December 03, 2021

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 BrokerRatingDemoLeverageBonusPlatformsMin DepositPayments
LiteFinance 7yes1:50030% + 15%Metatrader 4, Metatrader 5, WebTerminal10 Skrill, Webmoney, Bitcoin, Advcash, Credit Card
XM7yes1:888$30 no depositMetaTrader 4, Metatrader 5, XM Webtrader5Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer
AvaTrade 6yes1:400100% AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions100Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney
PrimeXBT6yes1:1000PrimeXBT, Turbo1Credit Cards
Anzo Capital6yes1:1000MetaTrader 4100Webmoney, Skrill, Neteller, Credit Cards
FXCM5yes1:200-Trading Station II, MetaTrader 4, Active Trader, Forex System Selector 250Credit/Debit card, Online Check, Bank Wire, Paper Check
FP Markets3yes1:50010% credit bonusMetaTrader 4 (MT4), IRESS, Mobile trading200credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer
Freshforex3yes1:1000+5% to each cryptocurrency deposit; get 300% for each depositMetatrader 41WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking
Pepperstone3yes1:500100% Match BonusMetatrader 4, Metatrader 5, cTrader, cAlgo, cMirror200bPay, credit cards, Paypal
CityIndex2yes1:400-MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App100Credit/Debit Cards
MEX Exchange1yes1:500Metatrader 425Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer
Rekuten Securities1yes1:50MarketSpeed FX, Trading Station (inherited from FXCM)1wire transfer, checks, ATM (only for local residents)
Oinvest0yes1:200Samsung Galaxy, iPhoneMetatrader 4200Skrill, Neteller, Credit Cards
Trade3600yes1:1,00035%, $60 no deposit for real accountTrade360100credit cards, skrill, neteller, wire transfer
ForexMart0yes1:1,000$150 no deposit neededMetatrader 41credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin
1Market0yes1:400Webtrader, Metatrader 5250credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt
Tiger Brokers0Up to 4x (day trade), Up to 2x (next day)Tiger Trade0Bank Wire Transfer, FAST, DDA, PayNow
MarketBull0yes10001:1000100% match the depositMetatrader 41000Credit 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.

1. Regulation

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. Range of Trading Instruments Offered

Most forex brokers now offer wide range of CFD trading instruments like US & EU stocks CFDs, metals, commodities, cryptos etc. other then range of major, minor & exotic currency pairs.

5. 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.

6. 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.

More About Forex Trading In Nigeria

Forex trading is legal in Nigeria and is regulated by the Central Bank Of Nigeria (CBN). After spending some time viewing the CBN website, the team could not find a CBN regulated broker list. Based on this until the Central Bank Of Nigeria publishes regulated forex brokers, it’s recommended you consider one regulated by:

  1. ASIC – Australian Securities and Investments Commission
  2. FCA – Financial Conduct Authority
  3. CYSEC – Cyprus Securities and Exchange Commission
  4. FSCA – Financial Sector Conduct Authority

Other less known regulators include the IFSC, Belize, CIMA, CFTC and the SFSA (Dubai Financial Services Authority). The list above is a shortlist with other brokers considered including HotForex, AvaTrade, FxPro and Alpari, eToro and easyMarkets.

Disclaimer: If you sign up for a broker’s UK branch regulated by the FCA, you will not be able to trade cryptocurrencies. The FCA recently banned retail traders from trading cryptos.

7. Broker’s Reputation and Reviews

Another critical aspect to monitor is the reputation and reviews of the broker. There are numerous broker review websites (including us) available online that can provide you with editorial as well as user reviews regarding the brokers.

How can you open account for forex trading in Nigeria?

To open your trading account you need to follow these 3 steps.

  1. First you need to choose a good broker. You should look for a broker that is regulated with at-least 1 top tier regulator, has low minimum deposit, and offers good trading conditions like low spread, fast order execution & good support. For this you can check our list of best forex brokers for trading in Nigeria.

  2. Second, once you have decided on the broker that you want to choose, you should go ahead & start with a demo account with that broker. Octafx, Liteforex & XM offer free demo accounts for beginners, so you can look into their demo accounts.

  3. After you have practised on the demo account & are comfortable with trading, then you can go ahead & open live account with the broker that you have finally decided on.

Summary

Never attempt to deposit in such a forex broker platform that is not licensed or certified. Before you start trading, please make sure to check and validate if there are any associated trading fees. All safe, legal, and licensed forex broker platform will upfront declare their trading fees, and there won’t be any hidden charge at all. Please make sure to choose such a platform that offers lower spread and funding fees. If the spread is lower, it will be better as you will have to pay less for broking. The final metric of a good and reputed forex broker platform is customer support availability. If you face any struggle and difficulty, the platform should give you an option to contact their customer support for a prompt resolution.

As a Nigerian, your attention will be related to your funds’ security while choosing a broker. So make sure you have the flexibility to withdraw your profits.