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Best Forex Brokers in Nigeria 2023

We have listed the best registered forex brokers for traders in Nigeria after comparing the spread, regulations, platform & more of 30+ forex brokers.

TradeForexNigeria Editor

Forex Trading in Nigeria is currently unregulated, though it is not illegal. Currently there are no locally regulated brokers in Nigeria.

So if you are looking to trade forex, then it is advised to trade with popular foreign brokers that are regulated with global regulators like FCA, ASIC, CySEC or FSCA. And you should avoid brokers that are regulated with only offshore regulators.

Most major forex brokers accept traders from Nigeria. Also, there are also a few popular brokers that currently have local offices & offer local funding withdrawal methods.

To make the search easier for you, we have listed the forex brokers that you can safely trade with.

Our comparison is based on 11 factors including no. of global top-tier regulations, spread, support, mobile app & more factors.

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Comparison Table of Best Forex Brokers in Nigeria

Forex Broker Minimum Deposit Average GBP/USD spread Regulation Max. Leverage Available instruments Visit
Minimum Deposit: $5
Lowest GBP/USD spread*: 0.3 pips (plus $7 per lot commission)
Regulation(s): FCA, FSCA, CySEC
Max. Leverage:1:1000 (with Micro account)
Available instruments: 53 currency pairs, and 1000+ CFDs
Visit Broker
Minimum Deposit: $5
Lowest GBP/USD spread*: 0.7 pips
Regulation(s): CySEC
Max. Leverage:
Available instruments: 57 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $1
Lowest GBP/USD spread*: 1 pips
Regulation(s): CySEC, FSCA
Max. Leverage:
Available instruments: 107 currency pairs, 100+ CFDs
Visit Broker
Minimum Deposit: $50 (₦10,000)
Lowest GBP/USD spread*: 1.8 pips
Regulation(s): FCA, CySEC, FSCA
Max. Leverage:
Available instruments: 63 currency pairs, 500+ CFDs
Visit Broker
Minimum Deposit: $100
Lowest GBP/USD spread*: 0.9 pips
Regulation(s): CySEC
Max. Leverage:
Available instruments: 35 currency pairs, 40+ CFDs
Visit Broker
Minimum Deposit: $100
Lowest GBP/USD spread*: 0 pips (plus $4 commission per Standard Lot)
Regulation(s): FCA, FSCA, CySEC
Max. Leverage:
Available instruments: 62 currency pairs, 19 CFDs
Visit Broker
Minimum Deposit: $100
Fixed GBP/USD spread: 0.9 pips
Regulation(s): ASIC, FSCA, CySEC
Max. Leverage:
Available instruments: 55 currency pairs, 100+ CFDs
Visit Broker

Let’s look into the detailed trading conditions, fees & other important factors of each broker that is included in our list.

#1 HF Markets – Best Forex broker in Nigeria Overall

Hotforex Nigeria

Rating: 9.0/10

Global Regulation(s): FCA (UK), FSCA, FSA

Minimum Deposit: $5

Available Platforms: MT4 & MT5 platforms, for PC, web, and mobile

HF Markets, previously known as HotForex is our highest rated forex broker that we recommend for traders in Nigeria. They are a forex and CFD broker, that is regulated with multiple global regulators, so trading with them is considered safe. Nigerian clients at HF Markets are registered under SVGFSA regulation with HF Markets (SV) Ltd..

In terms of top-tier regulation, HF Markets is regulated by FSCA in South Africa and FCA in the UK. The deposited funds are safe as HF Markets claims to segregate the funds from the operational expenses of the company.

In terms of Trading Fees: HF Markets is 100% STP broker which means all your orders are placed without intervention by the broker, so there is no conflict of interest. They provide very low spreads in the market. For a major pair like EUR/USD, the benchmark spread is around 0.3 pips + $6 per lot for the Zero account, and 1.3 pips for the Premium or Micro account.

Commission of $3 per standard Lot per side is charged by HF Markets on Zero accounts. A rollover fee is charged on overnight holdings. There is no deposit and withdrawal fee, so that is a good thing. But they do charge inactivity fees if you don’t operate your account for a few months.

In terms of trading Conditions & Support: They accept deposits in USD or EUR, as well as Naira via bank deposits and withdrawals in GT bank. You can also set Nigerian Naira as your base currency.

HF Markets provides MT4 and MT5 trading platforms, which are available on Desktop (PC and Mac) as well as on mobile (Android and iOS) and a WebTrader. They also offer educational resources that are suitable for both beginners & professional traders in the form of e-courses, video tutorials, webinars, events, how-to videos. Customer support is quick and easily reachable via chat, email & local phone support in Nigeria.

What we like about HF Markets

  • HF Markets is regulated with multiple top-tier regulators including FCA & FSCA
  • They charge zero fees on deposits & withdrawals.
  • Multiple account types to suit the needs of different types of traders
  • HF Markets has negative balance protection, and segregation of funds for investor protection.
  • They have 24/5 support via Live chat & email. Plus, they also have a local phone number for support.
  • Accounts can be opened with NGN as base currency
  • HF Markets has local office in Nigeria

What we don’t like so much about HF Markets

  • Inactivity fees: HF Markets charges inactivity fees if you don’t operate your account for 3 months.

#2 XM – Best Low Spread Forex Broker in Nigeria

XM Forex Broker

Rating: 8.2/10

Global Regulation(s): CySEC, IFSC

Minimum Deposit: $5

Available Platforms: MT4 and MT5 for PC, Mac, Android, & iOS; XM App for Android & iOS

XM is a CySEC regulated forex and CFD broker (license number 120/10) but it is not regulated by any tier 1 regulatory authority. The regulatory license is held under the name of its parent firm called ‘Trading Point of Financial Instruments. Nigerian clients at XM are registered under the regulation of the Financial Services Commission (FSC) of Belize with XM Global Limited.

It claims to have served more than 5 million clients from 196 countries since its incorporation in 2009.

The spreads at XM are as low as 0.6 pips with the Ultra-Low Account type and 1 pip with the Standard and Micro Account type. All the forex and CFD trading account types at XM are commission-free but the shares trading account involves a commission.

Clients cannot choose Naira (NGN) as the base currency of the account but they can choose from 11 different currencies including USD, EUR, & ZAR.

The maximum leverage at XM is 1:888 which gets reduced to 1:200 if the account balance is more than $20,000 and 1:100 if the account balance is more than $100,000.

The minimum deposit, as well as the withdrawal amount at XM, is 5$. However, it can differ depending on the method of transaction selected by the client. They accept deposits and withdrawals through multiple credit cards, bank wire transfers, and electronic payment methods.

What we like about XM

  • XM offers trading at low spreads with no commission
  • No deposit or withdrawal fees are charged
  • Multiple account types are available to suit different types of traders
  • Low minimum deposit requirement ($5)
  • Negative balance protection is offered on all account types

What we don’t like so much about XM

  • NGN-based trading account is not available at XM
  • No local phone number available for customer support
  • XM does not have a local office in Nigeria
  • Nigerian local bank deposits are not available
  • XM is not regulated by any top-tier regulatory authority

#3 Exness – Best Forex Broker for Beginners in Nigeria

Exness Nigeria

Rating: 9.0/10

Global Regulation(s): CySEC, FSCA

Minimum Deposit: $1

Available Platforms: MT4 and MT5 for PC, Mac, Web, Android, & iOS

Exness is regulated by FSCA (FSP no. 51024) and CySEC (178/12). It was launched in 2008 and offers trading on more than 200 instruments including 107 currency pairs.

It offers 5 different account types and the fee structure depends on the account type chosen. The Standard and Standard Cent accounts are commission-free with spreads starting from 0.3 pips. The average typical spread for EUR/USD with the standard account is 1 pip.

The 2 professional accounts namely Raw Spread and Zero involves a commission of 7$ per round trade. The spread is 0 for EUR/USD with Raw Spread and Zero accounts. The Pro account involves no commission and the spread for EUR/USD is 0.6 pip.

Exness does not offer NGN-based accounts and the minimum deposit requirement is as low as 1$ depending on the method of transaction. It allows trading with unlimited leverage if the account balance is less than 999$ which gets restricted to 1:2000 if the account balance is 999-4999$.

A large variety of transaction methods are available including local bank deposits, e-wallets, and cryptocurrencies. The customer support service is decent but there is no local phone support available in Nigeria

What we like about Exness

    • Low minimum deposit requirement
    • Lower spreads than many of the regulated forex brokers in Nigeria
    • A large number of currency pairs (107) are available to trade
    • Multiple choices of account types to suit different types of traders
    • Exness allows local bank transfer in Nigeria

What we don’t like so much about Exness

  • No local phone support in Nigeria
  • NGN based account types not available
  • No bonus offered

#4 FXTM – Best ECN Broker in Nigeria

FXTM logo

Rating: 8.6/10

Global Regulation(s): FCA, CySEC, FSCA

Minimum Deposit: ₦10,000

Available Platforms: MT4 and MT5 for PC, Mac, Web, Android, & iOS

FXTM is a well-regulated forex and CFD broker that charges average spreads and commission. It can be a suitable broker for Nigerian clients due to the availability of NGN-based account types and commission-free local bank transfer.

FXTM is regulated by FCA in the UK (600475), FSCA in South Africa (46614), and CySEC in the EU (185/12). Nigerian clients at FXTM are registered under the Financial Services Authority (FSA) of Seychelles. The multiple top-tier offshore regulatory license makes it much safer than many of the best forex brokers in Nigeria. It is a reputed and award-winning forex and CFD broker that uses the STP method for the execution of trades.

The trading fees are decent when compared with other regulated brokers in Nigeria. The MT4 Micro account type requires a minimum deposit of ₦10,000 with spreads starting from 1.5 pips.

The commission-based Advantage account can be opened with MT4 and MT5 and requires a minimum deposit of ₦80,000. The spreads with the Advantage account start from 0 but it involves a commission of 0.4$ to 2$ depending on the volume. A minimum of 0.4$ will be charged on each side of the trade regardless of the volume.

Each account type is available with NGN as base currency which is an added advantage for Nigerian clients. The deposits and withdrawals can be conveniently done via a local Nigerian bank transfer. It also has a local office in Lagos with multiple local phone numbers for customer support. The support service through the live chat window is also helpful and user-friendly.

FXTM allows trading on 63 currency pairs more than 1000 CFDs on commodities, stocks, and indices. The max leverage ratio is 1:1000 for Micro and 1:2000 for Advantage account. The research and education tools are excellent making it ideal for the beginner as well as professional traders. Due to its excellent track record and added features exclusively for Nigerian clients, FXTM can be a good choice for trading forex and CFDs.

What we like about FXTM

    • Low minimum deposit requirement
    • Multiple top-tier regulatory license
    • Availability of NGN based trading account
    • The research and education tools are excellent
    • FXTM allows commission free local bank transfer in Nigeria
    • Local office and local phone support available in Nigeria

What we don’t like about FXTM

  • The spreads at FXTM are slightly higher than some of the regulated brokers
  • It charges an inactivity fees during withdrawals if done after 3 months of inactivity

#5 OctaFX – Low Spread Broker with Local Bank Deposit

Octafx logo

Rating: 8.4/10

Global Regulation(s): CySEC

Minimum Deposit: 25$

Available Platforms: MT4 and MT5 for PC, Mac, Web, Android, & iOS

OctaFX is a low-cost forex and CFD broker that uses STP method for order execution. The cost-efficient forex trading at OctaFX comes with excellent research tools and convenient funding methods.

OctaFX is regulated by CySEC in the EU (372/18) that is a tier 2 regulatory license. Nigerian clients are registered under FSA regulations of St. Vincent and the Grenadines. Apart from this, the broker does not hold any other top-tier regulatory license. This makes it less safe than many of the forex and CFD brokers in Nigeria. However, it can still be chosen in Nigeria due to the CySEC license.

It allows traders to choose between MT4 and MT5 account types which have similar features. The minimum deposit requirement is 25$ for both accounts but depends on the method of transaction. It accepts local bank deposits and withdrawals in Nigeria without any added commission.

The spreads start from 0.6 pips with no added commission. This is lower than many of the forex and CFD brokers in Nigeria. The number of available instruments to trade is slightly lower than many competitors in Nigeria. The maximum leverage is 1:500 for currency pairs.

OctaFX customer support is excellent with the live chat window but there is no availability of local phone support in Nigeria. Clients cannot open an NGN-based account at OctaFX as USD and EUR are the only available currencies.

What we like about OctaFX

    • Low spreads on major currency pairs
    • No commission involved
    • The research and education tools are helpful
    • OctaFX support commission free local bank transfer in Nigeria

What we don’t like about OctaFX

  • NGN based trading account are not available
  • Local phone support is not available at OctaFX
  • No top-tier regulatory license

#6 Tickmill – Well regulated broker with local bank deposit

tickmill logo

Rating: 8/10

Global Regulation(s): FCA, FSCA, CySEC

Minimum Deposit: 100$

Available Platforms: MT4 and MT5 for PC, Mac, Web, Android, & iOS

Tickmill is a well-regulated forex and CFD broker that allows trading on various instruments with different fee structures. The minimum deposit requirement is high (100$).

Tickmill can be considered safe as it holds a regulatory license from FCA (717270), CySEC (278/15), FSCA (49464), BaFin, and FSA (SD008). Nigerian clients are registered under Tickmill Ltd regulated by the Financial Services Authority of Seychelles. The third-party risk of trading with Tickmill is comparatively lower.

There are 3 account types at Tickmill, each available with USD, EUR, and GBP as the base currency. NGN-based accounts are not available. The classic account is a commission-free account with a slightly higher spread starting from 1.6 pips. The Pro account charges the traders with a fixed commission of 4$ per round trade with spreads as low as 0 pips. Similar spreads can also be enjoyed with the VIP account at half the commission but the minimum deposit requirement is 50,000$ for the VIP Account.

A total of 62 forex pairs, 16 indices, 2 metals, 4 bonds, 3 crypto pairs can be traded with different margin requirements for each asset class. Max leverage for currency pairs is 1:500 for every account type.

There is a welcome bonus of 30$ that is not withdrawable but the profits made on the bonus amount can be withdrawn. Deposits and withdrawals can be done with local bank transfers, debit/credit cards, and e-wallets like Skrill, Neteller, Sticpay, etc. Deposits and withdrawals are processed within 24 hours with the local bank transfer in Nigeria. The minimum deposit and withdrawal amounts are 100$ and 25$ respectively for every available method.

What we like about Tickmill

    • Multiple top tier regulation makes it less risky
    • multiple account types to suit different types of traders
    • Local bank transfer available in Nigeria
    • Live chat customer support is user-friendly

What we don’t like about Tickmill

  • NGN based trading account are not available
  • Local phone support is not available in Nigeria
  • The minimum deposit requirement is high

#7 AvaTrade – Top regulated market maker

AvaTrade Logo

Rating: 7.6/10

Global Regulation(s): FSCA, ASIC, CySEC

Minimum Deposit: 100$

Available Platforms: MT4 and MT5 for PC, Mac, Web, Android, & iOS

Avatrade is a market maker broker but can be considered safe due to multiple top-tier regulatory licenses. It is regulated by FSCA (45984) in South Africa, ASIC (406684) of Australia, CySEC (347/17) of the European Union, and several other regulatory authorities. Nigerian clients have registered under regulation of B.V.I Financial Services Commission with Ava Trade Markets Ltd.

There are no choices of account types. Each trader gets the same account but it can be upgraded to DupliTrade and ZuluTrade accounts. The base currency of the account can be chosen between USD, EUR, GBP, and AUD. There is no trading commission involved and the spreads are lower than many of the regulated forex and CFD brokers in Nigeria.

Deposits and Withdrawals can be done through debit/credit cards, wire transfers, Skrill, and Neteller. The minimum deposit amount is 100$ and the deposits are reflected instantly in the account balance. Withdrawals can take up to 3 working days depending on the method chosen.

The customer support service at AvaTrade is decent but local phone support is not available. There is a welcome bonus of 20% that can only be used to trade and cannot be withdrawn. Overall, it is a good broker as the spreads are tight and multiple regulations make it safe.

What we like about AvaTrade

    • Multiple top tier regulation makes it less risky
    • No trading commission involved
    • Live chat customer support is user friendly

What we don’t like about AvaTrade

  • NGN based trading account are not available
  • Local phone support is not available in Nigeria
  • The minimum deposit requirement is high
  • There are no options to choose account type

How to Choose the Best Forex Broker?

We have created a quick 6 point checklist that you should look for while choosing a forex broker.

1. Regulations: Regulated brokers are safe to trade with, hence it should be the number one criterion. Since Nigeria has no local regulations currently, ensure the broker is regulated with at least one globally reputed regulator like FSCA or FCA. We also suggest avoiding those brokers who claim to be regulated but are actually licensed under island regulations like Belize, VFSC, etc.

Regulated brokers generally mention their regulatory license detail along with the license number at the footer on their official website. These details of the regulatory licenses mentioned on their website can also be cross-checked for authenticity.

Clients from each jurisdiction are registered under a particular regulatory authority. For example, Australian clients are mostly registered under ASIC regulation. Nigeria does not have a local regulatory authority governing the forex and CFD brokers. Hence, it is important to acknowledge the regulation under which the clients are getting registered.

The regulations can greatly affect the trading experience as max leverage, instruments, and trading conditions are structured according to regulatory compliance.

Hotforex footnote regulatory license

FXTM regulation details at footnote of the website

Clients can visit the website of the concerned regulatory authority to check the register of licensed brokers and trading service providers. The license number or the name of the broker can be used to search the details of their regulatory license.

FCA financial register query for HF

For example, the details of the FCA regulatory license can be checked online on Financial Services Register at FCA official website at register.fca.org.uk. On their public search, you can search the broker’s license number or their Registered company name.

CySEC’s website displays the details of licensed firms under the list of approved domains under the ‘regulated entities’ section. You will find a list of all the licensed firms under various categories, so you can verify whether your broker is an approved dealing member or not.

You must also be aware of the scam brokers that may dishonestly claim to be regulated while showing the license number of other licensed brokers. The following table mentions the regulatory licenses held by the Best Regulated Forex Brokers in Nigeria.

HF Markets

Clients must cross-check the current regulatory status of the brokers before choosing any. The authenticity of the regulatory license can be cross-checked from the official website of the regulatory authority. The broker name and the license number can be used to search for the details of the regulation.

As forex trading is currently not regulated in Nigeria, clients are at their own risk if there is a dispute between brokers and clients. Hence, Nigerian clients must double-check the regulation and safety of their funds with the broker before opening their accounts.

Clients residing in Nigeria must check the regulatory licenses held by the broker and the regulation under which they are getting registered with the chosen broker.

2. Trading fees: Brokers mainly charge spread on a trade, commissions per lot (if any), and other hidden charges in some cases. Brokers also charge overnight charges in the form of rolling fees if the position is held open overnight. There may also be deposit and withdrawal charges every time you make a transaction. Make sure the overall fee is as low as possible, and look into the withdrawal fees, and inactivity charges as they might add up to a lot in the longer run.

Spread in CFD trading is the difference between the bid and ask price of the CFD instrument. Wider spreads mean lesser gain for the traders and higher revenues for the broker and liquidity providers. Spreads are mostly floating or variable but some brokers can also offer fixed spreads on a few instruments.

Swap fee is only applicable when a leveraged position is kept open overnight. If you prefer trades of more than a day, you must check the swap rates on instruments. Each CFD instrument has different swap rates for long and short positions.

Also, some brokers increase spreads during periods of high volatility, which may eat away at your profits, hence you should check the historical spreads of a broker’s available instruments before making a decision. Each instrument can have different spreads at different times of the day. Clients must get familiar with the timings when the spreads are lowest and trade accordingly.

You can check a forex broker’s fees from their website before signing up. Most forex brokers have a list of trading instruments on their website where they compare the spread for each instrument for different account types.

The following table compares the spreads for EUR/USD and Gold (on basic standard accounts) incurred from the best forex brokers in Nigeria.

Broker EUR/USD Gold/USD
HF Markets 1.3 0.25
XM 1.7 0.35
Exness 1 0.20
FXTM 1.9 0.54
OctaFX 0.9 0.35
Tickmill 1.7 0.4
AvaTrade 0.9 0.29

For example, the following table from XM Broker’s website highlights their typical & lowest spread for GBPUSD currency pair with their Ultra-Low Standard Account. You can use their search in the table to check the spread for any desired instrument.

Compare Forex broker Spread

Similarly, all other forex brokers also have such lists on their websites where you can compare the spread. If you don’t find it, then you can enquire through the broker’s customer support for the trading fees of each instrument. Any regulated CFD broker will always provide you with this information before as well as after opening the account.

3. Platforms: Trading platform is meant to make trading comfortable. MetaTrader trading platform (MT4 and MT5) is often a good start for serious beginners. It is even better if the platform offered supports mobile trading. Below is a picture of how the MetaTrader 4 trading platform will look on PC.

MT4 trading platform

There are plenty of features and tools on each trading platform that can enhance the trading experience. It is important to spend time and effort learning about the features and use of a platform before trading real money.

Practicing demo trading with a broker that you are about to choose can help with the decision, but remember that live trading conditions would vary. Use the demo to get a hang of the broker’s platform, and see if you are comfortable using it.

Also check whether the broker offers its MetaTrader or other platforms on Mobile device (both iOS & Android). Almost all the forex brokers that have MetaTrader also have an app.

There are also some brokers that have their own proprietary platforms, other than third-party MetaTrader or cTrader. For example, Plus500 & eToro both have their own platforms, and both these forex brokers don’t offer MetaTrader.

If you are a trader who prefers using MetaTrader, then you should avoid the CFD brokers who don’t offer the MetaTrader platform.

4. Order Execution: Order Execution must be quick, without any re-quotes or slippage. Some brokers provide instant execution of orders (mostly with market maker brokers) while others provide Market Execution (price is generated while execution, hence a possibility of slippages). So, it is important to check the execution type & historical experiences of other traders in regard to the speed of execution.

5. Support & Education: Customer Support should be available 24/5 via chat, emails. and provide quick responses to emails within 1-2 hours. If there is a Nigerian phone number for support, then it is even better.

In our review of various Forex platforms, we found that HF Markets and FXTM offer local phone numbers for support. Almost every regulated broker has live chat support. the quality of the support service can be different for each broker. Traders can raise a random query to check the quality of support service on their own.

6. Ease of Deposit and Withdrawal in Nigeria: The convenience of deposit and withdrawal can have a major impact on the trading experience with any of the forex and CFD broker. You may not want to trade with a broker that has limitations, restrictions, or penalties on your preferred mode of transaction.

Traders must check all the conditions for the preferred method of transaction. Some brokers provide details of the transaction methods under the ‘Deposit and Withdrawal’ section. You can also inquire the customer support executives about deposit and withdrawals methods and conditions.

FXTM Nigerian local bank deposit

Most Nigerian traders prefer to transact with Naira (NGN) from local banks but many offshore regulated brokers do not support deposits and withdrawals in Naira.

Among the regulated forex brokers in Nigeria, FXTM, HF Markets, Exness, & OctaFX, are the only 4 that offer local bank transfers in Nigeria. The minimum amount, transaction fees, and currency conversion fees (if any) should be checked for every method of deposit and withdrawal separately.

Checking the fees applied during currency conversion is very important. The losses due to this can be even more than 10% of the transaction cost at some brokers. For example, if the current exchange rate is N700, but your broker offers you N730 rates during deposits, but charges N660 during withdrawals.

In the example above, the broker (or their payment gateway or both), are charging a markup of N30 during deposits, and N40 during withdrawals. That is a total markup of N70 per USD for a complete transaction & its reversal.

It is very common for forex broker to charge fees during currency conversions to local currency. You must check the exact exchange rates with the broker for deposits & withdrawals to be sure that you don’t lose your money during funding & withdrawals.

If your broker charges very high markups, you should not trade with such a broker.

What to Avoid While Choosing Best Forex Brokers?

There are a few common mistakes the new traders do while searching for the best forex brokers in Nigeria.

  • Do not rely completely on suggestions of friends or family. When someone suggests forex brokers, it is likely because he/she is trading with same or could receive referral bonus.

  • You must do your own research. Checking reviews and gathering data can greatly assist but your selection should be based on your preference. A suitable broker for one trader may not be ideal for the other trader.

  • You must not fall for the prey. Many fake or unlicensed brokers offer lucrative bonuses to attract new traders. The bonus offers must be utilized but only after choosing a broker based on the above-mentioned factors.

  • Do not make a decision only due to low fees. Brokers with low fees are always preferred by beginners but fake brokers take advantage of this preference. They may offer very low and unrealistic fees to get your deposits. Regulations must be checked thoroughly.

  • Leverage is a two-edged sword. Involving leverage in trades allows traders to open large positions with a smaller account balance. Profits can be increased with leverage but the losses will also be high with high leverage. Many countries have certain limits on leverage but no such limits are there in Nigeria. Beginners must not choose brokers only because they offer the high leverage. Instead, leverage usage should be kept low in the initial phase.

  • CFD trading is not suitable for everyone. Forex or CFD trading should not be done because someone you know is doing it or someone has made too much money. It is a risky financial market and may not be ideal for you. Identify your trading objectives, do some research and analysis combined with disciplined planning and strategy.

Frequently asked questions

Which forex brokers are registered in Nigeria?

Currently, there are no forex brokers registered with regulators in Nigeria. All the forex brokers that accept traders from Nigeria are foreign CFD brokers. So it is really important to choose the brokers that are reputed & licensed by multiple foreign Top tier regulators.

HF Markets is the #1 forex broker as per our ratings because of their regulation with multiple Tier-1 & Tier-2 regulators i.e. FCA, FSCA, CySEC & others.

You can choose any forex broker that is regulated by major regulators like ASIC, FCA or CySEC. Forex brokers like FXTM, Exness & others, which are regulated by more than one of these regulators are generally considered safe.

What are the best forex trading platforms in Nigeria?

The most widely used forex trading platform is Metatrader 4 & it is used by nearly 80% traders in Nigeria. Almost all forex brokers including HF Markets, OctaFX, XM, offer MT4 & MT platforms, including support for web, desktop & mobile app.

There are some brokers like Plus500 that offer their own proprietary platforms, but you should choose MetaTrader brokers instead as you will get more customization options including support for EA, custom indicators, etc.

Which Forex brokers are registered in Nigeria?

Currently only 3 forex brokers i.e. HF Markets, OctaFX, ForexTime have local offices in Nigeria, although they are not regulated by Nigerian regulators. Most other forex brokers are operating from foreign countries. All these 3 CFD brokers have offices in Lagos & local phone numbers for support.

These brokers also accept local bank transfers as a deposit option in Nigeria, and also offer a Naira withdrawal option, so you can withdraw your trading balance locally.

Which Forex Broker in Nigeria has the lowest fees?

The trading charges can vary depending on the instruments. Also, some brokers may claim to have a low spread but instead charge a markup on other non-trading services like deposits & withdrawals, and inactivity.

We checked the spread & overall fees for the most popular currency pairs like EURUSD, GBPUSD & other trading instruments like CFDs on Gold. Based on our research, HF Markets, XM, Tickmill & OctaFX has the lowest fees in comparison to other brokers.

Which forex brokers accept local deposits in Naira?

FXTM, HF Markets, Exness & OctaFX accept local bank deposit options in Nigeria. All these brokers also offer withdrawals in Naira to any local bank account in Nigeria. The withdrawal time for Bank transfers is varied depending on the broker. FXTM processes it in 24 hours, while other brokers take longer.

There may also be extra hidden charges with some of these brokers during withdrawals (if not for funding) in the case of FXTM there is a 1 USD charge with one of its NGN withdrawal methods, so you should check the fees being charged for funding & withdrawal.

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