Best Forex Brokers in Nigeria

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Finding the best Forex brokers in Nigeria is challenging, especially following the boom-and-bust cycle between 2004 and 2010. Our list of Forex brokers in Nigeria will help new traders get started with a trustworthy partner.

1
Forex4You
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Excellent research tools including AutoChartist and Trading Central
Generous bonuses available
Quality trading tools, no minimum deposit, and high leverage.
2
FXTM
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best all around broker
High floating leverage + fast execution
3
AvaTrade
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
4
Markets.com
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Marketsi strategy builder helps traders trade smarter
Competitive trade execution with low slippage

Forex4You, Quality trading tools, no minimum deposit, and high leverage.
FXTM, Best all-around: high floating leverage + fast execution.
AvaTrade, Highly regulated, choice of fixed or floating spreads.
Markets.com, Excellent educational offerings.

Top Brokers in Nigeria

Forex4You

5.0/5 in this category
In Summary
Quality trading tools, no minimum deposit, and high leverage

Forex4you has been serving clients since 2007 and established itself as a reliable and trustworthy broker. Traders may choose from four account types, two commission-free and two commission-based ones, including micro accounts. There is no minimum deposit at Forex4you, ensuring all clients have access to its trading environment. Overall transparency is excellent. Forex4you detail 150+ trading instruments. The maximum leverage is 1:1000, and the 100% deposit bonus, together with the 50% cashback program, offers attractive incentives to active traders. The trading costs remain average for the industry, but active traders can lower them via the volume-based cashback program.

Unique Features

Headquarters

British Virgin Islands

Regulation

FSC

Year Founded

2007

Type of Broker

35,38,139

Maximum Leverage

1:1000

Type of Platform

MetaTrader 4, Proprietary platform

While Forex4you caters to traders globally, it has a focus on Asia. Indian clients may find the proprietary copy-trading service, Share4you, appealing, where more than 1,000 signal providers are available. Trading tools from FXStreet and Trading Central provide quality content. New traders will benefit from the educational section at Forex4you, where the well-structured trading school and video tutorials await. Besides the core MT4 trading platform, Forex4you also deploys its proprietary Forex4you Desktop and Forex4you WebTrader. A mobile app is also available for both trading platforms.

Forex4you Pros & Cons

Advantages

  • Quality trading tools and access to deep liquidity plus generous promotions

  • A secure and overall transparent trading environment

  • Excellent education, no minimum deposit, and maximum leverage up to 1:1000

  • Proprietary trading platform and copy trading service alongside MT4

Disadvantages

  • $10 monthly inactivity fee

FXTM

5.0/5 in this category
In Summary
Best all-around: high floating leverage + fast execution

We have made FXTM our top-rated broker because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Unique Features

Headquarters

Cyprus

Regulation

CySEC, FCA, FSC, CMA

Year Founded

2011

Type of Broker

Instant/Market Execution

Minimum Deposit

$50

Maximum Leverage

Flexible

Type of Platform

MetaTrader 4, MetaTrader 5

FXTM, or “ForexTime”, has been around for a long time: they were founded in 2011. Recent years have seen them continue to steadily expand their business, and they are well- regulated by the U.K., Cyprus, Mauritius, and South Africa. The brand is owned by private companies incorporated in the U.K., Cyprus, and Mauritius. Customers of FXTM have access to more than 57 Forex currency pairs and crosses, precious metals, the major energies, equity indices, big cryptocurrencies, and a few individual American stocks. Talking of stocks, FXTM are quite unique in the area of trading stocks, as they enable direct trading through real legal ownership, not just wrapped as CFDs like almost every other similar brokerage offers.

FXTM offers traders a choice between two of the most popular execution models: customers may open either an ECN-type account, or one that trades by “straight-through processing”. Clients have a straight choice between two trading platforms, with both MetaTrader 4 and MetaTrader 5 on offer.

Through their Mauritius regulator, FXTM offer leverage as high as 1000 to 1. In the U.K. and Cyprus, they are limited by law from offering more than 30 to 1.

If you are looking for a broker with a good copy trading program, it is worth taking a serious look at FXTM’s “FXTM Invest” copy trading program.

FXTM Pros & Cons

Advantages

  • Excellent client deposit protection

  • Low minimum deposit

  • Free MT4 add-ons and VPS hosting

  • Good educational tools

Disadvantages

  • No cryptocurrencies or exotic currencies

  • Low leverage for retail traders

  • Internal withdrawal fees and an inactivity fee

AvaTrade

4.5/5 in this category
In Summary
Highly regulated, choice of fixed or floating spreads

AvaTrade was founded in 2006 in Dublin, Ireland. They are one of the largest and most famous Forex / CFD brokers in the world and became well-known for offering their clients a choice of fixed or floating spread cost of trading models. They enjoy an extremely high and strong level of regulation, making them a favorite for traders who are extremely nervous about the security of their deposit, which in Ireland can be protected by a strong investor deposit protection provision. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava’s maximum leverage offered runs as high as 400 to 1.

Unique Features

Headquarters

Ireland

Year Founded

2006

Type of Broker

ECN/STP

Minimum Deposit

$100

Maximum Leverage

1:400

Type of Platform

MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based

In addition to their longevity and safe reputation, clients know that through AvaTrade they have access to a broad range of asset classes through which diversification can be achieved successfully: AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. Even better, and unusually, 2 bonds and 6 ETFs are also on the menu. The diversity offered here stands out.

Whether you are located within the European Union or not, all branches of AvaTrade will offer you negative balance protection, above and beyond what is mandated by the law. This means that under no circumstances will any client of AvaTrade ever be held liable by the firm for an amount larger than their deposit.

 

AvaTrade Pros & Cons

Advantages

  • Well-regulated globally, with the Bank of Ireland, the primary regulator

  • Low minimum deposit and in-depth educational tools

  • Wide asset choice across seven sectors

  • Superior mobile trading platform

Disadvantages

  • Low leverage for retail traders

  • High quarterly inactivity fee

  • Unacceptable cost for AvaProtect

Markets.com

4.5/5 in this category
In Summary
Excellent educational offerings

Markets.com, part of UK-publicly listed and FTSE 250 constituent Playtech PLC, offers traders one of the most trusted, secure, and competitive brokers. It operates four subsidiaries regulated in the UK, Cyprus, Australia, and the British Virgin Islands. Markets.com serves traders via Marketsx and investors through Marketsi. Besides its proprietary trading platform, Markets.com deploys the MT4 and MT5 trading platforms. Traders also have access to fourteen quality trading tools, consisting of sentiment, technical, and fundamental indicators. They provide clients of Markets.com with a notable competitive advantage.

Unique Features

Headquarters

Cyprus

Year Founded

2008

Type of Broker

Market Maker

Minimum Deposit

$100

Maximum Leverage

1:300

Another benefit at Markets.com remains its asset selection. Forex traders have a choice of 67 currency pairs and 25 cryptocurrency pairs. Equity traders get access to over 2,000 equity CFDs, 60 ETFs, and 40 index CFDs. Completing the selection are 28 commodities, 13 in-house created blends (in-house thematic portfolios), and four bonds. Markets.com also provides Forex traders with one of the best commission-free cost structures starting from 0.6 pips on the EUR/USD currency pair. It translates into $6.00 per lot or $12 per round lot. Equity traders pay a fixed commission of $10 or a currency equivalent per side for a total cost of $20 per trade. Other noteworthy advantages include the personalized financial live-stream service XRay, its Investment Strategy Builder, its outstanding order execution statistics, and its transparency.

 

Markets Pros & Cons

Advantages

  • Very Competitive Forex Fees

  • Very Wide Choice of Assets

  • Choice of Trading Platforms

  • Excellent Customer Support

Disadvantages

  • Commodities and Indices Fees Higher than Forex Fees

Is Forex Trading Legal in Nigeria?

The demand of Forex traders in Nigeria attracted a wave of Ponzi schemes. Confidence in the Forex market depleted as retail losses mounted. Over the past decade, well-respected international Forex brokers rebuilt trust in the most liquid financial market. Education remains key to protect new traders from frauds and scams. One of the most daunting questions for many is: how to start Forex trading in Nigeria? Forex brokers in Nigeria continue to offer educational resources, and we have researched hundreds of brokers to find the best Forex brokers in Nigeria.

Forex trading in Nigeria continues to expand, driven by millennial traders who wish to diversify their income streams. The Nigerian economy remains dependent on oil exports, the primary source of Forex income for the government. Due to the price volatility of oil, the domestic currency market is equally volatile. Therefore, the government tasked the Central Bank of Nigeria (CBN) to regulate foreign exchange within its borders. Numerous laws and policies exist, granting the CBN powers to regulate the Nigerian Forex market.

Here is a summary of how the Forex market evolved in Nigeria over the past 35 years:

  • 1986 - Introduction of the second-tier Forex market (SFEM)
  • 1987 - Establishment of the unified official Forex market
  • 1995 - Creation of the autonomous Forex market (AFEM)
  • 1999 - Availability of the inter-bank Forex market (IFEM)

Here is an overview of some of the most defining laws and policies granting the CBN regulatory powers:

  • The Central Bank of Nigeria Act
  • The Exchange Control Act of 1962
  • Bureau de Change 1989
  • Banks and Other Financial Institutions Act 2007
  • The Foreign Exchange (Monitoring and Miscellaneous Provisions) Act
  • The Money Laundering (Prohibition) Act

While the above cater primarily to professional and offline Forex trading in Nigeria, the rules and regulations also apply to online trading. The Association of Online Forex Trading Agents in Nigeria, recognized by the Nigerian government, works with the CBN to enhance a competitive Forex trading environment. It shows the commitment to avoid the previous boom-and-bust cycle and maintains a financially stable Forex trading environment in Nigeria.

Retail Forex trading in Nigeria is legal provided traders use their capital to trade for their benefit. Nigerian Forex traders must also pay taxes on their profits, and it is best to consult a legal professional for assistance. It follows similar regulations in most countries. Nigerians who wish to raise money from third parties and trade on their behalf require a license. Otherwise, it is illegal. One way to engage in retail account management without a license is via PAMM accounts granted by international brokers. Social trading platforms offer an additional solution for Nigerian Forex traders to earn passive income or for Nigerian followers to place capital with strategy providers. All well-established brokers accept clients from Nigeria, and there are no domestic restrictions for Nigerians to trade with an offshore broker, where the best trading conditions await.

How to Choose a Forex Broker in Nigeria

One of the often-overlooked trading tools separating those who start Forex trading from successful Forex traders in Nigeria is their Forex Broker. New traders often feel overwhelmed by the massive information and victim to marketing gimmicks by brokers. That is why we have done the hard work for you and conducted in-depth research on hundreds of Forex brokers. Our list of Forex brokers in Nigeria will ensure access to a competitive product and services portfolio with an excellent education section. It will help you get started with a reliable broker from where you can grow in a safe and trustworthy trading environment.

Here is a checklist on how to choose a Forex broker:

  1. Regulation - It is best to avoid unregulated brokers. Profitable Forex traders require a secure trading environment from a business-friendly regulator. It will provide the appropriate mix to grow as a trader. Not all regulators are suitable, but some of the most competitive ones include the ASIC, the FSCA, the BVIFSA, the FSC, the IFSC, the DFSA, and the CIMA.
  2. User Reviews - While they may provide some insight, I recommend avoiding them. Most are from traders who failed to read the terms and conditions, accepted bonuses, and violated the rules. Brokers also have their staff post fake positive reviews for them and negatives ones for competitors. Some brokers hire third parties to write on their behalf.
  3. Trading Platforms - The best choices remain an upgraded MT4 trading platform or a proprietary alternative that offers competitive trading tools. The MT4 fully supports automated trading solutions, but traders must ensure their broker offers third-party upgrades to gain an edge.
  4. Trading Fees - They will have the most visible impact on any trading strategy. I recommend an ECN account with minimum spreads from 0.0 pips to 0.1 pips and a commission of no more than $7 per round lot for active traders. I also suggest trading with a broker offering a volume-based cashback program, which will lower the final trading costs. Less active traders can start in a commission-free account, but the minimum mark-up on currency pairs should not exceed 0.7 pips.
  5. Customer Support - Most trustworthy brokers will explain their products and services transparently. It reduces the need for customer service to emergencies. Traders should look for brokers with a 24/5 multilingual customer support team, a phone number, and live chat. Both will allow traders to get in touch without delay should the need arise.
  6. Risk Management - Well-regulated brokers comply with strict financial capital requirements, grant traders negative balance protection, and an automatic stop-out level should the portfolio breach a critical balance. Traders must also deploy risk management, and brokers offer tools for it.
  7. Traded Currencies - Forex traders should look for brokers offering above 55 currency pairs to gain adequate exposure, diversify their portfolios, and find sufficient trading opportunities.

Methodology

We reviewed over 100 brokers based on eleven criteria. Each research consists of over 2,000 words and lasted more than ten hours. Over 100 brokers were reviewed in-depth and from a trader's perspective, ignoring the marketing tactics deployed by some to confuse retail traders. Therefore, we sourced the list of our best copy trading platforms from more than 200,000 words of dedicated research compiled over 1,000 hours, ensuring the most comprehensive approach to identify the best Forex brokers in Nigeria.

The eleven criteria used in our research consist of:

  • Regulation and Security
  • Trading Costs
  • Asset Selection
  • Account Types
  • Trading Platforms
  • Unique Features
  • Research and Education
  • Customer Support
  • Bonuses and Promotions
  • Account Opening Process
  • Deposits & Withdrawals

Conclusion

Nigeria is home to the third-largest youth population, and with more than 186 million inhabitants, it is the most populous African country and the seventh in the world. Nigeria is also the largest economy measured by GDP in Africa and the twentieth-largest globally. Its tech-savvy young generation represents an enormous growth market for international brokers, which remains untapped. Nigeria is a member of the MINT group and the Next Eleven emerging economies. Forex trading in Nigeria presents opportunities for all market participants amid ideal conditions. With estimated daily trading volumes between ₦300-₦450 million, Nigeria can grow into a regional trading powerhouse and the most significant African Forex market.

Forex trading in Nigeria offers the fast-growing population in the seventh most populous country an unparalleled opportunity for prosperity. Nigerian Forex traders can add an active, passive, or combo revenue stream from the Forex market, the most liquid one globally. Given the size of its youth population, the third biggest among all countries, and the untapped market potential, Nigeria is ripe with opportunities for brokers, traders, and affiliates. It can become the trading hub for the African continent. To accomplish this, numerous trustworthy brokers and extensive education must flow into Nigeria. We have identified some of the best Forex brokers in Nigeria so that new traders can begin their journey with a reliable partner.

Nigerian Forex traders must understand that it requires time to learn how to trade. Patience and discipline remain two of the most defining attributes. Another essential tool is capital. Countless marketing campaigns exist, many sponsored by less trustworthy brokers, promising excessive returns from small investments over a short period. They try to lure new traders into making deposits, often resulting in total loss, scams, or fraud. Forex traders must avoid them, no matter how attractive and well-marketed they appear. They invited the Nigerian boom-and-bust cycle between 2004 and 2010, which eroded confidence in the Forex market. Therefore, opening an account with a regulated and trustworthy broker, as identified by our research, and taking your time to learn how to trade can position new traders in becoming successful Forex traders in Nigeria. All brokers on our list of Forex brokers in Nigeria provide excellent education, competitive trading tools, and an overall superb product and services portfolio.

FAQs

Is Forex trading legal in Nigeria?

Yes, Forex trading in Nigeria is legal provided traders use their capital for their benefits only. Raising money from third parties and trading on their behalf is permitted but requires a license from the Central Bank of Nigeria. All Forex traders must also ensure to pay their taxes.

How much do you need to start trading Forex in Nigeria?

It is one of the most asked questions from traders all around the world. While there is no correct answer, traders must understand the correlation between capital and percentage gains in the portfolio. The best approach I recommend for new traders is to open a micro account and deposit no more than $100 for learning purposes. Once traders feel comfortable, they can deploy a monthly deposit strategy to increase their balance until it suffices to generate desired annualized returns.

Which broker is best for Forex in Nigeria?

The best broker for Forex in Nigeria will provide excellent educational and trading tools. Other aspects include a competitive pricing environment and sufficient assets. A low minimum deposit and high leverage plus an upgraded trading platform are additional aspects traders should demand from their broker.

How can I invest in Forex in Nigeria?

The most convenient and cost-efficient way is through a well-respected and trustworthy international online broker. Another option is via local banks, where online and offline Forex trading is available. A third one is through exchange offices in a traditional offline exchange. Most new Nigerian traders are tech-savvy millennials who use online brokers.

What is a checklist to choose a Forex broker?

Traders must evaluate regulation and security, trading costs, asset selection, account types, trading platforms, unique features, research and education, customer support, bonuses and promotions, account opening process, and deposits and withdrawals.

What is the best trading platform in Nigeria?

The best trading platform in Nigeria remains the MT4 trading platform with third-party upgrades. Most brokers only provide the out-of-the-box version and refer to it as a leading, cutting-edge trading platform. Traders should understand that the core version is packed with features but is sub-standard. The versatility and upgrade opportunities make it the best choice, with more than 20,000 expert advisors (EAs) and custom upgrades available.

Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for DailyForex.com. I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.