Trading foreign exchange (forex) online has become an increasingly popular way for Nigerians to supplement their income and grow their wealth. With low minimum deposits, high leverage, and 24-hour markets, forex presents attractive opportunities not found in traditional investments.
However, with so many forex brokers to choose from, finding the right one can be overwhelming for beginners. A trustworthy broker that best fits your needs is essential to succeed in forex trading.
This comprehensive guide will compare the top forex brokers available to Nigerian traders based on regulation, trading platforms, spreads and commissions, account types, and more. By the end, you’ll have all the information needed to select the best forex broker in Nigeria for your unique trading style and goals.
How We Ranked the Top Forex Brokers in Nigeria
With hundreds of brokers marketing their services to Nigerians, narrowing down the list required careful analysis across several key factors:
- Regulation – The broker is regulated by tier-1 authorities like the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).
- Trading Platforms – The broker offers popular platforms like MetaTrader 4, MetaTrader 5, and other advanced proprietary platforms.
- Spreads & Commissions – Competitive spreads from 0 pips and low commissions benefit traders through lower trading costs.
- Account Types – The broker provides a selection of account types to match various trader requirements, such as standard, cent, ECN, and more.
- Funding & Withdrawals – Flexible and secure deposit/withdrawal options that are convenient for Nigerian clients.
- Customer Service – 24/5 multilingual customer service with quick response times.
- Trader Resources – Robust educational resources, market analysis, risk management tools, and more.
- Awards & Reputation – High client satisfaction, positive reviews, and industry awards validate the broker’s standing.
By evaluating Nigeria’s top forex brokers across these key criteria, we zeroed in on the very best options worthy of your consideration.
Top 6 Forex Brokers in Nigeria
1. RoboForex – Best Overall Broker in Nigeria
RoboForex tops our list as the best forex broker available to Nigerians in 2023. Established in 2009, RoboForex has continuously added innovative trading platforms, account options, copy trading services, and more to serve over 1.5 million clients worldwide.
RoboForex holds tier-1 regulation in FSC Belize, ensuring Nigerian traders are protected under stringent regulations when depositing and trading.
RoboForex offers three excellent trading platforms – MetaTrader 4, MetaTrader 5, and the broker’s proprietary platform, R Trader. MT4 and MT5 need no introduction as the most popular retail trading platforms globally. R Trader provides an advanced alternative with automatic trading strategies, custom indicators, integrated trading services, and more tools for expert traders.
Spreads & Commissions
Traders can choose between fixed spreads as low as 0 pips and floating spreads from 0 pips on EURUSD, plus commissions as low as $3 per lot round turn. This competitive pricing provides favorable trading costs for Nigerians.
RoboForex caters to all trader types with commission-free Standard accounts, Cent accounts with tight spreads from 0.3 pips, and Zero Spread accounts with spreads from 0 pips + commission. Traders can choose an account that aligns with their preferences and strategy.
Funding & Withdrawals
Convenient payment methods for Nigerians include debit/credit cards, local bank transfers, e-wallets like Neteller and Skrill, and cryptocurrency through Coinspaid. Standard account withdrawals are free and processed within 1 business day.
Their multilingual 24/5 customer support can assist Nigerian clients in English, Hausa, Igbo, and Yoruba. Support is available through live chat, email, phone, Telegram, and WhatsApp.
With top-notch trading services, low costs, and dedicated Nigerian support, RoboForex is our choice as the best forex broker for Nigerian clients.
2. AvaTrade – Excellent Trading Platforms & Education
Our second choice is multi-regulated broker AvaTrade, in business since 2006 with over 200,000 active traders worldwide. AvaTrade is best known for its focus on trader education and advanced trading platforms.
AvaTrade ticks the regulation box through authorization by top-tier regulators in Ireland (Central Bank of Ireland reference C53877), Australia (ASIC license 406684), South Africa (FSCA license 45984), and Abu Dhabi (ADGM license 200004).
AvaTrade offers two of the best forex trading platforms in MT4 and MT5. Added to these is the fully-customizable AvaTradeGO platform for web, desktop and mobile designed for effortless trading and automated strategies.
Spreads & Commissions
Fixed, variable and floating spread account options are available. Spreads start from 0 pips on Razor accounts (plus commission) and under 1 pip on Standard and Zero Spread accounts.
Choose from Standard, Zero Spread, Cent, Mini and ECN/Razor accounts to match your spread preference, deposit amount, and trading style. Islamic swap-free accounts are also available.
Funding & Withdrawals
Convenient payment methods include credit/debit cards, bank wire transfer, e-wallets, and mobile money. Nigerian Naira accounts make deposits and withdrawals simple. Processing is completed within 24 hours.
AvaTrade provides 24/5 multilingual support through live chat, email, and phone. Dedicated Nigerian phone/WhatsApp support is also available.
AvaTrade excels with an optimal mix of trading platforms, learning resources, competitive spreads, and Nigerian account services – making them a top choice for beginners and experienced traders alike.
3. Exness – Low Spreads & No Minimum Deposit
International broker Exness earns its spot among the top forex brokers in Nigeria with ultra-low spreads from 0 pips, no minimum deposit, and robust trading platforms. Operating since 2008, Exness processes over $1 trillion in monthly trade volume across 2 million trading accounts.
Exness holds regulation from tier-1 authorities the FCA in the UK (license 760579) and CySEC in Cyprus (license 178/12), ensuring Nigerian clients trade with confidence.
The MT4 and MT5 trading platforms need no introduction, while the Exness Trader platform offers an alternative packed with tools while retaining user-friendly navigation.
Spreads & Commissions
Spreads start at 0 pips on EURUSD and under 1 pip on other major currency pairs. Minimum commissions are just $2 round turn. Overall trading costs are super competitive.
Traders can open a Standard, Pro, Zero, or EC account depending on preferences around fixed/floating spreads, commission structure, and minimum deposit. Islamic accounts are also provided.
Funding & Withdrawals
Their 24/5 multilingual support can assist clients in English, Hausa, Igbo, and Yoruba through phone, email, live chat, and social media.
The combination of low trading costs, no minimum deposit, strong regulation, and Nigerian service puts Exness in the running for the top forex broker available to Nigerians.
4. XM Group – Trusted Global Brand with Nigerian Support
Operating since 2009, XM Group is a trusted broker and leader in trading services, providing Nigerians with MT4/MT5 platforms, tight spreads, quality executions, and multilingual support.
XM Group holds regulation from top-tier authorities in Australia (ASIC license 443670), Cyprus (CySEC license 120/10), and Seychelles (FSA license SD025).
XM offers the globally popular MetaTrader 4 and MetaTrader 5 platforms. For web trading, XM WebTrader provides an advanced option within the browser.
Spreads & Commissions
Variable and fixed spread options are available from 0 pips, providing low costs for high volume traders. commissions start from $2 per lot round turn.
Micro and Standard accounts cater to clients of all experience levels and account sizes. There are also swap-free Islamic accounts.
Funding & Withdrawals
Convenient payment methods include Visa, Mastercard, bank wire transfers, and online payment systems like Neteller available to Nigerians. Withdrawals are processed within 24 hours.
24/5 multilingual support is provided via live chat, email, phone, and social media in English, Hausa, Igbo, and Yoruba.
As an established global broker with a strong Nigerian offering, XM Group is a safe choice for beginners and pros alike seeking a reputable broker.
5. Binance – Leading Crypto Platform with Forex Services
Known primarily as the world’s largest cryptocurrency exchange, Binance has expanded its services to offer forex and CFD trading on currency pairs, indices, commodities, and more through the Binance app and website.
While not formally regulated, Binance abides by strict AML/KYC policies and maintains robust security practices as the top crypto brand.
Binance offers Android/iOS apps alongside its fast web-based trading platform optimized for charting, orders, and analysis. Advanced trading services are available through API integration.
Spreads & Commissions
Binance provides very competitive spreads averaging around 0.1 pips for EURUSD with no commissions, equating to lower trading costs.
Individual (Tier 1) accounts are available with advanced verification for higher volume traders. Margin trading allows leveraged trading on crypto/forex pairs.
Funding & Withdrawals
Nigerians can fund their account using Naira debit/credit cards, P2P trading, and bank transfers. Withdrawals are processed within 24 hours.
Binance provides 24/7 customer support through live chat, email, and an extensive FAQ knowledge base.
As the leading crypto brand globally, Binance offers Nigerians a cutting-edge platform to trade forex, crypto, CFDs and more from a single account. The low fees, advanced trading services and robust support make Binance a top choice for active traders.
6. TradingView – Top Social Trading Platform
TradingView is an online trading and social community with over 30 million monthly users. While not a broker itself, TradingView allows Nigerians to analyze currency markets using powerful charting and connect with top-performing forex traders.
Social Trading Features
- Analyze forex pairs, crosses, and exotic currencies using flexible charting capabilities. Customize timeframes, indicators, and layouts.
- Follow experienced forex traders and copy their trades in real-time through TradingView’s social feed and copy trading integrations.
- Connect and learn with other forex traders through public chat rooms and direct messaging.
- Publish and promote trade ideas to build your reputation and earn income through TradingView’s monetization programs.
In-depth market analysis from professional analysts provides actionable forex trading ideas and latest developments through TradingView blogs, videos and live streams.
Set price alerts, use stop losses, calculate position size, and leverage integrated risk management tools to trade forex safely. Connect accounts to track performance.
Analyze charts, follow traders, share ideas, and more using Android and iOS mobile apps.
With robust trading features and an engaged trading community, Nigerian forex traders can complement their broker account with TradingView’s powerful free social trading platform.
How to Choose the Best Forex Broker in Nigeria for You
While the forex brokers above provide exceptional services to Nigerian clients, you may be wondering which one is right for your specific trading needs.
Here are the key factors to consider when selecting a forex broker in Nigeria:
1. Identified Your Trading Style
- Casual Trader – You trade occasionally with smaller amounts. Seek an easy-to-use platform like MT4, educational resources, and solid support.
- Active Trader – You trade regularly with larger position sizes. Seek ECN accounts for low spreads/commissions and advanced platforms.
- Expert Trader – You employ complex strategies and trade high volumes. Seek STP/ECN execution, API integration, and VPS services.
- Social Trader – You follow signals or copy trades from top performers. Seek brokers integrated with copy trading platforms.
2. Compare Regulation & Safety of Funds
- Verify the broker is regulated by tier-1 authorities like CySEC and FCA and conducts audits. This ensures oversight and compensation if broker issues arise.
- Check what investor protection schemes the broker participates in. FSCS and CIF protect up to €100,000 or more per trader.
- Review the broker’s liquidity providers. Top banks like Barclays and JP Morgan facilitate trade execution.
- Ensure the broker provides segregated accounts to keep your funds separate from the company’s capital.
3. Evaluate Trading Platforms
- Check if platforms like MT4, MT5, cTrader or proprietary platforms are offered to match your preferences.
- Assess platform resources – are account analytics, trading services, custom indicators available?
- See if mobile, web-based, and desktop platform versions are accessible 24/7. Automated trading supported?
4. Compare Spread Costs
- See if the broker offers spread-only, commission-only, spread + commission accounts.
- Check average spreads on major currency pairs during liquid/volatile sessions through live or demo accounts.
- Factor in commissions if applicable. Scalping and high frequency traders should focus on tight spreads.
5. Review Account Types
- Assess if account types (Standard, ECN, Zero Spread etc.) meet your spread preferences and deposit amount.
- Verify minimum account balances and whether Islamic/swap-free accounts are provided if needed.
6. Check Funding and Withdrawal Methods
- Confirm the broker accepts convenient local payment methods like bank transfers and mobile money.
- Verify how quickly withdrawal requests are processed. Within 24 hours is ideal.
7. Assess Customer Support
- Check support hours match your trading hours. 24/5 support is optimal.
- See if support representatives speak your language or dialects like Hausa, Igbo, Yoruba.
- Review if live chat, email, phone, SMS, WhatsApp are provided for quick assistance.
By carefully evaluating brokers against your trading requirements using the tips above, you can confidently select the best forex broker in Nigeria to meet your specific needs and preferences.
Avoiding Forex Broker Scams in Nigeria
While the internet has created more access to forex trading, it has also enabled shady brokers and scammers to target unsuspecting Nigerian traders online. Avoid losses by identifying forex broker scams through these warning signs:
Promising Guaranteed Returns
A reputable broker will never guarantee profits, as forex trading always carries risk. Beware of brokers promoting “risk-free profits” or promising unrealistic returns like 20-50% monthly.
A broker should hold regulation from well-known authorities like CySEC to ensure oversight. Avoid unregulated brokers or off-shore licenses that offer little recourse. Always verify licenses.
Vague Contact Details
Check the broker’s contact information including company address, support numbers, email and live support are provided. Lack of details suggests a scam.
Poor Reputation Online
Research broker reviews on third-party sites like Trustpilot. Numerous negative reviews regarding withdrawals, platform issues or poor support indicate a scam broker.
High Pressure Sales Tactics
A broker should never excessively call or message with demands to deposit. This “boiler room” tactic is common on scam broker lead lists.
Limited or Shady Payment Methods
Avoid brokers who only allow deposits through obscure methods with little recourse. Stick to regulated brokers that accept common methods like bank transfers, cards, or mobile money.
Cannot Withdraw Funds
The biggest red flag is if traders have issues withdrawing money from their accounts, regardless of profit/loss. This indicates potential fraud.
Extremely large deposit bonuses like 100% or more should raise suspicions, as this can lock up funds and prevent withdrawals.
By avoiding forex brokers exhibiting these traits and sticking to reputable, regulated brokers like those recommended earlier, Nigerian traders can steer clear of scams and trade safely.
Key Takeaways on the Best Forex Brokers in Nigeria
- The top forex brokers for Nigerian traders hold regulation from respected authorities like CySEC and FCA, provide trusted platforms like MT4/MT5, and offer local funding options.
- Leading choices include RoboForex, AvaTrade, Exness, XM, Binance and TradingView based on regulation, spreads, account options and Nigerian support.
- Always research a broker’s reputation, registration, platform offerings, costs, and support prior to opening an account.
- Avoid forex broker scams by identifying unregulated brokers, guaranteed profits promises, pressure tactics, withdrawal issues and poor reviews.
- Match your trading style (casual, active, expert, social trading) with brokers offering appropriate account types, platforms and tools.
- The best Nigerian forex brokers provide the regulation, trading services and dedicated support needed to trade currency markets successfully. By picking the right broker for you, trading forex online can be an engaging and potentially profitable endeavor.
Best and Most Trusted Forex Brokers
Based on regulation, award recognition, mainstream credibility, and overwhelmingly positive client feedback, these six brokers stand out for their sterling reputations:
|No||Broker||Regulation||Min. Deposit||Platforms||Account Types||Offer||Open New Account|
|1.||RoboForex||FSC Belize||$10||MT4, MT5, RTrader||Standard, Cent, Zero Spread||Welcome Bonus $30||Open RoboForex Account|
|2.||AvaTrade||ASIC, FSCA||$100||MT4, MT5||Standard, Cent, Zero Spread||Top Forex Broker||Open AvaTrade Account|
|3.||Exness||FCA, CySEC||$1||MT4, MT5||Standard, Cent, Zero Spread||Free VPS||Open Exness Account|
|4.||XM||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Micro, Zero Spread||20% Deposit Bonus||Open XM Account|
|5.||ICMarkets||Seychelles FSA||$200||MT4, MT5, CTrader||Standard, Zero Spread||Best Paypal Broker||Open ICMarkets Account|
|6.||XBTFX||ASIC, CySEC, FCA||$10||MT4, MT5||Standard, Zero Spread||Best USA Broker||Open XBTFX Account|
|7.||Vantage||ASIC, CySEC, FCA||$50||MT4, MT5||Standard, Cent, Zero Spread||20% Deposit Bonus||Open Vantage Account|
|8.||FXTM||FSC Mauritius||$10||MT4, MT5||Standard, Micro, Zero Spread||Welcome Bonus $50||Open FXTM Account|
|9.||FBS||ASIC, CySEC, FCA||$5||MT4, MT5||Standard, Cent, Zero Spread||100% Deposit Bonus||Open FBS Account|
|10.||Binance||DASP||$10||Binance Platforms||N/A||Best Crypto Broker||Open Binance Account|
|11.||TradingView||Unregulated||Free||TradingView||N/A||Best Trading Platform||Open TradingView Account|
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