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Best Forex Brokers In Nigeria 2024

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Written By
Michael MacKenzie
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Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
» Michael MacKenzie Profile Page
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Edited By
James Barra
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Edited By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Updated
Jul 23, 2024

To trade forex in Nigeria you will need to open an account with a broker. While the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) oversee forex trading in the country, these are not leading regulators so many Nigerians turn to reputable global brokers.

Many of these brokerages also provide cutting-edge forex platforms and charting tools, competitive fees and a broad selection of currency pairs, so Nigerian traders can get the most out of the Naira (NGN) they deposit.

Discover our pick of the best forex brokers in Nigeria, all accepting local residents and convenient payment methods like PayPal.

10 Top Forex Brokers In Nigeria

According to our first-hand testing and exhaustive analysis, these are the best 10 forex trading platforms in Nigeria:

Click a broker for details
  1. 1
    XTB
    78% of retail accounts lose money.
    Ratings
    4.5 / 5
    4 / 5
    4 / 5
    4.3 / 5
    4 / 5
    4.3 / 5
    4.1 / 5
    3.8 / 5
    4.7 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (EU) 1:500 (Global)
    FCA, CySEC, KNF, CNMV, DFSA, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Crypto, ETFs
    xStation
    PayPal, Visa, Mastercard, Wire Transfer, Paysafecard, Skrill, Credit Card, Debit Card, Maestro, Neteller
    USD, EUR, GBP, HUF
    Go To XTB
  2. 2
    FXTM
    30% up to $100 via Exinity Ltd
    Ratings
    4.3 / 5
    4 / 5
    3.8 / 5
    4 / 5
    2.8 / 5
    3.8 / 5
    3.8 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    $200
    0.01 Lots
    1:2000
    CySEC, FCA, FSCA, FSC, CNMV
    Forex, CFDs, Indices, Commodities, Stocks
    FXTM App, MT4, MT5
    Neteller, Skrill, Visa, WebMoney, Perfect Money, Western Union, Credit Card, Google Wallet, PayRedeem, Maestro, GlobePay
    USD, EUR, GBP
    Go To FXTM
  3. 3
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  4. 4
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  5. 5
    AvaTrade
    20% Welcome Bonus up to $10,000
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  6. 6
    FOREX.com
    20% Welcome Bonus Up To $5000
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:400
    NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
    Forex, CFDs, Stocks, Indices, Commodities, Futures, Options, Crypto
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  7. 7
    Pepperstone
    CFDs and FX 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.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  8. 8
    XM
    $30 No Deposit Bonus When You Register A Real Account
    Ratings
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4.3 / 5
    4 / 5
    4.5 / 5
    4.5 / 5
    4.5 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
    Forex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, Futures
    MT4, MT5
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF
    Go To XM
  9. 9
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  10. 10
    PrimeXBT
    $100 Deposit Bonus
    $0
    0.01 Lots
    1:1000
    CFDs, Cryptos, Forex, Indices, Commodities, Futures
    Own
    Bitcoin Payments, Ethereum Payments, Credit Card, Debit Card
    USD, EUR, GBP
    Go To PrimeXBT

Here is a summary of why we recommend these brokers:

  1. XTB - XTB provides access to 70+ currency pairs with low spreads averaging around 1 pip on majors. The xStation platform offers an intuitive environment for forex traders with an excellent charting package encompassing 30+ indicators, plus a range of order types, catering to various strategies and risk management techniques.
  2. FXTM - FXTM offers a strong range of 60+ currency pairs - more than many competitors including AvaTrade. There’s also 6 currency indices for day traders looking to diversify their forex portfolios. The brand’s ECN account offers competitively low spreads from 0 pips, with equally low commissions up to $2 per lot.
  3. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  4. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  5. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  6. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
  7. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  8. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
  9. Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
  10. PrimeXBT - PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.

Best Forex Brokers In Nigeria 2024 Comparison

Best Forex Brokers In Nigeria 2024 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator
XTB logo
70+ 1.0 4.8 / 5 $0 FCA, CySEC, KNF, CNMV, DFSA, FSC
FXTM logo
50+ 0.1 4.5 / 5 $200 CySEC, FCA, FSCA, FSC, CNMV
Vantage logo
55+ 0.0 4 / 5 $50 FCA, ASIC, FSCA, VFSC
IC Markets logo
75 0.02 4.8 / 5 $200 ASIC, CySEC, FSA, CMA
AvaTrade logo
50+ 0.9 4.3 / 5 $100 ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM
FOREX.com logo
80+ 1.2 4.9 / 5 $100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA
Pepperstone logo
100+ 0.1 4.7 / 5 $0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
XM logo
55+ 1.6 4.7 / 5 $5 ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF
Eightcap logo
50+ 0.0 3.6 / 5 $100 ASIC, FCA, CySEC, SCB, CNMV
PrimeXBT logo
45+ Variable 3 / 5 $0 -

XTB

"XTB stands out as a top choice for new day traders with the terrific xStation platform, commission-free pricing, no minimum deposit, and excellent educational tools, many of which are seamlessly integrated into the platform. "

Christian Harris, Reviewer

XTB Quick Facts

GBPUSD Spread1.4
EURUSD Spread1.0
EURGBP Spread1.4
Total Assets70+
Leverage1:30 (EU) 1:500 (Global)
PlatformsxStation
Account CurrenciesUSD, EUR, GBP, HUF

Pros

  • With an excellent range of educational materials, including training videos and articles integrated into the platform, XTB supports traders at all levels.
  • With over 5,600 instruments across forex, stocks, indices, ETFs, commodities, and cryptocurrencies, including CFDs, share dealing and more recently Investment Plans, XTB caters to both short-term traders and longer-term investors.
  • The xStation platform continues to impress with its user-friendly interface and intuitive features, including customizable news feeds, sentiment heatmaps, and trader calculator, reducing the learning curve for newer traders.

Cons

  • The research tools at XTB are good but could be great if they went beyond in-house features with access to leading third-party tools such as Autochartist, Trading Central and TipRanks.
  • XTB discontinued support for MT4, limiting traders to its proprietary platform, xStation, potentially deterring advanced day traders familiar with the MetaTrader suite.
  • The demo account expires after just four weeks, a serious limitation for traders who wish to thoroughly test the xStation platform and practice short-term strategies before committing real funds.
Visit XTB
XTB Review

FXTM

"FXTM is a good pick for day traders seeking low forex commissions on the MetaTrader 4 platform. That said, the range of other assets is not extensive for those looking to diversify, especially stocks and cryptocurrencies."

Tobias Robinson, Reviewer

FXTM Quick Facts

Bonus Offer30% up to $100 via Exinity Ltd
GBPUSD Spread0.2
EURUSD Spread0.1
EURGBP Spread0.6
Total Assets50+
Leverage1:2000
PlatformsFXTM App, MT4, MT5
Account CurrenciesUSD, EUR, GBP

Pros

  • Beginners can access a strong range of free educational materials and short-term market insights, including a podcast hosted by the brand’s expert team
  • Negative Balance Protection is available to clients registering with the EU and UK entities
  • The broker has a good reputation with multiple industry awards and oversight from top-tier regulators like the CySEC

Cons

  • Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
  • Spreads are mediocre in the commission-free accounts, with typical EUR/USD spreads around 1.9 pips - the industry average is around 1.2 pips
  • There are limited e-wallet payment options compared to alternatives
Visit FXTM
FXTM Review

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • It’s quick and easy to open a live account – taking less than 2 minutes
  • There are no short-term strategy restrictions with hedging and scalping permitted
  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side

Cons

  • Unfortunately, cryptos are only available for Australian clients
  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
Visit Vantage
Vantage Review

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
  • You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.

Cons

  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
Visit IC Markets
IC Markets Review

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill

Cons

  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
Visit AvaTrade
AvaTrade Review

FOREX.com

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

Christian Harris, Reviewer

FOREX.com Quick Facts

Bonus Offer20% Welcome Bonus Up To $5000
GBPUSD Spread1.3
EURUSD Spread1.2
EURGBP Spread1.4
Total Assets80+
Leverage1:400
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.

Cons

  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Visit FOREX.com
FOREX.com Review

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.

Cons

  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
Visit Pepperstone
Pepperstone Review

XM

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

William Berg, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
GBPUSD Spread1.9
EURUSD Spread1.6
EURGBP Spread1.8
Total Assets55+
Leverage1:1000
PlatformsMT4, MT5
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF

Pros

  • Accessible trading accounts with a $5 minimum deposit and fast account opening
  • Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
  • Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins

Cons

  • There is weak regulatory oversight through the global entity
  • PayPal deposits are not supported
  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
Visit XM
XM Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
Leverage1:500
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
  • Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
  • With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.

Cons

  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
  • Despite a useful library of educational guides and e-books, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
Visit Eightcap
Eightcap Review

PrimeXBT

"PrimeXBT is good for beginners looking to trade crypto derivatives among traditional assets like forex and indices. There's also a proprietary copy trading solution for novices looking to learn from more experienced investors. With that said, the lack of regulation means traders will receive limited safeguards."

William Berg, Reviewer

PrimeXBT Quick Facts

Bonus Offer$100 Deposit Bonus
GBPUSD SpreadVariable
EURUSD SpreadVariable
EURGBP SpreadVariable
Total Assets45+
Leverage1:1000
PlatformsOwn
Account CurrenciesUSD, EUR, GBP

Pros

  • There’s a range of additional trading opportunities on offer, including demo contests and a copy trading solution
  • The broker offers 24/7 customer support via live chat, as well as an extensive help centre
  • Beginners can access a crypto trading Academy with bite-size resources and YouTube videos

Cons

  • It’s a shame that there are no popular third-party platforms on offer such as MT4
  • The lack of reputable regulatory oversight is a security concern, though this is common in the crypto trading industry
  • The total selection of 110+ assets is far fewer than top competitors, including OKX with 400+
Visit PrimeXBT
PrimeXBT Review

How We Rate Forex Brokers In Nigeria

We look at the following areas when determining the top forex trading platforms:

Trust

It’s important that you sign up with a trusted forex broker to protect you from scams, which Nigeria’s Economic and Financial Crimes Commission has warned are on the rise.

Forex traders should be double careful as many scams are run through fake investment firms. In 2024, the Nigerian SEC announced that these illegal operations had cost the public some 500 billion Naira (330 million US Dollars).

That’s why we recommend established, respected forex brokers with large customer bases and regulatory oversight from trusted bodies, such as South Africa’s Financial Sector Conduct Authority (FSCA). That said, local tax rules may still apply.

  • XM is trusted and regulated by multiple respected bodies, including the FSCA, the ASIC, DFSA and CySEC. With a long track record spanning 15 years, XM earns the trust of our experts alongside more than 10 million traders.

Forex Platforms

The leading forex brokers in Nigeria offer the charting platforms essential for executing short-term trades based on fluctuations in the foreign exchange market.

We look for firms with well-designed and flexible platforms that allow you to trade from a workspace that suits your needs. We also check for a good selection of in-built charting tools, indicators and order types, catering to all types of forex strategies.

Additionally, we check for value-add tools like copy trading that can help beginners learn from experienced traders, alongside support for automated trading for advanced traders.

AvaTrade Nigerian forex broker with African currency pair on trading platform
AvaTrade – Platform
  • AvaTrade’s charting options lead the pack with its intuitive in-house platform and forex app, the ever-popular MetaTrader 4 and MetaTrader 5, plus powerful proprietary social trading and risk management tools.

Currency Pairs

We recommend online brokers with a good range of currency pairs, often traded via CFDs. We see 40+ pairs as a decent range for most forex traders, but the top firms regularly offer 60+.

For traders in Nigeria, finding brokers with South African Rand (ZAR) pairs may be important, as this is one of the few African currencies that’s regularly offered by online forex brokers, providing opportunities to speculate on regional currencies.

  • Pepperstone offers a strong selection of currency pairs, with 90+ forex assets including ZAR paired with EUR, USD and JPY, among a good choice of majors, minors and exotics.

Trading Fees

Having competitive fees is important to maximize returns, so this is one of our priorities when testing forex trading platforms.

Most forex brokers in Nigeria will make their money from the spread – the difference between a currency pair’s bid and ask price – though some also charge a commission – a flat fee per transaction.

Table showing minimum and average spreads at IC Markets on African forex assets
IC Markets – Forex Spreads

We favor brokers that offer tight spreads on popular currency pairs since this makes it easier to profit from short-term price movements while day trading.

But we also weigh the price paid in fees against the full range of services and tools the brokerage provides to ensure you’re getting the best value for your money. For example, do they offer technical summaries and insights into events affecting currency prices in Africa?

  • IC Markets is one of the lowest-cost forex brokers we’ve tested using real money. With spreads from near zero, low commissions and rebates of up to $2.50 per forex lot, it delivers excellent pricing for active currency traders.

Payment Methods

We prioritize forex trading platforms with fast and affordable payment options that allow day traders to fund and empty their accounts without cutting deeply into their profits.

In Nigeria, digital payment methods have been on the rise in recent years, with mobile money users tripling to nearly 17% of the population and e-wallets like PayPal and WebMoney also popular.

We also rate forex brokers with affordable account minimums, lowering the entry barrier for online traders. You should expect to deposit between 0 and 250 USD at most top forex platforms based on our analysis, equivalent to around 0 and 400,000 NGN.

  • XTB stands out here with no minimum deposit and a great range of traditional and digital payment options that work in Nigeria, including PayPal.

Methodology

We utilized our comprehensive database of forex brokers to concentrate on those that welcome traders from Nigeria. We then ranked them according to an overall score that was determined by 100+ data points and essential criteria, such as:
DayTrading.com broker testing methodology overview

  • Oversight from reputed regulators, such as Nigeria’s SEC or other reliable entities.
  • A strong suite of forex pairs, such as NGN or those from nearby nations like ZAR.
  • Simplified process for depositing funds, with an emphasis on widely-used local options such as PayPal.
  • Sophisticated but intuitive charting tools for identifying and capitalizing on opportunities in the foreign exchange market.
  • Favorable cost structure featuring narrow spreads, low deposit requirements, and transparency regarding additional fees.

FAQ

There are no legal restrictions banning forex trading in Nigeria, so you are free to sign up with an online broker and speculate on currency prices.

Who Regulates Forex Trading In Nigeria?

Oversight of forex trading activities falls under the purview of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) of Nigeria. These institutions are responsible for supervising the nation’s financial markets and establishing the regulations that forex trading platforms must adhere to.

However, the regulatory environment in Nigeria is not as robust as it is in other jurisdictions. Therefore, forex traders should proceed with caution and diligently investigate brokers before depositing funds.

How Much Money Do I Need To Start Forex Trading In Nigeria?

The amount you need to start forex trading in Nigeria depends on the broker you sign up with; some require higher amounts of $250 or more (around 400,000 Naira), while others like XTB allow you to open an account with no minimum deposit, making them attractive to newer traders.

Article Sources

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