• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

ForexSchoolOnline.com

Learn to Trade Forex Online

  • Compare Brokers
    • Broker Type
      • Paypal Brokers
      • Swap-Free Brokers
      • Low Spread Brokers
      • ECN / STP Brokers
      • Market Maker Brokers
      • Non Dealing Desk Brokers
      • Low Minimum Deposit Brokers
    • Country
      • Brokers for Australia
      • Brokers for South Africa
      • Brokers for the UK
      • Brokers for the US
      • Brokers for Nigeria
    • Regulation
      • FCA Regulated Brokers
      • ASIC Regulated Brokers
      • FSCA Regulated Brokers
      • CFTC Regulated Brokers
    • Platform
      • MT4 Brokers
      • MT5 Forex Brokers
    • Strategies
      • Hedging Forex Brokers
      • Scalping Forex Brokers
      • Carry Trade Forex Brokers
      • Brokers for Indicators and EA’s
  • Start Here
    • Start Trading Guide
    • Beginner Trading Lessons
  • Free Forex Course
    • Public Login
    • Register
    • Password recovery
  • Lessons
    • Strategies
    • Videos
    • MT4 Guides
    • Money Management
  • Trade Setups
  • Tools
    • Correct Free Demo Charts
    • Forex Journal Download
    • Position Size Calculator
    • FULL List of Tools
    • Forex Demo Accounts
  • Price Action Guide
  • Free Course
Hassan Maishera
08/17/2020 | UPDATED ON: 11/21/2023

Best 5 Nigerian Forex Brokers for Trading in Nigeria 2022

Nigeria is often described as the door to the African continent. The country is known for its various financial activities. However, native traders in Nigeria need to find reliable and regulated Nigerian forex brokers to work with.

Despite that, a few online brokers base their operations in the West African country. Thus, to make it easier for traders in Nigeria, it is best to go with the few regulated brokers in the country and choose other international forex brokers that accept clients from Nigeria. International brokers should be those that are regulated by major regulatory agencies in the world.

If you are based in Nigeria and wish to trade forex currencies, carefully consider your trading needs and choose the forex brokers that fulfill those requirements before you commit any funds with them.

Tamaño de mi operación

€ 1,000 (0.01 lots)

EUR/USD
Sort By

4 Provider that match your filters Providers that match your filters

Payment methods

Trading platforms

Regulated by

Support

Min.Deposit

€ 1

Leverage max

1

Currency Pairs

1+

Classification

1or more

Mobile App

1or more

No results found

Trying adjusting the filter to see some results.

Recommended
broker-logo

Rating

Total cost

€0 Commission 3.5

Mobile App
10/10

Min.Deposit

€250

Spread min.

Variables pips

Leverage max

100

Currency Pairs

40

Trading platforms

Demo
Webtrader
Mt4
MT5

Funding Methods

Bank Transfer Credit Card Giropay Neteller Paypal Sepa Transfer Skrill

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

-

EUR/USD

-

EUR/JPY

0.3

EUR/CHF

0.2

GBP/USD

-

GBP/JPY

0.1

GBP/CHF

0.3

USD/JPY

-

USD/CHF

0.2

CHF/JPY

0.3

Additional Fee

Continuous rate

Variables

Conversión

Variables pips

Regulation

No

FCA

No

CySEC

No

ASIC

No

CFTC

No

NFA

No

BAFIN

Review Open Account

71% of retail investor accounts lose money when trading CFDs with this provider.

broker-logo

Rating

Total cost

€0 Commission -

Mobile App
10/10

Min.Deposit

€100

Spread min.

-

Leverage max

400

Currency Pairs

50

Trading platforms

Demo
Webtrader
Mt4
MT5
Avasocial
Ava Options

Funding Methods

Bank Transfer Credit Card Neteller Skrill

Regulated by

CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Etfs

Average spread

EUR/GBP

1

EUR/USD

0.9

EUR/JPY

1

EUR/CHF

1

GBP/USD

1

GBP/JPY

1

GBP/CHF

1

USD/JPY

1

USD/CHF

1

CHF/JPY

1

Additional Fee

Continuous rate

-

Conversión

-

Regulation

No

FCA

Yes

CySEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

Review Open Account

71% of retail investor accounts lose money when trading CFDs with this provider.

broker-logo

Rating

Total cost

€0.00 Commission 0.00

Mobile App
10/10

Min.Deposit

€100

Spread min.

1.3 pips

Leverage max

100:1

Currency Pairs

50

Trading platforms

Demo
Webtrader
Mt4
MT5

Funding Methods

Bank Transfer Credit Card

Regulated by

CYSECCFTCNFA

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Average spread

EUR/GBP

1.5

EUR/USD

1.3

EUR/JPY

1.6

EUR/CHF

3.1

GBP/USD

1.9

GBP/JPY

3.6

GBP/CHF

4.2

USD/JPY

1.5

USD/CHF

2.0

CHF/JPY

-

Additional Fee

Continuous rate

-

Conversión

1.3 pips

Regulation

No

FCA

No

CySEC

No

ASIC

Yes

CFTC

Yes

NFA

No

BAFIN

Review Open Account

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

broker-logo

Rating

Total cost

€0.11 Commission 0.11

Mobile App
9/10

Min.Deposit

€0

Spread min.

0.0 pips

Leverage max

2:1

Currency Pairs

50

Trading platforms

Demo
Webtrader
Mt4
STP/DMA

Funding Methods

Bank Transfer Credit Card Giropay Neteller Paypal Skrill Sofort

Regulated by

CYSECASIC

What you can trade

Forex

Indices

Actions

Cryptocurrencies

Raw Materials

Etfs

Average spread

EUR/GBP

0.0

EUR/USD

0.0

EUR/JPY

0.0

EUR/CHF

0.0

GBP/USD

0.0

GBP/JPY

0.0

GBP/CHF

0.0

USD/JPY

0.0

USD/CHF

0.0

CHF/JPY

0.0

Additional Fee

Continuous rate

-

Conversión

0.0 pips

Regulation

No

FCA

No

CySEC

Yes

ASIC

No

CFTC

No

NFA

No

BAFIN

Review Open Account

Trading leveraged products such as CFDs involves substantial risk of loss and may not be suitable for all investors. 83% of retail investor accounts lose money when trading CFDs with this provider. Trading such products is risky and you may lose all of your invested capital.

 

Compare Forex Brokers Fees:

Use our side-by-side comparison table to compare Forex broker accounts, spreads and fees.

Recommended

8cap
8cap
Visit Broker

71% of retail investor accounts lose money when trading CFDs with this provider....

Forex.com
Forex.com
Visit Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money....

VantageFX
VantageFX
Visit Broker

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money....

AvaTrade
AvaTrade
Visit Broker

71% of retail investor accounts lose money when trading CFDs with this provider....

Rating
5
4.5
5
5
Mobile App
10/10
10/10
10/10
10/10
Regulation
CFTCNFA
CYSECASICCBFSAIBVIFSCFSCAFSAFFAJADGMFRSA
Bill
Min.Deposit
$250
$100
$200
$100
Leverage max
100
100:1
500
400
Forex pairs
40
50
40
50
Fees & spreads
EUR/GBP
N/A
1.5
N/A
1
EUR/USD
N/A
1.3
N/A
0.9
EUR/JPY
0.3
1.6
N/A
1
EUR/CHF
0.2
3.1
N/A
1
GBP/USD
N/A
1.9
N/A
1
GBP/JPY
0.1
3.6
N/A
1
GBP/CHF
0.3
4.2
N/A
1
USD/JPY
N/A
1.5
N/A
1
USD/CHF
0.2
2.0
N/A
1
CHF/JPY
0.3
N/A
N/A
1
EUR/RUB
-
N/A
N/A
1
USD/RUB
-
N/A
N/A
1
Additional Fee
Continuous Fee
Variables
N/A
N/A
N/A
Conversion Fee
Variablespips
1.3pips
N/A
N/A
Trading platforms
Demo
Webtrader
Copytrading
Mt4
STP/DMA
Ctrader
MT5
Avasocial
Ava Options
Leverage
FCA
CYSEC
ASIC
CFTC
NFA
BAFIN
CMA
SCB
DFSA
CBFSAI
BVIFSC
FSCA
FSA
FFAJ
ADGM
FRSA
Active
Forex
Indices
Actions
Cryptocurrencies
Raw Materials
Etfs
Additional characteristics
Islamic Account
Education & Webinars
Charts & Tools
Scalping
Spread Betting
Automated Trading
Free Forex Signals
Payment methods
Bank Transfer
Credit Card
Giropay
Neteller
Paypal
Sepa Transfer
Skrill
Sofort

Best five Nigerian brokers for 2022

The list of the best Nigerian forex brokers for 2022 was compiled after extensive research from our expert analysts.

  • plus500 is unique for the numerous demo accounts it makes available to Nigerian traders and others all over the world.
  • AvaTrade is an excellent broker for both beginners and expert traders because of the various trading features it offers.
  • FXTM has a very low minimum deposit requirement, which makes it an excellent choice for several Nigerian traders.
  • Pepperstone offers unique trading platforms that come with excellent tools and other features.

Plus500 – Best Demo Account Forex Broker in Nigeria

Plus500 has become one of the leading brokers in the world, thanks to the various features it offers to users. On Plus500, users can trade numerous financial assets, including forex, stocks, and more. Their cryptocurrency CFD offering includes crypto assets such as Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron, and Monero.

This broker has one of the best forex demo accounts available to traders. The free unlimited Plus500 demo account comes with all the features of the real account, including Stop Limit, Trailing Stops, and Guaranteed Stops. Plus500 is available on the Web trading, Mobile trading, and desktop trading platforms. This broker is listed on the London Stock Exchange, and the funds of Nigerian traders are segregated in a different account, ensuring their money is safe at all times.

Pros:

  • easy to use trading platforms
  • low trading fees for forex and others
  • regulated and listed on the London Stock Exchange

Cons:

  • little research tools
  • limited product portfolio available
  • mid-range educational materials

Plus 500 fees

Type of fees amount charged
Deposit fees free
Withdrawal fee free
Conversion fees 0.5% of the profit
Inactivity fee $10/month

Trade Now

Your capital is at risk.

AvaTrade – Best Forex Broker for Beginners

AvaTrade makes the list of the best Nigerian forex brokers because of its regulation status and easy-to-use nature. This broker is fully regulated and has a vast presence in Europe, South Africa, the Middle East, the British Virgin Islands, Australia, and Japan. AvaTrade focuses mainly on forex and CFDs on asset classes like cryptocurrencies, indices, commodities, and stocks.

AvaTrade is an excellent choice because it has an easy-to-use and intuitive platform that makes it easy for beginners. The firm also has a large catalog of specialized educational content for beginners to help them get adjusted to the forex trading world. Furthermore, advanced traders enjoy AvaTrade because of the desktop, tablet, mobile, and web-based trading with the MT4 and AvaTradeGO platforms.

Pros:

  • regulated in multiple countries
  • various trading platforms available
  • customer support in 14 languages and trading platforms available in 20 languages
  • demo account available for all traders
  • numerous trading assets available

Cons:

  • withdrawals of funds on AvaTrade can take up to a few days
  • fund transfer also takes time to be executed

AvaTrade fees

Type of fees amount charged
Deposit fees free
Withdrawal fee free
Conversion fees Based on the amount
Inactivity fee $50/quarter

Trade Now

Your capital is at risk.

FXTM – Low Budget Forex Broker in Nigeria

FXTM is one of the most famous and widely used forex brokers in Nigeria, mainly because it is affordable to trade with them. This broker offers various account types, and all of them can be funded with the local Naira currency. FXTM has a minimum deposit requirement of ₦2000, which is affordable to most Nigerians. Thus, making it one of the best brokers available to Nigerian traders.

In addition to forex trading, FXTM grants Nigerians access to other financial instruments like CFDs on metals, commodities, and more. FXTM recently upgraded its platform and now offers over 57 major and minor currency pairs. Nigerians also enjoy swift customer support and withdrawals on FXTM. They offer local customer support in English, with over 19 deposit and withdrawal options, including local bank deposits and bank payments.

Pros:

  • It is regulated by top tier agencies such as the FCA (U.K), CySEC, and FSCA.
  • Low deposit requirement, as low as ₦2000
  • Fast withdrawals in Nigeria
  • Live chat supported 24/5 and a few hours during the weekend
  • Over 250 products available from various global markets
  • MT4 and MT5 platforms available
  • Competitive spreads.

Cons:

  • Maximum order size is low
  • Doesn’t have native Mac desktop support

FXTM fees

Type of fees amount charged
Deposit fees free
Withdrawal fee $3 for bank transfer
Conversion fees 4 units of the Base currency
Inactivity fee $5/month

Trade Now

Your capital is at risk.

Pepperstone – Best Forex Broker with Trading Platforms

Pepperstone is popular amongst Nigerians for offering three excellent forex trading platforms. On Pepperstone, Nigerian traders get to enjoy the MetaTrader 4, MetaTrader 5, and cTrader platforms.

All the forex trading platforms on Pepperstone come with a free demo account, allowing Nigerian traders to test the various strategies for 30 days. Pepperstone demo accounts come with AUD $50k in virtual funds, which can be used on various trading platforms. The platforms also have enhancement features such as AutoChartist, API trading, smart trader tools, and the cTrader Automate. These third-party tools enable traders to gain an edge when using these platforms.

Pros:

  • Low forex and CFD trading fees
  • Excellent customer support
  • Various leading trading platforms
  • Seamless and free fund deposit and withdrawal

Cons:

  • Supports only forex and CFDs
  • Has basic news flow
  • Non-EU clients lack investor protection.

Pepperstone fees

Type of fees amount charged
Deposit fees free
Withdrawal fee free
Conversion fees $3.50 per $100,000 bought
Inactivity fee None

Trade Now

Your capital is at risk.

Features to look for in a Forex Broker as a Nigerian trader

In the Nigerian market, both scams and opportunities abound. However, Nigerian traders need to find reliable brokers to ensure that their hard-earned money is protected from scammers and money launderers. As such, there are numerous steps to take to find good Nigerian forex brokers.

Regulation

To find the most reliable brokers in Nigeria, you have to look at the regulatory status of the brokers. The forex market in Nigeria is regulated by the Central Bank of Nigeria (CBN). The apex bank attempts to ensure the transparent and efficient functioning of the forex market. Thus, it issues licenses to Nigerian forex brokers, both local and foreign, ensuring that they adhere to strict rules set by the bank.

Hence, Nigerian traders should check the license of a broker and be sure that it is approved and regulated by the CBN. Using CNB regulated brokers will make it easier for traders to trade as it ensures that their funds are safe at all times.

Trading platforms and software

The trading platforms, software, and tools offered by the broker is another thing you have to look for when choosing the best Nigerian forex brokers. The MetaTrader 4 is the best platform in the industry and is used by a wide range of brokers. However, some brokers like Plus500 developed their own unique platforms and offers excellent tools to the users.

Furthermore, check the trading tools and software made available by the broker. Some of the features and tools you should look out for include demo accounts, trading tools, robot software, and more. Make sure that the tools are what you need to succeed in the forex trading space.

Commission and spreads

Brokers usually make their money from commissions and spreads. As a Nigerian trader, you have to check the spreads offered by a trader before you choose them. If the spreads are high, then you should search for brokers with lower spreads. Also, go with brokers that charge lower commissions for traders.

Account types

Before you start trading forex and CFDs with any broker, make sure that you go through the various account types they offer and see if any of them fit you. Each account type has various features and supports numerous trading strategies. Thus, check the account type and see if it fits your trading style.

Customer service

Customer service is an essential part of forex trading. Hence, Nigerian traders need to look out for brokers that offer excellent brokerage services. The usual brokers offer 24/5 access to their customer support team, while others are available even on weekends. The best Nigerian forex brokers offer various means of contacting their support team, including live chat, phone call, and email.

Extra services

The extra services come in the form of educational content. These could be videos, audios, eBooks, and books. Also, some brokers offer daily fundamental and technical analysis to their traders.

A comparison of the best Nigerian forex brokers

  Plus500 AvaTrade FXTM Pepperstone
Feature
24/7 customer support Yes No Yes No
Mobile app Yes Yes Yes Yes
Charting tools Yes Yes Yes Yes
Various markets Yes Yes Yes Yes
Free deposit and withdrawals Yes Yes Yes Yes
Price alerts Yes Yes Yes Yes
Real-time quotes Yes Yes Yes Yes
Copy-trading No Yes Yes Yes
Social trading No No No No

About Hassan Maishera

View all posts by Hassan Maishera →

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

Primary Sidebar

Forex School Online

High Probability Price Action Trading

How to make, manage and take profit from trades in the markets

Start Learning (It's Free!)

Turn Your Trades into Winners!

The Price action course is the in-depth advanced training on assessing, making and managing high probability price action trades.

Sign up for Free!

Recommended Broker

  • Broker
  • Min Deposit
  • Benefits
  • Score
  • Visit Broker

$200

T&Cs Apply
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
5
Trade Now FreeBets Reviews
Reviews

Footer

Get Our FREE Course, Bonus Strategies & Indicators!
X
Join Us Now!

Your capital is at risk.

X

CORNERSTONE LESSONS

Forex Trading for Beginners

Price Action Trading

How to Trade Forex

Technical Analysis

Forex Charts

Forex Trading Strategies

Money Management 

Compare Brokers

Best Forex Brokers

Forex Demo Accounts

Best Forex Trading Platforms

Forex Apps

Swap Fee Accounts

MT4 Brokers

CATEGORIES

Forex Videos

Trading Lessons

Weekly Trade Ideas

Start Here Guide

ForexSchoolOnline.com helps individual traders learn how to trade the Forex market

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature so you must consider the information in light of your objectives, financial situation and needs.

Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. This website is free for you to use but we may receive a commission from the companies we feature on this site.

We Introduce people to the world of currency trading. and provide educational content to help them learn how to become profitable traders. we're also a community of traders that support each other on our daily trading journey

Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

Copyright © Forex School Online Sitemap  - Privacy Policy - Disclaimers & Terms of Use - CONTACT US