Forex trading in Nigeria is one of the most popular financial activities, and in order to trade efficiently, you should consider using those listed alongside the best forex broker in Nigeria.
Millions of Nigerians are involved in forex trading, either as a full-time activity or as a way to supplement their income. Whilst the forex market is highly liquid and offers participants the opportunity to make substantial profits, forex trading in Nigeria is not without its challenges.
The forex market can be highly volatile and unpredictable, making it difficult for forex traders to achieve consistent success; for this reason we advise all newer traders to learn forex trading step by step. Despite these challenges, forex trading in Nigeria continues to grow in popularity.
In this guide, we will run through some of the most important things you will want to know when getting started as a Nigerian forex trader. We have highlighted in large part the strict regulations that govern forex trading in Nigeria. These rules and regulations have been put in place to protect forex traders from exploitation and fraud and helps you with trading forex in Nigeria safely.
Then, if you’re looking for the best forex broker in Nigeria, you’ve come to the right place. In this article, we’ll list the top 10 forex brokers in Nigeria and explain what makes each one of them special.
You can see an overview of what is covered on this page below, with links to jump to the most relevant section:
Is Forex Trading Legal In Nigeria?
Forex trading in Nigeria is legal, and is in fact covered by a few laws and guidelines that forex investment companies in Nigeria have to abide by.
In general, it is legal to engage in forex trading activities in Nigeria as long as you choose a reputable and trustworthy broker who is licensed and regulated by an appropriate authority. You should also be trading with your own money, and for your own personal benefit.
It is possible to engage in copy trading in Nigeria, and whilst there are specific platforms that can support you to build a following, there are still rules that need to be followed.
Best Forex Broker In Nigeria Top 10 List
Nigeria is a country with a high potential for forex trading and forex brokers in Nigeria are growing steadily. The most popular forex trading instruments in Nigeria include the Nigerian Naira, the US Dollar, the Euro, and the British Pound.
In addition to these forex trading instruments, there are also many other options for Nigerian traders, including commodities and indices. Whether you are an experienced forex trader or just starting out, there a wide range of trading opportunities that can be explored with those that made the best forex broker in Nigeria Top 10.
1. FXTM is the best forex broker in Nigeria with local offices
FXTM is a Nigerian forex broker that offers a wide range of forex trading products and services. One of the things that makes FXTM special is their commitment to customer service and their local presence.
This is a broker with many International regulations, including FCA, CySEC, FSCA (formerly FSB), and FSC. You will also find a very reasonable minimum deposit of $5, and a free demo account to get you started.
Also known as ForexTime, FXTM provide a dedicated customer support team that is available 24/5 to help you with any forex trading related questions or problems you may have. They also have a user-friendly platform that is designed to make forex trading easy for beginners and experienced traders alike. This is well supported with competitive forex spreads and fast trade execution.
FXTM Global office in Nigeria is located at St. James House, Plot 167 Adetokunbo Ademola Cres, Wuse 2 904101, Abuja. You can also reach the broker locally on telephone number +234 803 153 4373.
Whilst there are a growing number who want to be the best forex broker in Nigeria, FXTM continue to outshine them with their local commitment and all around International strength. With more than 500,000 Nigerian forex traders having opened accounts with FXTM, this broker shows no signs of slowing down.
2. Pepperstone – The best range of trading platforms for forex trading
Pepperstone is one of the leading forex brokers in Nigeria, offering traders access to a wide range of forex trading products and services. Whilst Pepperstone specialises in forex trading, the instruent range also veers into commodities, CFD trading, and indices.
The range of trading platforms offered include MT4, MT5, TradingView, and cTrader; which is unrivalled suite of award winning platforms to choose from. Pepperstone continue to offer some of the lowest forex spreads in Nigeria, with Razor execution and a dedicated customer support team.
Regulated by FCA, CySEC, DFSA, ASIC, and the CMA in Kenya; Pepperstone have global regulation with an African continental focus.
3. AvaTrade – The best forex trading app in Nigeria
AvaTrade is another top forex broker in Nigeria that offers traders a wide range of forex trading products and services. They have an intuitive platform that is easy to use, regardless of your level of experience, along with highly competitive forex spreads and fast trade execution.
In addition, AvaTrade offer 24/5 customer support so you can get help anytime you need it across the forex trading sessions in Nigeria time. AvaTrade Go is rated by many as the best forex trading app in Nigeria and beyond, with a highly engaging platform and a huge range of instruments available to trade.
As a broker holding almost all of the major global forex regulations, this is a trusted broker in Nigeria with a commitment to Africa in general by virtue of the FSCA regulation.
4. Libertex (Forex Club)
Libertex is another popular forex broker in Nigeria that offers a wide range of forex trading products and services. You will find stocks, crypto, CFDs, commodities, alongside some of the best forex spreads in the industry.
Regulated by CySEC and BVI, Libertex demo account is provided on an unlimited basis with a user-friendly platform that is designed to make forex trading simple, even for beginners.
In addition, they offer fast trade execution, as well as advanced charting tools and access to a wide range of forex analysis reports and market insights.
OctaFX is another great forex broker for Nigerian traders. They offer a user-friendly trading platform and a wide range of forex products and services, including copy trading accounts. OctaFX Nigeria users have also provided strong feedback for the broker across many different review platforms.
You will find OctaFX has CySec and FSA regulation, and are also known for their low spreads and fast trade execution.
MINIMUM DEPOSIT – $5
REGULATION – CySEC, FSC, FSCA
INSTRUMENTS – FOREX, CFDs, COMMODITIES
XM is a forex broker that is growing in popularity among Nigerian traders. The XM trading platform is from MT4, or MT5; is easy to use, offers a wide range of forex products, and features rapid trade execution.
Widely regulated, XM offer a range of educational resources locally in Africa either online, or even from time to time by in person seminars. This is a step to helping users understand forex trading that not many are committed to make.
In addition, they offer low forex spreads and commission-free trading, making them a top choice for forex traders in Nigeria.
MINIMUM DEPOSIT – $5
REGULATION – CySEC, FSC
INSTRUMENTS – FOREX, CFDs, COMMODITIES
FBS is low cost forex broker in Nigeria that offers a wide range of forex products and services, including social trading. Although offering leverage in forex of up to 1:3000, FBS offer the choice to flexibly adjust this down when required.
The minimum deposit with FBS is just $1 on the Cent account, which really provides access to trading forex in Nigeria to a wide range of users. Offering a user-friendly platform choice from MetaTrader that is suitable for forex traders at all levels of experience alongside this low minimum deposit is a sign of why FBS Nigeria users continue to grow.
When supplemented with 24/5 customer support that can help you with any trading related questions or problems, whether you’re a novice forex trader or an experienced trader looking for a new platform, FBS is a good choice for forex trading in Nigeria.
Hotforex is a Nigerian forex broker that offers a user-friendly trading experience. Their platform is designed to be easy to navigate and has a wide range of forex products and services to choose from.
They also offer low forex spreads and steady execution, making them a solid option for forex traders in Nigeria. You will find HFM in Africa is regulated by FSCA, with numerous other International regulations held.
CMTrading is one of the most popular forex brokers in Nigeria, offering Nigerians the opportunity to trade forex on a variety of platforms including web-based and mobile apps. CMtrading also offers Nigerian forex traders the opportunity to receive training and education on forex trading.
With its many features and benefits, alongside FSCA regulation and Africa offices, CMTrading remains one of the best forex broker for Nigerians looking to trade forex.
10. City Index
City Index is another top forex broker in Nigeria, offering traders access to a wide range of forex products and services. Their platform is intuitive and easy to use, making it a good choice for forex traders at all levels of experience.
Forex spreads are not the cheapest, however this is offset in part by reliable execution, and advanced charting tools that allow you to analyze market trends in real time.
Forex Investment Companies In Nigeria Have To Abide By Rules & Regulations
There are several forex regulators that oversee the activities of forex brokers and other financial investment companies in Nigeria offering forex trading services. These regulators include the Central Bank of Nigeria (CBN), and the Securities and Exchange Commission (SEC).
The SEC is responsible for regulating the securities market in Nigeria, while the NSE regulates the activities of listed companies on the Nigerian Stock Exchange.
At this time, although the CBN is the primary regulatory body for all financial institutions in Nigeria, including forex brokers; there are no forex investment companies currently governed there. This is mainly due to the fact that the online trading industry is still relatively new, and the regulatory framework Internationally is serving Nigerian forex traders well.
Forex Investment Companies & Bureau De Changes are not the same thing
You need to know that there is an important distinction to make in forex exchange for money transferring purposes, and for trading forex in Nigeria with a trading app, or investment company.
The forex exchange regulation is for Bureau De Change businesses, or BDNs, whereas forex trading for the purposes of day trading or similar would be a different set of rules. There are huge range of BDNs listed as CBN regulated, but we cannot use those for the same purpose.
Safely Trading Forex In Nigeria With Properly Regulated Brokers
At the moment, Nigerian forex traders are working with a range of Internationally regulated brokers and trading apps, but there are some points here that still need consideration.
An important point to consider is the quality, or level of regulation that the broker is operating under. Forex brokers with FCA, ASIC, CySEC, FSCA, and other globally recognised regulators will usually have a stricter set of policies than those that are purely regulated offshore.
Forex investment companies in Nigeria are either required to obtain a license from the CBN, or at the very least show that they are following the local guidelines before they can offer their services to Nigerian investors. In order to obtain a license, forex brokers must meet certain capital requirements and adhere to strict rules and regulations.
Many of those International regulators have put in place a number of measures to protect investors from forex broker scams. These measures include the requirement for forex brokers to maintain a minimum capital base, to segregate client funds, and to provide negative balance protection.
How To Decide on The Best Forex Broker In Nigeria
Looking to know how to rate the best forex broker in Nigeria? There are many factors to consider when choosing a forex broker, including their trading platforms, fees and features.
Some of the top forex brokers in Nigeria offer a wide range of tools and features that can help traders manage their accounts effectively and provide more value than just a forex trading app alone.
Best Forex Trading Platforms Improve Experience
One of the key things to look for when choosing between even the best forex brokers in Nigeria is their trading platforms.
Some forex brokers offer proprietary platforms that are specifically designed for forex trading, while others offer more traditional platforms like MetaTrader 4 or cTrader.
Many traders prefer forex brokers with proprietary platforms, as these often include advanced tools and features that can help improve your trading performance but that doesnt mean you ned to agree with that.
Having a range of trading platforms to provide users with a choice is a better fit for most people than being limited to 1 option. The best forex brokers in Nigeria know this as you will see from the list.
Search Out Low Forex Trading Fees
In addition to their trading platforms, you should also consider a forex broker’s fees and features. Many forex brokers charge commissions on trades, as well as various other fees such as inactivity or maintenance fees.
It’s important to find a Nigerian forex broker that has transparent pricing so you know exactly what you’re paying for. Additionally, many forex brokers offer different account types with different fee structures, so be sure to find an account that fits your trading style and budget.
Evaluate The Features and Tools Offered
Armed with a shortlist of the best forex brokers in Nigeria, it’s also important to consider the features and tools they offer.
Some forex brokers offer advanced charting and analysis tools that can help you make better-informed trades. Others offer more basic features like news and economic calendars.
You should be sure to find a forex broker that offers the features and tools you need to improve your trading performance.
Customer service that understands the needs of Nigerian forex traders
Another thing to consider when choosing between forex brokers in Nigeria is their customer service.
You should be able to easily contact customer service if you have any questions or problems with your account. Many forex brokers offer 24/5 customer support, so you can always get help when you need it throughout the various forex trading sessions in Nigeria time.
Consider Forex Brokers in Nigeria With a Good Reputation
Finally, you should also consider a forex broker’s reputation. You can research a forex broker’s reputation by reading broker reviews or talking to other traders. Reputation goes hand in hand with regulation.
Often it can be said that the best regulated forex brokers are in fact the best forex brokers. Whilst that will not always be the case, the trust level is higher in a regulated brand than not.
It’s important to find a trusted forex broker in Nigeria that is reputable so you can be confident in their services.
These are just a few of the things to look for when choosing the best forex broker in Nigeria for you.
Be sure to do your own research and compare different brokers before making a decision. With so many options available, you’re sure to find a forex broker that meets your needs and requirements.
Forex Trading Sessions In Nigeria time
The forex trading day is broken up into 4 main sessions, which are in line with when the major global currencies begin trading. These are the London, New York, Sydney, and Tokyo sessions which align with GBP, USD, AUD, and JPY.
The forex trading sessions in Nigeria time are broken down for you below:
- London 8am to 4pm
- New York 1pm to 10pm
- Sydney 10pm to 7am
- Tokyo 1am to 10am
Naira Trading Explained
As the official currency of Nigeria, the Nigerian Naira is used throughout the country for all transactions. The Naira is subdivided into 100 kobo and is currently traded to the US Dollar at a rate of 1 USD = 417.45 NGN.
The Nigerian Naira is one of the most traded currencies in forex trading platforms in Nigeria. It is sought after by traders because of its relatively strong fundamentals and the local knowledge of the political climate. In addition, the forex market in Nigeria is quite active, with many forex brokers catering to local investors.
There are several factors that have contributed to the popularity and stability of the Nigerian Naira on forex markets. These include a strong economic growth rate, low inflation, and a solid foreign investment environment. Additionally, Nigeria has been working to develop its forex infrastructure by creating regulations and policies that attract forex brokers and investors from around the world.
Despite its many strengths, the Nigerian Naira is not without some challenges. One of the biggest is the relatively high level of corruption that remains perceived in the country, which has led to a lack of confidence in the government and its institutions. Additionally, the forex market in Nigeria is still relatively young and undeveloped, which can make it difficult for investors to find reliable and reputable forex brokers.
Despite these challenges, the Nigerian Naira is still one of the most traded currencies in forex markets around the world. And with a strong economy and favorable investment environment, Nigeria is poised to continue attracting forex brokers and investors in the years to come.
What is the minimum deposit for trading forex in Nigeria?
The minimum deposit for forex trading in Nigeria can vary depending on the forex broker or trading platform that you choose to use. Typically, most forex brokers require a minimum deposit of $100 or more, though some may require significantly higher amounts.
You may find a couple of brokers that allow you to trade with a free deposit, but there are often trade volume requirements that must be met before you can withdraw any profits earned from forex trading.
Forex trading in Nigeria can be a profitable way to earn money, but many more people fail than succeed. Once you know the basics and have used a demo account successfully, it is important to choose the right broker and platform, and to understand the risks involved.