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Best Forex Brokers in Nigeria 2021

We have listed the 7 Best Forex Brokers for traders in Nigeria. See comparison of their fees, regulations, platforms, withdrawal time & more.

ForexNigeria Editor

Forex trading can be very risky if you are trading with unregulated & dishonest brokers. There is quite a high chance of traders losing their money due to deceitful practices by unregulated brokers.

To protect yourself, you must only trade securely by choosing an authentic tier 1 regulated broker accepting traders from Nigeria. Brokers regulated with top-tier regulators like FCA, ASIC, FSCA, etc. need to comply with strict regulations of concerned authorities. Hence, it is considered safe and secure to trade with regulated brokers.

There are 100s of forex brokers that accept traders from Nigeria. We have analyzed most of the brokers that are popular in Nigeria, and have created the following list to ease the selection process for Nigerian traders.

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Comparison Table of Best Forex Brokers in Nigeria

Forex Broker Minimum Deposit Avg. EUR/USD Spread Regulation(s) Max. Leverage Available Instruments Visit
Minimum Deposit: $5
Avg. EUR/USD spread*: 1.2 pips
Regulation(s): FCA, FSCA, CySEC
Max. Leverage:
1:1000 (with Micro account)
Available instruments: 53 currency pairs, and 1000+ CFDs
Visit Broker
Minimum Deposit: $5
Avg. EUR/USD spread*:1.7 pips
Regulation(s): FCA, ASIC, CySEC
Max. Leverage:
Available instruments: 57 currency pairs, 1300+ CFDs
Visit Broker
Minimum Deposit: $100
Fixed EUR/USD spread: 0.9 pips
Regulation(s): ASIC, FSCA
Max. Leverage:
1:400 for FX pairs
Available instruments: 55 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $1
Avg. EUR/USD spread*: 1 pips
Regulation(s): CySEC, FCA
Max. Leverage:
1:2000 for FX
Available instruments: 107 currency pairs, 100+ CFDs
Visit Broker
Minimum Deposit: $10
Avg. EUR/USD spread*:1.3 pips
Regulation(s): FSC of Mauritius, FCA, CySEC & FSCA
Max. Leverage:
1:2000 for FX with Standard Account
Available instruments: 59 currency pairs, 200+ CFDs
Visit Broker
Minimum Deposit: $100
Avg. EUR/USD spread*:1.2 pips
Regulation(s): CySEC
Max. Leverage:
1:500 for FX with Micro Account
Available instruments: 28 currency pairs and 19 CFDs
Visit Broker
Minimum Deposit: $100
Avg. EUR/USD spread*:1.6 pips
Regulation(s): FCA, CySEC, FSCA
Max. Leverage:
Available instruments: 60 currency pairs, 20+ CFDs
Visit Broker

Let’s see the detailed reviews of each broker in our comparison.

#1 Hotforex – Best Overall Forex Broker

Hotforex Nigeria

Rating: 9.0/10

Regulations: FCA (UK), FSCA, FSA

Minimum Deposit: $5

Available Platforms: MT4 & MT5 trading platform for web, PC, & mobile.

HotForex is our top recommendation and it is the best overall with features like low spreads and Naira dedicated account. HotForex is regulated by international bodies like the Financial Conduct Authority (FCA) of UK (license number 801701), Financial Sector Conduct Authority (FSCA) of South Africa (license number 46632), and Cyprus Securities and Exchange Commission (CySEC) with license number 183/12. So, one can rest assured that forex and CFD trading with FXTM is safe.

Nigerian clients are registered with their business registered under the Financial Services Authority (FSA) of St. Vincent and the Grenadines. HotForex offers leveraged trading services in a wide variety of currency pairs and CFDs on commodities, indices, cryptocurrencies, and stocks.

HotForex is a well-regulated and low-cost forex and CFD broker in Nigeria. Clients can opt for the most suitable account type out of the five available account types. The Micro account is a commission-free account with the lowest minimum deposit of 5$ or ₦1800. The premium account is ideal for high-volume traders as the minimum deposit requirement is 100$ or ₦35,000.

The Zero spread account involves a commission of 3$ per trade with spreads as low as 0.1 pips per lot. With the auto account type, trades are executed automatically based on trading signals of the MQL5 community. Traders can also choose the PAMM account in which trades are executed through calls made by the fund manager. The Copytrading account at Hotforex is specifically designed for copy traders.

HotForex offers a wide variety of trading instruments including 57 currency pairs and 1000+ CFDs on metal, energies, bonds, shares, indices, commodities, and even Cryptocurrencies. Moreover, HotForex offers Naira accounts which is a major advantage for the retail traders who wish to trade with Naira as the base currency.

The minimum account balance required is 5$ and no deposit or withdrawal fee is charged. Nigerian traders can transact through local GT Bank deposits. HotForex also allows for Expert Advisory (EA), scalping and hedging services on forex and CFD trades.

The support offered by HotForex is excellent, with the phone, live chat, and mail options available for Nigerian customers on a 24/5 basis. The hold time is low, response to email queries is within 2 hours and chat reply is on an immediate basis.

#2 XM Forex – Low spread Forex Broker

XM Nigeria

Rating: 8.8/10

Regulations: FCA of UK, ASIC of Australia, CySEC of Cyprus

Minimum Deposit: $5

Available Platforms: MT4, MT5, XM Web Trader for PC and mobile

XM Trading is a broker known for low spreads and is regulated with multiple tier 1 regulators. XM Trading is regulated by three international regulators namely the Australian Securities and Investments Commission (ASIC) of Australia (license number 443670), Cyprus Securities and Exchange Commission (CySEC) for Cyprus (license number 120/10), and the Financial Conduct Authority (FCA) of UK (license number 705428).

They charge their clients only on a spread basis and no extra commissions are charged per lot. There is a tight spread of as low as 0.6 pip on all major currency pairs. For example, under its Standard Account, for trade on the EUR/USD, XM charges an average of 1.7 pips as the spread, with it narrowing to 1.5 pips.

There are various instruments to trade from in XM trading. They offer trading on 57 currency pairs and 1,183 stock CFDs but no crypto CFDs. Other trading instruments available are commodities, equity indices, precious metals, energies, and shares. The leverage offered is 888:1. There are personal account managers assigned to the trading accounts. Also, facilities like video tutorials, technical analysis, webinars, market research, and daily Forex market outlook. Unfortunately, they don’t provide Naira accounts or local funding support.

XM Trading provides support of 24 hours 5 days a week. There is live chat support in which there is no hold time, mail support provides a quick reply within 1-2 hours. There is no local phone support. However, a call back can be requested.

#3 OctaFX Forex – Forex & CFD Broker


Rating: 7.5/10

Regulations: CySEC of Cyprus

Minimum Deposit: $100

Available Platforms: MT4, MT5, and Web Trader for PC and mobile

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


Rating: 8.2/10

Regulations: FSCA, CySEC, ASIC

Minimum Deposit: $100

Available Platforms: MT4, MT5, and Web Trader for PC and mobile

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


Rating: 7.5/10

Regulations: CySEC, FCA

Minimum Deposit: $1

Available Platforms: MT4, MT5, and Web Trader for PC and mobile

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


Rating: 8.0/10

Regulations: CySEC, FCA, FSCA

Minimum Deposit: $5

Available Platforms: MT4, MT5, and Web Trader for PC and mobile

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


Rating: 7.8/10

Regulations: FCA, FSCA, CySEC

Minimum Deposit: $100

Available Platforms: MT4, MT5, and Web Trader for PC and mobile

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

Which is the Best Forex Broker in Nigeria?

According to us, these 3 forex brokers offer the lowest fees and convenient trading conditions for traders in Nigeria:

  1. Hotforex – Best for Beginner traders in Nigeria
  2. OctaFX – Best for Low spread
  3. FXTM – Good ECN account

There are other brokers that are good too. These include Avatrade, Tickmill, Exness, and XM Trading.

Which forex broker has the lowest minimum deposit?

The minimum deposit requirements range from 1$ to 100$. Exness allows traders to open an account with $1 starting minimum deposit. Other brokers like Hotforex, FXTM which are very popular in Nigeria have a minimum deposit requirement of $5.  You can also make a deposit in Naira with these brokers.

Which Forex brokers are regulated in Nigeria?

Currently, no forex broker is regulated in Nigeria. All brokers that offer forex trading in Nigeria are foreign brokers, some of them are fake and not regulated by any regulator.

If you are looking to start trading FX & CFDs, then you should only choose a broker that is well regulated with multiple Tier-1, Tier-2 regulators like FCA, ASIC, FSCA,  and CySEC. Hotforex, FXTM, Tickmill, OctaFX, etc can be considered safe due to top-tier foreign regulation.

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