Yes, Forex Trading is legal in Nigeria and multiple well-regulated Forex Brokers accept Nigerian Traders. Overall, GO Markets can be summarised as a safe broker that provides competitive spreads on Contracts for Difference CFDs. GO Markets does not offer a Sign Up Bonus. GO Markets also does not offer a welcome bonus or deposit bonus or the advantage.

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Pros and Cons of Forex in Nigeria. Which brokers offer Naira trading accounts and how do they work. Lowest and minimum deposit forex brokers in Nigeria. How much money do you need to start trading forex in Nigeria? Is forex trading legal in Nigeria? and much, much more! USD CySec, FSCA. MetaTrader4, Metatrader 5. Open a Real Account. CySEC, FSA, FCA, FSCA, FSC, and the Central Bank of Curaçao and Sint Maarten. MetaTrader 4, MetaTrader 5.

USD 5. CySEC, FCA, FSA, DFSA, FSCA, CMA. MT4, MT5. ZAR MetaTrader 4 MT4. Open a Trading Account. USD 0. FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF. MetaTrader 4. FCA, FSCA. MetaTrader 4, Trading Station. FSCA, SCB. Meta Trader 4. CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA. ASIC, FSA, CBI, BVI,FSCA,FRSA,CYCES, ISA, JFSA.

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central. Author Details. Facebook Twitter Youtube Linkedin Instagram.

Louis Schoeman. Table of Contents. You might also like. GO Markets Review Overall, GO Markets can be summarised as a safe broker that provides competitive spreads on Contracts for Difference CFDs. GO Markets Sign Up Bonus GO Markets does not offer a Sign Up Bonus.

A - Z Brokers:. Trade with a Regulated Broker. As Seen On:. Want to stay in the loop? This allows individuals to start trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency like the GBP, USD or EUR. ForexTime offer social trading copy trading which means a trader:. ForexTime also offers local seminars in Nigerian locations such as Port Harcourt. This is run by industry experts and complements the forex trading e. webinars offered on the website.

ForexTime is ideal for Nigerian traders new to CFDs with a higher risk profile. With the highest leverage of any Nigeria fx broker of 1,, detailed training and social trading options, they are ideal for time-poor traders who want to test CFDs financial markets.

FXTM proves itself to be a reliable broker because of the amount of global regulatory licences that they hold:. HotForex is a good choice if you are looking for a broker that offers high leverage as they offer leverage of , which is higher than most other brokers will permit. The key features of HotForex include:. While most brokers offer a maximum of and in Europe leverage when trading, HotForex allows trading with with their Micro account.

HotForex offers a choice of 5 trading accounts. Most retail traders will want the Micro, Premium or Zero Spread account, as these are built for traders that plan to manage their own trading activities. Each of these accounts can be summarised as:. HotForex also offers two unique accounts. These are designed for a trader that wishes to use trading automation or copy trading. HF Forex has a large range of bonus offers, which means extra cash to trade with. HotForex bonus offers include:.

Visit HotForex. Nigeria has the largest population of Muslims in West Africa, so it makes sense we should mention a trading broker that offers trading account complaints with sharia law. Key offerings of NovaFX include:. If you are an Islamic trader and need to comply with Sharia law, then NovaFX has an account that does not charge swaps or interest for active positions held overnight. This means there are no overnight or rolling fees which sharia law does not permit. GBPUSD will cost you 4. This account has a flat fee for every 3 days you keep an open position.

This fee is applied on a weekly basis. NovaFX offers a choice of 3 trading platforms. These are MetaTrader 4, MetaTrader 5 and cTrader. While the MetaTrader platform is going to be the most likely choice as these are the most popular trading platforms worldwide, cTrader is a worthwhile platform to consider. While cTrader is available with several other brokers, one feature that NovaFX offers few other cTrader brokers offer is cTrader Copy.

This feature allows you to follow and copy the trades of other brokers by using the signals they provide. NovaFX offers a choice of 3 trading accounts. These are MT4 Micro Account, MT5 Pro Account and cTrader ECN account. The MT4 Micro account is a good choice if you desire an account with a low minimum deposit, no commissions, and want to trade small amounts.

One benefit of this account is that you can choose between floating and fixed spreads. Fixed spreads can be a good choice if you are not an experienced trader or when the market climate is volatile. Unlike variable spread, which can change dramatically in extreme events, fixed friends remain stable which gives you an element of protection when things go bad. This account uses MetaTrader 4.

The MT5 Pro account is for serious investors. Like the MT4 Micro account, this is a spread-only account but has a higher minimum deposit. This account uses MetaTrader 5 and is best for the trader looking to trade large volumes because of the lower cost. cTrader ECN uses the cTrader trading platform and, unlike the other account, has commission costs over the spread.

OANDA operates across the six most credible authorities, including:. Along with regulation, OANDA has focused on pricing transparency and customer satisfaction. With pricing, they offer real-time data from liquidity providers and find mid-points across instruments. This is communicated to traders to be transparent about spreads. Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material, and a plethora of free tools and resources.

If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs. The downside is the CFD provider offers low leverage, spreads are not as competitive as Pepperstone and IC Markets and trading markets such as cryptocurrencies are not available.

Plus is a CFD broker with its own forex trading platform offering:. They offer the best range of Cryptocurrency trading with instruments, including Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron and Monero. This can be traded on their real money or demo account to get a feel for these markets. Overall, Plus is recommended for those looking for a detailed forex trading demo account that works on their desktop or mobile devices and offers an extensive list of tradable instruments from currency to crypto.

com is a global broker that offers low spreads, a diverse range of CFDs and the best trading platforms available. As the broker is a market maker and uses a dealing desk when executing orders, all foreign exchange spreads are commission-free and competitive when compared to other top forex brokers. To gain access to Markets.

You can trade over 2, different financial instruments, as well as use sentiment, technical and fundamental analysis tools when developing CFD trading strategies. Alternatively, if you are looking for a trading platform where you can fully automate CFD with algorithmic strategies, both MetaTrader 4 and MetaTrader 5 are offered by Markets.

com offers a range of unique trading analysis tools to help you develop complex CFD trading strategies. Sentiment tools help you analyse and measure market sentiment, providing you with a potential sign of how various financial markets might move. Sentiment data and analysis is a great tool to gauge whether traders are buying and selling, as well as overall market confidence. Technical analysis tools play a vital role when developing trading strategies. Marketsx advanced charting tools help you identify trading opportunities and confirm market trends.

Fundamental analysis tools help you stay up to date with the myriad of economic events that impact financial markets. Marketsx tools allow you to observe significant events in real-time while analysing the effects on different financial markets.

Using MQL4 or MQL5, you can create your own trading robots for fully automated trading. Within the MetaTrader community, trading robots are known as Expert Advisors EAs. If you are a beginner trader and do not feel comfortable writing your own EAs, there are thousands of EAs available to download from the MetaTrader Marketplace online. MT4 and MT5 offer a narrower product range with no bonds or blends available, while Marketsx users gain full market access and can trade over 2, CFDs.

As a dealing-desk broker, Markets. com offers tight commission-free forex spreads as well as access to over 2, different financial markets. Regardless of your level of experience, the broker offers an appropriate trading platform MT4, MT5 or Marketsx with tools to help you develop trading strategies with over 2, CFDs to choose from. View Markets. You can view the full review of Pepperstone here. You can view the best forex brokers globally here.

Overall, Pepperstone is recommended with a full review provided. Forex trading is legal in Nigeria and is regulated by the Central Bank Of Nigeria CBN. After spending some time viewing the CBN website, the team could not find a CBN-regulated broker list. Other less known regulators include the IFSC, Belize, CIMA, CFTC and the DFSA Dubai Financial Services Authority. The list above is a shortlist with other brokers considered, including HotForex, AvaTrade, FxPro and Alpari, eToro and easyMarkets.

The FCA recently banned retail traders from trading cryptos. Nigeria had two financial regulators — The Central Bank of Nigeria CBN and the Securities and exchange commission SEC who have the authorisation to make laws and regulations regarding the trading of financial derivative products in Nigeria.

While these bodies have the powers, at this time there is no process for brokers to obtain official regulation to operate in Nigeria.

We have never reviewed Octafx so cannot give a fair assessment but we plan to review them sometime this year. We use cookies to ensure you get the best experience on our website. By continuing to browse you accept our use of cookies. Brokers By Country Australian Forex Brokers UK Forex Brokers European Forex Brokers NZ Forex Brokers Canadian Forex Brokers US Forex Brokers Singapore Forex Brokers UAE Forex Brokers.

Crude oil and solid mineral exploration in Nigeria has not led to the development of a local exchange where Nigerians can trade these assets. This leaves the Nigerian financial market lagging behind that of South Africa in terms of market depth. Forex trading in Nigeria took off in when the first Cyprus-based forex brokers started to recruit traders using online advertisements.

At the time, Marketiva and Northfinance now FxPro were the main forex brokers in Nigeria. There was no physical presence, and these brokers preferred to use online adverts and local affiliates to recruit clients onto their platforms.

According to forexbroker. ng by , the forex market in Nigeria hit a solid peak. However, there were still no foreign brokers in the country. By the time the global financial crisis hit, FX trading in Nigeria took a nosedive.

Many offshore brokers with questionable regulation simply folded up and absconded with the funds of many traders. These occurrences severely impacted the confidence of Nigerians in the forex market and offshore brokers saw a nosedive in the new client registrations as well as account reactivations.

It was clear that the era of Nigerian forex traders simply wiring money out to unknown forex brokers whose locations could not be verified was gone. It was against this backdrop that the first of the best forex brokers that currently operate in Nigeria, set up shop in the country and dived into the hitherto untested waters of the domesticated forex brokerage business. The Nigerian financial market is regulated by the Securities and Exchange Commission SEC.

The role of the SEC has been primarily focused on the local stock exchange and the assets traded in it, and not much attention has been paid to the regulation of other derivative products. The agency knows that Nigerians are trading forex with foreign brokers. They know that at least four brands have sited offices in Nigeria and are actively onboarding clients. Yet, the organization has no regulations in place and hardly even comments about the market, except for a few general warnings that ask investors to act responsibly when engaging in speculative investing, without addressing the forex market in particular.

This behaviour is on contrary to the South African financial regulator FSCA , which is very active regarding forex regulations. So we have a situation where the forex market in Nigeria is unregulated.

Forex Trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task. In a rapidly developing country such as Nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. Visit FXTM. They are safe for Nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, CySEC in Cyprus, FSCA and FSC of Mauritius.

FXTM is our recommended forex broker for Nigerian traders. This makes FXTM a very good choice for Nigerian traders. The typical fees depends on your trading account. On average the typical spread for major like EURUSD with the Micro Account is 1. This is higher than many other brokers. Apart from forex trading, FXTM also offer other instruments such as CFDs on Commodity Futures and CFDs on spot metals making them a very attractive choice for traders looking to diversify their trades.

FXTM also has NAS instrument available to traders in Nigeria. FXTM allows users to create a demo account in order to build their confidence and learn the art of trading. Plus the also offers a wide range of educational material to its clients, including trading webinars.

also read our in-depth FXTM review. Visit HotForex. HotForex is our recommended low cost forex broker for Nigeria. HotForex was established in the year Also, they offer extremely competitive spread of 0. Their typical spread for forex pairs is lower than most other brokers. All the trading accounts at HotForex can be opened with Naira as the Base currency. You can also open account in USD, EUR as the account currency. There are 53 Currencies available for trading on their platforms.

Overall, the range of trading instruments are wide, but there are higher number of currency pairs available at other brokers like Exness. Further, HotForex offers trading on various platforms that can be accessed from Android, iPhone and desktop. You can trade on the MetaTrader 4 or Metatrader 5 platforms, both of which are the most widely used trading platforms in the world.

Hotforex also offers local bank withdraw and deposit methods for Nigerian traders, and there are many wallet options as well. Plus, Hotforex have ongoing deposit bonus promotion available for traders in Nigeria. read our HotForex review. Visit OctaFX. OctaFX is a SVGFSA regulated forex broker that also accepts Nigerian clients. They have 2 account types i.

Both these accounts have floating spreads starting from 0. But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, Gold CFDs and 5 main crypto CFDs against USD Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin. The typical spread at OctaFX for EURUSD is 0. This fees is lower than the typical spreads at other forex brokers compared. Their support is also very responsive in handing issues.

They also have WhatsApp text support available. They offer instant funding via Skrill, Neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their GTBank account. also read our detailed OctaFX Nigeria review. Visit XM Forex. XM Forex is another CFD broker that we recommend to Nigerian traders.

They are regulated by CySEC Trading Point of Financial Instruments Pty Ltd since , and by the Australian Securities and Investments Commission ASIC since XM broker offers 57 forex currencies, and more than CFD instruments on their platform. Another plus is their no re-quotes policy. XM broker also offers free research through its own in-house team of analysts.

Its interface is quite user-friendly and can be accessed on desktop, mobile, as well as the web. also read our in-depth XM forex review. Visit Exness. Exness is 5 in our recommended forex broker list for Nigerian traders. They offer market Execution but it is very fast , very competitive spread of as low as 0. This is quite wide compared to other brokers. Further, with Exness you can trade on the advanced MetaTrader 5 platform that even has a news feed. In addition to this, Exness offers tight spreads with their three major account types.

Minimum spread for FX starts from 0. Exness does not charge any commissions with two of its account types. This payment method is instant even during withdrawals. Exness does not offer Naira base currency account at the moment. The broker offers up to date financial news and technical analysis charts to its users so that they can invest better. Further, customer support is available 24X5 in eight languages and 24X7 in three languages.

Another key feature is that withdrawals via some methods is executed instantly upon request. The support at Exness is not good. The email support is slow to respond to queries. There is a long hold time on their Live chat, and normally you have to wait for a few minutes before connecting with their live chat agent.

Visit AvaTrade. AvaTrade is a well regulated fixed spread European Forex broker. They offer 0. But AvaTrade does not have a local office in Nigeria. They also do not have NGN base currency accounts. They have local support options available, as they have phone number on their website for traders in Nigeria. Their support is also available on Whatsapp. also read our in-depth AvaTrade review. Visit Alpari. Investors will also like their very low minimum deposit, even with their very low fees ECN account.

Alpari was founded in the year , and it is the second best forex broker in Nigeria as per our updated review. The broker offers its services on both the MetaTrader 4 as well as the MetaTrader 5 platforms.

Alpari has six different account types, with a minimum deposit as low as zero with the Nano Account. With Alpari, you can also trade cryptocurrencies such as Ethereum and Bitcoin, but it is limited to their ECN accounts only. The broker does not charge any extra commission other than the spread.

This makes them a really interesting option. Another key feature is that the support team of Alpari is available 24X5 in Nigeria, so you can reach them anytime if you need their help. read our complete Alpari review. Visit IC Markets. IC Markets is an ASIC regulated ECN type broker that offers very Forex trading at very competitive fees.

If you are a professional trader that traders in high volume, then Raw spread account at IC Markets is a good option. Based on everything we have test, we then give a rating out of These regulations ensure that traders do not lose money due to illicit activities such as fraud and manipulation by the broker. These regulations also safeguards the money that the traders deposit with the brokers, in case of any event by ensuring segregation of funds.

The key objective of regulatory authorities is that the brokers provide transparent services and comply with the laws. Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors. Also, remember that not all regulations are the same. Many CFD brokers register their clients under offshore regulation like IFSC Belize , FSA Mauritius etc.

Avoid broker that is regulated only with Offshore regulations, and not with any Top-tier regulators. A good forex broker will be regulated with multiple Tier-1 regulations like FCA, ASIC, CySEC etc. Generally, in most cases you will find the regulated brokers highlighting their regulation throughout their website mainly the footer section of the website , and will also have a page for regulatory information.

Both these brokers mention their regulatory license numbers on their website footer section. Some brokers may claim to be licensed, but in reality might be using a fake license number.

Another critical aspect to monitor is the reputation and reviews of the broker.

We also use third-party cookies that help us analyze and understand how you use this website. Many CFD brokers register their clients under offshore regulation like IFSC Belize , FSA Mauritius etc. ASIC, FSA. New Zealand Stock Exchange. They are safe for Nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, CySEC in Cyprus, FSCA and FSC of Mauritius.

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