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8 Best Forex Brokers in Nigeria 2023

Meta Description: See the best forex brokers in Nigeria that are compared on multiple points including their spreads, minimum deposits, platforms & more.

When it comes to forex trading in Nigeria, safety is key, especially when depositing your funds.

Don’t have the time to go through the complete guide? The broker FxPro is the overall best forex broker based on a range of factors.

Beware of scam brokers, as depositing funds with them is risky and you can lose your money.

To safeguard your funds, it is important to choose only top-tier regulated brokers, such as those regulated by the FCA, FSCA, ASIC, or CySEC. These reputable authorities ensure low-risk trading environments and protect your deposited funds.

 

List of Best Forex Brokers in Nigeria

  • FxPro – Overall Best Forex Broker with Multiple Accounts
  • HF Markets – Best Forex Broker in Nigeria with Multiple Accounts
  • Exness – Best Forex Broker with Pro Account
  • XM Broker – Best Forex Broker with Spread Only Accounts
  • OctaFX – Best Forex Broker for Low Fees
  • IC Markets – Best Forex Broker for ECN Account
  • AvaTrade – Best Fixed Spread Forex Broker
  • FXTM – Good Forex Broker with Local Deposit & Withdrawals

We cover the brokers one by one, that meet the regulatory standards. By trading with regulated brokers, you can minimize the risk of falling prey to scams and have a secure trading experience.

 

  1. FxPro – Best Forex Broker in Nigeria with Multiple Accounts

 

  • Regulations – FCA, CySEC, FSCA, FSC Mauritius
  • Minimum Deposit – ₦5,000
  • Trading Charges – Spreads, Commissions, and Swap Fees
  • Local Payments Method – Yes

 

FxPro Pros

  • FxPro is licensed by a Tier-1 regulator
  • Multiple trading platforms including MetaTrader & cTrader
  • FxPro supports Nigerian bank transfers for deposits & withdrawals
  • You can trade a range of CFD instruments

FxPro Cons

  • Only USD & other major base currencies, no NGN accounts.

 

FxPro provides trading services for CFDs on forex pairs, indices, metals, stocks, energies, and futures. FxPro is licensed by the FCA in the UK, a Tier-1 regulator. Nigerian traders are registered under FxPro regulation by FSC Mauritius as Prime Ash Capital Limited.

Trading Fees: Commissions of $7 per lot (100,000 units) traded apply to the Raw+ and Elite Accounts when trading FX & Metals. Other accounts are commission-free. You pay swap fees for keeping an open position overnight.

See average spreads on the MT4 Fixed Account below:

InstrumentSpread
EUR/USD1.91 pips
GBP/USD2.07 pips
EUR/GBP1.94 pips
USDCHF2.40 pips
AUDUSD2.36 pips

 

Trading Features

  • Trading App/Platforms: MT4, MT5, cTrader, and FxPro Edge available on PC, Mac, Web, Android, & iOS.
  • Local Funding & Withdrawal Methods: You can deposit and withdraw funds via local bank accounts in Nigeria or use cards and e-wallets. Deposits are credited within 1 hour to 3 business days and withdrawals take 1-7 business days to receive your money, depending on the payment method.
  • Minimum deposit: The minimum deposit on FxPro is ₦5,000 while the minimum withdrawal amount is ₦3,000.
  • Customer Support: FxPro has 24/5 customer support via live chat and email, and you can request a callback.

 

 

  1. HF Markets – Best Forex Broker in Nigeria with Multiple Accounts

 

  • Regulations – FCA, CySEC, FSCA, DFSA, SVGFSA
  • Minimum Deposit – ₦4,000
  • Trading Charges – Spreads, Commissions, and Swap Fees
  • Local Payments Method – Yes

 

HF Markets Pros

  • Regulated with FCA
  • Multiple asset classes as CFDs
  • You can fund via a Nigerian bank account without extra fees
  • NGN base account
  • Has an office in Lagos
  • Customer support is good

 

HF Markets Cons

  • Extra charges if the account is dormant for a period

HF Markets offers Forex Trading and CFD Trading in multiple asset classes.

 

HF Markets is licensed by the FCA in the UK, a Tier-1 regulator. Nigerian traders are registered under HF Markets regulation by FSA St. Vincent and Grenadines as HF Markets (SV) Ltd.

Trading Fees: Zero Spread Account charges a $6 per lot commission fee for majors and $8 for other pairs. Other accounts charge no commissions. You also pay swap fees. See typical spreads on the Premium Account:

InstrumentSpread
EUR/USD1.5 pip
GBP/USD1.9 pips
EUR/GBP1.9 pips
USDCHF2.2 pips
AUDUSD1.8 pips

 

Trading Features

  • Trading App/Platforms: HF Markets App, MetaTrader
  • Local Funding & Withdrawal Methods: You can deposit and withdraw funds via Nigerian bank accounts or cards and e-wallets. Deposits are credited within 10 minutes and withdrawals take 24 hours to 10 business days, depending on the payment method.
  • Minimum deposit: The minimum deposit on HFM is ₦4,000 while the minimum withdrawal amount is$5.
  • Customer Support: HF Markets offers customer support 24/5 via live chat, email, and phone numbers in Nigeria.

 

  1. Exness – Best Forex Broker with Pro Account

 

  • Regulations –FCA, CySEC, FSCA, FSA Seychelles
  • Minimum Deposit – $10
  • Trading Charges – Spreads, Commissions, and Swap Fees
  • Local Payments Method – Yes

 

Exness Pros

  • Regulated with FCA, FSCA
  • You can make deposits/withdrawals via Nigerian banks
  • MetaTrader is available
  • NGN base currency
  • Wide range of trading instruments
  • No fees on deposits or withdrawals

Exness Cons

  • Slow email & live chat

 

Exness is licensed by the FCA in the UK, a Tier-1 regulator. Nigerian traders are registered under Exness regulation by FSA Seychelles as Exness (SC) Ltd.

 

Exness offers CFD trading on a range of asset classes including metals, energies like Brent & Crude, Stock Indices, individual stocks, and cryptos.

 

Trading Fees:
Raw Spread and Zero Accounts have commission charges from $0.4 to $7 for a round turn per lot traded. Swap fees are charged on overnight open positions. Here are the average spreads for select instruments on the Exness Standard Account:

InstrumentSpread
EUR/USD1 pip
GBP/USD1.2 pips
EUR/GBP1.6 pips
USDCHF1.4 pips
AUDUSD1.4 pips

 

  1. Trading Features
  • Trading App/Platforms: You can trade via MetaTrader and mobile apps for iOS and Android.
  • Local Funding & Withdrawal Methods: You can deposit and withdraw funds using your Nigerian bank accounts or cards and e-wallets. Deposits are credited within 24 hours and up to 7 business days while withdrawals take 24 hours to 10 business days to receive your money. Depending on the payment method.
  • Minimum deposit: The minimum deposit on Exness is $10 while the minimum withdrawal amount is $3.
  • Customer Support: Exness customer support is available 24/7 via live chat and email, and an international phone number.

 

  1. XM Broker – Best Forex Broker with Spread Only Accounts

 

  • Regulations – ASIC, CySEC, DFSA, FSC Belize
  • Minimum Deposit – $5
  • Trading Charges – Spreads, Commissions, and Swap Fees
  • Local Payments Method – No

 

XM Broker Pros

  • Regulated with CySEC
  • No extra fees on deposits/withdrawals
  • Spreads only trading accounts are available
  • MetaTrader is available

 

XM Broker Cons

  • High trading fees with a Micro account
  • No NGN account currency

 

XM has a platform for trading foreign exchange currency pairs and CFDs on metals, energies, indices, crypto, stocks, commodities, and shares.

 

XM is licensed by ASIC, a Tier-1 regulator. Nigerian traders are registered under XM regulation by FSC Belize as XM Global Limited.

Trading Fees: XM charges a minimum of $5 on Shares and Islamic Accounts, other accounts are commission-free. You incur Swap fees for overnight open positions. Here are the typical spreads for some instruments on an XM Standard Account:

InstrumentSpread
EUR/USD1.6 pip
GBP/USD1.9 pips
EUR/GBP1.8 pips
USDCHF1.9 pips
AUDUSD1.6 pips

 

Trading Features

  • Trading App/Platforms: MetaTrader & Mobile app on Android & iOS.
  • Local Funding & Withdrawal Methods: XM does not have the option for funding via Nigerian bank accounts, you can use cards and e-wallets. Deposits are credited instantly, and withdrawals take 24 hours to 5 business days to receive your money.
  • Minimum deposit: the minimum deposit and withdrawal on XM is $5. While all deposits and withdrawals are free.
  • Customer Support: XM offers 24/7 customer support via live chat, email, and international phone numbers.
  1. OctaFX – Best Forex Broker for Low Fees

 

  • Regulations –CySEC, FSCA, SVGFSA
  • Minimum Deposit – ₦15,000
  • Trading Charges – Spreads only
  • Local Payments Method – Yes

 

OctaFX Pros

  • Low trading spreads on most currency pairs
  • Local deposits & withdrawals via Nigerian banks
  • 24/7 customer support

 

OctaFX Cons

  • Not enough currency pairs
  • Less regulated

OctaFX offers Forex trading and CFDs on indices, cryptos, metals, and energies.  OctaFX is licensed by CySEC, a Tier-2 regulator. Nigerian traders are registered under OctaFX regulation by  FSA St. Vincent and Grenadines as Octa Markets Incorporated.

Trading Fees: OctaFX does not charge commissions on trades and no swap fees are incurred for keeping a position open overnight. Here are the average spreads on OctaFX:

InstrumentSpread
EUR/USD0.9 pips
GBP/USD1 pip
EUR/GBP2.1 pips
USDCHF1.3 pips
AUDUSD1.2 pips

 

  1. Trading Features
  • Trading App/Platforms: MT4, MT5, OctaFX Trader on Web, Desktop, Android & iOS.
  • Local Funding & Withdrawal Methods: You can deposit and withdraw money on OctaFX through your Nigerian bank account or use cards and e-wallets. Deposits are credited within 3 minutes to 3 hours and withdrawals take about 1 business day to receive your money.
  • Minimum deposit: the minimum deposit on OctaFX is ₦15,000 while the minimum withdrawal amount is ₦3,000.
  • Customer Support: OctaFX customer support is on 24/7 via live chat and email.

 

  1. IC Markets – Best Forex Broker for ECN Account

 

  • Regulations – ASIC, CySEC, FSA Seychelles
  • Minimum Deposit – $200
  • Trading Charges – Spreads, Commissions, and Swap Fees
  • Local Payments Method – Yes

 

IC Markets Pros

  • ASIC Regulated
  • Low spreads with Pro accounts
  • No fees for deposits and withdrawals

 

IC Markets Cons

  • The minimum deposit required for all accounts is very high for Nigerian traders
  • No NGN base currency accounts

 

IC Markets offers trading services for foreign exchange, commodities, bonds, digital currencies, indices, and stocks.  IC Markets is licensed by ASIC, a Tier-1 regulator.

 

Nigerian traders are registered under OctaFX regulation by FSA Seychelles as Raw Trading Ltd.

 

Trading Fees: The Raw Spreads Account charges $6-$7 commission per round-turn traded. You pay swap fees if you keep a trade position open past market closing time. Here are the average spreads for select instruments on the IC Markets Standard Account:

InstrumentSpread
EUR/USD0.62 pips
GBP/USD0.83 pips
EUR/GBP1.27 pips
USDCHF0.79 pips
AUDUSD0.77 pips

 

Trading Features

  • Trading App/Platforms: MT4, MT5, and cTrader are available on PC, Mac, Web, Android, & iOS.
  • Local Funding & Withdrawal Methods: You use Nigerian bank transfers, cards, or e-wallets to deposit and withdraw on IC Markets. Deposits are credited instantly or up to 5 business days and withdrawals take 3 to 15 business days to receive your money.
  • Minimum deposit: the minimum deposit on FXTM is $200 while the minimum withdrawal amount is $50.
  • Customer Support: IC Markets customer support is available 24/7 via live chat and email. You can also request a callback via email.

 

  1. AvaTrade – Best Fixed Spread Forex Broker

 

  • Regulations – ASIC, FCA, CySEC, FSCA, FSC BVI
  • Minimum Deposit – $100
  • Trading Charges – Spreads and Swap Fees
  • Local Payments Method – Yes

 

AvaTrade Pros

  • Local Phone Number in Nigeria for support
  • AvaTrade is regulated with multiple tier-1 regulations
  • Fixed spreads

 

AvaTrade Cons

  • The support via phone & email is not 24 hours

 

AvaTrade is licensed by ASIC, a Tier-1 regulator. Nigerian traders are registered under AvaTrade regulation by FSC British Virgin Islands (BVI) as Ava Trade Markets Ltd.

Trading Fees: You pay swap fees for keeping a position open past the market’s closing time. Typical spreads on AvaTrade for some instruments are

InstrumentSpread
EUR/USD0.9 pip
GBP/USD1.5 pips
EUR/GBP1.5 pips
USDCHF1.6 pips
AUDUSD1.1 pips

 

Trading Features

  • Trading App/Platforms: MetaTrader & AvaTradeGo app on mobile devices.
  • Local Funding & Withdrawal Methods: AvaTrade allows you to deposit and withdraw money through Nigerian banks, you can also use cards or e-wallets. Deposits are credited within 24 hours or up to 10 business days and withdrawals take 5 to 10 business days to receive your money.
  • Minimum deposit: The minimum deposit and withdrawal on AvaTrade is $100.
  • Customer Support: AvaTrade offers live chat and email support from 5:00 to 21:00 GMT, Mondy to Friday, while their chatbot is available 24/5.

 

  1. FXTM – Good Forex Broker with Local Deposit & Withdrawal

 

  • Regulations – FCA, CySEC, FSCA, CMA, FSC Mauritius
  • Minimum Deposit – ₦10,000
  • Trading Charges – Spreads, Commissions, and Swap Fees
  • Local Payments Method – Yes

 

FXTM Pros

  • Well regulated
  • NGN base currency account is available
  • Free deposits with bank transfers
  • Local offices in Nigeria & phone no.

 

FXTM Cons

  • High charges on trading with a Micro account
  • Fees on multiple withdrawal methods

 

FXTM offers forex trading, as well as CFDs on metals, indices, and precious metals. FXTM is licensed by the FCA in the UK, a Tier-1 regulator. Nigerian traders are registered under FXTM regulation by FSC Mauritius as Exinity Limited.

Trading Fees: FXTM Advantage Account charges commissions from $0.40 to $2 per lot side traded. There are also spreads and swap fees on all accounts.

See Micro Account typical spreads:

InstrumentSpread
EUR/USD1.9 pip
GBP/USD2 pips
EUR/GBP2.4 pips
USDCHF2 pips
AUDUSD2.2 pips

 

Trading Features

  • Trading App/Platforms: FXTM supports MT4, MT5, and its own proprietary FXTM Trader platform. Available on the web, desktop, and mobile devices.
  • Local Funding & Withdrawal Methods: FXTM allows you to deposit and withdraw money through local Nigerian banks, you can also use cards or e-wallets. Deposits are credited instantly, and withdrawals take 24 hours to 1 business day to receive your money.
  • Minimum deposit: the minimum deposit on FXTM is ₦10,000 while the minimum withdrawal amount is ₦1,000. While all deposits are free, FXTM charges fees for some withdrawal methods.
  • Customer Support: FXTM offers 24/5 customer support via live chat, email, and local phone numbers in Nigeria.

 

What to consider in a Forex Broker in Nigeria?

Choosing the right forex broker in Nigeria is crucial for a successful trading journey. In your search for the perfect broker, there are several key factors to consider. Based on extensive research, the following points emerge as vital considerations:

 

  1. Regulations: Regulation is of utmost importance when selecting a forex broker. Look for brokers regulated by reputable authorities such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), or other top-tier regulators. Beware of offshore brokers with questionable or fake regulation claims. Authentic regulation ensures that the broker operates with transparency, adheres to strict standards, and provides a level of security for your funds.

 

  1. Cost of Trading: It is important to evaluate the costs associated with trading, including spreads, swaps, and commissions.

For example, if a broker offers a spread of 1 pip for EUR/USD, it means that when you buy EUR/USD, the price will be 1 pip higher than the current market rate.

Some brokers charge a separate commission per lot traded, in addition to the spread. For example, a broker might charge a commission of $7 per lot traded.

Swap fees also called overnight financing fees, are charges when holding positions overnight. Positive swaps occur when the bought currency has a higher interest rate, while negative swaps happen if the sold currency has a higher rate.

Lower spreads, swaps, and commissions can be advantageous for traders, as they reduce the overall cost of entering and exiting trades.

 

 

  1. Total No. Of Currency pairs: The availability of currency pairs is another essential aspect to consider. A wide range of currency pairs allows for diversification and the opportunity to explore various trading strategies. Check if the broker offers major, minor, and exotic currency pairs that suit your trading preferences.

 

  1. Ease of Signup: Consider the ease and efficiency of the broker’s signup process. Time and document requirements can vary among brokers. Some brokers have simplified and streamlined procedures, enabling quick verification and account activation. Look for user-friendly platforms that minimize paperwork and offer a straightforward signup experience.

 

  1. Account Types: Explore the different account types offered by the broker. From standard accounts to VIP or Islamic accounts, assess which account type aligns with your trading style, preferences, and investment goals. Consider factors such as minimum deposit requirements, leverage options, and additional features associated with each account type.

 

  1. Customer Support: Reliable customer support is essential when navigating the forex market. Look for brokers that offer responsive and accessible customer support. Check if they provide multiple channels of communication, such as live chat, email, or phone support. Prompt and knowledgeable customer support can make a significant difference when you need assistance or have questions about trading operations.

 

Comparison of Best Forex Brokers in Nigeria

Forex Broker NameAccepts Nigerian TradersRegulationsMin. DepositSpreads (EUR/USD)Spreads (GBP/USD)Spreads (XAU/USD)
FxProYesFCA, CySEC, FSCA, SCB₦5,0001.91 pips2.07 pips31.63 pips
HF MarketsYesFCA, CySEC, FSCA, DFSA, SVGFSA₦4,0001.5 pips1.9 pips0.28 pips
ExnessYesFCA, CySEC, FSCA, FSA Seychelles$101 pip1.2 pips20 pips
XM BrokerYesASIC, CySEC, DFSA, FSC Belize$51.6 pips1.9 pips25 pips
OctaFXYesCySEC, FSCA, SVGFSA₦15,0000.9 pips1 pip2 pips
IC MarketsYesASIC, CySEC, FSA Seychelles$2000.62 pips0.83 pips2.083 pips
AvaTradeYesASIC, FCA, CySEC, FSCA, FSC BVI$1000.9 pips1.5 pips0.29 pips
FXTMYesFCA, CySEC, FSCA, CMA, FSC Mauritius₦10,0001.9 pips2 pips45 pips

 

 

How to Open an Account with Forex Broker in Nigeria?

Opening an account with a Forex broker in Nigeria involves several steps. Here is a simple list of the process:

 

  1. Select a regulated broker: Choose a Forex broker that is regulated by top-tier authorities such as the FCA, CySEC, or ASIC. Regulated brokers like HotForex (HFM) offer a higher level of security and adhere to strict financial standards.
  2. Decide on account type: Determine whether you want to open a real trading account or a demo account. A demo account allows you to practice trading with virtual funds, while a real trading account involves trading with actual money.
  3. Complete the registration process: To open a real trading account, you will need to complete the Know Your Customer (KYC) process. This typically involves providing personal information, proof of identity (such as a passport or driver’s license), and proof of address (such as a utility bill or bank statement).
  4. Download the trading app or MetaTrader: Once your account is approved, you will need to download the trading platform provided by the broker. Most brokers offer their own proprietary trading platforms or support popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5).
  5. Deposit funds: Fund your trading account by depositing funds. Brokers usually offer various payment methods such as bank transfers, credit/debit cards, or e-wallets. Choose the method that is convenient for you and follow the instructions provided by the broker to make the deposit.
  6. Place your orders: With funds in your account, you can start trading. Familiarize yourself with the trading platform and its features. Analyze the market, choose the currency pairs you want to trade, and place your orders accordingly. You can enter market orders, limit orders, or stop orders depending on your trading strategy.

 

FAQs – Best Forex Brokers in Nigeria

What is a Forex Broker?

A Forex broker is a financial institution or company that acts as an intermediary between traders and the global foreign exchange market.

They provide individuals and institutions with access to trade various currency pairs, allowing them to speculate on the price movements of currencies.

Which Forex Brokers Are Safe in Nigeria?

In Nigeria, the forex brokers Exness, HF Markets, and FxPro are considered safe. It is important to choose Forex brokers that prioritise safety and security.

The safest brokers are those regulated by top-tier regulatory bodies, such as the FCA, ASIC, and CySEC. These regulations ensure that brokers adhere to strict financial standards and offer a level of protection to traders.

Which Forex Brokers have Naira Accounts?

Several Forex brokers offer Naira accounts, allowing Nigerian traders to deposit and withdraw funds in their local currency.

Some popular brokers that provide Naira accounts include FXTM, HotForex, and Exness.

Having a Naira account can simplify transactions and eliminate the need for currency conversion, making it more convenient for Nigerian traders.

Which Forex Brokers have the lowest spreads in Nigeria?

The spread is a significant factor in trading costs, and lower spreads can be advantageous for traders.

While spread levels can vary depending on market conditions and account types, some Forex brokers known for offering competitive spreads in Nigeria include Exness, OctaFX, AvaTrade, and HF Markets.

It’s important to note that spreads may vary across different currency pairs, so it’s recommended to compare the spreads for the specific currency pairs you intend to trade.

 

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