Advertising DisclosureWe're committed to the highest standards of editorial integrity. Still, it's crucial to recognize that some products we mention come from our partners.
Here's an insight into how we make money. While we strive to be comprehensive, the compensation we receive can influence the products, companies, or services we showcase and review. Not all available options may be featured on this page.
Here's an insight into how we make money. While we strive to be comprehensive, the compensation we receive can influence the products, companies, or services we showcase and review. Not all available options may be featured on this page.
6 Best Forex Brokers in Nigeria for 2024
Looking for the top broker in Nigeria? Based on our hands-on analysis, we’ve identified 6 best options tailored to various trading needs. Practical tips from our experts are included.
By:
Reviewed By:
Updated: Nov 18, 2024
List of Top Forex Brokers in Nigeria
Multiple regulations and licences. Proprietary mobile trading app. Competitive forex spreads. VPS, social trading, third-party tools. Islamic account. Supports NGN trading accounts.
Intuitive FXTM Trader app. VPS forex service. 1-click trading app. NGN for deposits and withdrawals. Islamic account.
DupliTrade and ZuluTrade for social/copy trading. MT4, MT5, AvaTradeGo, AvaOptions app. Wide range of educational materials. Broad range of instruments. Islamic account.
Well-rounded research content. Competitive trading fees. MT4, MT5, OctaTrader platforms.
Broad range of instruments. Zero spread raw accounts. MT4, MT5, cTrader, IRESS platforms. Multi-manager MAM and PAMM accounts. Algorithmic trading solutions. Islamic account.
Low spreads and commissions. Raw zero-spread trading accounts. No requotes or strategy restrictions. MetaTrader 4, MetaTrader 5, cTrader platforms. 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 FXEmpire choose the Best Forex Brokers in Nigeria?
- 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 FXEmpire’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
4.6
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.
- $0Min Deposit
- 240Tradable Instruments
- MediumFees
Why We Picked It
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.
Regional Features:
- Entity for Nigerian clients: Exness (SC) Ltd., regulated by the FSA of Seychelles
- Leverage: of up to 1:2000
- Nigerian payment solutions: Online bank transfer, credit/debit card, Neteller, Skrill, SticPay, cryptocurrencies
- Nigerian Naira (NGN) as a base currency
- Customer service during Nigerian business hours
- NGN trading pairs
- 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 access to the MT4 and MT5 trading platforms, but beginners may find Exness’s 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 and Cons
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.
Best Trading App
4.4
Online Forex/CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when trading Online Forex/CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of Exinity Capital East Africa Ltd based on the legal requirements in his/her country of residence.
- $200Min Deposit
- 593Tradable Instruments
- MediumFees
Why We Picked It
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, and is regulated by the UK FCA, CySEC, and FSC Mauritius.
Regional Features:
- Entity for clients in Nigeria: Exinity Limited, regulated by the FSC of Mauritius
- Leverage: up to 1:2000
- Nigerian payment options: African Local Solutions, Sub-Saharan Africa Local
- Nigerian version of the website
- Islamic 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 and Cons
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.
Best for Social And Copy Trading
4.6
Trading CFDs and FX Options entail risk and could result in the loss of your capital.
- $100Min Deposit
- 853Tradable Instruments
- MediumFees
Why We Picked It
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 to more than 1,250 financial instruments and offers a great range of social and copy trading tools for Nigerian traders.
Regional Features:
- Entity for clients in Nigeria: Ava Trade Markets Ltd, regulated by the FSC of BVI
- Leverage: up to 1:400
- Nigerian payment options: online bank transfer, credit/debit cards, Skrill, WebMoney, and Neteller
- Nigerian version of the AvaTrade website
- Customer support during Nigerian business hours
- Islamic accounts
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 analyses for beginner traders. If you’re an advanced trader in Nigeria, you may also appreciate the AvaOptions trading app for trading vanilla options on major currency pairs.
Pros and Cons
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.
Best Research Content
4.3
Forex margin trading involves substantial risks.
- $25Min Deposit
- 230Tradable Instruments
- LowFees
Why We Picked It
OCTA is a multi-regulated forex and CFD broker founded in 2011 and headquartered in the Comoros. It offers over 250 tradable instruments across currency pairs, commodities, share CFDs, and indices.
Regional Features:
- Entity for Nigerian clients: Octa Markets Ltd, regulated by MISA in Mwali
- Leverage: up to 1:1000
- Nigerian payment options: Local bank transfers, bank wires, credit and debit cards, e-wallets, and cryptocurrencies
- Customer service during Nigerian business hours
- Islamic accounts
OCTA clients can choose between the broker’s proprietary OctaTrader platform and the renowned MetaTrader 4 and MetaTrader 5.
The standout feature of OCTA’s offering is its robust research content, which helps traders stay on top of current market developments. The actionable trading signals provided by Autochartist are especially helpful because they accommodate instant trade execution.
I conducted my tests on a Live trading account featuring commission-free trading and floating spreads from 0.6 pips. This combination is better than the industry average and is suitable for most trading styles. The broker has a minimum deposit requirement of $25, making its accounts quite accessible.
Pros and Cons
Pros
- Robust research content.
- Competitive trading fees.
- Autochartist content.
- Variety of trading platforms.
Cons
- Nigerian traders accounts opened with the unregulated St. Vincent and the Grenadines entity.
Best for Professional Traders
4.6
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.
- $100Min Deposit
- 8977Tradable Instruments
- LowFees
Why We Picked It
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.
Regional Features:
- Entity for Nigerian clients: FP Markets LLC, unregulated and based in St. Vincent and the Grenadines
- Leverage: up to 1:500
- Nigerian payment options: MyBux for NGN, online bank transfer, credit/debit cards, Neteller, Skrill, FasaPay
- Islamic account for professional traders
- 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 and Cons
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.
Best Low Spreads
4.5
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.
- $200Min Deposit
- 2245Tradable Instruments
- LowFees
Why We Picked It
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.
Regional Features:
- Entity for clients in Nigeria: Raw Trading Ltd, regulated by the FSA of Seychelles
- Leverage: up to 1:500
- Nigerian payment solutions: PayPal, Skrill, Klarna, online bank transfer, credit/debit cards
- Customer service during Nigerian business hours
- NGN among trading pairs
- Islamic accounts
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 and Cons
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.
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
FXEmpire 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.
Is forex trading legal in Nigeria?
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.
How does the Central Bank of Nigeria (CBN) regulate forex trading?
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.
What is an Islamic/swap-free account?
An Islamic or swap-free account is a trading account that complies with Islamic law (Sharia) where no interest is applied to overnight positions.
How can I verify if a forex broker is regulated in Nigeria?
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.
What are the differences between trading with offshore brokers and top-tier regulated brokers?
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.
What do I need to open a Forex trading account in Nigeria?
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.
Which broker is suitable for beginners in Nigeria?
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.
Which broker is suitable for professional traders in Nigeria?
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.
What is the best forex trading platform in Nigeria?
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.
Are taxes required for forex trading 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).
Can I trade with offshore-regulated brokers in Nigeria?
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.
What are the deposit and withdrawal options available for Nigerian forex traders?
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.
Is cryptocurrency trading available in Nigeria?
Yes, cryptocurrency is a growing market in Nigeria and is available at most of the brokers offering services to those located in Nigeria.
Can I trade forex in Nigeria without a broker?
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.
What is negative balance protection?
Negative balance protection makes it possible for clients to ensure that accounts do not go below zero from any adverse movement in the market.
How can I verify that my broker offers negative balance protection?
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.
What is a compensation scheme?
A compensation scheme provides insurance protection to clients in the event of insolvency of the broker.
How can I verify that my broker is a member of a compensation scheme?
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.
What is a segregated fund?
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.
How can I verify that my broker uses segregated funds?
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.
Why you can trust FX Empire
At FXEmpire, we strive to provide unbiased, thorough and accurate broker reviews by industry experts to help our users make smarter financial decisions.
Why you can trust FX Empire
Table of Contents