Best Forex Brokers in Nigeria (Updated List 2024)

January 4, 2024

0 24 minutes read

There are hundreds of offshore&scam forex brokers that accept Nigerian traders.But most of these brokers are high-risk, as they are either unlicensed or they register their clients under Offshore regulations.

For the safety of your funds, traders based in Nigeria should only trade via forex brokers that are regulated by multiple Tier-1 & Tier-2 regulations.

There are only a few Top-Tier regulated forex brokers that operate in Nigeria, which we consider to be low risk. In our research, Exness stood out on most of the important metrics.

Read our research on brokers& detailed list of the various metrics.

📂 Forex Broker	⚖Regulation(s)	💰 Starting deposit	🏦 Naira Account	🌐 Website
Exness	FCA, CYSEC, FSCA, FSC, FSA, FSC(BV), CBC, CMA	$10	Yes	www.exness.com
HFM	FCA, DFSA, FSA, CMA, FSCA	N4,000	Yes	www.hfm.com/sv/en-ng
FXTM	FCA, CYSEC, CMA, FSCA, FSC	N10,000	Yes	www.forextime.com
FxPro	FCA, FSCA	$100	No	www.fxpro.com
XM	CYSEC	$5	No	www.xm.com
AvaTrade	CBI, ASIC, CYSEC, FSCA, BVI FSC, FSA Japan, FRSA Abu Dhabi	$100	No	www.avatrade.ng
OctaFX	MISA, CYSEC, St. Vincent & The Grenadines	N15,000 or $25	No	www.octafx.com
Tickmill	FCA	$25	No	www.tickmill.com

Best Forex Brokers in Nigeria

Exness – Overall Best Forex Broker in Nigeria
HotForex (HFM) – Best Forex Broker for Beginners
FXTM – Best Forex Broker for Naira CFDs on USD/NGN& EUR/NGN
FxPro – Best Forex Broker with Multiple Platforms at Low Cost
XM Broker – Best Forex Broker for Spread Only Trading Account
AvaTrade – Best Forex Broker for Fixed Spreads
OctaFX – Good Forex Broker with Local Funding Options in Nigeria
Tickmill – Best Regulated Forex Broker with Pro Accounts
IC Markets – ASIC Regulated Forex Broker
PepperStone – Forex Broker with Commissions

We scrutinized these international forex brokers accepting Nigerian clients based on multiple metrics including their Regulation(s), fees, types of platforms, security features, payment options for Nigerian traders, list of Instruments, customer support & Promotions/Bonuses.

1. Exness – Overall Best Forex Broker in Nigeria

Exness Pros:

Strong Regulation
Exness has a Demo Account for practicing with fake cash in a virtual trading world
Exness has Naira base currency trading accounts
Exness has a Cent Account which restricts trading to smaller volumes & this is good for beginners who want live trading which the demo account doesnt provide
Low spreads when compared to what major competitors offer
Exness allows swap-free trading on alot of instruments
Exness has a powerful mobile app with over 10 million downloads on google play store
Exness does not charge inactivity fee
Exness 24/7 customer support channels are open even on weekends

Exness Cons:

No bonus is available
Customer support is not great

Regulation/Licenses: 5/5

Exness is a retail Forex broker that was founded in 2008 and is regulated by:

The Financial Conduct Authority (FCA) UK
Cyprus Securities and Exchange Commission (CySEC)
Financial Sector Conduct Authority, South Africa
Financial Services Commission (FSC) Mauritius
Financial Services Authority (FSA) Seychelles
Financial Services Commission (FSC) British Virgin Islands
Central Bank of curacao and Sint Maarten
Capital Markets Authority Kenya (CMA)

Exness (SC) Ltd. does not have a physical local office in Nigeria.

Exness Fees: 5/5

When trading live you are bound to incur: Commissions, Spreads, and Swaps.

However Exness Standard Account users avoid paying commissions, but have to pay spreads from 0.3 pips & above. This implies EUR/USD spread of around 1 pip and GBP/USD around 1.2 pips.

Traders who have more experience are the target of Exness Professional Accounts which require you to pay $3.5 per side commissions which is high as per industry standards; but pay lower spreads starting from 0.0 pips.

Holding a forex CFD position overnight means you earn or pay swap however in some cases you don’t even earn anything. As seen on Exness website, if you bought GBP/USD, you pay $0.18708 every night & if you sold you still pay $$0.11063.

However Exness has enabled swap-free trading which comes with a condition that you trade mostly during the day.

Exness conditional swap-free instruments are: Stocks, Indices, Crypto, Gold, &Major Forex Pairs.

Warning: Over 80% CFD traders lose money, so you should be careful about ‘trading actively’without a good plan, as you could incur losses.

Exness Payment Channels: 4.7/5

Exness in Nigeria does not charge fees for deposits/withdrawals. Although Exness accepts transactions to/from local Nigerian Banks, they are yet to configure their systems to accept transactions from more indigenous/local mobile money platforms.

Exness allows you the option of choosing you account base currency to be in Naira, thus you dont have to go around sourcing for Us Dollar or any foreign currency to trade with. You also avoid paying currency conversion fees since you are trading with Naira Currency.

Find below list of accepted payment methods on Exness:

Method

Minimum amount

Duration

Bank/Card

● Withdrawal: $10

● Deposit: $10

● Withdrawal: 24 hours

● Deposit: –

Skrill

● Withdrawal: $10

● Deposit: $10

● Withdrawal: 24 hours

● Deposit: 30 minutes

Neteller

● Withdrawal: $4

● Deposit: $10

● Withdrawal: 24 hours

● Deposit: 30 minutes

Online Bank Transfer

● Withdrawal: $3

● Deposit: $10

● Withdrawal: 24 hours

● Deposit: 30 minutes

Perfect Money

● Withdrawal: $2

● Deposit: $10

● Withdrawal: 24 hours

● Deposit: 30 minutes

Stic pay

● Withdrawal: $1

● Deposit: $10

● Withdrawal: 24 hours

● Deposit: 30 minutes

Exness Tradable Instruments: 4.5/5

Exness offers Forex trading on 100+ currency pairs (including major, minor and exotic pairs), 10+ metals, 90+ stocks, 10+ indices and energies. Leverage ratio offered by Exness is 1:2000

However Exness does not allow you pair the Naira with other currencies to trade. Even when it comes to asset classes like Bonds, and Indices; Exness does not have products based on Nigerian Bonds or Indices.

Exness Platforms: 4.8/5

Exness platform lineup lacks the cTrader but Exness MT4 & MT5 platform offerings are good for new & experienced traders.

Exness has also developed its own platform which includes a mobile app protected with 2FA and biometric login, & equipped with useful tools. There is also a proprietary Exness Web Terminal, so desktop users can access the platform from any browser.

Exness Support Service: 4/5

You can engage the Exness LiveChat service while logged into the mobile app & this is convenient. If you trade from a browser or desktop, engage LiveChat on the Exness website.

We like that Exness support stays open 24/7, and other support channels like telephone and email are responded to in English language.

However we do not like that telephone lines are not free and general response time can be long.

Exness Bonus/Promotions- Nil

Overall: 4.6/5

Exness has the highest no. of regulations, and their costs are also low. The major downside is that their customer support is not the best.

You can get more information about Exness for Nigerian traders here

2. HotForex (HFM) – Best Forex Broker for Beginners

HF Markets Pros

Naira denominated trading accounts
Strong Regulation: HF Markets is regulated in many jurisdictions including the UK where the FCA has very strong regulations.
HF Markets has a Demo Account
HFMarkets has a Cent Account specifically built for beginners to trade very small order sizes
Copy Trading: You can choose to be a Strategy Provider (SP) or a Follower. An SP lets followers to copy his trades and earns a fee. Followers also copy the trades of SPs.
Swap-free trading
Diverse account types featuring low trading fees
Above average mobile app with over 1 million android downloads online

HF Markets Cons:

No customer service channels open during weekends, so you will get delayed responses.
$5 Inactivity fee
Limited number of currency pairs
Spreads on the HF Markets Cent Account are too high for beginners who are the targets of this account. EUr/USD benchmark spread hovers around 1.6 pips.

Regulation&Licenses: 5/5

When you open an account with HF Markets, your client agreement is between you and HF Markets (SV) Ltd. which is their business unit regulated in Saint Vincent & The Grenadines.

HF Markets also operates in other part of the world, where their operations are monitored and sanctioned by:

Financial Conduct Authority (FCA), UK. The FCA regulator in the UK is regarded as a tier-1 regulatory body because it sees a lot of the action in the forex market given that the UK is the forex trading hub of the world. The FCA has thus developed strong regulations based on its experience.
Dubai Financial Services Authority (DFSA)
Financial Services Authority (FSA) Seychelles
Capital Markets Authority (CMA) Kenya
Financial Sector Conduct Authority (FSCA) South Africa

HFM has a physical registered office in Nigeria. But theNigerian clients at HotForex are registered under St. Vincent & the Grenadines regulation which is registered as the company name HF Markets (SV) Ltd.

HF Markets Fees: 5/5

Nigerian HFM traders face these trading charges: Commissions, & Spreads.You will neither receive nor pay overnight swaps when trading forex from Nigeria.

HFM has stopped charging commissions on forex for most of its accounts except its Zero Account where you pay $3 as commission per side & pay lower spreads starting at 0.0 pips for Forex & Gold CFDs.

If you can afford the minimum deposit, HFM accounts offer low cost. For example HFM just introduced the N250, 000 minimum deposit PRO PLUS Account where you don’t pay commissions and also pay spreads as low as 0.2 pips.

The HFM Pro Account is another zero commission account where spreads start as low as 0.5 pips but minimum deposit requirement is N100, 000.

However HFM Premium and Cent Accounts have zero minimum deposit requirement, and zero commission payment, but their spreads are higher starting from 1.2 pips.

For non-trading fees, a $5/month inactivity feeis levied on dormant accounts after 6 months.

HF Markets Payment Methods: 4.7/5

HFM accepts over 15 funding methods but we discuss the ones applicable to Nigeria. HFM also offers Naira account currency so deposits/withdrawals in Naira don’t need to be converted to another currency thus lowering cost.

Deposits into HF Markets:

Nigerian Bank USD deposit takes 2 working days
Nigerian Bank Naira deposit is instant
USD Wire Transfer deposit takes between 2 & 7 working days.
Master & Visa Credit card deposits take 10 minutes and is free
Other alternative payment channel deposits take around 10 minutes and HF markets does not charge anything. Also note that payment processor fees are not covered by HF markets.

Withdrawals from HF Market:Nigerian Bank USD Withdrawal takes 24 hours and is free.Wire transfer & Visa credit Card Withdrawal takes around 10 working days.

HFM needs to integrate more local Nigerian mobile payment solutions into its payment lineup.

HF Market Tradable Instruments: 4.5/5

HFM CFD offerings lag behind in the currency asset class segment. Only 50+ FX Pairs including both major & minor, but no Exotics.

However Metal CFDs paired against USD & EUR such as Gold and Silver are available and you can trade Gold CFDs with spreads from 0.0 pips.

You also get Energy, Indices, Stock, Commodity, Bond, ETF, & Crypto CFD market exposure. CFDs are leveraged products so HFM allows up to 1:2000 in leverage meaning higher risk to you.

HF Market Platforms: 5/5

HFM has developed its own proprietary trading app and testing the app shows it’s secure with fingerprint scanner and biometrics. The app also features a Demo Account for practice. However the drawback is you need to open a Premium Account to be able to use the mobile app.

MT4 and MT5 is also available as well as copy trading. VPS hosting has been newly introduced allowing Expert Advisors (EAS) to be connected to HFM servers always and preventing downtime.

HF Markets Customer Support: 4.5/5

HFM is available 24/5 (Monday to Friday) via Live Chat, emails, andNigerian phone number.

HF Markets Bonus/Promotions: 4.5/5

100% supercharged bonus- You can earn $2 daily cash rebates per lot for every $10 you deposit. The rebates can be withdrawn in cash or used to trade
30% Rescue Program: To qualify you need to deposit over N20, 000 or $50 or 40 Euro. For every N20, 000 you deposit you get N6, 000 in rescue. This cash cannot be withdrawn and is to be used for trading only.
Deposit Bonus: A 100% credit bonus to all new traders at HFM if you signup for the bonus.This is available only for Islamic, premium & Micro accounts. To qualify make a deposit of 100 Naira or 100 of any currency. You get a bonus on your deposit which can withdraw from your account.
HFM in Nigeria also pays you Return on Free Margin (ROFM) where you earn interest on unused margin, but terms & conditions apply.

Overall: 4.7/5

HFM is a well regulated forex broker with low spreads on most currency pairs. Their support is also good, and they have local deposit & withdrawal options.

3. FXTM – Best Forex Broker for Naira CFDs: USD/NGN& EUR/NGN

FXTM Pros:

Naira Base Currency Account is available
Micro Account (some brokers call it Cent Acount)
Demo Account is available for free
You can trade USD/NGN & EUR/NGN
FXTM has swap-free trading on specific instruments only
FXTM has no limit & stop levels
FXTM supports speedy withdrawals in Naira via Nigerian Banks at zero cost

FXTM Cons:

FXTM has a N80,000 minimum starting deposit which is quite high
FXTM charges withdrawal $3 fees when you use Visa/Master/Maestro Cards to wothdraw.
FXTM spreads are generally high especially on the Micro Account which is supposed to be beginner-oriented
Inactivity fee
Mobile app lacks advanced tools

FXTM is a global financial service provider that was established in 2011 and they accept clients from Nigeria. They do have a physical branches in Nigeria.

FXTM is licensed by:

Cyprus Securities and Exchange Commission (CySEC)
Financial Sector Conduct Authority (FSCA) South Africa
Capital Markets Authority Kenya CMA (where it operates as Exinity Capita East Africa Ltd)
Financial Conduct Authority FCA UK (where it operates as Exinity UK Ltd.)
Financial Services Commission Mauritius (where it operates as Exinity Ltd.)

FXTM Fees: 4/5

Deposit & Withdrawal charges via Nigerian banks: Free
Deposit & Withdrawal charges via e-Wallets: Free
Deposit charges via Visa & Master Credit Cards: Free
Withdrawal charges via Visa & Master Credit Cards: $3

Note that if you inted to deposit in Naira currency, your best option is to use Nigerian Banks because other payment channels dont support Naira currency.

Spread: On the FXTM MT5 Advantage Account, spread can be as low as 0 pips but with Micro Accounts, the spreads are high.

On the Micro and Standard Accounts EUR/USD spread can be 1.9 pips but on the MT5advantage account spread is zero.

Commission: is $2 per side and is charged on the Advantage Account only. However commissions on Cryptocurrency CFDs can reach $150.

Swaps: FXTM charges for overnight positions but there is also swap-free terms & conditions on certain instruments

The maximum leverage FXTM offers is 1:1000 fixed on the Micro account, 1:2000 floating on the Advantage & Advantage Plus accounts.

FXTM Payment Options: 5/5

Methods

Minimum amount

Duration

Bank Transfer

Deposit: None

Withdrawal: None

Deposit: Instant

Withdrawal: Instant

MasterCard

Deposit: $5

Withdrawal: None

Deposit: Instant

Withdrawal: 24hrs

Neteller

Deposit: $5

Withdrawal: N1

Deposit: instant

Withdrawal: 24hrs

Bank wire

Deposit: $10

Withdrawal: None

Deposit: 3-5 working days

Withdrawal: 24 hrs

FXTM Tradable Instruments: 4/5

FXTM offers 60+ Forex currency pairs (including major, minor and exotic), five spot metals, 3 CFDs commodities, Stock CFDs and CFD on indices.

You can trade the USD/NGN& EUR/NGN giving you exposure to the Nigerian market, but these FX pairsare very volatile and should be traded by professionals only.

FXTM Platforms: 4.5/5

This broker offers MT4 and MT5 trading platforms that are available on PC, Mac, Mobile and iOS. They also offer the FXTM Trader mobile app that is available on both android and iOS.

FXTM platform lets you open account in Naira (NGN), US Dollar (USD), Euro (EUR), & British Pound (GBP) base currencies

FXTM has a Demo Account where you can learn how to trade, or perfect strategies before going live.

FXTM platforms also support copy trading where you can copy the trades of other experienced traders and vice versa.

FXTM Support Channels: 5/5

Live Chat, Nigerian Phone Numbers, email address. Help lines are also open on weekends

FXTM Bonus/Promotions- Nil

4. FxPro – Best Forex Broker with Multiple Platforms at Low Cost

FxPro Pros:

FxPro is regulated by FSCA, FCA; both are Top-tier regulators.
FxPro has a good android mobile app with over 5 milion downloads on play store.
The Fxpro mobile app also has very good charting tools which are good for beginners
Excellent platform lineup including MT4/5 &cTrader
Four Professional Account types out of which 2 offer raw spreads
FxPro 1:200 leverage helps reduce tendency for heavy losses
Low commission & spreads with cTrader terminal

FxPro Cons:

No Naira account available for traders
FxPro does not permit trading CFDs on Bonds, ETFs, & Soft Commodities
FxPro minimum deposit is $100 which is high for the average Nigerian
No Cent Account for beginners who are done with the Demo Account and want to go live while risking little capital
No swap-free conditions
Inactivity fee

Overall: 4.3/5

FxPro is regulated with FCA, which makes them low risk for traders. The fees is low with cTrader account, and they have good customer support. But they don’t have Naira account.

Click here to get more details on FxPro’s website

5. XM – Best Forex Broker for Spread Only Trading Account

XM Pros:

XM has a Micro Account for traders who have practiced on Demo Accounts & are going live for the first time
Zero Commissions means beginners will find it easy to estimate profit & loss when making calculations
XM has a $5 starting minimum deposit which is affordable
Demo Account is free
Swap-free trading with Ultra Low Account
XM has copy trading
XM has good research & education
Live price feed
XM has a good mobile app with over 5 million android downloads recorded
Bonus offerings

XM Cons:

No Naira Account
High risk- No Tier-1 regulation
No raw spreads. XM spreads can be high with EUR/USD spreads reaching 2.0 pips
No CFD Markets for ETFs & Bonds
Inactivity fee

Regulation&Licenses: 3.5/5

XM Global ltd. is a financial service provider that was founded in 2009. They are regulated by the Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC).

XM has no registered physical office in Nigeria.

XM Fees: 4/5

XM brokers takes zero commission on forex trading, but their average spread is high.

XM EUR/USD average spread on standard accounts is 1.7 pips but on ultra-low accounts EUR/USD spread can be as low as 0.0016 pips

Although XM charges overnight swaps, the Ultra-low Account provides swap-free trading on specific instruments

XM Payment Channels: 4/5

You can deposit and withdraw money with XM broker using mastery, visa card, e-wallet like Skrill. There is no option to fund via bank transfer in Naira.

XM Tradable Instruments: 5/5

You can trade up to 1000 instruments on XM. This includes 50+ Forex, currency pairs, 1000+ stocks, eight commodities, 20+ equity indices, three metals, energies and cryptocurrency with a 1:1000 maximum leverage

XM Platforms: 5/5

XM has the MT4 for windows, MAC PCs, web, iOS & Android devices. It also has MT5 for Windows & MAC PCs, web and Android devices.

There is also the XM proprietary trading app for Android & iOS devices

XM only supports account opening in USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, SGD, ZAR base currencies as there is no Naira account

XM has a Demo Account where you can learn how to trade, or perfect strategies before going live.

XM Security: 4/5

XM brokers offers users the ability to enable two factor authentication. It is advised you enable two factor authentication as it gives your account protection from hackers.

Negative Balance Protection is also in place to prevent you from losing more than your initial deposit. If due to volatility your account goes into negative, XM will adjust it back to zero.

XM Support Service: 4.5/5

XM broker customer support is available 24/7 via call, email, and live chat.

XM Bonus/Promotions: 4/5

XM has a ‘50% + 20% bonus program’ for deposits over $5 into your account. For 50% the bonus cannot exceed $500 and for 20% the bonus cannot exceed $4500

For example you deposit $5000 so your bonus will be (50% of $1000) + (20% of $4,000) = $1300

Overall: 4.2/5

XM is not regulated by any Tier-1 regulation, but they are a reputed broker. Their fees is low with Ultra Low account (no commission per lot) & their support is good.

You can read about the trading conditions on your signup with XM

6. AvaTrade – Best Forex Broker for Fixed Spreads

AvaTrade Pros:

Strong Tier-1 regulation from ASIC
AvaTrade has a good mobile app with over 1 million android downloads
AvaTrade has only one account type. AvaTrade has no Cent Accounts for beginners
Social Trading is available
AvaTrade spreads are fixed (they dont fluctuate)
AvaTrade can reimburse you for losses while trading when you subscribe to the AvaProtect feature
CFD products are many
1:400 leverage

AvaTrade Cons:

No support services on weekends
AvaTrade does not support Naira base currency denominated accounts. The implicationis you pay for currency conversion if you deposit/withdraw in Naira
High minimum deposit
AvaTrade charges $50 inactivity fee
AvaTrade does not provide for swap-free trading

Regulation: 4/5

Avatrade is an online CFD broker that was founded in 2006. This broker accepts traders from Nigeria, but does not have an offline branch office in the country. Avatrade is regulated by:

The Central Bank of Ireland (CBI)
Cyprus Securities and Exchange Commission (CySEC)
Australian Securities & Investments Commission (ASIC)
British Virgin Islands Financial Services Commission
Financial Sector Conduct Authority (FSCA) South Africa
Financial Services Agency (FSA) Japan
Financial Regulatory Services Authority (FRSA) Abu Dhabi
Israel Securities Authority (ISA)

Fees: 4.5/5

Avatrade does not charge commission, however they charge fixed spreads. The average spread for some Forex pairs like EURUSD is 0.9.

For Nigerian users, AvaTrade has a maximum leverage of 1:400. Avatrade charges inactivity fees and swap fees.

Payment Channels: 3.5/5

Deposits: You can deposit money into Avatrade via e-Wallets, Wire Transfer, Credit/Debit Card. For credit card deposits it is instant, for e-wallet it take 24 hours and for wire transfer it takes about 7 working days.

Withdrawals: You must withdraw via the same channels which you deposited which could be e-Wallet, Wire Transfer, Credit/Debit cards.

However deposits or withdrawals from Nigerian banks are not supported. Credit cards from Nigeria are also not accepted by Avatrade.

Tradable Instruments: 4/5

Avatrade offers Forex trade with 50+ currency pairs (including exotic, major, and minor). They also offer CFD trading on stocks, commodities, ETFs, bonds, and indices.

Platforms: 4.5/5

Avatrade offers MT4, MT5 that work on MAC and Windows PCs as well as on a web browser. Avatrade also has two proprietary platforms called: AvaTradeGO for mobile phone trading and AvaOptions for option contract trading

Avatrade platforms also support copy trading via its DupliTrade platform where you can copy the trades of other experienced traders and vice versa.

Avatrade also has a demo account for beginners to learn how to trade.

Avatrade supports social trading via its AvaSocial platform where you can chat with other traders globally and subscribe to MQL5 signals

Support: 4/5

Avatrade customer service is available 24/5 via email, live chat or call and doesn’t work on weekends and holidays.

Bonus & Promotions: 4/5

For deposits over $200 you get 20% back as bonus.

You can read about the trading conditions on your signup with AvaTrade

7. OctaFX -Good Forex Broker with Local Funding Options in Nigeria

Octafx Pros:

Deposit and Withdrawal is free
Zero commissions
Octafx does not charge overnigh swap fees
Negative Balance Protection
Demo Account
No Micro Account
No inactivity fees

Octafx Cons:

High risk- No strong Tier-1 regulation from the FCA UK. They are still popular in Nigeria.
High $25 minimum account opening balance
No Naira account
Limited products to trade

Regulation: 2/5

Octafx was launched in 2011 and is regulated by The Mwali International Services Authority (MISA) located on the Comoros Island off the coast of Madagascar. This is not exactly top-tier regulation, as Mwali is not an advanced economy.

Octafx Fees: 4.5/5

OctaFX does not charge commission, they charge variable spread that starts from 0.8 for a currency pair like EUR/USD. This broker offers investor protection and has maximum leverage of 1:500.

Octafx Payment Channels: 4/5

Deposit & Withdrawal is free of charge as OctaFX does not charge any commission for the service.

They have also provided several methods of deposit and withdrawal.

Method	Minimum amount	Duration
Bank Transfer	Deposit: 15000.00 NGN or $50 Withdrawal: 3000.00 NGN	Deposit: Withdrawal: 1-3 hrs
Bitcoin	Deposit: 0.00037000 BTC Withdrawal:0.00009000 BTC	Deposit: 3-30 minutes Withdrawal: 3-30 minutes
Ethereum	Deposit: 0.02000000 ETH Withdrawal: 0.00500000 ETH	Deposit: 3-30 minutes Withdrawal: 3-30 minutes
Master Card	Deposit: 50 EUR	Deposit: Instant

Octafx Tradable Instruments: 3.5/5

Octafx offers CFDs on Forex with 35 currency pairs, 150 Stocks, 10 indices, 30 Cryptocurrencies, Gold &Silver. The Octafx CFD catalogue is not very rich as ETFs, Soft Commodities, Zinc, &Bonds are missing.

Octafx Platforms: 4/5

Octafx offers the MT4 and MT5 trading platforms that run on Web,Android,Windows, and Mac operating systems.

Octafx also offers their own proprietary app called ‘OctaTrader’ which runs on web, Android, and iOS devices.

OctaFX only supports USD and EUR account base currencies and there is no Naira account.

OctaFX has a Demo Account where you can learn how to trade, or perfect strategies before going live.

OctaFX platforms also support copy trading where you can copy the trades of other experienced traders and vice versa.

Octafx Security: 3/5

Every withdrawal from your account must be confirmed by you via email to prevent fraudulent withdrawals.

Negative Balance Protection is also in place to prevent you from losing more than your initial deposit. If due to volatility your account goes into negative, OctaFx will adjust it back to zero.

OctaFx Support Service: 4/5

Customer support is available 24/7 via live chat, email, and enquiry form.

Overall: 3.8/5

OctaFX is a higher risk forex broker than others in this list. But they are regulated with CySEC, and they have low spreads on major currency pairs.

You can read about the trading conditions on your signup with Octafx

8. Tickmill – Best Regulated Forex Broker with Pro Accounts

Tickmill Pros:

Tickmill has Tier-1 regulation with FCA
Beginner (Classic) & Pro Account can be accessed with the same minimum deposit
Tickmill has no inactivity fee
Great education
Bonuses
Good customer support
Copy trading
Free EAs for MT4
Low commission of $2 per side
Low spreads when you use the Pro Account. EUR/USD is 0.1 pips

Tickmill Cons:

No NGN account currency
Tickmill minimum deposit is $25 which is still high
No beginner-oriented trading accounts
Tickmill mobile app is not great when tested. It also has just 100k downloads on play store

Regulation: 5/5

Tickmill is a CFD broker that accepts traders based in Nigeria. The Tickmill Group was founded in 2014, and they are a multi-regulated forex broker. They don’t have any local office or phone number in Nigeria, but they are regulated with following regulators:

Financial Conduct Authority (FCA)
FCA Cyprus Securities and Exchange Commission (CySEC)
Financial Sector Conduct Authority (FSCA) South Africa
DFSA UAE
Seychelles Financial Services Authority (FSA)

Note that Nigerian clients are registered under FSA in Seychelles.

Fees: 4.5/5

AvaTrade has 2 account types for forex traders. One is commission based & other is spread only. The minimum deposit for account opening at Tickmill Nigeria is now $25.

Depending on your account type, the spreads are as low as 0 pips. But there is a commission with the Pro Account of $0.2 per side for mini lots.

There are no extra charges for deposits or withdrawals.

Payment Channels: 3.5/5

Tickmill only accepts payments via cards & cryptos from clients in Nigeria. The minimum withdrawal amount is USD 25 (depends on your account currency).

There are no extra charges for withdrawing of your funds. But there is no local bank account option for Naira deposits & wthdrawals.

Tradable Instruments: 4.5/5

Tickmill has 6 asset classes for CFD trading. These include 62 Forex pairs, 100+ CFDs on stock indices (like NASDAQ, DAX, Nikkei225 & S&P500), cryptos, commodities (including Gold), Bond & stocks.

Platforms: 5/5

You can trade on your desktop/laptop, mobile or webbrowser. MetaTrader 4 & MT5 platforms are supported by Tickmill. Their mobile app is available on both iOS & Android.

Support: 4/5

There is no local phone number in Nigeria. But they have live chat & email support on their website. Their live chat is responsive & were quick in answering our queries.

Bonus & Promotions: 4/5

Tickmill has a $30 Welcome Account Bonus available for new traders. Nigerian clients can register for this bonus, and withdraw any profits made. But make sure to read the terms.

You can read about the trading conditions on your signup with Tickmill

Runner Ups – Best Forex Broker Nigeria

How should you choose a Forex Broker in Nigeria?

Here are metrics we considered when choosing the listed Forex brokersfortraders in Nigeria.

a. Tier 1 Regulation and Reputation

We pay the highest attention to regulation because of the prevalence of forex scams, and the fact that recovery of funds can be nearly impossible.

Tier-1 regulators are those from developed economies like UK and Australia. For example the Financial Conduct Authority of the UK is a Tier-1 regulator and any brokers under their regulation are deemed safer than those not under Tier-1 regulation.

Sinceforex trading is not regulated in Nigeria (but it is not illegal to trade forex), when choosing a broker in Nigeria, you may want to consider brokers that are regulated by top tier regulatory bodies like the Financial Conduct Authority (FCA) and the ASIC.

You must check the website of the broker & find out the regulatory licenses with they hold. HF Markets Group for example has licenses issued by multiple regulators.

You then verify if the licenses are valid or notby visiting the website of the regulator (license issuer), and searching its register of licensed entities.

Example to verify HF Markets FCA license visit www.fca.org.uk, click on ‘firms’, then click on ‘check if a firm is authorized’.

b. Local Presence and Support

Some forex brokers have study centers in Nigeria, and hold seminars and trainings periodically. This establishes a footprint as they have a physical presence of some sort enabling you to put a face to the voice.

Whether a broker has a local office branch or not, they should have good customer service that is easy to reach.

Like HFM give their Nigerian phone number on their contact page.

Try to call the number for your questions, not just related to sales, but actual account related queries. See if the responses are satisfactory.

c. Availability across platforms and Ease of Use

Before choosing a broker, you should ensure that the trading platforms they offer are compatible with your device.

Check if the platforms are available on Android, iOS, Linux and Windows. The broker should also offer demo accounts that enable you to test it before you start live trading.

d. Overall Fees

Brokers make money by charging a fee. Some charge more competitive fees than others.

Before trading with a broker, do your due diligence to know how much they charge for Spread, Commission, overnight holding costs, and non-Trading Account charges.

You may want to consider brokers that charge the most competitive fees.

e. Minimum Deposit

Another thing to consider before choosing a broker is the required minimum deposit for account opening & for subsequent deposits.

If you are someone who prefers to trade with small amounts, you may want to consider brokers with low minimum deposit as such brokers do not match your trading styles.

f. Local Payment Options

Depositing and Withdrawing funds should not be a difficult process. You should consider brokers who offer a wide variety of deposit and Withdrawal methods.

Forex brokers that accept payments in Naira via bank account are considered better (only if they are Tier-1 regulated).

You also want to check the terms and conditions for deposit and withdrawal as some brokers charge fees. The duration it takes to deposit and withdraw funds is something you may want to put into consideration as well.

g. Mobile App and MT4

MT4 is one of the most popular trading platforms around the world, and if you wish to hop into the band wagon of people using this platform then your preferred broker should offer it.

Remember MT4 is a shared platform so a good broker should also develop their own proprietary/unique platform. This shows commitment to technology and makes the broker more reliable.

Proprietary platforms offer better functionality than MetaTrader because the broker can keep adding new features at their pace and budget. Brokers can also delete features users don’t find useful.

For example you can access LiveChat from inside a broker’s proprietary platform, which is something you cannot do on MetaTrader platforms.

h. Number of Instruments and access to number of global markets

The number of instruments a broker offers and its access to the global market is one of the important factors to consider when choosing a broker.

A broker’s access to the global market goes a long way to tell the level of liquidity they have.

You may want to consider brokers who offer a wide variety of instruments, as such brokers have more tendency to offer products that you have Interest in trading or investing into.

i. Security of App/Platform

The importance of having a secured app or platform cannot be overstated. You may want to consider brokers who offer two factor authentication during login, and withdrawals.

Two factor authentication makes it difficult for hackers to gain access into your trading platform.

Information of Forex Brokers in Nigeria

🔎 Best Forex Broker Name	Exness
☑️ Licenses of Forex Brokers in Nigeria	FCA, DFSA, FSA, CMA, FSCA, ASIC
🏦 Lowest Minimum Deposit	N4,000 at HFM
💰 Lowest EUR/USD spreads	0.0pips at Exness
🏢 Brokers with Local Bank Deposits	HFM, Exness, FxPro, OctaFX

Frequently Asked Questions (FAQs)

Is Forex Trading Legal in Nigeria?

Yes, forex trading is legal in Nigeria but there are no locally regulated forex brokers in Nigeria, so you are trading at your own risk.

Traders should only trade via Tier-1 regulated forex brokers like HotForex for example to ensure that their funds are safe.

How does Forex Trading work in Nigeria?

You have to register and download the app of a foreign licensed forex broker that is regulated in their jurisdiction. Only the forex brokers regulated by Tier-1 regulations should be trusted.

You then fund your account with the minimum deposit which your forex broker will specify.

After that you choose the contract for trading, which could be Contract for Difference, Options, or Futures contracts.

You choose the currency pairs to trade example use US Dollar to buy Euro (EUR/USD) then wait for the Euro to increase in price before closing your position and making a profit.

What currency pairs should beginners trade?

The major currency pairs which contain the US Dollar and another currency of a developed country are the best to trade.

For example the EUR/USD is the most traded pair in the world and is a major currency pair. You will not find it hard to get someone willing to trade with you online.

How to open account with a Forex Broker in Nigeria?

This involves three to four steps.

Choose a Forex Broker – You should choose a Forex Broker that is regulated by Tier-1 & Tier-2 regulations.
Signup with the Broker – You would be required to submit your KYC documents, and complete the account opening form. For example, you can follow this link & click the ‘Open Live Account’ green button on HFM’s website (or any other broker).
Fund your Trading Account – You can fund via available payment methods for the minimum deposit or higher.
Download App & Start Trading – This step involves downloading the platform or app of your broker from their website. It should be preferred that you use a desktop application for charting & managing your orders.

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January 4, 2024

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