Best Forex Brokers in Nigeria for 2020

We compared & then selected the 6 best Forex brokers in Nigeria that are regulated with FCA (UK), CySEC & FSCA.

By Akin Benjamin (Editorial Staff) — 

Best Forex Brokers in Nigeria 2020

Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task.

In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. So it is really important to only choose trusted & regulated Nigerian forex brokers and avoid the bad ones.

In order to help you find the best forex broker, we have tracked & compared over 10 different brokers that accept Nigerian investors.

There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with regulations, broker reviews, the amount of fee charged (even the hidden charges), leverage, minimum deposits, funding & withdrawal methods and time taken etc.

Our below vetted list is created especially for Nigerian traders; it will quickly allow you to compare the key features that you need to look for in any reputed forex broker.

6 Best Forex Brokers in Nigeria

Here’s our updated list of the 6 best performing forex brokers in Nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months):

1. Forextime – Best Forex Broker (Instant Order Execution, low deposit & easy withdrawals)

FXTM Nigeria

Overall Rating 9/10

Visit FXTM

  • Fees: 2.0 pips average spread for EUR/USD with Standard Accounts. And 0.4 pips (plus $0.4 per Mini lot) with ECN MT5 account.
  • Account Minimum: ₦2000
  • Leverage: 1:1000
  • Promotion: No Deposit Bonus available currently

Ranks #1 Forex Broker in Nigeria

Forextime or FXTM is the best forex broker in Nigeria, and they are one of the few forex brokers that has local office & phone number in Nigeria. They are safe for Nigerian traders as they are regulated under various trusted jurisdictions such as the UK, Cyprus, and Belize. FXTM is our recommended forex broker for all Nigerian traders.

FXTM’s was founded in 2011 & they are a FCA regulated forex broker. They offer various account types, all of them can be funded in Naira & have very low minimum deposit requirements starting from just ₦2000 with the Cent Account. This makes FXTM a very good choice for Nigerian traders.

Apart from forex trading, FXTM also offer other instruments such as CFDs on Commodity Futures and CFDs on spot metals making them a very attractive choice for traders looking to diversify their portfolio. They have also recently upgraded its range of currencies & now offer 57 Major & Minor currency pairs.

The most important factor that we look for in a broker is their promptness of support & withdrawals, and FXTM beats other brokers hands down in this area.

FXTM broker offers local customer support in English & has 19 deposit & withdrawal options which includes many methods for Nigerian traders including Bank deposit & Card payment. even allows users to create a demo account in order to build their confidence and learn the art of trading. FXTM also offers a wide range of educational material to its clients, including trading webinars.


  • FXTM is a highly regulated Forex broker, so trading with them is safe. They are regulated globally with top tier regulators FCA(UK), FSCA & CySEC.
  • You can start trading with ₦2000 deposit, making them a good option for new traders.
  • Low spreads for most major & minor currency pairs including EUR/USD with ECN MT5 Account.
  • Fast Withdrawals in Nigeria.
  • Live Chat Support is available 24/5 & for few hours during weekends. Their support overall is quite good.


  • FXTM has bit higher spread with their standard accounts. For ex. their EUR/USD with Standard account is around 2 pips on average, but its still competitive.

also read our in-depth FXTM review

2. Alpari: Good ECN broker & Low minimum deposit

Alpari Nigeria

Overall Rating 8.9/10

Visit Alpari

  • Fees: On average 1.1 Pips for EUR/USD with Standard account.
  • Account Minimum: ₦0
  • Leverage: 1:1000 (with Standard, ECN Accounts)
  • Promotion: 30% deposit bonus for new traders.

Ranks #2 Forex broker in Nigeria

Alpari is one of the oldest broker in the world & also one of the largest in terms of monthly trading volume. We like the fact that they have a local office in Abuja, offer good trading environment that includes very competitive spread, good promotions, local deposit options, 24/7 support and multi platform support, thus making it a good choice for Nigerian traders. Investors will also like their very low minimum deposit, even with their very low fees ECN account.

Alpari was founded in the year 1998, and it is the second best forex broker in Nigeria as per our updated 2020 review. It offers a range of financial instruments including forex, CFDs on indices & spot metals. The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms.

Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread. One of the biggest features of Alpari is that it offers very low spread on major currencies such as EUR/USD.

In addition to above, Alpari also offers zero fees with all their deposit methods, 30% bonus offer for new users, and loyalty bonus for old users. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help.

Alpari Pros

  • Alpari is one of the oldest forex broker with over 2 million customers, so they can be trusted. They also have a local office & phone number in Abuja.
  • Wide range of deposit & withdrawal options for Nigerian traders. They even offer local bank deposit options.
  • Very low Minimum deposit starting from just ₦0.
  • Has local office in Nigeria & is Regulated by the Cyprus Securities and Exchange Commission (CySEC).
  • They offer ECN accounts that have very competitive spread & low minimum deposit.
  • They offer PAMM accounts for investors.

Alpari Cons

  • Limited currency pairs & CFDs with Nano & Standard account. But they offer 48 currency pairs, 2 metals & 18 CFDs with ECN accounts.

read our complete Alpari review

3. OctaFX – Low spread broker, commission free local deposits, withdrawals & 50% deposit bonus

OctaFX Nigeria

Overall Rating 8.9/10

Visit OctaFX

  • Fees: 1.1 pips typical spread for EUR/USD with MT4 Micro Accounts. And 0.7 pips (plus $0.3 per Mini lot) with ECN cTrader account.
  • Account Minimum: $50 (₦18,000)
  • Leverage: 1:500
  • Promotion: 50% Deposit Bonus on all deposits

Ranked #3 Forex Broker in Nigeria

OctaFX is a CySEC regulated forex broker that also accepts Nigerian clients. They offer good trading conditions including competitive spread, fixed as well as variable spread MT4 accounts, local Nigerian bank deposit & withdrawal methods, and multiple trading platforms i.e. MT4, MT5 & cTrader for mobile, web, and desktop.

OctaFX is a Forex & CFD broker that was established in 2011. They have 3 account types i.e: MT4 Micro account for new traders with spread starting from 0.4 pips, the MT5 account for expert traders with 0.2 pips spread & cTrader ECN account for Professional traders with the lowest raw spread & direct market execution. All their accounts have good trading conditions with support for Scalping & Hedging.

Their trading instruments on offer are limited though, as OctaFX offers forex trading on 28 currency pairs, and CFD trading on metals, energies, indices & cryptocurrencies. But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, and 3 main cryptos (Bitcoin, Ethereum and Litecoin).

Their support is also very responsive in handing issues. Their live chat support is available for 5 week days, and email support is available 24/7. They also have WhatsApp text support available. But they don’t have a Nigerian phone number currently.

The funding & withdrawal options at OctaFX are very wide for Nigerian traders. They offer instant funding via Skrill, Neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their GTBank account. Also they offer BTC funding & withdrawal.

OctaFX Pros

  • OctaFX is a CySEC regulated Forex broker, so it is safe for Nigerian traders to trade with them.
  • Their spreads for major currency pairs is competitive. For ex. their spread for EUR/USD starts from 0.4 pips even with their beginner MT4 Micro Account.
  • Local deposit & withdrawals options available in Nigeria, and they don’t charge any fees with this method. Also instant wallet funding and withdrawals options are available.
  • Their support overall is good, as their Live Chat Support is available 24/5, and their email support is available 24/7.
  • They have a 50% deposit bonus available for all deposits.

OctaFX Cons

  • OctaFX has lesser trading assets available as compared to other forex brokers. They have 28 currency pairs, CFDs on 4 metals, 10 indices & 3 cryptos (Bitcoin, Litecoin, Ethereum).

also read our detailed OctaFX review

4. Hotforex: FCA Regulated, Low spread & 100% Deposit Bonus

Hotforex Logo

Overall Rating 8.9/10

Visit Hotforex

  • Typical Fees: 1.2 Pips spread for EUR/USD with Micro Account & 0.3 pips with Zero account. This would be variable depending in the market conditions.
  • Account Minimum: $5 (₦1800)
  • Leverage: 1:1000
  • Promotion: Get 100% bonus on New deposits with at-least ₦30,000 deposit required.

Ranks #4 Forex broker in Nigeria

Hotforex is our recommended low cost broker for Nigeria. They have a local office & phone support in Nigeria & are a highly regulated broker (FCA, FSCA & CySEC). They are a 100% STP broker which ensures very fair dealing. Plus they offer very good order execution on all trades, have really low spreads for EUR/USD & other majors, and very good customer support as well. We highly recommend Hotforex for beginner traders looking for a well regulated low cost broker in Nigeria.

Hotforex was established in the year 2010. They are regulated with FCA (UK), CySec & even Financial Sector Conduct Authority (South Africa), so we find them to be a trusted broker for Nigerians.

They have very low minimum deposit, as low as $5. Also, they offer extremely competitive spread of 0.3 pips for EUR/USD with Zero Account (1.2 pips with Premium, Micro Accounts), 0.8 for USD/JPY, 0.6 for GBP/USD (this may vary depending on the market fluctuations).

Further, Hotforex offers trading on various platforms that can be accessed from Android, iPhone and desktop. You can trade on the MetaTrader 4 or Metatrader 5 platforms, both of which are the most widely used trading platforms in the world.

Hotforex also offers local bank withdraw and deposit methods for Nigerian traders, and there are many wallet options as well.

Hotforex Pros

  • Hotforex is a highly regulated broker, that is regulated by top-tier regulatory authorities FCA, FSCA & CYSEC. This ensures very fair dealing.
  • Very Low Minimum deposit requirements of $5.
  • Hotforex has one of the lowest spread of all the brokers that we have compared. Around 0.3 pips typical spread for EUR/USD with their Zero Account.
  • Very attractive 100% Sign Up bonus for new customers & good loyalty program for existing customers.
  • Hotforex offers local deposit options like bank transfers for Nigerian customers. You would need to talk to their Live chat for the local bank funding options.
  • Very good support available via Live Chat, Phone & Emails.

Hotforex Cons

  • A minimum deposit requirement of ₦30,000 to avail their deposit bonus for new clients. But this requirement is not too high.

read our Hotforex review

5. XM Forex: Fast Order Execution & tight spread

XM Forex broker

Overall Rating 8.8/10

Visit XM Forex

  • Fees: As Low as 0.8 Pips for EUR/USD with XM Ultra Low Account. And 1.7 pips on average with Standard & Micro Accounts.
  • Account Minimum: $5 (₦1800)
  • Leverage: 1:888 (Exact leverage will depend on the instrument you trade)
  • Promotion: Two-tier welcome bonus of 50% upto $500 & 20% up to $5000 for New Accounts. And zero deposit fees.

Ranks #5 Forex Broker in Nigeria

XM Forex is another broker that we definitely recommend to new Nigerian traders. If you are looking for a brokers that is regulated, offers 100% order execution in less than 1 second, has low spread, free research, multi platform support, and wide choice of trading instruments then XM is one of the best. Only downside with XM is that they don’t have a local office in Nigeria.

XM group is a part of “Trading Point of Financial Instruments Ltd” which was established in 2009. They are regulated by CySEC (Trading Point of Financial Instruments Pty Ltd) since 2015, and by the Australian Securities and Investments Commission (ASIC 443670) since 2013.

XM broker offers 55 forex currencies, and more than 350 CFD instruments on its platform. Further, the broker offers international live web seminars, free training & education to traders where you can learn about successful forex trading.

XM has three major account types, with very low starting deposit & competitive fees. Their EUR/USD spreads is as low as 0.8 pips with their Ultra Low accounts, which is one of the lowest in the industry. Moreover, they don’t charge any commission on with any of their trading accounts.

Another plus is their no re-quotes policy. 99.35% of order with XM are executed in under a second & the company has a strict no re-quotes policy, so instant order execution is guaranteed at XM.

XM broker also offers free research through its own in-house team of analysts. Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web.

XM Pros

  • XM is regulated with 2 top tier regulators i.e. CySEC (license number 120/10) & ASIC in Australia (License no. 443670).
  • XM has very competitive spread with Ultra Low account (0.8 pips for EUR/USD). Their spread is around 1.7 pips for EUR/USD with Micro & Standard accounts.
  • Fast Withdrawals, Negative Balance protection & very quick execution of orders.
  • XM has very responsive & knowledgeable chat support available 24/7.

XM Cons

  • XM does not have a local office in Nigeria, and they don’t offer local bank deposit options. But that should not be a worry since XM is a highly reputed broker.

also read our in-depth XM forex review

6. Exness: Very Low fees, Local deposit/withdrawals


Overall Rating 8.6/10

Visit Exness

  • Fees: As Low as 0.3 Pips for EUR/USD
  • Account Minimum: $1 (≈₦350)
  • Leverage: 1:2000 (with MT5 Accounts)
  • Promotion: No ongoing promotion(s).

Ranks #6 Forex broker in Nigeria

Exness is #5 in our recommended forex broker list for Nigerian traders. Exness Group is a regulated broker in UK & EU. They offer market Execution (but it is very fast), very competitive spread of as low as 0.3 pips for EUR/USD (even with Mini Account) & other pairs, $1 minimum deposit, multiple deposit options & fast withdrawals; it also offers local bank deposit in Nigeria. We recommend Exness for very fast execution & extremely tight spread.

Exness was founded in the year 2008 & it is one of the largest broker in terms of trading volume. It is regulated in UK by Financial Conduct Authority (FCA) under license number 730729 & the CySEC with license number 178/12.

Exness has a wide range of trading instruments to choose from with more than 120 Major & minor currency pairs. Further, with Exness you can trade on the advanced MetaTrader 5 platform that even has news feed.

In addition to this, Exness offers tight spreads in their three major account types. Minimum spread for currencies start from 0.1, which is quite low compared to various other brokers operating in the market. Exness does not charge any commissions for two of its account types.

The broker offers up to date financial news and technical analysis charts to its users so that they can invest better. Further, customer support is available 24X5 in eight languages and 24X7 in three languages. Another key feature is that withdrawals can be executed instantly upon request.

Exness Pros

  • Exness is a very reputed broker that is highly regulated in UK & EU.
  • Very low spread of as low as 0.3 pips for EUR/USD even with their Mini Account.
  • Just $1 deposit requirements with Cent & Mini accounts.
  • Local bank deposit option available for Nigerians. Other funding options include credit/debit cards & EWallets.
  • Instant withdrawal options are also available if you withdraw via wallets.
  • Their support is very good & responsive.

Exness Cons

  • The company could do better by offering Sign Up bonus to new traders & loyalty program for existing customers.

read our Exness review

7. Avatrade: Fixed Spread Broker

Avatrade Nigeria

Overall Rating 8/10

Visit Avatrade

  • Fees: 1.3 pips fixed spread for EUR/USD
  • Account Minimum: $100
  • Leverage: 1:1000
  • Promotion: 20% Deposit Bonus for new deposits (minimum $1000 required)

Ranked #7 Forex Broker in Nigeria

Avatrade is a fixed spread European Forex broker. They offer 1.3 pips spread for EUR/USD.

Avatrade Pros

  • Avatrade is regulated with FSCA & ASIC regulators.
  • They are a fixed spread broker, so their spread will remain the same regardless of the market conditions or time of the day you are trading.
  • Avatrade Charges zero fees on deposits & withdrawals
  • Local phone number for support is available to Nigerian traders

Avatrade Cons

  • Avatrade is not regulated with top-tier FCA (UK) regulatory authority.
  • Live Chat Support is available only during company’s business hours.
  • A bit higher spread for some minor & exotic currency pairs.

also read our in-depth Avatrade review

How we picked the best Forex Brokers in Nigeria

Unlike other review sites, we actually sign up with the brokers & test their actual platforms, support etc.

When we sign up with a broker we start by checking their registration process, any other ‘not so open’ terms & policies that could affect you later.

One key credential which we give importance in our comparison is that the broker has to be registered & regulated in Nigeria or some well known financial hub like US, UK, Cyprus, South Africa as this would safeguard Nigerian traders.

Then we look into the broker’s platform, the fees, ease & time take during funding & withdrawals, the customer support (does it have live chat, phone number & emails or not). Based on everything we have test, we then give a rating out of 10.

Here’s our 5 points Checklist that is review in every broker.

1. Regulation

There are various regulations that are in place for foreign exchange brokers. These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker. These regulations also safeguards the money that the traders deposit with the brokers, in case of any event.

Search Forex Brokers on FCA

These regulatory authorities protect the Investor’s money & also provide oversight in case of any violation by the broker. The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws.

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. 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 reviews regarding the brokers.

Check Brokers Reviews

In addition to this, another way is to ask the existing traders about the brokers. They will be able to guide you on the brokers that you need to avoid & the ones that you can go for.

By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision as to which broker to choose.

3. Trading Platforms

Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering. Usually, the best brokers in the business will give you multi-platform access i.e. the ability to execute trade orders from anywhere and from any device.

There are some brokers which only allow you to trade only through a web-based interface. It is always better to choose a broker which has a mobile interface as well, so that you can even trade remotely from your phone.

All the brokers that we have included in our list will 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.

4. Trading Fees (Is there any hidden charge?)

Broker fee is another crucial factor to be kept in mind. 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.

5. Customer Support

One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support.

Forex Brokers Customer Support

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.

Summary: best forex brokers in Nigeria

Forex Broker Regulation Spread (EUR/USD) Leverage Account minimum Forex Trading Platform(s) Start Trading
FXTM FCA, Cysec 0.4 pips with ECN, 2.0 pips with Standard 1:1000 ₦2000 MetaTrader 4, MetaTrader 5, Webtrader, iOS, Android apps get started
Alpari CySEC 1.1 pips for EUR/USD with Nano, Standard accounts. 0.7 pips with ECN accounts. 1:1000 ₦0 MetaTrader 4, Metatrader 5, Alpari Mobile App, Alpari Invest App. get started
OctaFX CySEC 1.1 pips for EUR/USD with MT4 Micro accounts. 0.5 pips with MT5 Pro account, and 0.7 pips with cTrader ECN account. 1:500 (Variable depending on account type & asset) $100 (₦36,000) MT4, MT5 & cTrader for mobile, web and desktop. get started
Hotforex FCA (UK), FSCA (South Arica) 0.3 pips with ECN, 1.2 pips with Standard 1:1000 ₦1800 MetaTrader 4, MetaTrader 5 for web & mobile get started
Exness FCA, CySEC As low as 0.3 pips with Mini Account up to 1:2000 ₦350 MT4 & MT5 for web, mobile devices, get started
XM Forex FCA(UK), CySEX, ASIC (Australia), IFSC(Belize) 0.8 pips with XM Ultra Low 1:888 ₦1800 MetaTrader 4, MetaTrader 5 for web & mobile get started
Avatrade Avatrade 1.3 pips fixed spread 1:1000 $100 Metatrader 4 for desktop & mobile get started

ForexTime is the #1 FX Broker