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7 Best Forex Brokers in Nigeria for 2024

Looking for the top broker in Nigeria? Based on our hands-on analysis, we’ve identified 7 best options tailored to various trading needs. Practical tips from our experts are included.

By:
Jitan Solanki
Reviewed By:
Aviva Gurevich
Updated: Mar 25, 2024

List of Top Forex Brokers in Nigeria

Exness - Best Overall
Multiple regulations and licences. Proprietary mobile trading app. Competitive forex spreads. VPS, social trading, third-party tools. Islamic account. Supports NGN trading accounts.

FXTM - Best Trading App
Intuitive FXTM Trader app. VPS forex service. 1-click trading app. NGN for deposits and withdrawals. Islamic account.

FBS - Best for Beginners
Extensive range of educational materials. Live trading seminars in Lagos, Nigeria. Free daily market research articles. Multiple account types with low minimum deposits ($5).

FP Markets - Best for Professional Traders
Broad range of instruments. Zero spread raw accounts. MT4, MT5, cTrader, IRESS platforms. Multi-manager MAM and PAMM accounts. Algorithmic trading solutions. Islamic account.

Forex4you - Best Account Offering
6 different account types. Multiple trading platforms. Trading Central tools. Live webinars and education. Islamic account.

IC Markets - Best Low Spreads
Low spreads and commissions. Raw zero-spread trading accounts. No requotes or strategy restrictions. MetaTrader 4, MetaTrader 5, cTrader platforms. Islamic account.

AvaTrade - Best for Social and Copy Trading
DupliTrade and ZuluTrade for social/copy trading. MT4, MT5, AvaTradeGo, AvaOptions app. Wide range of educational materials. Broad range of instruments. Islamic account.

Forex Trading in Nigeria

The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) serve as the country’s two primary financial market watchdogs, ensuring proper market liquidity. While there are no specific forex trading regulations in Nigeria, the demand for forex trading is enormous, which is why our team of experts has compiled a list of the top forex brokers accepting clients in Nigeria.

Nigeria, the world’s seventh most populous country, boasts the largest economy in Africa, with a GDP exceeding $506 billion. The country has a thriving community of forex traders and a twin-peak regulatory system that oversees its local financial markets.

How did FX Empire choose the Best Forex Brokers in Nigeria?

FXEmpire's Methodology

  • We checked the different entities of each broker to identify the ones that are regulated by financial authorities
  • We ensured the broker provides access to Islamic swap-free trading accounts
  • We checked to see if the Nigerian Naira (NGN) is available for deposit and withdrawal
  • We checked for any bonuses and promotions for Nigerian clients
  • We opened a live trading account to test for low fees and commissions
  • We tested the broker’s trading platforms to identify if they are user-friendly and feature-rich
  • We conducted a live test of the broker’s customer support

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

This analysis, along with my own personal trading experience has led to the detailed research and findings below, highlighting the best forex brokers in Nigeria.

Best Overall

Exness

4.6
Start Trading
General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.
  • Min Deposit
    $0
  • Tradable Instruments
    233
  • Fees
    Medium

Exness was created in 2008 and is regulated by international regulators including CySEC, the FCA, FSCA, FSA Seychelles, FSC BVI, FSC Mauritius and the CMA Kenya. The broker provides a diverse selection of asset classes, which can be traded on their own proprietary trading terminal and the popular MetaTrader 4 and MetaTrader 5 platforms.

Key Features for Nigerian Forex Traders:

  • Traders in Nigeria can open an account with Exness through the entity regulated by the FSA of Seychelles
  • Leverage of up to 1:2000 is available on forex pairs
  • Nigerian payment solutions for deposits and withdrawals including online bank transfer, credit/debit card, Neteller, Skrill, SticPay and a range of crypto options, too
  • You can use the Nigerian Naira (NGN) to serve as the base currency
  • Customer service is available during Nigerian business hours
  • Offers NGN trading pairs
  • Options for Islamic accounts

In my personal experience, Exness stands out as the best overall forex broker in Nigeria due to several reasons. One of those reasons is that the broker is regulated in multiple jurisdictions around the world providing a higher level of safety and transparency.

Traders have the option of trading with a Standard Account or a Professional Account. When testing the Standard Account, I found the spread for EUR/USD to be around the industry average of 0.9 pips with no commissions.

If you are a beginner trader, you are likely to find the educational content valuable, with access to a wide range of different articles, videos and courses. As an advanced trader myself, I enjoyed the access to the MT4 and MT5 trading platforms but beginners may find Exness’s own proprietary trading terminal easier to use.

Another feature I found to be useful is the availability of customer support during Nigerian working hours. After testing this, I found the agents to be very helpful. Overall, Exness provides a sound offering to emerging Nigerian forex traders that are worth considering.

Pros
  • Well-regulated around the world.
  • Can use Nigerian Naira as the base currency.
  • Trade from multiple platforms.
  • Competitive pricing across all account types.
Cons
  • The selection of tradable assets could be more extensive.
Exness Review

Best Trading App

FXTM

4.3
Start Trading
82% of retail CFD accounts lose money
  • Min Deposit
    $500
  • Tradable Instruments
    266
  • Fees
    Medium

Cyprus-based broker FXTM was founded in 2011. It offers trading on a range of asset classes from multiple platforms, including its own feature-rich and simple-to-use mobile trading app. FXTM is a global company with offices around the world – including Nigeria – regulated by the UK FCA, CySEC and FSC Mauritius.

Key Features for Nigerian Forex Traders:

  • Traders in Nigeria can open an account with FXTM entity regulated by the FSC of Mauritius
  • Leverage of up to 1:2000 available on forex pairs
  • Nigerian payment options include African Local Solutions, Sub-Saharan Africa Local
  • Offers a Nigerian version of the FXTM website
  • Offers Islamic swap-free forex trading accounts

One of the key features of FXTM as a forex broker in Nigeria is that they offer a Nigerian version of the website, including a trading account where you can use Naira (NGN) to deposit, trade and withdraw funds. FXTM was one of the first forex brokers with a physical presence in Nigeria and has offices in Abuja and Port Harcourt.

From our live broker review tests, our experts found the FXTM Trader App to offer a good trading experience. After testing the app myself, I found it simple to use and easy to navigate. You can trade more than 250 financial instruments from the app with a 1-click trading feature, and the charts come with 9 timeframes, 3 indicators, and the ability to create watchlists.

Another impressive feature I discovered is the fact you can trade across multiple devices. For example, you can open a trade on the desktop platform and then manage or close the trade through the app. There is a range of different account types to choose from, including Islamic swap-free accounts.

Pros
  • Simple to use trading app.
  • Use NGN for deposits and withdrawals.
  • Offices and customer support based in Nigeria.
  • Islamic Forex trading account.
Cons
  • $5 withdrawal and inactivity fee.
FXTM Review

Best for Beginners

FBS

4.1
Start Trading
Trading involves a risk of loss
  • Min Deposit
    $100
  • Tradable Instruments
    164
  • Fees
    Low

Founded in 2009, FBS stands as a highly regulated broker with oversight from esteemed bodies like IFSC Belize, FSCA, ASIC, and CySEC. The broker offers three low-minimum deposit accounts, giving traders access to a wide array of 578 tradable instruments. FBS enriches its clients through a robust educational framework that includes the FBS Trading School, live seminars, and free daily market research.

Key Features for Nigerian Forex Traders:

  • Traders in Nigeria can open an account with the FBS Markets Inc. entity which is authorized and regulated by the IFSC of Belize
  • Leverage of up to 1:3000 is available on forex pairs
  • Nigerian payment solutions for deposits and withdrawals including local banks of Nigeria, Perfect Money, Skrill, Neteller, Paga Wallet, Pay Attitude, Sticpay, and Cryptos
  • Customer service is available during Nigerian business hours
  • Options for Islamic accounts

At FBS, novice traders have access to a wealth of educational content, including a comprehensive curriculum at the FBS Trading School tailored to various skill levels. The course material is insightful and well-articulated. Moreover, I found the broker conducts live trading seminars in Lagos, Nigeria, providing a localized learning experience for traders in that region.

FBS’s free daily market analysis spans multiple asset classes – forex, stocks, indices, commodities, and cryptocurrencies – all of which can be traded across their three account types. During our real-time fee assessment of FBS’s Standard Account, we discovered that the spread for EUR/USD averaged 0.8 pips during peak trading hours in the London and New York sessions, outperforming the industry standard of 1.0 pips for commission-free accounts.

Pros
  • Insightful educational content.
  • Daily market research.
  • $5 minimum deposit.
  • Platform video tutorials.
Cons
  • No negative balance protection or segregation of client funds for Nigerian clients.
FBS Review

Best for Professional Traders

FP Markets

4.6
Start Trading
Contracts for Difference (CFDs) are leveraged over-the-counter derivative products and carry a high level of risk to your capital. You should only risk capital that you can afford to lose. In certain circumstances, due to fluctuations in market value you may not get back your initial investment amount. You may not only lose your initial investment but you may incur a liability to pay a further amount to cover losses. This means you can lose more money than you have invested.
  • Min Deposit
    $100
  • Tradable Instruments
    8977
  • Fees
    Low

FP Markets, established in 2005 and headquartered in Sydney, Australia, is a regulated broker authorized by both ASIC and CySEC. However, it does have one unregulated entity located in St. Vincent and the Grenadines. You can trade on more than 850 financial instruments, from a wide range of platforms and professional trading accounts.

Key Features for Nigerian Forex Traders:

  • Traders in Nigeria can open an account with the unregulated FP Markets entity based in St. Vincent and the Grenadines
  • Leverage of up to 1:500 available on forex pairs
  • Nigerian payment options include MyBux for NGN and online bank transfer, credit/debit cards, Neteller, Skrill, FasaPay and more for USD
  • Islamic account options for professional traders
  • Offers multilingual support during Nigerian business hours

FP Markets offers a range of professional trading features. You can access MT4, MT5 and cTrader to trade on more than 850 financial CFD instruments and more than 15,000 global shares from the IRESS trading platform which offers direct market access (DMA) trading with the broker’s liquidity providers.

On top of this, we found that you can open professional money manager accounts such as MAM (multi-account manager) and PAMM (percentage asset management module) accounts. With these accounts, you can open sub-accounts to trade investor capital.

The broker also offers raw spread trading accounts and Islamic swap-free account options. In the course of our live fee test, the spread on EUR/USD during the London session was 1.0 pip which is around the industry average for a commission-free trading account.

Nigerian traders can also access customer support 24 hours a day, 5 days a week. I find accessing customer support to be particularly useful when encountering issues with platforms or trade execution.

Pros
  • 850+ CFD trading instruments.
  • Raw spread and Islamic swap-free accounts.
  • MT4, MT5, cTrader, IRESS platforms.
  • Professional money manager accounts.
Cons
  • Nigerian traders open an account with the entity in St. Vincent and the Grenadines which is unregulated.
FP Markets Review

Best Accounts Offering

Forex4you

4
Start Trading
Trading on the Forex market involves significant risks, including complete loss of funds. Trading may not be suitable for some investors and traders. Increasing your leverage also increases your risks. Please read and ensure you fully understand our Risk Disclosure.
  • Min Deposit
    $0
  • Tradable Instruments
    153
  • Fees
    High

Forex4You broker was founded in 2007 and is regulated by the FSC in the BVI but also has one entity that is unregulated and based in St. Vincent and the Grenadines. You can trade on more than 150 financial instruments from 6 different trading accounts and the MT4 and MT5 trading platforms.

Key Features for Nigerian Forex Traders:

  • Traders in Nigeria can open a Forex4You account with the unregulated entity based in St. Vincent and the Grenadines
  • Leverage of up to 1:1000 on forex pairs
  • Nigerian payment options include credit/debit cards, Neteller, Skrill and WebMoney
  • Nigerian customer support during business hours
  • Offers multiple bonuses and promotions for Nigerian clients
  • Referral and cashback programs for Nigerian clients

Forex4You offers several account types which include Cent Fixed, Cent Pro, Classic Fixed, Classic Pro, Classic Standard and a demo account to practice trading risk-free.

The major difference between the accounts is that the fixed accounts offer fixed spreads – this is where the broker fixes the spread of the market. The other accounts offer floating spreads based on the liquidity in the market.

Of the floating spread accounts, the Cent Pro has a commission of $0.10 per micro-lot (1,000 units of currency), the Classic Pro is $8 per standard lot (100,000 units of currency) and the Classic Standard is commission-free. The commission for these accounts is much higher than the industry average of $3.50 per standard lot.

We also found that only the Classic Standard account offers an Islamic swap-free option. As the broker is regulated offshore and has an unregulated entity, it has the ability to offer a range of bonuses and promotions which include a 100% deposit bonus and a 50% cashback program.

You can also access social trading services, the MT4 and MT5 platforms, as well as AutoChartist, for automated technical analysis ideas.

Pros
  • 6 different account types.
  • Demo account to practice trading.
  • No minimum deposit required.
  • MT4, MT5, AutoChartist platforms.
Cons
  • Nigerian traders accounts opened with the unregulated St. Vincent and the Grenadines entity.
Forex4you Review

Best Low Spreads

IC Markets

4.5
Start Trading
Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
  • Min Deposit
    $200
  • Tradable Instruments
    2251
  • Fees
    Low

IC Markets was established in 2007 and is regulated by CySEC, ASIC, SCB and the FSA Seychelles. The broker offers more than 1,700 instruments to trade on covering forex, stocks, indices, cryptos, and commodities from the MT4, MT5 and cTrader platforms. With ultra-low fees and zero requotes, it represents a solid option for serious forex traders.

Key Features for Nigerian Forex Traders:

  • Traders in Nigeria can open an account with IC Markets with the entity regulated by the FSA of Seychelles
  • Leverage of up to 1:500 available on forex pairs
  • Nigerian payment solutions for deposit and withdrawals including PayPal, Skrill, Klarna, online bank transfer, credit/debit cards
  • Customer service during Nigerian business hours
  • NGN as a trading pair
  • Islamic account options

One of the standout features of IC Markets is their low spreads and commissions which help Nigerian forex traders to minimize trading costs. In the course of our fee test, I opened a live commission-free Standard Account and found the spread for EUR/USD during the London and New York session to be 0.6 pips.

In my years of trading, I have found this to be very competitive, especially on a zero-commission trading account where the industry average is around 1.0 pips for EUR/USD. There are also swap fees to take into consideration when using CFDs as you are ‘borrowing’ money from the broker to control a larger position. However, there is an Islamic swap-free account option that abides with Shariah Law.

There are three different trading platforms available: MetaTrader 4, MetaTrader 5 and cTrader. You can also integrate third-party plugins like Autochartist into the trading platforms to get access to even more financial market analysis tools and insights.

Overall, the number of tradable assets, good regulation, and ultra-low fees make IC Markets a choice worth considering for serious Nigerian forex traders.

Pros
  • Low spreads, zero commission and no requotes.
  • Over 1,700 tradable assets.
  • MetaTrader 4, MetaTrader 5 and cTrader platforms.
  • AutoChartist for automated technical analysis.
Cons
  • Advanced features might overwhelm some beginners.
IC Markets Review

Best for Social And Copy Trading

AvaTrade

4.6
Start Trading
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
  • Min Deposit
    $100
  • Tradable Instruments
    853
  • Fees
    Medium

AvaTrade was founded in 2006 and is currently active in more than 150 countries authorized and regulated by multiple regulatory authorities including the CBI, FSC BVI, ASIC, FSCA, FSA Japan, FSRA, ISA and CySEC. It provides access tomore than 1,250 financial instruments and offers a great range of social and copy trading tools for Nigerian traders.

Key Features for Nigerian Forex Traders:

  • Traders in Nigeria can open an account with the AvaTrade entity regulated by the FSC of BVI
  • Leverage of up to 1:400 on forex pairs
  • Nigerian payment options include online bank transfer, credit/debit cards, Skrill, WebMoney and Neteller
  • Offers a Nigerian version of the AvaTrade website
  • Customer support available during Nigerian business hours
  • Islamic accounts available

The popularity of social and copy trading has grown exponentially in recent years. The ability to follow and copy other successful traders, or have other people copy you to earn an income has attracted many Nigerian traders to this way of trading the forex market.

With AvaTrade you can access several social trading and copy trading platforms including DupliTrade and ZuluTrade. When copying traders from these platforms they can be linked to your MT4 or MT5 trading account. However, the minimum deposit for DupliTrade is $2,000 so beginner traders may be better off starting with ZuluTrade which requires a minimum deposit of $200.

From my own personal experience, I recommend testing a broker’s copy trading service using a demo trading account. This way you can understand how it all works in a risk-free environment giving your more confidence when trading with real money.

AvaTrade also provides webinars, video tutorials, eBooks and daily market analysis for beginner traders. If you’re an advanced trader in Nigeria you may also appreciate the AvaOptions trading app to trade vanilla options on major currency pairs.

Pros
  • 1,250+ financial instruments.
  • MT4, MT5, DupliTrade, and ZuluTrade platforms.
  • Additional trading tools, AvaOptions.
  • Islamic account options.
Cons
  • 3 months inactivity fee of $50.
AvaTrade Review

How to Choose a Forex Broker in Nigeria?

When choosing a forex broker to trade with in Nigeria, you should consider the following factors:

Why is choosing a regulated forex broker in Nigeria important?

Choosing a regulated broker is essential as they are responsible for holding your funds and executing your trades. If the broker is not supervised by a financial regulator, your funds could be at risk, and your trade execution price may not adhere to best practices.

Opting for a broker regulated by a governmental financial body offers increased safety and security and peace of mind. However, it’s important to note that not all financial regulators are equal. In our evaluations, we categorize financial regulators into three tiers:

  • Tier 1 regulators originate from well-established financial centers and encompass organizations like the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
  • Tier 2 regulators, while not as renowned as Tier 1, still maintain a high level of credibility and include bodies such as the Financial Sector Conduct Authority of South Africa (FSCA) and the Monetary Authority of Singapore (MAS).
  • Tier 3 regulators are generally from offshore jurisdictions, such as the Belize International Financial Services Commission (IFSC) and the British Virgin Islands Financial Services Commission (BVI FSC).

While the Securities and Exchange Commission (SEC) of Nigeria has not yet established forex-specific regulations, there has been a strong demand for forex trading in Nigeria.

Nigerian residents are allowed to open brokerage accounts with forex brokers that are regulated outside of Nigeria. The Central Bank of Nigeria (CBN) and the SEC of Nigeria operate as the country’s primary regulatory watchdogs, ensuring the stability and safety of the local financial markets.

Read more about Best regulated forex brokers.

What fees should you be aware of when choosing a forex broker in Nigeria?

When selecting a forex broker, understanding the fees involved is crucial as they affect your profits. These fees are categorized into trading fees and non-trading fees.

Trading Fees:

  • Spreads: This is the difference between the bid and ask prices. Aim for the lowest possible spreads. Discover Best lowest spread forex brokers.
  • Commissions: Fees charged to open and close trades. They should also be minimized.
  • Swap Fees: Incurred for holding leveraged positions overnight. On Islamic swap-free accounts, these fees are waived to comply with Shariah Law. However, limitations may apply, so review the broker’s terms and conditions. Read more about Best low swap fees brokers.
  • Broker Accounts: Some brokers offer raw interbank market spreads with a commission per transaction, while others provide zero-commission accounts with wider spreads due to broker markups.

For EUR/USD, a spread of 1.0 pips is the industry average on commission-free accounts. For cross-currency pairs like GBP/JPY, spreads above 5 pips are high, while below 3 pips are considered low.

Commission-based accounts typically have EUR/USD spreads around 0.1 pips. Commission fees over $5 per 100,000 units traded are high; the standard is about $3.50.

Non-Trading Fees:

  • Account Management: Most brokers don’t charge for account maintenance, but inactivity fees may apply for prolonged dormancy.
  • Deposits and Withdrawals: Check for potential charges. Note that while some brokers accept the Nigerian Naira, others might require conversion to USD, incurring additional fees.

How to choose the most suitable account type in Nigeria?

Forex brokers often provide a range of trading account options for their clients. The types of accounts usually differ in terms of the fee structure, execution model employed, minimum deposit, and access to extra products and tools.

The majority of retail forex brokers employ the STP (straight-through processing) model, where trades are directly sent to the broker’s liquidity provider. Some brokers might also offer ECN (electronic communication network) accounts, which match your trades with prices from various liquidity sources within an anonymous network.

Read more about Best STP forex brokers and Best ECN forex brokers.

For professional traders, a broker may provide DMA (direct market access) accounts, allowing you to trade directly with participants in the interbank market.

When deciding on the most suitable account type, it’s important to first understand your trading style and requirements, as different accounts come with different features. Keep in mind that the account with the best features may also require a higher minimum deposit.

Read more about Best forex demo accounts.

How to choose the leverage when choosing a forex broker in Nigeria?

Leverage trading has gained significant popularity in recent years. Leverage enables you to trade larger positions with a small amount of funds, using borrowed money from the broker. This has the effect of amplifying gains but also losses.

The amount of leverage offered by forex brokers varies depending on the broker’s regulation and the account type being used. Retail trading accounts regulated by tier 1 regulators such as the FCA and CySEC, usually have a maximum leverage of 30:1 on the forex market. This means you can trade a position size 30 times the capital you put up.

Check out our guides on Best CySEC-regulated forex brokers and Best FCA-regulated forex brokers.

However, tier 1 regulators also require the brokers they regulate to offer a negative balance protection policy and hold funds in a segregated account. This is important to protect your capital from adverse moves in the market or broker negligence.

Professional trading accounts offer higher leverage options, sometimes reaching up to 200:1. While negative balance protection is not legally required for these accounts, some brokers may still provide it.

Explore Best high leverage forex brokers.

Unregulated brokers and some offshore brokers may promote very high amounts of leverage as they operate in lower-tier jurisdictions which have fewer protections for investors. You should exercise caution when trading with such brokers.

How to choose a trading platform?

Most trading brokers offer popular trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader, which can be accessed through desktop, web, or mobile devices. While desktop platforms typically provide the most features, such as algorithmic trading capabilities, it’s important to consider all of the options the broker provides including its own proprietary trading platform if available.

The broker’s in-house platform may include additional features like real-time news and trading ideas. It is essential to evaluate your trading needs and select the appropriate platform. Helpful information is abundant online about MT4, MT5, and cTrader, which may not be as user-friendly as a broker’s proprietary platform.

See our guides on the best MT4 brokers, best MT5 brokers, and best cTrader brokers.

Other platforms in use include TradingView, ProRealTime, and CQG. TradingView is a reliable, web-based, user-friendly option, which is great for beginner traders.

Read more about Best TradingView forex brokers.

From my own personal experience, I would advise having access to multiple platforms or devices for accessing your trading account. If one goes down then the other is there to still manage any open positions.

What to avoid when choosing a forex broker in Nigeria?

When selecting a forex broker in Nigeria, it is important to be cautious and pay attention to certain warning signs that may indicate a broker is not trustworthy or reliable. Here are some key points to keep in mind:

  • Lack of regulation: Avoid brokers that are not regulated by a reputable financial authority. Regulation ensures that the broker follows specific rules and guidelines designed to protect the interests of traders. A regulated broker is more likely to be transparent and accountable in their operations.
  • Unrealistic promises: Be wary of brokers that promise high returns with little to no risk. Trading forex involves inherent risks, and no broker can guarantee consistent profits. If a broker’s claims seem too good to be true, they probably are.
  • Hidden fees and commissions: Some brokers may not be transparent about their fee structure and may charge hidden fees that can eat into your profits. Make sure to read the terms and conditions carefully and understand all the costs associated with trading, including spreads, commissions, conversion, and overnight fees.

By being aware of these, you can identify a forex broker in Nigeria that meets your needs and provides a secure, reliable trading environment.

How to avoid forex and CFD scams in Nigeria?

Forex and CFD scams are unfortunately prevalent in the trading world, especially in countries like Nigeria where the forex market is rapidly growing. To safeguard yourself against scams, consider the following tips:

1. Verify the broker’s regulation: Ensure that the broker is regulated by a reputable financial authority. A regulated broker is required to follow specific rules and guidelines to protect your interests. You can check the regulator’s online database to verify they are licensed and regulated.

2. Be cautious of high-pressure tactics: Scammers may try to pressure you into making quick decisions or investing large sums of money. Legitimate brokers will allow you the time to make informed decisions and will not force you into anything.

3. Use a demo trading account. This is a great way to test the products, services and customer support of a broker before you start trading live with them. Don’t miss our expert guide on the best forex demo account.

4. Beware of too-good-to-be-true offers: Scammers often entice potential victims with promises of high returns and low risks. Remember that trading forex and CFDs always carries inherent risks, and no broker can guarantee consistent profits.

By taking these precautions, you can significantly reduce your chances of falling victim to forex and CFD scams in Nigeria and ensure a safe trading experience.

Our Methodology

FX Empire has been the leader trailblazer in the field of broker reviews. Our methodology for assessing brokers has evolved over time, expanding in scope and incorporating additional criteria to adapt to changes in the financial industry.

Our rating system evaluates brokers across nine key categories: trust, fees, platforms and tools, tradable instruments, customer service, deposit and withdrawals, account types, research, and education.

Within each category, we examine over 250 data points, comparing them against those of other brokers to determine how competitive a broker’s offering is relative to the industry average.

Our rigorous evaluations provide our readers with greater confidence in selecting the broker that best meets their needs.

To identify the best forex brokers in Nigeria, I have analyzed the research findings of our team and further refined the selection based on the following factors:

  • Top-tier regulations around the world
  • Islamic swap-free accounts are available
  • Nigerian Naira (NGN) for deposit and withdrawal
  • Bonuses and promotions for Nigerian clients
  • Low fees and commissions per lot traded
  • User-friendly and feature-rich trading platforms
  • Customer support available

By researching and analyzing these factors, I have presented you with the best options for the best forex brokers in Nigeria for you to consider and research further. A good way to get started is to test the features of a broker using a demo trading account first.

Meet our Writers

The team of forex and CFD analysts and editors at FXEmpire is composed of trading industry professionals and seasoned financial journalists. Our experts have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

Get to Know Our Authors

Dan BlystoneBroker Analyst

Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

Plamen StoyanovBroker Analyst

Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

Vladimir ZernovBroker Analyst

In more than 15 years of trading in the financial markets, Vladimir dealt with a wide range of brokers and financial instruments. His career as a day-trader at a proprietary trading firm goes back to 2007. Later, Vladimir turned to longer time frames and became an independent trader and analyst managing his own portfolio. Using his experience, he helps traders find the best broker in his reviews.

FAQ

Yes, forex trading is legal in Nigeria as long as traders abide by the rules established by the Central Bank of Nigeria (CBN) and use a broker licensed to offer forex transactions.
The Central Bank of Nigeria does not regulate forex trading activities but rather ensures the stability and integrity of its financial markets and Nigerian Naira.
An Islamic or swap-free account is a trading account that complies with Islamic law (Sharia) where no interest is applied to overnight positions.
Nigerian regulators primarily focus on their local financial market activities and allow international companies to offer services to Nigerian residents. Therefore, most regulated forex brokers gain licences with other global regulators that are more established to govern trading activities. You can verify a broker’s licence to operate by visiting the relevant regulator’s website.
Offshore brokers are less regulated and offer fewer investor protections. In contrast, top-tier regulated brokers must adhere to strict regulations that guarantee the security and safety of their services otherwise they face massive fines and criminal charges.
In order to open a Nigerian forex trading account, you start by choosing the best forex broker in Nigeria suited for your needs. When registering your account, you usually need proof of identity and proof of address.
Due to their educational resources, user-friendly trading platforms, and thorough customer support, FXTM is a suitable broker for starting traders in Nigeria. Other brokers include Exness, AvaTrade and others.
FP Markets is suitable for professional traders in Nigeria because of the broad range of tradable instruments, multiple account types with benefits for high-frequency or high-volume traders and good regulations. IC Markets is also a good option for professionals.
MetaTrader 4 and MetaTrader 5 are popular forex trading platforms in Nigeria due to their advanced features, ease of use, and wide acceptance by the best forex brokers in Nigeria.
Yes, profits from forex trading are subject to taxation in Nigeria, and traders must report their winnings to the Federal Inland Revenue Service (FIRS).
Yes, Nigerian traders are permitted to work with offshore-regulated brokers, although it is wiser to choose a well-regulated broker in order to ensure the security of your funds.
Nigerian forex traders have several deposit and withdrawal options available when trading with most forex brokers. Examples are Neteller, Skrill and Webmoney. It's worth noting that some forex brokers may have specific requirements or restrictions when it comes to deposit and withdrawal options for Nigerian traders.
Yes, cryptocurrency is a growing market in Nigeria and is available at most of the brokers offering services to those located in Nigeria.
You cannot actively trade forex without a broker to facilitate your trades in the global forex market, provide a platform to do so and leverage to help your capital go further.
Negative balance protection makes it possible for clients to ensure that accounts do not go below zero from any adverse movement in the market.
Tier 1 regulated brokers have to provide negative balance protection as a regulatory requirement for retail traders. For other regulated brokers, you should check the terms and conditions of your broker.
A compensation scheme provides insurance protection to clients in the event of insolvency of the broker.
The UK FCA and CySEC make it a regulatory requirement to offer a compensation scheme. With other regulated brokers you should check the broker’s terms and conditions.
A segregated fund, also known as a segregated account, is an account that holds clients’ funds of a broker. This ensures that client funds are “segregated” and kept apart from the broker’s funds so client capital is not used as a funding method for the broker’s operations.
Tier 1 regulated brokers make it a regulatory requirement to segregate funds. For other regulated brokers you need to check the broker’s terms and conditions.

About the Author

Jitan SolankiBroker Analyst

Jitan Solanki is a professional trader, market analyst, and educator. He day trades major currency and index markets and focuses on swing trading US equities and commodities. A qualified Market Technician, Jitan also works with trader education and brokerage companies on various projects. These include market analysis, live trading events, and broker reviews. As an experienced trader and educator, Jitan brings all his qualities in action when reviewing and recommending brokers.

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