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Best Forex Brokers in Nigeria

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Few online brokers are based in Nigeria, and many Nigerian forex brokers have little or no oversight by either the Central Bank of Nigeria (CBN) or other regulatory agencies.

It’s best to choose an international forex broker that accepts clients from Nigeria and has oversight by 1 or more of the major forex regulators.

Carefully consider your trading needs before you commit to a forex broker and open a live account. Get started today with our review of the best forex brokers in Nigeria.

Best Forex Brokers in Nigeria

Account Minimum
$50 USD
Pairs Offered
47
Get started securely through eToro’s website
Account Minimum
$50 USD
Pairs Offered
47
1 Minute Review

Though Australian and British traders might know eToro for its easy stock and mobile trading, the broker is now expanding into the United States with cryptocurrency trading. U.S. traders can begin buying and selling both major cryptocurrencies (like Bitcoin and Ethereum) as well as smaller names (like Tron Coin and Stellar Lumens).

eToro offers traders the opportunity to invest their assets into premade portfolios or cryptocurrencies, similar to services offered by robo-advisors through traditional brokers. Though eToro isn’t a one-stop-shop for everything an investor needs, its easy-to-use platform and low spreads is a great way to enter the cryptocurrency market.

Best For
  • International Forex/CFD Traders
  • New cryptocurrency traders looking for an easy-to-use platform
  • Traders who want to buy and sell cryptocurrencies on-the-go
Pros
  • Simple platform that is easy to master
  • CopyTrader feature that allows new traders to copy the same strategies used by professionals
  • Virtual dummy account that gives you $100,000 to practice trades
Cons
  • U.S. traders currently limited to cryptocurrencies
  • Only 15 major coins available to trade
Account Minimum
100 of your selected base currency
Pairs Offered
80+
Get started securely through FOREX.com’s website
Account Minimum
100 of your selected base currency
Pairs Offered
80+
1 Minute Review

FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.

Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders
Pros
  • Impressive, easy-to-navigate platform
  • Wide range of education and research tools
  • Access to over 80 currencies to buy and sell
  • Leverage available up to 50:1
Cons
  • Cannot buy and sell other securities (like stocks and bonds)
  • Confusing margin requirements that vary by currency
  • Limited customer support options
  • Cannot open an IRA or other retirement account
Account Minimum
100 EURO
Pairs Offered
50+
Get started securely through AvaTrade’s website
Account Minimum
100 EURO
Pairs Offered
50+
1 Minute Review

A fully regulated broker with a presence in Europe, South Africa, the Middle East, British Virgin Islands, Australia and Japan, Avatrade deals with mainly forex and CFDs on stocks, commodities, indexes, forex, cryptocurrencies, etc. This brokerage is headquartered in Dublin, Ireland and began offering its services in 2006. It offers multiple trading platforms and earns mainly through spreads.

Best For
  • Beginners
  • Advanced traders
  • Traders looking for a well-diversified portfolio
Pros
  • Controlled by regulatory agencies of multiple countries
  • Choice offered in terms of trading platforms
  • Support available in 14 languages and trading platforms in 20 languages
  • Practice/demo account available for trying out
  • Breadth of trading assets
Cons
  • Does not accept customers from the U.S. as it isn’t regulated in the U.S.
  • Transferring funds to the account may take up to five days; withdrawals could take up to 10 days

Trading Forex in Nigeria

The Nigerian national currency is the Nigerian Naira ₦ (NGN). It’s divided into 100 smaller denominations known as kobo. The Nigerian currency is not among the top traded currencies listed by the Bank for International Settlements (BIS).

With respect to the Nigerian financial sector regulation, the Central Bank of Nigeria (CBN) set forth guidelines for the Nigerian stock market and forex brokers in the Banks and Other Financial Institutions Act (BOFIA) of 2007.

Its role is comparable to that of the SEC in the United States. The BOFIA obligates forex brokers that do business in Nigeria to maintain their clients’ funds in segregated accounts. This means that clients’ deposits must be maintained in separate accounts which protects them in the event of bankruptcy or legal actions taken against the broker.

What to Look for in a Nigerian Forex Broker

Whether an online forex broker is based in Nigeria or somewhere else, the best online brokerage should generally have these 11 elements covered:

  • Oversight from a reputable regulating agency
  • A good reputation among forex traders
  • Allow you to open and trade in the type of account you want
  • Require a minimum deposit you can afford
  • Give you access to trade all forex pairs and other assets you may want to trade
  • Maximum leverage ratio high enough for your trading strategy
  • Competitive dealing spreads
  • Provide you with protection against negative balances
  • Keep slippage and re-quotes on orders to a minimum
  • Maintain client funds segregated from your own money
  • Withdrawal and deposit options to suit your needs

Another important consideration is the trading software the broker supports. While some brokers offer clients a proprietary trading platform, many provide market access and platforms from 3rd parties such as MetaTrader 4 and 5 from MetaQuotes, as well as cTrader and NinjaTrader.

The Best Forex Brokers in Nigeria

Our recommended brokers are not based in Nigeria, but they have a presence in and accept clients from Nigeria.

Our selection includes brokers based mainly in the U.K. and Cyprus such as FXTM, FXCM, HotForex and easyMarkets. Most of these maintain an African presence by their offices in South Africa.

The list also includes FOREX.com, which has a good reputation as a well-regulated broker based in the United States. The best forex broker will depend on your personal criteria.

Check out our l list of some of the top online forex brokerages that allow you to open an account from Nigeria. 

Account Minimum
100 of your selected base currency
Pairs Offered
80+
Minimum Trade Size
$1,000
Spread
0.2 pips – 1.0 pips
Commisions
$0 – Variable starting at $60 per million traded depending on account
Best For
  • MetaTrader 4 users
  • Beginner forex traders
  • Active forex traders

FOREX.com

FOREX.com is ranked as the No. 1 U.S. forex broker. The company has oversight from the 2 main U.S. financial regulators: the National Futures Association (NFA) and the Commodities Futures Trading Commission (CFTC).

It also has oversight from regulators in the U.K., Australia, Japan, Canada, Hong Kong, Singapore and the Cayman Islands.

Accounts at FOREX.com can be funded with just $250 USD. The broker lets you trade micro lots if your preference is to start trading with smaller amounts. It also offers an Islamic account option in addition to keeping client accounts segregated from its own funds.

FOREX.com offers several web-based, desktop and mobile trading platforms, which include the MetaTrader 4 and 5 platforms from MetaQuotes in addition to NinjaTrader.

Clients also have access to the company’s proprietary Advanced Trading Platform for desktop computers and its Web Trading platform if you prefer to trade via a web browser.

Due to U.S. restrictions, FOREX.com has a maximum leverage ratio of only 50:1 available to clients who trade currencies.

Read Benzinga’s full FOREX.com Review

Commissions
Depends on security and leverage
Account Minimum
$50 for US and Australia; $200 everywhere else
Best For
  • U.S.-based cryptocurrency traders
  • Social and copy traders
  • Simple user interface
  • Community engagement and following other traders

eToro

eToro is a social trading platform with over 10 million account holders worldwide. It has provided forex products and more to retail clients for over 10 years. 

eToro has some impressive features. The most popular include CopyTrader, the Social News Feed and CopyPortfolios.

CopyTrader and CopyPortfolio allow you to locate a successful trader and copy their strategy. You can copy up to 100 traders with this feature.

With the Social News Feed, trader updates from those in your network can be accessed in a Twitter-like thread. Traders are able to get alerts based on certain market factors and can discuss markets and their strategies.

Read Benzinga’s full eToro Review

Account Minimum
100 EURO
Pairs Offered
50+
Minimum Trade Size
0.01
Spread
as little as 0.6 pips
Commisions
$0

AvaTrade

AvaTrade has been facilitating online trading since 2006 and has offices all over the world. 

With the firm’s intuitive and simple interface and the solid customer support team, you can easily navigate the complex investing world. It also provides specialized educational content for beginners like its Trading for Beginners section.

Avatrade offers multiple trading softwares, including an in-house platform. AvaTradeGO and MetaTrader 4 are available. And you can copy trades of experienced traders with automated trading softwares like ZuluTrade, DupliTrade or MQL5.

Open your account with a minimum deposit of $100 via credit card or wire transfer.

Read Benzinga’s full AvaTrade Review

Trade Forex in Nigeria Now

If you live in Nigeria, the security of your funds should be top-of-mind as you choose a forex broker. Make sure that any trading profits you earn can be easily withdrawn upon request.

Select a well-regulated broker that keeps segregated accounts for its clients and holds them on deposit with a top tier bank. Regulation by a strict authority could also save you considerable trouble and money if an issue ever arises with the broker.

Get started today with our list of the best forex broker in Nigeria.

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