Best Forex Brokers in Nigeria

Nigerians have no official regulatory entity that regulated forex brokers. The only entity that is there for assistance (some) is the Central Bank of Nigeria (CBN). They however do not regulate the financial space as a whole.

They, sadly, do not protect Nigerian traders from unregulated brokers or illegal operations (forex related scams) within the financial trading industry.

Forex Broker Regulation

The best forex brokers in Nigeria that are regulated will be indicated with a Broker Verified badge, indicating that they are fully reviewed and regulated (global regulatory entities).

WARNING: Forex scams are common. Don’t become a victim. Read our reviews before opening a trading account!

Don’t get scammed out of your Nigerian Naira (NGN) that you worked so hard for due to the LACK OF DUE DILIGENCE on your behalf!

Be smart, Stay safe!

Best-Forex-Brokers-in-Nigeria

The term “broker hopping” (traders’ lingo for changing brokers on a frequent basis) is widely used and seen by forex traders seeking a reliable forex broker in Nigeria.

Success (profitability) when it comes to trading is dependent on your skillset, just as much as it is the broker you are trading with. Successful and consistent trading is the goal of all traders. However, it isn’t always easy!

Your broker plays a big role

The best forex brokers in Nigeria is not always a local Nigerian broker.

Why?

There is so much more out there, and yes, trustworthy and regulated by some of the best regulatory entities in the world.

Some of the most strict and respected regulatory bodies globally are (in no particular order):

  • FSCA (Financial Sector Conduct Authority)
  • FCA (Financial Conduct Authority)
  • ASIC (Australian Securities and Investments Commission)
  • CySEC (Cyprus Securities and Exchange Commission)

PRO TIP 1: In order to choose the best forex broker for a Nigerian, you should read forex broker reviews.

“The 10 minutes it takes to read a broker review is better than being unhappy with your broker of choice.”

PRO TIP 2: We showcase and feature our top 3 brokers, a good place to start to see what the market has to offer!

1.
4.8 stars from 476 ratings

Broker Verified

Blackstone Futures is a CFD and forex broker that helps traders have a great trading experience. One of the best forex brokers in South Africa and Nigeria?
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
4.7 stars from 374 ratings

Broker Verified

Markets.com is known to be the most reputable forex & CFD and online forex broker. So let's dive into the review and see if that is true.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
4.6 stars from 139 ratings

Broker Verified

Do you want to know more about Exness broker? Then, let's just not waste a single second and dive into the discussion of the Exness review.
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

Top Forex Brokers in Nigeria

Explore our in-depth reviews on Nigeria’s top forex brokers.

Broker
Rating
Regulated
Bonus
Min. Deposit
Max. Leverage
1.
Blackstone Futures Broker Review
4.8 stars from 476 ratings

Broker Verified

FSCA

up to 30%

USD 100

1:400

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
2.
Markets.com Broker Review
4.7 stars from 374 ratings

Broker Verified

FCA, ASIC, CySEC, FSCA, BVIFSC

up to 50%

USD 100

1:300

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
3.
Exness Broker Review
4.6 stars from 139 ratings

Broker Verified

SFSA, FSC (BVI), CBCS, FSCA, FSC (Mauritius)

up to 10%

USD 10

1:2000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
4.
HotForex Broker Review
4.4 stars from 189 ratings

Broker Verified

FSCA, FCA, CySEC, FSC, DFSA

up to 100%

USD 10

1:1000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
5.
Deriv Broker Review
4.2 stars from 346 ratings

Broker Verified

MFSA, LFSA, VFSC, BVIFSC

up to N/A

USD 10

1:1000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
6.
XM Broker Review
4.2 stars from 379 ratings

Broker Verified

ASIC, FCA, CySEC, IFSC

up to 100%

USD 10

1:888

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
7.
FXTM Broker Review
3.6 stars from 145 ratings

Broker Verified

CySEC, FSC, FCA, FSCA, CMA

N/A

USD 50

1:2000

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
8.
OctaFX Broker Review
3.4 stars from 235 ratings

Broker Verified

CySEC

up to 50%

USD 10

1:500

Review Visit Site Visit Site
CFD service. Your capital is at risk.
Remember that CFDs are a leveraged product and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.

Nigerians should always trade with the best forex brokers available to them!

OUR GUARANTEE: Verified brokers on our list are all regulated, some of them by multiple regulatory bodies around the world!

I don’t see the broker I am looking for

PRO TIP 3: Use our site search to pull real-time broker reviews as you search!

Our goal is to ensure that you can safely and successfully trade Indices, Equities, Commodities and Forex as a Nigerian trader with our listed brokers.

Broker Awards

  1. 🥇 Blackstone Futures – Best Overall Spreads 2021
  2. 🥈 Markets.com – Best Broker Award South Africa 2021
  3. 🥉 Exness – Lowest Minimum Deposit Broker 2021
  4. HotForex – Multi-Regulated Broker 2021

Let’s go through our Top Forex Brokers List. These trading companies are all regulated and verified by us.

BlackStoneFutures-Logo.png

Blackstone Futures

Blackstone Futures is a well-known and reliable forex broker in South Africa, regulated by FSCA. Apart from being a local forex broker, this platform has a vast reach to some more countries, including Swaziland, Lesotho, and Namibia.

Starting operating in 2009, this broker is an excellent platform for advanced traders and beginners.

To start trading with Blackstone Futures, a trader can look for various trading instruments such as indices, forex pairs, CFDs, or futures and commodities. Equities are also available for trading purposes.

When it comes to spreads, they generally start from 0.6 pips, in which they grant a commission-free trading experience. No withdrawal or deposit fee is charged to any trader. Plus, there is no documentation for the inactive costs.

Average Standard Account Spreads on the Majors are:

  • EUR/USD: 0.6
  • GBP/USD: 0.8
  • USD/JPY: 1.0
  • AUD/USD: 0.6

Blackstone futures are available with one account based on three different base currencies on two trading platforms. The trading leverage is 1:400, whereas most brokers have a leverage ratio of 1:200 and a maximum of 1:500.

ZAR and USD are the two major account types this broker offers to start a successful trading journey according to your preferences. The only difference between these two trading accounts is the basis of currency you are using.

The minimum deposit requirement is 1000 ZAR, in which the minimum position starts at 0.01 lots. Blackstone Futures also accepts Nigerian currency; therefore, clients from Nigeria can open their accounts with this broker.

For a seamless trading experience, the MT4 trading platform is available based on advanced trading tools for beginners. Read Full Review Here

Pros / Cons
  • Tight Spreads
  • 24/5 Support
  • Negative Balance Protection
  • Broker Verified
  • No NGN Account Currency
  • No ECN Account Type

up to 30% Bonus Promotion

Open Trading Account

 

Markets.com-Logo

Markets.com

Markets.com is a famous global forex and CFD broker operating since 2008. This broker is regulated by various financial authorities such as the Cyprus Securities and Exchange Commission (CySEC) & the Financial Conduct Authority of the United Kingdom (FCA).

Markets.com is available with two different platforms on which clients can start trading through various financial instruments. Traders can have access to more than 2,200 assets across eight different asset groups. In addition, 67 currency pairs, along with 25 cryptocurrency pairs, are also available for trading.

As far as trading accounts are concerned, Markets.com has two different account types: retail and professional. The retail account works as a live trading account for beginners offering 2200 tradable assets.

The professional account is for the traders who can easily spend $500,000 for trading. Islamic social account is also available, which is according to the Islamic Sharia Principle of interest-free trading.

Average Standard Account Spreads on the Majors are:

  • EUR/USD: 0.6
  • GBP/USD: 1.2
  • USD/JPY: 0.9
  • AUD/USD: 0.9

Plus, this broker accepts different currency options to start trading with. This includes EUR, AUD, DKK GBP, NOK, PLN, SEK, USD, ZAR, and CHF. Nigerian clients can also open their accounts with Markets.com because this broker accepts Nigerian currency.

As the fees and commission are concerned, they charge low fees for forex traders. But the ratio of the fee is a bit high for index CFD and commodities. They do earn through commissions and spreads charged as trades, inactivity fees, or overnight fees.

Now let’s talk about the leverage level, which is 1:30 for Europe and UK traders. But for African traders, the leverage ratio is 1:300. Recently in Australia, the leverage has been increased to a maximum of 1:30.

Markets.com has four different trading platforms to have a seamless trading experience. This includes MetaTrader 4 and MetaTrader 5 and two personalized trading platforms, i.e., Marketsx and Marketsi.

Customer service support is available 24/5 in ten different languages for a trader’s convenience. Live chat is also supported. Read Full Review Here

Pros / Cons
  • Tight Spreads
  • Educational Tools
  • Multi-Regulated
  • Broker Verified
  • Low Leverage
  • Inactivity Fees

up to 50% Bonus Promotion

Open Trading Account

 

Exness-Logo

Exness

Exness is one of the most top leading and reputable online forex brokers. This broker platform offers a seamless trading experience through the three best trading platforms, i.e., MetaTrader 4, MetaTrader 5, as well as MT Mobile forex trading.

Users on Exness can start trading with more than 100 currency pairs, silver, gold, Bitcoin, oil, and cryptocurrencies.

Mentioning the Exness trading account types, they offer four different trading accounts with no ECN option. With Standard account type, the minimum deposit requirement is $10 with maximum leverage of 1:2000.

With Zero, Raw Spread, and Pro trading account options, the minimum deposit requirement is $200 with flexible trading conditions.

Average Standard Account Spreads on the Majors are:

  • EUR/USD: 1.1
  • GBP/USD: 0.7
  • USD/JPY: 1.0
  • AUD/USD: 0.7

Leverage of Exness is extremely competitive, which is up to 1:2000 for the Standard Account. But it would help if you were a lot careful because leverage is considered a double-edged sword.

For each trading account type, Exness has a complex commission and fee system for the clients. In addition, there are certain swap fees imposed on the overnight positions, along with third-party withdrawal/deposit fees.

EUR/USD in the Standard Account has 1.0 pip of commission-free spread. In the same way, on a Raw Spread Account, the spread is as low as 0.0 pips with a minimum cost of around $3.50 per side.

For withdrawal and deposit purposes, Exness offers a variety of funding options such as credit cards, debit cards, Tether, Skrill, WebMoney, Neteller, and Perfect Money. Processing time will vary based on the selected funding method.

Exness also accepts clients from Nigeria to start trading in Nigerian currency.

In addition, this broker has an excellent customer support service available 24/7 via email, phone, or live chat.

Free VPS hosting is also available for the live trading account with a maximum deposit of $500. Two affiliate programs are also included in this broker, i.e., affiliate and broker programs. A trader can earn more than 40% revenue share on their daily trades through the broker program. Read Full Review Here

Pros / Cons
  • 24/7 Support
  • Low Minimum Deposit
  • Multi-Regulated
  • Broker Verified
  • Limited Stocks
  • Limited Account Currencies

up to 10% Bonus Promotion

Open Trading Account

 

Logo HotForex

HotForex

HotForex is also known as HF Markets, a famous and leading broker worldwide to cater to the efficient services of traders in various countries. This broker has been regulated by five different regulatory entities, namely CySEC, FSCA, and FSA.

Since 2010, this broker has been considered the trustworthy one from where traders can expect to get tight spreads over fair execution.

Nevertheless, HotForex grants trading in just two major account currency options, such as ZAR and USD. You can also choose different trading instruments and Forex pairs to start a seamless trading journey.

HotForex is currently working as a multi-asset broker from where a trader can get a maximum of 50 currency pairs. Huge lists of products available on this broker are indices, metals, energies, forex, shares, bonds, commodities, and Cryptocurrencies.

Average spreads on standard accounts on majors are:

  • EUR/USD: 1
  • GBP/USD: 1.2
  • USD/JPY: 0.8
  • AUD/USD: 1.8

If we talk about spreads, they are advertised at the ratio of 1 pip on major currency pairs. Certain accounts are also available which are suitable for automated trading or EA.

This broker earns his money through spreads and commissions. A small commission is charged on the Zero Spread account and is set at around $1 per lot. But for the CFDs, charge a commission of 0.10% of trade value.

Additionally, for the leverage, the ratio will vary from one trading account to another one. Account size and level of deposit are responsible for determining spread sizes or leverage ratios. Leverage generally starts from 1:100 up to 1:1000.

For a seamless trading experience, MT4 and MT5 trading platforms are available on this broker platform. For deposit and withdrawal processing, HotForex has a variety of payment options to offer. This includes debit cards, credit cards, Neteller, Skrill, wire transfer, and so on.

Out of the few accepted countries under this broker, they also accept Nigeria, in which Nigerian residents can open their trading account with Nigerian currency. Read Full Review Here

Pros / Cons
  • Tight Spreads
  • Low Minimum Deposit
  • Multi-Regulated
  • Broker Verified
  • No Local Deposit Options
  • Average Support

up to 100% Bonus Promotion

Open Trading Account

 

Deriv

Deriv is one of the most popular and reputable multi-asset brokerage firms operating in Malta. Through this broker, traders can use various trading platforms to start a seamless trading journey. In addition, various financial assets are also available, which a trader can pick for a profitable trading journey.

If you are new to Deriv, educational resources and online video content are also available to learn basic trading strategies. In addition, the broker also has competitive trading conditions in which they offer STP execution, with tight spreads, leverage of 1:1000 and a minimum deposit of $5, and much more.

In addition, this broker is available with more than 100 assets to trade on along with stock indices, commodities, forex, and Synthetic Indices.

If we talk about the minimum deposit requirement, it is around €/£/$ 5. But the requirement of deposit amount will vary based on the account type you have selected.

Average spreads on standard accounts on majors are:

  • EUR/USD 0.5 pips
  • GBP/USD 0.5 pips
  • AUD/USD 0.9 pips
  • USD/JPY 1.0 pips

Deriv also charges a dormant fee which is similar to an inactivity fee. It is charged on those accounts which are not placed with any sell or buy transactions for more than one year.

Expressed leverage ratio on this broker is up to 50:1, 100:1, or 500:1. Trading with high leverage is a positive feature for any trader to experience profitable trading. Deriv even allows the traders to use the maximum ratio of leverage which is up to 1:1 000.

Three different trading accounts are available on this broker, including a Financial account, a Financial STP account, and a Synthetic account.

Deriv also accepts clients from Nigeria and opens trading accounts, and starts funding in Nigerian currency.

Twenty-four hours of customer support team service is available for the traders via live chat, email, or phone call. In addition, with the demo account service, traders can open their accounts and learn how to trade in a real-time trading environment. Read Full Review Here

Pros / Cons
  • Hig Leverage
  • 24/7 Support
  • Wide Range of Account Currencies
  • Broker Verified
  • No NGN Account Currency
  • No ECN Account Type

up to N/A Bonus Promotion

Open Trading Account

 

XM Logo

XM

XM works as a globally reputable broker platform offering its services in more than 190 countries. No doubt, XM is a popular broker inside the South African market.

Since 2009, this platform has ensured that beginner and advanced traders are offered a hassle-free and smooth trading experience. This platform has made a good place among traders for providing fair trading conditions.

To start trading, a variety of account currencies are available, including ZAR. One major drawback of this broker is the demo account which is not available. A $30 deposit bonus is part of XM to let the traders experience a risk-free brokerage activity.

Hence, traders can get a maximum of 1000 financial instruments through MT4 and MT5 trading platforms to start their trading. Besides it, stocks, precious metals, CFDs, indices, and Energies CFDs are also included.

In addition, forex trading is also available on 50 currencies, of which major currencies are EUR, USD, GBP, and JPY.

You cannot trade with binary or Cryptocurrencies options.

Trading on commodities is not offered with the XM platform, in which you can get silver, silver, or some exotic precious metals such as palladium and platinum.

On all trading account types, the minimum spread is around 0.1 pips. But the average spread for the major pair, i.e., EUR/USD, is around 0.1 pips.

Average Standard Account Spreads on Majors are:

  • EUR/USD: 1.7
  • GBP/USD: 2.2
  • USD/JPY: 1.7
  • AUD/USD: 1.9

XM even has commission-free Forex fees, which start from a spread of 0.6 pips. But this fee is just for XM Ultra-Low Standard Account. Average is around 0.8 pips or $8.00, generally applied on the currency pairs like EUR/USD and USD/JPY.

XM’s account types are divided into four categories: Micro, Ultra Low, Standard, and Zero. Each trading account allows you to perform 200 open/pending positions for trading.

Among numerous accepted countries that can trade with this platform, Nigeria is also included, whose clients can open trading accounts with XM in Nigerian currency. Read Full Review Here

Pros / Cons
  • Multi-Regulated
  • Low Minimum Deposit
  • MT5
  • Broker Verified
  • No NGN Account Currency
  • Limited Deposit Options

up to 100% Bonus Promotion

Open Trading Account

 

FXTM-Logo

FXTM

FXTM is also known as ForexTime, which is a reputable brokerage firm operating since 2011. This broker operates in three different organizations located in the United Kingdom, Cyprus, and Mauritius.

With FXTM, a trader can start trading with Forex currency pairs and crosses, some exotics, or precious metals. Plus, you can also trade CFDs and key equity indices.

If we talk about the trading account types, they offer three main account types, i.e., micro, advantage, and advantage plus. Account types vary from one another based on countries, trading platforms, pricing, and minimum deposit.

A micro account requires a minimum deposit of $50 which is the lowest one to expect. For the Nigerian traders, the account can also be denominated in USD, EUR, GBP, or around 10,000 Nigerian Naira. FXTM also supports Nigerian clients.

Average Standard Account Spreads on the Majors are:

  • EUR/USD: 1.5
  • GBP/USD: 1.8
  • USD/JPY: 1.7
  • AUD/USD: 1.8

A demo account is also available on this broker for the new traders to experiment with some advanced trading methods and improve their skills. For opening an account, this broker accepts four base currencies: GBP, USD, EUR, and NGN.

Hence, for a seamless trading experience, three different trading platforms are available for the clients, i.e., MT4, MT5, and FXTM’s native platform. All three platforms are user-friendly and are compatible with both iOS and Android devices.

Maximum leverage on this platform is 1:2000. Under FCA jurisdiction, the leverage ratio is 1:30. For the minor forex pairs, leverage is set at 1:20.

When it comes to funding methods, a variety of deposit/withdrawal options are available in which are most common are bank transfer, a credit card, and electronic wallet. You can also use Skrill, Alfa-Click, or Western Union Quick Pay, as well as Dotpay.

Excellent customer support service is offered 24/5 via online Live Chat, Phone, emails, or Messenger. Read Full Review Here

Pros / Cons
  • MT5
  • 24/5 Support
  • Multi-Regulated
  • Broker Verified
  • Limited Choice of Cryptocurrencies
  • Limited Choice of Commodities

up to N/A Bonus Promotion

Open Trading Account

 

OctaFX Logo

OctaFX

OctaFX is a well-known CySEC regulated broker offering its reliable trading services to millions of traders all over the globe. Starting operating in 2011, they have eventually made a strong mark in the trade market for being a beginner-friendly platform.

This broker has an ECN and STP execution with tighter spreads and swift execution. For a seamless and friendly trading experience, three different trading platforms are available, including MetaTrader 4 and MetaTrader 5 and cTrader.

If we talk about the leverage ratio, it varies based on the account type and the asset selected for trading. For example, for forex, leverage is 1:500, 1:200 for commodities, 1:50 for indices, and 1:2 for crypto.

Average ECN Account Spreads on the Majors are:

  • EUR/USD: 0.7
  • GBP/USD: 0.8
  • USD/JPY: 0.7
  • AUD/USD: 0.9

OctaFX is available with a variety of methods for deposit and withdrawal funding. Each one of the methods varies from one another in terms of processing timeline. The minimum deposit starts from USD 50.

A few of the most common deposit and withdrawal methods on this broker is debit/credit card, Bitcoin, Skrill, Neteller, bank wire transfer, and EFT.

In addition, this broker also offers a deposit bonus for the traders, which is 50%. The main purpose of this bonus opportunity is to increase the trading margin. You can withdraw the bonus once it has been traded with a certain number of lots.

They also accept clients from Nigeria. Plus, they also offer the option of local bank transfer payment for all traders in Nigeria.

Apart from that, for the new traders, a demo account service is also available on MT4, MT5, and cTrader. But the process of logins will vary between the MetaTrader demo accounts and the cTrader demo accounts.

OctaFX has a variety of options for excellent customer support available for both clients as well as prospects. 24/5 customer service is offered in which the Live chat feature is the most recommended one. Read Full Review Here

Pros / Cons
  • Tight Spreads
  • 24/7 Support
  • MT5
  • Broker Verified
  • No NGN Account Currency
  • Limited Deposit Options

up to 50% Bonus Promotion

Open Trading Account

Forex Brokers in Nigeria

It is important to carefully consider each category of our Nigerian Forex broker reviews before picking an option. All categories are equally important for traders.

All of them matter, but some are more important than others.

Each and every broker is reviewed and given a score out of 5 as an overall rating. We also provide additional information to help you make an informative decision.

Do your research, start your review process!

Forex-Brokers-in-Nigeria

Forex Brokers NG

Although there are some local brokers in Nigeria, they might not be regulated by a regulatory entity. This should be a cause for concern. More and more Nigerians are searching for a home for their Nigerian Naira, ready to deposit and trade on the forex (financial) markets.

Traders are on the hunt for a broker that can provide the service they want.
With so many scammers looking to take advantage of desperate traders it can be a daunting yet scary outing into the marketplace. (Nigeria has one of the highest scam rates in the industry)

This is mainly due to an ever declining economy.

DON’T fall victim to forex related scams!

BlackStoneFutures-Logo.png

Best Overall Spreads Award South Africa 2021