Best Forex Brokers in Nigeria

Nigerian forex traders require a forex trading account to navigate foreign exchange markets with the best forex brokers in Nigeria offering a range of CFD products, low minimum deposits and advanced forex trading platforms such as MT4 + MT5.

Compare the forex brokers for Nigerian forex traders below.

By Justin Grossbard / Updated: Monday, February 17th, 2020

Nigeria Forex Brokers Image

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List Of Best Forex Broker In Nigeria

The top 8 forex brokers in Nigeria for international forex trading on a range of forex markets are:

  • Pepperstone – Best MetaTrader 4 + 5 Forex Broker
  • IC Markets – Lowest Spreads and Fees FX Broker
  • easyMarkets – Best Forex Broker For Beginners
  • CMC Markets – Lowest $0 Minimum Deposit
  • FXTM – Local Nigerian Naira ₦ (NGN) Funding
  • OANDA – Most regulated broker (FCA, ASIC etc)
  • Hugosway – ECN Forex Trading Account
  • Plus500 – Best Forex Demo Account + Cryptocurrency

Broker Reviewed

Pepperstone
IC Markets
CMC Markets
FXTM
Plus500
Our Rating
9.17
8.17
7.17
6
5.83
Most Awarded Broker
Best Spread Broker
Trade with CFDs and on Stock Market
High leverage
Range of risk management tools

Regulations and Licenses

Feature
Pepperstone
IC Markets
CMC Markets
FXTM
Plus500
ASIC (Australia)
FCA (UK)
MAS (Singapore)
FSCA (South Africa)
Pending
FINMA (Switzerland)

Brokerage

Feature
Pepperstone
IC Markets
CMC Markets
FXTM
Plus500
No Commission Account Spreads From (EUR/USD):
1.0
1.0
0.7
0.1 (ECN)
0.6
Commission Account Spreads From (EUR/USD):
0.0
0.0
1.3 (Standard)
Commission (per 100k traded side trip)
AUD $3.50
USD $3.50
USD$2.00
Minimum Deposit
$200
USD $200
USD$500
$0
Volume Commission Rebates
Has Islamic Account
No Inactivity Fees
Funding Methods
16
15
6
13
3
No Deposit/Withdrawal Fees

Markets and Instruments

Feature
Pepperstone
IC Markets
CMC Markets
FXTM
Plus500
Forex Currency Pairs CFDs
66+
65+
339+
59+
60+
Cryptocurrency CFDs
4+
10+
12+
4+
10+
Index CFDs
2+
16+
46+
11+
67+
Share CFDs
5+
100+
9000+
180+
1816+
Commodities CFD
4+
19+
111+
3+
17+
Stockbroking
9000+
10+
Retail Maximum Leverage
500:1
500:1
500:1
1000:1
30:1
Professional Maximum Leverage
500:1
500:1
500:1
500:1
300:1

Trading Platforms + Tools

Feature
Pepperstone
IC Markets
CMC Markets
FXTM
Plus500
MetaTrader 4 (MT4)
MetaTrader 5 (MT5)
cTrader
Proprietary Platform
Automatic / Robot Trading
MetaTrader 4 only
Social + Copy Trading
Investment account only
Standard Stop Loss
Guaranteed Stop Loss Order
Guaranteed Negative Balance Protection
ESMA regulated territories only
ESMA regulated territories only
Only in ESMA regulated territories
ESMA regulated territories only
Demo Account
Unique Feature 1
Smart Trader Tools
ECN pricing
Offers both CFD and Stock trading
Floating leverage
Trade cannabis index and share CFDs
Unique Feature 2
Fast Execution Speed
Range of fee free funding options
Trade treasury notes
Range of account types
Guaranteed stop loss trading option

Overall


Pepperstone Forex Broker Logo In Nigeria

Pepperstone Has The Best Forex Trading Platforms

Pepperstone has the three top forex trading platforms based on popularity:

  1. MetaTrader 4 – Most Popular For Forex Trading
  2. MetaTrader 5 – Most Popular CFDs Trading Platform
  3. cTrader – Best Automated Trading Trading Platform

All fx trading platforms come with a free demo account with allow Nigerian traders to test out forex broker and platform 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 Peppersotne 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.

Pepperstone Trading Tools In Nigeria

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 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.

Pepperstone Spreads

The second way a forex broker makes it’s money is from commissions which apply to the Razor account. Below shows how the Razor account commission is very low at USD $3.76 for MetaTrader 4 and USD $3.50 for MetaTrader 5. If you choose cTrader the commission is 7 unit charges per lot based on the base currency. All commissions can be lower for high volume traders through their active traders program.

Metatrader Pepperstone Commmission

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.

2) Customer Support

Pepperstone is the most awarded CFD provider when it comes to customer service. This includes investment trends wich survey, actual forex traders, to gauge their performance. Pepperstone customer support ranges from global call centres, live chat and e-mail.

Pepperstone Awards

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:

  • FCA – UK’s Financial Conduct Authority
  • ASIC – The Australian Securities and Investments Commission

Pepperstone is also in the process of receiving regulatory approval from the Financial Services Conduct Authority of South Africa.
Open a demo account >>Visit Pepperstone >>


Our Rating

The overall rating is based on review by our experts

9.17
Spreads
10 / 10
Leverage
10 / 10
Trading Platform
10 / 10
Risk Management
7 / 10
Range of Markets
8 / 10
Customer Service
10 / 10

Nigeria Forex Broker FAQs

Pepperstone is the best forex broker for Nigerian based on there:

  • Low brokerage including spreads and commissions
  • The choice of the most popular forex trading platforms (MT4, MT5, cTrader)
  • Award-winning customer service
  • Low minimum deposit requirement of $200 USD
  • Regulation across both the UK (FCA) and Australia (ASIC)

You can view the full review of Pepperstone here.

To find the best forex broker for a Nigerian trader you should consider:

  1. The brokerage charged when trading including spreads, commissions and funding/withdrawing costs
  2. The forex trading platform offered and it’s popularity (eg MetaTrader 4)
  3. Unique trading features such as social trading and copy trading offered
  4. The regulation and reputation of the forex broker
  5. The range of financial markets from currency pairs to CFDs such as cryptocurrency
  6. The minimum deposit and funding methods of the broker
  7. The customer service and online/offline training facilities offered
  8. Risk management tools such as negative balance protection and guaranteed stop-loss orders

You can view the best forex brokers globally here.

There are three main trading platforms that the best CFD brokers offer:

  1. MetaTrader 4 is the most popular forex trading platform recommended for currency traders
  2. MetaTrader 5 is the most popular CFD platform recommend for those looking to trade CFDs
  3. cTrader is recommended for those looking to use automation when trading

A full forex trading platform section details the platforms and brokers.

More About Forex Trading In Nigeria

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:

  1. ASIC – Australian Securities and Investment Commissions
  2. FCA – Financial Conduct Authority
  3. CYSEC – Cyprus Securities and Exchange Commission
  4. FSCA – Financial Sector Conduct Authority

Other less known regulators include the IFSC, Belize, CIMA, CFTC and the SFSA (Dubai Financial Services Authority). The list above is a shortlist with other brokers considered including HotForex, AvaTrade, FxPro and Alpari.

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