Best Forex Brokers To Trade With in Nigeria for 2020

As with most countries in Africa, forex trading has seen a significant increase in popularity across Nigeria over the past few years. Especially with the new pandemic, many young Nigerians have turned to forex and the finacial markets for some passive income, or even as a full time job. This is also because anyone can trade from the comfort of their home.

 

Is forex trading legal in Nigeria?

Although forex trading is not illegal in Nigeria, it is considered a grey area with a significant amount of risk involved as there is lack of strict oversight from the government. Local residents are advised to trade with a broker who is authorized by the Central Bank of Nigeria (CBN) –¬†https://www.cbn.gov.ng/¬†or Securities and Exchange Commission (SEC) of Nigeria –¬†https://sec.gov.ng/

If you want to learn more about forex trading and how it works , click here to visit our Beginners Guide to Forex.

Online Forex Trading

Online forex trading is relatively new in Nigeria and therefore there are no specific rules or requirements regulating this activity. However, the Association of Online Forex Trading has been formed that works closely with the Central Bank of Nigeria (CBN) to monitor and regulate this market.

Featured Forex Brokers

We decided to do all the hard work for you and guide you through the all the noise of the financial betting market. Our team of expert analysts, has created a unique collection of forex broker reviews, based on various criteria and data points for you to choose from.

GlobeX360

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IC Markets

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IQOption

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Axiory

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Forex Regulation in Nigeria – The Central Bank of Nigeria

The Central Bank of Nigeria (CBN) is the regulatory body for all financial services and monetary policies in Nigeria. It is by far the biggest institution for forex exchange in the whole of Nigeria. Alongsite with the SEC of Nigeria, they provide a legal framework for forex trading and other securities and derivatives exchange. They are empowered to make laws and regulations that control other brokers and entities wishing to engage in foreign exchange. Some of these laws and policies include:

  • The Exchange Control Act of 1962
  • The Central Bank of Nigeria Act
  • Banks and Other Financial Institutions Act, 2007
  • The Money Laundering(Prohibition) Act

Nevertheless, it is not required to get authorization from these two bodies in order to offer financial services and forex trading to the residences of Nigeria, due to the fact that there is no license to offer yet.

However, it is advised to choose a regulated broker with a Tier 1 license like Cysec, FCA, FSCA or ASIC to make sure your funds are protected.

Best Forex Brokers In Nigeria

  • Markets.com¬†‚Äď Best Nigeria Forex Broker for 2020
  • FP Markets¬†‚Äď Best execution and lowest spreads, Multiple Licenses
  • CMTrading – Well Rounded Offering for types of traders
  • XM¬†‚Äď Best Forex Broker with multiple awards across the globe
  • IQOption¬†‚Äď Multiple Deposit and Withdrawal Options

Broker Comparison List In Nigeria

Best Nigerian (Naira) Forex Brokers and Trading Platforms

In this article, we have compared the Best Nigerian (Naira) Forex Brokers and Trading Platforms which either has a local presence, offers trading in the local currency (Naira) or is CBN Regulated. The CBN undertook to facilitate a formal framework for the co-ordination of regulatory and supervisory activities in the Nigerian financial sector by establishing the Financial Services Coordinating Committee (FSCC). Nigerian forex traders should make sure that depositing in Nigerian NAIRA currency is allowed by their chosen Nigerian forex trading platform which will assist them with future exchange rate fees between USD and NAIRA.  Forex trading in Nigeria has become much easier to get involved in during the last few years, which has resulted in strong economic growth and rising disposable incomes for many Nigerians.

 

 

How to Start Forex Trading in Nigeria

 

The important requirements traders need to get started are the same as in any other country. Traders simply need to have a computer or mobile device, a stable internet connection, trading capital, and an account with a trusted Forex broker. 

 

Who are the best forex brokers in Nigeria?

 

It’s up to the trader themselves to select the broker which best suits their needs but the most crucial thing about financial services providers is proper financial regulation.

 

The Top  Nigerian (Naira) Forex Brokers and Trading Platforms include

ForexTime (FXTM)

 

ForexTime (FXTM) Offers Local NGN Funding through bank wire transfer or Neteller with a minimum deposit of $100 for a standard forex account. This allows traders to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency.

 

ForexTime offers social trading (copy trading) which means that a trader can:

 

  • Selects a Strategy Manager
  • Makes a deposit (minimum deposit of $100)
  • Mirror the Strategy Manager‚Äôs trade
  • Watch as you share a percentage of wins/losses
  • Cash-out or add deposits when required

 

FXTM offers traders  the industry’s leading trading platforms MetaTrader 4 and MetaTrader 5 for PC, Mac, mobile or tablet.

 

ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile.   FXTM is the most obvious choice for Nigerian traders as it also has a physical presence in the country and special offers for their local clients.  FXTM is regulated in several jurisdictions, including the European Union (Cyprus), the United Kingdom, and South Africa. All which guarantees that FXTM provides its services in a transparent and fair manner, which in turn ensures the safety of their clients’ funds.

 

FXTM offers Naira trading accounts which are specifically designed for Nigerian clients to make deposits to their trading account directly via wire transfer, debit card or a POS terminal.  FXTM also has official representative offices in Lagos and Abuja, where the broker runs a forex training centre as well. 

 

Alpari

Alpari offers the latest MT5 software coupled with solid features without a freezing or downtime. Alpari also offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts and comes with multiple timeframes, order types and many technical indicators for technical analysis. There is a news feed built in to keep track of any news during trading and a PAMM account for investors are also on offer with an app where traders can keep track.

 

Alpari Key Features include:

 

  • Supports:¬†MT4 & MT5 with multi device support
  • Minimum deposit:¬†‚ā¶0
  • Leverage:¬†1:1000
  • Trading Instruments:¬†46 Forex pairs, Cryptocurrency, CFDs on Indices

 

Depending upon whether a trader is making a deposit by wire transfer or cash:

 

  • for wire transfer: make a direct wire transfer in USD, EUR or NGN
  • for cash: make a USD, EUR or NGN cash deposit

 

Traders can get a full consultation at one of the offices of Alpari’s Nigerian partner regarding the company’s products and services, including a wide selection of training courses for both novice and experienced traders.

 

HotForex

The HotForex MT5 terminal offers traders 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.  A traders account can be accessed from anywhere using a from a PC to an iPhone.

 

Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs.

 

Key features include:

 

  • Supports:¬†MT4, MT5 for desktop, web & mobile
  • Minimum deposit:¬†$5
  • Leverage:¬†1:1000
  • Trading Instruments:¬†Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals

 

HotForex is an award-winning forex and CFD broker, soundly regulated in several jurisdictions ‚Äď the UK, the EU, the United Arab Emirates, and South Africa.¬†HotForex also has an office in Lagos, the largest Nigerian city, and accepts local payments with bank wire, major debit and credit cards and e-wallets like Neteller and Skrill.¬†

 

Other Nationally Regulated Forex Brokers who do except traders from Nigeria, even though the local currency may not be on offer includes:

 

Pepperstone

 

Pepperstone boasts three top forex trading platforms:

 

  • MetaTrader 4 ‚ÄstMost Popular for Forex Trading
  • MetaTrader 5 ‚ÄstMost Popular CFDs Trading Platform
  • cTrader ‚ÄstBest Automated Trading Platform

 

All three FX trading platforms come with a free demo account which will allow Nigerian traders to test out the forex broker and platform for 30 days. A maximum of AUD $50k in virtual funds can be traded over this duration on CFDs and forex markets.

 

Platform enhancements available for Pepperstone include:  

 

  • MetaTrader 4 smart trader tools,
  • cTrader Automate
  • Autochartist and
  • API trading

 

Pepperstone is the most awarded provider when it comes to customer service, including investment trends which survey, actual forex traders, to gauge their performance. Pepperstone customer support ranges from global call centres, live chat and e-mail.

 

IC Markets

IC Markets is based in Australia and offers traders the lowest brokerage fees including:

 

  • Low spreads on major currency pairs and exotic pairings
  • Low commissions for MT4, MT5 or cTrader forex traders
  • No Deposit or Withdrawal Fees

 

Commissions Offered by IC Markets

 

Forex traders in Nigeria can receive some of the lowest commissions from IC Markets including:

 

  • USD $3.5 (per lot per side) for MetaTrader 4
  • USD $3.5 (per lot per side) for MetaTrader 5
  • USD $3.0 (per USD 100k) for cTrader

 

There is no commission for the standard account (commission-free account).

 

EasyMarkets

 

EasyMarkets Is the Best Forex Broker for Beginners in Nigeria and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

 

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy to use forex trading platform

 

Risk Management Tools Offered by EasyMarkets

 

EasyMarkets offers traders three key risk management tools which are ideal to those new to currency trading:

 

Deal Cancellation

 

¬†‚ÄėdealCancellation‚Äô, when activated allows a trader to cancel a trade within 60 minutes when the markets move in the wrong direction, which is perfect for beginners or those who are concerned about the high risk of leveraged products.

 

Note: Only certain currency pairings offer dealCancellation and the feature can only be activated at certain times and there is a small fee when this is activated.

 

Guaranteed Stop Loss Orders

 

Most forex brokers in Nigeria offer stop-loss orders which will exit a trader when a set profit or loss is made on any trade, but the issue exists that when a market has low liquidity or experience high turbulence the CFD provider won’t be able to exist the trader at the set price, this is known as slippage and can lead to unexpected losses exceeding traders’ expectations.  EasyMarkets make all stop-loss ordered guaranteed stops meaning the maximum losses set are guaranteed to be locked in or the FX broker will cover the difference.

 

Negative Balance Protection

 

Similar to stop losses, negative balance protection helps stop a trader’s losses before it exceeds their expectations, but in this case, rather than protecting losses exceeding the amount set on a single trade, this stops overall losses from exceeding deposits. EasyMarkets guarantees traders that they will not lose more than their balance and if this does occur, they will cover the difference.

 

Perfect Platform for Beginners

 

EasyMarkets has a trading platform which is perfect for Beginners and offer the choice of MT4 or their own online trading platform. The EasyMarkets features such as dealCancellation are only available through their online forex platform which also includes a mobile trading app for iPhone, Android and iPad devices.

 

CMC Markets

 

CMC Markets Has the Lowest Minimum Deposit and is one of the largest online brokers for stock market and currency trading in Nigeria. CMC Markets offer:

 

  • A range of financial markets including Bitcoin
  • $0 minimum deposit and easy funding methods
  • Advanced charting through the Next Generation CFD platform

 

Financial Markets With CMC

 

CMC Markets specialise in trading forex with over 330 forex pairs but this is not the only CFDs financial markets traders can trade.

 

Other CFDs include:

 

  • Indices
  • Shares
  • Efts
  • Commodities and treasuries

 

A more recent addition is cryptocurrencies which ranges from:

 

Bitcoin, Ethereum, Litecoin and to Tron. Leverage ranges based on the crypto chosen with more well know cryptocurrencies like bitcoin offering more leverage compared to niche currencies pairs.

 

Funding with CMC Markets

 

CMC Markets offers basic funding methods including:

 

  • Credit Cards (minus AMEX or Diners cars)
  • Debit Cards
  • Bank account transfers

 

The biggest advantage is that CMC Markets has a $0 minimum deposit which means that you can move from a demo account to a live account without a large deposit required.

 

Advanced Charting Through the Next Generation Platform

 

CMC offers the choice of MT4 forex trading platform or the next generation platform.

 

Other key features of the Next Generation charting include:

 

  • 35+ drawing tools¬†
  • Technical indicators¬†
  • Price History¬†
  • Chart Intervals¬†
  • Customised Charts¬†

 

These five key features and the ability to trade directly from charts is why CMC’s CFD trading platform is considered the leader when it comes to charting.

 

AvaTrade

 

AvaTrade is an online broker founded in 2006 offering Forex trading, CFDs trading, Spread Betting trading, and Social Trading.

 

Benefits of trading with AvaTrade:

 

  • Regulated by: Central Bank of Ireland, Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Financial Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI)
  • Headquarters:The British Virgin Islands
  • Foundation year:2006
  • Min Deposit:250
  • Used: by over¬†200,000 traders

 

Forex.com

 

Forex.com is an online broker founded in 1999 and offers Forex trading, Indices trading, Commodities trading, Equities trading, and Cryptocurrencies trading.

 

Benefits of trading with Forex.com:

 

  • Regulated by: Financial Conduct Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA)
  • Headquarters:United States
  • Foundation year:1999
  • Min Deposit:500
  • Used by over¬†40,000 traders

 

Hugosway

 

Hugosway Offers an ECN Trading Account and is an ECN forex broker offering ECN trading that:

 

  • Has liquidity from 50+ banks and dark pool liquidity providers
  • Offers straight-through processing reducing latency times
  • Achieve low spreads with no dealer interference

 

Trading with an ECN forex broker like HugosWay sounds promising the forex broker is not regulated with any well-known regulator.

 

Plus500

Plus500 are trading specialists with their own forex trading platform offering:

 

  • A free unlimited demo account
  • A number of trading options
  • Web trading, Mobile trading and a desktop trading platform

 

Plus500 offers the best range of Cryptocurrency trading with instruments including Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron and Monero.

 

OctaFX

OctaFX is one of the very few forex brokers which offers Nigerian traders Metatrader and cTrader.

OctaFX offer Market execution with all their platforms and allows scalping & hedging, Expert Advisors and custom indicators.

 

VPS service is also available with their MT4 platform.

 

OctaFX Key Features:

 

  • Supports:¬†MT4, MT5 & cTrader for desktop, web & mobile
  • Minimum deposit:¬†$100 (‚ā¶36,000)
  • Leverage:¬†1:500 (variable based on account type)
  • Trading Instruments:¬†28 currency pairs, 3 Cryptocurrencies, CFDs on Indices, metals

 

Tickmill

Tickmill has a 100% NDD forex platform, meaning that there is no conflict of interest with their clients. Tickmills’ MT4 has full support for EA’s, multiple charts, news, limit orders & much more.

 

Tickmills’ MT4 is supported on Windows, Mac, Android, iOS, as well as webtrader and the platform has 62 currency pairs.

 

Key Features include:

 

  • Supports:¬†Metatrader for desktop, web & mobile
  • Minimum deposit:¬†$100 (~‚ā¶36,000)
  • Leverage:¬†1:500
  • Trading Instruments:¬†Forex, CFDs on Stock Indices, precious metals

 

Forex.com

 

Forex.com is an online broker founded in 1999 and offers Forex trading, Indices trading, Commodities trading, Equities trading, and Cryptocurrencies trading.

 

Benefits of trading with Forex.com:

 

  • Regulated by: Financial Conduct Authority (FCA), Cayman Islands Monetary Authority (CIMA), Investment Industry Regulatory Organization of Canada (IIROC), National Futures Association (NFA)
  • Headquarters:United States
  • Foundation year:1999
  • Min Deposit:500
  • Used by over¬†40,000 traders

 

NordFX

 

NordFX is an online broker founded in 2008 offering Forex trading and is a global broker.

 

Benefits of trading with NordFX:

 

  • Regulated by: Cyprus Securities and Exchange Commission (CySEC), License No: 209/13
  • Headquarters:Mauritius
  • Foundation year:2008
  • Min Deposit:1
  • Used by over¬†10,000 traders

 

FXPro

 

FXPro is an online broker founded in 2006 and offers Forex trading, Share Dealing trading, Spot Indices trading, Futures trading, and Spot Metals and Spot Energies trading.

 

Benefits of trading with FXPro:

 

  • Regulated by: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of The Bahamas (SCB), Dubai Financial Services Authority (DFSA)
  • Headquarters:UK
  • Foundation year:2006
  • Min Deposit:100
  • Used by over¬†10,000 traders

 

Admiral Markets

Admiral Markets is an online broker founded in 2001 and offers Forex and CFDs trading.

 

Benefits of trading with Admiral Markets:

 

  • Regulated by: Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC)
  • Headquarters:UK
  • Foundation year:2001
  • Min Deposit:200
  • Used by over¬†10,000 traders

 

Axitrader Guide

Axitrader is an online broker founded in 2007 and offers Forex trading, CFDs trading, and Social Trading.

 

Benefits of trading with Axitrader:

 

  • Regulated by: Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC), Dubai Financial Services Authority (DFSA)
  • Headquarters:Australia
  • Foundation year:2007
  • Min Deposit:No minimum deposit.
  • Used by over¬†10,000 traders

 

Swissquote

 

Swissquote is an online broker founded in 1999 and offers Forex and Social Trading.

 

Benefits of trading with Swissquote:

 

  • Regulated by: Financial Conduct Authority (FCA)
  • Headquarters Country:Switzerland
  • Foundation year:1999
  • Min Deposit:1000
  • Used by over¬†300,000 traders

 

And last but not least –

 

OANDA

 

OANDA is the Most Regulated Forex Broker and operate across six of the most credible authorities including:

 

  • Australia AISC (Australian Securities and Investments Commission)
  • United States CFTD (Commodity Futures Trading Commission)
  • Europe and UK FCA ‚Äď (Financial Conduct Authority)
  • Japan IFFA (Institute Financial Futures Association)
  • Singapore MAS (Monetary Authority Of Singapore)
  • Canada IIROC (Investment Industry Regulatory Organization of Canada)

 

OANDA Focuses on Transparency

 

OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. When it comes to customer support, OANDA boasts multiple customer service awards for 24 hours/6 days a week support. Live chat, emails and phone support is available.

 

What are the best trading platforms for Nigerian traders?

 

The best forex trading platforms for traders in Nigeria are MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader and these trading terminals have proven to be reliable, easy to use, and equipped with everything a trader needs to confidently trade.

 

What are the best payment methods in Nigeria?

 

  • Major debit and credit cards like VISA and MasterCard
  • Bank wire transfers
  • e-wallets like¬†Neteller¬†and¬†Skrill¬†
  • Money transfer services like Wester Union and¬†Perfect Money

 

In Conclusion –

 

The Nigerian economy and population are steadily growing and the middle-class population in Nigeria is increasing which in turn means a growing consumer base. Many profitable businesses and financial opportunities exist in Nigeria, including Forex.

 

Methodology

All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas. 

Our reviews are a combination of data research and working along side with the brokers. All information povided by the brokers are double checked to guarantee 100% accuracy and that we remain unbiased.

Read more about our methodology and how we do our tests and reviews here.