Forex Trading in Nigeria

Want to start trading forex but don't know how to start?
Use our below sections to compare forex brokers or learn forex trading using our guides if you are a beginner trader.

Featured Brokers

Here are our best rated forex brokers for Nigerian traders. We have listed these brokers after checking out all the popular brokers in Nigeria & then comparing their - spread (and non-trading fees), regulations, local funding & withdrawal methods, platforms, support & 8 more factors.

Hotforex Logo
Benchmark Spread on EUR/USD is 1.2 pips on average with Premium Account
Hotforex is regulated with FCA, FSCA & CySEC
Trading available on 49 forex pairs, 1000s of CFDs
Start with $5 deposit (Mini Account)
XM Logo
XM Trading
XM's lowest Spread on EUR/USD is 0.8 pips with Ultra Low Account
Regulated with ASIC (Australia), CySEC
Trading is available in 57 forex pairs & 1000+ CFDs
Min. Deposit is $5
Tickmill Logo
Spread from 1.6 pips with Classic account.
Regulated with FCA (UK), CySEC
Trading available on 62 currency pairs & 22 CFDs
Min. Deposit is $200
ForexTime (FXTM)
EUR/USD average Spread of 2 pips with their Standard account.
Regulated with FCA, CySEC & FSCA
59 currency pairs with Standard MT4 account
Min. Deposit: ₦2000 with Cent Account (₦40,000 for Standard Account)

Our Forex Trading Resources for Nigerian Traders

How to Trade Forex in Nigeria

See our intro guides on the popular Forex & CFD trading concepts. If you are a beginner then you should start from our what is forex guide, that has been written with Nigerian traders in mind.

Forex Trading in Nigera: Q&As

What is Forex Trading?

Forex or Foreign Exchange trading involves speculating on the price fluctuations of currency pairs and exchanging them with an intention to make a profit with each trade.

Unlike stocks, currency trades are in pairs. NGN/USD is one example. If you buy the pair, you are buying the NGN and simultaneously selling the USD and vice versa.

How can you start trading forex in Nigeria?

You can trade Forex online by opening an account with a Forex broker of choice. Online FX Trading in Nigeria is still unregulated with no local regulation in place currently; hence we recommend you sign up with the brokers regulated by foreign top tier market regulators such as FCA, FSCA or ASIC.