This is a complete guide on the best online forex brokers in Nigeria & their minimum deposit.
Trading forex in Nigeria became popular during the 2000s, and Nigeria is now one of the fastest-growing nations in the world when it comes to trading forex; there is still a large number of Nigerians who are having difficulty finding good forex brokers in Nigeria.
A lot of fraudulent platforms and entities present themselves as legitimate forex investment companies and even forex investment platforms.
A path to financial freedom may lie in the forex trading market or foreign exchange market.
Investors can exchange several currencies against one another and make money by taking advantage of foreign exchange margins if they are properly done.
The process of finding a legitimate forex broker in Nigeria with whom you can trade can sometimes be arduous.
In this article you will find our list of the best Forex brokers in Nigeria. The brokers listed here are all trusted, have low fees, and offer good trading education.
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Who is a Forex Broker?
A forex broker is a financial company or platform that provides people access to buy and sell foreign currencies. Forex brokers are also known as currency trading brokers or retail trading brokers.
The forex market is a global 24-hr market where large institutional finance firms, investment banks and traditional banks also speculate on the direction of currencies. Then there are the retail currency traders like you and me.
Forex brokers serve all these customers, allowing them to trade pairs of currencies of Nations. As a forex trader, you use a forex broker to buy a currency pair like say GBP/USD. This translates to buying Pounds (GBP) using dollars.
If you want to end the trade you sell the pair, which means buying U.S. dollars with Pounds. If the exchange rate is higher when you close the trade, then you make a profit. Otherwise, it’s a loss for you.
20 Best Forex Brokers in Nigeria 2022
These are the best Forex brokers and best trading platforms in Nigeria in 2022:
1. AvaTrade – Best Forex Broker in Nigeria
Founded in 2006, AvaTrade is a beginner-friendly CFD broker offering trading on Forex, cryptocurrencies, commodities, indices, stocks, bonds, vanilla options, and ETFs.
Winner of the award for the best Forex broker of 2021, AvaTrade’s AvaTradeGo mobile app offers Nigerian Forex traders an easy and intuitive mobile trading experience. Avatrade spreads are some of the tightest for a commission-free account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
Start trading with AvaTrade and gain access to more assets than ever before. Click the button below to get full access.
Founded in 2009 and headquartered in Cyprus, HotForex is the global brand name of HF Markets Group. Regulated by the FCA, CySEC and the FSCA, HotForex provides trading on Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering crypto CFDs. With No-Dealing Desk STP execution for all trades, client’s trades are posted directly to the market, and leverage is available up to 1000:1 on the Micro Account where the minimum deposit is 5 USD.
Founded in 2009, XM is one of the most well-regulated brokers in the Forex industry and offers CFD trading on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares. XM is well known for its low trading fees, wide account choice, execution speed and a wide range of CFD assets available on both the MT4 and MT5 platforms. Hedging, scalping and algorithmic trading are all permitted.
Founded in Russia in 2008, Exness Group has over 200,000 clients worldwide and offers trading on 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices and commodities. Exness has nine account types on the MT4 and MT5 platforms – many more than most brokers. The Standard Cent Account is aimed at beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantages to this account are that traders will only be able to trade currency and metals and MT5 is not supported.
Pepperstone is the leading Australian ECN/STP Forex broker. Most trades on Pepperstone have execution in less than 30ms, which is ideal for scalpers and clients who run expert advisors. Both accounts offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and 7 USD commission. Furthermore, Pepperstone supports all three major trading platforms – MT4, MT5 and cTrader.
Pepperstone’s award-winning, 24-hour support provides the foundation for its excellent customer service, where personalised assistance is available via several methods.
For beginners interested in ECN trading, Pepperstone’s also has one
of the better education sections offered by a market execution broker
Founded in Australia in 2007, Axi is an ECN broker offering trading on Forex, metals, commodities, cryptocurrencies, and indices – a smaller group of assets than most brokers but with a good selection of 70+ Forex pairs.
Axi only provides support for the MT4 trading platform, but with the MT4 NexGen plugin it has the best ECN MT4 trading experience.
The MT4 NexGen plugin includes an advanced sentiment indicator, a correlation trader, a more intuitive terminal window, and an automated trade journal.
easyMarkets is a well-regulated market maker offering trading on shares, cryptocurrencies, metals, commodities, indices, and over 103 Forex pairs.
Founded in 2001, easyMarkets was the first broker to introduce negative balance protection and guaranteed stop-loss.
Since then it has introduced other innovative risk management tools, including dealCancellation, which allows traders to cancel a losing trade within a specific period of time, easyTrade, allowing traders to set the maximum amount they are comfortable risking, and Freeze Rate, a unique tool which allows traders to freeze the prices they see.
Trading conditions are comparatively poor at easyMarkets, with spreads starting at 1.90 pips on the EUR/USD on its commission-free entry-level account.
Spreads tighten slightly on its Premium account, down to 1.40 pips on the EUR/USD in exchange for a high minimum deposit of 2000 USD.
VIP account-holders can access spreads as tight as 0.9 pips on the EUR/USD, but the minimum deposit on this account is 10,000 USD.
8. CM Trading
Founded in 2012 in Sandton and now with over 1 million clients worldwide, CM Trading is the largest Nigerian broker and offers trading on Forex, indices, cryptocurrencies, commodities, oil, and metals.
A minimum deposit of 100 USD, negative balance protection, personalised customer service, and fixed spreads on a range of assets with EURUSD spreads from 1.70 pips pips.
9. FXTM – Best Forex Broker for Beginners in Nigeria
Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker offering trading on Forex, commodities, metals, stocks, and indices.
While FXTM’s Advantage Account has a minimum deposit of 500 USD with spreads starting at 0.0 pips and a 4 USD commission, FXTM also offers a Micro Account with a 10 USD minimum deposit but with wider spreads (starting at 1.5 pips) that may be more appealing to beginners.
10. IC Markets
IC Markets is an online broker which was founded in 2007 and offers Forex, CFDs, Spread Betting, Share dealing, and Cryptocurrencies trading on offer both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.
IC Markets is a global broker and has a head office situated in Australia, and new traders will need a minimum deposit of US Dollar 200 to get started and a demo account is on offer for those who want to get acquainted with the IC Markets platform.
IC Markets can accommodate various levels of traders whether they are experienced or just beginning in the trading game.
Traders can trade in a wide variety of instruments and currency pairs.
11. CMC Market
CMC Markets Has the Lowest Minimum Deposit. CMC Markets is one of the largest online brokers for the stock market and currency trading in Nigeria.
CMC Markets offer:
- A range of financial markets including Bitcoin
- US Dollar 0 minimum deposit and easy funding methods
- Advanced charting through the Next Generation CFD platform
OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments.
When it comes to customer support, OANDA boasts multiple customer service awards for 24 hours/6 days a week support. Live chat, emails, and phone support is available.
OANDA is the Most Regulated Forex Broker and operates across six of the most credible authorities
In operation since 2009, FBS is a well-regulated and reputable ECN and STP broker which is headquartered in Belize.
There are traders from 190 countries who have registered a trading account with FBS, making use of its competitive trading conditions to trade more than 75 financial instruments in global markets.
Alpari offers the latest MT5 software coupled with solid features without freezing or downtime.
Alpari also offers instant order execution with Nano, Standard accounts, and market execution with their ECN accounts and comes with multiple timeframes, order types, and many technical indicators for technical analysis.
There is a news feed built-in to keep track of any news during trading and a PAMM account for investors is also on offer with an app where traders can keep track.
OctaFX is a global online broker which was founded in 2011 and offers Forex trading and for those who are looking to make a start, a minimum deposit of US Dollar 5.
A demo account is also on offer for those wishing to acquaint themselves with OctaFX – both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform is on offer. OctaFX also offers mobile apps for Android and iOS.
OctaFX can accommodate various levels of traders and has won numerous industry awards over the past 9 years. OctaFX doesn’t charge a commission on CFD instruments.
Tickmill has a 100% NDD forex platform, meaning that there is no conflict of interest with their clients.
Tickmills’ MT4 has full support for EA’s, multiple charts, news, limit orders & much more.
FOREX.com delivers an excellent trading experience for both forex and CFDs traders alike.
With competitive pricing, full-feature trading platforms, comprehensive market research, and a robust mobile app, FOREX.com caters to traders of all experience levels, from beginner to pro.
FOREX.com is publicly traded and regulated in four tier-1 jurisdictions, making it low-risk for forex and CFDs trading alike.
FOREX.com has earned Best in Class (top 7) awards for numerous categories in 2022, including Offering of Investments, Commissions & Fees, Education, Professional Trading, Crypto Trading, Ease of Use, and Overall.
NordFX is an online broker which was founded in 2008 and offers Forex trading with a head office situated in Mauritius.
To make a start with NordFX traders will need to make a minimum deposit of at least US Dollar 1 and can sign up for a demo account if needed.
NordFX has won numerous industry awards over the past 12 years and does charge commission on CFD instruments. NordFX offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.
FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals, and Spot Energies trading. FXPro is a global broker and has a head office located in the UK.
FXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of US Dollar 100.
20. Admiral Markets
Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized, and has a head office based in the UK.
Traders will need a minimum deposit of US Dollar 200 to start and can sign up for a demo account in over 148 instruments and over 40 currency pairs.
Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.
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How To Choose The Right Online Forex Brokers In Nigeria
If you are a beginner in the world of trading and financial markets, it can be overwhelming to find a reliable broker. Keep reading to learn how to pick a reliable forex broker.
1. Licence and Regulation
Without a doubt, license and regulation are of utmost importance. Your broker must have a license to be able to offer brokerage services.
2. Spreads and Commissions
Brokerage fees are different types of commissions charged by your online brokerage when you have a live trading account with them. They can vary from broker to broker and can affect your profits and your overall trading experience.
3. Deposit and Withdrawal
Speedy, hassle-free, and smooth withdrawals and deposits are also important criteria. A trustworthy broker should offer a wide selection of payment options. These can include bank cards, wire transfers and various e-payment systems.
4. Customer Service
Prompt and dedicated customer service is the last on our list. Check if your broker is available when you need them. It’s perfect if your broker has round-the-clock customer support.
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There is an extremely high level of risk involved in the trading of Forex/CFDs and other financial instruments. This level of risk may not be suitable for all traders and may lead to losses that exceed the initial deposit.
Traders need to evaluate and realize their objectives, their level of exposure to risks as well as their willingness to face high levels of risk.