In this guide, we will look at the top 10 forex trading brokers in Nigeria, their standout features, and what makes them different from others.
Forex is the largest financial market in the world with a daily turnover of about $7 Trillion, and Nigeria also happens to be a very populated country with the largest economy in Africa. So if you are a forex trader in Nigeria, whether a beginner or expert trader, you will have to deal with a vast marketplace, and this requires certain knowledge and expertise.
It is also important as a forex trader to be aware of scammers if you don’t want to fall victim and be a prey
One of the most important things in forex trading is the need for a reliable and trustworthy broker, and there are so many of them in Nigeria. So how do you find the best one? You don’t have to worry because this guide features the top 10 Forex trading brokers in Nigeria; keep reading to learn more.
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Page Contents
1. Exness
Exness is a multi-regulated forex broker founded in Russia in 2008, it has a long-standing history of being one of the best brokers in the country, and it offers trading options on over 100 forex pairs, 70+ stock CFDs, multiple cryptocurrencies, indices, and commodities.
Stand Out Features
- Exness is regulated by FSCA, FSA, FCA, CBCS, FSC BVI, FSC, and cySEC.
- Accepts deposit in Naira and has other flexible funding options.
- It has unlimited leverage ratios.
- Very low minimum deposit requirements for new users.
- It has a demo account and supports Islamic accounts.
- Trading assets include forex major pairs, forex minor pairs, metals, forex exotic currency pairs, energies, cryptos, stocks, and indices.
Pros
- Multilingual 24hrs customer support is available.
- It has an automated instant withdrawal system.
- There are several account types to choose from, with low commissions and tight spreads.
- It has a powerful proprietary mobile app.
- It is ideal for both institutional investors and beginner traders.
Cons
- Exness is unavailable in Europe.
- Extreme leverage.
- Limited range of shared CFDs.
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2. FBS
FBS caters to traders from across the globe, including Nigeria; it is ideal for beginners looking for low minimum deposit and experienced traders in need of high leverage and low fees. The platform is well known for its high leverage ratios, comprehensive trading solutions, and competitive trading conditions.
Standout Features
- FBS is regulated by cySEC and IFSC.
- It features a crypto trading account, standard account, zero accounts, cent account, micro account, and ECN account.
- Allows a minimum deposit of $1.
- Provides a demo account and an option for Islamic accounts.
- FBS offers leverage of up to 1:3000 across several trading accounts.
Pros
- Excellent market analysis.
- Low minimum deposit.
- Tight spreads.
- There is a selection of retail investor accounts.
- 24/7 customer support service.
- Fast and flexible payment methods for deposits and withdrawals.
Cons
- Currency conversion fees apply.
- Limited range of assets.
- The demo trading account expires after 40 days.
3. AvaTrade
AvaTrade is one of the award-winning forex trading brokers with more than a thousand trading products across different markets. Traders who desire cheap fees, a well-designed broker mobile app, and rapid execution speed will find this platform very beneficial.
Standout Features
- Minimum deposit $100.
- AvaTrade is regulated by CBI, JFSA, BVI FSC, ADGM, ISA, FRSA, cySEC, FFAJ, ISA, and FSCA.
- It supports two different trading accounts – the Professional Account option and a Retail Investor Account.
- AvaTrade does not allow Naira deposits.
- Trading assets include cryptocurrencies, foreign currencies, treasuries, commodities, etc.
- It has demo and Islamic account options.
Pros
- Allows any trading strategy, including scalping, automated trading, expert advisors, heading and others.
- The platform accommodates traders of all expertise levels.
- There are several economic indicators, technical indicators, and other tools for advanced traders.
- It has a decent selection of educational materials.
Cons
- Inactivity fees apply.
- Variable spreads are not offered.
- A limited number of base currency options.
4. FXTM
FXTM is one of the most reliable forex trading brokers in Nigeria; It was established in 2011 and now has over 250 trading products that can be traded across different countries. The platform is suitable for advanced investors and also accommodates beginners with different account options and a wide range of low-cost trading options.
Standout Features
- FXTM is regulated by FSCA, cySEC, FSA, and FSC Mauritius.
- It features different trading accounts, including Advantage Account, Micro Account, and Advantage Plus Account.
- A Naira deposit is allowed.
- Islamic and demo accounts are available.
- Trading assets include stock trading, precious metals, forex indices, stock CFDs, etc.
- Features a wide range of training materials, including webinars, videos, and a glossary of vocabulary.
Pros
- Offers excellent forex education opportunities.
- Low minimum deposit of $10.
- Commission-free trading is available.
- Withdrawals are fast and efficient.
- Dedicated customer support for Nigerian traders.
Cons
- Inactivity fees apply.
- Expensive withdrawals.
5. Alpari
Alpari is one of the oldest forex trading brokers in Nigeria and also one of the largest brands in the industry. It operates under Exinity Limited, has been in existence since 1998 and has maintained a good reputation since then.
Standout Features
- Alpari allows a minimum deposit of $5.
- It is regulated by the Financial Service Commission, Mauritius (FSC).
- It features Forex Micro Accounts, Forex Standard Accounts, Forex ECN Accounts, and Forex Pro Accounts.
- Alpari trading assets include forex minors, forex majors, forex exotic, spot metals, stock trading, spot commodities, forex rub, and spot indices.
- Allows naira deposits.
- Islamic and demo accounts are available.
- Alpari offers a Nigerian Naira-denominated retail investor account.
Pros
- Alpari has several offices in various locations in Nigeria.
- Supports automatic trading and other trading styles.
- It uses Autocartist to provide trading signals for users.
- Newsfeed is streamed from FxWirePro.
Cons
- Fixed spreads are not available.
- A limited selection of educational resources and trading tools.
- There is no regulation from the Cyprus Securities and Exchange Commission, Financial Conduct Authority, and other well-known market regulators.
6. OctaFX
OctaFX is one of the most reliable forex trading brokers in the industry today; it was established in 2011 and now offers a wide range of valuable trading tools and accounts to satisfy your forex trading needs. OctaFX offers forex and CFD products at affordable rates to investors and users; they also have educational materials and excellent customer support service, always ready to assist.
Standout Features
- OctaFX is regulated by SVG FSA and cySEC.
- It allows a minimum deposit of $100.
- Features a variety of trading assets, including Index CFDs, Forex Currency Pairs, cryptocurrencies and commodities.
- It does not allow naira deposits but features a demo and an Islamic account.
Pros
- OctaFX is well-regulated and has different trust scores.
- Retail traders have access to spread accounts.
- There is commission-free trading.
- The platform allows hedging and scalping trading strategies.
- Retail investors’ accounts have negative balance protection.
Cons
- There are only a few financial markets available for trading.
- OctaFX is not available in the US.
7. Trade Nation
This efficient multi-regulatory brokerage brings innovations to the world of forex trading and online investing. It offers stocks, CFDs on currency, commodities, indices and shares of stock. It is one of the simplest trading platforms that lets users trade within a wide range of assets.
Standout Features
- Trading assets include indices, CFDs, energies, stocks, forex, precious metals, commodities, etc.
- Naira deposit is not allowed.
- It offers a demo account but does not support an Islamic account.
- Trade Nation is regulated by SCB, FCA, FSCA, and ASIC.
Pros
- Trade Nation offers commission-free trading.
- It does not have a minimum deposit.
- It provides an active business community along with a dedicated affiliate program.
- There are numerous base currencies you can choose from when registering a retail investor account.
- It has a well-established regulatory framework.
Cons
- Inactivity fees may apply.
- It is not available in the US.
- The funding options are limited.
8. Pepperstone
Pepperstone is a leading brokerage established in Australia, it is suitable for scalping and expert advisors, and most trades are executed within 30mins on the platform. This broker offers some of the tightest spreads in the industry and has excellent 24/7 customer support services to ensure users enjoy seamless and profitable trades.
Standout Features
- Pepperstone is regulated by BaFin, ASIC, CySEC, and CMA.
- No minimum deposit.
- Trading assets include cryptocurrencies, Stock CFDs, commodities, ETFs, forex, metals, and indices.
Pros
- Pepperstone does not have a minimum deposit.
- It offers a wide range of trading assets.
- Provides tight spread for traders.
- It is well-regulated.
Cons
- Limited market analysis.
9. Just Markets
Just Markets is one of the oldest and most trusted Forex brokers suitable for all trades. It has been in existence since 2012 and is based in Grenadines and Saint Vincent. It is a CFD and forex broker with a significant market share in Nigeria, which is well-suited for all Nigerian traders.
Standout Features
- Naira deposits are allowed on Just Markets.
- It s regulated by FSA in Saint Vincent and the Grenadines, Cyprus Securities, FSA in Seychelles and Exchange Commission (CySec).
- Just Markets has a minimum deposit of $1.
- It supports Islamic accounts and also offers a demo account.
- The trading assets on Just Markets include energies, indices, shares, cryptocurrency, futures, forex, and metals.
Pros
- Competitive cryptocurrency spreads are offered on the platform.
- There is a wide range of funding and withdrawal options.
- Just Markets offer risk warnings, various education materials, trading webinars, and articles for newbies.
- It has transparent non-trading fees.
Cons
- Inactivity fees may apply.
- Tradable financial instruments are limited.
10. InstaForex
Insta Forex is an award-winning well-regulated broker established in 2007 and has become one of the biggest in the industry. It offers a wide range of account types, many easy-to-use features, technical analysis tools and different resources to aid trading for users of all skill levels.
Standout Features
- InstaForex offers a No-Deposit Bonus of $1,000.
- It is regulated by FSC, BVI, and SIBA.
- The minimum deposit is $1.
- It supports Islamic and demo accounts
- Trading assets include Precious Metals, Currency Pairs, Cryptocurrencies, Share CFDs, Commodities, Futures, etc.
- Instaforex allows deposits in naira.
Pros
- It offers commission-free trading.
- There is a wide range of trading assets.
- InstaForex is well-regulated and offers efficient trading conditions.
- Multiple account options for retail traders.
Cons
- US traders are not accepted.
- European Union clients have restrictions on leverage.
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If you have been searching for good forex trading brokers in Nigeria, we hope this guide has provided the solution you need. However, one important thing you should know when choosing forex trading brokers is that there is no single best broker for all traders.
People trade with different strategies that require different tools and features, so the broker you need is not the one favourite by everyone (even though customer reviews are important) but one that can satisfy your needs.
