Best Forex Brokers in Nigeria

Foreign exchange trading, commonly known as Forex, is a decentralized market where traders buy and sell currencies. Nigeria, being the largest economy in Africa, has a significant presence in the Forex market. With a population of over 200 million people, Nigeria has a large number of individuals looking to invest in the Forex market.  To trade Forex in Nigeria, you need a Forex broker, and there are many options available to you.

List of Top Forex Brokers in Nigeria

BrokerFeaturesRegulatedWebsite

Exness

  • Min. Deposit: $10
  • Max. Leverage 1:Unlimited
  • Spread from: 0.0 Pips
  • Founded: 2008
FSA, FSC, CBCS, FSCA, CySEC, FCA
Read Review

ICMarkets

  • Min. Deposit: $200
  • Max. Leverage 1:500
  • Spread from: 0.6 Pips
  • Founded: 2007
CySEC, FSA, ASIC, SCB
Read Review

Octafx

  • Min. Deposit: $100
  • Max. Leverage 1:500
  • Spread from: 0.6 Pips
  • Founded: 2011
CySEC, FCA, IFSA
Read Review

FBS

  • Min. Deposit: $1
  • Max. Leverage 1:3000
  • Spread from: 0.2 Pips
  • Founded: 2009
CySEC, FSC, FSCA, ASIC
Read Review

Fxview

  • Min. Deposit: $50
  • Max. Leverage 1:500
  • Spread from: 0.1 Pips
  • Founded: 2017
CYSEC, FSCA, FSC
Read Review

BlackBull

  • Min. Deposit: $1
  • Max. Leverage 1:500
  • Spread from: 0.0 Pips
  • Founded: 2014
FSA, FMA
Read Review

JustForex

  • Min. Deposit: $1
  • Max. Leverage 1:3000
  • Spread from: 0.1 Pips
  • Founded: 2012
FSA, CySEC
Read Review

FXTM

  • Min. Deposit: $50
  • Max. Leverage 1:2000
  • Spread from: 1.5 Pips
  • Founded: 2011
FCA, CySEC, FSC
Read Review

SuperForex

  • Min. Deposit: $1
  • Max. Leverage 1:1000
  • Spread from: 0.5 Pips
  • Founded: 2013
IFSC
Read Review

XM

  • Min. Deposit: $5
  • Max. Leverage 1:888
  • Spread from: 1 Pips
  • Founded: 2009
CySEC, ASIC, FSC, DFSA, FCA
Read Review

PaxForex

  • Min. Deposit: $10
  • Max. Leverage 1:500
  • Spread from: 0.4 Pips
  • Founded: 2011
FCA, CySEC
Read Review

AAFX

  • Min. Deposit: $100
  • Max. Leverage 1:2000
  • Spread from: 0.4 Pips
  • Founded: 2010
FSA
Read Review

BDSwiss

  • Min. Deposit: $10
  • Max. Leverage 1:500
  • Spread from: 1.1 Pips
  • Founded: 2012
CySEC, FSC, FSCA
Read Review

FxChoice

  • Min. Deposit: $10
  • Max. Leverage 1:1000
  • Spread from: 0.5 Pips
  • Founded: 2010
FSC
Read Review

GrandCapital

  • Min. Deposit: $10
  • Max. Leverage 1:500
  • Spread from: 1 Pips
  • Founded: 2006
FinaCom
Read Review



HotForex

  • Min. Deposit: $5
  • Max. Leverage 1:1000
  • Spread from: 1 Pips
  • Founded: 2010
CySEC, FCA , DFSA, FSCA , FSA , CMA
Read Review


Pepperstone

  • Min. Deposit: $200
  • Max. Leverage 1:500
  • Spread from: 0.6 Pips
  • Founded: 2010
FCA, ASIC, DFSA
Read Review

TradersWay

  • Min. Deposit: $100
  • Max. Leverage 1:500
  • Spread from: 0.1 Pips
  • Founded: 2011
Not Regulated
Read Review

Forex.com

  • Min. Deposit: $100
  • Max. Leverage 1:50
  • Spread from: 1 Pips
  • Founded: 2001
CFTC , IIROC, CySEC, FCA, FSA, MAS, CIMA, ASIC
Read Review

Deriv

  • Min. Deposit: $10
  • Max. Leverage 1:1000
  • Spread from: 0.5 Pips
  • Founded: 1999
MFSA,ISA, LFSA, IFSC ,VFSC
Read Review

FXCM

  • Min. Deposit: $50
  • Max. Leverage 1:400
  • Spread from: 1.9 Pips
  • Founded: 1999
FCA , ASIC, FSA, FSCA
Read Review

Gomarkets

  • Min. Deposit: $200
  • Max. Leverage 1:500
  • Spread from: 1 Pips
  • Founded: 2006
FSC, CYSEC, ASIC
Read Review

AXI

  • Min. Deposit: $1
  • Max. Leverage 1:400
  • Spread from: 0.4 Pips
  • Founded: 2007
ASIC, CIMA ,DFSA, FCA
Read Review

Vantage

  • Min. Deposit: $50
  • Max. Leverage 1:500
  • Spread from: 1 Pips
  • Founded: 2009
VFSC ,FSP , ASIC,FSCA
Read Review

SwissQuote

  • Min. Deposit: $1000
  • Max. Leverage 1:100
  • Spread from: 1.1 Pips
  • Founded: 2000
FINMA, FCA, MFSA, SFC, DFSA
Read Review

ActiveTrades

  • Min. Deposit: $1
  • Max. Leverage 1:200
  • Spread from: 0.5 Pips
  • Founded: 2001
FCA, CSSF and SCB
Read Review

Oanda

  • Min. Deposit: $1
  • Max. Leverage 1:50
  • Spread from: 1.4 Pips
  • Founded: 1996
CFTC, NFA, FCA, MAS, ASIC, IIROC, FFAJ
Read Review

Etrade

  • Min. Deposit: $1
  • Max. Leverage 50% Equity
  • Spread from: 0 Pips
  • Founded: 1982
SEC and FINRA
Read Review

Intractive Brokers

  • Min. Deposit: $1
  • Max. Leverage 1:40
  • Spread from: 0 Pips
  • Founded: 1978
US SEC & CFTC, ASIC, FCA, IIROC, SFC, NSE, BSE, FSA
Read Review

Fpmarkets

  • Min. Deposit: $100
  • Max. Leverage 1:500
  • Spread from: 1 Pips
  • Founded: 2005
ASIC, CySEC, ESMA
Read Review

XTB

  • Min. Deposit: $1
  • Max. Leverage 1:500
  • Spread from: 0.5 Pips
  • Founded: 2002
CySEC, KNF, FCA, IFSC
Read Review

Alpari

  • Min. Deposit: $1
  • Max. Leverage 1:1000
  • Spread from: 1.5 Pips
  • Founded: 1998
FCA, CySEC, FSC, FSA
Read Review

Cityindex

  • Min. Deposit: $1
  • Max. Leverage 1:400
  • Spread from: 0.5 Pips
  • Founded: 1983
ASIC, MAS, FCA
Read Review

RoboForex

  • Min. Deposit: $10
  • Max. Leverage 1:2000
  • Spread from: 1.3 Pips
  • Founded: 2009
FSC
Read Review

FxOpen

  • Min. Deposit: $1
  • Max. Leverage 1:500
  • Spread from: 1 Pips
  • Founded: 2005
FCA, ASIC, FSC, CYSEC
Read Review

ForexChief

  • Min. Deposit: $10
  • Max. Leverage 1:1000
  • Spread from: 0.3 Pips
  • Founded: 2014
FMA
Read Review

Tickmill

  • Min. Deposit: $1
  • Max. Leverage 1:500
  • Spread from: 1.6 Pips
  • Founded: 2014
FSA, FCA, CySEC, FSCA
Read Review

Fxpro

  • Min. Deposit: $50
  • Max. Leverage 1:500
  • Spread from: 0.2 Pips
  • Founded: 2006
FCA, CySEC, FSCA, SCB
Read Review

LiteForex

  • Min. Deposit: $50
  • Max. Leverage 1:30
  • Spread from: 2 Pips
  • Founded: 2005
CIF, CySEC,
Read Review

FxPrimus

  • Min. Deposit: $5
  • Max. Leverage 1:1000
  • Spread from: 0.3 Pips
  • Founded: 2009
FSC, CySEC,
Read Review

AvaTrade

  • Min. Deposit: $100
  • Max. Leverage 1:400
  • Spread from: 0.9 Pips
  • Founded: 2006
CBI, ASIC, FSC, FCA, FSCA
Read Review

Forex4You

  • Min. Deposit: $1
  • Max. Leverage 1:1000
  • Spread from: 2 Pips
  • Founded: 2007
FSC
Read Review

InstaForex

  • Min. Deposit: $1
  • Max. Leverage 1:1000
  • Spread from: 0.3 Pips
  • Founded: 2007
CySEC, FSC
Read Review

eToro

  • Min. Deposit: $50
  • Max. Leverage 1:30
  • Spread from: 1 Pips
  • Founded: 2007
CySEC, FCA, ASIC, FSAS
Read Review

Cmindex

  • Min. Deposit: $15
  • Max. Leverage 1:8888
  • Spread from: 0.1 Pips
  • Founded: 2021
FSA
Read Review

Admiral

  • Min. Deposit: $25;
  • Max. Leverage 1:500
  • Spread from: 1.8 Pips
  • Founded: 2001
ASIC, FCA, CySEC, CIPC, JSC
Read Review

capital.com

  • Min. Deposit: $20
  • Max. Leverage 1:30
  • Spread from: 0.6 Pips
  • Founded: 2016
CySEC, FCA, ASIC, FSA
Read Review

What are Forex Brokers in Nigeria?

Forex brokers in Nigeria are companies that provide traders with access to the foreign exchange market. They allow you to buy and sell currencies and provide you with the necessary tools and resources to do so. Forex brokers in Nigeria operate as intermediaries between you and the Forex market. They make their money through spreads, which is the difference between the buy and sell price of a currency pair.

How to Choose the Right Forex Broker in Nigeria?

Choosing the right Forex broker in Nigeria can be a daunting task, especially if you are new to Forex trading. Here are some factors to consider when choosing a Forex broker in Nigeria:

  1. Regulation: Make sure the Forex broker you choose is regulated by a reputable financial authority, such as the Central Bank of Nigeria or the Securities and Exchange Commission. This will help ensure that your funds are safe and that the broker operates in a transparent and ethical manner.

  2. Trading Platform: Look for a broker that offers a trading platform that is easy to use and has all the necessary tools and resources to trade Forex. The platform should be stable, secure, and have a fast execution speed.

  3. Spreads: Compare the spreads of different Forex brokers in Nigeria. Lower spreads mean lower trading costs, which can make a significant difference in the long run.

  4. Customer Support: Choose a Forex broker that offers excellent customer support. They should be available 24/7 and have multiple channels of communication, such as email, phone, and live chat.

Types of Forex Brokers in Nigeria

There are three types of Forex brokers in Nigeria:

  1. Dealing Desk Brokers: These brokers are also known as market makers. They set their prices and take the other side of your trades. Dealing desk brokers make their money through spreads and by taking the opposite side of your trades.

  2. No Dealing Desk Brokers: These brokers do not take the other side of your trades. Instead, they act as intermediaries between you and the liquidity providers. No dealing desk brokers make their money through commissions and spreads.

  3. ECN Brokers: ECN stands for Electronic Communication Network. These brokers provide direct access to the interbank market, which means you get access to the best bid and ask prices available. ECN brokers make their money through commissions.

Advantages of Trading with Forex Brokers in Nigeria

Here are some advantages of trading with Forex brokers in Nigeria:

  1. Local Regulations: Forex brokers in Nigeria are regulated by the Central Bank of Nigeria and the Securities and Exchange Commission, which helps ensure that your funds are safe and that the broker operates in a transparent and ethical manner.

  2. Local Payment Options: Forex brokers in Nigeria offer a range of local payment options, such as bank transfers, credit cards, and e-wallets, which makes it easier for you to deposit and withdraw funds.

  3. Customer Support: Forex brokers in Nigeria offer excellent customer support in local languages, which can be helpful if you have any questions or concerns.

Yes, Forex Trading is legal in Nigeria.

The minimum amount required to start Forex Trading in Nigeria varies among brokers, but it’s usually around $100.

Yes, many Forex brokers offer mobile trading platforms that allow you to trade on your smartphone or tablet.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended Brokers

Deposit: $10
Click here

Deposit: $1
Click here

Deposit: $100
Click here

Deposit: $200
Click here

Fxview

Deposit: $50
Click here

Forex Tools

Brokers By Features

Brokers By Assets

Latest Bonus

Brokers By Country