Best Forex Broker in Nigeria 2024
Top Forex Broker in Nigeria:
RoboForex - Best Forex broker for beginners ($10 min. deposit, copy trading)
Pocket Option - Best for Social Trading (top rated service by customers)
Exness - Best raw spread account (avg. spread for major FX pairs 0.1-0.2 pips)
Eightcap - Best broker to trade directly from TradingView charts
FBS - A reliable broker with affordable offers (ASIC regulation, min. deposit 5$)
TeleTrade - Best for learning trading basics (a lot of educational and analytical materials)
Based on the comprehensive Forex broker rating, Traders Union has identified the top brokers in Nigeria. These rankings consider various parameters including safety, regulation, trading conditions, commissions, and client reviews. This rating presents companies in a convenient format, allowing traders to choose the best company for their needs based on financial plans and capabilities.
The evaluation process includes an assessment of the broker's regulatory status, ensuring that they operate within the legal framework of Nigeria. TU analysts believe that for Nigerians, it's important to choose brokers regulated by the Central Bank of Nigeria (CBN) or a reputable international regulator to ensure security and trustworthiness. Additionally, factors such as the variety of trading instruments, leverage options, and deposit/withdrawal methods are considered to provide a comprehensive overview of each broker's offerings.
Warning:
There is a high level of risk involved when trading leveraged products such as Forex/CFDs. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
| Broker | Overall Score | Regulation | Working with the Nigerian residents | Minimum Deposit | Leverage | |
|---|---|---|---|---|---|---|
9.71 |
FSC |
$10 |
1:2000 |
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9.57 |
MISA |
$5 |
1:1000 for MT4/MT5; |
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9.34 |
FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA |
$10 |
1:unlimited for retail clients |
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9.04 |
ASIC, SCB, CySEC, FCA |
100 USD |
Up to 1:500 |
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8.98 |
CySEC |
€10 |
1:3000 |
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8.92 |
CySEC |
USD 10 |
1:500 |
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8.8 |
ASIC, FCA, FSCA, VFSC |
$50 |
Up to 1:20 (for CFDs on stocks), up to 1:500 (for currency pairs) |
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8.74 |
FCA, CYSEC, FSCA, SCB |
100 (USD, EUR, GBP, CHF) |
Up to 1:500 subject to the jurisdiction. For example, maximum leverage for certain jurisdictions is up to 1:30 for currency pairs. |
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8.68 |
From 0 US dollars |
Up to 1:2000 |
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8.62 |
ASIC, CySEC, and FSA |
$200 |
1:500 (FSA); |
| RoboForex | RoboForex | RoboForex | RoboForex | RoboForex | RoboForex | |
|---|---|---|---|---|---|---|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Pocket Option, MT5, MT4 |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, MobileTrading |
MT4, MT5 |
Leverage |
1:2000 |
1:1000 for MT4/MT5; |
1:unlimited for retail clients |
Up to 1:500 |
1:3000 |
1:500 |
Instruments |
Forex (currency pairs), ETFs, index CFDs, oil CFDs, CFD on European and U.S. stocks, real securities |
Binary options and CFDs on currency pairs, cryptos, indices, stocks, and commodities |
Forex CFDs on: cryptos, commodities, indices, and stocks |
CFDs on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals |
Forex, indices, metals, futures contracts |
Forex, metals, indices, energies, stocks, cryptocurrencies |
Spread |
0 points |
1.2 point |
1 point |
0 points |
0.2 points |
0.8 points |
Trust management |
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Margin Call / Stop Out |
||||||
Cent accounts |
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Replenishment / Withdrawal |
SEPA, Bank transfer, Skrill, Neteller, AdvCash, Perfect Money, Visa/Mastercard, AstraPay, NganLuong Wallet, JCB. | Bank transfers, bank cards, cryptocurrencies, Skrill, Neteller, AdvCash, Perfect Money, and other e-wallets | Skrill, Neteller, Perfect Money, BTC, USDT, USDC, VISA, VISA Electron, Mastercard, Maestro, and internet banking | Visa, MasterCard, POLI, wire transfer, BPAY, UnionPay, Skrill, Neteller, BTC and ETH wallets, PayPal, WorldPay, FasaPay, PayRetailers, and PSP | Cards: Visa, MasterCard; e-wallets: Skrill, Neteller, Wire Transfer, Rapid Transfer | Visa, MasterCard, Skrill, Neteller, Fasapay e-wallets and bank transfer |
Trading features |
Negative Balance Protection; No swaps on Islamic accounts, a pleasant affiliate program: each market participant gets up to 20% loyalty; One Click Trading. |
Free signals; |
Floating spreads; |
Free 30-day demo account; |
Advisors; Hedging; Protection against a gap. |
Cryptocurrency trading; Social trading. |
Account currency |
USD, EUR, GOLD | USD | EUR, USD, GBP, CAD, AUD, and CHF for all account types; 38 more currencies for non-cent account types |
AUD, USD, GBP, EUR, NZD, CAD, and SGD | EUR | Euro, dollar |
Contests and bonuses |
Welcome Bonus | Deposit bonus; Cash back; Tournaments; Promo codes; Gem mining, etc. |
Occasionally | Bonuses in the form of rebates from Traders Union | Yes | Yes |
Over the years, this broker has shown itself to be a reliable and trusted partner. RoboForex provides clients with the best conditions: tight spreads from 0 pips, the highest execution speed, and micro-accounts with a lot of 0.01. The positive feedback from real traders about RoboForex, instant withdrawal of funds, and operational support are what impress me about this broker. The brokerage company offers quality services to both beginners and seasoned traders. Over the years of cooperation with RoboForex, the broker has not received any significant claims against it. Therefore RoboForex is quite popular among Traders Union clients. All financial issues and claims on the broker's work are resolved by the company's representatives as quickly as possible and within minimum time. RoboForex always meets its clients and partners halfway. Following the mass of positive reviews about the work of roboforex.com, Traders Union recommends this company as a trusted broker with a high trust rating.
Pocket Option constantly expands the range of its products and services. It was incorporated in 2017 and has shown its client-oriented approach within the first year of operation. Traders got the opportunity to trade in mobile apps, place pending orders, and earn on partnership programs. In 2019, the broker offered trading Forex on MetaTrader 5, and in 2023 it added trading CFDs on MetaTrader 4. All accounts for trading binary options are assigned the Newbie, Beginner, Experienced, Master, Pro, and Guru status subject to the deposit. Accounts without deposits are called Strangers. The higher the level, the more opportunities traders get. Trading conditions are the increase of percentage payment for successful trades and a trade amount that ranges from $1,000 to $20,000. Other advantages are priority withdrawals, gifts, personal manager services, trading strategies, etc. MT4 and MT5 for Windows, Android, macOS, Linux, and WebTrader are available for trading Forex. A separate MT5 account is designed for trading CFDs on stocks. The broker earns a little markup on spreads. There are no additional trading fees. Pocket Option doesn't charge non-trading fees and offers over 50 payment methods that allow traders from many regions to choose an option with minimum transaction fees.
Exness has been providing its services since 2009. Over this period, the company has opened its representative offices worldwide, obtained licenses from many regulatory authorities, and provided in-house platforms for active and passive trading. Its client investments are protected by the Compensation Fund of the Financial Commission. Additional security measures, such as holding client funds in segregated accounts, ensure their safety and blocking from unauthorized use. Today, Exness is one of the biggest European and global brokers with a monthly trading volume of $4.44 trillion. This data is provided on the company’s website in the public domain. Also, there are reports of independent audits regularly held by Deloitte, a highly reputable auditor. Exness wants to be a universal broker for traders with any capital, experience, and strategy. Moreover, its partnership programs with favorable conditions allow the broker to expand its already extensive client base.
Professional traders are always seeking opportunities in the currency market. A large number of supported currency pairs by the broker allows traders to profit not only from major pairs but also from numerous exotic regional currencies, which are often more volatile. Traders Union has selected the top 3 brokers with the highest number of supported currency pairs in your country.
| Broker | Supported currency pairs |
|---|---|
96 |
|
72 |
|
70 |
For beginners, starting with a demo or cent account, or using copy trading, can be a great way to learn and gain experience. Demo accounts allow traders to practice trading strategies in a risk-free environment, using virtual money. Cent accounts, on the other hand, allow traders to trade with small amounts of real money, reducing the risk while still providing a real trading experience. Copy trading involves copying the trades of experienced traders, allowing beginners to learn from their strategies and decisions.
| Broker | Demo | Cent | Copy Trading | |
|---|---|---|---|---|
The majority of forex brokers in Nigeria do offer new clients access to a demo account. In most cases, the demo account will give you full access to all functionality of the platform. This ensures you can explore the entire system and see what it offers. You can initiate trades, set up buy and sell positions, and use this as an educational resource before making a real investment.
Individuals should note that demo accounts are only made for illustrative and educational purposes. Any profits made while using the demo account will not be real and will be disposed of when the account is funded with real money for the first time.
Just like in other countries, forex trading is strictly monitored and regulated in Nigeria. The Central Bank of Nigeria has developed a comprehensive set of regulations to help guide the market and industry among residents in the country.
Note that there are some restrictions in place that Nigerians should be aware of. The country demands that all forex trading activities are conducted through institutions that have been locally licensed to provide such services. Forex exchange activity done through companies that do not hold a local license in Nigeria is considered illegal.
The Central Bank of Nigeria implemented various regulations for offline forex exchange over two decades ago. The online forex trading market, however, is still relatively new in the country. There are many who find themselves confused regarding the regulations on online trading, particularly due to the fact that there are no specific regulations that people can turn to.
Recently, a body was founded to assist with the regulation of online forex trading in Nigeria. The body is known as the Association of Online Forex Trading Agent in Nigeria. The government in Nigeria has officially recognized the body. They work with other regulatory bodies to create frameworks that support the trading of forex on the internet.
Here are some of the current regulations that have been implemented by the regulatory bodies in Nigeria:
Trades may only be initiated between the individual and a licensed broker. The broker must be licensed locally within Nigeria.
All forex trading brokers and agencies must abide by the specific laws that have been implemented locally by the Nigerian government and related bodies.
It is considered illegal to initiate trades with funds that are not your own.
Licensed brokers are the only entities allowed to conduct trades with a client's money. Any entities not licensed may not use a client's money to initiate trades.
Apart from these regulations, it is important to note that any profits made while trading in forex need to be reported on your tax papers. These profits are tax-deductible. Failure to report profits earned through trading can result in legal actions being taken.
International brokers dominate Nigeria's online foreign exchange industry. They offer their services via a network of local branch offices, referral brokers, or local affiliates. To maintain the integrity and security of the Nigerian forex market, only licensed brokers are permitted to trade. It's also illegal to use other people's funds for trading activities.
The Central Bank of Nigeria has no restrictions on Forex trading, meaning that Nigerian traders can access leverages of up to 1:2000, unlike other countries such as the UK, which has capped leverages at 1:30. Exness Broker, for instance, offers unlimited leverage for Nigerian investors.
The Nigerian Securities and Exchange Commission cautioned Nigerians against investing in leveraged online retail forex markets, which are often targeted by fraudulent 'investors.' The Commission further clarified that anyone engaging in this activity does so at their own risk.
The Nigerian Exchange Limited (NGX) provides a list of Trading License Holder Firms registered and regulated in Nigeria. You can find this list on their website here.
It is also important to ensure that any broker you choose has a valid license from a reputable regulator such as the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, or ASIC in Australia. These regulators have strict rules and regulations that all brokers must adhere to.
Check the broker’s website to see whether they have license numbers from these organizations. Usually, you'll find this info at the bottom of the page, but most websites have a dedicated section for “regulation”.
Yes. Some Forex brokers are beginning to accept the Nigerian Naira (NGN) currency. This allows traders to make transactions with ease, adding an extra layer of convenience. Depending on your chosen broker, you may be able to use NGN as your base currency or use it additionally to fund your trading account.
Some major names that now trade Naira include:
As a Nigerian Forex trader, you are required to report and pay taxes on all income and profits - domestic or foreign. Your forex trading profits will typically qualify as capital gains and should be reported accordingly. The current tax rate for capital gains is 10% of the gross profit, as set by the Federal Inland Revenue Service (FIRS). Therefore, it's important to include any Forex trading income when preparing a tax return.
Forex trading in Nigeria is done on a 24-hour basis, from Sunday at 5:00 PM (17:00) Nigerian Time until Friday at 4:00 PM (16:00) Nigerian time. There are three main trading sessions in Nigeria local time, which include the Asian session, London (European) session, and the New-York session.
The Asian session forex time in Nigeria starts at 12:00 AM and ends at 9:00 AM
The London session forex time in Nigeria starts at 8:00 AM and ends at 5:00 PM
The New York session forex time in Nigeria starts at 1:00 PM and ends at 10:00 PM
While we've gone through various factors related to forex trading in Nigeria and shared the top 10 brokers to choose from, there are still a few questions that you may have. We've decided to set up a frequently asked questions section for this reason. Take a look at the questions below, and you are sure to find an answer to uncertainties that you may still have.
Forex trading is legal in Nigeria and regulated by the Central Bank of Nigeria (CBN).
The best forex broker for you will depend on your individual needs and preferences. It's important to do your research before signing up with any broker to ensure they're reliable and trustworthy. Some of the best forex brokers include IC Markets and RoboForex.
Yes. Forex proceeds are subject to income tax at a rate of 10%. It's important to keep accurate records of all your trades so you can accurately report your profits or losses when filing taxes each year.
Forex trading in Nigeria is similar to these activities conducted in other countries. While the regulations may be specific to Nigeria, the same risks and opportunities are presented to local Nigerians - particularly by forex brokers who have been licensed to provide these services locally.
Demo accounts on forex exchange platforms are highly recommended for people who are just starting out. These accounts give a person a profile with demo funds loaded. You can use the account to initiate trades and get a feel for how things work. A demo account lets you see how the risks work and helps you understand how opportunities can be identified.
Forex trading has become a regulated market throughout the world. Each country implements its own restrictions and regulations when it comes to forex trading. In Nigeria, things are no different. Individuals who are interested in trading need to ensure they understand the regulations placed on forex trading by the local authorities in Nigeria.
The legality of forex trading is a common question among people who are still at a beginner level. The good news is that Nigeria does not consider forex trading as an illegal activity. Forex trading is locally regulated. The Central Bank of Nigeria deals with the regulatory factors related to forex trading within the country. Residents of Nigeria are given an opportunity to invest in forex trading brokers and earn profit from their investments.
