DFSA Dubai

-$100200:1MetaTrader 4CySEC


0 / 10

forex broker nigeria


XM Group 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
  • 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



One of the most trusted brands in the trading industry. Fully regulated by FCA U.K., FSCA, DFSA and CySec. They are 100% secure and with a robust and stable trading platform Metatrader 4, we find them very fast in terms of trade execution time ( around 200ms).

  • You can deposit to trading account directly in Nigerian NAIRA currency!
  • Spreads starting as low as 0 Pips (ZERO account)
  • Minimum deposit required is just $5 (Micro Account)
  • Maximum leverage is 1:1000
  • Welcome bonuses up to 100% (meaning you deposit 200 and get another $200 free)
  • Metatrader 4
  • Scalping and hedging is allowed
  • Negative balance protection




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.

  • Lot of 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 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 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 ( shortly just CBN is the main regulatory body which controls the capital markets including forex companies.