Top 10 Forex Brokers In Nigeria

Our best registered forex brokers in Nigeria for October 2022 are:

  • Pepperstone Pepperstone - MT4 Best Forex Trading Platform
  • avatrade logo AvaTrade - Best Fixed Spread Trading Account
  • FP Markets FP Markets - STP Forex Trading Account
  • fxtm logo FXTM - Nigerian Naira (NGN) Funding
  • ic markets IC Markets - Lowest Spread Nigerian Broker
  • hotforex logo HotForex - Best High Leverage Forex Broker
  • oanda logo OANDA - Most Regulated Broker (FCA, ASIC)
  • Plus500 Plus500 - Best Forex Demo Account
  • octafx logo NovaFX - Top Nigerian Islamic Account

Pepperstone
AvaTrade
IC Markets
FP Markets
FXTM
Our Rating
9.33
8.33
8.50
8.17
6
Smart Trader Tools
Choice of social trading tools
No Dealing Desk
Fastest Limit Order Execution Speed
Floating leverage

Regulations and Licenses

Feature
Pepperstone
AvaTrade
IC Markets
FP Markets
FXTM
CMA (Kenya)
Other Regulators

Brokerage

Feature
Pepperstone
AvaTrade
IC Markets
FP Markets
FXTM
EUR/USD Avg. Raw Spread
0.17
0.3
0.02
0.20
0.3
GBP/USD Avg. Raw Spread
0.59
0.4
0.23
0.60
0.5
AUD/USD Avg. Raw Spread
0.24
0.5
0.17
0.40
0.5
EUR/USD Standard Spread
0.77
0.90
0.62
1.30
1.9
EUR/USD Fixed Spreads
0.90
-
-
Commissions (USD Base)
$3.50
-
$3.50
$3.00
$2.00
Minimum Deposit
$0
$100
$0
$100
$500
Swap Free Account
No Inactivity Fees
Funding Methods
16+
7+
15+
10+
13+
No Funding Fees

Markets and Instruments

Feature
Pepperstone
AvaTrade
IC Markets
FP Markets
FXTM
Currency Pairs
62+
55+
61+
63+
63+
Cryptocurrency CFDs*
12+
15+
18+
4+
-
Index CFDs
14+
33+
16+
14+
11+
Share CFDs
300+
625+
100+
12,986+
180+
Commodities CFD
9+
30+
26+
7+
7+
Stockbroking
-
-
10+
Retail Max. Leverage (Kenya)
400:1
-
-
-
-
Retail Max. Leverage (With offshore regulators)
200:1
400:1
500:1
500:1
Accounts:
Advantage & Advantage+ 2000:1
Micro Account 1000:1

*Cryptocurrency CFDs are not available to retail traders in the UK due to FCA regulations
*CFD trading is not available in the USA due to NFA and CFTC regulations, American traders spot trade in place of CFDs.

Trading Platforms + Tools

Feature
Pepperstone
AvaTrade
IC Markets
FP Markets
FXTM
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
TradingView
Proprietary Platform
Automated Trading
Social + Copy Trading
Standard Stop Loss
Guaranteed Stop Loss
Demo Account

Overall

Pepperstone
AvaTrade
IC Markets
FP Markets
FXTM
Broker Official Site Our Rating Regulation EUR/USD Spread GBP/USD Spread AUD/USD Spread MetaTrader 4 MetaTrader 5 cTrader Execution Speed Minimum Deposit Currency Pairs Crypto CFDs Retail Leverage Prof. Leverage
Visit Broker > 9.33 SCG, ASIC
FCA, CySEC
0.17 0.59 0.24 85ms $0 62+ 12+ 30:1 500:1
Visit Broker > 8.33 AISC, FSCA
IIROC, ADGM
0.3 0.4 0.5 160ms $100 55+ 15+ 30:1 400:1
Visit Broker > 8.50 ASIC, FSA
CySEC
0.02 0.23 0.17 130ms $0 61+ 18+ 30:1 500:1
Visit Broker > 8.17 ASIC, CySEC 0.20 0.60 0.40 95ms $100 63+ 4+ 30:1 500:1
Visit Broker > 6 FCA, FSCA
FSC
0.3 0.5 0.5 160ms $500 63+ - 30:1 300:1