Best Forex Brokers in Nigeria

It is not illegal for you to engage in online retail forex trading in Nigeria, but it is not regulated as of now. That is why the Securities and Exchange Commission (SEC) warned that dealing with any forex broker (local or foreign) is at your own risk.

It is important that you deal with a brokerage firm regulated by foreign top-tier regulators like FCA, FSCA, ASIC.

There are 40+ foreign & offshore forex brokers operating in Nigeria; however, we have narrowed down our picks to only a few of the best brokers in Nigeria. It should be noted that XM Broker is the best Forex broker in Nigeria by our analysis of all the factors.

Best Forex Brokers in Nigeria List

• XM Broker– Best Forex Broker in Nigeria

• Exness – Best Forex Broker for Beginners

• HF Markets– Best Forex Broker in Nigeria with Minimum Deposit of N4,000

• AvaTrade– Best Forex Broker for Fixed Spreads

• FXTM– Best Forex Broker with Naira Account

• FxPro– Best Forex Broker in Nigeria for Automated Trading

• Pepperstone – ASIC Regulated Forex Broker in Nigeria

• IC Markets – Raw Spread Forex Broker in Nigeria

We've tracked 8 data points of each forex broker in this list. We will explain more about these points in the comparisons below.

The points we have checked include number of top-tier regulations, fees for trading different currency pairs, any extra charges for non-trading activities, platforms available, account types, is the broker a market maker or offers DMA, availability of customer support in Nigeria & more factors.

 1. XM Broker – Best Forex Broker in Nigeria

XM is regulated by the Financial Services Commission in Belize with license number 000261/397 & also by the Cyprus Securities & Exchange Commission (CySEC)

XM is a market-maker forex broker that has ultra-low-cost trading accounts and a deposit bonus program which further cuts down on trading costs.

The minimum deposit for XM broker in Nigeria is $5 an equivalent of about N7, 000 in Naira and with this amount you can open any type of XM account you desire.

You can deposit on XM broker using Master/Visa Cards or eWallets; & XM broker deposits are processed in one working day.

XM does not offer Naira denominated trading accounts so your naira deposits will be converted into US Dollar which is your default account base currency at a currency conversion fee.

It takes one working day to withdraw from XM broker

The XM CFD trading accounts on offer are the Micro, Micro Ultra Low, Standard, & Standard Ultra Low Accounts.

• XM Micro Account: Here 1 trading lot = 1,000 units of underlying asset. You don't pay commissions, but you pay spreads from 1 pip, & you pay or earn overnight swaps.

• XM Micro Ultra Low Account: Here 1 trading lot = 1,000 units of underlying asset. You don't pay/earn overnight swaps, you don't pay commissions. You only pay spreads from 6 pips.

• XM Standard Account: Here 1 lot = 100,000 units of underlying asset. You don't pay commission, but you pay spreads from 1 pip, and you pay/earn overnight swaps.

• XM Standard Ultra-Low Account: Here 1 lot = 100,000 units of underlying asset.  You don't pay commission, you don't pay/earn overnight swaps, but you pay spreads from 1 pip.

XM provides you the MT4 & MT5 platforms to trade on, only MT5 trading accounts work on the XM Mobile App listed on Google & Apple Online Stores.

Pros and Cons – XM Nigeria

 Visit the XM website for more information about XM offers and account opening requirements.

2. Exness – Best Forex Broker for Beginners

 Exness Seychelles (SC) Ltd otherwise known as "Exness" is a legit multi-regulated with a strong presence in Africa.

Exness has designed its Cent Account & Standard Account for beginners. Exness minimum deposit is $10 for Standard Account & $10 for the Cent Account.

What is the Exness Cent Account?

• The Cent Account is configured for low-risk exposure making it ideal for beginners.
• The Cent Account places limitations by reducing your market exposure to only Forex & Gold
• The Cent Account limits the size of your orders to micro lots (1,000 units)
• The Cent Account is a zero-commission account and charges spreads from 0.3 pips

The difference between the Cent & Standard Exness Accounts is that The Standard Account lets you trade large orders of all instruments while the Cent Account lets you trade small orders on fewer instruments.

The Exness Raw, Zero, & Pro Accounts are collectively referred to as Professional Accounts and require a $500 starting deposit whilst offering thin spreads sometimes reaching 0.0 pips on popular instruments.

The Exness Demo Account is also available for beginners to practice with virtual money. Register for the Exness Demo Account on the Exness Trade Mobile App on online app stores, or The Exness Web Terminal on their website.

You can also use the Exness Social Pro Account for copy trading, but this requires a $500 starting deposit and leverage pegged at 1:200 max.

Exness swap-free trading lets you trade without paying overnight fees on many instruments and this lowers trading cost. Exness waives overnight swap fees on Major Forex Pairs, Gold, Crypto, Stocks, & Indices.

Exness allows for Naira base currency accounts. Not only does Exness have MT4 & MT5, but They also have the MetaTrader4/5 Web Terminal (no installation needed), and MetaTrader4/5 mobile.

If you are an active trader who trades on the go, Exness has designed its own home-grown Exness Web Terminal (no installation needed) with partnership from TradingView for state-of-the-art charting & a mobile app.

Help is nearby even on weekends through Exness Live chat, Phone, & email.  

Pros and Cons of Exness

 Visit the Exness website to learn more about trading conditions and to open an account

 3. HF Markets (Hotforex) – Best Forex Broker in Nigeria with Minimum Deposit of N4,000

HFM was formerly known as HotForex have multiple swap-free naira denominated account types to accommodate any kind of trader in Nigeria

HF Markets (SV) Ltd otherwise known by their trading name "HFM" has offshore incorporation from Saint Vincent & The Grenadines. HFM is regulated by the FCA UK.

The account types available are The Premium, Pro, Pro Plus, Zero and Cent Accounts, & HF Markets minimum deposit is N4, 000.

The Cent & Premium Accounts on HFM have higher fees than others as spreads start above 1.4 pips, & you still pay commissions up to $3 per side except you are trading forex which has zero commission.

The Zero, Pro, & Pro Plus Accounts come with lower spread from 0.2 pips but this comes with a N200, 000 & N50, 000 minimum starting deposit for Pro Plus & Pro Accounts respectively.

HF Markets Fee structure

HF Markets also has a welcome bonus program which adds 20% top-up each time you make a deposit into your special Top-up Bonus Account (which remains active for only 60 days). 

HFM has an array of 1200+ swap-free CFD instruments for trading and HF Markets leverage is 1:2000 maximum. HF Markets accounts for Nigerian traders have been configured not to deduct or credit you with overnight swaps.

HF Markets offers the MT4/5 platforms but MT4 accounts don't work on the HFM mobile app. The HF Markets Premium Account is the only account compatible with the HFM mobile app.

If you are an MT4 account user, you need to download the MT4 platform and login with your HFM details.

Also, HF Markets limits the number of demo accounts you can keep opening as the old ones expire.

Pros and Cons of HFM

 Visit the HFM website for more information and account opening

4. AvaTrade – Best Forex Broker for Pro Traders & Fixed Spreads

Although Nigerian traders are put under BVI regulation AvaTrade has 7 regulator licenses including one from the ASIC in Australia making them safe.

AvaTrade offers only one account type- The Standard AvaTrade Account which comes with an AvaTrade 20% welcome deposit bonus. AvaTrade minimum deposit is $100 and Naira accounts are not supported.

Our AvaTrade review of tradable instruments shows diversity as the range spans across different asset classes.

Trading platforms are quite diverse with MT4, & MT5, in addition to its home-grown AvaTradeGO mobile app, AvaTrade WebTrader (No installation required), and AvaOptions desktop platform.

Copy trading is offered by AvaTrade on the AvaSocial Platform as well as external copy trading platforms like DupliTrade.  

AvaTrade has risk management tools like AvaProtect that insures you against any losses while trading. You get refunded if you lose but you pay a subscription for this service.

Pros and Cons of AvaTrade

Visit the AvaTrade Nigeria website for more information and open an account

 5. FXTM – Best Forex Broker with Naira Account

Exinity Limited also known by their trading name "FXTM" are an FCA regulated forex broker.

Although it is regulated in various parts of the world, accounts opened by Nigerian traders fall under legislation of Mauritius.

FXTM accept Nigerian traders and has put in place channels for funding via local methods. There are 3 main accounts namely Micro, Advantage, and Advantage Plus.

The FXTM Micro Account requires N10, 000 minimum deposit but it can't handle big orders. The flagship FXTM Accounts are Advantage & Advantage Plus which are for serious traders but starting deposit is N80, 000.

You won't pay any commission while trading on Micro and Advantage Plus. On Advantage Trading Account, the commission ranges from $0.40 to $2 per $100K notional value.

FXTM spreads are competitive depending on account type as seen below

Leverage is 1:1000 and FXTM does not have as many trading instruments as its competitors. However, there is enough for any trader to handle.

Fund your FXTM Naira account easily though transfers from local Nigerian banks, cards, and wallets.

In addition to MT4/5, FXTM developed its in-house FXTM Trader Mobile App available on online stores. FXTM invest lets investors engage in copy trading for as little as $100.

Support is also available on weekdays via Live Chat, email, Help Centre, and telephone.

Pros and Cons of FXTM

Visit the FXTM website for more information and account opening

 6. FxPro – Best Forex Broker in Nigeria for Automated Trading

FxPro was founded in 2006 and is a No-dealing Desk forex& CFD broker with a variety of trading platforms that can be used by Beginner & Pro traders, thus making them an overall best choice for any trader cadre.

FxPro Global Markets also known by their trading name "FxPro" were incorporated in The Bahamas & also have headquarters there.

While FxPro can register traders under laws of the United Kingdom, & European Union, Nigerian traders however have their accounts registered under laws of The Bahamas.

FxPro is licensed and overseen by regulatory bodies in various geographies as can be seen in the table below:

A close look at their Standard and Pro Accounts reveal spread is taken but commission Is Zero. FxPro Raw+, and Elite Accounts have spreads as low as 0.2 plus a commission of $3.5 per side.

2100+ CFDs from a mixed collection of asset classes are what you can trade on the FxPro platforms. You can combine 23 FX Pairs to make your currency pair. Let's look at the FxPro instrument catalogue below:

• Forex – 70+
• Futures – 20+
• Indices – 16+
• Shares – 1,000+
• Metals – 10+
• Energy – 3+
• Cryptocurrency – 26+

FxPro uses a dynamic leverage model, & maximum leverage for FX is 1:200. Other asset classes such as Crypto & Futures have 1:20 & 1:50 leverage respectively.

FxPro allows you to open Naira accounts with a $100 minimum deposit. You can fund your account through bank transfer, Visa & Master credit/debit cards, Skrill, PayPal and Neteller. FxPro also offers you Islamic accounts void of any swaps.

While FxPro offers the shared MT4 & MT5 platforms, there also avail you the cTrader platform and for a more personalized experience they offer the home-grown FxPro Platform.

Although FxPro offers their home-grown platform on Desktop, Web & Mobile, the mobile version doesn't mirror complete features of the desktop version.

Should the need arise for help/support, assistance is available on weekdays only and this is a minus. Help channels include Live Chat, Telephone, email, & a FAQ section which is not very easy to navigate because of pre-set questions.

Pros & Cons of FxPro

Visit the FxPro website for an in-depth look at its trading tools, research, and account opening requirements.

 How to Choose a Forex Broker

1. Check for Regulation: forex trading is not yet regulated in Nigeria so patronize only regulated brokers for the safety of your funds.

To know if your broker is regulated, get their license information from the bottom of the broker's page, & go to the regulators website to verify.  

For example, let us look at the bottom of FxPro website page to see its license information. See image:

It can be seen that FxPro has license number 45052 from FSCA South Africa, so we just go to the FSCA website www.faca.co.za  to verify.

After inputting FxPro registration number, it shows that FxPro is indeed being regulated by FSCA in South Africa.

2. What are the Trading Fees? Traditionally, Commissions, Spread, overnight funding costs, & Inactivity fees are most common fees you encounter.

Spread is the difference between the price your broker sells a product to you for, & what you can sell it to somebody else in the market for.

The broker's price is called the ask price while what you can sell to the market for is the bid price. So, you can say spread is the difference between ask & bid price.

We always use the EUR/USD spread as a reference point as it is always the lowest spread any broker can offer. So, if you want to know if a broker has low spreads, just compare their EUR/USD spread to that of competitors.

Below is the typical spreads example for EUR/USD currency pair with Standard MT4 account at ForexTime. The typical spreads at 1.9 pips, with is quite high, when other brokers have spreads close to 1 pip with Standard Accounts.

3. Check out the platforms offered: Test the broker's platforms using their demo account. Platform should be user-friendly and easy to navigate. If you are always on the move, check mobile or web platforms. Desktop platforms cannot be carried around easily.

4. Check for Market Diversity: It's good to patronise a broker that has a wide range of tradable instruments, so you spread out your risk and not focus on few assets.

Check Support: help channels should be responsive and if you trade commodities, help should also be available on weekends.

Comparison of Best Forex Brokers in Nigeria

FAQs – Forex Brokers in Nigeria

What is broker meaning in forex?

A broker is the connection between you and the online forex market.  You will not be allowed to access the online forex market in Nigeria without passing through a broker.

Forex brokers are licensed by government of countries and their activities are supervised closely by those government regulators.

For instance, if you register with a forex broker based in South Africa, you trading account is registered under South Africa and subject to their laws.

Forex brokers also provide the software and trading apps needed as well as the margin requirement when you need to take a loan to trade.

Is online forex trading legal in Nigeria?

Online forex trading is legal in Nigeria, but the Nigerian government does not issue licenses to brokers. Your trading account will be registered under foreign laws.

Which forex broker is the best in Nigeria?  

XM is the best retail forex broker in Nigeria, based on our analysis. However, Exness, FxPro, and HFM are equally good brokers depending on your trading style.

What is the best forex trading Platform?

If you are a retail trader, Exness has a good variety of web, mobile, and desktop platforms for you to choose from. For copy trading, HFM and Exness have good proprietary platforms.

What is spread in Forex?  

Spread is the difference between the ask price and bid price of a currency pair.

What is Raw Spread in Forex?

Raw Spreads come directly from the liquidity providers such as banks, and they have not been tampered with or inflated by your broker.

What is commission in forex trading?

This is the flat fee that your broker charges you for using their services.  You pay it twice- when you enter, & when you exit the trade.