There are lots of forex brokers out there and picking the best forex broker as a Nigerian can be quite challenging.
Forex trading in Nigeria is getting popular day by day and many forex brokers (real and scam) are rapidly emerging in the Nigerian market. Hence, it is crucial to select only reputable and licensed forex brokers when starting forex trading while avoiding scam brokers completely.
The best forex brokers are not Nigerian owned, but they are currently used by almost all traders in Nigeria to trade in the forex market. Some of these brokers have offices in Nigeria that you can visit yourself.
To help you determine the best forex broker in Nigeria, we have researched and analyzed various forex brokers that welcome traders from Nigeria.
We have selected these forex brokers based on the following criteria:
- Compliance with Top-tier regulations
- Minimum deposit
- Hassel free withdrawal and deposit methods
- Charges (Commission, spreads, swaps & etc.)
- Leverage offered
- Funding and Bonuses
- Naira Account
- Nigerian Office
- Customer Support
- Range of Instruments
Best Forex Broker in Nigeria 2022
FXTM is a good forex broker for Nigerians as it offers 3 account types that can all be funded with either USD or Naira. They have a very low minimum deposit requirement that starts from $10. FXTM was established in 2011 and is regulated with FCA Top Tier Forex regulators, hence, they are safe. FXTM allows you to trade over 250 financial instruments spread across numerous asset classes, such as Forex, commodities, cryptocurrency, stocks, shares, and more.
ForexTime offers local deposit and withdrawal options at no fee. For their Naira (NGN) account, they offer two funding methods, which are bank wire transfer or Neteller. Compared to other brokers, FXTM also performs best in the area of customer support, which they provide through phone, live chat, and email.
Their average spread for major currencies like EURUSD is 1.9 pips, but this is higher compared to other brokers. If you want to enjoy a 0-pip spread with major pairs such as EURUSD with FXTM, you have to choose an Advantage account instead.
FXTM offers 19 deposit and withdrawal options, several of which are available to Nigerian traders. They include card payments and bank transfer in Naira. The broker has local offices in Lagos and Abuja. They also provide their customers with vast educational resources including webinars.
- Fees: They offer1.9 pips average spread for EUR/USD on their Micro Account & 0 pips with 4.88 USD per Lot with their Advantage account.
- Account Minimum: $10 with a Micro Account
- Leverage: $10 with Micro Account
- Promotion/Bonuses: Not Available
- Naira account: Yes
- Nigeria Office: Yes
- It is highly regulated by three top-tier regulators, the FCA (UK), FSCA, and CySEC.
- Quick bank withdrawals for local Nigerian banks.
- $10 deposit, suitable for beginners.
- With an Advantage Account, you can enjoy a low spread with most major and minor currency pairs, including EUR/USD. This account has trading commissions.
- Live chat support is accessible around-the-clock and for a short period on weekends. Their overall assistance is extremely good.
- Their swap rate for overnight trades is higher compared to other brokers.
- When compared to other brokers, FXTM’s Micro Account has a higher spread.
Established in 2010, HotForex is a secured forex broker in Nigeria regulated by the FCA (UK), CySec, and the Financial Sector Conduct Authority (South Africa).
You can create a naira account or an account with any currency of your choice. They provide 53 different currencies for trade and they have more than 100 CFDs available on commodities, shares, bonds, indices, energy, metals, and ETFs.
They only require a very small initial payment, as little as $5 and they provide spreads that are incredibly low – 0.3 pip for EUR/USD with Zero Account (1.3 pip with Premium, Micro Accounts) and 0.8 pip for USD/JPY. These charges vary depending on market conditions. You should also know that they often have smaller spreads than most other brokers for currency pairs.
For traders in Nigeria, Hotforex provides local bank withdrawal and deposit alternatives, along with a variety of wallet choices. They are currently giving bonus on deposit.
- Average Fees: With their Micro & Premium accounts, you will get 1.3 Pips spread for EUR/USD and 0.1 pips with $6/lot for majors with their Zero account. These charges vary depending on the market conditions.
- Account Minimum: $5 for a Micro Account
- Leverage: 1:1000
- Promotion: Get 100% bonus on deposits
- Naira account: Yes
- Nigeria Office: Yes
- They are regulated by top-tier regulators – FCA, FSCA & CYSEC.
- Hotforexhas one of the lowest spreads. With their Zero Account, the spread for EUR/USD is typically about 0.3 pips.
- Excellent support is provided via phone, email, and live chat.
- A minimum deposit of $5 is required.
- Every deposit of $250 or more is eligible for a 100% deposit bonus.
- For Nigerian customers, HotForex provides local deposit options, including bank transfers.
- A wide variety of CFD trading instruments, including more than 100 CFDs on equities, indices, commodities, and metals.
- In comparison to some other brokers, their commission of $6 per lot on majors and $7 for minors is high.
- Due to regulatory requirements, they have restricted leverage for their EU customers.
OctaFX is a Forex and CFD broker founded in 2011. They have two account types; you can choose them based on platform, either MT4 or MT5. Both account types have floating spreads that begin at 0.6 pips. Hedging is allowed on OctaFX.
Only 35 currency pairs are available for forex trading on OctaFX, along with CFD trading on metals, indices, energy, and cryptocurrencies. However, they offer competitive spreads on their trading assets, particularly for traders wishing to trade key currency pairs, Gold CFDs, and the five most popular cryptocurrencies against the US dollar (Bitcoin, Ethereum, Bitcoin Cash, Litecoin and Ripple).
With an MT4 account, the usual spread for EURUSD is 0.6 pips, and there is no additional commission per lot. This cost is less expensive when compared to the standard spreads at other forex brokers. For financing and withdrawals, there are no additional fees.
For Nigerian traders, OctaFX offers a variety of funding and withdrawal alternatives. They provide quick, no-fee funding via bank transfer, cash, or ATM in your GTBank account, as well as instant funding through Skrill and Neteller. They also provide BTC funding and withdrawal.
Their customer service is excellent in handling issues. They offer 24/7 email support. They also offer WhatsApp text support.
- Fees:6 pips spread on average for EUR/USD with MT4 Accounts.
- Account Minimum: $25
- Leverage: 1:500
- Promotion: 50% Deposit Bonus on all deposits
- Naira Account: Not available
- Nigerian Office: Yes
- Their spreads for major currency pairs are affordable.
- They provide copy trading accounts through their trading app.
- There are local choices for deposits and withdrawals in Nigeria at no additional fee.
- They provide instant wallet funding and withdrawals as well.
- OctaFX does not impose an additional commission fee per lot.
- They offer great 24/7 support via email and live chat.
- For all deposits, they are currently offering a 50% deposit bonus.
- They offer only 35 currency pairings, 10 indices, and 5 cryptocurrencies CFDs on 24 metals and 3 commodities.
- Limited options for base currencies accounts.
Since 2015, XM Forex has been regulated by CySEC and Australian Securities and Investments Commission regulation since 2013. They offer 350 CFD instruments and 57 forex currencies. They also provide free training and educational materials including live webinars.
With very cheap starting deposits and affordable fees, XM offers three main account types. The EUR/USD spreads on their Ultra Low accounts is among the lowest in the market and it is as low as 0.6 pips. None of their trading accounts are subject to commission fees.
The company has a stringent no re-quotes policy and an instant order execution system that ensures 99.35 percent of orders are processed in under a second. Their no-requotes policy is one of the best in the world.
- Fees:With XM Ultra Low Account, you get as Low as 0.6 Pips spread for EUR/USD and 1.7 pips on average with Standard & Micro Accounts.
- Leverage: 1:888
- Account Minimum: $5
- Promotion: Two-tier welcome bonus of 50% upto $500 & 20% up to $5000 for new accounts.
- Naira Account: Not available
- Nigerian Office: Not Available
XM Forex Pros:
- Cysec and ASIC both regulate XM.
- Extremely affordable spreads for Ultra Low accounts
- Fast withdrawals and fast order execution.
- 24/7 live chat support is available.
XM Forex Cons:
- The spread they provide with their Micro account is not the lowest, hence, you should sign up for their XM Ultra Low Account instead. They also have a high swap rate.
- XM does not provide possibilities for local bank deposits.
- They do not have a Nigerian office.
- Fixed spread accounts are not offered
- An inactivity fee charged to dormant retail investor accounts.
Exness was established in 2008. In terms of monthly trading volume, Exness is among the biggest brokers. The Financial Conduct Authority (FCA) and CySEC are in charge of overseeing them in the UK. They are also governed by FSCA in South Africa.
With more than 100+ Major, Minor, and Exotic currency pairs, Exness offers a large selection of trading instruments which is broad compared to other brokers.
Exness offers instant local bank transfer option for financing and withdrawals. However, your balance will be translated at the most recent exchange rates into Naira for withdrawals. Currently, Exness does not provide Naira base currency accounts.
Exness offers poor customer service. The hold time on their live chat is rather long, and you typically have to wait a few minutes before speaking to an agent. The email support takes a while to answer inquiries. Their customer support is available 24X5 in eight languages and 24X7 in three languages. Exness allows trading on MT4 & MT5 platforms, both on mobile ad PC.
Read: Perfect Money in Nigeria: How to Open, Fund & Withdraw from Perfect Money Account
- Fees: As little as 0.3 Pips for EUR/USD.
- Account Minimum: $3.
- Leverage: 1:2000 (with MT5 Accounts.
- Promotion: No ongoing promotion.
- Naira Account:
- Nigerian Office: Not Available.
- Exness is a reputable broker that is licensed by the CySEC in Cyprus and the FCA in the UK.
- Enjoy low spread as low as 0.3 pips for EUR/USD with their pro account
- Cent & Mini accounts require $3 deposits.
- They have different funding options, including debit/credit cards, bitcoin, and wallets such as Skrill. Also, local online bank funding and withdrawal are available at no fee.
- Instant withdrawal and deposit.
- They currently do not offer sign-up bonuses.
- Their support via email and chat are not as responsive as other brokers.
AvaTrade is a trustworthy fixed spread broker in Europe. For most instruments, they typically have spreads that are relatively minimal, and they provide a 0.9 pip spread for the EUR/USD.
But AvaTrade does not have a local office in Nigeria. Although they offer a Nigerian phone number for customer service, neither the phone nor the English-language chat help is available around-the-clock; they are only accessible during their European office hours. Additionally, they provide support option on WhatsApp.
For financing and withdrawals, AvaTrade does not provide local online bank transfers in Nigeria and do not have accounts in Naira base currency. Traders have access to the MT4, MT5, and AvaTrade GO platforms.
- Fees: fixed 0.9 pips spread for EUR/USD
- Account Minimum: $100
- Leverage: 1:1000
- Promotion: 20% Deposit Bonus for new deposits (minimum $1000 required)
- Naira Account: Not Available
- Nigerian Office: Not Available
- AvaTrade is regulated with ASIC & FSCA regulators. This makes them secure for traders in Nigeria.
- They offer fixed spread, i.e. their spread remains the same regardless of the market conditions or time of the day you are trading.
- They charge no fees on deposits & withdrawals.
- They have made available local phone number for support to traders in Nigeria.
- Phone and Live Chat Support is available only during company’s business hours.
- Their spreads are a bit higher for some minor & exotic currency pairs.
- Inactivity fees are applied after a certain number of months of dormancy.
Alpari was established in 1998. It provides a variety of financial products, such as spot metals, CFDs on indices, and FX on both the MetaTrader 4 and MetaTrader 5 platforms.
With their Nano Account, the minimum deposit is $5. With their ECN account, you can trade Cryptocurrencies like Ethereum and Bitcoin. One of Alpari’s key advantages is the extremely low spread it offers on popular currencies like the EUR/USD and they do not charge additional commissions.
They are currently giving out 30% bonus offer for new users, and other rewards for their regular customers. Also, in Nigeria, Alpari support team is available 24X5.
- Fees: Typically, 1.1 Pips for EUR/USD with Standard account.
- Account Minimum:$5
- Leverage: 1:1000 (with Standard, ECN Accounts)
- Promotion: 30% deposit bonus for new traders.
- Naira Account: Yes
- Nigerian Office: Yes
- With more than 2 million customers, Alpari is one of the most established forex brokers.
- Extremely cheap minimum deposit of only $5.
- Alpari is regulated by CySEC – Cyprus Securities and Exchange Commission.
- They also have a local office in Abuja- Nigeria and phone number.
- Numerous choices for deposits and withdrawals for Nigerian traders. Even possibilities for local bank deposits are available.
- They provide ECN accounts with low minimum deposits and very cheap spreads.
- Limited CFDs and currency pairs with Standard and Nano accounts. However, they provide ECN accounts with 48 currency pairings, 2 metals, and 18 CFDs.
- They do not offer an option for fixed spread.
In Conclusion, our best recommended forex broker in Nigeria is FXTM and the best forex brokers in Nigeria for beginners is HotForex.
When selecting a broker, there are a few things you need to consider which includes the broker’s regulation (utmost importance), a reputable forex broker in Nigeria will be regulated with top-tier regulators. Also consider their fees, support, platforms and market execution speed.
Let us know in the comment if you have tried any forex broker before and what was your experience with them. If you haven’t which broker do you intend trying out and what is your criteria for choosing them.