Best Forex Brokers in Nigeria

IC Markets Has The Lowest Fees

IC Markets is based in Australia (ASIC regulated) and offers the lowest brokerage fees, including:

1. Low spreads on major currency pairs and exotic pairings
2. Low commissions for MT4, MT5 or cTrader forex traders
3. No Deposit Or Withdrawal Fees

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.

Commissions Offered By IC Markets

Forex traders in Nigeria can receive some o the lowest commissions from IC Markets including:

• USD $3.5 (per lot per side) for MetaTrader 4
• USD $3.5 (per lot per side) for MetaTrader 5
• USD $3.0 (per USD 100k) for cTrader

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.

AvaTrade – 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:

• EUR/USD 0.9 pips
• USD/CHF 1.6 pips
• AUD/USD 1.1 pips
• NZD/USD 1.8 pips
• EUR/CAD 3.3

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.

FP Markets 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.

• Standard Account: Forex spreads from 1.0 pips + no commission fees.
• Raw Account: ECN spreads starting from 0.0 pips + USD $3 commission fee per side, per 100k traded.

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:

• A low likelihood of re-quotes and slippage.
• Low latency order execution.
• Over 60 major, minor and exotic currency pairs.
• Besides forex, commodities, shares, and indices are available to trade as CFDs.
• Algorithmic trading with Expert Advisors on MT4 and MT5.
• An Islamic trading account for traders of the Muslim faith, with no interest-based swap rates.
• MT4 and MT5 demo accounts.

Financial Regulation

The broker is popular among the Nigerian forex trading community as it is overseen by multiple top-tier financial authorities.

• Australia: Regulated by the Australian Securities and Investments Commission (ASIC).
• Europe: Regulated by Cyprus’ Securities and Exchange Commission (CySEC)
• Global: Regulated by the Financial Services Authority in St. Vincent and the Grenadines (FSA).

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.

View FP Markets Review >>Visit FP Markets >>

ForexTime (FXTM) 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:

1. Selects a Strategy Manager
2. Makes a deposit (minimum deposit of $100)
3. Mirror the Strategy Manager’s trade
4. Watch as you share a percentage of wins/losses
5. Cash out or add deposits when required

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:

• FCA (Financial Conduct Authority) – United Kingdom
• CySEC (Cyprus Securities and Exchange Commission) – Cyprus
• FSC (Financial Services Commission) – Mauritius

View FXTM Review >>Visit FXTM>>

HotForex Is 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
• Choice of trading accounts
• Bonus offers

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:

• Micro – Good for traders with low trading experience. This account has low deposits, commission-free trading, and leverage of 1:1000.
• Premium – Similar to the Micro account, but with a higher minimum deposit and lower leverage. Spreads are tighter than the Micro.
• Zero Spread – This account offers ECN pricing. Commission with major pairs is $6 round turn and $4 round turn for minor pairs.

HotForex also offers two unique accounts. These are designed for a trader that wishes to use trading automation or copy trading.

• Auto – This account allows you to subscribe to free and paid trading signals in the MQL5 community when using HotForex MT4
• HFcopy- This account allows you to follow the trades of strategy providers who have joined HFcopy

Bonus Offers

HF Forex has a large range of bonus offers, which means extra cash to trade with. HotForex bonus offers include:

• 100% supercharged deposit bonus – Earn $2 cash rebates per lot each time you deposit $250 or more into your account
• 30% rescue bonus – earn up to $7,5000 for every deposit over 50%
• 100% credit bonus – Increases your account leverage provided you meet trading volume requirements

Visit HotForex

NovaFX – Top Islamic Swap-Free Account

Nigeria has the largest population of Muslims in West Africa, so it makes sense we should mention a trading broker that offers trading account complaints with sharia law. Key offerings of NovaFX include:

• Swap-free trading account for Islamic traders
• cTrader trading platform which comes with cTrader Copy
• Choice of fixed or floating spreads (MT4 Micro account only)

NovaFX Swap-free Islamic account

If you are an Islamic trader and need to comply with Sharia law, then NovaFX has an account that does not charge swaps or interest for active positions held overnight. This means there are no overnight or rolling fees which sharia law does not permit. Instead, NovaFX has a fixed fee and this fee will vary depending on movements in the trader’s currency pairs.

Fees will vary depending on the account you are using and the currency pairs.

MT4 Micro Account

If you are using the NovaFX MT4 Micro account and you trade 1 standard lot for EUR/USD with USD as your base currency, then your fixed fee will be 1.9 USD when or short or 2.1 when you buy or go long. If you are trading AUD/USD, you will pay 1.9 USD to short and 0.58 USD to go long.GBPUSD will cost you 4.8 USD to short and 2.8 USD to go long.

MT5 Pro Account

This account has a flat fee for every 3 days you keep an open position. You will pay 10 USD for EUR/USD and GBP/USD currency pairs. AUD/USD will cost 40 USD.

cTrader ECN Account

If you are using the cTrader trading platform, then you will pay a fixed commission that is based on the formula pip price * swap value of the currency pair. This fee is applied on a weekly basis. EUR/USD is around 10 USD, GBP/USD is around 20 USD and AUD/USD is around 140 USD.

cTrader + cTrader Copy

NovaFX offers a choice of 3 trading platforms. These are MetaTrader 4, MetaTrader 5 and cTrader. While the MetaTrader platform is going to be the most likely choice as these are the most popular trading platforms worldwide, cTrader is a worthwhile platform to consider.

cTrader is popular with ECN traders and scalpers because the platform offers:

• Fast-entry and execution – cTrader is one of the fastest processing platforms
• Level II pricing – This feature shows the best bid and ask prices
• DoM Transparency – This feature shows the order prices from all liquidity providers
• Rich charting tools – 26 pre-built charting tools and up to 50 savable chart templates
• Simultaneous Order Procession

While cTrader is available with several other brokers, one feature that NovaFX offers few other cTrader brokers offer is cTrader Copy. This feature allows you to follow and copy the trades of other brokers by using the signals they provide.

If you don’t wish to learn the ins and outs of forex trading, then copying the trades of other successful traders can be an effective strategy.

Choice Of Floating Or Fixed Spreads

NovaFX offers a choice of 3 trading accounts. These are MT4 Micro Account, MT5 Pro Account and cTrader ECN account.

The MT4 Micro account is a good choice if you desire an account with a low minimum deposit, no commissions, and want to trade small amounts. One benefit of this account is that you can choose between floating and fixed spreads. Fixed spreads can be a good choice if you are not an experienced trader or when the market climate is volatile. Unlike variable spread, which can change dramatically in extreme events, fixed friends remain stable which gives you an element of protection when things go bad. This account uses MetaTrader 4.

The MT5 Pro account is for serious investors. Like the MT4 Micro account, this is a spread-only account but has a higher minimum deposit. This account uses MetaTrader 5 and is best for the trader looking to trade large volumes because of the lower cost.

cTrader ECN uses the cTrader trading platform and, unlike the other account, has commission costs over the spread.

OANDA Is The Most Regulated Forex Broker

OANDA operates across the six most credible authorities, including:

1. Australia ASIC (Australian Securities and Investments Commission)
2. United States CFTD (Commodity Futures Trading Commission)
3. Europe and UK FCA – (Financial Conduct Authority)
4. Japan IFFA (Institute Financial Futures Association)
5. Singapore MAS (Monetary Authority of Singapore)
6. Canada IIROC (Investment Industry Regulatory Organization of Canada)

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.

View Oanda Review >>Visit Oanda >>

Plus500 Have The Best Forex Demo Account

Plus500 is a CFD broker with its own forex trading platform offering:

• A free unlimited demo account
• Various trading options from Stop Limit, Trailing Stops to Guaranteed Stops
• Web trading, Mobile trading and a desktop trading platform

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 Review >>Visit Plus500 >>

*Your capital is at risk ‘72% of retail CFD accounts lose money’

Markets.com Is 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:

•  3 trading platform options, each with advanced trading tools – MetaTrader 4, MetaTrader 5 and Marketsx.
•  No commission forex spreads as low as 0.6 pips for the EUR/USD.
•  Access to 2,200 different CFD products, derived from 8 asset classes (forex, indices, commodities, shares, ETFs, cryptos, bonds and blends).
•  Maximum leverage of 1:300 when trading forex.
•  24/5 customer service and support via live chat, phone or email.

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.

• Bloggers’ Opinions from 50,000 financial expert bloggers
• Hedge Funds Investment Confidence data from professional financial
  companies
•  Insider Trades to show you changes in shareholdings from company insiders
•  Trading Analyst Recommendations from Wall Street analysts
•  Trends In Trading with real-time market buy and sell sentiment
• Acuity News Alerts updates on current news
• Acuity News Trading Sentiment on assets against the industry average
•  Signals for instant alerts on charting data

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.

• Advanced Charting with a range of technical indicators for sophisticated analysis and modelling
• Related Instruments with correlation to specific financial assets

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.

• Financial Commentary
• Advanced Alerts
• Thomson Reuters Stock Report
• Dow Jones News

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 Review >>Visit Markets.com >>

*Your capital is at risk ‘70% of retail CFD accounts lose money’