Best 5 Nigerian Forex Brokers for Trading in Nigeria 2022

Nigeria is often described as the door to the African continent. The country is known for its various financial activities. However, native traders in Nigeria need to find reliable and regulated Nigerian forex brokers to work with.

Despite that, a few online brokers base their operations in the West African country. Thus, to make it easier for traders in Nigeria, it is best to go with the few regulated brokers in the country and choose other international forex brokers that accept clients from Nigeria. International brokers should be those that are regulated by major regulatory agencies in the world.

If you are based in Nigeria and wish to trade forex currencies, carefully consider your trading needs and choose the forex brokers that fulfill those requirements before you commit any funds with them.

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Use our side-by-side comparison table to compare Forex broker accounts, spreads and fees.

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8cap

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71% of retail investor accounts lose money when trading CFDs with this provider....

Forex.com

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money....

VantageFX

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money....

AvaTrade

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71% of retail investor accounts lose money when trading CFDs with this provider....

Rating

4.5

Mobile App

10/10

Regulation

CFTCNFA

CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA

Bill

Min.Deposit

$250

$100

$200

$100

Leverage max

100

100:1

500

400

Forex pairs

Fees & spreads

EUR/GBP

N/A

1.5

N/A

EUR/USD

N/A

1.3

N/A

0.9

EUR/JPY

0.3

1.6

N/A

EUR/CHF

0.2

3.1

N/A

GBP/USD

N/A

1.9

N/A

GBP/JPY

0.1

3.6

N/A

GBP/CHF

0.3

4.2

N/A

USD/JPY

N/A

1.5

N/A

USD/CHF

0.2

2.0

N/A

CHF/JPY

0.3

N/A

EUR/RUB

N/A

USD/RUB

N/A

Additional Fee

Continuous Fee

Variables

N/A

Conversion Fee

Variablespips

1.3pips

N/A

Trading platforms

Demo

Webtrader

Copytrading

Mt4

STP/DMA

Ctrader

MT5

Avasocial

Ava Options

Leverage

FCA

CYSEC

ASIC

CFTC

NFA

BAFIN

CMA

SCB

DFSA

CBFSAI

BVIFSC

FSCA

FSA

FFAJ

ADGM

FRSA

Active

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Etfs

Additional characteristics

Islamic Account

Education & Webinars

Charts & Tools

Scalping

Spread Betting

Automated Trading

Free Forex Signals

Payment methods

Bank Transfer

Credit Card

Giropay

Neteller

Paypal

Sepa Transfer

Skrill

Sofort

Best five Nigerian brokers for 2022

The list of the best Nigerian forex brokers for 2022 was compiled after extensive research from our expert analysts.

plus500 is unique for the numerous demo accounts it makes available to Nigerian traders and others all over the world.
AvaTrade is an excellent broker for both beginners and expert traders because of the various trading features it offers.
FXTM has a very low minimum deposit requirement, which makes it an excellent choice for several Nigerian traders.
Pepperstone offers unique trading platforms that come with excellent tools and other features.

Plus500 – Best Demo Account Forex Broker in Nigeria

Plus500 has become one of the leading brokers in the world, thanks to the various features it offers to users. On Plus500, users can trade numerous financial assets, including forex, stocks, and more. Their cryptocurrency CFD offering includes crypto assets such as Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron, and Monero.

This broker has one of the best forex demo accounts available to traders. The free unlimited Plus500 demo account comes with all the features of the real account, including Stop Limit, Trailing Stops, and Guaranteed Stops. Plus500 is available on the Web trading, Mobile trading, and desktop trading platforms. This broker is listed on the London Stock Exchange, and the funds of Nigerian traders are segregated in a different account, ensuring their money is safe at all times.

Pros:

easy to use trading platforms
low trading fees for forex and others
regulated and listed on the London Stock Exchange

Cons:

little research tools
limited product portfolio available
mid-range educational materials

Plus 500 fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	free
Conversion fees	0.5% of the profit
Inactivity fee	$10/month

Trade Now

Your capital is at risk.

AvaTrade – Best Forex Broker for Beginners

AvaTrade makes the list of the best Nigerian forex brokers because of its regulation status and easy-to-use nature. This broker is fully regulated and has a vast presence in Europe, South Africa, the Middle East, the British Virgin Islands, Australia, and Japan. AvaTrade focuses mainly on forex and CFDs on asset classes like cryptocurrencies, indices, commodities, and stocks.

AvaTrade is an excellent choice because it has an easy-to-use and intuitive platform that makes it easy for beginners. The firm also has a large catalog of specialized educational content for beginners to help them get adjusted to the forex trading world. Furthermore, advanced traders enjoy AvaTrade because of the desktop, tablet, mobile, and web-based trading with the MT4 and AvaTradeGO platforms.

Pros:

regulated in multiple countries
various trading platforms available
customer support in 14 languages and trading platforms available in 20 languages
demo account available for all traders
numerous trading assets available

Cons:

withdrawals of funds on AvaTrade can take up to a few days
fund transfer also takes time to be executed

AvaTrade fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	free
Conversion fees	Based on the amount
Inactivity fee	$50/quarter

Trade Now

Your capital is at risk.

FXTM – Low Budget Forex Broker in Nigeria

FXTM is one of the most famous and widely used forex brokers in Nigeria, mainly because it is affordable to trade with them. This broker offers various account types, and all of them can be funded with the local Naira currency. FXTM has a minimum deposit requirement of ₦2000, which is affordable to most Nigerians. Thus, making it one of the best brokers available to Nigerian traders.

In addition to forex trading, FXTM grants Nigerians access to other financial instruments like CFDs on metals, commodities, and more. FXTM recently upgraded its platform and now offers over 57 major and minor currency pairs. Nigerians also enjoy swift customer support and withdrawals on FXTM. They offer local customer support in English, with over 19 deposit and withdrawal options, including local bank deposits and bank payments.

Pros:

It is regulated by top tier agencies such as the FCA (U.K), CySEC, and FSCA.
Low deposit requirement, as low as ₦2000
Fast withdrawals in Nigeria
Live chat supported 24/5 and a few hours during the weekend
Over 250 products available from various global markets
MT4 and MT5 platforms available
Competitive spreads.

Cons:

Maximum order size is low
Doesn’t have native Mac desktop support

FXTM fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	$3 for bank transfer
Conversion fees	4 units of the Base currency
Inactivity fee	$5/month

Trade Now

Your capital is at risk.

Pepperstone – Best Forex Broker with Trading Platforms

Pepperstone is popular amongst Nigerians for offering three excellent forex trading platforms. On Pepperstone, Nigerian traders get to enjoy the MetaTrader 4, MetaTrader 5, and cTrader platforms.

All the forex trading platforms on Pepperstone come with a free demo account, allowing Nigerian traders to test the various strategies for 30 days. Pepperstone demo accounts come with AUD $50k in virtual funds, which can be used on various trading platforms. The platforms also have enhancement features such as AutoChartist, API trading, smart trader tools, and the cTrader Automate. These third-party tools enable traders to gain an edge when using these platforms.

Pros:

Low forex and CFD trading fees
Excellent customer support
Various leading trading platforms
Seamless and free fund deposit and withdrawal

Cons:

Supports only forex and CFDs
Has basic news flow
Non-EU clients lack investor protection.

Pepperstone fees

Type of fees	amount charged
Deposit fees	free
Withdrawal fee	free
Conversion fees	$3.50 per $100,000 bought
Inactivity fee	None

Trade Now

Your capital is at risk.

Features to look for in a Forex Broker as a Nigerian trader

In the Nigerian market, both scams and opportunities abound. However, Nigerian traders need to find reliable brokers to ensure that their hard-earned money is protected from scammers and money launderers. As such, there are numerous steps to take to find good Nigerian forex brokers.

Regulation

To find the most reliable brokers in Nigeria, you have to look at the regulatory status of the brokers. The forex market in Nigeria is regulated by the Central Bank of Nigeria (CBN). The apex bank attempts to ensure the transparent and efficient functioning of the forex market. Thus, it issues licenses to Nigerian forex brokers, both local and foreign, ensuring that they adhere to strict rules set by the bank.

Hence, Nigerian traders should check the license of a broker and be sure that it is approved and regulated by the CBN. Using CNB regulated brokers will make it easier for traders to trade as it ensures that their funds are safe at all times.

Trading platforms and software

The trading platforms, software, and tools offered by the broker is another thing you have to look for when choosing the best Nigerian forex brokers. The MetaTrader 4 is the best platform in the industry and is used by a wide range of brokers. However, some brokers like Plus500 developed their own unique platforms and offers excellent tools to the users.

Furthermore, check the trading tools and software made available by the broker. Some of the features and tools you should look out for include demo accounts, trading tools, robot software, and more. Make sure that the tools are what you need to succeed in the forex trading space.

Commission and spreads

Brokers usually make their money from commissions and spreads. As a Nigerian trader, you have to check the spreads offered by a trader before you choose them. If the spreads are high, then you should search for brokers with lower spreads. Also, go with brokers that charge lower commissions for traders.

Account types

Before you start trading forex and CFDs with any broker, make sure that you go through the various account types they offer and see if any of them fit you. Each account type has various features and supports numerous trading strategies. Thus, check the account type and see if it fits your trading style.

Customer service

Customer service is an essential part of forex trading. Hence, Nigerian traders need to look out for brokers that offer excellent brokerage services. The usual brokers offer 24/5 access to their customer support team, while others are available even on weekends. The best Nigerian forex brokers offer various means of contacting their support team, including live chat, phone call, and email.

Extra services

The extra services come in the form of educational content. These could be videos, audios, eBooks, and books. Also, some brokers offer daily fundamental and technical analysis to their traders.

A comparison of the best Nigerian forex brokers

	Plus500	AvaTrade	FXTM	Pepperstone
Feature
24/7 customer support	Yes	No	Yes	No
Mobile app	Yes	Yes	Yes	Yes
Charting tools	Yes	Yes	Yes	Yes
Various markets	Yes	Yes	Yes	Yes
Free deposit and withdrawals	Yes	Yes	Yes	Yes
Price alerts	Yes	Yes	Yes	Yes
Real-time quotes	Yes	Yes	Yes	Yes
Copy-trading	No	Yes	Yes	Yes
Social trading	No	No	No	No

Best 5 Nigerian Forex Brokers for Trading in Nigeria 2022

Compare Forex Brokers Fees:

8cap

Forex.com

VantageFX

AvaTrade

Best five Nigerian brokers for 2022

Plus500 – Best Demo Account Forex Broker in Nigeria

AvaTrade – Best Forex Broker for Beginners

FXTM – Low Budget Forex Broker in Nigeria

Pepperstone – Best Forex Broker with Trading Platforms

Features to look for in a Forex Broker as a Nigerian trader

Regulation

Trading platforms and software

Commission and spreads

Account types

Customer service

Extra services

A comparison of the best Nigerian forex brokers

About Hassan Maishera

Recommended Broker

$200

Turn Your Trades into Winners!

$200

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Compare Forex Brokers Fees:

8cap

Forex.com

VantageFX

AvaTrade

Best five Nigerian brokers for 2022

Plus500 – Best Demo Account Forex Broker in Nigeria

AvaTrade – Best Forex Broker for Beginners

FXTM – Low Budget Forex Broker in Nigeria

Pepperstone – Best Forex Broker with Trading Platforms

Features to look for in a Forex Broker as a Nigerian trader

Regulation

Trading platforms and software

Commission and spreads

Account types

Customer service

Extra services

A comparison of the best Nigerian forex brokers

About Hassan Maishera

Recommended Broker

$200

$200

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CORNERSTONE LESSONS

Compare Brokers

CATEGORIES