Best Forex Brokers in Nigeria for 2024

Last updated Mar 2, 2024
Nikolay Zavarov - Author
Nikolay Zavarov
Author
Andrey Bondarenko - Editor
Andrey Bondarenko
Editor

The Forex market in Nigeria is an increasingly competitive space, with many top-tier brokers offering diverse trading settings and benefits. Our team has conducted extensive research to create a comprehensive list of the Top 10 Best Forex Brokers in Nigeria to help you choose a broker that aligns with your trading strategy and ensures the safety of your funds. This carefully curated selection is tailored to meet the unique needs of Nigerian traders and guarantee an optimal trading experience.

List of the Best Forex Brokers in Nigeria

Логотип IC Markets
1
Foundation Year
2007
Minimum Deposit
$ 200
4.7/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsIC Markets review18 reviews about IC Markets
Логотип Pepperstone
2
Foundation Year
2010
Minimum Deposit
$ 1
4.6/5
Register81.7% of retail investors lose money when trading CFDs with this brokerPepperstone review31 reviews about Pepperstone
Логотип AvaTrade
3
Foundation Year
2005
Minimum Deposit
$ 100
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAvaTrade review
Логотип Vantage
4
Foundation Year
2009
Minimum Deposit
$ 50
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsVantage review
Логотип Roboforex
5
Foundation Year
2009
Minimum Deposit
$ 10
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsRoboforex review34 reviews about Roboforex
Логотип FxPro
6
Foundation Year
2006
Minimum Deposit
$ 100
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsFxPro review
Логотип AMarkets
7
Foundation Year
2007
Minimum Deposit
$ 100
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAMarkets review
Логотип Admirals
8
Foundation Year
2001
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsAdmirals review
Логотип Deriv
9
Foundation Year
2020
Minimum Deposit
$ 1
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested fundsDeriv review
Логотип FXCM
10
Foundation Year
1999
Minimum Deposit
$ 50
4.3/5
Register67-72% of retail investors lose money when trading CFDs with this brokerFXCM review

Our team has conducted thorough evaluations of numerous firms to pinpoint the most reliable and user-friendly options for Forex trading. This page offers detailed reviews of the top Forex brokers that accept Nigerian traders, crafted to assist you in making a well-informed decision. Each review presents a thorough broker profile enriched with authentic feedback from Forex traders who have experienced their services firsthand. Whether you're just starting in Forex or searching for a perfect partner for financial market trading, our in-depth reviews are designed to clear you of common pitfalls and guide you toward the best trading platform that suits your economic aspirations in 2024.

1. IC Markets

Логотип IC Markets
1
4.7/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTrader
Deposit/withdrawal:
Логотип PayPal
Логотип Neteller
Логотип Skrill
Логотип Bpay
Логотип FasaPay
Логотип Klarna
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип UnionPay
Логотип POLi
Логотип Rapidpay
compare IC Markets trading accounts

IC Markets is suitable for traders looking for low spreads and ECN accounts and the ability to scalp and use expert advisors.

Advantages of IC Markets

  • Regulation. IC Markets is regulated by two serious financial regulators, ASIC and CySEC, which guarantees client funds protection and trading conditions fairness.
  • A wide range of trading instruments. IC Markets clients can trade various assets, including currency pairs, stocks, indices, commodities, and cryptocurrencies.
  • Low spreads. IC Markets offers some of the lowest spreads on the market, making trading more accessible and cost-effective.
  • MetaTrader and cTrader platforms. These platforms are widely recognized for their advanced trading features and analysis tools.
  • Educational materials. The broker offers high-quality training materials suitable for beginners and experienced traders.
  • Efficient customer support service. IC Markets clients note the high level of customer support service, which responds quickly and professionally to problems and questions.

Disadvantages of IC Markets

  • High minimum deposit. The entry threshold for opening a trading account with IC Markets is relatively high and may be inconvenient for novice traders or those who do not want to invest large sums at once.
  • A limited number of withdrawal options. The options for withdrawing funds from IC Markets are limited, which may cause inconvenience, especially for clients who prefer specific payment systems.

2. Pepperstone

Логотип Pepperstone
2
4.6/5
Register81.7% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
Deposit/withdrawal:
Логотип Neteller
Логотип PayPal
Логотип Skrill
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Pepperstone trading accounts

Pepperstone suits traders seeking a wide choice of platforms, tight spreads, and numerous trading instruments.

Advantages of Pepperstone

  • Wide selection of trading platforms.
  • Tight spreads and favourable trading conditions.
  • Numerous regulatory licenses.
  • A large number of trading instruments, including over 600 CFDs on stocks.

Disadvantages of Pepperstone

  • Lack of diversity in types of trading accounts.
  • Withdrawals are only available via bank transfer, which can prolong the process for an extended period.

3. AvaTrade

Логотип AvaTrade
3
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Trading Assets
ForexStocksIndicesETFCryptocurrencyBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4MetaTrader 5WebTraderAvaTradeGO
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Perfect Money
Логотип Google Pay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип JCB
compare AvaTrade trading accounts

AvaTrade is suitable for traders who value various instruments, copy trading services, and a user-friendly mobile version of trading platforms.

Advantages of AvaTrade

  • A wide selection of financial instruments. AvaTrade offers more than 60 currency pairs and CFDs on stocks, indices, commodities, cryptocurrencies, and other assets.
  • Innovative trading platforms. AvaTradeGO, MetaTrader 4 and 5, and WebTrader provide convenience and functionality for trading.
  • Educational resources. Access to an education center with video tutorials, articles, and other materials helps traders improve their skills and knowledge.

Disadvantages of AvaTrade

  • Limited account options. The absence of market execution of orders, cent accounts, and fixed spread accounts may limit options for traders.
  • Fees. Costs for account inactivity and maintenance may impact trading profitability.

4. Vantage

Логотип Vantage
4
4.5/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesStocksBondsETFPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4Premium Trader
Deposit/withdrawal:
Логотип Bpay
Логотип Neteller
Логотип Skrill
Логотип AstroPay
Логотип FasaPay
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип JCB
Логотип UnionPay
Логотип POLi
compare Vantage trading accounts

Broker Vantage is suitable for intermediate and advanced traders looking for diversity in instruments and platforms.

Advantages of Vantage

  • Wide range of trading instruments. Many available markets and products include currency pairs, indices, and metals.
  • Diversity of trading platforms. Availability of various platforms, including mobile app, MetaTrader 4, MetaTrader 5, and ProTrader.
  • Free VPS. Provision of free VPS of severe traders.
  • Extensive analytical tools. Various market analysis tools are available, including correlation matrices, trading signals, etc.
  • Educational materials. Availability of webinars, articles, and other educational resources.

Disadvantages of Vantage

  • Variable quality of technical support. Some clients complain about low efficiency and speed of service.
  • Absence of cryptocurrencies. Cryptocurrencies are missing from the trading instruments.

5. RoboForex

Логотип Roboforex
5
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesStocksETFPrecious MetalsEnergy CarriersAgricultural CommoditiesFutures
Trading Platforms
MetaTrader 5MetaTrader 4R WebTraderR MobileTraderR StocksTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип AdvCash
Логотип Perfect Money
Логотип Касса24
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип JCB
compare Roboforex trading accounts

Roboforex is suitable for both beginners and professional traders, thanks to its impeccable reputation, reliability, and fair conditions.

Advantages of Roboforex

  • A variety of trading platforms, including MetaTrader 4, MetaTrader 5, cTrader, and R StocksTrader.
  • Over 12,000 trading instruments, including currency pairs, stocks, indices, ETFs, commodities, metals, and cryptocurrencies.
  • Different types of accounts for traders of all experience levels, including accounts with ECN and STP access.
  • Competent 24/7 customer support.
  • Loyalty programs and bonus offers for clients.
  • Low spreads and commissions, as well as the ability to trade with high leverage.

Disadvantages of Roboforex

  • Regulation in an offshore jurisdiction.
  • Beginner traders may find a lack of educational materials.

6. FxPro

Логотип FxPro
6
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4FxPro EdgeMetaTrader 5cTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип UnionPay
compare FxPro trading accounts

FxPro is suitable for traders looking for a reliable company with good trading conditions and a wide selection of instruments.

Advantages of FxPro

  • Various trading platforms, such as MetaTrader 4, MetaTrader 5, cTrader, and FxPro Edge, provide flexibility and convenience in trading.
  • A diverse range of available markets and products, including currency pairs, CFDs on indices, stocks, commodities, futures, and cryptocurrencies.
  • Analytical tools, including signals from Trading Central and Autochartist functionality.
  • Extensive educational materials, including free courses, articles, videos, and webinars, contribute to the development of traders.

Disadvantages of FxPro

  • An inactivity fee is charged after six months of no position opening or closing.
  • Average trading commissions. FxPro does not have the tightest spreads in the market and not the most minuscule trading commission per transaction.
  • Absence of cent accounts and services for copying trades of successful traders.

7. AMarkets

Логотип AMarkets
7
4.4/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Perfect Money
Логотип Neteller
Логотип FasaPay
Логотип Bank Transfer
Логотип Система быстрых платежей (СБП)
Логотип Visa
Логотип Mastercard
Логотип Мир
Логотип HUMO
compare AMarkets trading accounts

AMarkets is suitable for independent traders and investors due to various accounts, narrow spreads, and the possibility of engaging in copy trading.

Advantages of AMarkets

  • A wide range of trading instruments, including currencies, stocks, indices, commodities, and cryptocurrencies.
  • Extensive analytical capabilities using modern tools and trading robots.
  • No commissions on many operations.
  • Convenience and simplicity of opening an account and managing it.

Disadvantages of AMarkets

  • Not the most extensive educational materials. The broker offers essential resources such as a blog and FAQ but lacks deeper educational content such as webinars, courses, etc.
  • The broker does not offer a trading platform, which may disadvantage those seeking a unique trading solution.
  • On some assets, spreads are higher than those of competing Forex brokers.

8. Admirals

Логотип Admirals
8
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersAgricultural CommoditiesCryptocurrencyStocksETF
Trading Platforms
MetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Admirals trading accounts

Admirals is suitable for short-term traders looking for a large selection of instruments and a good educational program.

Advantages of Admirals

  • Regulation. Admirals is regulated by several leading financial authorities, including the FCA in the UK and CySEC in Cyprus, ensuring high reliability and security.
  • Trading Fees. Trading commissions are set at a competitive level, making trading with Admirals cost-effective.
  • Wide Range of Payment Methods. Clients can deposit and withdraw funds using various convenient payment methods, including bank transfers, credit/debit cards, and electronic wallets.
  • Analytics. Admirals offers extensive analytical resources, including an economic calendar, trading news, weekly podcasts, and technical and fundamental analyses.
  • Education. The broker provides a rich collection of educational materials, including webinars, articles, guides, and e-books.

Disadvantages of Admirals

  • Inactivity fee. Admirals charges a fee if an account remains inactive for a certain period, which may be undesirable for some investors.
  • Support. Although the support service provides multiple communication channels and quick responses, some users sometimes complain about its intrusiveness and note unprofessionalism. Additionally, information about the support service's working hours is missing from the Admirals website.

9. Deriv

Логотип Deriv
9
4.3/5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 5Deriv XcTrader
Deposit/withdrawal:
Логотип FasaPay
Логотип Perfect Money
Логотип Skrill
Логотип Neteller
Логотип WebMoney
Логотип PaySafeCard
Логотип Jeton
Логотип SticPay
Логотип Airtm
Логотип Boleto
Логотип Paylivre
Логотип OnlineNaira
Логотип Beyonic
Логотип AstroPay
Логотип 1foryou
Логотип AdvCash
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип Diners Club
Логотип JCB
Логотип PayTrust88
Логотип Help2pay
Логотип DragonPhoenix
Логотип ZingPay
Логотип Ngan Luong
Логотип Trustly
compare Deriv trading accounts

Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.

Advantages of Deriv

  • Relatively reliable with licenses from various global regulators.
  • Simple and fast account opening process.
  • A wide variety of account types cater to different trading needs.
  • Low commission structure.
  • A wide range of trading platforms is suitable for traders of different levels.
  • High-quality technical support with fast and effective responses.

Disadvantages of Deriv

  • Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
  • Educational materials are confined to a blog and lack comprehensive learning resources.

10. FXCM

Логотип FXCM
10
4.3/5
Register67-72% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFBondsPrecious MetalsEnergy CarriersAgricultural Commodities
Trading Platforms
MetaTrader 4Trading StationTradingView
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Discover
Логотип UnionPay
compare FXCM trading accounts

FXCM is suitable for traders of all levels. Beginners will find educational materials and helpful analytics, while experienced traders will appreciate various instruments and flexible platforms.

Advantages of FXCM

  • High level of regulation. Security and reliability in broker dealings.
  • Diverse methods for deposit and withdrawal. Convenience and flexibility in financial transactions.
  • Wide range of markets and products for trading. Opportunities for diversification and choice.
  • A broad spectrum of trading platforms. Ease and flexibility in trading.
  • Analytics. Extensive and quality materials for making informed decisions.
  • Technical support. Quick and efficient help in solving emerging issues.

Disadvantages of FXCM

  • Insufficient variety of trading accounts. Limited options for different types of traders.
  • Inactivity fees and commissions for bank transfer withdrawals. Additional expenses that can reduce overall profitability.
  • Protracted account opening and verification process. It can take up to 3 days, delaying the start of trading.

How We Compiled the List of the Best Brokers in Nigeria

Our approach to finding the best Forex trading platforms in Nigeria has been conducted with meticulous attention to all relevant criteria:

  1. The ranking of brokers is derived from our comprehensive list of Forex brokers.

  2. The evaluation of brokers is based on our established methodology.

  3. Each broker featured is accessible to traders based in Nigeria.

These criteria ensure that the Forex and CFD brokers we have chosen adhere to stringent standards of trustworthiness and offer the necessary trading conditions for safe and effective participation in the Forex market.

Regulation of Forex Trading in Nigeria: A Detailed Overview

In Nigeria, forex market regulation primarily focuses on the physical exchange of currencies, as highlighted by the Nigerian Government's announcements on foreign exchange policies. The 2016 guideline by Nigeria’s Central Bank (CBN) mandates that brokers offering over-the-counter (OTC) forex products, like futures, must obtain proper authorization. To comply with local tax laws, Nigerian Forex traders must also report any forex trading income, including earnings from international brokers.

Key Regulatory Bodies

  1. Central Bank of Nigeria (CBN). CBN is pivotal in regulating the Nigerian Naira (NGN), the national currency. It oversees monetary policy and the physical forex exchange, addressing issues like inflation, which recently exceeded 20%.

  2. Securities and Exchange Commission (SEC) Nigeria. SEC regulates capital markets, including trading Forex and CFDs. The Investments and Securities Act (ISA) of 2007, which governs SEC’s operations, modernized Nigeria's financial markets and added investor protections. However, the regulations for retail CFD trading remain less defined, with ISA's Part X and XI outlining broker requirements.

Nigerian Stock Exchange (NGX)

  • Located in Lagos, NGX offers various asset classes, including securities, bonds, ETFs, and derivatives.

  • Trading on NGX requires investors to engage with a registered stockbroker or dealer.

  • The Central Securities Clearing System Plc. (CSCS) manages the clearing and settlement of transactions on NGX.

Verifying Broker Authorization

To verify a broker’s authorization by CBN or SEC, traders in Nigeria can use Capital Markets Operator Search (CMOS), a tool the SEC provides for checking the licensing status of regulated brokers in Nigeria.

This regulatory overview underlines Nigeria's structured approach to overseeing its forex market, balancing trader protection with market integrity. CBN and SEC play crucial roles in this regulatory landscape, ensuring that Forex trading within the country adheres to legal and ethical standards.

How to Choose a Forex Broker in Nigeria?

An appropriate Forex broker is essential for successful trading in the international currency market. When searching for a reliable Forex broker in Nigeria, assessing several vital factors that align with your trading goals and preferences is essential. The best broker should meet your needs without imposing limitations that might affect your trading efficiency. Consider these critical points when choosing a Forex broker in Nigeria:

  1. Regulatory Compliance: Ensure that relevant authorities like Nigeria's Securities and Exchange Commission (SEC) regulate the broker. This assures the broker's legitimacy and commitment to ethical trading practices.

  2. Account Types: Look for a broker with account types suitable for your trading experience and investment size. The broker should have various options that match your specific trading needs.

  3. Trading Platforms: The functionality and user-friendliness of trading platforms are vital. Opt for a broker providing efficient, easy-to-use platforms that can improve your trading experience.

  4. Trading Conditions: Review the broker’s trading terms, including Forex spreads, commission fees, minimum deposit requirements, and the range of available trading instruments. These conditions should be conducive to your trading strategies.

  5. Customer Support: Evaluate the quality of customer service. Focus on how responsive and helpful their support team is. Ensure the broker offers convenient and accessible communication channels.

You can confidently identify a leading Forex broker in Nigeria by thoroughly considering these aspects. We recommend starting with a demo account to test the broker's services and their compatibility with your trading style.

FAQ

Yes, Forex trading is legal in Nigeria. The market is regulated by Nigeria's Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), which oversee the activities of forex brokers and ensure compliance with financial laws.

What Is the Minimum Deposit Required by Nigerian Forex Brokers?

The minimum deposit required by Nigerian Forex brokers varies between brokers. Some brokers may allow traders to start with a low minimum deposit of $1 (or its equivalent in Naira), while others may require higher minimum deposits. It's essential to check the specific requirements of each broker.

How to Avoid Forex Scams in Nigeria?

To avoid scam brokers in Nigeria:

  • Trade only with regulated Forex brokers by recognized authorities like the SEC or CBN.

  • Conduct thorough research on any broker before investing.

  • Be wary of offers that seem too good to be true, such as guaranteed high returns.

  • Avoid brokers that pressure you to make large deposits or promise unrealistic profits.

  • Check for online reviews and testimonials from other traders from Nigeria.

What Is the Best Time to Trade Forex in Nigeria?

The best time to trade Forex in Nigeria depends on the traded currency pairs. Since the Forex market operates 24 hours a day, the most volatile times are when major markets overlap. For major Forex pairs like EUR/USD, the most active trading hours are when the London and New York markets are open (typically 1 PM to 4 PM Nigerian time).

What leverage do Nigerian Forex brokers require?

Leverage requirements vary among Nigerian Forex brokers. Some may offer leverage as high as 1:1000, while others may provide more conservative leverage options like 1:100 or 1:50. It's important to choose a leverage level that matches your trading strategy and risk tolerance.

Is Cryptocurrency Trading Available in Nigeria?

Yes, cryptocurrency trading is available in Nigeria. Many forex brokers in Nigeria offer cryptocurrency trading as part of their service. However, the regulatory environment for cryptocurrencies can change, so it's essential to stay informed about current regulations and trade with reputable brokers.

Conclusion

Choosing the right Forex broker is crucial to success in the Forex market. Essential factors to consider include the broker's trustworthiness, adherence to regulatory standards, favorable trading conditions, and customer support effectiveness. Our comprehensive list of the best Forex brokers in Nigeria has been meticulously compiled to assist you in this vital decision-making process. It offers in-depth information and insights, drawing on thorough research and authentic user feedback. Our goal is to provide you with valuable guidance that aids in selecting the perfect broker tailored to your unique trading needs, paving the way for financial success and proficient Nigerian Forex trading.

Nikolay Zavarov - Author
Nikolay ZavarovAuthor

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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