Brokers

Find the Best Forex Broker in Nigeria in 2024

By Stelian Olar, Updated on: Nov 09 2024.

Looking to trade forex in Nigeria?

Then, you’re probably asking yourself which is the best forex broker in Nigeria? 

With so many forex brokers advertising their services, it can be tricky finding the best forex broker that best suits your trading needs. After thorough research and analysis, we've compiled this definitive list of the top 10 forex brokers in Nigeria in 2024.

As Africa's largest economy, Nigeria has a growing appetite for online forex trading but the forex market is still a largely unregulated industry in the country. This makes it crucial you pick brokers overseen by top-tier financial authorities like the UK's Financial Conduct Authority (FCA) or Australia's Australian Securities and Investments Commission (ASIC) and void "offshore" forex brokers with no tier-1 and tier-2 licenses.

The country has two regulatory bodies:

1. the Central Bank of Nigeria (CBN)
2. Securities and Exchange Commission of Nigeria (SEC)  

However, neither has put out definitive forex trading regulations yet or implement proper framework around forex and CFD trading. That puts them still in the tier-3 category alongside offshore havens amongst global regulators.

We focused on the top forex brokers that support the Nigerian Naira (NGN) and offer low forex spreads, zero commissions, advanced trading platforms like MetaTrader 4/5, free forex signals or education, deposit and withdrawal methods and even social/copy trading. Islamic accounts are also covered.

Whether you're a beginner seeking a user-friendly broker, or a professional trader needing advanced order types and charting tools, our rankings have got you covered. We highlight both international brands like FP Markets and Pepperstone as well as brokers with an established Nigerian presence like FXTM and FBS.

So which forex broker is best for you in Nigeria this year?

Let our independent research guide you towards secure, legit trading. Here are the top 10 forex brokers in the world based on fees, platforms, tools, accounts and more:

1. FP Markets – Overall best forex broker in Nigeria
2. Pepperstone – Best broker for forex in Nigeria
3. Interactive Brokers – Best for professional traders
4. Exness – Best forex broker for beginner in Nigeria
5. FxPro – Best MetaTrader 4 forex broker in Nigeria
6. AvaTrade – Best forex broker for copy trading
7. IC Markets – Best lowest spread forex broker
8. HFM (HF Markets) – Highest leverage forex broker
9. FXTM – Best Forex Broker with Naira Account
10. Saxo Bank – Best forex trading App 

Is Forex Trading Legal in Nigeria?

Yes, forex trading is completely legal for Nigerian residents. However, there are currently no specific forex regulations in place yet and according to the Central Bank of Nigeria (CBN), any brokers offering forex and CFD products to Nigerian traders must be authorized to do so.

That said, the lack of a definitive regulatory framework allows locals to open accounts with offshore brokers regulated abroad. Income earned still needs to be reported for tax purposes.

Popular regulated forex brokers in Nigeria like FP Markets and Pepperstone explicitly accept clients from Nigeria. But regulation is still crucial for your safety when finding the best forex brokers in Nigeria or comparing brokers in South Africa.

How To Verify CBN Authorization

Verifying if a broker is registered with the CBN can be tricky. Your best bet is to check if they are regulated by tier-1 authorities like the UK's FCA, Australia’s ASIC or Cyprus’ CySEC.

While the CBN and Nigeria's SEC do maintain local financial registers like the Capital Markets Operator Search (CMOS), few offshore forex brokers opt for direct Nigerian regulation currently.

So in summary - forex trading is allowed in Nigeria, but we advise using the trading firm highlighted in our top 10 best forex brokers in Nigeria ranks and not local ones. Our list of regulated forex brokers in Nigeria compare brokers across fees, regulation, safety and more.

The List of Regulated Forex Brokers in Nigeria (for 2024)

To create this list of forex brokers in Nigeria in 2024, we thoroughly researched firms accepting Nigerian clients. We then assess them across criteria like forex regulation, spreads, platforms, account types, funding options and more. Only the highest scoring brokers made the cut in our list for 2024. 

FP Markets – Best forex broker in Nigeria Overall 

FP Markets is our pick for the best forex broker for Nigerian residents in 2024. Firstly, it boasts top-tier ECN trading accounts with spreads starting from a razor-sharp 0.0 pips. Additionally, they offer a minimum deposit of $100, making it accessible for both seasoned traders and newcomers.

Founded in 2005, FP Markets provides access to 10,000+ trading instruments across forex, shares, commodities, cryptocurrency indices and more. As an ASIC regulated broker that also holds licenses from Cyprus, South Africa and other jurisdictions (CySEC, ASIC, FSCA, FSA (Seychelles), FSC (Mauritius), and St. Vincent & the Grenadines.), FP Markets offers a safe and compliant trading environment.

Key FP Markets features:

• Spreads: From 0.0 pips on ECN accounts
• Minimum deposit: $100
• Regulation: CySEC, ASIC, FSCA, FSA (Seychelles), FSC (Mauritius)
• Platforms: MetaTrader 4, MetaTrader 5, cTrader
• Instruments: Over 10,000, including FX, commodities, CFDs, cryptos, indices, and ETFs
• Trading Account: Multiple account options (Standard and Raw) are provided including an Islamic account that complies with Sharia principles.
• Customer support: 24/7 via email, phone, live chat even over the weekend

FP Markets utilizes Equinix NY4 servers to ensure smooth order execution below 30ms speeds. Their ECN account pricing starts from 0.0 pips on EUR USD too and commission rate is only $6 per one standard lot round turn.

FP Markets' swap rates vary across instruments based on underlying market conditions. The swap rate refers to the fee charged or credited for holding trades open beyond the daily market close:

1. Holding a long (buy) position on 100,000 units of EUR/USD overnight currently incurs a swap fee of around $10.38.
2. Going short (sell) EUR/USD meanwhile results in a swap credit of $4.50.

All three trading platforms integrate top third-party tools like AutoChartist while supporting expert advisors and free VPS hosting service.

In Conclusion:

FP Markets' compelling combination of razor-sharp ECN trading spreads, accessibility, wide range of instrument selection, strong regulation, security, platform options, comprehensive support, and additional features solidifies its position as the top ECN forex brokers in Nigeria for 2024.

Pepperstone – Best broker for forex in Nigeria 

When it comes to forex trading, Pepperstone stands out among the best forex brokers in Nigeria in 2024. Founded in 2010, this Australian broker provides access to over 90 currency pairs alongside 1,200+ CFDs. 

As an ASIC regulated ECN broker, Pepperstone delivers tight spreads from just 0.0 pips. This ultra-competitive pricing is enhanced by their connections to Tier 1 institutional liquidity providers which boast fast trade execution below 30ms.

Nigerian forex traders can fund accounts and withdraw in Naira too. Pepperstone supports the MetaTrader 4, MetaTrader 5 and cTrader platforms. Their specialized Active Trader account has added features like market sentiment analysis ideal for day traders.

Key Pepperstone Features:

• Minimum deposit of $0: Accessible even for beginners to test the waters.
• 24/7 multilingual support: Get assistance in English, ensuring seamless communication.
• Islamic account: Adheres to Sharia law principles for faith-conscious traders.
• Wide range of currency pairs: Over 100 pairs, including popular options like EUR/USD, USD/NGN, and GBP/USD.
• Advanced platforms: Choose from MetaTrader 4, MetaTrader 5, cTrader, or TradingView, catering to various trading styles and preferences.
• Commission-based pricing: Earn rebates on trading commissions with the Active Trader program for high-volume traders.
• Educational resources: Stay informed with webinars, articles, and videos designed to help you improve your trading skills.

Regulated in multiple jurisdictions, including FCA, BaFin, ASIC, DFSA, SCB, CySEC and CMA offering security and offices across several continents including Africa (Kenya).

Pepperstone offers ultra-tight spreads on forex pairs starting from just 0 pips on their ECN Raw account pricing. For instance, the benchmark EUR/USD spread is quoted from 0.0 pips while the average spread is only 0.1 pips respectively 1.0 pips on the Standard account. This competitive ECN style pricing beats most other Nigerian forex brokers.

Pepperstone's swap rates are competitive too:

1. Holding a long EUR/USD trade of 100k units overnight will incur a $8.09 financing fee.
2. Going short meanwhile results in a $4.56 credit.

Pepperstone offers a compelling package for Nigerian forex traders seeking ECN advantages, competitive trading costs, and a user-friendly trading platform. However, it's crucial to conduct thorough broker review, research, and choose a forex broker that aligns with your specific trading goals.

Which Nigerian Forex Broker Is Best for Beginners

Finding the right broker as a newcomer to forex trading can seem daunting. But Pepperstone stands out as an ideal choice for beginners in Nigeria wanting to gain exposure in 2024.

The Verdict:

For Nigerian forex beginners seeking a regulated, Naira-friendly broker with beginner-friendly features and diverse account options, Pepperstone is a strong contender. Remember, compare with other top forex trading brokers in Nigeria before making your final decision.

Forex Brokers with Lowest Spread in Nigeria

FP Markets stands out as a top contender for low-cost trading with its tight spreads.

The broker's offer includes exceptionally tight spreads, starting from 0.0 pips on the EUR/USD currency pair with their Raw Spread Account. Even their Standard Account offers competitive spreads as low as 1.0 pips on major currencies. Compared to industry averages of 1.7 pips or more, you're saving precious pips (and money) with each trade.

FP Markets partners with leading banking and non-banking financial institutions, ensuring deep market access and consistent, reliable spreads. There are more forex brokers with lowest spread in Nigeria that boast spreads starting from 0.0 pips like Pepperstone.

Forex Spreads' Comparison

Choosing the best forex broker in Nigeria depends on your individual needs and trading style. One crucial factor to consider is spreads, which directly impact your trading costs. This table compares the EUR/USD, USD/JPY, GBP/USD, and AUD/USD spreads offered by some popular brokers in Nigeria, including both standard and raw account spreads for greater transparency. 

Can I Trust These Nigerian Forex Brokers?

Navigating the Nigerian forex market can be exciting, but also daunting, especially when it comes to trusting brokers. With various options available, the question arises: Can I trust these Nigerian forex brokers?

The answer, thankfully, is not a simple yes or no because trustworthiness depends on several factors, particularly a broker's regulatory status.

Regulatory Safeguards:

1. Seek Brokers Regulated by Reputable Authorities: Look for brokers licensed by Tier-1 regulatory bodies like the UK Financial Conduct Authority (FCA), the European Securities and Markets Authority (ESMA), or the Australian Securities and Investments Commission (ASIC). These bodies enforce strict financial regulations and client protection measures.
2. Be Wary of Unregulated Brokers: Avoid forex brokers operating without regulatory oversight. Such brokers lack accountability and pose a higher risk of fraudulent activities.

How to Choose the Best Forex Broker to Trade

There's no one-size-fits-all answer to finding the best forex broker in Nigeria. The best broker for you depends on your trading style, experience level, and preferences but, there are key factors all forex traders should consider:

• Regulation and Safety - Only trade with brokers licensed by top-tier authorities like the UK's FCA or Australia's ASIC. Avoid "offshore" brokers with no genuine regulation and prioritize safety from scam.
• Fees and Spreads - Compare the spreads, commissions and financing rates different Nigeria forex brokers charge. Lower trading fees are typically better for profitability.
• Trading Platforms - Platforms like MT4 and MT5 should have robust tools, analytics and customizability for experts, yet remain easy to use for beginners.
• Account Types - The best forex brokers in Nigeria offer various account types to match different experience levels and risk appetites. For instance, FP Markets has a Standard trading account with just $50 minimum deposit for newer traders with small accounts.
• Instruments and Markets - Consider brokers providing exposure to global forex pairs, commodities, indices, crypto and stocks on one account because access to more markets means more trading opportunities.
• Customer Support - Around the clock multilingual customer service via live chat, email and phone signals quality support. This includes dedicated local phone numbers which should rank highly when comparing top forex brokers.
• Execution Quality - Check forex trading brokers offer quality trade execution with low latency, accurate pricing and no requotes on orders. Fast and reliable execution prevents slippage.
• Funding and Withdrawals - Convenient and free payment methods for deposit and withdrawal that also support the Nigerian Naira currency are important.
• Trading Tools - Added value trading tools like sentiment indicators, daily analysis or tutorials for beginners give brokers an extra edge.
• Education and Research - To stay informed, traders require quality market research, daily news and forex education suited to their experience levels. Top brokers provide these resources which are invaluable for new traders in particular looking to develop their knowledge.

While we have our own rankings of top 10 best forex brokers available in Nigeria this year, evaluating brokers across these criteria will help ensure you find one matching your personal needs and preferences. Protecting your funds should be the number one priority.

Comparison of the Best Forex Brokers in Nigeria 

Choosing the best forex broker in Nigeria requires careful consideration amidst a crowded market. With various options vying for your attention, sifting through claims and features can be overwhelming. This guide unravels the intricacies of top 10 forex brokers in Nigeria, empowering you to make an informed decision for your unique trading needs.

While the previous table highlighted spreads, a crucial metric, remember that a forex broker in Nigeria should be evaluated on multiple dimensions. Dive deeper with these key factors:

• Regulation: Prioritize brokers licensed by reputable authorities like the UK FCA, CySEC, or ASIC. This ensures adherence to strict financial regulations and client protection measures.
• Account Types: Explore offerings that cater to your experience level. Standard accounts often suit beginners, while raw accounts with tighter spreads might appeal to experienced traders.
• Platform Features: Assess the platform's user-friendliness, functionality, and available tools. Popular options include MetaTrader 4/5, cTrader, and proprietary platforms.
• Customer Support: Opt for brokers with responsive and helpful customer support available in your preferred language. Timely assistance can be invaluable when navigating challenges.
• Additional Fees: Look beyond spreads and be aware of potential commissions, inactivity fees, and withdrawal charges.

Looking to dive into forex trading? If you're in Nigeria, you can't go wrong with either FP Markets or Pepperstone, they're both solid choices - FP Markets lets you get started with $100, while Pepperstone has no minimum deposit if you want to start smaller.