Forex trading is becoming more and more popular in the fast-growing countries like Nigeria. Here are 10 of the best forex brokers for traders in Nigeria.

Nigeria is a country rich in oil and sometimes known as the door to the African continent. Due to the country's positive economic growth over the past decade, forex trading is becoming increasingly popular for investment and is gaining a lot of attention from the public. No wonder Nigeria has stepped in line with South Africa as a country with the most expansive market for trading in Africa.

Best Forex Broker In Nigeria

However, despite its rapid growth, Nigeria is also known as the home to various financial scams. If you're a native of the country, it's vital to make sure that you only choose trusted and regulated forex brokers to facilitate your trades. In this article, we have made a list of the best forex brokers in Nigeria.

 

Forex Trading in Nigeria

Trading in Nigeria can be considered quite easy to do. Like any other country, you would only need to have a smartphone or computer, a stable internet connection, some funds, and a forex trading account. The only issue here is probably regarding the electricity and internet connection. While connections in many urban areas are becoming more stable, some places still have bad internet connection. Therefore, it's best for forex traders in Nigeria to set a hard stop loss when trading to prevent getting significant losses due to lost connectivity.

Regarding legality, forex trading is completely legal in Nigeria as long as you invest with your own money for your own personal benefit. As a matter of fact, the country doesn't impose heavy regulations regarding forex trading. This is mainly because forex trading is still relatively new in Nigeria.

Forex trading in Nigeria falls under the regulation of the Central Bank of Nigeria (CBN), which aims to ensure transparency and efficient functioning of the forex market. The institution issues licenses for both local and foreign forex brokers, so every broker that operates within the country must be registered and fulfill certain requirements. It also has a consumer protection department that accepts and analyzes complaints sent by investors. If the broker is found guilty, the authority might charge a certain amount of fines or even revoke their license.

Now that you know how to trade forex in Nigeria, here are some of the best forex brokers that you can choose.

 

1. IC Markets

IC Markets is an Australian ECN broker that is registered under the regulation of ASIC. It prides itself on being a true ECN broker with cutting-edge technology. The clients' funds are kept in segregated fund accounts at Australian Banks: National Australian Bank (NAB), and Westpac Banking Corporation. This means that they keep the clients' funds separate from the company's funds so they won't be used for the company's purposes.

🌐 Website
www.icmarkets.com
Leverage
1:500
💼 Regulation
ASIC CySEC SCB The Financial Commission
💲 Min Deposit
$200
Year Established
2007

Interest rate on funds
Free education
PAMM accounts
MAM accounts
Segregated accounts
Managed accounts
Islamic accounts available
Bitcoin
FasaPay
Neteller
PayPal
Skrill
Wire transfer

IC Markets is an online forex broker operating under the company of International Capital Markets Pty Ltd. Traders under the Australian jurisdiction are provided with the trading service of IC Markets AU that is headquartered in Australia and licensed by the Australian Securities and Investments Commission (ASIC).

On the other hand, non-Australian traders who open an account in this broker are registered under IC Markets SEY that is based in Seychelles, and regulated under the Seychelles Financial Services Authority (SFSA). The dual operation is a result of the relatively new rules from ASIC that prohibit their regulated broker to offer trading services outside Australia.

Classified as an ECN broker, IC Markets provide clients with MetaTrader 4, MetaTrader 5, cTrader as platform trading options. This broker also follows market trends to include Cryptocurrencies as one of its products, enriching its already wide selection of trading assets that include Currencies, Indices, Metals, Energies, Softs, Stocks, as well as Bonds.

The minimum deposit in IC Markets is in the middle range compared to other ASIC-regulated brokers, as it reaches $200 for every client. Market analysis materials are also prepared regularly for trading insights on IC Markets's official website, proving their competence to serve their traders with important contents created by market experts that work specifically for them.

For payment methods, IC Markets allows funding and withdrawal via wire transfer, credit card, PayPal, Skrill, Neteller, FasaPay, UnionPay, as well as Bitcoin via BitPay. The more interesting aspect from this broker is its multi-base currencies that include USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, and CAD.

As the trading technology in IC Markets is highly equipped with co-located servers and extremely low latency (especially on cTrader), the broker is widely known for its capability in hosting traders with the special needs for high-frequency trading as well as scalping.

To sum up, IC Markets is a fitting destination for active traders looking for a well-regulated broker. IC Markets is also flexible in terms of base currency and payment methods, signaling their commitment to welcome traders beyond their home country. As of late 2019, IC Markets provided their website in 18 international languages including English, Korean, Indonesian, French, Spanish, Italian, Malay, German, and Chinese.

IC Markets supports MetaTrader 4, MetaTrader 5, and cTrader. The platforms, commissions, and spreads depend on which account type you choose, so make sure to check which type would suit your trading style. But even so, IC Markets provide a great trading environment for any trader, especially when it comes to spreads and trading fees. The broker offers low spreads on major and exotic currency pairs and charges low commissions. Deposit and withdrawals are processed via credit/debit cards, bank transfers, PayPal, Skrill, Neteller, Webmoney, and Fasapay.

 

2. FXTM

FXTM or ForexTime is a global forex broker that was established in 2011. It is considered one of the best forex brokers in Nigeria and one of the few that actually has a local office and phone number in the country. FXTM is regulated by several well-known regulators such as FCA, CySEC, etc. The broker offers CFDs for over 50 currency pairs, including major, minor, and exotic pairs. There are also CFDs on commodity futures, crypto assets, indices, and spot metals. Leverage can go up to 1000:1.

🌐 Website
www.forextime.com
Leverage
1:2000
💼 Regulation
Capital Markets Authority of Kenya CySEC FCA FSCFSCA
💲 Min Deposit
$10
Year Established
2011

Bonus offers
Trading contests
Free education
Personal manager
Trading by telephone
Segregated accounts
Affiliate program
Islamic accounts available
Bitcoin
FasaPay
Neteller
QIWI
Skrill
WebMoney
Wire transfer

FXTM was initially launched in 2011 with a unique vision to provide unparalleled superior trading conditions. Opening an account in FXTM would also bring about access to advanced education and sophisticated trading tools in the forex industry.

Now, FXTM is registered under the Financial Conduct Authority of the UK with the number 600475. The company is also regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, and is licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614

FXTM has 1 million registered accounts with more traders joining every day. The company continually tries to improve their performance and have got many awards such as Best Trading Experience 2019 by World Finance Awards, Best Online Forex Trading Company Nigeria 2018 by International Finance Awards, Reputable Investor Education Forex Broker Award 2018 by Hexun.com, Forex Brand Of The Year China 2018 by Fxeye.Com, and many more.

As a responsible broker, they determine leverage (expressed as a ratio of transaction size relative to trader's buying power) according to the trader's level of knowledge and experience in trading, which is evaluated by the Appropriateness Assessment. The company also enables trading with leverage up to 1:1000.

As for spreads, FXTM offers low spreads starting from 0.1 pip, so traders can withdraw profits at the start of trading. The company, which has headquarters in several countries, uses No Dealing Desk (NDD) technology and partners with credible liquidity providers to provide the best bid and ask prices.

For beginners, there is an automatic trading facility called algorithmic trading provided. When trading in FXTM, traders can develop their trading strategy or adopt other traders' strategies. Furthermore, the strategy is applied to automated trading systems, such as Expert Advisors. The purpose of this system is traders do not have to worry about losing opportunities while not observing the market so that profits can still be earned.

Three types of ECN accounts use the MT4 and MT5 trading platforms. There are also mobile and Tablet Apps trading platforms. Aside of providing many account variants, FXTM goes above and beyond to ensure that their client receives excellent support that they deserve, making their trading experience optimal and user-friendly.

FXTM also provides a diverse range of products. In addition to over 50 currency pairs, they provide gold, silver, CFD on commodity futures (oil), CFD on ETFs, and indices.

Education about the basic concepts of the forex industry is also accessible in this broker. Traders can read all the concepts provided in the form of e-books, video tutorials, articles, webinars, and forex seminars. There are 17 languages provided on the FXTM website to make it easier for traders to learn about forex.

Traders are also given various choices for payment methods, including Credit Cards (Visa, Mastercard, Maestro) and E-Wallet (Neteller, Skrill, Western Union). For withdrawing funds, traders are not charged a fee with a length of 2 hours to 2 days. Traders can live chat to ask further questions and contact the admin via email. There is also a question and answer page about forex trading on FXTM.

There are several types of account offered by FXTM, all of them accepts USD or NGN and have very low minimum deposit requirements in the Micro account. For beginners, a free demo account is available as well as various educational materials like webinars. FXTM supports two of the well-respected trading platforms: MetaTrader 4 and MetaTrader 5. Also, the broker offers low spreads across all platforms for most major currency pairs.

 

3. HotForex

If you're looking for a low-cost broker in Nigeria, HotForex is undoubtedly one of the top choices. For a start, HotForex is a forex and CFD broker that was founded in 2010 and has a local office in Nigeria. The broker is considered a highly regulated broker with acquired licenses from FCA, FSCA, and CySEC. Apart from forex currency pairs, the broker offers 100+ CFDs on crypto assets, metals, commodities, and stocks.

🌐 Website
www.hfm.com
Leverage
1:1000
💼 Regulation
Capital Markets Authority of Kenya CySEC DFSAFCA FSAFSAFSCFSCA
💲 Min Deposit
$
Year Established
2010

Bonus offers
Trading contests
Free education
Personal manager
Trading by telephone
PAMM accounts
Segregated accounts
Managed accounts
Affiliate program
Islamic accounts available
Bitcoin
FasaPay
Neteller
Skrill
WebMoney
Wire transfer

HF Markets is an award-winning forex and commodities broker. Established since 2010, the company provides trading services and facilities to both retail and institutional clients. For more than 9 years in business, HF Markets has around 1,500,000 live accounts opened and 200 employees globally.

Based on its services, HF Markets can be regarded as middle-class category. Clients do not need to prepare a big deposit for joining to trade with this broker. Also, there are various account types, trading software, and tools to facilitate individuals and institutional customers to trade forex and CFD online.

HF Markets is a registered brand name of HF Markets (Europe). Based on the location, the company is regulated by various financial regulators. Here are the details:

  • HF Markets (SV) Ltd, registered in St. Vincent & the Grenadine as an International Business Company with the registration number 22747 IBC 2015.
  • HF Markets (Europe), authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with Licence Number 183/12.
  • HF Markets SA (PTY), is authorized and regulated as a Financial Service Provider (FSP) by the Financial Sector Conduct Authority (FSCA) in South Africa, under license number 46632.
  • HF Markets (Seychelles), incorporated under the laws of the Republic of Seychelles with registration number 8419176-1, regulated by the Seychelles Financial Services Authority (FSA) under Securities Dealer Licence number SD015.
  • HF Markets (DIFC) Ltd, authorized and regulated by the Dubai Financial Services Authority (DFSA) under license number F004885.
  • HF Markets (UK) Ltd, authorized and regulated by the Financial Conduct Authority (FCA) under firm reference number 801701.

If traders have more experienced, knowledgeable, and sophisticated trading environment, they can join to become Professional Clients, who can manage and assess their own risks. For that reason, these kinds of clients are granted access to more favorable rates but afforded lesser regulatory protections than retail clients.

Trading with HF Markets can enable traders to access a variety of trading instruments like CFDs on Forex, Cryptocurrencies, spot metals (gold, silver, and others), energies (oil and gas), commodities (such as coffee, copper, and sugar), indices, bonds, and popular shares such as Google, Apple, and Facebook.

HF Markets offers some of the tightest spreads in the market, starting from 0 pips in Zero Account. This broker quote major foreign exchange currency pairs to five decimal places. Therefore, traders have the opportunity to get more accurate pricing and the best possible spreads.

HF Markets receives numerous highly prestigious titles, including the huge honor of being ed to join the ranks of the World Finance Top 100 Global Companies. Others are Best Client Funds Security Global by Global Brands Magazine, Best Global Forex Copy Trading Platform by Global Forex Awards 2019, Fastest Growing Forex Broker Mena 2019 by International Business Magazine, and many more.

After opening an account in HF Markets, traders will obtain various forex trading platforms to accommodate all of their trading demands. Whether traders like to trade on desktop or prefer to trade on-the-go, they can use MetaTrader 4 on desktop (terminal, multi-terminal, and web terminal) and phone (iPhone, iPad, and Android).

Clients' funds are held in segregated accounts. Only major banks are used by Markets because they believe that successful traders have to give their full attention to their trading rather than worrying about the safety of their funds.

Traders do not need to worry about transaction fees when depositing and withdrawing. Transaction fees are not charged, and diversity of payment methods enable them to choose between Wire Transfer, Bank Card, and online payments (Neteller, iDeal, Sofort Banking, and Skrill). HF Markets ensures that traders make fast transactions 24/5 during the standard hours.

Traders can earn extra income by joining the affiliate program offered by Markets. Clients who join this program will get some advantages, such as 60% of Net Spreads based on the volume traded by sub-clients, up to $15 per a lot of net revenue, and many more. More information about HF Markets can be obtained on their official website which is supported in 27 languages.

From the review above, it can be concluded that HF Markets is one of the award-winning forex and commodities brokers. There are various account types traders can choose in HF Markets, and the broker itself becomes a favorite among traders for its low spreads. This condition is very suitable for traders with limited funds and a desire to get more opportunities to gain maximum profit.

In terms of trading fees, HotForex has some of the best offers in the market. There are 5 account types that you can choose, all of them are spread-only (commission-free) except the commission-based Zero account. Bear in mind that those amounts may vary depending on the market's fluctuations. In addition, you can get leverage of up to 1000:1 with a very low minimum deposit of $5. 

Moreover, HotForex offers the entire MetaTrader series, including MetaTrader 4 and 5 that can be accessed from desktop, Android, and iOS. The desktop version in particular supports an automated trading system known as Expert Advisors. Lastly, HotForex has various deposit and withdrawal methods for Nigerian traders, including local bank transfers and online payments.

 

4. OctaFX

OctaFX is another forex broker that accepts Nigerian traders. The broker was established in 2011. Compared to other brokers, OctaFX has relatively limited trading instruments of only 28 currency pairs, and CFD trading on metals, indices, energies, and cryptocurrencies. However, we should note that the broker has a competitive spread, especially for traders looking to trade major currency pairs, gold CFDs, and crypto CFDs against USD.

🌐 Website
www.octafx.com
Leverage
1:500
💼 Regulation
CySEC FSA
💲 Min Deposit
$25
Year Established
2011

Interest rate on funds
Bonus offers
Trading contests
Trading by telephone
Segregated accounts
Affiliate program
Islamic accounts available
Bitcoin
Neteller
Skrill

OctaFX is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and proximity with customers. OctaFX was founded in 2011 with headquarters in Strovolou 47, Kyros Tower, Nicosia.

Prestigious awards that have been received by OctaFX include the Best ECN/STP 2019 and the 2019 Best Broker in Asia given by FX Daily Info. The Global Banking and Finance Review magazine also gave the Best Broker award in Asia in 2018 to this broker. More than that, there were also awards from European CEO Magazine (Best FX Broker 2018 and Best Trading Conditions).

For traders in most countries, OctaFX is under the authority of Octa Markets Incorporated and is registered in Saint Vincent and the Grenadines. This broker also provides various facilities, such as providing support services by live chat and WhatsApp in Indonesian. Not only that, deposits and withdrawals of funds can be done through various local banks. OctaFX does not charge commissions for every deposit and withdrawal of funds made by traders.

OctaFX offers different types of accounts that are carried out with market execution (STP/ ECN) and floating spreads from 0.2 pips. A variety of forex strategies, ranging from Scalping, Hedging, and the use of Expert Advisors are permitted in all accounts at OctaFX brokers.

There is also a fixed exchange rate offer when opening a Micro MT4 account. All deposits made in IDR will be calculated at the rate of USD1 = Rp10,000 and will be entered into the trader's account balance. Also, Swap-free accounts are available for Muslim traders who want to avoid overnight interest.

Trading in OctaFX is also suitable for novice traders. Because OctaFX offers low spreads, which are floating starting from 0.0 pips. The required initial deposit is also low, only USD25. The currencies used on the account are US Dollars and Euros.

OctaFX gives a bonus of 50% each time a trader makes a deposit. That way, the capital gained by the trader becomes bigger. Opportunities to open positions increased and deposit bonuses can be withdrawn on the terms and conditions.

If traders are still confused about calculating profits, the OctaFX platform provides a trading calculator for each account type. Traders only need to enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account.

Opportunities to get profits are also getting bigger with the Autochartist feature. Traders will get notifications quickly when there is a profit signal in trading. The accuracy of the trend prediction reaches 83%.

Traders do not need to worry about the safety of funds at this broker. OctaFX uses segregated accounts and protects personal data and online financial transactions with SSL technology. This is adjusted to the international accounting standards and regulations.

Another advantage offered by OctaFX is the Trade & Win program. Opening an account in OctaFX would open the opportunity to collect trading lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through OctaFX and simply exchange the prize lot in this promotion. Prizes that can be obtained by traders include T-shirts, Android Smartwatches, smartphones, and laptops.

Traders need not worry about missing out on promotions. Because OctaFX often bonuses and other promotions. This broker holds a trading contest every week on a demo account with real prize funds that can be used for trading.

One example of a prize contest is OctaFX Champion - MT4 Demo Contest. With a total prize of USD 1,000, there are places for 4 winners in each contest period. 

OctaFX trading condition generally supports many trading strategies, including scalping and hedging. The customer support is very responsive in handling issues and complaints. The live chat support is available five days a week, while the email support is available 24/7. They also have WhatsApp text support for traders, but unfortunately, they still don't have a Nigerian number. In terms of funding methods, OctaFX offers a wide range of options for Nigerian traders including instant funding via Skrill or Neteller, BTC funding and withdrawal, and quick zero fees funding via bank transfer, cash, or ATM using their GTBank account.

 

5. XM

XM Group is a part of the Trading Point of Financial Instruments Ltd which was established in 2009 and has been regulated by CySEC and ASIC Australia. XM offers no less than 55 forex currency pairs and more than 350 CFD instruments on their platform. The broker has negative balance protection and customer support available 24/7.

🌐 Website
www.xm.com
Leverage
1:888
💼 Regulation
ASIC BaFin CNMV CONSOBCySEC FCA FSPIFSCESMA
💲 Min Deposit
$5
Year Established
2009

Interest rate on funds
Bonus offers
Free education
Personal manager
Trading by telephone
Segregated accounts
Affiliate program
Islamic accounts available
Requires sending documents via postal mail
CashU
FasaPay
Neteller
QIWI
Skrill
WebMoney
Wire transfer

Established in 2009, XM is a member of an online brokerage company called Trading Point of Financial Instruments Ltd. In providing clients on a global scale, the company has branched into XM Australia and XM Global, and XM Cyprus. Each member has different headquarters and licenses, with XM Australia registered under the Australian Securities and Investment Commission (reference number: 443670), XM Global under the IFSC (60/354/TS/19), and XM Cyprus under the Cyprus Securities and Exchange Commission (reference number: 120/10).

XM is one of the more experienced brokers in the world of online forex trading today. Since its founding, the broker has experienced a lot of changes, including the addition of the Ultra-Low Account and Webinar feature that is accommodated in 19 different languages with 35 native instructors for each language.

In terms of trading instruments, XM is a well-known diverse class assets provider, varying from Forex, Commodities, Equity Indices in CFDs, Precious Metals, Energies, to Shares. XM prides itself to be the ideal broker in trading execution, offering a stat of 99.35% orders to be executed in less than 1 second. Trading in XM would be also provided with a strict no requotes policy, no virtual dealer plug-in, no rejection of orders, real-time market execution, and the choice for traders to place orders online or by phone.

Spreads on all majors can reach as low as 0.6 pips in Ultra-Low Account, while spreads on other accounts usually start from 1 pip. Instead of providing maximum leverage on the scale of 1:500 or 1:1000 (round numbers), XM chooses to limit their leverage on a 1:888 scale, a unique number that is now widely recognized as XM's trademark.

To protect the client's fund in the event of extreme volatility, XM presents each account type with Negative Balance Protection. The deposit starts from $5 in Micro and Standard Account, while Ultra-Low Account requires a minimum deposit of $50. Traders who open accounts in XM are enabled a condition similar to a Cent Account environment in the Micro Account, in which the Contract Size for every lot is only 1,000 units. If it is applied with the smallest lot size in the MetaTrader platform which amounts to 0.01, it means that traders can go as small as 10 units per trade.

For the deposit, XM applies zero-fee deposits in most of its available payment methods. Traders can choose to fund or withdraw their accounts via wire transfer, credit card, as well as the most favorable e-payment choices like Skrill, Neteller, and FasaPay.

XM also provides an Islamic Account for Muslim Traders obligated to Sharia Law that prohibits the use of interest generated by overnight swaps for each currency pairs. To give their clients the best experiment in trading, XM has given access to both MT4 and MT5 platforms, each is available for more than 6 display formats (PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android, and Android Tablet).

All in all, there is no doubt that XM has gone global with its deep commitment to providing trading services in more than 15 languages around the world. Aside from easing traders' experience with mainstream trading platforms and high-quality trading execution, XM is open to various types of traders, from small capital traders to the more experienced ones with big deposits at the ready. Traders are even provided with a Cent Trading environment should they choose to register under Micro Account.

For their global approach, XM has ensured that traders from various countries could access their service easily. This results in the provision of different domains specified for traders in certain jurisdictions. For example, traders from Indonesia could access XM via this link.

The EUR/USD spread can go as low as 0.8 pips, which is probably one of the lowest in the industry. Demo and Islamic accounts are also available across the board. Conveniently, no commission will be charged for any trading account.

One of the notable features in XM is the no requotes policy. Around 99.53% of orders in XM are executed in under a second and are guaranteed to get no requotes, so instant execution is definitely possible here. XM also offers free research tools through its own in-house team of analysts. The interface is quite user-friendly and available across many devices, including PC, mobile, and web. For trading education, you can enjoy live web seminars as well as free training programs to help you improve your trading skills even more.

 

6. Exness

Exness is the brand name for Nymstar Limited, a global brokerage firm that is regulated by the FSA (Seychelles) and Vlerizo (Pty) Ltd, a financial service provider that is authorized by the FSCA (South Africa). The broker offers no less than 200 financial CFD instruments including forex currency pairs, shares, indices, energies, metals, and cryptos.

🌐 Website
www.exness.com
Leverage
1:2000
💼 Regulation
Capital Markets Authority of Kenya CySEC FCA FSAFSCFSCFSCAThe Financial Commission
💲 Min Deposit
$1
Year Established
2008

Trading contests
Free education
PAMM accounts
LAMM accounts
Segregated accounts
Affiliate program
Islamic accounts available
Bitcoin
Neteller
Skrill
WebMoney
Wire transfer

The choice of broker is adjusted to the needs of each trader. If you are a trader who only needs a basic platform and trading features with the best attributes, then Exness can be your best choice.

Exness covers its lack of feature variations with other advantages like low spreads starting from only 0.1 pip. This is very suitable for traders who use scalping strategies (Scalper). Spreads on major pairs in certain account types can also be as low as 0.0 pip, depending on market conditions.

Not only that, but traders can also enjoy other advantages such as an automatic fund withdrawal system. If a trader withdraws funds through the e-Payment facility provided by Exness, the processing time is instant and goes straight into the account. This means that when traders make a withdrawal, everything happens automatically without human intervention.

The safety of traders' funds is also guaranteed as Exness is one of the European-based STP/ECN brokers. Exness's ability to become an official partner of the Real Madrid soccer team for 3 years, starting July 2017, also provides evidence that the company has high solidity.

Deposits and withdrawals may be made 24 hours a day, 7 days a week. However, it is important to note that the company shall not be liable fors in processing deposits and withdrawals if suchs are caused by the payment system.

Traders do not need to worry about transaction fees when depositing and withdrawing. When trading on Exness, transaction fees are not charged to traders. A variety of payment methods are provided for traders, including Wire Transfer, Bank Card, Neteller, Skrill, and many others.

All information displayed on the Exness website is tested and proven. Their business is audited quarterly by Deloitte, which is an audit company for financial services.

Moreover, Exness is one of the mote transparent brokers in the online trading industry. Traders can find out all information about this company on the website, such as trading volume, number of active clients, client deposits, company funds, and many more.

The platforms provided by Exness vary in MetaTrader 4, MetaTrader 5, Web, and Mobile platforms. This makes it easy for traders when trading on Exness, as they can also access Exness platforms anywhere and anytime.

Over the years, Exness has developed into a broker that attracts traders. Trader's trust is further enhanced by its compliance with financial regulations like the FCA and CySEC.

One measure of client confidence can be put on the trading volume. By December 2018, their clients' monthly trading volume reached USD348.4 billion and active traders around the world surpassed 50,342.

Through the program offered by Exness, traders also have the opportunity to earn extra income by becoming their partners. From the Introducing Broker (IB) program, partners can earn up to 33% spread commission from every new client that registers with them.

Additional income can also be obtained from Exness Partners. Traders can get a spread commission of up to 25% per transaction made by traders who register through an affiliate link.

When trading with Exness, profit opportunities generated by traders also increase with VPS hosting services. This feature helps to maintain trading activities to progress smoothly and without interruption in the event of unexpected troubles such as lost internet connection or electricity problems that shut down traders' PCs unanticipatedly.

From the review above, it can be concluded that Exness is a favorite broker for traders because of low spreads and flexible account types. This condition is very suitable for traders with limited funds but is in need of more opportunities to get maximum profit. This broker is also well known for its maximum support on both new and existing partners.

Exness has won many awards as a retail broker, mostly because of its reliable services and a comfortable trading environment. The spreads typically start from 0.1 pips for forex trading, which is quite low compared to other brokers in the industry. You can trade by using the globally renowned MetaTrader 5 and MetaTrader 5 either from the web, Windows, or Mac.

In addition, the broker offers up-to-date financial news and technical analysis charts to help traders with their trades. The customer support is also commendable as it opens 24x5 in eight languages and 24x7 in three languages. Exness offers various funding options for deposits and withdrawals such as local online bank transfers, credit/debit cards, and e-wallets like Skrill. Some e-wallets have instant withdrawal options.

 

7. AvaTrade

AvaTrade is a well-known global broker and one of the top recommendations in Nigeria. The broker is authorized by the FSCA (South Africa) and ASIC (Australia). Although AvaTrade still has no local office in Nigeria in particular, the European broker is widely recognized almost everywhere and has offices in many countries across the globe. They do, however, have a Nigerian phone number for customer support, but the phone and English language chat are only available during their business hours.

🌐 Website
www.avatrade.com
Leverage
1:400
💼 Regulation
ASIC Financial Futures AssociationFinancial Services Regulatory AuthorityFSAFSCFSCAISA
💲 Min Deposit
$100
Year Established
2006

Bonus offers
Trading contests
Free education
Personal manager
PAMM accounts
Segregated accounts
Managed accounts
Islamic accounts available
Requires sending documents via postal mail
Neteller
Skrill
WebMoney
Wire transfer

Avatrade can be called one of the most well-rounded brokers that support almost all trading styles. Not only allowing hedging, scalping, and expert advisor (EA), Avatrade also completes their service with One-cancels-the-other order (OCO) and AutoTrading in many variants of automated trading systems.

AvaTrade was founded in 2006, with the primary mission to empower people to trade with confidence. If traders are still confused about what is the best broker for supporting trader's trading, AvaTrade perchance option of traders, because it has been evaluated and honored for some of the industry's most remarkable financial and technological achievements that it provided to clients.

In 2019, the Dublin-based broker got achievement from Daytrading.com as The Best Forex Broker 2019. Besides, the company is honored as Best Forex Broker, Best Bitcoin CFD Trading Provider of the year, and Best Affiliation Programme in the European area.

Furthermore, for traders who have high mobility, AvaTrade provides many platforms that allow traders to trade using laptops and mobile phones. The availability of the free Autochartist tool in the platforms is the best support for both novice and experienced traders because it makes it easier for them to find trading opportunities without the need to glance at charts all day.

The Autochartist free signal is provided in Gold Account, Platinum Account, and AVA Select. By opening an account in AvaTrade, traders don't have to pay for getting a full Autochartist service. Autochartist itself is a market scanner tool that can detect trading signals from various technical perspectives.

Traders can access AvaTrade in many variants of platforms, such as AvaTradeGO, MetaTrader 4, MetaTrader 5, Automated Trading, Mac Trading, Web Trading, Mobile Trading, and AvaOptions.

In terms of regulation, AvaTrade is regarded as a superior broker because it has a lot of credible licenses. That way, even with deposits of up to ten thousand dollars, security can be guaranteed. Applying the Segregated Account system, AvaTrade is regulated by the Central Bank of Ireland (No.C53877), ASIC Australia (No.406684), JFSA Japan (No.1662), and South Africa (FSP 45984).

Can traders lose more than their deposit abruptly in the event of high volatility? AvaTrade explicitly answers no, as traders have negative balance protection.

With a minimum deposit of USD100, AvaTrade offers various leverage depending on the trading instruments; whether it is forex (starts from 30:1), indices (starts from 20:1), commodities (starts from 5:1), ETFs (starts from 5:1), or cryptocurrencies (starts from 2:1).

AvaTrade has committed to a set of values in relation to customers. Therefore, the company provides the best trading experience, offering multilingual customer service and the most sophisticated and user-friendly trading platform.

New traders can also learn forex trading in the Education tab on AvaTrade's official website. Traders will find a wide collection of articles, video tutorials, and more tools that will assist them every step of the way. It is an important requirement as the forex market might be a bit overwhelming and even scary at times, so traders need to make sure that they are fully prepared to begin trading in the real account.

There are many types of account types provided by AvaTrade. There is also an Islamic Trading Account, which is uniquely provided for Muslim Traders. Islamic account type is similar to a regular one with one key difference; it is not subject to any special fees or interests (swap-free), which sits well with the finance principles of Sharia Law.

If traders have felt confident for forex trading, traders can choose AvaTrade as an ideal choice. The minimum deposit and various platforms offered to make it a suitable destination for even beginners who would like to try forex trading for the first time.

AvaTrade uses a fixed spread system, so the amount will remain the same regardless of the market conditions or the time of the day you are trading. They give 0.9 pips spread for EUR/USD and the rest are generally quite low too. For deposits and withdrawals, AvaTrade charges zero fees.

Through the broker's intuitive and simple interface, traders can easily navigate the trading platform. There's also specialized educational content for beginners, as well as multiple trading software like MetaTrader 4 and AvaTradeGo which is an in-house platform. You can also copy trades of experienced traders with automated trading software like ZuluTrade or MQL5.

 

8. Alpari

Alpari was founded in 1998 and has grown into one of the largest brokers in terms of monthly trading volume. As one of the oldest brokers in the world, Alpari has done a great job in maintaining its reputation and expanding its business to various countries, including Nigeria. Apart from having a local office in Abuja, Alpari also offers a good trading environment for clients. They provide a broad range of trading instruments, including forex and CFDs on indices and spot metals, which can be accessed using MetaTrader 4 or MetaTrader 5 trading platforms.

🌐 Website
alpari.com
Leverage
1:1000
💼 Regulation
FSAFSAThe Financial Commission
💲 Min Deposit
$1
Year Established
1998

Bonus offers
Trading contests
Free education
Trading by telephone
PAMM accounts
Segregated accounts
Managed accounts
Islamic accounts available
Bitcoin
FasaPay
Neteller
Skrill
WebMoney
Wire transfer

Alpari International is one of the largest forex brands. They always try to work hard to make sure traders make the best trading and investment decisions. Established on 24th December 1998, Alpari has started from a small group of men who are looking to start a business in finance in one of the most economically precarious years in Russia's history.

During 20 years of experience in the forex industry, there are about 2 million traders choosing Alpari as the broker to trade with. Alpari has a head office on the 5th Floor, 355 NEX Tower, Rue du Savoir, Cybercity, Ebene 72201, Mauritius. The company is regulated in St.Vincent and the Grenadines (the licensed number is 20389 IBC 2012), IFSC Belize (the licensed number is IFSC/60/301/TS/18).

This broker uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools, and an easy-to-use interface. For higher volumes, the company also provides the Alpari International Direct platform which offers enhanced features for advanced investors.

The company offers an array of live trading accounts to choose from. Each one offers different opportunities and allows traders to trade in different ways. All of their accounts use USD, EUR, GBP, and NGN as the options for base currency. But, NGN accounts are only available to clients in Nigeria.

Each kind of account has a different spread. At Standard Account provides spreads from 1.2, the spread of Micro Accounts is from 1.7, and ECN Account and Pro Account have spread from 0.4. A trader can open an account in Alpari and opt to trade currencies (FX majors, FX minors, FX exotics, and FX RUB), spot metals, spot commodities, stock trading, spot indices, and crypto-currencies.

A trader can find out what the minimum spreads, pip value, swaps, and trading session times are for each instrument before start trading. If the trader is still not sure where to begin, they can found the answer in a guide provided by Alpari on their official website.

Their guide to trading is designed to break down the terminologies and answer the most frequently asked questions by traders. A trader will be trading more quickly and with more confidence in no time.

Besides, Alpari offers PAMM (Percent Allocation Management Module) which allows a trader to choose their desirable Account Manager. This allows traders to have a chance in gaining more profit without advanced knowledge of forex trading. These managers usually have a wealth of experience in the markets, with tried-and-tested strategic trading decisions.

This program also gives opportunities for well-seasoned traders to become Strategy Managers. As Strategy Managers, they can use their trading experience and earn more from profitable trades. They have privileged access to Alpari's advanced programs and all the tools they need to cultivate a massive following of investors. The investors then will help Strategy Managers to earn more through commission fees up to 40%.

Their website also provides various Forex Trading Strategies. Because to increase the chance to profit, it's important to know as much about the markets and the trading strategies behind them as possible. Alpari believes that strategies provide traders with a roadmap for trading, reducing panicked decision-making that can occur in the heat of the moment. In other words, trading in Alpari allows traders to learn about any kind of forex trading strategy.

For educational purposes, the company provides Trading Webinars, one of the variants of technology that allows users to hold seminars, talk shows, and discussions online, without having to communicate face to face.

Alpari creates a very convenient funding and withdrawal experience for each trader. A trader can transfer with any kind of methods, such as e-payment (example: FasaPay, Local Transfer, TC Payment, etc), credit cards (Visa, Mastercard, and Maestro), E-Wallet (Neteller, Skrill, VLOAD, TC Pay Wallet, WebMoney, Perfectmoney, Bitcoin), and bank transfer. If there's been no trading activity on the trader account for at least 6 months, an inactivity fee of 5 EUR/USD/GBP will be applied.

All Back office transfers are processed during standard business hours, 03:00-19:00 GMT+2 (GMT+3 during DST), Monday-Friday. If traders still feel confused, they can contact Alpari's team by any method, such as Live Chat, Telegram, or email.

Alpari does not charge any extra commission apart from the spread. In fact, it is one of the advantages of trading with Alpari because the spreads are actually quite low, especially on major currency pairs such as EUR/USD. In addition, Alpari offers zero fees in all their deposit methods. The customer support is also excellent as it is available 24x5 in Nigeria, so you can reach them whenever you need their help.

 

9. FP Markets

FP Markets Pty Ltd is a globally recognized forex and CFD broker that has won over 40 industry awards. The broker was founded in 2008 and is regulated by ASIC. In this broker, you can trade on more than 10,000 markets covering forex, cryptos, metals, shares, commodities, and indices. For additional security, FP Markets offers negative balance protection and uses a segregated account for clients' funds.

🌐 Website
www.fpmarkets.com
Leverage
1:500
💼 Regulation
ASIC CySEC
💲 Min Deposit
$100
Year Established
2005

Bonus offers
Free education
Personal manager
Trading by telephone
PAMM accounts
MAM accounts
Segregated accounts
Affiliate program
Islamic accounts available
Bitcoin
FasaPay
Neteller
Skrill
Wire transfer

This broker supports MetaTrader 4 and MetaTrader 5. For advanced traders, FP Markets specifically prepares an IRESS account that is commission-based and offers a more comprehensive trading package. The account is also typically more suitable for trading in the stock market.

 

10. FBS

FBS is the brand name of FBS Markets, which is regulated by the IFSC of Belize and the FSCA. As a well-regulated global CFD broker, FBS offers the ability to trade on multiple assets, including forex, metals, indices, stocks, energies, and over 35 cryptocurrencies, which is considered quite a large number compared to other brokers.

FBS offers full support for the MetaTrader 4 and MetaTrader 5 trading platforms, as well as its proprietary FBS Trader App. In addition, the broker also offers a copy trading platform and a free FBS service for clients that fulfill certain requirements.

🌐 Website
fbs.com
Leverage
1:3000
💼 Regulation
ASIC CySEC FSCAIFSCFCA
💲 Min Deposit
$1
Year Established
2009

Bonus offers
Trading contests
Free education
Affiliate program
Islamic accounts available
FasaPay
Neteller
Skrill
Wire transfer

Since 2009, the action of FBS Holding Inc. or known as FBS in the world of forex trading has been recognized by various international institutions. With clients reaching 14 million as of 2019, FBS has received the title of Most Transparent Forex Broker 2018, Best Investor Education 2017, Best Customer Service Broker Asia 2016, IB FX Program, and many others.

FBS is regulated by IFSC Belize and CySEC Cyprus. This broker has been trusted by millions of traders and 370 thousand partners from various countries. Based on their data, FBS garners about 7,000 new traders and partner accounts every day. And, 80% of the clients stay in the FBS for a long time. No wonder the broker is growing rapidly due to the incredible growth in the number of clients.

Trading products offered by FBS range from forex, CFD, precious metal, and stock. For forex trading, CySEC-regulated FBS offers leverage up to 1:30 on Cent and Standard Accounts. Clients who want to try higher leverage than that can alternatively register an account under FBS Belize.

In all types of accounts, provided spreads start from 1 pip. On a standard account, volume orders can be made from 0.01 to 500 lots. Therefore, this account is recommended for experienced traders.

Whereas on Cent Accounts, volume orders can be carried out with a maximum of 500 cent lots or the equivalent of 5 standard lots. Cent Accounts involve a different level of risk. FBS recommends Cent Accounts for beginner traders. All account types support the following trading tools: 28 currency pairs and 2 metals.

Before plunging into the real forex market, traders can practice with FBS Demo Account which consists of two types, i.e Standard and Cent.

FBS uses the MetaTrader 4 and MetaTrader 5 platforms. They offer them on Windows and Mac as well as Android and iOS mobile. These platforms provide a trading experience at traders' fingertips, allowing traders to progress as a trader anywhere at any time.

MetaTrader platforms also have a variety of mainstay features, including the possibility to create, buy, and use expert advisors (EA) and scripts, One-click trading and embedded news, technical analysis tools, the possibility to copy deals from other traders, hedging positions, and VPS service support.

Another advantage provided by FBS is a deposit bonus of 100% for clients who fulfill certain requirements. The process of depositing and withdrawing funds can be run easily and quickly. Based on clients' testimonies, each process usually takes no more than 3-4 hours, except on holidays.

To increase the security of client funds, FBS also provides segregated account where 70% of funds can be deposited in the client bank. This broker also presents something unique; a guarantee 10% to 100% of the deposit fund. If a trader loses funds during a transaction but is insured, FBS will refund the trader's funds.

Traders also have the opportunity to develop a side business when trading with FBS, namely as an Introducing Broker (IB) or Affiliate. The FBS partnership system provides partner commissions that are already in 3 level positions. Only by introducing new clients to FBS according to certain procedures, traders can earn extra income.

Traders will also get trading education experience at FBS. They have prepared a comprehensive forex course. The course consists of 4 levels: beginner, elementary, intermediate, and experienced. Traders can take courses that will turn them from newbies to professionals. All materials are well-structured. Besides, FBS provides various forex analyzes, webinars, forex news, and daily market analysis that can be accessed easily on their site.

Traders can access the FBS website with many language choices. Of course, this will increasingly provide comfort for traders. Available languages include English, Dutch, Italian, French, Portuguese, Indonesian, Spanish, and others. Live chat support is also provided 24 hours 7 days a week.

In conclusion, FBS is a widely known broker among retail traders around the world. It continually grows to become a preferred broker because of flexible trading conditions that enable its clients to trade with various instruments, low deposit, and other trading advantages.

There are numerous account types to choose from in order to suit all traders with various degrees of expertise. Also, the trading costs are relatively lower than other ECN brokers. Spreads can be fixed at 3 pips (EUR/USD) or floating at 0.8 pips (EUR/USD) and 0.1 (EUR/USD), depending on the account type. Additionally, the customer service is fast and responsive. The deposit and withdrawal methods are also numerous so clients can choose which payment options are the best for their conditions.

 

The Bottom Line

In the fast-growing country of Nigeria, the choice of a broker becomes a crucial thing in forex trading. If you are a Nigerian trader, the first thing that you need to check is whether the broker is safe or not. You must ensure that the broker is registered and well-regulated by at least one top-tier regulator such as the FCA, ASIC, CySEC, or FSCA.

Regulation by a strict authority can save you from unnecessary trouble as it helps to ensure that the brokers follow their rules and frameworks aimed to protect clients. Also, it would be helpful to check the broker's reviews before registering so you can get an idea about the broker's real performance as well as the history of dealing with their clients.

The side-by-side comparison below might help you in choosing the best broker from the list above:

Compare FXTM Exness IC Markets

Rating

General Rating 3.73/5
4.16/5
4.23/5
Trustpilot 3.1/5

rated by 704 users
3.8/5

rated by 579 users
4.9/5

rated by 24082 users

General Information

💼 Regulation
⌛ Established 2011 2008 2007
💲 Min Deposit $10 $1 $200
⚖ Max Leverage 1:2000 1:2000 1:500
🔢 Spread Variable Variable Variable
💸 Commissions $2 $3.50 $3.50
💡 Min Position 0.01 lot 0.01 lot 0.01 lot
💳 Payment Bitcoin, Credit/debit cards, DIXIPAY, FasaPay, Google Pay, Neteller, Perfect Money, QIWI, Skrill, UnionPay, WebMoney, Wire transfer and YooMoney Bitcoin, Credit/debit cards, Neteller, Perfect Money, Skrill, Tether (USDT), USD Coin (USDC), WebMoney and Wire transfer Bitcoin, BPAY, Credit/debit cards, FasaPay, Neteller, PayPal, Skrill, UnionPay and Wire transfer
🏢 Office(s) KenyaCyprusUnited KingdomMauritiusSouth Africa KenyaCyprusUnited KingdomSeychellesbritish virgin islandsMauritiusSouth AfricaChinaEuropean areaHong KongIndiaIndonesiaRussian FederationSpainThailandTurkeyUnited Arab Emirates AustraliaCyprusBahamasChinaEuropean areaHong KongIndiaIndonesiaRussian FederationSpainThailandTurkeyUnited Arab EmiratesUnited Kingdom
🧩 Forex Demo Account
📁 Segregated Account
🕋 Islamic Account
👨‍💻 PAMM Account
📈 Managed Account
💱 Hedging
🇺🇸 US traders are welcome
🕛 Swaps
🏆 Trading contests
⚡ Automated trading
💹 Interest rate on funds
💰 Bonus offers
📖 Free education
👔 Affiliate program
📱 Mobile trading
💻 Browser-based platform
1️⃣ One-click trading
⏱ Trailing stop
⏳ Pending orders
ForexForex
cfdCFD
IndexesIndexes
Spread BettingSpread Betting
Gold & SilverGold & Silver
CryptocurrenciesCryptocurrencies
stocksStocks
oilOil
MetalsMetals
EnergiesEnergies
FuturesFutures
etfETF
Soft CommoditiesSoft Commodities
OptionsOptions
AgricultureAgriculture
BondsBonds
Binary OptionsBinary Options
IndicesIndices
CommoditiesCommodities
SharesShares
Physical StockPhysical Stock
🗣 Website Languages Arabic, Chinese, Czech, English, French, Hindi, Indonesian, Italian, Korean, Malay, Persian, Polish, Russian, Spanish, Thai, Turkish, Urdu, Vietnamese Arabic, Bengali/Bangla, Chinese, English, French, German, Hindi, Indonesian, Italian, Japanese, Korean, Portuguese, Russian, Spanish, Thai, Urdu, Vietnamese Arabic, Chinese, English, German, Indonesian, Japanese, Korean, Malay, Portuguese, Russian, Spanish
📨 Email Support
📞 Call Support
🎧 Chat Support
🚪 Open Account Open FXTM Open Exness Open IC Markets


To compare the other brokers, you can go to this page and choose brokers that you would like to compare.