We compared & then selected the 8 best Forex brokers in Nigeria that are regulated with FCA (UK), CySEC & FSCA.
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.
List of 8 Best Regulated Forex brokers in Nigeria for 2021
There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with multiple Top-tier regulations, broker reviews, the amount of fee charged (even the hidden charges), leverage offered, minimum deposit, 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 including spread, leverage, regulation & other factors that you must look for in any reputed forex broker.
Here’s our updated list of the 8 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):
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 FCA in UK, CySEC in Cyprus, FSCA and FSC of Mauritius. FXTM is our recommended forex broker for Nigerian traders.
FXTM’s was founded in 2011 & they are a FCA regulated forex broker, which is a Top Tier regulation, so we consider them to be a safe broker. They offer 3 account types, all of them can be funded in USD or Naira & have very low minimum deposit requirements starting from ₦10,000 with the Micro 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. FXTM also has NAS100 instrument available to traders in Nigeria.
Another 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 has local offices in Lagos & Abuja. They offer English language customer support via Phone, Live Chat & email. FXTM 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.
Ranks #2 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 forex & CFD 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. Plus, Hotforex have ongoing deposit bonus promotion available for traders in Nigeria.
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, Gold CFDs and 5 main crypto CFDs against USD (Bitcoin, Ethereum, Ripple, Bitcoin Cash 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.
Ranks #4 Forex Broker in Nigeria
XM Forex is another CFD broker that we definitely recommend to Nigerian traders. If you are looking for a forex broker 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. But the main 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 their 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.
Ranks #5 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. They are 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 100+ Major, minor & exotic currency pairs. This is quite wide compared to other brokers. Further, with Exness you can trade on the advanced MetaTrader 5 platform that even has a news feed.
In addition to this, Exness offers tight spreads withtheir three major account types. Minimum spread for FX starts from 0.1, which is quite low compared to various other brokers operating in the market. Exness does not charge any commissions with 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 via some methods is executed instantly upon request.
Ranked #6 Forex Broker in Nigeria
Avatrade is a well regulated fixed spread European Forex broker. They offer 0.9 pips spread for EUR/USD, and their spread is generally quite low for most instruments. But Avatrade does not have a local office in Nigeria. They have Nigerian phone number for support, but the phone & English language chat support are not available 24/5, and are only available during their business hours.
Ranks #7 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.
Ranked #8 Forex Broker in Nigeria
IC Markets is an ASIC regulated ECN type broker that offers very Forex trading at very competitive fees. If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option.
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 7 points Checklist that you must review in every broker before signing up & depositing funds.
There are various regulations that are in place globally for foreign exchange & CFD 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 by ensuring segregation of funds.
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.
Also, remember that not all regulations are the same. Many CFD brokers register their clients under offshore regulation like IFSC (Belize), FSA (Mauritius) etc. Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators. A good forex broker will be regulated with multiple Tier-1 regulations like FCA, ASIC, CySEC etc.
You can check the CFD broker’s regulatory information on their website. Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website (mainly the footer section of the website), and will also have a page for regulatory information.
To give you an example, FXTM is regulated by FCA, FSCA & CySEC, which makes it a safer choice for traders in Nigeria compared to brokers that are not licensed anywhere. Similarly, Hotforex is also well regulated as it is licensed by FCA, FSCA, CySEC & few other major regulators.
Both these brokers mention their regulatory license numbers on their website footer section. Here is an example from FXTM’s website which mentions their license numbers.
Also, ensure to check the broker’s license number on Financial regulator’s website (most have a public search page to find regulated/licensed brokers). Some brokers may claim to be licensed, but in reality might be using a fake license number.
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.
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 on which broker you should choose.
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 app interface as well, so that you can even trade remotely & manage your orders from your phone.
All the brokers that we have included in our list will allow you to trade on the most popular forex trading platforms i.e. MT4 & MetaTrader 5. Metatrader includes numerous tools & features like charting, technical analysis tools, news feed, Expert Advisors & multi device support.
Normally, the brokers will list all their available platforms on their website. And it matters to check it!
For example, many traders in Nigeria prefer Metatrader 4 platform over others. But some of the brokers like Plus500 for instance does not offer Metatrader, they instead only have their own proprietary platform for traders.
So, you should check out this information before signing up, whether the platform of your choice is available or not. But if you are comfortable using proprietary platforms by brokers too, then you should not be too concerned.
Forex Broker’s fee is another crucial factor to be kept in mind. There are many CFD 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.
You can check a forex broker’s spread for each currency pair on their website. Almost all CFD brokers list their ‘Available Instruments’ & the associated fees, spread for each instrument.
The above example highlights the EUR/USD spread at FXTM with each account type. You can browse their spread with each account type & then compare. Similarly you can check the spread for other instruments by checking contract specifications for every instrument on ForexTime.
One of the most important metric that we give importance to while comparing and recommending a broker is the standards of 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.
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.
You should check carefully whether the instrument or currency pair that you want to trade is available at the broker or not. In most cases, the good forex brokers will list all the available instruments & it’s trading fees directly on their website. So you would be able to check it before making a decision about a broker.
As an example, this ‘Contract Specifications’ page on ForexTime’s website has a table of all the trading instruments which they offer. The table also shows their fees for each instrument, plus you have the option to check the each instrument individually & check fees with each account type.
If you are not able to find this information on the broker’s website then talk to their support & ask for this information. Find out the exact fees for the instrument that you want to trade mostly & then compare it with the fees that other regulated forex brokers are offering.
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 supports 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.
|Forex Broker||Regulation||Spread (EUR/USD)||Leverage||Account minimum||Forex Trading Platform(s)||Start Trading|
|FXTM||FCA, Cysec||0.4 pips with ECN, 1.9 pips with Standard||1:1000||₦2000||MetaTrader 4, MetaTrader 5, Webtrader, iOS, Android apps||get started|
|Hotforex||FCA (UK), FSCA (South Arica)||0.3 pips with ECN, 1.2 pips with Standard||1:1000||$5||MetaTrader 4, MetaTrader 5 for web & mobile||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|
|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|
|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|
|Avatrade||Avatrade||1.3 pips fixed spread||1:1000||$100||Metatrader 4 for desktop & mobile||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|
If you are a beginner trader then you must look for a broker that offers – a demo account, has low spread commission-free live trading accounts, must be regulated, and offer educational resources. Based on our research of 20+ forex brokers operating in Nigeria, here are our top picks:
To open your trading account you need to follow these 3 steps.
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.
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. Hotforex, FXTM & XM offer free demo accounts for beginners, so you can look into their demo accounts.
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.
There are few things that you must consider. The most important is the regulation of the broker, make sure that the broker that you are about to choose is regulated with minimum 1 top tier regulator like FCA, ASIC, CySEC or FSCA.
Other important thing is to check the reviews of a broker, as this will give you idea about the broker’s history of dealing with their clients, their fees, support, platforms, execution. A good broker will generally have more positive reviews by genuine clients, and also see how the broker responds to negative reviews as this is a good indication of their support.
If you are a professional trader then you should consider an ECN broker or STP broker that offers Raw spread & the lowest commissions per lot for the instruments that you mostly trade.
FXTM is the #1 FX BrokerVisit