Forex Trading is known all across the globe and today there are traders in every country around the world who can invest and trade online financial instruments directly from his or her device. Nigerian traders can take advantage of various regulated and widely reputable forex brokers, however at the same time there are plenty scam brokers operating the markets and seeking new victims to fraud. It is important to educate yourself and find trusted forex brokers in Nigeria and filter out the bad ones that can cause you to loose your money in a blink of an eye.
In order to help you find the best forex broker, we have traded with, reviewed, compared and rated more than 300 brokers on this site and picked up the brokerage companies that accept Nigerian investors.
Best Forex brokers in Nigeria for 2021
|Asian Broker||Rating||Demo||Leverage||Bonus||Platforms||Min Deposit||Payments|
|XM||7||yes||1:888||$30 no deposit||MetaTrader 4, Metatrader 5, XM Webtrader||5||Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer|
|Anzo Capital||7||yes||1:1000||MetaTrader 4||100||Webmoney, Skrill, Neteller, Credit Cards|
|AvaTrade||6||yes||1:400||100%||AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions||100||Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney|
|PrimeXBT||6||yes||1:1000||PrimeXBT, Turbo||1||Credit Cards|
|FXCM||5||yes||1:200||-||Trading Station II, MetaTrader 4, Active Trader, Forex System Selector||250||Credit/Debit card, Online Check, Bank Wire, Paper Check|
|FP Markets||3||yes||1:500||10% credit bonus||MetaTrader 4 (MT4), IRESS, Mobile trading||200||credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer|
|Pepperstone||3||yes||1:500||100% Match Bonus||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||200||bPay, credit cards, Paypal|
|CityIndex||2||yes||1:400||-||MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App||100||Credit/Debit Cards|
|MEX Exchange||1||yes||1:500||Metatrader 4||25||Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer|
|Rekuten Securities||1||yes||1:50||MarketSpeed FX, Trading Station (inherited from FXCM)||1||wire transfer, checks, ATM (only for local residents)|
|LiteForex||0||yes||1:500||30% + 15%||Metatrader 4, Metatrader 5, WebTerminal||10||credit cards, wire transfer, litecoin, bitcoin, skrill, neteller, perfect money, ok pay, qiwi, wallet one|
|Oinvest||0||yes||1:200||Samsung Galaxy, iPhone||Metatrader 4||200||Skrill, Neteller, Credit Cards|
|Trade360||0||yes||1:1,000||35%, $60 no deposit for real account||Trade360||100||credit cards, skrill, neteller, wire transfer|
|ForexMart||0||yes||1:1,000||$150 no deposit needed||Metatrader 4||1||credit cards, neteller, skrill, paypal, paxum|
|1Market||0||yes||1:400||Webtrader, Metatrader 5||250||credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt|
|Tiger Brokers||0||Up to 4x (day trade), Up to 2x (next day)||Tiger Trade||0||Bank Wire Transfer, FAST, DDA, PayNow|
|MarketBull||0||yes1000||1:1000||100% match the deposit||Metatrader 4||1000||Credit Cards, Neteller, Skrill, Bank Wire Transfer|
How do we rate the best Forex Brokers in Nigeria
Our team of traders review various brokers only after we sign up and try out their platforms, trading conditions, deposit and withdrawal methods and customer support. Without this test drive, you can never figure out what happens once you have registered and deposited. There are lots of hidden terms and policies of which you find out only later, and which can cause lots of issues to you.
Below are the main 5 rating characteristics which must be considered during a review of any broker.
There are many regulatory bodies that ensure financial security to traders. Regulated brokers must follow strict checklist and stay away from fraud and manipulation. These regulations are the safe net of your invested money. In our best forex brokers list, we only add brokers that are regulated & compliant with one of more of these Top Tier regulators: Financial Conduct Authority (UK) or CySEC (Cyprus).
Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. Further, you need to check the broker’s past track record in terms of being banned or fined. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors.
2. Trading Platforms
Another important factor of any broker is obviously the offered trading platforms. Today, it is almost impossible to find a broker that does not offer Metatrader 4 as it's primary trading platform available both in desktop and online version.
Most of the brokers listed and reviewed here allow you to trade on the most popular trading platforms i.e. MT4 & MetaTrader 5. Metatrader includes numerous tools & features like charting, technical analysis tools, news feed, Expert Advisors & multi device support.
3. Trading Fees and Spreads
Broker fee is another crucial factor to keep an eye on. There are many brokers that will charge a high amount of fees in form of hidden commissions on trades, rollover fees, high fees on deposit/withdrawals etc.
It is really important that you carefully consider the various fees a broker might charge you before signing up.
You should only choose a broker that offers the lowest spread & funding fees. Spread is basically the difference between the bid price and the ask price of a currency. The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade.
4. Customer Support
you must be able to get in touch with the support in a quick and easy manner. We always recommend brokers with online support and competent assistance.
You never know when you might need help while executing/closing any trade, or with withdrawals. A good broker will offer you excellent round the clock phone, email & live chat support during the week.
Also, the customer service provided by the broker should be efficient & helpful as well. You don’t want promises, you need actual problem solving & quick resolution of all queries. The Best brokers that we have recommended offer good multi language support via phone, live chat & emails.
5. Payment Methods
We think that various payment options allows all types of traders to access forex market. The easier deposit and withdrawal process is, the higher our grading for a broker would be. Personally, we favor brokers that work with Skrill, Paypal and other online wallets with instant deposits and fast withdrawals, with no limitations in the amount you want to withdraw and time of the month. You will be surprised how this is commonly manipulated among some brokers who either demand minimum amount to withdraw, or request to make withdrawal request until certain day of the month.
Also check if your broker has tools for risk management including: negative balance protection, guaranteed stop-loss feature, deal cancellation (some brokers may offer this for extra fees).
Does the broker’s app support these features, and the popular indicators like MACD, RSI etc. or any other tool that you usually use in your trading. It is best to test this out on their platform with the broker’s demo account before depositing any real money.