The best Forex (Foreign Exchange) brokers in Nigeria, according to our research, are:
- OctaFX
- FBS
- HFM
- XM
- AvaTrade
- FXTM
- FxPro
- XTB
- Pepperstone
- Axi
To create this selection of the best forex brokers for Nigerian traders we have taken the below factors into consideration:
- If the broker is regulated in Nigeria
- The minimum deposit of the broker for Nigerian traders
- If NGN base currency is available for Nigerians
- If Nigerian local deposits are available for Nigerian traders
- The spreads charged from the broker for Nigerians
- The leverage provided from the broker for Nigerian traders
- If bonuses or promotions were in store for Nigerians
What are the best forex brokers in Nigeria?
Below is our curated list and review of the best forex brokers for traders living in Nigeria, with details and information about the country laws, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
OctaFX
Best for trading tools
OctaFX allows Nigerian traders to trade under a global entity regulated by Saint Vincent and the Grenadines. OctaFX offers a 50% deposit bonus. OctaFX provides local bank depositing options.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About OctaFX
Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.
OctaFX Features
The features of OctaFX are listed below.
- Nigerian traders can trade with OctaFX under the global entity, regulated by Saint Vincent and the Grenadines entity (no. 19776).
- Nigerian clients benefit from a 50% deposit bonus and several demo.
- Nigerian OctaFX traders can start with a $25 minimum deposit, though the recommended is $100.
- Nigerian traders find EUR and USD as account base currencies.
- Nigerian local banks for depositing are available.
- Nigerian clients of OctaFX have access to spreads from 0.2 pips on 35 forex pairs, with a max. leverage up to 500:1.
OctaFX Pros and Cons
Advantages of OctaFX
The advantages of OctaFX are listed below.
- Low Trading Costs
- Robust Educational Resources
- Multiple Trading Platforms
Disadvantages of OctaFX
The disadvantages of OctaFX are listed below.
- Limited Asset Range
- No VIP Discounts
- Restrictions on High-Frequency Trading
FBS
Best for account types choice
FBS serves Nigerian clients under the FSC (Belize) regulated entity. FBS accepts deposits starting from $1, even though the NGN is not supported.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- Nigerian clients of FBS can trade with the broker under the FSC (Belize) regulated entity (no. 60/230/TS/18).
- The FBS minimum deposit for Nigerian clients starts from $1.
- The NGN base currency is not accepted for Nigerian traders, but USD and EUR are.
- Nigerian local bank deposits are provided by FBS.
- Nigerian traders find FBS spreads starting from 0.7 pips on 72 forex pairs with a maximum 3000:1 leverage.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
HFM
Best for trading tools
HFM enables Nigerian clients to trade through a Saint Vincent and Grenadines entity. HFM offers bonuses such as a 100% supercharged bonus. HFM provides spreads starting from 0 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About HFM
HFM, formerly known as HotForex, is a global multi-asset broker founded in 2010. HFM offers trading on forex, stocks, commodities, indices, and cryptocurrencies through MetaTrader and proprietary platforms. HFM is regulated by multiple authorities including FCA, CySEC, and FSCA. HFM is known for competitive spreads, fast execution, and extensive educational resources. HFM serves over 3.5 million clients worldwide. The HF Markets Group CEO is George Koumantaris.
HFM Features
The features of HFM are listed below.
- Nigerian clients can trade with HF under the Saint Vincent and Grenadines entity (no. 22747 IBC 2015).
- Nigerian HF clients can benefit from bonuses including a 100% supercharged bonus, 50% welcome bonus, 30% rescue bonus, and 100% credit bonus.
- The HF minimum deposit for Nigerian traders starts from just $0.
- HF Nigerian traders won’t find NGN as a base currency. Typically USD, EUR, and GBP are all available.
- Nigerian clients find spreads from 0 pips on 50+ forex pairs, with a maximum leverage up to 1000:1.
- HF educational center courses for Nigerian traders are available.
HFM Pros and Cons
Advantages of HFM
The advantages of HFM are listed below.
- High Leverage Options
- Low Minimum Deposit
- Wide Range of Trading Instruments
Disadvantages of HFM
The disadvantages of HFM are listed below.
- Higher Trading Costs
- Limited Educational Resources
XM
Best for Nigerian beginners
XM offers Nigerian traders trading under XM Global regulation with a $5 minimum deposit. XM provides bonuses and loyalty programs. XM does not support NGN deposits.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- Nigerian traders can trade under the XM Global entity, regulated by the FSC regulation (no. 000261/397).
- Nigerian traders find an XM minimum deposit starting from $5.
- NGN deposits are not available for Nigerian clients. Note that EUR, GBP, and USD base currencies, among the others, are accepted.
- XM spreads for Nigerian clients start from 0 pips on 57 forex pairs.
- XM offers Nigerian traders a $30 no deposit bonus, a 50% and a 20% deposit bonus as well as a rewarding loyalty program and trading contests.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
AvaTrade
Best for fixed spreads
AvaTrade provides Nigerian clients trading under BVI regulation with a $100 minimum deposit. AvaTrade does not accept NGN as a base currency. AvaTrade occasionally offers bonuses.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- Nigerian traders can find under the BVI regulated entity of AvaTrade (No. SIBA/L/13/10/1049).
- Nigerian clients can start trading with AvaTrade with a minimum deposit of $100.
- NGN base currency is not accepted for Nigerian traders, though EUR and USD are available.
- Fixed spreads from 0.9 pips on 55 forex pairs with a maximum leverage up to 400:1.
- From time to time, AvaTrade bonuses may be available for Nigerian traders.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
FXTM
Best trading overall
FXTM allows Nigerian clients to trade under an FXTM FSC entity. FXTM offers a loyalty program and accepts NGN currency. FXTM sets a minimum deposit of 2,000 NGN.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FXTM
FXTM, also known as ForexTime, is a global forex and CFD broker founded in 2011. FXTM offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. FXTM is regulated by multiple authorities including CySEC, FCA, and FSC Mauritius. FXTM is known for low spreads, fast execution, and extensive educational resources. FXTM serves over 2 million clients worldwide. The FXTM CEO is Nicholas Defteras.
FXTM Features
The features of FXTM are listed below.
- Nigerian clients can trade under the FXTM FSC entity (no. C113012295) which has a registered office in Nigeria.
- Nigerian clients can apply for a dedicated loyalty program which allows them to benefit from several perks, including cost reduction.
- FXTM minimum deposit for Nigerian clients starts from 2,000 NGN ($10).
- NGN is available as a base currency, as well as Nigerian local bank wire transfers, with no fees on FXTM’s part.
- Spreads from 0 pips on with a maximum leverage up to 2000:1 depending on your position size: 2000:1 is available up to 0.5 lots, 1000:1 from 0.5 to 2 lots, and others following this pattern.
FXTM Pros and Cons
Advantages of FXTM
The advantages of FXTM are listed below.
- User-Friendly Platform
- Fast Customer Support
- Low Minimum Deposit
Disadvantages of FXTM
The disadvantages of FXTM are listed below.
- Withdrawal Fees
- Limited Product Range
- Inactivity Fees
FxPro
Best for cTrader platform
FxPro enables Nigerian traders to trade under an SCB Bahamas regulation. FxPro requires a $100 minimum deposit. FxPro does not support NGN base currency.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FxPro
FxPro is a global online broker founded in 2006, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. FxPro provides multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Platform. FxPro is regulated by multiple authorities including FCA, CySEC, SCB, FSC and KNN. FxPro serves clients in over 170 countries and has won numerous industry awards. The FxPro CEO is Charalambos Psimolophitis.
FxPro Features
The features of FxPro are listed below.
- Nigerian clients can trade under the FxPro entity regulated by SCB Bahamas (no. SIA-F184).
- Nigerian traders find a FxPro minimum deposit of $100, even though the broker recommended is $1,000.
- NGN base currency is not available for Nigerian clients, but they can choose among the others including the USD, GBP, AUD, EUR, and ZAR.
- Nigerians FxPro traders have access to spreads from 0 pips on 70+ forex pairs with a maximum leverage up to 200:1.
- No FxPro bonuses available for Nigerian traders.
FxPro Pros and Cons
Advantages of FxPro
The advantages of FxPro are listed below.
- Regulated and Trusted Forex broker
- Diverse Trading Platforms
- Wide Range of Instruments
Disadvantages of FxPro
The disadvantages of FxPro are listed below.
- Inactivity Fee
- Limited Educational Resources
- No Guaranteed Stop-Loss Orders
XTB
Best for educational material
XTB provides Nigerian clients trading under a global entity with no minimum deposit requirement. XTB does not accept NGN as a base currency. XTB offers a 50% welcome bonus.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About XTB
XTB is a global forex and CFD broker founded in 2002 and headquartered in Poland. XTB offers trading on over 2,000 instruments including currencies, stocks, indices, commodities, and cryptocurrencies. XTB provides the proprietary xStation platform and is regulated by multiple authorities including FCA, CySEC, and KNF. XTB is listed on the Warsaw Stock Exchange and serves over 897,500 clients worldwide. The XTB CEO is Omar Arnaout since March 2017.
XTB Features
The features of XTB are listed below.
- Nigeria clients can trade with XTB under the global entity, regulated by IFSC (no. 000302/185).
- There is no XTB minimum deposit requirement for Nigerian clients.
- NGN is not available as a base currency, but USD is.
- Nigerian traders find a minimum spread starting from 0.3 pips on 50 forex pairs with a maximum leverage of 1:500.
- Currently, an XTB 50% welcome bonus is offered for Nigerian clients.
XTB Pros and Cons
Advantages of XTB
The advantages of XTB are listed below.
- No minimum deposit
- Wide selection of assets
- Competitive trading costs
Disadvantages of XTB
The disadvantages of XTB are listed below.
- Small withdrawal fee
- No social or copy trading
- XTB demo account is limited to 30 days
Pepperstone
Best for scalping
Pepperstone allows Nigerian clients trading under SCB regulation. Pepperstone recommends a $200 minimum deposit. Pepperstone provides spreads from 0 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Nigeria clients can trade with Pepperstone under the global entity SCB (no. SIA-F21).
- No minimum deposit requirement is in place for Nigerian clients, though Pepperstone recommends a $200 minimum deposit.
- NGN base currency is not available for Nigerians, but EUR, USD, GBP, and others are accepted.
- Nigerian traders find Pepperstone spreads from 0 pips on 60+ forex pairs with a maximum leverage up to 200:1.
- Nigerian high-volume traders can qualify for one of the 3 tiers of the Active Trader program. Here, rebates can be earned depending on your tier and on how many standard lots you trade per month on these assets: forex, indices, and commodities.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
Axi
Best for algo-trading
Axi supports Nigerian traders under global entity regulation by St Vincent and the Grenadines. Axi does not require a minimum deposit. Axi accepts NGN transfers.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Axi
Axi, formerly known as AxiTrader, is a global forex and CFD broker founded in 2007 and headquartered in Sydney, Australia. Axi offers trading on currencies, commodities, indices, cryptocurrencies, and stocks through MetaTrader 4 and proprietary platforms. Axi is regulated by multiple authorities including ASIC, FCA, and DFSA. Axi is known for competitive spreads, fast execution, and extensive educational resources. Axi serves clients in over 100 countries worldwide. The Axi CEO is Rajesh Yohannan.
Axi Features
The features of Axi are listed below.
- Nigerian traders can trade under the Axi global entity, regulated by St Vincent and the Grenadines (no. 25417 BC 2019).
- Nigerians won’t find an Axi minimum deposit.
- Nigerian Internet Banking transfers in NGN are available, though NGN is not one of the account base currencies provided by Axi, which are, among others, USD, EUR, GBP, CHF, AUD, and NZD.
- Axi spreads for Nigerian traders are from 0 pips on 40 forex pairs with a maximum leverage up to 500:1.
- Axi bonuses are not provided for Nigerian traders.
Axi Pros and Cons
Advantages of Axi
The advantages of Axi are listed below.
- Low Forex Fees
- No Deposit/Withdrawal Fees
- Regulatory Assurance
Disadvantages of Axi
The disadvantages of Axi are listed below.
- Limited Platform Options
- Lack of Advanced Educational Resources
Is forex trading legal in Nigeria?
Forex trading in Nigeria is legal, however, there are no regulations in place.
This puts it in a sort of ambiguous place of not being specifically legal or illegal. The word that we can use to describe forex trading in Nigeria best would be to say it is accepted.
While there is regulation on Nigerian traders that comes from the CBN (Central Bank of Nigeria), this regulation does not extend to online forex trading.
How to trade forex in Nigeria
Since forex trading and online forex brokers in Nigeria do not come under any form of regulation, Nigerian traders are free to open accounts with their international fx trading platforms of choice and follow the regulations that this broker has put in place from their own regulatory body.
In that case, you will typically need to provide some confirmation of your ID and proof of residence in line with your brokers’ regulatory requirement before funding your account.
With that said, since the CBN regulates other exchange trading activities, there is an annual limit of 50,000 NGN that you can send to overseas investments. This means that if your broker of choice keeps your funds overseas, you will have to follow this regulation with the amount your transfer outside the country.
What should Nigerian traders look for in a forex broker?
As a Nigerian trader getting into forex trading, as with every other trader, there are a few things to be mindful of when searching for a new forex broker. These tips can help ensure the best experience for you:
1. Look for top-tier regulatory bodies:
As mentioned, the Nigerian forex market is not directly regulated. This means you should exercise some caution when choosing your broker. To avoid a fraudulent situation, you should always choose a well-regulated broker with oversight from some of the top bodies like CySEC, ASIC, FCA, and others as listed above.
If you want to stay within African regulation, the FSCA of South Africa is also a much-respected regulatory body of choice.
2. Look for Naira Accounts or NGN deposit methods:
For your convenience, you should try to choose brokers who allow for NGN accounts and deposit methods. When you open an account and deposit in another base currency, you will typically be faced with conversion fees.
These fees can be avoided if your broker accepts NGN deposits and base currencies, though these are tough to find although we have featured some.
3. Need to be Sharia compliant? Look for Islamic accounts:
If you are an Islamic trader then you will need a fully compliant Islamic trading account. This account will help you avoid interest in the form of overnight fees which is considered Haram under Sharia law.
These accounts are generally available free on request from all the brokers we featured and where some may charge an admin fee, most provide for the exact same trading conditions. You can read our guide if you want to know more about swap free forex brokers.
How to verify if a forex broker is regulated in Nigeria
Since the CBN only regulates exchange trading and not the online forex market in Nigeria, your broker will not be regulated by them. This does not mean it is a scam. In fact, you can easily check your broker regulations around the world depending on the regulatory body, through some of the following links.
With regard to ESMA, you will first need to know which exact regulatory body covers your broker, though if that body is a European regulator like CySEC, then your broker will automatically be ESMA compliant.
Is forex trading taxable in Nigeria?
Your forex trading profits will be treated as capital gains and, in Nigeria, this tax rate is 10%. Unlike some other countries, if you do lose money in forex trading, there will be no tax deduction and you will have to file annual income tax as Nigerian residents do.
- [Disclaimer: we are not accountants, we have done internet research. We strongly suggest you contacting Nigerian local authorities if you’re not sure how to manage this aspect]