To help Nigerian forex traders choose a broker, we compared the fees and forex trading platforms to find the best forex brokers in Nigeria. Only CBN regulated forex brokers and brokers from ‘tier 1’ regions such as Europe were part of this September 2023 comparison.
Our forex comparisons and broker reviews are reader supported and we may receive payment when you click on a link to a partner site.
Our best registered forex brokers in Nigeria for September 2023 are:
| Broker | Our Rating | Regulation | Standard EUR/USD Spread |
Standard GBP/USD Spread |
Standard AUD/USD Spread |
Raw EUR/USD Spread |
Raw GBP/USD Spread |
Raw AUD/USD Spread |
Commissions (USD Base) |
MetaTrader 4 | MetaTrader 5 | cTrader | Execution Speed | Minimum Deposit | Currency Pairs | Crypto CFDs | Retail Leverage | Prof. Leverage | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
9.33 |
SCG, ASIC FCA, CySEC |
1.12 | 1.69 | 1.22 | 0.1 | 0.6 | 0.3 | $3.50 |
|
|
|
77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
|
|
8.33 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
|
|
|
160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
|
|
8.50 |
ASIC, FSA CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
|
|
|
134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
|
|
8.17 | ASIC, CySEC | 1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
|
|
|
225ms | $100 | 63+ | 4+ | 30:1 | 500:1 |
|
|
6 |
FCA, FSCA, CySEC FSCM, CMA, |
1.9 | 2 | 2 | 0.0 | 0.0 | 0.5 | $2.00 |
|
|
|
160ms | $500 | 63+ | - | 30:1 | 300:1 |
|
|
FCA, FSCA, CYSEC DFSA,CMA,FSA |
1.2 | 1.9 | 1.8 | 0.1 | 0.3 | 0.7 | $3.00 |
|
|
|
$0 | 38+ | 19+ |
|
||||
|
8.83 |
FCA, CIRO, ASIC MAS, JFSA, FSCM KNF, NFA/CFTC |
0.6 | 0.9 | 0.7 | - | - | - | - |
|
|
|
- | $0 | 70+ | 4+ |
|
||
|
5.83 |
ASIC, CySEC, MAS FCA, FMA, DFSA EFSA, FSA, FSCA |
1.70 | 2.3 | 1.4 | - | - | - | - |
|
|
|
140ms | $100 | 71+ | 15+ | 30:1 | 300:1 |
|
Choosing a forex broker involves a lot of factors from fees to trading platforms to account types. We have chosen our list of the top forex brokers in Nigeria based on these factors and more, each with a unique broker advantage. Only brokers regulated in Nigeria or by trusted tier-1 regulators have been considered.
The Best Forex Trading Platform
Pepperstone has the three top forex trading platforms based on popularity:
All fx trading platforms are available as desktop, webtrader, and mobile app platforms. Each option comes with a free demo account that allows Nigerian traders to test out forex brokers and platforms for 30 days. A maximum of AUD $50k in virtual funds can be traded over this duration on CFDs and forex markets. There are also platform enhancements available for Pepperstone traders, including MetaTrader 4 smart trader tools, cTrader Automate, Autochartist, and API trading. These third-party tools give traders the edge on the most popular forex trading platforms.
Other Key Features Of Pepperstone
1) Spreads And Commissions
Pepperstone is the best forex broker in Nigeria, not just for their platforms but also their fees. There are two forex accounts available. The first is the standard account, which has no commissions but slightly higher spreads, which is how the forex broker makes its money. The second is the Razor account (often called an ECN forex account) where the spreads are primarily determined by the market (not the fx broker). Instead, the forex broker makes its money from commissions. Overall, the Razor account has some of the tightest spreads of any forex broker worldwide.
Standard Account
Pepperstone’s standard account is available with MetaTrader 4 and MetaTrader 5 and offers some of the tightest no commission spreads available to Nigerian forex traders.
Pepperstone’s commission-free spreads are significantly more competitive than other top brokers. If you are new to trading forex and want a no commission account type to keep things simple, Pepperstone is a great option with tight spreads.
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|---|---|---|---|---|---|
|
1.12 | 1.22 | 1.40 | 2.10 | 1.50 |
|
0.70 | 2.20 | 1.10 | 1.60 | 1.60 |
|
1.90 | 2.00 | 2.40 | 2.30 | 2.50 |
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1.40 | 2.50 | 2.50 | 2.60 | 2.60 |
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1.20 | 1.80 | 1.90 | 2.30 | 2.30 |
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1.32 | 1.95 | 1.37 | 1.87 | 1.73 |
|
1.30 | 1.70 | 2.10 | 1.70 | 2.10 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
Compare Standard Account Spreads
Razor Account
The Razor Account was designed with scalpers and algorithmic traders in mind, offering tight ECN-style spreads plus low commission fees. With straight-through processing and no dealing desk execution, Pepperstone provides an institutional-grade trading environment for experienced traders.
As you can see from the spread comparison below, Pepperstone is ultra-competitive across most major forex pairs.
Please note that all average spreads are sourced directly from the broker’s website and are updated monthly for increased accuracy.
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Raw Spread comparison
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|---|---|---|---|---|---|
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0.12 | 0.22 | 0.40 | 0.43 | 0.50 |
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0.10 | 0.20 | 0.30 | 0.50 | 0.30 |
|
0.20 | 0.20 | 0.40 | N/A | 0.30 |
|
0.44 | 0.42 | 0.40 | 0.30 | 0.83 |
|
0.17 | 0.30 | 0.54 | 0.68 | N/A |
|
0.20 | 0.40 | 0.50 | 0.70 | 0.70 |
|
0.10 | 0.50 | 0.60 | 0.80 | 1.10 |
|
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n/a | 0.50 | 0.60 | 0.40 | 0.30 |
|
0.44 | 1.23 | 1.13 | 1.23 | 1.41 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
With ECN-style accounts, forex brokers make money from commissions that apply to the Razor account. Below shows how the Razor account commission is very low at USD $3.50 for MetaTrader 4 and 5.
If you select cTrader the commission is 7 unit charges per lot based on the base currency. This means that if you are trading 100,000 units of EUR/USD, you will pay a commission fee equal to 0.0035% of the base currency, in this case, €3.50 per side. All commissions can be reduced for high-volume traders through Pepperstone’s Active Trader’s program.
The final way forex brokers make money is through deposit and withdrawal fees. There are no such fees for Pepperstone. The minimum deposit of Pepperstone is $200, although the forex broker is open that they will accept a lower initial deposit from traders. Below shows the overall costs for different brokers with our exclusive forex brokerage calculator.
Calculate Your Trading Costs Below
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2) Customer Support
Pepperstone is the most awarded CFD provider in customer service. This includes investment trends that survey actual forex traders to gauge their performance. Pepperstone customer support ranges from global call centres, live chat, and e-mail.
3) Regulation
To avoid forex scams, it’s important to choose a broker that is regulated. Pepperstone is regulated by the two most credible regulators:
Pepperstone is also receiving regulatory approval from the Financial Services Conduct Authority of South Africa.
View Pepperstone ReviewVisit Pepperstone
The Broker That Has The Lowest Fees
IC Markets is based in Australia (ASIC regulated) and offers the lowest brokerage fees, including:
Spreads Offered By IC Markets
The table below compares IC Markets to other major forex brokers in Nigeria for average spreads. Across many currency pairs, IC Markets has the lowest spreads.
| Average Spreads (21/02/2019) |
EUR/USD | USD/JPY | AUD/USD | GBP/USD |
|---|---|---|---|---|
| Pepperstone | 0.13* | 0.25* | 0.14* | 0.44* |
| Oanda | 0.2* | 0.2* | 0.2* | 0.2* |
| IC Markets | 0.1* | 0.2* | 0.2* | 0.4* |
| IG Markets | 0.263* | 0.293* | 0.512* | 0.992* |
| CMC Markets | 0.805 | 0.879 | 0.751 | 2.793 |
| AxiTrader | 0.44* | 0.62* | 0.42* | 0.85* |
Commissions Offered By IC Markets
Forex traders in Nigeria can receive some o the lowest commissions from IC Markets including:
There is no commission for the standard account (commission-free account) but this isn’t recommended for this CFD provider as the overall fees are higher. They also were awarded in 2020 with the best forex Islamic account.
Deposit/Withdrawal Fees
IC Markets have no charges on any account deposits or withdrawals to any forex account. Any fees that may be charged will be from the local bank if an international bank transfer is chosen. Below shows the funding methods available with IC Markets.
The minimum amount needed to fund an account (minimum deposit) is USD $200 or the equivalent in another base currency.
The Best Fixed Spread Trading Account
AvaTrade is a broker that only offers fixed spreads. This can make AvaTrade a good choice for scalpers, as spreads are predictable and for traders wanting a level of protection in a volatile market.
Fixed Spreads
AvaTrade is a multi-regulated broker that offers tight fixed spreads on a range of currency pairs and CFDs. As a market maker broker, AvaTrade uses internal liquidity pools and a dealing desk to execute orders. Following a fixed pricing model, the broker’s fixed spreads are commission-free and do not fluctuate with changes in market conditions as variable spreads do.
Examples of AvaTrade’s average fixed spreads:
Trading Platforms
AvaTrade’s commission-free fixed spreads are offered across all the broker’s CFD trading platforms – MetaTrader 4, MetaTrader 5 and the broker’s proprietary trading platform, AvaTradeGO. While AvaTrade charges no commission fees, there are general trading and account costs that customers may incur. For instance, if you hold a forex and CFD position open for longer than one day you will pay (or receive) overnight financing fees, also known as swap rates.
Choosing AvaTradeGO app for android and iOS mobile means you will get access to AvaTrade’s exclusive risk management tool known as AvaProtect. With this feature, you can buy time to decide if you wish to reverse your trade. This feature can be handy in the event price movement goes against you for a set amount of time after your trade. Besides AvaProtect, all AvaTrade clients will get negative balance protection.
AvaTrade also offers a mobile app specifically designed for options trading. Options trading can be complicated and many standard CFD trading platforms lack design features that allow you to truly make the most of the potential with options trading.
AvaTrade Islamic Trading Accounts
Although the broker only offers one main forex and CFD trading account as all spreads are fixed and commission-free, AvaTrade caters to Islamic traders by offering a swap-free account type. Islamic Accounts are designed for traders that follow Sharia law where you cannot earn or receive interest. Rather than interest rate-based payments, Islamic traders pay a flat-rate daily administration fee for forex positions held open overnight. There are certain CFD products Islamic Account holders cannot trade, including cryptocurrencies and forex pairs that include the ZAR, RUB, MXN or TRY.
The Broker That Offers An STP Trading Account
FP Markets is a top ECN broker offering STP trading with tight spreads and fast execution speeds. To access the broker’s competitive trading conditions, you can pick between two account types that offer different pricing structures. Both account types require a minimum deposit of AUD $100 and are available on MetaTrader 4 and MetaTrader 5.
Trading Conditions
Regardless of the account type or trading platform you decide on, you can enjoy excellent trading conditions with low spreads and fast trade execution.
The no dealing desk broker executes your orders using straight-through processing (STP) and multiple liquidity providers. With deep liquidity sourced from 50+ major financial institutions, FP Markets can offer some of the tightest spreads available to retail investor accounts.
As well as low spreads, the NDD broker offers:
Financial Regulation
The broker is popular among the Nigerian forex trading community as it is overseen by multiple top-tier financial authorities.
Overall, FP Markets is a great option for Nigerian traders wanting a trusted STP broker. With STP order execution, the broker can offer ultra-tight ECN spreads via its raw account, or low no commission spreads through its standard account.
Both account types enjoy excellent trading conditions with fast execution speeds on MetaTrader 4 or MetaTrader 5. To test FP Markets’ ECN features, you can sign up for a demo account to practise trading.
The Broker That Offers Local NGN Funding
Most online brokers don’t offer local Nigerian Naira ₦ (NGN) funding increasing the exchange costs of currency trading. ForexTime offers two NGN account funding methods through bank wire transfer or Neteller. The minimum deposit is $100 for a standard forex account for ForexTime. This allows individuals to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency like the GBP, USD or EUR.
Other Key Features Of FXTM (ForexTime)
ForexTime offer social trading (copy trading) which means a trader:
ForexTime also offers local seminars in Nigerian locations such as Port Harcourt. This is run by industry experts and complements the forex trading (e.g. webinars) offered on the website.
Why Choose ForexTime (FXTM)?
ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile. With the highest leverage of any Nigeria fx broker of 1,000:1, detailed training and social trading options, they are ideal for time-poor traders who want to test CFDs financial markets.
FXTM proves itself to be a reliable broker because of the amount of global regulatory licences that they hold:
A Good Forex Broker With High Leverage
HotForex is a good choice if you are looking for a broker that offers high leverage as they offer leverage of 1:1000, which is higher than most other brokers will permit. The key features of HotForex include:
High Leverage Of 1:1000
While most brokers offer a maximum of 1:500 and in Europe 1:30 leverage when trading, HotForex allows trading with 1:1000 with their Micro account. While leveraged trading (sometimes called margin trading) carries high risk when movements don’t go in your favour, leverage can be a useful tool to amplify your profits with little capital when successful.
Choice Of HotForex Trading Accounts
HotForex offers a choice of 5 trading accounts. Most retail traders will want the Micro, Premium or Zero Spread account, as these are built for traders that plan to manage their own trading activities. Each of these accounts can be summarised as:
HotForex also offers two unique accounts. These are designed for a trader that wishes to use trading automation or copy trading.
Bonus Offers
HF Forex has a large range of bonus offers, which means extra cash to trade with. HotForex bonus offers include:
The Most Regulated Forex Broker
OANDA operates across the six most credible authorities, including:
OANDA Focuses On Transparency
Along with regulation, OANDA has focused on pricing transparency and customer satisfaction. With pricing, they offer real-time data from liquidity providers and find mid-points across instruments. This is communicated to traders to be transparent about spreads. With customer support, OANDA has won several customer service awards for 24 hours/6 days week support. It’s offered via live chat, emails and phone support. Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material, and a plethora of free tools and resources.
Why Choose OANDA?
If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs. The downside is the CFD provider offers low leverage, spreads are not as competitive as Pepperstone and IC Markets and trading markets such as cryptocurrencies are not available.
The Broker With The Best Forex Demo Account
Plus500 is a CFD broker with its own forex trading platform offering:
They offer the best range of Cryptocurrency trading with instruments, including Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron and Monero. This can be traded on their real money or demo account to get a feel for these markets.
Plus500 is listed on the London Stock Exchange’s and all Nigerian traders’ client money is segregated for their protection.
Why Choose Plus500
Overall, Plus500 is recommended for those looking for a detailed forex trading demo account that works on their desktop or mobile devices and offers an extensive list of tradable instruments from currency to crypto.
View Plus500 ReviewVisit Plus500
*Your capital is at risk ‘72% of retail CFD accounts lose money’
The Best Nigerian Forex Broker
Markets.com is a global broker that offers low spreads, a diverse range of CFDs and the best trading platforms available. As the broker is a market maker and uses a dealing desk when executing orders, all foreign exchange spreads are commission-free and competitive when compared to other top forex brokers.
Key features that make Markets.com the best broker overall for Nigerian traders include:
Markets.com Trading Platforms
To gain access to Markets.com full product range and make the most of the broker’s selection of unique trading tools, the broker’s proprietary CFD and forex trading platform, Marketsx, is the best option. You can trade over 2,200 different financial instruments, as well as use sentiment, technical and fundamental analysis tools when developing CFD trading strategies.
Alternatively, if you are looking for a trading platform where you can fully automate CFD with algorithmic strategies, both MetaTrader 4 and MetaTrader 5 are offered by Markets.com.
Marketsx Trading Tools
Markets.com offers a range of unique trading analysis tools to help you develop complex CFD trading strategies. As well as technical and fundamental analysis tools, the broker’s Marketsx platform provides 8 different sentiment tools that show how other market participants are trading.
Sentiment Tools
Sentiment tools help you analyse and measure market sentiment, providing you with a potential sign of how various financial markets might move. Sentiment data and analysis is a great tool to gauge whether traders are buying and selling, as well as overall market confidence.
Technical Analysis
Technical analysis tools play a vital role when developing trading strategies. Marketsx advanced charting tools help you identify trading opportunities and confirm market trends. The platform’s technical analysis tools allow you to visualise charting patterns while understanding how different financial instruments are correlated.
Fundamental Analysis
Fundamental analysis tools help you stay up to date with the myriad of economic events that impact financial markets. Marketsx tools allow you to observe significant events in real-time while analysing the effects on different financial markets.
MetaTrader 4 And MetaTrader 5 Tools: Expert Advisors
Although Marketsx offers an excellent range of unique sentiment and technical and fundamental analysis tools, certain traders will prefer MetaTrader 4 (MT4) or MetaTrader 5 (MT5) because of the platform’s algorithmic trading capabilities. Using MQL4 or MQL5, you can create your own trading robots for fully automated trading. Within the MetaTrader community, trading robots are known as Expert Advisors (EAs). If you are a beginner trader and do not feel comfortable writing your own EAs, there are thousands of EAs available to download from the MetaTrader Marketplace online.
A downside to MT4 or MT5, when compared to the broker’s proprietary platforms, is market access. MT4 and MT5 offer a narrower product range with no bonds or blends available, while Marketsx users gain full market access and can trade over 2,200 CFDs.
Why Is Markets.com The Best Broker For Nigeria?
As a dealing-desk broker, Markets.com offers tight commission-free forex spreads as well as access to over 2,200 different financial markets. Regardless of your level of experience, the broker offers an appropriate trading platform (MT4, MT5 or Marketsx) with tools to help you develop trading strategies with over 2,200 CFDs to choose from.
View Markets.com ReviewVisit Markets.com
*Your capital is at risk ‘70% of retail CFD accounts lose money’
Pepperstone is the best forex broker for Nigerian-based on there:
You can view the full review of Pepperstone here.
To find the best forex broker for a Nigerian trader, consider:
You can view the best forex brokers globally here.
The top 6 Nigerian forex trading platforms are:
Overall, Pepperstone is recommended with a full review provided.
Forex trading is legal in Nigeria and is regulated by the Central Bank Of Nigeria (CBN). After spending some time viewing the CBN website, the team could not find a CBN-regulated broker list. Based on this until the Central Bank Of Nigeria publishes regulated forex brokers, it’s recommended you consider one regulated by:
Other less-known regulators include the IFSC, Belize, CIMA, CFTC and the DFSA (Dubai Financial Services Authority). The list above is a shortlist with other brokers considered, including HotForex, AvaTrade, FxPro and Alpari, eToro and easyMarkets.
Disclaimer: If you sign up for a broker’s UK branch regulated by the FCA, you cannot trade cryptocurrencies. The FCA recently banned retail traders from trading cryptos.
Ask an Expert
Does Nigeria have a regulator?
Nigeria had two financial regulators – The Central Bank of Nigeria (CBN) and the Securities and exchange commission (SEC) who have the authorisation to make laws and regulations regarding the trading of financial derivative products in Nigeria. While these bodies have the powers, at this time there is no process for brokers to obtain official regulation to operate in Nigeria.
Is octafx good forex broker
We have never reviewed Octafx so cannot give a fair assessment but we plan to review them sometime this year
what broker woud you recommend for a Nigerian trader
All of the brokers we have analysed above are great recommendations. Just make sure you choose a broker than has appropriate regulation.
please kindly review SerengetiFx i am using the platform and i want to know my funds are safe
Hi bossmedia – while we have no plans to do a review about SerengetiFX, a look at this website doesn’t show any indication they are formally regulated in Nigeria and while they do appear regulated by ASIC in Australia they don’t appear to be regulator by any other relevant regulated. We only recommend using a broker using a relevant regulator, that not to suggest SerengetiFX is unsafe but you can be more sure they are safe if they are regulated.