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 April 2024 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 April 2024 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 | Read Full Review |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Read review ›
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98 |
SCB, ASIC FCA, CySEC |
1.10 | 1.40 | 1.20 | 0.10 | 0.40 | 0.20 | $3.50 |
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77ms | $0 | 62+ | 12+ | 30:1 | 500:1 |
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Read review ›
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64 |
ASIC, FSCA CBI, KNF, CIRO ADGM, FSC-BVI |
- | - | - | - | - | - | - |
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160ms | $100 | 55+ | 15+ | 30:1 | 400:1 |
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Read review ›
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85 |
ASIC, FSA-S CySEC |
0.62 | 0.83 | 0.77 | 0.02 | 0.23 | 0.17 | $3.50 |
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134ms | $0 | 61+ | 18+ | 30:1 | 500:1 |
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Read review ›
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80 |
ASIC,CySEC FSCA,FSA-S,FSC-M |
1.1 | 1.3 | 1.3 | 0.10 | 0.20 | 0.20 | $3.00 |
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225ms | $100 | 70+ | 10+ | 30:1 | 500:1 |
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Read review ›
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62 |
FCA, FSCA, CySEC FSCM, CMA |
1.9 | 2 | 2 | 0.0 | 0.0 | 0.5 | $2.00 |
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160ms | $500 | 63+ | - | 30:1 | 300:1 |
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Read review ›
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46 |
FCA, FSCA, CYSEC DFSA,CMA,FSA |
1.2 | 1.9 | 1.8 | 0.1 | 0.3 | 0.7 | $3.00 |
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$0 | 38+ | 19+ |
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Read review ›
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81 |
FCA, CIRO, ASIC MAS, JFSA, FSC-BVI KNF, NFA/CFTC, MFSA |
0.6 | 0.9 | 0.7 | - | - | - | - |
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- | $0 | 70+ | 4+ |
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Read review ›
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57 |
ASIC, CySEC, MAS FCA, FMA, DFSA EFSA, FSA, FSCA |
1.70 | 2.3 | 1.4 | - | - | - | - |
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140ms | $100 | 71+ | 15+ | 30:1 | 300:1 |
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Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.4
AUD/USD = 0.2
Trading Platforms
MT4, MT5, cTrader, TradingView
Minimum Deposit
$0
Why We Recommend Pepperstone
We recommend Pepperstone as the best forex broker in Nigeria. Our tests found the brokers average just 0.36 pips for the benchmark EUR/USD with Razor account which uses ECN or RAW spreads.
Our tests also found Pepperstone to have top execution speeds these being 77 ms for limit orders and 100 for market orders.
We liked that you can trade using 4 platforms – MT4, MT5, cTrader and TradingView and even use copy trading tools like Myfxbook and DupliTrade.
All these features make Pepperstone a compelling all-round broker.
Pros & Cons
Broker Details
The Best Forex Trading Platform
Pepperstone has the four 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 AU$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 with their superior technical analysis and trading conditions.
Other Key Features Of Pepperstone
1) Spreads And Commissions
Pepperstone is the best forex broker in Nigeria and Lagos, 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 while having a low minimum deposit of $0.
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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1.10 | 1.20 | 1.40 | 2.00 | 1.50 |
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0.70 | 2.20 | 1.10 | 1.60 | 1.60 |
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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 |
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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 04/01/2024
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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0.10 | 0.20 | 0.40 | 1.00 | 0.60 |
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0.10 | 0.20 | 0.30 | 0.50 | 0.30 |
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0.20 | 0.20 | 0.40 | N/A | 0.30 |
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0.44 | 0.42 | 0.40 | 0.30 | 0.83 |
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0.17 | 0.30 | 0.54 | 0.68 | N/A |
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0.20 | 0.40 | 0.50 | 0.70 | 0.70 |
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0.10 | 0.50 | 0.60 | 0.80 | 1.10 |
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n/a | 0.50 | 0.60 | 0.40 | 0.30 |
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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 04/01/2024
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 US$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 are 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 and Seychelles.
Apart from the forex foreign exchange and their low trading fees, on Pepperstone you can also trade with ETFs, bonds, various asset classes and other financial instruments. The good thing about Pepperstone is that they do not charge any inactivity fees as well and have a minimum deposit requirement of $0.
Forex Panel Score
Average Spread
EUR/USD = 0.9
GBP/USD = 1.5
AUD/USD = 1.1
Trading Platforms
MT4, MT5, AvaTradeGo, AvaOptions
Minimum Deposit
$100
Why We Recommend AvaTrade
We recommend AvaTrade because it is a multi-regulated broker that offers tight fixed spreads on a range of currency pairs and CFDs including options (which few brokers have).
We like its fixed pricing model, the broker’s fixed spreads are commission-free and do not fluctuate with changes in market conditions as variable spreads do. Spread are 0.9 pips for EUR/USD most of the time according to our tests.
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 platforms, AvaTradeGO and AvaOptions.
Pros & Cons
Broker Details
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 the 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.
Forex Panel Score
Average Spread
EUR/USD = 0.1
GBP/USD = 0.2
AUD/USD = 0.1
Trading Platforms
MT4, MT5
Minimum Deposit
$100
Why We Recommend FP Markets
We recommend FP Markets because it offers STP trading with tight spreads and great customer support. To access the broker’s competitive trading conditions, you can pick between two account types that offer different pricing structures – the spread-only account and the commission-based account.
Spreads with the RAW spread account have an average of 0.1 pips for EUR/USD according to the broker and in tests done by our colleague Ross Collins, we found they averaged a low of 0.41 pips.
With deep liquidity sourced from 50+ major financial institutions, FP Markets can offer some of the tightest raw spreads available to retail investor accounts according to our tests.
Pros & Cons
Broker Details
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 AU$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.
Forex Panel Score
Average Spread
EUR/USD = 0
GBP/USD = 0
AUD/USD = 0.5
Trading Platforms
MT4, MT5
Minimum Deposit
$10
Why We Recommend FXTM
We recommend FXTM because it is ideal if you are new to CFD trading. With the highest leverage of any Nigerian forex broker of 1,000:1, good training material, and social trading options FXTM caters for a wide range of clients.
FXTM proves to us that it is a reliable broker because of the amount of global regulatory licenses that they hold including the FCA (Financial Conduct Authority) of the United Kingdom, CySEC (Cyprus Securities and Exchange Commission) of Cyprus, and the FSC (Financial Services Commission) of Mauritius.
Pros & Cons
Broker Details
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 these being bank wire transfer and 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)
ForexTimeoffersr social trading (copy trading) which means a trader: Selects a Strategy Manager
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 CFD financial markets.
FXTM proves itself to be a reliable broker because of the amount of global regulatory licences it holds:
Forex Panel Score
Average Spread
EUR/USD = 0.02
GBP/USD = 0.23
AUD/USD = 0.17
Trading Platforms
MT4, MT5, cTrader
Minimum Deposit
$200
Why We Recommend IC Markets
We are long-time fans of IC Markets due to their exceptionally low spreads, when using their RAW spread account spread average is 0.02 pips for the EUR/USD pair which is very good. Even their standard account has low spreads, with just 0.062 pips for the same EUR/USD pair.
Trading is available with MT4, MT5 and cTrader and we appreciate the availability of cTrader Copy, Myfxbook and ZuluTrader for copy trading.
Pros & Cons
Broker Details
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 of 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 has 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 are the funding methods available with IC Markets.
The minimum amount needed to fund an account (minimum deposit) is US$200 or the equivalent in another base currency.
Forex Panel Score
Average Spread
EUR/USD = 0.6
GBP/USD = 0.7
AUD/USD = 0.1
Trading Platforms
MT4, MT5
Minimum Deposit
$0
Why We Recommend HFM
We recommend HFM to traders who 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. Other key features of HotForex include a good choice of trading accounts and several bonus offers.
We love that HFM offers two unique types of accounts. These are designed for traders who wish to use trading automation or copy trading.
Pros & Cons
Broker Details
HFM 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
HFM 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 who plan to manage their trading activities. Each of these accounts can be summarised as:
HFM also offers two unique accounts. These are designed for a trader who 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. HFM bonus offers include:
Forex Panel Score
Average Spread
EUR/USD = 1.4
GBP/USD = 2
AUD/USD = 1.4
Trading Platforms
MT4, TradingView, OANDA Trade (fx Trade)
Minimum Deposit
$0
Why We Recommend OANDA
With average spreads of 0.6 pips for EUR/USD and no commissions with OANDA, we think the broker deserves a spot as one of the best brokers if you are in Nigeria.
We like the OANDA Trade platform as it comes with TradingView charts (the best in the industry), an order book overlay and a guaranteed stop-loss order. Other platforms include MT4 and TradingView.
With customer support, we appreciate that OANDA has won several customer service awards. It’s offered via live chat, emails and Twitter along with a dedicated account manager.
Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material, and a plethora of free tools and resources.
Pros & Cons
Broker Details
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.
Forex Panel Score
Average Spread
EUR/USD = 1.7
GBP/USD = 2.3
AUD/USD = 1.4
Trading Platforms
Plus500 Trading Platform
Minimum Deposit
$100
Why We Recommend Plus500
We recommend CFD providers Plus500 for their excellent WebTrader platform and mobile app. The webtrader comes with 100 indicators, 20 drawing tools, 13 chart types and risk management tools such as a Stop Limit, Trailing Stop, and Guaranteed Stop-Loss Order (GSLO).
To trade with Plus500, you will find there is no minimum deposit, and spreads are commission-free with an average of 1.7 pips for the EUR/USD pair. A large range of trading products are available including Forex, cryptos and indices.
Pros & Cons
Broker Details
Plus500 is a CFD broker with its forex trading platform offering:
They offer the best range of Cryptocurrency trading with instruments6, 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 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.
Pepperstone is the best forex broker in Nigeria because it offers the popular MetaTrader 4 (MT4) platform that boasts excellent execution speeds (77 ms for limit orders according to our tests), superb low spreads (an average of 0.1 pips for EUR/USD) and commissions of $3.50 per lot. Pepperstone also has four other trading platforms: MetaTrader 5 (MT5), TradingView, cTrader, and Capitalise.ai.
You choose a forex broker in Nigeria with the following:
Trust – Choose a reputable forex broker with a high trust score.
Range of Markets – Find a forex broker that offers a range of markets like gold and has the currency pairs you wish to trade in.
Trading Costs – Select a forex broker that offers low trading costs such as spreads and commissions.
Trading Tools – Choose a forex broker that offers a wide range of advanced trading tools such as pip value calculators, risk meters, guaranteed stop-loss orders, and charting tools.
User Experience – Find a forex broker with a user-friendly platform with excellent execution speeds and mobile functionality for traders wanting to trade on the go.
Support – Select a forex broker that offers excellent customer support, a demo account, and educational resources so you can practise your trading strategies before trading on live markets.
OANDA is the Nigerian forex broker with the best forex trading app. These apps for trading on Android and iOS mobile include MT4, TradingView, and OANDA Trade.
Find a trusted forex broker that offers the range of markets and currency pairs you wish to trade in. Look for low spreads and commissions as well as fast execution speeds and advanced trading tools. A user-friendly trading app with excellent mobile functionality is also important. Your Forex trading app should also offer excellent customer support.
Open a demo account and begin mock trading with virtual funds. Most forex trading apps have educational resources to take advantage of as you learn to trade. Select a demo account with advanced trading tools to perfect your trading strategies.
Submit your Know Your Customer (KYC) documents and verify your account. Once verified, you can fund your account and start trading. We recommend that all beginner traders start trading with small capital amounts initially.
IC Markets is the Forex broker in Nigeria that offers the lowest spreads with a Standard account. On this account, IC Markets has an average spread of 0.82 pips on EUR/USD, according to tests done by our colleague Ross Collins.
| Average Standard Account Spreads From Test Done By Ross Collins |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| . | AUDUSD | Spread | EURUSD | Spread | GBPUSD | Spread | USDCAD | Spread | USDCHF | Spread | USDJPY | Spread |
| . | CMC Markets | 0.77 | IC Markets | 0.73 | CMC Markets | 1.08 | IC Markets | 1 | CMC Markets | 1.31 | IC Markets | 1.09 |
| . | IC Markets | 0.82 | Admiral Markets | 0.74 | Admiral Markets | 1.11 | FusionMarkets | 1.17 | IC Markets | 1.4 | CMC Markets | 1.17 |
| . | OANDA | 1 | CMC Markets | 0.8 | IC Markets | 1.15 | TMGM | 1.31 | TMGM | 1.43 | TMGM | 1.26 |
| . | FusionMarkets | 1.02 | FXCM | 0.93 | TMGM | 1.21 | CMC Markets | 1.5 | FusionMarkets | 1.44 | FusionMarkets | 1.27 |
| . | TMGM | 1.03 | TMGM | 1 | FusionMarkets | 1.23 | Go Markets | 1.5 | Go Markets | 1.62 | Admiral Markets | 1.32 |
| . | City Index | 1.07 | FusionMarkets | 1.01 | FXCM | 1.39 | FP Markets | 1.56 | Pepperstone | 1.67 | FXCM | 1.38 |
| . | Admiral Markets | 1.1 | OANDA | 1.06 | FP Markets | 1.42 | Pepperstone | 1.6 | Admiral Markets | 1.75 | FP Markets | 1.51 |
| . | Pepperstone | 1.24 | City Index | 1.16 | EightCap | 1.49 | EightCap | 1.7 | EightCap | 1.83 | Go Markets | 1.52 |
| . | FP Markets | 1.28 | EightCap | 1.16 | Pepperstone | 1.5 | Axi | 1.73 | FP Markets | 1.83 | EightCap | 1.55 |
| . | FXCM | 1.31 | FP Markets | 1.19 | Go Markets | 1.59 | OANDA | 1.75 | FXCM | 1.84 | OANDA | 1.55 |
| . | EightCap | 1.34 | Pepperstone | 1.21 | City Index | 1.77 | Blackbull Markets | 1.82 | OANDA | 2 | Pepperstone | 1.55 |
| . | Go Markets | 1.38 | Blackbull Markets | 1.34 | Blackbull Markets | 1.78 | Admiral Markets | 1.83 | Axi | 2.06 | Axi | 1.62 |
| . | Axi | 1.59 | Go Markets | 1.34 | Axi | 1.83 | FXCM | 1.96 | Blackbull Markets | 2.31 | City Index | 1.74 |
| . | Blackbull Markets | 1.69 | Axi | 1.45 | OANDA | 1.86 | FXPro | 2.28 | City Index | 2.68 | FXPro | 1.87 |
| . | FXPro | 2.49 | FXPro | 1.59 | FXPro | 2.1 | City Index | 2.3 | FXPro | 3 | Blackbull Markets | 2 |
The following are the different trading accounts you can open in Nigeria:
| Account Type | Account Description | |
|---|---|---|
| Standard Account | Standard accounts offer variable spreads with a commission worked into the spread | |
| RAW Account | RAW accounts offer the lowest variable spreads with an additional small commission charged on top of the spreads | |
| ECN Account | ECN is a type of execution account where traders are matched with other traders automatically on an Electronic Communication Network (ECN) | |
| Demo Account | Demo accounts are mock accounts where traders can practise their trades using virtual funds and not real money. Demo accounts mimic real market conditions. | |
| Islamic Accounts: | Also known as swap-free accounts, Islamic accounts do not pay or earn interest as it is not haram in Sharia law. | |
Plus500 is the best broker for beginners in Nigeria as it offers the best demo account with unlimited trading and no account expiry date. It has a user-friendly interface and excellent execution speeds as well as easy-to-understand low-cost spreads.
The Central Bank of Nigeria (CBN) is the main regulatory body that oversees all financial markets, however, there is no regulatory body that oversees forex trading.
FXTM is the forex broker in Nigeria that is the best for trading with CFDs as it offers a range of trading accounts for CFD trading that are suitable for both beginner and seasoned traders. You can use the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms to trade CFDs at FXTM.
Pepperstone is the forex broker in Nigeria that has the best MetaTrader platform. It offers both MT4 and MT5 platforms with excellent execution speeds and superb user-friendliness. Additionally, both platforms provide mobile functionality if you are wanting to trade on the go.
Plus500 has the best demo account in Nigeria as it offers an unlimited demo account with an excellent user experience, superb mobile functionality, and fast execution speeds. The Plus500 demo account also features a wide range of advanced trading tools to practise your trades on.
Yes, you can trade cryptocurrencies in Nigeria and brokers such as Eightcap offer excellent crypto trading options. With over 79 cryptocurrencies on offer, Eightcap is the leader in crypto trading in Nigeria.
Yes, forex trading is legal in Nigeria however, there is no regulatory body that oversees Forex trading. Given that Nigeria has no formal regulator, it is a good idea to trade with a regulated offshore broker as at least such brokers have a level of supervision.
The maximum allowed leverage in Nigeria is 1:1000, which is high compared to most other forex jurisdictions which limit leverage to 1:30 or 1:500. Nigeria has high leverage because the country does not have a formal regulator, meaning there are no requirements for Forex brokers to limit the leverage they will allow. If you choose to trade with high leverage, proceed with caution as leverage is a risky instrument that can result in high losses.
The forex trading hours are 24/5 across the world however if you are based in Nigeria, the best time to trade forex is 3:30 pm to 10 pm (Nigerian time) as this is when the US markets overlap with London markets. New York and London have the most liquidity meaning more trading opportunities occur during this period.
Beginners should trade with major currency pairs, especially if you have had limited exposure to the forex markets. Major currency pairs include EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD, and NZD/USD.
You can verify the CBN Authorisation of Forex brokers in Nigeria by visiting the Central Bank of Nigeria’s website and seeing if your broker is on their list of licenced Forex brokers. You can also check your broker’s website as their licence number must be displayed on the home page.
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.