10 best forex brokers in Nigeria 2023

 

The best Forex Brokers in Nigeria offer competitive spreads, sophisticated trading platforms, advanced trading tools, up-to-date market analysis, educational material and good customer support. Only forex and CFDs brokers that are regulated by Top-tier authorities in Africa and Europe are recommended.

 

In this in-depth guide you’ll learn:

• Best Handpicked Forex Brokers in Nigeria Revealed
• Who regulates forex brokers in Nigeria
• Is it safe to trade forex in Nigeria
• What is the best time to trade forex in Nigeria

 

Choose your quick section of our best Forex Brokers in Nigeria below

 

Our 10 Best Handpicked Forex Brokers in Nigeria Revealed:

• ✔️Avatrade
• ✔️Exness
• ✔️FP Markets
• FXTM
• HotForex
• IC Markets
• OANDA
• OctaFX
• Pepperstone
• Plus500

 

Below are our Top 10 pick of the best brokers that accept forex traders in Nigeria.

 

Avatrade

 

 

 AvaTrade is a multi-regulated global forex and CFDs broker who accepts traders in Nigeria. The brokerage offers access to a wide range of financial instruments on variety of trading platforms, including MT4, MT5 and AvaTrade’s proprietary web-based platforms for social trading according to forexbroker.ng

 

 Established in 2006, the brokerage is one of the oldest and most well-established online brokers in the forex market. AvaTrade is licensed and regulated across all six continents, including the CBI, BVI FSC, ASIC, FSCA, FSA and ADGM.

 

 AvaTrade clients have the choice of several types of accounts, including a Retail commission-free account and Professional, spreadbetting and options commission-based accounts.

 

 AvaTrade publishes an extensive array of research and market commentary as well as educational material, including basic-to-expert trading videos and trading guidelines. AvaTrade supports Trading Central which provides valuable market insights and intelligence through WebTrader and AvaTradeGO.

 

Exness

 

 

 Exness is a multi-regulated global forex and CFDs broker that accepts traders in Nigeria. Founded in 2008, Exness is licensed and regulated by several Top-tier authorities, including the FCA, CySEC, FSCA and FSA.  Exness.com is operated by Nymstar Limited which is a securities dealer authorised and regulated by the Seychelles Financial Services Authority (FSA). Exness is a Market Maker and NDD forex broker.

 

 Exness provides access to a wide range of asset classes on the MT4 and MT5 trading platforms as well as the Exness Web Terminal, with the choice of 5 different trading accounts.

 

 Trading costs for Exness vary depending on the account type opened and the market being traded. The Standard and Standard Cent (MT4 only) accounts offer commission-free trading with spreads starting from 0.3 pips. The professional Pro Account offers commission-free trading with spreads starting from 0.1 pips; and the Professional Raw Spread and Zero accounts offer commission-based trading from 3.5 USD per lot/per side with spreads starting from 0 pips.

 

 Exness publishes an extensive array of educational material via online articles, videos, webinars and online trading courses. Exness provides up-to-date live market analysis and advanced trading tools such as an Economic Calendar, WebTV and trading calculators. Exness customer support is offered in 13 languages via Live Chat and email.

 

FP Markets       

 

 

 fpmarkets is an Australian-based forex and CFDs broker who accepts traders in Nigeria. The global forex broker offers five core trading accounts called Standard MT4-MT5, Raw MT4-MT5, IRESS Standard, IRESS Platinum and IRESS Premier. fpmarkets also offers Islamic swap-free trading accounts and a free demo trading account.

 

 fpmarkets publishes a range of market analysis and education resources through the Traders Hub, including technical and fundamental analysis, video tutorials and trading eBooks. Clients have access to live support via telephone, email and live chat 24-hours/5-days a week.

 

FXTM

 

 

 FXTM – otherwise known as ForexTime – is a global, multi-regulated forex and CFDs broker that accepts traders in Nigeria. FXTM provides access to a wide range of asset classes on the MT4 trading platform and its proprietary FXTM Trader App. Founded in 2011, FXTM is regulated by Top-tier authorities, including FCA, CySEC, FSC and FSC.

 

 FXTM offers six main types under two categories; the Standard commission-free account and the ECN commission based account. Accounts can be funded in USD, GBP or EUR and starting spreads are low.

 

 FXTM publishes a vast array of trader research and educational material, including market analysis videos, research article, trading courses, educational videos, seminars, webinars and eBooks. FXTM customer service is supported by Live Chat, email and Telegram.

 

HotForex

 

 

 HotForex is a global, multi-regulated forex and CFDs broker that accepts traders in Nigeria. Founded in 2010, HotForex and HF Markets fall under the HF Markets Groups which operates in multiple jurisdictions.

 

 HotForex offers access to a wide range of asset classes on the MT4 and MT5 trading platform with six core trading accounts. Every type of account offers commission-free trading for currency pairs; the Zero Spread account is commission-based with spreads from 0 pips on forex.

 

 HotForex has a team of in-house analysts who regularly publish Market News, analysis and outlook reports. The team also publish a wide range of research and educational material and the trading platforms support advance trading tools such as AutoChartist, a Trading Calculator and Economic Calendar as well as the Traders’ Board.

 

IC Markets

 

 

 IC Markets is a leading, Australian-based forex and CFDs broker, offering access to a wide range of financial markets on MT4/MT5 for retail traders and cTrader for institutional clients. IC Markets offers three core trading accounts; Standard commission-free account and the commission-based Raw Spread with MetaTrader and Raw Spread with cTrader. The forex broker also offers a free demo trading account and Islamic swap-free account.

 

 IC Markets caters for beginner and intermediate traders but it is more suited for advanced and institutional traders. It’s the preferred forex broker in Australia for high volume traders, scalpers and trading algos due to their New York Equinix NY4 data centre which processes over 500 000 trades per day. IC Markets supports additional trading platforms for copy trading, including ZuluTrade and MyFXbook.

 

OANDA

 

 

 OANDA is a well-established forex and CFDs broker that accepts traders in Nigeria. Founded in 1996, OANDA is regulated by the FCA which is regarded as the leading regulatory authority in the world. It has individual entities which are regulated in the US, Canada, Australia, Singapore and Japan.

 

 OANDA provides access to a wide range of asset classes on the MT4 trading platform and its proprietary OANDA fxTrade mobile trading app. The forex broker offers access to two types of trading accounts; the Standard commission-free account and Premium commission-based account. 

 

 OANDA publishes an extensive array of research and educational material, and regularly hosts webinars, trader events and course as well as MarketPulse for latest market news and technical analysis. OANDA supports advanced trading tools on its trading platforms such as AutoChartist, a forex order book and MT4 open order indicator.

 

OctaFX

 

 

 OctaFX is a regulated forex and CFDs broker that accepts traders in Nigeria. OctaFX offers access to a wide range of asset classes on the MT4 and MT5 trading platforms, cTrader for copy traders and its proprietary OctaFX trading app.

 

 The types of accounts offered by OctaFX cater for beginner and professional traders, including MetaTrader 4 Micro, MetaTrader 5 Pro or cTrader ECN. The brokerage has its own proprietary copy trading platform called OctaFX Copy Trading. Clients can manage their demo and live accounts, view contests, access copy trading services and promotional offers from the OctaFX.com Personal Area.

 

Pepperstone

 

 

 Pepperstone is a globally-regulated forex and CFDs brokerage based in Australia, offering clients access to a wide range of financial instruments on the MT4, MT5 and cTrader trading platforms. Clients have the choice of three types of accounts which includes the Standard commission-free account, the commission-based Razor account and the commission-free, swap-free Islamic account.

 

 Pepperstone publishes an impressive range of trader research and educational material, including Market Analysis, Economic Calendar, trading guides, webinars and daily market news. It supports additional trading tools such as Smart Trader Tools, VPS hosting and Autochartist.

 

Plus500

 

 

 Plus500 is a global, multi-regulated forex and CFDs broker that accepts traders in Nigeria. The brokerage provides access to a wide range of asset classes on its own Plus500 trading platform which supports advanced trading tools and customised features for risk management.

 

 Founded in 2008, Plus500 is well-established and internationally recognised for being regulatory compliant and safe to use. It is regulated by several Top-tier authorities, including the FCA in the UK which is the leading regulation authority in the world. Plus500 is a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.

 

 Plus500 provides limited market analysis and no trader educational material. It does support an in-built Economic Calendar and provides a few videos on forex trading for beginners in the Plus500 Trader’s Guide.

 

FAQs about forex trading in Nigeria

Who regulates forex brokers in Nigeria?

Forex brokers in Nigeria are regulated by the Central Bank of Nigeria (CBN) which is responsible for all financial services and financial policies in Nigeria. CBN works in partnership wit the SEC of Nigeria which provides a legal framework for forex grading in Nigeria.

 

Is it legal to trade forex in Nigeria?

Yes, it is legal to trade forex in Nigeria if you trade for your own personal benefit. Certain laws apply to the transfer of money cross-boarders and taxable income.

 

Forex traders can trade forex through a legitimate, licensed broker or they can trade through an online retail broker on their trading platforms. Traders are required by law to declare earnings when submitting their tax returns.

 

Is forex trading regulated in Nigeria?

No, the forex trading market in Nigeria is not formally regulated but all issues pertaining to financial services and financial policies are regulated by the CBN. To protect yourself from unscrupulous forex brokers and forex scams, it’s highly recommended that you only trade forex through a legitimate broker that is regulated by a Top-tier authority in one or more primary jurisdiction.

 

Is it safe to trade forex in Nigeria?

Yes, it is safe to trade forex in Nigeria if you understand the risks involved in trading this asset class and you are vigilant about choosing a legitimate and honest brokerage.

 

Between 2004 and 2010, forex trading in Nigeria went through a boom-and-bust cycle. Many traders were taken by scam traders and the lure of “easy money”. In recent years, stricter regulation, sophisticated trading platforms and trader education on forex fraud has ensured that traders in Nigeria are more protected than they were previously.

 

Forex trading is the largest and one of the most liquid financial markets in the world. With developments in electronic trading platforms, it’s now possible to trade forex online anywhere in the world and at any time.

 

The forex market naturally attracts its fair share of unscrupulous forex brokers and criminal forex scams. The best way to safeguard your money is to only trade forex through a well-established, licensed and regulated forex broker. If anything goes wrong, you have recourse through the regulator in that jurisdiction. The more you understand about the risks of trading forex, the better off you are.

 

What payment options are available for forex traders in Nigeria?

All traditional payment methods are available for forex traders in Nigeria If you are using a legitimate brokerage. This includes direct bank transfers, banking cards and e-wallets such as PayPal, Skrill and Neteller.

 

What time does the forex market open in Nigeria?

The foreign exchange market is open and accessible 24-hours a day, 5-days a week.

 

The forex market opens on Sunday 23h00 Nigeria local time (GMT+1) and closes on Friday 22h00 Nigeria local time (GMT+1).

 

What is the best time to trade forex in Nigeria?

The best time to trade forex in Nigeria is during the overlap between the London and New York trading sessions. This is between 14h00 and 22h00 Nigerian time (GMT+1).

 

Nigeria is one hour ahead of London which is the global center of the foreign exchange market. The London and New York trading sessions are the two most liquid trading sessions and the volume of trading the major currency pairs like EUR/USD and GBP/USD is at its highest at this time.

 

The afternoon to late night trading period in Nigeria is perfect for beginner traders who have not given up their normal day jobs to trade forex.

 

What is the best trading platform for forex traders in Nigeria?

If you are a beginner forex trader, the best trading platform to use in Nigeria is MetaTrader 4. It is the most popular trading platform in the world and almost every forex broker offers it to access the forex market.

 

MetaTrader 4 (MT4) is an easy-to-use electronic platform that provides instant access to the forex market. It is used to analyse movements on currency pairs and use Expert Advisors (EAs). MT4 offers millions of forex traders with a range of trading experience to perform algorithmic trading. Signals and Markets are additional services on MT4 that allow you to copy trades of other traders and use EAs and technical indicators.

 

FOREX TRADING AFRICA DISCLAIMER

Forex is a complex instrument and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the products, fee structure, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.