Which are the Best Forex Brokers in Nigeria? Which Forex Broker in Nigeria Charges the Lowest Fees? Best FX Brokers in Nigeria 2023?
Having a reliable and trusted forex broker in Nigeria has become a question on a rising trend due to transaction issues and poor trust score from some FX brokers of late.
Nigeria is a big, diverse country with numerous business oppurtunities, and there are several brokerage companies you could pick from, so you must do your due diligence before registering with any of them.
If you are searching for the best forex brokers in Nigeria, ensure you understand what services and features each broker offers before signing up.
Many offer exclusive deals or free trading tools if you sign up for a certain program. Be sure to carefully review all the terms of the agreement.
What is A Forex Broker
A forex broker is a place where you can buy access to a variety of forex trading products. Brokers typically provide traders with a variety of services, including fx options trading, futures trading, and spot foreign exchange trading.
A foreign exchange broker, or foreign exchange broker, is a financial intermediary that facilitates the buying or selling of foreign currencies.
It’s likened to an intermediary between the dealer and the international banking community, which is a worldwide market that allows you to trade with foreign exchange.
Previously, some foreign exchange broker does the buying and selling of currency on behalf of their clientele.
Which Broker is Best in Nigeria For Beginners?
There are many factors to consider when selecting a good forex broker as a beginner. These include the trader’s experience, financial resources, and preferences and deposit amount.
Our criteria is based on the following;
1. Account Features
Forex traders rely on a variety of account features to make efficient and profitable trades. Some of the most common account features are margin, stop loss, order book, order processing, and trade history.
2. Currency Pairs Offered
For those looking to invest in forex currency pairs, there are several brokers available that offer this service. brokerages typically offer three different currency pairs: USD/JPY, EUR/USD, and GBP/USD. The key to choosing the right forex broker is to compare their rates and features against those of other brokers.
3. Customer Service
Customer service is as equally significant to successful forex brokers. From initial contact to help with trading strategies, these firms strive to make their customers feel comfortable and welcome.
Some Forex Brokers offer unique customer service perks, like live chat or online tools for tracking account performance. Others boast robust phone lines and 24/7 customer support.
The best forex brokers in Nigeria deal with their customers in a way that makes them feel like they are the only ones who matter.
Choosing the right forex broker is key to having good customer service.
Make sure you find a broker with real customer support available 24/7. If issues with your account arise, you’ll have access to specialists to aid you.
4. Trading Platform
Forex brokers are a popular way to trade foreign stocks and options. They supply a wide variety of products and services, including online trading, processing orders, and Margin Trading.
Some Forex brokers are more reputable than others. Reviewing their trading platforms is important if you want to find the best one for your needs.
Best Forex Brokers in Nigeria 2023
Below you’d find our list of best brokers for forex in Nigeria. These brokers have low fees, are trustworthy, and provide good trading education for new traders.
We created this list by testing different forex brokers who accept Nigerian traders, including the most respected FSRCC-regulated brokers based in Nigeria.
We test brokers to make sure they are regulated and have low trading costs so there is more opportunity to profit.
We also assessed the quality of their educational section and market analysis to evaluate whether or not new traders are being given the proper tools and information to succeed.
After the list, there are reviews of each broker that describe their features and explain why they are included on the list. We also share our expert tips on how to compare different forex brokers.
List Of Best Forex Brokers in Nigeria
Below is a list of the most reliable and best forex brokers in Nigeria
- FP Market
- IC Market
- Easy Market
- Global GT
- Octa Forex
- CM Trades
Exness Group was founded in Russia in 2008 and has over 200,000 clients worldwide. It offers trading on 100 forex pairs, a small range of cryptocurrencies, 70 stock CFDs, indices, and commodities. Exness has a variety of account types on both the MT4 and MT5 platforms – more than most brokers.
Exness is the best low-spread forex broker in Nigeria. Exness is an authorized and licensed broker that offers low-risk CFD and forex trading.
In addition to this, Exness is well-known for its several account types, all of which are flexible and dynamic. Exness also has market-leading trading conditions which include spreads from 0.0 pips.
More than 15,000 new accounts are established each month on Exness. This provides customers with access to over 200 financial products, a wide range of retail account choices, and many more benefits.
One of the most prominent forex brokers in the world, Pepperstone offers great client service, competitive trading conditions, and a secure trading environment where client funds are guaranteed.
Pepperstone’s standard account comes with Metatrader 4 and Metatrader 5 and offers some of the tightest no-commission spreads available to Nigerian forex traders.
If you are new to trading forex and want an account type with no commission to keep things simple, Pepperstone is a great option with competitive spreads. The UK’s financial conduct authority (FCA) & the Australian securities & investment commission (ASIC).
When looking to avoid Forex scams, it is important to choose a broker that is regulated. Pepperstone is regulated by the UK’s Financial Conduct Authority (FCA) and the Australian Securities & Investment Commission (ASIC), which are both credible regulators.
- FCA – UK’s Financial Conduct Authority
- ASIC – The Australian Securities and Investments Commission
- CySEC – Cyprus Securities and Exchange Commission
- BaFin – Federal Financial Supervisory Authority of Germany
- DFSA – Dubai Financial Services Authority
- CMA – Capital Markets Authority of Kenya
- SCB – Securities Commission Of The Bahamas
HFM (Formerly HotForex)
HFM – Formerly HotForex, is a good choice if you are looking for a broker that can offer high leverage at 1 1000, which is greater than most other brokers offer. HotForex’s key features include;
- High Leverage of 1:1000
- Choice of trading accounts
- Bonus offers
HF Forex has a large range of bonus offers, which means extra cash to trade with. HotForex bonus offers include:
- 100% supercharged deposit bonus – Earn $2 cash rebates per lot each time you deposit $250 or more into your account
- 30% rescue bonus – earn up to $7,5000 for every deposit over 50%
- 100% credit bonus – Increases your account leverage provided you meet trading volume requirements
XM was established in 2009 and became one of the highest-rated companies in the Foreign Exchange (Forex) industry through the development of CFDs, foreign exchange, commodities, equities, precious metals, energies, and shares.
The XM group focuses on low trading costs, wide funding choices, quick execution speeds, and a wide array of CFD goods available on both the MT4 and MT5 platforms. Hedging, scalping, and algorithmic trading are all permitted.
Plus500 is a CFD broker with its own forex trading platform offering:
- A free unlimited demo account
- Various trading options from Stop Limit, Trailing Stops to Guaranteed Stops
- Web trading, Mobile trading and a desktop trading platform
The trading platforms supply the best range for trading Cryptocurrency, including Bitcoin, Ethereum, Litecoin, NEO, Ripple, IOTA, Stellar, EOS, Cardano, Tron, and Monero. This software can be operated with a demo account, but it can also be put to use for real cash.
Plus500 is an online trading platform recommended for those interested in forex trading accounts in various categories, such as cryptocurrency, currencies, and commodities.
Plus500 is accessible on the London Stock Exchange, where Nigerian traders and client funds are segregated.
AvaTrade was founded in 2006, and it is a three-piece brokerage that focuses on fixed quotes for forex, crypto, index, stock, and ETF trading.
AvaTrade provides a predictable trading environment for scalpers and offers strong financial protection for traders who want to live through an unstable market.
AvaTrade operates as a marketplace maker brokerage and provides tight fixed spreads on a range of currency pairs and CFDs. As a marketplace maker broker, AvaTrade implements internal liquidity pools and a dealer desk to execute orders.
Using a fixed pricing structure, the broker does not impose fees on client orders that are executed at the set fixed spread.
Before we get going, Axi is an ECN brokerage firm that has been based in Australia since 2007. Though it does not offer as many trades as other companies, it offers more than 70 currency pairs.
Axi supports the MT4 trading platform with the MT4 NexGen plugin, which allows it to have the most efficient electronic trading broker MT4 experience to date.
On Axi, ECN trading conditions involve 20 liquidity providers so less slippage and requotes. All Pro Account with spreads starts at 0 pips and 7 USD per lot commission with a max Leverage of 1:500. Its trading tools include Autochartist, Pysquation (an AI trade diagnostic), and VPS hosting.
Many online foreign exchange brokerages don’t present Nigerian naira (NGN) funding, which increases exchanger costs. ForexTime provides a few clearing agent NGN funding choices such as bank transfer or Neteller.
ForexTime’s minimum opening balance is $100. This allows clients to open Forex trading accounts for a myriad of financial markets with lower conversion costs when converting NGN currency into mainstream financial standards such as the US dollar, the British pound, or the euros.
ForexTime is perfect for Nigerian traders who are more comfortable with high-risk investments but are new to CFDs. With leverage of 1,000, the Australian broker offers 1,000 hours of tutorial videos and offers social trading capabilities!
- FCA (Financial Conduct Authority) – United Kingdom
- CySEC (Cyprus Securities and Exchange Commission) – Cyprus
- FSC (Financial Services Commission) – Mauritius
FP Markets is a leading ECN broker that provides STP trading with tight spreads and fast execution speeds. You can select between two trading types to utilize two different pricing structures.
Both trading account types require a minimum deposit of AUD $100 and can be used on both MetaTrader 4 and 5.
- Standard Account: Forex spreads from 1.0 pips + no commission fees.
- Raw Account: ECN spreads starting from 0.0 pips + USD $3 commission fee per side, per 100k traded.
IC Markets is one of the few Forex brokers to support all three of the major trading platforms, including MetaTrader4, MetaTrader5, and cTrader.
It provides numerous trading tools for each, including VPS services, Trading Central, and numerous copy trading services.
Based in Australia, IC Markets was founded in 2007 and is registered with some of the most stringent regulators around the world. IC Markets is known for its low trading costs, numerous trading platforms, and a broad selection of options.
IC Markets allows clients to open an account for as little as $200, or currency equivalent.
FxPro brokers are known for providing the best trading facilities. With the FxPro broker, traders can trade more than 70 currency pairs, exotic futures, and stocks (Twitter, Apple, Google). The company has indexes, metals, and energy sources at its disposal.
FxPro has a high reputation for integrity and trustworthiness, especially in [their location], which is regarded as a more protected region than European regulators.
FxPro also touts itself for having one of the highest credit ratings of any counterparty in the industry, scoring 95 out of a hundred, which indicates a far greater likelihood of default or bankruptcy for the creditor.
Based in 2001, EasyMarkets is a well-known marketplace maker that operates in an exceedingly regulated market with no dealing desk intervention.
It trades on a variety of instruments, including commodities, indices, metals, shares, cryptocurrencies, and over 103 currency pairs, far more than other Forex brokers.
Easy Forex Trading Ltd is authorized for use by the Cyprus Securities and Exchange Commission (CySEC), license number 079, which has been recognized by the MiFID Directive.
Easy Markets Pty Ltd is licensed by and regulated by the Australian Securities and Investments Commission (ASIC).
Global GT bills itself as the world’s first FX hybrid broker. The company was founded to create an easy-to-understand FX trading platform, according to the website.
It provides both FX and Crypto, which is not something you see all that often in the trading world.
Global Trading Technologies allows you to select from multiple trading instruments and choose from five different account types for your profile. Learn more about this broker by visiting its website.
The SuperForex MetaTrader 4 platform provides the most impressive and innovative trading technology service on the market. An award-winning trading platform, MT4 is the preferred choice of trading professionals.
SuperForex is a global broker that competes in 2013 to make its Forex exchange accessible for everyone. The firm has been supplying first-rate investment services that help handle trading and offer investment in the financial markets for individuals and corporate clients in over 150 nations all over the world.
The firm’s clients are offered the ability to perform CFDs, Forex, cryptocurrencies, heavy gold, rare earth metals, and stock exchange transactions.
Admirals (Admiral Markets) is a worldwide forex and CFD broker founded in 2001. It is overseen by multiple regulators in the various regions it serves.
These regulators are the UK’s Financial Conduct Authority (FCA), the Estonian Financial Supervision Authority (EFSA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investment Commission (ASIC), and the Jordan Securities Commission (JSC).
Admiral’s forex broker is regarded as safe since it’s had an excellent reputation since it was started, it reveals its financials to the public, and the parent company, Admiral’s Group, is listed on the American Stock Exchange.
OctaFX is a broker of foreign exchange and contracts for difference. Since 2011, they’ve been a top broker for Asian markets and Nigerian traders. They are also able to take local bank transfer payments in Nigeria.
OctaFX provides multiple trading instruments including currency pairs in 28 different countries, CFDs on indices and metals, and 3 cryptocurrencies.
But the selection of instruments is rather restricted. The system does offer fast order execution, fast deposit withdrawals, copy trading functionality, and good customer support.
Tickmill is a forex and CFD broker established in 2014 and regulated as a safe broker by numerous financial authorities, including the Financial Conduct Authority in the UK.
Tickmill’s Trust Score of 82 out of 99 indicates that it’s considered to be a moderate-risk company. Tickmill is not publicly traded and does not operate a bank.
Tickmill is regulated by one of the tier-one regulatory authorities (high trust), two of the tier-two regulatory authorities (average trust), and none of the tier-three regulatory authorities (low trust).
FBS was founded in 2009 and is regulated by several financial authorities internationally, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the International Financial Services Commission of Belize (IFSC), and the Financial Sector Conduct Authority (FSCA).
Different services will depend on what kind of entity you have opened your account with. In this particular review, we stick to the services offered by CySEC, but we offer relevant information for other entities as well.
CM Trading was founded in 2015 as a professional and safe broker that provides competitively priced spreads and high-quality educational content. It has a trust rating score of 91 out of 99 and can be considered a low-risk trading platform.
The CM Trading broker is supervised by the FCA and ISCA, which ensure the broker’s reliability for its users. The minimum deposit amount for accessing a trading account is $100.
Why use a Forex Broker?
There are many benefits of using a Forex broker in Nigeria. Some of these include: getting good prices on foreign currencies, buying and selling assets quickly, and making profits!
Most exchanges profit on the market spreads between different currencies, meaning that technically speaking they do not charge any fees whatsoever.
The amount of notional value traded each day in the forex market is greater than that of any other market.
Forex brokers provide access to your account and investment options 24 hours a day, as well as the ability to speculate on foreign currencies.
The best forex brokers in Nigeria try to minimize their expenses to remain competitive in the market, but when you trade with them, you will incur certain costs, like a spread to trade.
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High leverage in Forex trading allows for profit/loss exposure many times greater than the actual trading capital.
Without a solid understanding of leverage, an effective capital allocation strategy, and a firm grasp of one’s emotions, forex trading can quickly spiral out of control and leave one with nothing but losses.
In conclusion, the best forex brokers in Nigeria are those that have the most beginner-friendly features.
Some of the more popular forex brokers as mentioned already include brokers like Exness and HFM, so it’s important to research which one is the best for you before committing.
Forex Broker is the perfect tool for anyone looking to trade online. Forex Broker has a variety of tools and platforms available to make trading easier, while also providing user feedback and support.
The broker should also be able to provide a level of support that matches the trader’s experience and needs.
Forex trading in Nigeria is legal and regulated by the Central Bank of Nigeria (CBN).
When visiting the CBN website, we could not find a CBN-regulated broker list.
Although the Central Bank of Nigeria has not yet published a list of regulated forex brokers, it is recommended that you choose a broker that is regulated by:
- ASIC – Australian Securities and Investments Commission
- FCA – Financial Conduct Authority
- CySEC – Cyprus Securities and Exchange Commission
- FSCA – Financial Sector Conduct Authority
That wraps up this article on the best forex brokers in Nigeria from Dockaysworld.
See you next time!