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Best Forex Brokers In Nigeria 2024

Written By

Michael MacKenzie

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

Edited By

James Barra

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.

» James Barra Profile Page

Updated

Apr 27, 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.

5 Top Forex Brokers In Nigeria

According to our first-hand testing and exhaustive analysis, these are the best 5 forex trading platforms in Nigeria:

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.

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	Visit
	70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit
	50+	0.1	4.5 / 5	$10	CySEC, FCA, FSCA, FSC	Visit
	55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
	75	0.02	4.8 / 5	$200	ASIC, CySEC, FSA	Visit
	50+	0.9	4.3 / 5	$100	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	100+	0.1	4.7 / 5	$0	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
	45+	Variable	3 / 5	$0	-	Visit
	60+	14 pips	4.5 / 5	$10	-	Visit
	80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
	50+	1.2	4 / 5	$10	FSC, FSA	Visit
	70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
	70+	0.2	3.4 / 5	$0	CySEC	Visit
	67	0.70 pips (var)	3.9 / 5	$100	FCA, CySEC, ASIC, FSCA, FSC	Visit

#1 - XTB

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Review

Why We Chose 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.

"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. "

- DayTrading Review Team

• GBPUSD Spread: 1.4
• EURUSD Spread: 1.0
• EURGBP Spread: 1.4
• Total Assets: 70+
• Leverage: 1:30 (EU) 1:500 (Global)
• Platforms: xStation

About XTB

Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring day traders.

Pros

• XTB has boosted its interest rate on all uninvested balances (up to 5.2%) while competitors like eToro only offer up to 5% on balances of $50K+.
• XTB offers fast withdrawals with same-day payments if requested before 1 pm, ensuring day traders have quick access to their funds.
• Opening an XTB account is a hassle-free, entirely online process that takes just a few minutes, making the entry into day trading smooth for new traders.

Cons

• 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.
• 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.

Visit XTB

#2 - FXTM

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.2
• EURUSD Spread: 0.1
• EURGBP Spread: 0.6
• Total Assets: 50+
• Leverage: 1:2000
• Platforms: FXTM App, MT4, MT5

About FXTM

FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ day trading markets and three account types, they cater to all levels of trader. Get a 30% Deposit Bonus - Get an extra 30% on top of your deposit – that’s up to $200 more to trade with.

Pros

• The broker delivers an excellent charting environment for day traders, with over 30 technical tools offered in the MT4 platform, plus a range of additional platform indicators for monitoring spreads, orders, pivot levels and more
• Negative Balance Protection is available to clients registering with the EU and UK entities
• FXTM offers free VPS hosting for active day traders looking for 24/7 uninterrupted connection with up to 99.9% uptime

Cons

• There are limited e-wallet payment options compared to alternatives
• Withdrawal fees apply, including a 30 EUR fee on bank wire withdrawals
• It’s a shame that ETFs and bond products are not available, and the selection of stocks is not extensive compared to competitors like AvaTrade

Visit FXTM

#3 - Vantage

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.5
• EURUSD Spread: 0.0
• EURGBP Spread: 0.5
• Total Assets: 55+
• Leverage: 1:500
• Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

• The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
• Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
• It’s quick and easy to open a live account – taking less than 2 minutes

Cons

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

Visit Vantage

#4 - IC Markets

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 0.23
• EURUSD Spread: 0.02
• EURGBP Spread: 0.27
• Total Assets: 75
• Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
• Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

• As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
• With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
• 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

• There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
• The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
• While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.

Visit IC Markets

#5 - AvaTrade

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 1.5
• EURUSD Spread: 0.9
• EURGBP Spread: 1.5
• Total Assets: 50+
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
• WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
• There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill

Cons

• Traders from the US are not accepted
• There is no ECN account with raw spreads
• 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

Visit AvaTrade

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).

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.

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.

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.

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?

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.

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:

FAQ

Is Forex Trading In Nigeria Legal?

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.