Looking for a trusted Forex Brokers Nigeria? Not sure which Nigeria broker is best for you? Or need to verify if your broker is truly regulated and trusted broker? 

We provide answers to all the questions in this article. We compare Top forex brokers in Nigeria and international brokers that accept Nigeria clients and research regulation status, spread & commission, time for deposit & withdrawal and many more findings.

Regulated Forex Brokers in Nigeria

In Nigeria the regulation and overseeing of the Forex business is on Central Bank of Nigeria or CBN, check License and Broker recordonCBN Website and check CBN Wikipedia historical background.

Nigeria Central Bank makes numerous policies and takes control over Foreign exchange in Nigeria and allowing only licensed brokers accept Nigeria clients, however, CBN is not top-tier regulatory body and allowing brokers with prof of broker license operate in Nigeria. Follow CBN Twitter account @cenbank for updates.

Best Forex Brokers Nigeria - CBN website
Best Forex Brokers Nigeria – CBN website

Best Forex brokers in Nigeria

To select the best Forex Broker in Nigeria we research and compare Forex Brokers with CNB license and reputable regulated brokers that accept Nigeria traders. We review details of spread and commission, trading platform, deposits and withdrawals, education and customer service. Here is our List of Top Forex Brokers Review in Nigeria:

  • Pepperstone – Best CBN Regulated Broker in Nigeria
  • IC Markets – Best Platform selection in Nigeria
  • FXTM – Best Broker for Beginners in Nigeria
  • OctaFX – Best Forex Brokers with Lowest Spread Nigeria
  • OANDA – Best Currency trading in Nigeria

What makes a good forex broker in Nigeria?

There are 4 points that make the broker a good Nigeria Forex Broker – license, good reputation, trading conditions, education with research tools, and customer service.

  • Licensed by Nigeria CBN or other world-respected regulatory body (most of well-regulated brokers accept Nigeria traders but are not licensed by CBN)
  • Has good trading conditions with low spread, selection of various trading instruments and platforms
  • Provide good-quality education with Webinars, trading videos and research
  • Customer Service that support international languages

Top Forex brokers in Nigeria List & Review

Nigerians are #1 investors in Africa region, the numbers of traders and brokers continue growing. We narrowed the list of Forex Brokers and selected only reliable Forex Brokers in Nigeria that are regulated by reputable authorities internationally and are world top Forex brokers:

Forex BrokerAccepts clients from NigeriaWhy they are our top picksOur Review
PepperstoneYesPepperstone is the only international broker with CBN license, also is multiply regulated thus transparent. Pepperstone offers good range of platforms and advanced trading conditions with quality education.  Visit Pepperstone site

Pepperstone Review
FXTMYesFXTM might be the best for beginners. FXTM provides professional education section, with good spreads, and FXTM is among 9 brokers that offers ECN accounts.Visit FXTM site

FXTM Review
IC MarketsYesIC Markets are good for platforms and research tools. IC Markets providing MT4, MT5 and cTraders also with extra tools like Correlation Matrix, Chart Trading, PAMM and MAM accounts.Visit IC Markets site  

IC Markets Review
OctaFXYesLooking for low spreads, check OctaFX. The average spread is 0.5 pips for EURUSD pair (lower by 40% than average) plus you can choose between Standard account floating or fixed spread or ECN accounts.Visit OctaFX site  

OctaFX Review
eToroYeseToro is the best for Social Trading and Copy Trading. You can follow strategy from thousands (not hundreds – thousands) of top traders and trade fully automatically on easy platform.Visit eToro site

eToro review
OANDAYesOANDA might be the best for Currency trading. OANDA has advanced trading proposal is reputable broker and offers some of the best instrument selection with quality education and service.Visit OANDA site

OANDA review
AvaTradeYesAvaTrade is among the best easy-to-use trading apps. AvaGO app with price alerts, notifications and good range of tools plus trade great number of instruments.Visit AvaTrader site  

AvaTrade Review
XMYesXM is the best for low deposit requirement and instrument range. Only with 5$ you can open account (while most broker offer 100$) and access over 1000 instruments.Visit XM site    

XM Review
HotForexYesHotForex is good for Islamic and Swap-free trading. The trading conditions are good, you can get Deposit Bonus and advanced education service.Visit HotForex site

HotForex Review
Markets.comYesMarkets.com might be the best for Shares trading. There are thousands of markets to chose from and costs are low, EURUSD 0.6 pips, plus great analysis including fundamental, technical and sentimental tools.Visit Markets.com site  

Markets.com Review

More on Nigeria Brokers

We recommend read detailed reviews and discover more detailed about trading activity and Forex market themselves before you get started. Below we answer some common questions, you can also navigate categories and select brokers’ specified criteria.  

No Deposit Bonus Forex Brokers in Nigeria

No deposit Bonuses allowing you to trade on Live account with no previous deposits. There are not many regulated brokers offering this type of bonus, since it is a marketing tool for many unscrupulous brokers we recommend to avoid. The Nod deposit amounts are rather small, also subject for terms and conditions, in Nigeria XM offers 30$ No Deposit Bonus.

Nigeria Top 10 Forex Brokers in the World

Top World Forex Brokers are different in each jurisdiction, what is top for US resident is not available for traders from Nigeria or other region. We recommend check ranking and Top 10 Forex brokers according to your residency and strictly see only regulated Brokers. For US we would mark Interactive Brokers and for Nigeria AvaTrade.  

Best Forex Brokers for Beginners Nigeria

To select best broker in Nigeria for beginners we recommend to select regulated broker with good education like FXTM or similar and pass detailed education course, also use broker with good research tools and easy to navigate platform with good charts.

Author of this review

By Jimmy O'Brien

Author of this review

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.

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