Best Forex Trading Platforms in Nigeria

Best Forex Brokers in Nigeria

This is a complete listing of The
10 Best Forex Brokers in Nigeria.  In this in-depth write-up you will learn:

  • Who is the Best Suited Broker for Beginner
    Nigerian Traders?
  • Pros and Cons of Forex in
    Nigeria.
  • Which brokers offer Naira trading accounts
    and how do they work.
  • NGN (โ‚ฆ)
    Costs of Trading Forex.
  • Lowest and
    minimum deposit forex brokers
    in Nigeria

and much, much more!

Best Forex Brokers in Nigeria 2022 โ€“ A Comparison

๐Ÿ”Ž Broker ๐Ÿ“ Regulation ๐Ÿค Accepts Nigerian Traders ๐Ÿ’ฐ Minimum Deposit ๐Ÿ’ฐ Minimum Deposit (NGN / Naira) ๐Ÿš€ Open an Account
๐Ÿฅ‡ FXTM FSC / CySEC โœ… Yes $100 USD 41 500 NGN ๐Ÿ‘‰
Click Here
๐Ÿฅˆ Exness FSCA / CySEC / SIBA / CMA / FCA / CBCS โ˜‘๏ธ Yes $1 USD 415 NGN ๐Ÿ‘‰
Click Here
๐Ÿฅ‰ HotForex FSC / CySEC / CFTC โœ… Yes $5 USD 2100 NGN ๐Ÿ‘‰
Click Here
๐Ÿ… Khwezi Trade FSCA โ˜‘๏ธ Yes $13 USD 5400 NGN ๐Ÿ‘‰
Click Here
๐Ÿ“Œ IG FCA / FSCA โœ… Yes $140 USD 59 000 NGN ๐Ÿ‘‰
Click Here
๐Ÿ“Œ FXCM FCA โ˜‘๏ธ Yes $300 USD 125 000 NGN ๐Ÿ‘‰
Click Here
๐Ÿ“Œ Tickmill FSA โœ… Yes $100 USD 41 500 NGN ๐Ÿ‘‰
Click Here
๐Ÿ“Œ Trade Nation FCA / FSCA โ˜‘๏ธ Yes $100 USD 41 500 NGN ๐Ÿ‘‰
Click Here
๐Ÿ“Œ Plus500 FSCA / FSA โœ… Yes $100 USD 41 500 NGN ๐Ÿ‘‰
Click Here
๐Ÿ“Œ AvaTrade FSCA / FSA โ˜‘๏ธ Yes $10 USD 41 500 NGN ๐Ÿ‘‰
Click Here

10 Best Forex Brokers in Nigeria (2022)

  1. โ˜‘๏ธ FXTM โ€“ Overall, Best Local Niara Account
  2. โ˜‘๏ธ Exness โ€“ Award-Winning Broker
  3. โ˜‘๏ธ HotForex โ€“ Best Overall Broker in Nigeria
  4. Khwezi Trade โ€“ Authorized OTC Broker in Africa
  5. IG โ€“ Low minimum NGN Deposits
  6. FXCM โ€“ Excellent Technical Tools
  7. Tickmill โ€“ Lowest Overall Cost NGN (โ‚ฆ) Converted
  8. Trade Nation โ€“ Best FCA Approved Broker in Nigeria
  9. Plus500 โ€“ High Nigerian Trust Rating
  10. AvaTrade โ€“ Best Suited to Traders in Nigeria

FXTM Review

FXTM

FXTM
can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, cryptocurrencies, ETFs, options, and indices to a global market.

FXTM Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ FXTM
๐Ÿ“ Regulation FCA / FSCA
๐Ÿ’ฐ Min. Deposit $10 USD
โ˜ช๏ธ Islamic Account โ˜‘๏ธ Yes
๐Ÿ†“ Demo Account โ˜‘๏ธ Yes
๐Ÿ“ˆ Max Leverage 1:2000

FXTM Nigerian Trading

FXTM Pros and Cons

โœ… Pros โŒ Cons
Excellent Customer Service High Stock CFD Fees
Great Educational Tools Inactivity Fee
No Deposit Fee No Price Alert

FXTM Broker Review


4.6/5

Rated

#32

of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

MetaTrader4, Metatrader 5

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees

๐Ÿ•’ Account Activation Time

Exness

Exness

Overall, Exness can be summarised as atrustworthy and worthwhile broker that is verycompetitive in terms of its trading fees (against major currency pairs). Thespread is also very low and offers asign-up bonus for 1st-time traders.

Exness Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ Exness
๐Ÿ“ Regulated CySEC, FCA, FSCA
๐Ÿ’ฐ Min Deposit $10 USD / R160 ZAR
๐Ÿ†“ Demo Account โ˜‘๏ธ Yes
โ˜ช๏ธ Islamic Account โœ… Yes
๐Ÿ’ป MetaTrader4 โ˜‘๏ธ Yes
๐Ÿ–ฅ๏ธ MetaTrader5 โœ… Yes
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here

Exness Landing Page

Exness Pros and Cons

โœ”๏ธPros โŒCons
Well-Regulated No US Clients
Negative balance protection Limited financial instruments
MetaTrader 4 & 5 Accounts are not multi-currency


4.9/5

Rated

#2
 of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

CySEC, FSA, FCA, FSCA, FSC, and the Central Bank of Curaรงao and Sint Maarten

MetaTrader 4, MetaTrader 5

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees

๐Ÿ•’ Account Activation Time

HotForex broker review

HotForex

HotForex can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and low spreads on 100+ trading instruments. It is regulated by one tier-1 regulator (highest trust) and three tier-2 regulators.(medium trust) It has a trust score of 95% out of 100.

Read:  Can You Trade Forex Using Only Signals

HotForex Overview

๐Ÿ”Ž Brokers Name ๐Ÿฅ‡ HF Markets Ltd
โ˜‘๏ธ Trading As ๐Ÿฅˆ HotForex
โš–๏ธ Regulation CySEC, FCA, FSCA
๐Ÿ’ณ Minimum deposit $5 USD
๐Ÿ’ฐ Maximum Leverage 1000:1
๐Ÿ”˜ Asset Types Forex, Metals, etc.
๐Ÿ“Š Trading platforms Web, MT4, MT5
๐Ÿ“ˆ Types of accounts Premium: min $100

Zero Spread: min $200

Auto: min $200

HFcopy: min $500

๐Ÿ’ณ Supported lot 0.01 – 500
๐Ÿ’ณ Demo โ˜‘๏ธ Yes
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here

HotForex Welcome Bonus

HotForex Pros and Cons

โœ… Pros โŒ Cons
FSCA Regulated Limited Deposit Options
ZAR Accounts Lack of Education


4.8/5

Rated

#6
 out of 66
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

CySEC, FCA, FSA, DFSA, FSCA, CMA

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees


๐Ÿ•’ Account Activation Time

Khwezi Trade Review

Khwezi Trade

Khwezi Trade can be summarised as a trustworthy, proudly South African broker with a good reputation that provides user-friendly trading conditions to its clients. A Khwezi Trade Live trading account can be opened with a minimum deposit amount of R500 ZAR.

Khwezi Trade Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ Khwezi Trade
๐Ÿ’ฐ Min Deposit R500 ZAR
๐Ÿ“ˆ Max Leverage 1:400
๐Ÿ’ป Broker Type Market Marker
๐Ÿ“ Regulation FSCA
๐ŸŽ‰ Bonus Up to 30%
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here

Khwezi Trade Sign Up Bonus

Khwezi Trade Pros and Cons

โœ… Pros โŒ Cons
FSCA Regulated Limited Deposit Options
ZAR Accounts Lack of Education

A review about Khwezi Trade


4.9/5

Rated

#195

of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees

๐Ÿ•’ Account Activation Time

IG Review

IG

IG Group
can be summarised as a trustworthy broker that provides user-friendly trading conditions and quality educational material. It can be considered a low-risk option that is an excellent fit for pro traders.

IG Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ IG Group
๐Ÿ’ฐ Trading Fee Class High
๐Ÿ’ต Inactivity Fee โ˜‘๏ธ Yes
๐Ÿ’ณ Min. Deposit $140 USD
๐Ÿ“Œ Base Currencies 6
๐Ÿ†“ Demo Account โ˜‘๏ธ Yes
โš™๏ธ Products Offered ETF/Forex/Options
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here

IG Landing Page

IG Pros and Cons

โœ… Pros โŒ Cons
Excellent Web-Trading Platform High Fees
Educational Tools Limited Product Portfolio
Great deposit and withdrawal options Lacking Support


4.8/5

Rated

#38

of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees

๐Ÿ•’ Account Activation Time

FXCM Review

FXCM

Overall, FXCM isconsidered a low-risk and can be summarised as trustworthy and reliable. In terms of trading conditions,FXCM offers a user-friendly trading environment with low spreads and high leverage. The company has an overall trust score of 92 out of 99.

FXCM Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ FXCM
๐Ÿ“ Regulation FCA
๐Ÿ’ฐ Min. Deposit $50 USD
๐Ÿ” Spread from 1.4
๐Ÿ“ˆ Tradeable Symbols 276
โœ… Forex Pairs 42
๐Ÿ“Œ Crypto โŒ No
๐Ÿ’ป Trading Platform MT4
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here

FXCM Welcome Bonus

FXCM Pros and Cons

โœ… Pros โŒ Cons
User Friendly Limited Product Portfolio
Good Technical Tools High Fees

FXCM Broker Review


4.6/5

Rated

#26

of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees

๐Ÿ•’ Account Activation Time

Tickmill Review

Tickmill

Overall, Tickmill isvery competitive in terms of its trading fees and spreads.
 Tickmill can be summarised as a safe andcredible regulated broker with a trust score of 97 out of 99 (High Trust).

Tickmill Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ Tickmill
๐Ÿ’ฐ Min. Deposit $100 USD
๐Ÿ“ Regulation FSA
๐Ÿ’ป Trading Platform MetaTrader4
โ‚ฟ Crypto โ˜‘๏ธ Yes
๐Ÿ“Œ Total Pairs 62
โ˜ช๏ธ Islamic Account โ˜‘๏ธ Yes
๐Ÿ’ต Trading Fees Low
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here
Read:  Course in Share and Forex Trading at Unisa

Tickmill Overview

Tickmill Pros and Cons

โœ… Pros โŒ Cons
Well-Regulated Limited Platforms
Full MetaTrader Suite Less Competitive Pricing on Classic account


4.7/5

Rated

#3

of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees


๐Ÿ•’ Account Activation Time

Trade-Nation-Review

Trade Nation

Trade Nation
is considered a low-to-medium risk broker with an overall trust score of 79 out of 99.
Trade Nation
can be summarised as trustworthy and reliable being regulated and licensed by the
FCA, ASIC, FSCA,
and
SCB (high trust)
.

Trade Nation Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ Trade Nation
๐Ÿ’ฐ Min Deposit None
๐Ÿ“ Regulation FCA / FSCA
๐Ÿ†“ Demo Account โ˜‘๏ธ Yes
โ˜ช๏ธ Islamic Account โŒ No
โž• Max Leverage 1:30
๐Ÿ’ป Trading Platforms MetaTrader4 / CoreTrader2
๐Ÿ“ˆ Institutional Accounts โ˜‘๏ธ Yes
๐Ÿ“‰ Managed Accounts โ˜‘๏ธ Yes

Blackstone Future Partnerships

Trade Nation Pros and Cons

โœ… Pros โŒ Cons
Cash Back Rewards High Forex Fees
Excellent Resources No Account Tiers
Good Customer Support Lacking Safety
No Min. Deposit No Crypto trading

Trade-Nation-Logo-Primary.png


4.7/5

Rated

#79
 of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

โ˜ช๏ธ
Islamic Account

๐Ÿ“Š Trading Fees

๐Ÿ•’ Account Activation Time

Plus500 Review

Plus500

Plus500 is a tier 1 regulated forex and CFD broker that offers low trading and commission fees. It has an overall high trust score of 97% out of 100 with a low-risk trading environment.

Plus500 Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ Plus500
๐Ÿ’ฐ Min. Deposit $100 USD
๐Ÿ†“ Demo Account โ˜‘๏ธ Yes
๐Ÿ” Spread Variable
๐Ÿ“ˆ Leverage 1:30
๐Ÿ’ต Base Currencies 14
๐Ÿ“‰ Withdrawal Fee โŒ No
๐Ÿ“Š Deposit Fee โŒ No

Plus500 Landing Page

Plus500 Pros and Cons

โœ… Pros โŒ Cons
User-Friendly Lack in Research Tools
Low Trading Fees Average Education
Listed on the London Stock Exchange Limited Product Range


4.9/5

Rated

#55

of
Recommended FX Brokers

๐Ÿ’ฐMinimum Deposit

๐ŸŒ
Regulators

CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA

Yes
(Availability subject to regulations)

๐Ÿ“Š Trading Fees

๐Ÿ•’ Account Activation Time

AvaTrade Review

AvaTrade

Overall, Avatrade isconsidered a low-riskand can be summarised as a trustworthy forex broker.Regarding spread and security, Avatrade guarantees fast trading speeds and secure trading conditions.In terms of users, Avatrade has more than 500 000 registered clients globally.

AvaTrade Overview

๐Ÿ”Ž Broker ๐Ÿฅ‡ AvaTrade
๐Ÿ’ฐ Minimum Deposit $100 USD
๐Ÿš€Bonus Open a trading account in 1 minute
and receive up to $ 10.000 Bonus.
๐Ÿ“ฑ MetaTrader 4 (MT4) Yes
๐Ÿ“ฑ MetaTrader 5 (MT5) Yes
๐Ÿ“ŠTrading Islamic Account Yes
๐ŸŽฎ Demo account provided Yes
๐Ÿš€ Open an Account ๐Ÿ‘‰
Click Here

Avatrade Landing Page

AvaTrade Pros and Cons

โœ… Pros โŒ Cons
Fee Free Deposit Limit Offers
Low Trading Fees Inactivity Fee
User Friendly Administration Fee

Best MetaTrader 4 / MT4 Forex Broker in Nigeria

Overall, Forextime is an all-around reputable Metatrader 4 forex broker operating in Nigeria. FXTM has a high trust score of 91 out of 100 with competitive and low trading fees on MT4.

Best MetaTrader 5 / MT5 Forex Broker in Nigeria

Overall, Exness is a credible and trustworthy MetaTrader 5 forex broker with a local office in Nigeria. Exness Nigeria offers an easy-to-use MT5 interface and has a high trust score of 93 out of 100.

Best Minimum Deposit Forex Broker in Nigeria

Overall, Hotforex is a trustworthy low minimum deposit forex broker with a local office in Nigeria. Hotforex minimum deposit is $5 USD / โ‚ฆ2100 Naira and has a high trust score of 93 out of 100.

Best ECN Forex Broker in Nigeria

Overall, Hotforex is the preferred ECN forex broker with a local office in Nigeria. Hotforex offers easy-to-use trading material and guides and has a high trust score of 93 out of 100.

Best Islamic / Swap-Free Forex Broker in Nigeria

Overall, Avatrade Nigeria is the preferred Islamic / swap-free forex broker with a local presence in Nigeria. Avatrade has no overnight charges on trades and has a high trust score of 97 out of 100.

Read:  Checkmate Trading Patterns Meaning Images Forex

Best Forex Trading App in Nigeria

Overall, Exness offers a world-class forex and CFD trading app in Nigeria. The Exness App is available on iOS and Android on the MT5 / MT4 platform and has a high trust score of 93 out of 100.

Best Naira Trading Account Forex Broker in Nigeria

Overall, Exness offers competitive spreads and no commission on their Niara trading account. Exness has a local office in Lagos, Nigeria, and has a high trust score of 93 out of 100.

Best Lowest Spread Forex Broker in Nigeria

Overall, Exness offers the lowest spreads for Nigerian Traders. Exness offers 24/7 online support with local representation in Nigeria and has a high trust score of 93 out of 100.

Best Nasdaq 100 Forex Broker in Nigeria

Overall, Alpari offers the best trading conditions on the Nasdaq 100 Index for Nigerian Traders. Alpari has a local office in Nigeria with 24/7 online support and has a high trust score of 93 out of 100.

Best Volatility 75 / VIX 75 Forex Broker in Nigeria

Overall, Pepperstone offers the trading conditions on the volatility 75 index for Nigerian Traders. Pepperstone offers 60+ trading pairs and low trading fees. Pepperstone has a high trust score of 93 out of 100.

Best Forex No Deposit Bonus in Nigeria

Overall, XM offers the best forex no deposit bonus for Nigerian Traders. XM offers a welcome bonus of 50% DEPOSIT BONUS UP TO $500 and has a high trust score of 91 out of 100.

Best Social and Copy Trading Broker in Nigeria

Overall, Etoro offers the best option for social and copy trading for Nigerian Traders. Etoro copy trading has a world-class technology feature for a 1 click copy trading of the worldโ€™s best traders and has a high trust score of 95 out of 100.

Conclusion

๐Ÿ‘‰ Now it is your turn to participate:

โžก๏ธ Which of the 10 Best Brokers on this list do you intend to test out?

โžก๏ธ Why did you decide to engage with a certain broker?

โžก๏ธ Was it because of the minimum deposit or pros and cons?

๐Ÿ‘‰ Regardless, please share your thoughts in the comments below.

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Disclaimer

Traders need to understand and remember that CFDs are leveraged, complex products that may be accompanied by the risk of incurring losses that may exceed the initial deposit of the trader.  Traders need to ensure that they understand their risk exposure and they need to determine whether the risk involved is suited to them before making trading decisions that could result in loss of capital.

Frequently Asked Questions

Which is Nigeriaโ€™s most used forex broker?

Our review of the best forex brokers in Nigeria has revealed that FXTM is the most selected Broker option by Nigerian Traders as it makes Naira Accounts and Payment options available.

Is forex trading legal in Nigeria?

Yes, Forex Trading is legal in Nigeria and multiple well-regulated Forex Brokers accept Nigerian Traders.

How many forex traders are there in Nigeria?

The estimated number of Forex Traders in Nigeria is around 150โ€ฒ 000 per month.

Can you make money with forex trading in Nigeria?

Yes, it is possible for Forex Trading in Nigeria to be profitable.

Best Forex Trading Platforms in Nigeria

Source: https://forexsuggest.com/forex-brokers-nigeria/

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