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Best Forex Brokers in Nigeria

We have listed the 6 Best Forex Brokers for traders in Nigeria. We compared their fees, regulations, platforms, withdrawal time & more.

ForexNigeria Editor

Forex trading in Nigeria has high risks because it is unregulated and also involves high leverage. There is quite a high chance of traders losing their money due to bad practices by brokers.

To protect yourself, you must only trade securely by choosing the right internationally regulated Tier 1 brokers accepting traders from Nigeria. Brokers regulated with regulators like FCA, ASIC, FSCA etc. are generally trusted. Hence it is safe and secure to trade with such brokers.

There are 100s of forex brokers that accept traders from Nigeria. We research most of the brokers that are popular in Nigeria, and created this list to make it easy for you.

Here’s our list of best forex brokers recommended 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: 49 currency pairs, and 100+ CFDs
Visit Broker
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Max. Leverage:
1:888
Available instruments: 57 currency pairs, 1000+ 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
Lowest EUR/USD spread*: 0.7 pips
Regulation(s): CySEC, FCA
Max. Leverage:
1:2000 for FX
Available instruments: 104 currency pairs, 100+ CFDs
Visit Broker
Minimum Deposit: $10
Lowest EUR/USD spread*: 2.1 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

Let’s see the 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 platforms, WebTrader and Mobile trading

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 UK Financial Conduct Authority (FCA), Financial Sector Conduct Authority of South Africa (FSCA), Cyprus Securities and Exchange Commission (CySEC) amongst others. So, one can be rest assured that trading with them is safe.

Nigerian clients are registered with their business registered under the St. Vincent and the Grenadines Financial Services Authority (SVG FSA). HotForex provides brokerage, training and managed account services in currencies, commodities, indexes and CFDs and leveraged financial instruments.

HotForex is a low-cost trading platform. A customer can opt for one of the four account types on offer: The Micro account, The auto account, The premium account and the zero account. The Premium account is a commission-free account where the fees charges is based only on the spread of 1.2 pips for EUR/USD pair. In comparison, fees on a Zero account is charged on both commission and spread, with spread being as low as 0.3 pips and commission of US$6 per lot for a round turn on the EUR/USD pair.

There are a variety of trading options in HotForex, with the platform offering around 50 currency pairs both in major and minor currencies, CFD trading options on 56 shares, and trading options on metal and energies, bonds, shares, indices, commodities and even Crypto currencies. Moreover, HotForex offers Naira accounts. Minimum account balance required is US$5 and no deposit or withdrawal fee is charged. One can get local funding from GT Bank. Leverage offered is up to 1:1000 and has a good order execution fee. HotForex also allows for Expert Advisory (EA), scalping and hedging on trades.

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

#2 XM Forex – Low spread Forex Broker

XM Nigeria

Rating: 8.8/10

Regulations: ASIC of Australia, CySEC of Cyprus

Minimum Deposit: $5

Available Platforms: MT4, MT5, XM Web Trader and mobile device platforms

XM Trading is a broker known for low spreads and is regulated with Tier 1 regulators. XM Trading is regulated by three international regulators like Australian Securities and Investments Commission (ASIC) for Australia, Cyprus Securities and Exchange Commission (CySEC) for Cyprus and International Finance Services Commission (IFSC) for Nigerian clients.

They charge their customers only on spreads 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 pair EURUSD, XM Trading charges an average of 1.7 pips as the spread, with it narrowing to 1.6 pips.

There are various instruments to trade from in XM trading. There are 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 a support of 24 hours in 5 days a week. There is a chat support in which there are no hold times, mail support has a quick reply within 1-2 hours. There is no local phone support. However, a call back can be requested.

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, like 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 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. Global regulation is important because it safeguards an investor’s money and also has protection in case of any malpractices done.

The investor should know which country the broker is based out of and does it have a registered office in or nearby the trading 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 clear with details. Don’t go ahead in-case of any ambiguity.

2. Trading Spread & Commission (plus other fees): The trading spread and commission is 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 towards inactivity in an account for a duration of 3-6 months. All these criteria should be studied, understood and agreed upon before going ahead with any broker.

3. Trading platform: Trading platform should be user-friendly and easy to understand. While choosing a broker, his trading platform should also be considered. The trading platform should be multi device, multi order platform. A well-equipped and multi lingual platform should be preferred. 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: Account opening process has several steps before completion with regards to collection, submission and verification of various documents.

The broker which takes the minimum time to set up an account after submitting of documents should be the best one. 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 in 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. There are brokers who provide Expert Advisors (EAs), Scalping, Hedging, etc. facilities which makes trading easy and under control.

The broker should have trading tools and research or 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 take wise 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.

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