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Best Forex Brokers in Nigeria for 2024: Top Picks for NG Forex Traders!


Success in forex trading in Nigeria has become popular due to the potential of receiving huge returns. However, due to many forex brokers offering different trading platforms, it is important for traders to select the regulated and best forex broker in Nigeria.

This guide focuses on the best forex brokers in Nigeria, which will enable you to make wise decisions and have a profitable trading experience. So, let’s get started!

Key Takeaways

  • Forex Brokers in Nigeria are regulated by SEC.
  • They offer a wide range of trading platforms like MT4 and MT5.
  • Top Brokers for forex in Nigeria have low fees and good commissions.
  • They offer a huge range of educational resources for beginners and pro traders.

10 Best Forex Brokers in Nigeria

Detailed View of Top 10 Forex Brokers in Nigeria

We have reviewed a list of registered top forex brokers in Nigeria and their top features, pros & cons, regulations, & fee structure. Take a look here-

1. Exness

Exness
Source – exness.com

Exness is a popular forex broker known for its user-friendly trading platforms and tight pricing. Top forex traders in Nigeria have embraced the platform due to its reliable services and dedication to creating a safe trading environment. Visit our Exness review to learn more about its overall trading aspects.

Why We Choose It?

We opted for Exness due to its solid adherence to regulatory standards, sophisticated trading technology, and top-notch customer service. It is distinguished among Nigerian forex brokers by its provision of various account types and flexible payment methods.

Key Features

  • Exness provides the tightest spreads in the market, making trading more economical.
  • It offers user-friendly and cutting-edge trading platforms for all types of traders.
  • Customer support here is available 24 hours a day in many languages for the convenience of the traders.
  • Exness is regulated by some of the world’s best financial authorities that guarantee a safe and reliable trading environment.

Pros

  • Offers low minimum deposit.
  • Allows automated trading using MetaTrader’s Expert Advisors (EAs).
  • Offers high execution speed, which minimizes slippage.
  • Has options for various account currencies, including local ones.
  • Strong security measures for clients’ funds and personal data.

Cons

  • Limited range of trading tools.
  • Fixed spread accounts not available.
  • Offers fewer promotions and bonuses in comparison to other brokers.

2. FBS

FBS
Source – fbs.com

FBS is a Forex and CFD broker founded in 2009 that provides services to over 17 million accounts worldwide. The company has wide market coverage and conducts trading in 190 countries worldwide. According to vivid FBS reviews, it is one of the regulated forex brokers in Nigeria, which guarantees secure and reliable trading options for clients.

Why We Choose It?

We chose FBS because it has distinguished itself as the best forex broker in Nigeria, thanks to its extensive range of educational materials, favourable trading terms, and strong compliance with the law. Its dedication to the customer and support within the Nigerian forex industry make it a popular choice among newbies and experts in trading.

Key Features

  • FBS has types of accounts to meet all traders’ needs.
  • The forex trading platform includes leverage options of up to 1:3000.
  • Copy trading is another service offered by FBS in which new traders may copy the experienced experts.
  • FBS also provides special educational programs that are meant to expand the knowledge of the traders.
  • FBS provides many options for making deposits and withdrawals by electronic payment systems.
  • It offers assistance in a variety of languages to ensure a broader base of customers.

Pros

  • Provides several bonuses to add to the trading currency.
  • Offers traders the option to start with a minimal deposit.
  • Mitigates slippage by fast trade execution process.
  • Provides user-friendly mobile trading app.
  • Offers deposit insurance for traders.

Cons

  • Offers very few non-forex trading instruments.
  • High spreads unavailable.
  • Fewer sophisticated features than many of its competitors.

3. FXTM

FXTM
Source – forextime.com

Founded in 2011 and licensed by IFSC, FXTM is a short form of Forex Time and is a known name among the best forex brokers in Nigeria. It offers several forex pairs, including minors and majors like the EUR/USD pair, exotic pairs, and leverage of 1:30. FXTM has options like a demo-free account, a swap-free Islamic account type along with top forex trading platforms like MetaTrader 4, MetaTrader 5, and more. Get more insight about the platform in our FXTM broker review, where we have covered everything.

Why We Choose It?best broker for forex in nigeria

We selected FXTM as one of the best Nigerian forex brokers for the following reasons: strong regulatory compliance, years of experience in the market, and high-quality educational materials. This broker is ideal for forex trading in Nigeria because it offers tailored account options, low spreads, and unique trading tools.

Key Features

  • FXTM provides different account types depending on the trader’s preferences.
  • Traders can utilise leverage options up to 1:1000.
  • The forex trading platform provides comprehensive analytical tools for market analysis.
  • It also offers a variety of funding and withdrawal options.
  • FXTM offers reliable and fast customer support for traders.

Pros

  • Provides low spreads for low cost trading.
  • Offers low minimum deposit for trading.
  • Provides educational resources with various levels of experience.
  • Offers regular promotions and bonus programs.
  • Has Copy trading for novices to follow experienced traders.
  • Holds local seminars and webinars to educate Nigerian traders.

Cons

  • Has fees for inactive accounts.
  • Low number of non-forex trading instruments.
  • Technical issues with the platform.

4. IC Markets

IC Markets
Source – icmarkets.com

Established in 2000, IC Markets has become a major player in the industry, with over 180,000 active users worldwide. With an average monthly trading volume of $1 trillion, IC Markets is one of the best forex brokers in Nigeria for high-frequency traders. If you want to explore more about the platform & its assets, you can check our IC Markets review.

Why We Choose It?

We chose IC Markets due to its high-speed order execution system, wide range of trading instruments, and low fees. This broker is one of the top 10 forex brokers in Nigeria because of its regulatory compliance and high execution speeds, which are important for Nigerian traders who want fast and efficient trading experiences.

Key Features

  • IC Markets is a low latency trading platform for fast trade execution.
  • It offers a wide variety of trading instruments, including forex, commodities and indices.
  • MetaTrader and cTrader platforms are available on IC Markets.
  • The spreads and commissions here are competitive.
  • IC Markets is a well-regulated broker that prioritizes safety for its clients.
  • This forex trading platform is compatible with high-frequency trading strategies.

Pros

  • Provides advanced liquidity pools for better execution.
  • Allows scalping and hedging strategies.
  • The dealing desk is absent, making its operations transparent.
  • Offers accounts in a number of base currencies.
  • Has a wide range of materials and tools for Nigerian traders.

Cons

  • Fixed spread accounts unavailable.
  • Has few bonus and promotional programs.
  • 24/7 customer service unavailable.

5. FP Markets

FP Markets
Source – fpmarkets.com

Established in 2005, FP Markets is an online broker which provides forex trading services for its users. This regulated forex broker in Nigeria is known for its more than 10,000 tradable instruments, fair dealing, good customer support, and more. Traders can also access FP markets through mobile apps for Android and iOS devices to aid in trading ease. If you want to learn more about the platform, check out our FP Markets review.

Why We Choose It?

We chose FP Markets as one of the best forex brokers in Nigeria due to its strict regulatory environment, competitive fees, comprehensive education, trading conditions, and account types suitable for different trading strategies. It also offers trading conditions for scalping and EAs (Expert Advisors) to carry out forex trading.

Key Features

  • FP Markets offers MetaTrader 4 and 5 platforms for trading.
  • This trading platform provides access to a wide range of instruments in different markets.
  • It offers good spreads and low commissions.
  • FP Markets offers comprehensive educational resources for traders.
  • The broker has tradable assets such as forex, cryptocurrencies, metals, shares, commodities, and indices.

Pros

  • Has fast execution of transactions.
  • Offers multiple base currency accounts.
  • Provides enhanced charting capabilities for technical analysis.
  • Has good range of deposit and withdrawal options.
  • FP Markets has ultra-tight ECN spreads via its raw account.

Cons

  • Less promotional offers for the traders.
  • There are a few accounts that have a high minimum deposit.
  • Platform server has some downtimes.

6. Tickmill

Tickmill
Source – tickmill.com

Tickmill was established in 2014 and currently covers 200 countries with over 350,000 clients registered worldwide. This one of the legit forex brokers in Nigeria is notable for its transparent trading terms, fast execution, various technical indicators, and demo accounts offering. Visit our Tickmill review to learn more about its other trading aspects, fees, and more.

Why We Choose It?

We selected Tickmill because it is a highly regulated broker with low fees and a range of sophisticated risk management features. Tickmill is one of the best Nigeria forex brokers, promoting the growth of the Nigerian Forex industry by offering a high-quality trading platform.

Key Features

  • Tickmill provides advanced trading platforms such as MetaTrader 4 and MetaTrader 5.
  • The broker has low spreads and relatively high commission rates.
  • Tickmill has a feature that enables traders not to lose more than the account balance.
  • It also ensures that orders are executed promptly to avoid slippage.
  • Tickmill provides risk management instruments to mitigate trading risks.

Pros

  • Provides high leverage to enhance trading opportunities.
  • It offers a range of account types to meet the needs of all traders.
  • Tickmill does not charge any fees on deposits and withdrawals.
  • Opening trading account in easy and fast for beginners.
  • Has great amount of educational resources for traders.

Cons

  • Non-forex trading instruments are not as many as in other brokers.
  • Customer support is not open 24/7.
  • Lacks customisation features ideal for experienced traders.

7. HFM

HFM
Source – hfm.com

HotForex, now known as HFM, has a reputation for providing a solid trading platform and a high level of transparency. HFM is one of the forex trading brokers in Nigeria, with offices in over 180 countries, and provides secure and innovative trading solutions. As per many HFM reviews, traders have found it to be the best forex broker in Nigeria with great profits.

Why We Choose It?

We chose HFM because it has a strong regulatory framework, offers various types of accounts, and provides a high level of educational resources for customers. HFM is one of the leading Nigerian forex brokers, supporting a proprietary app where users can track their preferred asset classes, stay updated with the current market situation, use analysis tools, and perform technical analysis.

Key Features

  • HFM has several types of trading accounts for different trading purposes.
  • HFM offers its clients access to MetaTrader 4, MetaTrader 5, and its own platform.
  • The forex broker provides a lot of educational resources for traders.
  • It guarantees that traders can never lose more than the money they have in their accounts.
  • It offers trading account types like micro, premium, HF copy accounts, and Islamic accounts.

Pros

  • Provides competitive spreads for affordable trading.
  • It offers a wide selection of trading instruments, including forex and commodities.
  • Has high leverage opportunities for trading.
  • Guarantees fast deposits and withdrawal of funds.
  • HFM uses appropriate security practices to safeguard clients’ money and information.

Cons

  • Charges for inactive accounts.
  • Less promotions are available.
  • Customer support 24/7 unavailable.

8. AvaTrade

AvaTrade
Source – avatrade.com

AvaTrade is a reputable broker that offers unique opportunities for forex trading in Nigeria with top-level security. According to our AvaTrade broker review, this forex trading platform is well-known for offering a variety of trading instruments and easy-to-use platforms for Nigerian traders to make effective and secure transactions.

Why We Choose It?

AvaTrade was chosen due to its comprehensive regulatory environment, extensive learning tools, and variety of trading instruments. As one among the list of forex brokers in Nigeria, AvaTrade is known for maintaining high security standards and offering advanced trading platforms.

Key Features

  • AvaTrade provides the MetaTrader 4 and MetaTrader 5 platforms and its own trading platform AvaTradeGO.
  • AvaTrade company offers the following types of trade: forex, commodities, and cryptocurrencies.
  • It provides enhanced trading functionality, including automated trading and social trading options.
  • AvaTrade offers traders great educational resources and webinars.
  • It complies with the regulatory standards in the industry to guarantee a safe trading platform.

Pros

  • The commission charged for most instruments is zero at AvaTrade.
  • Controlled by multiple top-tier regulatory authorities.
  • Leverage depends on the type of trading style a trader wants to adopt.
  • AvaTrade mobile app available.
  • Supports multi-languages for all types of traders.

Cons

  • Fees imposed for inactivity.
  • Cryptocurrency trading is limited.
  • Fund transfers and withdrawals take time to process.

9. Pepperstone

Pepperstone
Source – pepperstone.com

Founded in 2010, Pepperstone is known as a top Nigeria forex broker for its fast execution times and low spreads on trades. It is a popular choice for high-frequency traders. Pepperstone is supervised and well-regulated by reputable regulatory authorities and is an award-winning broker platform for its various top trading opportunities and instruments. Visit our Pepperstone review to check its overall features.

Why We Choose It?

We chose Pepperstone for its ultra-fast execution, competitive pricing, and excellent customer support. Among the top 10 forex brokers in Nigeria, Pepperstone stands out due to its comprehensive range of trading instruments and commitment to providing an optimal trading experience for Nigerian traders.

Key Features

  • Pepperstone provides the fastest trade execution in the industry.
  • Pepperstone platform is regulated by many top regulatory bodies like FCA, ASIC, DFSA, CMA, and more.
  • The tradable assets here available are CFDs in Forex, Index, Commodities, Cryptocurrencies, Shares, and Currency Indices.
  • The broker has relatively low spreads and competitive commission rates.
  • Pepperstone allows you to trade on MetaTrader 4, MetaTrader 5, and cTrader.
  • It also offers sophisticated market research tools.
  • Pepperstone has no minimum deposit requirement for many of its trading accounts.

Pros

  • Scalping and hedging strategies are also supported at Pepperstone.
  • No fees on deposits and withdrawals.
  • Offers maximum leverage of 500:1.
  • Has various advanced trading features for better efficiency.
  • Helps traders with educational resources for different trading strategies and leverages.

Cons

  • Charges for inactive accounts.
  • Fixed spreads account missing.
  • Customer support unavailable on 24-hour basis.

10. Octa

Octa
Source – octafx.com

Octa has become a well-known forex broker with more than 42 million trading accounts worldwide and has distributed more than $33+ million in bonus rewards. As many Octa reviews suggest, it can be one of the best forex brokers in Nigeria and is renowned for its high-quality service and competitive trading conditions.

Why We Choose It?

Octa was selected because of its rigorous adherence to regulatory requirements, ease of use, and customer support. It is one of the trusted forex brokers in Nigeria, offering low spreads and a wide selection of educational materials for beginners and experienced traders.

Key Features

  • Octa provides the best trading platforms that are user-friendly.
  • Octa offers tight spreads on numerous instruments.
  • It provides different account types depending on the type of trading that the customer is interested in.
  • It also offers a wealth of resources for learning about trading.
  • Octa accepts various deposit and withdrawal payment methods.

Pros

  • Offers facility of trading at a low minimum deposit.
  • Has advanced charting options for technical analysis.
  • Provides an effective mobile app to trade on the go.
  • Has demo accounts for practice trading.
  • Charges no commission on most of the accounts it offers.

Cons

  • Offers non-forex trading instruments.
  • Has fees for accounts that are inactive.
  • Exhibits occasional downtimes.

Comparing The Top Forex Brokers in Nigeria

Forex Broker Laws and Regulations in Nigeria

Laws and regulations are put in place to regulate top forex brokers to ensure the security of forex trade. The Securities and Exchange Commission (SEC) is the main regulatory organization that endorses and regulates forex brokers as the legitimate trading platforms. Traders must have confidence that regulated brokers follow strict rules to ensure their safety. The forex brokers in Nigeria that are approved are subjected to evaluations before they can be trusted forex brokers in Nigeria. Selecting the best brokers for forex in Nigeria includes identifying those that are registered with the SEC.

Our Methodology

Our process of review and rating is a multi-step approach to ensure the quality of reviews and ratings about the top brokers in Nigeria. We base our assessments on the following key factors:

  • Basic and Advanced Trading Features We assess the presence of basic and advanced trading tools that may be useful for newbies as well as experienced traders.
  • Speed of Execution We test the speed of trade execution of Nigerian forex brokers to determine the amount of slippage in the trading. 
  • Educational Resources – We evaluate the quality and quantity of learning resources offered by the forex broker in Nigeria that can help traders improve their skills.
  • Customization Options We review the adaptability of trading platforms in the sense of the ease with which they can be personalized to cater to the needs of the trader.
  • Fees Structure We look for the fees and what are the charges in the form of spreads and commissions at the forex trading platforms in Nigeria.
  • Safety and Security Measures We check the security measures and the regulatory requirements to confirm the safety of the funds and the traders’ data.
  • User Feedback We examine user reviews to determine how satisfied customers are with the broker’s services and how reliable the broker is.
  • Customer Support Services – We check how quickly and effectively the broker’s customer support team communicates.
  • Ease of Deposit and Withdrawal We analyze the simplicity and efficiency of the Nigeria forex broker’s deposit and withdrawal operations.
  • Range of Products We assess the number of financial assets that are offered for trading.
  • Real-Time and Live Market Feeds We verify the reliability and frequency of data supplied about the market. 
  • Platform Availability We analyze the access to the best trading platform in Nigeria on different devices and operating systems.
  • Platform Usability (Desktop and Mobile) – We assess the usability and convenience of the top forex brokers in Nigeria platform on desktop and mobile devices.

Learn more about our approach to reviewing forex trading platforms. Explore our methodology!

Conclusion

In conclusion, the best Forex brokers in Nigeria offer robust platforms, competitive spreads, and strong regulatory compliance to ensure a secure trading environment. Our selected top brokers in the forex industry stand out due to their excellent customer service, educational resources, and tailored services for Nigerian traders. When choosing a broker, it’s crucial to consider factors such as local support, ease of deposits and withdrawals, and overall reputation. By doing so, traders can enhance their trading experience and success in the Forex market.

FAQs

Is Forex Trading Legal in Nigeria?

Yes, forex trading is legal in Nigeria, and with time, there are various regulated forex brokers in Nigeria that are coming up to light and are licensed by the SEC.

Which are the Best Forex Brokers in Nigeria?

Some of the best forex brokers in Nigeria are Exness, FBS, FXTM, and IC Markets. These brokers are great for trading and have a high level of regulatory compliance.

How Can I Verify If A Forex Broker Is Regulated In Nigeria?

The regulation of forex brokers in Nigeria can be checked on the SEC official website to verify if a certain broker is registered with the regulator.

Which Broker is the Best For Beginners In Nigeria?

Beginners choosing the best broker in Nigeria depends on individual needs and preferences; it’s essential to consider factors like user-friendly platforms, educational resources, and customer support.

Are Taxes Required For Forex Trading In Nigeria?

Trading with Nigerian forex brokers is a taxable activity, and traders should check their local tax laws for further guidance.

Disclaimer: This page does not solicit or recommend investments, nor does it provide trading or financial advice. Before investing in cryptocurrencies or engaging in securities trading, you should conduct thorough due diligence, including consultation with a certified financial advisor. We accept no liability for any financial losses incurred.



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Business Asia
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