Best Forex Brokers in Nigeria

We compared the best forex brokers in Nigeria. Be smart and avoid financial scams prevalent on African continent and consider trading with a CBN regulated forex broker in Nigeria. Local forex traders should make sure that they can make deposits in NAIRA.

 

🏆 Top 10 Forex Brokers in Nigeria

Our handpicked list of registered forex brokers operating in Nigeria.

  • AvaTrade – Best Forex Broker in Nigeria 2021
  • CM Trading – Nigerian Naira (NGN) Funding
  • XM.COM – No Deposit Bonuses $30
  • Pepperstone – Best ECN Forex Trading Platform
  • Plus500 – Best Forex Demo Account
  • OANDA – Top Islamic Account
  • HotForex– Offices in Nigerian Lagos
  • IQ Option – Top Rated & High Leverage 1:1000
  • IC MARKETS – ECN Broker & Lowest Spreads
  • FP MARKETS – Top Nigerian Islamic Account

Comparison of the Best forex brokers in Nigeria

Below list represents the best Nigerian forex brokers.

 


#1 – AvaTrade – The Best Forex Broker in Nigeria

AvaTrade is famous and is one of the largest trading platforms in the world with intuitive and easy to learn interface is great for all newcomers to trading! Solid fx broker with overall great reviews from traders.

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.

  • Welcome BONUS for new forex traders 
  • High leverage 1:400
  • Nigerian NAIRA funding
  • Local depositing methods available for Nigerians
  • Best Fixed Spread Trading Account
  • 50+ currency pairs
  • MetaTrader 4, MetaTrader 5
  • Large range of stocks
  • 15 crypto currencies
  • Minimum first deposit $100

Visit avatrade.com


#2 – CM Trading ⇒  Best Regulated Forex Broker

 

 

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 profi FX traders.

CM Trading is truly one of the top forex brokers accepting traders from Nigeria.

  • Welcome Bonuses for new clients
  • No requotes & No slippages policy
  • Variable spreads from 0.9 Pips
  • Maximum leverage up to 1:500
  • Metatrader 4 (MT4)
  • Minimum first deposit $200

www.cmtrading.com


#3 – XM ⇒ the Best Forex Trading Platforms

 

 

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

 www.xm.com

 

 


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 fx 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.

History of Forex Trading

The boom in forex currency trading has begun in mid 2000’s and by now there are around 300 thousand retail forex traders in the country according to FinanceMagnates.com. 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 CBN regulated forex broker.

Nigeria forex trading regulation

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

How to choose the right fx broker as a Nigerian trader

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.  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 with you forex secrets!