Forex trading is a widely used financial instrument for market investing. Choosing the correct forex broker, on the other hand, might be a difficult undertaking. There are many good brokers in a quickly rising country like Nigeria, but there are also a lot more scam brokers on the market. As a result, it is critical to choose only trusted and licensed Nigerian forex brokers and avoid rogue ones.
Best Forex Brokers in Nigeria Here’s our updated list of the 8 best performing forex brokers in Nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months):
There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with multiple Top-tier regulations, broker reviews, the amount of fee charged (even the hidden charges), the leverage offered, minimum deposit, funding & withdrawal methods and time is taken, etc.
Our below-vetted list is created especially for Nigerian traders; it will quickly allow you to compare the key features including spread, leverage, regulation & other factors that you must look for in any reputed forex broker.
FXTM’s was founded in 2011 & they are an FCA-regulated forex broker, which is a Top Tier regulation, so we consider them to be a safe broker. They offer 3 account types, all of them can be funded in USD or Naira & have very low minimum deposit requirements starting from ₦10,000 with the Micro Account. This makes FXTM a very good choice for Nigerian traders.
Apart from forex trading, FXTM also offers other instruments such as CFDs on Commodity Futures and CFDs on spot metals making them a very attractive choice for traders looking to diversify their portfolio. They have also recently upgraded their range of currencies & now offer 57 Major & Minor currency pairs. FXTM also has a NAS100 instrument available to traders in Nigeria.
Another important factor that we look for in a broker is their promptness of support & withdrawals, and FXTM beats other brokers hands down in this area.
FXTM broker has local offices in Lagos & Abuja. They offer English language customer support via Phone, Live Chat & email. FXTM has 19 deposit & withdrawal options which include many methods for Nigerian traders including Bank deposit & Card payment. even allows users to create a demo account in order to build their confidence and learn the art of trading. FXTM also offers a wide range of educational material to its clients, including trading webinars.
Hotforex was established in the year 2010. They are regulated with FCA (UK), CySec & even Financial Sector Conduct Authority (South Africa), so we find them to be a trusted broker for Nigerians.
They have a very low minimum deposit, as low as $5. Also, they offer an extremely competitive spread of 0.3 pips for EUR/USD with Zero Account (1.2 pips with Premium, Micro Accounts), 0.8 for USD/JPY, 0.6 for GBP/USD (this may vary depending on the market fluctuations).
Further, Hotforex offers trading on various platforms that can be accessed from Android, iPhone, and desktop. You can trade on the MetaTrader 4 or Metatrader 5 platforms, both of which are the most widely used trading platforms in the world.
Hotforex also offers local bank withdrawal and deposit methods for Nigerian traders, and there are many wallet options as well. Plus, Hotforex has ongoing deposit bonus promotion available for traders in Nigeria
OctaFX is a Forex & CFD broker that was established in 2011. They have 3 account types i.e: MT4 Micro account for new traders with spread starting from 0.4 pips, the MT5 account for expert traders with 0.2 pips spread & cTrader ECN account for Professional traders with the lowest raw spread & direct market execution. All their accounts have good trading conditions with support for Scalping & Hedging.
Their trading instruments on offer are limited though, as OctaFX offers forex trading on 28 currency pairs, and CFD trading on metals, energies, indices & cryptocurrencies. But they have a competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, Gold CFDs, and 5 main crypto CFDs against USD (Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin).
Their support is also very responsive in handling issues. Their live chat support is available for 5 weekdays, and email support is available 24/7. They also have WhatsApp text support available. But they don’t have a Nigerian phone number currently.
The funding & withdrawal options at OctaFX are very wide for Nigerian traders. They offer instant funding via Skrill, Neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their GTBank account. Also, they offer BTC funding & withdrawal.
XM Group is a part of “Trading Point of Financial Instruments Ltd” which was established in 2009. They are regulated by CySEC (Trading Point of Financial Instruments Pty Ltd) since 2015, and by the Australian Securities and Investments Commission (ASIC 443670) since 2013.
XM broker offers 55 forex currencies and more than 350 CFD instruments on their platform. Further, the broker offers international live web seminars, free training & education to traders where you can learn about successful forex trading.
XM has three major account types, with very low starting deposit & competitive fees. Their EUR/USD spreads are as low as 0.8 pips with their Ultra-Low accounts, which is one of the lowest in the industry. Moreover, they don’t charge any commission on any of their trading accounts.
Another plus is their no re-quotes policy. 99.35% of orders with XM are executed in under a second & the company has a strict no re-quotes policy, so instant order execution is guaranteed at XM.
XM broker also offers free research through its own in-house team of analysts. Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web.
Exness was founded in the year 2008 & it is one of the largest brokers in terms of trading volume. They are regulated in the UK by Financial Conduct Authority (FCA) under license number 730729 & the CySEC with license number 178/12.
Exness has a wide range of trading instruments to choose from with more than 100+ Major, minor & exotic currency pairs. This is quite wide compared to other brokers. Further, with Exness you can trade on the advanced MetaTrader 5 platform that even has a news feed.
In addition to this, Exness offers tight spreads with its three major account types. The minimum spread for FX starts from 0.1, which is quite low compared to various other brokers operating in the market. Exness does not charge any commissions with two of its account types.
The broker offers up-to-date financial news and technical analysis charts to its users so that they can invest better. Further, customer support is available 24X5 in eight languages and 24X7 in three languages. Another key feature is that withdrawals via some methods are executed instantly upon request.
Avatrade is an Ireland-based fixed spread Forex broker that also accepts traders from Nigeria. They were founded in 2006 & are one of the leading brokers in the world. They have over 200,000 registered traders globally.
Avatrade is well regulated i.e. with the Central Bank of Ireland, FSCA (South Africa) & with ASIC (Australia), so trading with them is safe. They are a fixed spread broker, so the fees they charge are fixed for every trade, and we have found them to be very competitive in terms of their fees.
We looked into Avatrade Nigeria’s regulations, their trading (and non-trading) fees, platforms, deposit/withdrawals, support & many other factors for this review.
Want to know if Avatrade is really good (or bad) for you? Let’s look into our detailed check of all the factors for this broker.
Alpari was founded in the year 1998, and it is the second-best forex broker in Nigeria as per our updated 2020 review. It offers a range of financial instruments including forex, CFDs on indices & spot metals. The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms.
Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread. One of the biggest features of Alpari is that it offers a very low spread on major currencies such as EUR/USD.
In addition to the above, Alpari also offers zero fees with all their deposit methods, a 30% bonus offer for new users, and a loyalty bonus for old users. This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help.