For the safety of your funds, traders based in Nigeria should only trade via forex brokers that are regulated by multiple Tier-1 & Tier-2 regulations.
There are only a few Top-Tier regulated forex brokers that operate in Nigeria, which we consider to be low risk. In our research, HotForex stood out on most of the important metrics.
Read our research on brokers& detailed list of the various metrics.
Best Forex Brokers in Nigeria
- HotForex (HFM)– Overall Best Forex Broker in Nigeria
- Exness – Best Forex Broker in Nigeria for Lowest Trading Fees
- FXTM – Best Multi-Regulated Forex Broker with Naira Account
- FxPro – Best Forex Broker with Multiple Platforms at Low Cost
- XM Broker – Best Forex Broker for Spread Only Trading Account
- OctaFX – Good Forex Broker with Local Funding Options in Nigeria
- AvaTrade – Best Forex Broker for Fixed Spreads
We scrutinized these international forex brokers accepting Nigerian clients based on multiple metrics including their Regulation(s), fees, types of platforms, security features, payment options for Nigerian traders, list of Instruments, customer support & Promotions/Bonuses.
1. HotForex (HFM) – Overall Best Forex Broker in Nigeria
HF Markets Pros
- Naira denominated trading accounts
- Strong Regulation: HF Markets is regulated in many jurisdictions including the UK where the FCA has very strong regulations. The FCA regulator in the UK is regarded as a tier-1 regulatory body because it sees a lot of the action in the forex market given that the UK is the forex trading hub of the world. The FCA has thus developed strong regulations based on its experience.
- Demo Account: HF Markets has built a Demo account to run on its platforms. You can practice trading with virtual money and sharpen strategies before going live.
- Copy Trading: You can choose to be a Strategy Provider (SP) or a Follower. An SP lets followers to copy his trades and earns a fee. Followers also copy the trades of SPs.
- Low Trading fees with Premium Account
HF Markets Cons:
- No customer service channels open during weekends, so you will get delayed responses.
Regulation/Licenses: 5/5
HF Markets (SV) Ltd. was formerly known as HotForex was founded in 2010. HFM is incorporated as an International Business Company with St. Vincent & the Grenadine as HF Markets (SV) Ltd.
As an online forex broker, HF markets is regulated by:
- Financial Conduct Authority (FCA), UK
- Dubai Financial Services Authority (DFSA)
- Financial Services Authority (FSA) Seychelles
- Capital Markets Authority (CMA) Kenya
- Financial Sector Conduct Authority (FSCA) South Africa
HFM has a physical registered office in Nigeria. But the Nigerian clients at HotForex are registered under St. Vincent & the Grenadines regulation which is registered as the company name HF Markets (SV) Ltd.
HF Markets Fees: 5/5
Deposit Fee: Zero/free but when using Wire Transfer you will be charged if your deposit is below $100. For Nigerian traders, you can deposit via bank transfer in Nairas.
Withdrawal Fee: Zero/free
Spread: EUR/USD Spread is 1.4 pips average with Premium account. There is a variable spread on all accounts except the HF markets zero-spread account.
Commissions: You are not charged any commissions except you are using the Zero Spread account.
Overnight Fee: Irrespective of the account you use, if you leave a position open after trading hours, you will be charged overnight or swap Fee.
There are other fees involved as well if your account is inactive. HotForex charges monthly inactivity fees on all accounts if your account is inactive for certain period.
HF Markets Payment Options: 5/5
HF markets has over 15 funding methods but we discuss the ones applicable to Nigeria.
Deposits into HF Markets:
- Nigerian Bank USD deposit takes 2 working days
- Nigerian Bank Naira deposit is instant
- USD Wire Transfer deposit takes between 2 & 7 working days.
- Master & Visa Credit card deposits take 10 minutes and is free
- Other alternative payment channel deposits take around 10 minutes and HF markets does not charge anything. Also note that payment processor fees are not covered by HF markets.
Withdrawals from HF Market: Nigerian Bank USD Withdrawal takes 24 hours and is free. Wire transfer & Visa credit Card Withdrawal takes around 10 working days.
HF Market Tradable Instruments: 4.5/5
HFM offers you access to trade up to 1200+ tradable instruments: 50+ Forex currency pairs (including major, minor and exotic currency pairs), 50+ CFD stocks, 11 Indices, 6 metals, 5 Commodities, bonds, energies and ETFs. HFM offers you a maximum leverage of 1:1000
HF Market Platforms: 5/5
HFM offers MT4 and MT5 trading platforms. These platforms are available on Mobile (Android &iOS), desktop, and web.
They also offer the HFM proprietary mobile app that is only available on android and iOS mobile devices. HF Markets lets you open accounts in Naira (NGN), US Dollar (USD), Euro (EUR), and Japanese yen (JPY)
HF Markets supports copy trading which runs on its MT4 platform. To begin copy trading as a strategy provider or follower, you need to open a HF Copy account first.
HF Markets also has a Demo Account where you can learn how to trade, or perfect strategies before going live.
HF Markets Customer Support: 4.5/5
HFM is available 24/5 (Monday to Friday) via Live Chat, emails, and Nigerian phone number.
HF Markets Bonus/Promotions: 4.5/5
- 100% supercharged bonus- You can earn $2 daily cash rebates per lot for every $10 you deposit. The rebates can be withdrawn in cash or used to trade
- 30% Rescue Program: To qualify you need to deposit over N20, 000 or $50 or 40 Euro. For every N20, 000 you deposit you get N6, 000 in rescue. This cash cannot be withdrawn and is to be used for trading only.
- Deposit Bonus: A 100% credit bonus to all new traders at HFM if you signup for the bonus. This is available only for Islamic, premium & Micro accounts. To qualify make a deposit of 100 Naira or 100 of any currency. You get a bonus on your deposit which can withdraw from your account.
Overall: 4.7/5
HFM is a well regulated forex broker with low spreads on most currency pairs. Their support is also good, and their have local deposit & withdrawal options.
Read more information about HotForex for Nigerian traders
2. Exness – Best Forex Broker in Nigeria for Lowest Trading Fees
Exness Pros:
- Strong Regulation: Exness is regulated by FCA a tier-1 regulator in the UK, and 7 other regulators around the world.
- Demo Account
- Low Fees on most currency pairs. The Pro accounts have lowest spreads.
- Wide range of trading instruments are available.
- Local funding & withdrawal options in Naira.
Exness Cons:
- No Naira base currency account
- No bonus is available
- Customer support is not great
Regulation/Licenses: 5/5
Exness is a retail Forex broker that was founded in 2008and regulated by the
- The Financial Conduct Authority (FCA) UK
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Sector Conduct Authority, South Africa
- Financial Services Commission (FSC) Mauritius
- Financial Services Authority (FSA) Seychelles
- Financial Services Commission (FSC) British Virgin Islands
- Central Bank of curacao and Sint Maarten
- Capital Markets Authority Kenya (CMA)
Exness (SC) Ltd. does not have a physical local office in Nigeria.
Exness Fees: 5/5
Deposit & Withdrawal Fees: Zero/free
Exness Standard & Standard cent Accounts: Average EUR/USD spread starts from 1pip, Commissions are zero/free, and swap fee can be as low as zero depending on currency pair involved.
Exness Raw Spread Account: Average Spread is 0 pip for EUR/USD, commissions per lot/side is flat $3.5, swap fees can be zero depending on currency pair involved.
Exness Zero Account: Spread on major currency pairs is zero, Commissions per lot/side starts from $3.5 (can be higher), and swap fees start from zero.
Exness Pro Account: Average EUR/USD spread starts from 0.6 pips, Commissions are zero/free, and swap fee can be as low as zero depending on currency pair involved.
Exness Payment Channels: 4.5/5
Exness has provided several methods for deposit and withdrawal. The table below provides the minimum deposit and duration for each method
| Method | Minimum amount | Duration |
| Bank/Card | ● Withdrawal: $10
● Deposit: $10 |
● Withdrawal: 24 hours
● Deposit: – |
| Skrill | ● Withdrawal: $10
● Deposit: $10 |
● Withdrawal: 24 hours
● Deposit: 30 minutes |
| Neteller | ● Withdrawal: $4
● Deposit: $10 |
● Withdrawal: 24 hours
● Deposit: 30 minutes |
| Online Bank Transfer | ● Withdrawal: $3
● Deposit: $10 |
● Withdrawal: 24 hours
● Deposit: 30 minutes |
| Perfect Money | ● Withdrawal: $2
● Deposit: $10 |
● Withdrawal: 24 hours
● Deposit: 30 minutes |
| Stic pay | ● Withdrawal: $1
● Deposit: $10 |
● Withdrawal: 24 hours
● Deposit: 30 minutes |
Exness Tradable Instruments: 5/5
Exness offers Forex trading on 100+ currency pairs (including major, minor and exotic pairs), 10+ metals, 90+ stocks, 10+ indices and energies. Leverage ratio offered by Exness is 1:2000
Exness Platforms: 5/5
Exness offers both MT4 & MT5 mobile and web platform variants. Exness also has its own proprietary trading app called the ‘Exness Trade App’. All Exness mobile platforms run on both Android & iOS devices.
Exness also has a Demo Account where you can learn how to trade, or perfect strategies before going live.
Exness Security: 3.5/5
Exness offers Two Factor Authentication (2FA) for withdrawals. After entering your password, an OTP is sent to your registered mobile number or email address which you will input before access is granted or a transaction is consummated.
Exness Support Service: 3.5/5
Live Chat, English speaking support staff, 24/7 availability, dedicated phone lines & email address. But their email & chat support is slow.
Exness Bonus/Promotions- Nil
Overall: 4.6/5
Exness has the highest no. Of regulations, and their costs are also low. The major downside is that their customer support is not the best.
You can get more information about Exness for Nigerian traders here
3. FXTM– Best Multi-Regulated Forex Broker with Naira Account
FXTM Pros:
- Naira Base Cureny Account is available
- Allows Deposits via Credit Card
- Demo Account is available for free
- Trading fees is low with Professional Accounts
FXTM Cons:
- High withdrawal charges
- Trading Fees is high with Micro Account
FXTM is a global financial service provider that was established in 2011 and they accept clients from Nigeria. They do have a physical branches in Nigeria.
FXTM is licensed by:
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Sector Conduct Authority (FSCA) South Africa
- Capital Markets Authority Kenya CMA (where it operates as Exinity Capita East Africa Ltd)
- Financial Conduct Authority FCA UK (where it operates as Exinity UK Ltd.)
- Financial Services Commission Mauritius (where it operates as Exinity Ltd.)
FXTM Fees: 4/5
Deposit & Withdrawal charges via Nigerian banks: Zero/Free
Deposit & Withdrawal charges via e-Wallets: Zero/Free
Deposit charges via Visa& Master Credit Cards: Zero/free
Withdrawal charges via Visa & Master Credit Cards: $3
Spread: On the FXTM MT5 Advantage account, spread can be as low as 0 pipsbut with Micro accounts, the spreads are high.
Commissions: On the micro and standard accounts EUR/USD spread can be 1.9 pips but on the MT5advantage account spread is zero.
The maximum leverage FXTM offers is 1:1000 fixed on the Micro account, 1:2000 floating on the Advantage & Advantage Plus accounts.
FXTM Payment Options: 5/5
| Methods | Minimum amount | Duration |
| Bank Transfer | Deposit: None Withdrawal: None |
Deposit: Instant
Withdrawal: Instant |
| MasterCard | Deposit: $5
Withdrawal: None |
Deposit: Instant
Withdrawal: 24hrs |
| Neteller | Deposit: $5
Withdrawal: N1 |
Deposit: instant
Withdrawal: 24hrs |
| Bank wire | Deposit: $10
Withdrawal: None |
Deposit: 3-5 working days
Withdrawal: 24 hrs |
FXTM Tradable Instruments: 4/5
FXTM offers 60+ Forex currency pairs (including major, minor and exotic), five spot metals, 3 CFDs commodities, Stock CFDs and CFD on indices.
FXTM Platforms: 4.5/5
This broker offers MT4 and MT5 trading platforms that are available on PC, Mac, Mobile and iOS. They also offer the FXTM Trader mobile app that is available on both android and iOS.
FXTM platform lets you open account in Naira (NGN), US Dollar (USD), Euro (EUR),& British Pound (GBP) base currencies
FXTM has a Demo Account where you can learn how to trade, or perfect strategies before going live.
FXTM platforms also support copy trading where you can copy the trades of other experienced traders and vice versa.
FXTM Support Channels: 5/5
Live Chat, Nigerian Phone Numbers, email address. Help lines are also open on weekends
FXTM Bonus/Promotions- Nil
Overall: 4.5/5
FXTM is a multi regulated forex broker but their fees with initial account types is not the lowest. Traders should choose their commission based account types for favourable fees.
They also have good customer support & local offices in Nigeria.
Read more about FXTM regarding their features
4. FxPro – Best Forex Broker with Multiple Platforms at Low Cost
FxPro Pros:
- FxPro is regulated by FSCA, FCA; both are Top-tier regulators.
- MetaTrader 4 & MT5 platforms are available
- cTrader platform is available
- Low commission & spreads with cTrader account
FxPro Cons:
- No Naira account available for traders
- No bonus
- Fees is moderate with MetaTrader accounts
Overall: 4.3/5
FxPro is regulated with FCA, which makes them low risk for traders. The fees is low with cTrader account, and they have good customer support. But they don’t have Naira account.
Click here to get more details on FxPro’s website
- XM – Best Forex Broker for Spread Only Trading Account
XM Pros:
- Negative Balance Protection is available
- Zero Commissions with all trading accounts
- Demo Account is free
- Low spreads with Ultra Low account
- There are no deposit or withdrawal charged
XM Cons:
- No Naira Account
- High risk- No Tier-1 regulation
Regulation/Licenses: 3.5/5
XM global ltd. is a financial service provider that was founded in 2009. They are regulated by the Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC).
XM has no registered physical office in Nigeria.
XM Fees: 4/5
XM brokers takes zero commission on forex trading, but their average spread is high.
XM EUR/USD average spread on standard accounts is 1.7 pips but on ultra-low accounts EUR/USD spread can be as low as 0.0016 pips
XM Payment Channels: 4/5
You can deposit and withdraw money with XM broker using mastery, visa card, e-wallet like Skrill. There is no option to fund via bank transfer in Naira.
XM Tradable Instruments: 5/5
You can trade up to 1000 instruments on XM. This includes 50+ Forex, currency pairs, 1000+ stocks, eight commodities, 20+ equity indices, three metals, energies and cryptocurrency with a 1:1000 maximum leverage
XM Platforms: 5/5
XM has the MT4 for windows, MAC PCs, web, iOS & Android devices. It also has MT5 for Windows & MAC PCs, web and Android devices.
There is also the XM proprietary trading app for Android & iOS devices
XM only supports account opening in USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, SGD, ZAR base currencies as there is no Naira account
XM has a Demo Account where you can learn how to trade, or perfect strategies before going live.
XM Security: 4/5
XM brokers offers users the ability to enable two factor authentication. It is advised you enable two factor authentication as it gives your account protection from hackers.
Negative Balance Protection is also in place to prevent you from losing more than your initial deposit. If due to volatility your account goes into negative, XM will adjust it back to zero.
XM Support Service: 4.5/5
XM broker customer support is available 24/7 via call, email, and live chat.
XM Bonus/Promotions: 4/5
XM has a ‘50% + 20% bonus program’ for deposits over $5 into your account. For 50% the bonus cannot exceed $500 and for 20% the bonus cannot exceed $4500
For example you deposit $5000 so your bonus will be (50% of $1000) + (20% of $4,000) = $1300
Overall: 4.2/5
XM is not regulated by any Tier-1 regulation, but they are a reputed broker. Their fees is low with Ultra Low account (no commission per lot) & their support is good.
You can read about the trading conditions on your signup with XM
- OctaFX -Good Forex Broker with Local Funding Options in Nigeria
OctaFX Pros:
- Deposit and Withdrawal is free
- Zero commissions
- Negative Balance Protection
- Demo Account
OctaFX Cons:
- High risk- No strong Tier-1 regulation from the FCA UK. They are still popular in Nigeria.
- High minimum account opening balance
- No Naira account
Regulation: 2/5
Octafx was launched in 2011 and is regulated by Saint Vincent and the Grenadines registration number 19776 IBC 2011 as seen in their customer agreement. They are also licensed by the Cyprus Security & Exchange Commission (CySEC) .
As a Nigerian using OctaFX, your account is registered under Saint Vincent and the Grenadines. As such, you should read the policies of Saint Vincent and the Grenadines to know the account protection you have.
OctaFx Fees: 4.5/5
OctaFx does not charge commission, they charge variable spread that starts from 0.8 for a currency pair like EUR/USD. This broker offers investor protection and has. Maximum leverage of 1:500.
Deposit & Withdrawal is free of charge as OctaFX does not charge any commission for the service.
OctaFx Payment Channels: 4/5
OctaFx does not charge any deposit and withdrawal fee. They have also provided several methods of deposit and withdrawal.
| Method | Minimum amount | Duration |
| Bank Transfer | Deposit: 15000.00 NGN or $50 Withdrawal: 3000.00 NGN |
Deposit:
Withdrawal: 1-3 hrs |
| Bitcoin | Deposit: 0.00037000 BTC
Withdrawal:0.00009000 BTC |
Deposit: 3-30 minutes
Withdrawal: 3-30 minutes |
| Ethereum | Deposit: 0.02000000 ETH
Withdrawal: 0.00500000 ETH |
Deposit: 3-30 minutes
Withdrawal: 3-30 minutes |
| Master Card | Deposit: 50 EUR | Deposit: Instant |
OctaFX Tradable Instruments: 3.5/5
OctaFx offers Forex trading with 35 currency pairs, 150 stocks, 10 indices, 30 crypto currencies, and gold & silver.
OctaFX Platforms: 4/5
OctaFx offers the MT4 and MT5 trading platforms that run on Web, Android, Windows, and Mac operating systems.
Octa FX also offers their own proprietary app called ‘OctaTrader’ which runs on web, Android, and iOS devices.
OctaFX only supports USD and EUR account base currencies and there is no Naira account.
OctaFX has a Demo Account where you can learn how to trade, or perfect strategies before going live.
OctaFX platforms also support copy trading where you can copy the trades of other experienced traders and vice versa.
OctaFx Security: 3/5
Every withdrawal from your account must be confirmed by you via email to prevent fraudulent withdrawals.
Negative Balance Protection is also in place to prevent you from losing more than your initial deposit. If due to volatility your account goes into negative, OctaFx will adjust it back to zero.
OctaFx Support Service: 4/5
Customer support is available 24/7 via live chat, email, and enquiry form.
Overall: 3.8/5
OctaFX is a higher risk forex broker than others in this list. But they are regulated with CySEC, and they have low spreads on major currency pairs.
- AvaTrade– Best Forex Broker for Fixed Spreads
Avatrade Pros:
- Strong Tier-1 regulation from ASIC
- Dedicated AvaOptions Option trading Platform
- Social Trading is available
AvaTrade Cons:
- No support services on weekends
- No deposits or withdrawals via Nigerian banks
- High minimum deposit
Regulation: 4/5
Avatrade is an online CFD broker that was founded in 2006. This broker accepts traders from Nigeria, but does not have an offline branch office in the country. Avatrade is regulated by:
- The Central Bank of Ireland (CBI)
- Cyprus Securities and Exchange Commission (CySEC)
- Australian Securities & Investments Commission (ASIC)
- British Virgin Islands Financial Services Commission
- Financial Sector Conduct Authority (FSCA) South Africa
- Financial Services Agency (FSA) Japan
- Financial Regulatory Services Authority (FRSA) Abu Dhabi
- Israel Securities Authority (ISA)
Fees: 4.5/5
Avatrade does not charge commission, however they charge fixed spreads. The average spread for some Forex pairs like EURUSD is 0.9.
For Nigerian users, Avatrade has a maximum leverage of 1:400.Avatrade charges inactivity fees and swap fees.
Payment Channels: 3.5/5
Deposits: You can deposit money into Avatrade via e-Wallets, Wire Transfer, Credit/Debit Card. For credit card deposits it is instant, for e-wallet it take 24 hours and for wire transfer it takes about 7 working days.
Withdrawals: You must withdraw via the same channels which you deposited which could be e-Wallet, Wire Transfer, Credit/Debit cards.
However deposits or withdrawals from Nigerian banks are not supported. Credit cards from Nigeria are also not accepted by Avatrade.
Tradable Instruments: 4/5
Avatrade offers Forex trade with 50+ currency pairs (including exotic, major, and minor). They also offer CFD trading on stocks, commodities, ETFs, bonds, and indices.
Platforms: 4.5/5
Avatrade offers MT4, MT5 that work on MAC and Windows PCs as well as on a web browser. Avatrade also has two proprietary platforms called: AvaTradeGO for mobile phone trading and AvaOptions for option contract trading
Avatrade platforms also support copy trading via its DupliTrade platform where you can copy the trades of other experienced traders and vice versa.
Avatrade also has a demo account for beginners to learn how to trade.
Avatrade supports social trading via its AvaSocial platform where you can chat with other traders globally and subscribe to MQL5 signals
Support: 4/5
Avatrade customer service is available 24/5 via email, live chat or call and doesn’t work on weekends and holidays.
Bonus & Promotions: 4/5
For deposits over $200 you get 20% back as bonus.
Runner Ups
How should you choose a Forex Broker in Nigeria?
Here are metrics we considered when choosing the listed Forex brokersfortraders in Nigeria.
a. Tier 1 Regulation and Reputation
We pay the highest attention to regulation because of the prevalence of forex scams, and the fact that recovery of funds can be nearly impossible.
Tier-1 regulators are those from developed economies like UK and Australia. For example the Financial Conduct Authority of the UK is a Toer-1 regulator and any brokers under their regulation are deemed safer than those not under Tier-1 regulation.
Since forex trading is not regulated in Nigeria (but it is not illegal to trade forex), when choosing a broker in Nigeria, you may want to consider brokers that are regulated by top tier regulatory bodies like the Financial Conduct Authority (FCA) and the ASIC.
Such brokers are considered safe and due to top tier regulations, your investment may have some protection.
b. Local Presence and Support
To choose a broker in Nigeria, you may want to consider a broker that has an offline office in the country. This way there is an address to visit when you have complaints.
Whether a broker has a local office branch or not, they should have good customer service that is easy to reach.
c. Availability across platforms and Ease of Use
Before choosing a broker, you should ensure that the trading platforms they offer are compatible with your device.
Check if the platforms are available on Android, iOS, Linux and Windows. The broker should also offer demo accounts that enable you to test it before you start live trading.
d. Overall Fees
Brokers make money by charging a fee. Some charge more competitive fees than others.
Before trading with a broker, do your due diligence to know how much they charge for Spread, Commission, overnight holding costs, and non-Trading Account charges.
You may want to consider brokers that charge the most competitive fees.
e. Minimum Deposit
Another thing to consider before choosing a broker is the required minimum deposit for account opening & for subsequent deposits.
If you are someone who prefers to trade with small amounts, you may want to consider brokers with low minimum deposit as such brokers do not match your trading styles.
f. Local Payment Options
Depositing and Withdrawing funds should not be a difficult process. You should consider brokers who offer a wide variety of deposit and Withdrawal methods.
Forex brokers that accept payments in Naira via bank account are considered better (only if they are Tier-1 regulated).
You also want to check the terms and conditions for deposit and withdrawal as some brokers charge fees. The duration it takes to deposit and withdraw funds is something you may want to put into consideration as well.
g. Mobile App and MT4
MT4 is one of the most popular trading platforms around the world, and if you wish to hop into the band wagon of people using this platform then your preferred broker should offer it.
You want to consider brokers whose trading platforms can be used on a mobile device. Before downloading a broker’s app you should do your due diligence to read through the reviews on app store or play store.
h. Number of Instruments and access to number of global markets
The number of instruments a broker offers and its access to the global market is one of the important factors to consider when choosing a broker.
A broker’s access to the global market goes a long way to tell the level of liquidity they have.
You may want to consider brokers who offer a wide variety of instruments, as such brokers have more tendency to offer products that you have Interest in trading or investing into.
i. Security of App/Platform
The importance of having a secured app or platform cannot be overstated. You may want to consider brokers who offer two factor authentication during login, and withdrawals.
Two factor authentication makes it difficult for hackers to gain access into your trading platform.
Comparison Table of List of Forex Brokers in Nigeria
We also keep updating information on this page as brokers change their products, fees, etc.
| Broker Name | Regulation(s) | Typical Spreads for EUR/USD | Minimum Account Opening deposit | Naira Account |
| HFM | FCA, DFSA, FSA, CMA, FSCA | 1.4 pips | N4,000 or $5 | Yes |
| Exness | FCA, CYSEC, FSCA, FSC, FSA, FSC(BV), CBC, CMA | 1 pip | $10 | No |
| FXTM | FCA, CYSEC, CMA, FSCA, FSC | 1.9 pips | $10 | Yes |
| FxPro | FCA, FSCA | 1.6 pips | $100 | No |
| XM | CYSEC | 1.7 pips | $5 | No |
| OctaFX | CYSEC, St. Vincents & The Grenadines | 0.8 pips | N15,000 or $50 | No |
| AvaTrade | CBI, ASIC, CYSEC, FSCA, BVI FSC, FSA Japan, FRSA Abu Dhabi | 0.9 pips | $100 | No |
Frequently Asked Questions (FAQs)
Is Forex Trading Legal in Nigeria?
Yes, forex trading is legal in Nigeria but there are no locally regulated forex brokers in Nigeria, so you are trading at your own risk.
Traders should only trade via Tier-1 regulated forex brokers like HotForex for example to ensure that their funds are safe.
How does Forex Trading work in Nigeria?
You have to register and download the app of a foreign licensed forex broker that is regulated in their jurisdiction. Only the forex brokers regulated by Tier-1 regulations should be trusted.
You then fund your account with the minimum deposit which your forex broker will specify.
After that you choose the contract for trading, which could be Contract for Difference, Options, or Futures contracts.
You choose the currency pairs to trade example use US Dollar to buy Euro (EUR/USD) then wait for the Euro to increase in price before closing your position and making a profit.
What currency pairs should beginners trade?
The major currency pairs which contain the US Dollar and another currency of a developed country are the best to trade.
For example the EUR/USD is the most traded pair in the world and is a major currency pair. You will not find it hard to get someone willing to trade with you online.
How open account with a Forex Broker in Nigeria?
This involves three to four steps.
- Choose a Forex Broker – You should choose a Forex Broker that is regulated by Tier-1 & Tier-2 regulations.
- Signup with the Broker – You would be required to submit your KYC documents, and complete the account opening form. For example, you can follow this link & click the ‘Open Live Account’ green button on HFM’s website (or any other broker).
- Fund your Trading Account – You can fund via available payment methods for the minimum deposit or higher.
- Download App & Start Trading – This step involves downloading the platform or app of your broker from their website. It should be preferred that you use a desktop application for charting & managing your orders.
