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Best Forex Broker in Nigeria 2021

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Nigeria is rich with oil reserves and is sometimes called the door to the African continent. It is also a country rich in various financial scams, so a native trader need to find a reliable CBN regulated broker. We have compiled a list of the most well-trusted of these brokers.

The brokers below represent the best forex brokers for trading in Nigeria

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BrokerOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotions
FP Markets
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DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

ASIC, CySEC

$100

1:500 (ASIC), 1:500 (CySEC)

MT4, MT5, IRESS, WebTrader

2005

DMA, ECN, No dealing desk, STP

FBS
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Your capital is at risk

ASIC, CySEC, FSCA, IFSC

$1

1:3000 (ASIC), 1:3000 (CySEC), 1:3000 (FSCA), 1:3000 (IFSC)

MT4, MT5, Proprietary

2009

ECN, No dealing desk, STP

Exness
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General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

FCA, CySEC, FSCA, FSA(SC)

$10

1:2000 (FCA), 1:2000 (CySEC), 1:2000 (FSCA), 1:2000 (FSA(SC))

MT4, MT5

2008

Market Maker, No dealing desk

FXTM
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82% of retail CFD accounts lose money

FCA, CySEC, FSC

$10

1:30 (FCA), 1:30 (CySEC), 1:30 (FSC)

MT4, MT5

2011

No dealing desk

Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.

Here is a list of the Best CFD Brokers for Trading in Nigeria:


Note: Not all Forex brokers accept US clients. For your convenience, we specified those that accept US Forex traders as clients.

FP Markets

FP Markets

Regulated By:ASIC, CySEC

Foundation Year:2005

Headquarters:Australia

Min Deposit:$100

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DISCLAIMER: This material on this website is intended for illustrative purposes and general information only. It does not constitute financial advice nor does it take into account your investment objectives, financial situation or particular needs. Commission, interest, platform fees, dividends, variation margin and other fees and charges may apply to financial products or services available from FP Markets. The information in this website has been prepared without taking into account your personal objectives, financial situation or needs. You should consider the information in light of your objectives, financial situation and needs before making any decision about whether to acquire or dispose of any financial product. Contracts for Difference (CFDs) are derivatives and can be risky; When trading CFDs you do not own or have any rights to the CFDs underlying assets. FP Markets recommends that you seek independent advice from an appropriately qualified person before deciding to invest in or dispose of a derivative. A Product Disclosure Statement for each of the financial products available from FP Markets can be obtained either from this website or on request from our offices and should be considered before entering into transactions with us. First Prudential Markets Pty Ltd (ABN 16 112 600 281, AFS Licence No. 286354). FP Markets is a group of companies which include, First Prudential Markets Ltd (registration number HE 372179), a company authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC License number 371/18, Registered Address: Griva Digeni, 109, Aigeo Court, 2nd floor, 3101, Limassol, Cyprus. FP Markets does not accept applications from U.S, Japan or New Zealand residents or residents from any other country or jurisdiction where such distribution or use would be contrary to those local laws or regulations.

FP Markets Pty Ltd (FP Markets) was founded in 2005 and is a globally recognised forex and CFD broker with 40+ industry awards. It is authorised and regulated by the Australian Securities and Investment Commission (ASIC), offering negative balance protection and segregation of client funds. FP Markets also has an entity regulated in the EU by the Cyprus Securities and Exchange Commission (CySEC).

The broker provides the ability to trade on more than 10,000+ markets covering Forex, Shares, Cryptocurrencies, Metals, Commodities and Indices. Clients can choose from a range of accounts including the commission-free Standard MT4/MT5 account and Raw MT4/MT5 account that is commission-based but has spreads from 0.0 pips. Advanced traders also have the option of opening Iress accounts that are commission-based but offer a more comprehensive trading package.

Pros: Cons:
  • ASIC regulated.
  • 10,000+ markets are available.
  • Raw spreads from 0.0 Pips.
  • 24/5 Multilingual award-winning support.
  • MT4, MT5, WebTrader & Iress platforms.
  • Vast choice of markets and products available may be overwhelming to beginner traders.

FBS

FBS

Regulated By:ASIC, CySEC, FSCA, IFSC

Foundation Year:2009

Headquarters:Belize

Min Deposit:$1

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Your capital is at risk

FBS is a brand name of FBS Markets Inc which is authorised and regulated by the International Financial Services Commission (IFSC) of Belize and the Financial Sector Conduct Authority in the Republic of South Africa (FSCA). In the EU and the UK, FBS is operated by Tradestone Limited, which is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). In Australia, FBS is operated by the Intelligent Financial Markets Pty Ltd with the Australian Securities and Investments Commission regulation (ASIC).

FBS offers the ability to trade on multiple asset classes covering CFDs on Forex and Stocks, Indices, Metals and Energies on the MetaTrader 4 and MetaTrader 5 trading platforms for PC, Mac, Web, Android and iOS operating systems. Moreover, clients from the countries under IFSC, FSCA, and CySEC regulations have an opportunity to trade in FBS Trader app, all-in-one trading platform. Clients from the countries under IFSC and FSCA regulations can also access copy trading services via the FBS CopyTrade app.

Pros: Cons:
  • Commission-free trading available.
  • Regulated under CySEC, ASIC, and FSCA.
  • ECN accounts available.
  • Can trade on MetaTrader 4, MetaTrader 5 and FBS Trader.
  • FBS CopyTrade available for traders and investors.
  • Fast customer live chat service.
  • Good range of deposit methods
  • Limited number of instruments.
  • Regulated IFSC Belize regulation.

Exness

Exness

Regulated By:FCA, CySEC, FSCA, FSA(SC)

Foundation Year:2008

Headquarters:Cyprus

Min Deposit:$10

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General Risk Warning: CFDs are leveraged products. Trading in CFDs carries a high level of risk thus may not be appropriate for all investors. The investment value can both increase and decrease and the investors may lose all their invested capital. Under no circumstances shall the Company have any liability to any person or entity for any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs.

Exness was founded in 2008 and is a joint brand name of Nymstar Limited, a Securities Dealer registered in Seychelles authorised and regulated by the Financial Services Authority (FSA) of Seychelles, and Vlerizo (Pty) Ltd – a Financial Service Provider authorised and regulated by the Financial Sector Conduct Authority (FSCA) in South Africa.

The broker offers clients the ability to trade on 200+ financial CFD instruments covering Forex, Shares, Indices, Energies, Metals and Cryptocurrencies, from its WebTrader platform and the globally renowned MetaTrader 4 and MetaTrader 5 platforms for Web, Windows and MAC.

Pros: Cons:
  • 200+ financial CFD instruments
  • Unlimited leverage.
  • Commission-free trading available.
  • MT4/MT5 available.
  • Fee-free deposits and withdrawals.
  • Not available in all regions.

FXTM

FXTM

Regulated By:FCA, CySEC, FSC

Foundation Year:2011

Headquarters:Cyprus

Min Deposit:$10

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82% of retail CFD accounts lose money

FXTM, short for ForexTime, is a platform with a primary focus on foreign exchange. That specialization allows it to rise above many others when it comes to Forex focused trading platforms and tools. CFDs are available on 50+ currency pairs including major, minor, and exotic pairs. Leverage is available up to 1000:1.

Spreads are competitive across all platforms with 24-hour trading open 5 days per week. FXTM is based in Cyprus and licensed by the International Financial Services Commission (IFSC), Cyprus Securities and Exchange Commission, and other regulators in and out of the EU. A free demo account is available. 

 Pros:  Cons:
  • Support for 250+ products to trade across global markets, including Forex, commodities, shares, indices and cryptocurrency CFDs
  • Competitive spread
  • MetaTrader 4 and MetaTrader 5 platform support
  • Low maximum order size
  • No native Mac desktop app

How to Choose a Forex Broker as a Nigerian trader

As both scams and opportunities abound in Forex trading, you as a Nigerian trader need to find a reliable broker so that your hard earned money can be protected from scammers, money launderers, and various illegal brokers. There are a number of steps you will have to go through.

Firstly, you will have to find a CBN (Central Bank of Nigeria) regulated broker to be sure your broker is watched, supervised and monitored. Then, you will need to see whether the platform offered by the broker is user-friendly and offers the features that you need. Then you will check whether the commissions charged by the company are low enough for you. After than you will find out what type of accounts the broker offers you and finally you will test their company customer service and other extra services.

General Regulation & Nigerian Regulation

Forex regulation in the Western hemisphere remains somewhat similar among the majority of brokers with more opportunities to use higher leverage and lower margin requirements and there are a few countries which allow only very low leverage and much higher margin requirements. Most tend to be in the middle of that and can enjoy 50:1 leverage on most currency pairs and 5 percent margin requirements. However, fewer and fewer brokers can now operate in most countries unlicensed. If they do, they can be easily fined or even prosecuted if they raise even a little suspicion for the regulators of those countries.

The Nigerian local Forex market is regulated by CBN – Central Bank of Nigeria. The main aim of CBN is to ensure transparent and efficient functioning of the Foreign Exchange market. It does so by issuing licenses for Forex brokers both local and foreign and those have to adhere to strict rules set by the Bank. The institution has a consumer protection department where various complaints are sent by investors and those complaints are analyzed. If the broker is found guilty of acting against the best interest of their customers, severe fines and even revoking of their license to operate can occur. You can be sure that CBN will act in your favor to limit risks taken by a broker under its supervision and ensure that your capital is safe.

Trading Platform & Software

The trading platform is another thing that you should look into when in search for a good FX broker in Nigeria. One of the best platforms in the industry is currently the Metatrader 4. You can expect any broker to have it, but if he does not you should seriously consider not opening an account with him. The platform has an easy to use chartstation, where you can place a multitude of symbols: currencies, metals, and indexes and analyze them on various time frames. You can also place technical indicators, both the most popular and your own ones. If you are a skilled programmer you can create a code for the platform and run it, which would work as robot trading on your behalf. Backtesting and copying functions are also integrated into the software, so you can check how your trading strategy works and you can copy any trader who offers his service to be followed. Many more features are there, so you can download a demo version of the platform and check whether it has what you need before you start trading with real money.

Commissions & Spreads

Brokers that fill your orders when you trade financial markets charge commissions. However, in currency trading, it is different than in trading stocks. In stocks, brokers typically charge a fixed fee for each operation or a certain number of shares. In Forex, brokers are compensated by charging spreads. What is a spread? It is the difference between the buy and sell price. Let‘s say GBP/USD pair trades at 1.2869/1.2874. There are five pips difference between buy and sell price and that is broker‘s commission. When you open a position in GBP/USD, either buy or sell, you will have 5 pips deficit. So, you need to find a broker who has the lowest spreads and in this way increase your profits and reduce your costs.

Account Types

Before you start trading you should be given a chance to backtest your trading strategy on a demo account. Those typically expire in a month and by that time you can familiarize yourself with various peculiarities of a platform. When you are ready to trade real money, a broker should offer you a number of accounts to choose from.

Micro account

If your budget for investment is tight, within a range of a few hundred dollars say, you should open a micro account. Then, you will be able to trade 1k micro lots and not risk much.

Mini account

If you want to try deeper waters and can afford to invest a thousand or a few thousand dollars, you should try a mini account. You will have the possibility to trade 10k size lots and hopefully, make bigger money than you would on a micro.

Standard account

Standard lot size is 100k. It means you need more than 10 thousand dollars to trade such huge amounts. However, if you can afford 20 or 50k investment size, a standard account might be a good choice for you. Just don‘t forget that profits come with risks and the higher the profit, the higher the risk.

Customer Service

There is give and take between a broker and a customer. He offers you the possibility to trade and a good service and you make him money by means of spreads. As a Nigerian trader, you should expect this service to be in your native language or dialect and you should also get it online 24 hours per day through the working week. If your broker is indifferent to your questions, problems, and issues, you should say goodbye to him and search for trading opportunities elsewhere.

Additional Services

Additional services come in the form of educational materials: video, audio, and texts. Ebooks are often offered by brokers to their clients on various topics. Daily fundamental and technical analysis are also presented on most brokers‘ websites. Recruited analysts try to foresee shifts in the policy of Central Banks and predict how that will affect exchange rates of currencies. Most brokers also have forums where traders can chat and help each other. Some even offer monthly trading contests that have high money prizes. So, you can decide about broker‘s reliability by seeing how numerous his services are to you.

Conclusion

Your real money trading experience starts with your broker. In order to stay protected from unscrupulous brokers, it is advised to follow the steps laid out above. We hope they helped you to form a picture of what a reliable broker looks like. Your other option is to pick a broker from the below list. We have compiled this list based on objective research.

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