Best Forex Brokers in Nigeria 2021

#3 OctaFX Forex – Forex & CFD Broker

OctaFX is a CySEC regulated forex and CFD broker (license number 372/18) with low spreads. It is not regulated by any top-tier regulatory authority like FCA, FSCA, or ASIC but can still be considered safe for Nigerian traders due to CySEC regulation.

They charge fixed as well as variable spreads on forex and CFDs depending on the account type chosen by the trader. However, fixed spreads are available only on a limited number of trading instruments. The MT4 micro trading account offers variable and fixed (limited instruments) spreads starting from 0.4 and 2 pips per lot respectively.

The floating spreads are slightly higher (1.2 pips for EUR/USD) with the MT5 Pro account. The cTrader ECN account is a low spread account but involves a commission of 3$ per standard lot. Overall, the trading fees at OctaFX are very competitive and better than many of the regulated brokers in Nigeria.

The local phone support is not available for Nigerian clients but the customer support services with live chat and email are resourceful. OctaFX can be chosen in Nigeria due to the availability of multiple trading platforms and convenient transaction through Nigerian GT banks. The broker is cost-effective but provides a limited number of trading instruments.

#4 Avatrade – Fixed Spread Forex Broker

Avatrade is regulated by FSCA of South Africa (no. 45984), ASIC of Australia (no. 406684), and CySEC of Cyprus (no. 347/17). Hence, considered very safe for traders in Nigeria. It has offices in multiple countries of the world but does not have a local office in Nigeria.

Avatrade offers a single account type that does not involve any commission. The floating spreads are competitive as the average spread on EUR/USD is 0.9 pips.

The minimum deposit (100$) is slightly higher than many other regulated forex brokers in Nigeria. Traders can choose between USD and EUR for account currency as Naira-based accounts are not available at Avatrade.

Customer support service is not available through a local phone number in Nigeria but the live chat, FAQ, and email support are helpful. Avatrade offers MT4 and MT5 trading platforms for all the devices along with its own web trading platform.

Avatrade offers more than 250 trading instruments including 60 currency pairs with competitive spreads. It allows transactions through debit/credit cards, bank transfers, and e-wallets.

#5 Exness – Low Spread Forex & CFD Broker

Exness is an FCA (no. 730729) and CySEC (no 178/12) regulated broker and can be considered safe for traders in Nigeria. Nigerian clients can start forex and CFD trading at Exness with a minimum deposit of 1$ which is the lowest among all the regulated brokers in Nigeria.

Traders in Nigeria can choose between 5 account types. The standard and standard cent account types are ideal for new traders as the minimum deposit is 1$ and no commission is charged for trading forex pairs. The average floating spreads for EUR/USD is 1 pip per lot for EUR/USD. The same with the pro account is 0.1 pips but it can only be opened with a minimum deposit of 500$.

The Raw spread and Zero account also require an initial deposit of 500$ but offer fixed spread as low as 0 pips on various CFDs and currency pairs. Both the fixed spread account types involve a commission of 3.5$ per standard lot for each side of the trade.

Exness allows trading on 107 currency pairs which is more than many of the regulated brokers in Nigeria. Despite the absence of local office and local phone support in Nigeria, it can be an ideal choice as NGN can be chosen as the base currency. Convenient deposits and withdrawals through multiple methods and high leverage of up to 1:2000 make it an attractive choice in Nigeria.

#6 FXTM – Popular Forex & CFD Broker

FXTM is a renowned forex and CFD broker that is regulated by FCA (no 777911), CySEC (no 185/12), FSCA (no 46614). Multiple top tier regulation makes it safe for traders in Nigeria.

It offers 7 live trading account that differs based on trading platforms, fees, and minimum deposits. The three standard accounts are commission-free where spreads for EUR/USD start from 1.9 pips. A commission of 2$ per standard lot is charged with the ECN account with low spreads.

The pro account is most attractive in terms of trading fees as spreads are very low and no commission is involved but it can only be opened with a minimum deposit of ₦5,000,000.

FXTM allows trading on 59 currency pairs and CFDs on more than 200 instruments including commodities, stocks, indices, and cryptocurrencies. The maximum leverage is 1:2000 on currency pairs and differs depending on the trading instrument selected by the trader.

The major advantage of choosing FXTM for Nigerian clients is the availability of NGN based trading account, local office, and local phone support in Nigeria. The broker also allows commission-free deposits and withdrawals through local banks in Nigeria.

The spreads at FXTM are slightly higher than other regulated brokers in Nigeria. However, the variety of trading instruments, quality customer support service, and features offered to Nigerian clients make it an ideal choice for traders in Nigeria.

#7 Tickmill – Forex & CFD Broker

Tickmill is regulated by FCA (no. 717270), CySEC (no 278/15), and FSCA (no 49464). Multiple top tier regulation makes it safe for traders in Nigeria.

It offers 3 types of live trading account namely Pro, Classic, and VIP account. Each account type requires a minimum deposit of 100$ and can only be opened with USD, EUR, and GBP as the base currency.

The variable spreads on the classic account start from 1.6 pips with no commission. The pro and VIP account types have very low spreads starting from 0 pips but include a commission of 2$ and 1$ respectively for a single side trade of a standard lot. The maximum available leverage is 1:500.

Tickmill offers more than 60 currency pairs and 20+ CFDs on indices, commodities, and bonds. It does not have a local office in Nigeria and neither offer a local phone number for customer support. Traders cannot trade with NGN as a base currency. Although, the convenient transaction methods with low spreads and commission make it an attractive choice for traders in Nigeria.

How to choose the Best Forex broker in Nigeria

Nigerian traders can trade with many internationally regulated brokers. It is very important to consider the features a broker provides including the platform used for trading, the spreads and commissions charged by the broker, account opening process, trading conditions, and the support provided.

Below are some points which will help you choose the best Forex broker in Nigeria.

Let’s talks about each one of them in detail and understand why they are important in choosing the best forex broker in Nigeria:

1. Broker’s Global Regulation(s): Broker’s global regulation is the most important thing to check before choosing the right broker. As trading is unregulated in Nigeria, the broker should be regulated by at least one of the top regulators i.e FSCA, FCA, CySEC, or ASIC. Top-tier regulation is important because it safeguards an investor’s money and offers protection from cons and deceits.

   The investor should know which country the broker is based from and its registered office in or nearby the resident country. While signing up with the broker, all the terms and conditions should be read, understood, agreed, and clarified.

   A regulated broker will always have all the terms and conditions clearly described. Do not rush while choosing a broker and opening a live trading account.

2. Trading & Non-Trading Fees: The trading spread and commission are very important for both the broker and the investor. For the brokers, it is their income and for the investors, it is the charge they are paying for the trading services. Before choosing any broker, one should make sure to understand the calculation of the spreads and commissions on each trade and how they will be charged.

   There are often other hidden charges as well, which should also be considered. Other charges which should be taken into account are the minimum deposit towards opening a trading account, the minimum balance to be maintained in the account while trading, etc. Many brokers charge a fee for inactivity in an account for 3-12 months. All these criteria should be studied, understood, and agreed upon before going ahead with any broker.

3. Trading platform: The trading platform should be user-friendly and easy to understand. While choosing a broker, its trading platform should also be checked for convenience and user-friendliness. The trading platform should be a multi-device, multi-order platform. A well-equipped and multi-lingual platform should be preferred a wide variety of indicators and analysis tools. The platform should be quick in placing orders. The most famous platforms in Forex trading are MT4 and MT5. An easy trading platform should be given preference over the others as this will save both time and energy.

4. Account opening process: The account opening process has several steps before completion with regards to the collection, submission, and verification of various documents. The broker which takes the minimum time to set up an account after submitting documents should be the best one. The account opening process will show you how organized and precise the broker is. Hence the account opening process should be quick and hassle-free.

5. Trading Conditions: Trading conditions like order execution time, i.e. the time taken to execute an order, should be less. There should be a variety of trading instruments offered for trading. The cost of the trading instruments and the leverage provided on them should be another point to be kept in mind while selecting a broker. The leverage should be an important factor among others as this will limit the losses made in a particular trading account.

6. Support & Education: There are trading conditions like FX Analysis and Global Market Research. Order type and execution are other trading factors. Some brokers provide Expert Advisors (EAs), Scalping, Hedging, and other facilities which make trading easy and suitable for different types of traders. The broker should have analysis and research tools and should publish study materials to make the trading experience an enriching one. The educational assistance available with a broker is very important as that helps an investor make better trading decisions.

   Educational support is important in Forex trading as the markets are volatile and FX analysis and Global Market Research helps to invest wisely. The support should be available through different modes like phones, emails, and chats. 24/5 live chat sessions should be offered by a good broker along with email responses within 1-2 hours.
   Therefore, Support and Education is last but not the least point to be kept in mind while choosing the best broker in Nigeria.

Frequently asked questions: Best Forex Brokers in Nigeria