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.
3 Providers that match your filters
Payment methods
Trading platforms
Regulated by
Support
Min.Deposit
Leverage max
Currency Pairs
Classification
Mobile App
Rating
Total cost
€0.00
Commission
0.00
Min.Deposit
€50
Spread min.
1 pips
Leverage max
50:1
Currency Pairs
52
Trading platforms
Funding Methods
Regulated by
FCACYSECASIC
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Etfs
Average spread
EUR/GBP
1.5
EUR/USD
1
EUR/JPY
2
EUR/CHF
5
GBP/USD
2
GBP/JPY
3
GBP/CHF
4
USD/JPY
1
USD/CHF
1.5
CHF/JPY
-
Additional Fee
Continuous rate
-
Conversión
1 pips
Regulation
Yes
FCA
Yes
CySEC
Yes
ASIC
No
CFTC
No
NFA
No
BAFIN
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.
Rating
Total cost
€0.00
Commission
0.00
Min.Deposit
€100
Spread min.
1.3 pips
Leverage max
100:1
Currency Pairs
50
Trading platforms
Funding Methods
Regulated by
CYSECCFTCNFA
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Average spread
EUR/GBP
1.5
EUR/USD
1.3
EUR/JPY
1.6
EUR/CHF
3.1
GBP/USD
1.9
GBP/JPY
3.6
GBP/CHF
4.2
USD/JPY
1.5
USD/CHF
2.0
CHF/JPY
-
Additional Fee
Continuous rate
-
Conversión
1.3 pips
Regulation
No
FCA
No
CySEC
No
ASIC
Yes
CFTC
Yes
NFA
No
BAFIN
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.
Rating
Total cost
€0.11
Commission
0.11
Min.Deposit
€0
Spread min.
0.0 pips
Leverage max
2:1
Currency Pairs
50
Trading platforms
Funding Methods
Regulated by
CYSECASIC
What you can trade
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Etfs
Average spread
EUR/GBP
0.0
EUR/USD
0.0
EUR/JPY
0.0
EUR/CHF
0.0
GBP/USD
0.0
GBP/JPY
0.0
GBP/CHF
0.0
USD/JPY
0.0
USD/CHF
0.0
CHF/JPY
0.0
Additional Fee
Continuous rate
-
Conversión
0.0 pips
Regulation
No
FCA
No
CySEC
Yes
ASIC
No
CFTC
No
NFA
No
BAFIN
Trading leveraged products such as CFDs involves substantial risk of loss and may not be suitable for all investors. 83% of retail investor accounts lose money when trading CFDs with this provider. Trading such products is risky and you may lose all of your invested capital.
Compare Forex Brokers Fees:
Use our side-by-side comparison table to compare Forex broker accounts, spreads and fees.
FEATURED BROKER
eToro
Visit BrokerCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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....
Forex.com
Visit BrokerCFDs 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
Visit BrokerCFDs 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....
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.
- eToro is the best social trading broker for Nigerians, offering them the CopyTrader and other excellent features.
- 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.
eToro – Best Social Nigerian Forex Broker
eToro is a social forex and CFD brokerage platform that has a large presence globally, Nigeria inclusive. The broker provides forex products and more to both institutional and retail clients. It has become popular to Nigerian traders because of the impressive features such as CopyTrader, the Social News Feed, and CopyPortfolios.
The CopyTrader and CopyPortfolio features on eToro allows traders to identify successful traders and copy their trading strategies. With eToro, you can copy the strategies of up to 100 traders, and it is easy to access and set up. The Social News Feed allows you to get updates from traders in your network in a Twitter-like thread.
Pros:
- eToro is regulated by agencies like FCA, ASIC, and CySec
- it has an innovative trading platform with various features
- provides access to the forex, stock, crypto, and commodities markets
- allows users to earn a 2% management fee as an Investor trader
Cons:
- the spreads on eToro are higher than usual
- it doesn’t support the MetaTrader platform
eToro fees
| Type of fees | amount charged |
| Deposit fees | free |
| Withdrawal fee | $5 |
| Conversion fees | from 50 pips |
| Inactivity fee | $10/month |
Your capital is at risk.
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 |
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 |
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 |
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 |
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 eToro and 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
| eToro | Plus500 | AvaTrade | FXTM | Pepperstone | |
| Feature | |||||
| 24/7 customer support | Yes | Yes | No | Yes | No |
| Mobile app | Yes | Yes | Yes | Yes | Yes |
| Charting tools | Yes | Yes | Yes | Yes | Yes |
| Various markets | Yes | Yes | Yes | Yes | Yes |
| Free deposit and withdrawals | No | Yes | Yes | Yes | Yes |
| Price alerts | Yes | Yes | Yes | Yes | Yes |
| Real-time quotes | Yes | Yes | Yes | Yes | Yes |
| Copy-trading | Yes | No | Yes | Yes | Yes |
| Social trading | Yes | No | No | No | No |
