Trades Union

Limassol Cyprus

Tel:+35725060055 E-mail: support(at)tradersunion.com

Best Forex Brokers In Nigeria For 2021 - Top 10

April 2021

Share this:

Forex trading has become popular throughout the world. This opportunity allows you to earn an extra income from home but does hold risks. Due to numerous scams in the industry, knowing where to turn to when you're looking to trade has become a critical first step.

The forex market is already worth more than $1.9 quadrillion. Every day, over $5.3 million in pairs are traded. In Nigeria, it is common for people to trade the Nigerian Naira against other forex options, such as US Dollars. We've done extensive research to bring you the ten best trading platforms and brokers you can rely on when trading from Nigeria.

Best Forex Brokers In Nigeria

MetaTrader 4 and 5 are reported as the most preferred trading platforms in Nigeria. With a significant number of brokers offering support for these platforms, opportunities have grown in the past few years. In Nigeria, there is also a great demand for brokers that offer mobile-friendly platforms, with a preference for Android applications.

Some brokers in Nigeria are better regulated and offer more affordable commission fees on trades. Below, we offer a quick overview of the brokers we focus on in this list.

  • 1

    Worldwide offices; Regulated company; commission-free trade options

  • 2

    Longstanding company with reputation; 230 tradable instruments; low trading fees

  • 3

    CySEC, FCA, and ASIC regulated; CopyTrade technology; social platform

  • 4

    Compatible with MetaTrader; Access to ForexCopy; Regulated company

  • 5

    250+ trading instruments; commission-free trading options; won several awards in the past

  • 6

    MetaTrader 4 and 5 support; 4000+ trading assets; well-regulated broker

  • 7

    MetaTrader compatibility; CFD and forex trades; comes with social trading features

  • 8

    Different account types available; well-regulated company; low minimum deposit

  • 9

    Supports MetaTrader platforms; educational resources are available; access to analytical resources

  • 10

    Recognized and trusted name; over 300 instruments to trade; advanced platform

Top 10 Trading Platforms In Nigeria

While many trading platforms can be accessed by Nigerians, it is important to note that features among these systems are not the same. Even when two platforms seem very similar, the backend driving these systems would have significant differences.

Registering with a platform not licensed in Nigeria would result in illegal forex trading. Additionally, several scams have been reported in the past. We’ve done the research to help you understand which platforms can be trusted when trading from Nigeria. We will provide an overview of our top 10 trading platforms in Nigeria below.

FXTM

When it comes to licensed brokers in Nigeria, FXTM is often rated as a top option. FXTM was initially founded in the year 2011. The company is regulated by the FCA. The low minimum deposits allow more people to start out without risking too much at an early stage of their journey.

  • Why FXTM is good for traders from Nigeria

    FXTM has local offices and a call center that Nigerians can call for questions. The company is also regulated locally and internationally.

IC Markets

An ECN broker that is regulated by the ASIC. Competitive fees make this an attractive mid-tier option that is used by many professional traders. IC Markets is also a good option for people who trade in high volumes.

  • Why IC Markets is good for traders from Nigeria

    The 1:500 leverage makes this a good opportunity for Nigerians who are already experienced. Several local transfer options are also available for both deposits and withdrawals.

eToro

eToro is a trading platform that has a similar design to social media networks. The combination of social features and trading allows people to communicate, provide each other with signals, and build a strong community.

  • Why eToro is good for traders from Nigeria

    Several Nigerians are already on the platform, which helps those who are new to the trade get in touch with a local community to build up their own portfolio.

InstaForex

InstaForex is another trusted platform that offers instant withdrawal and deposits. The company has a swap-free forex system and offers bonuses on more than just the initial deposit made on a new account. The extremely low minimum deposit further adds to the many reasons why people in Nigeria chooses to get started with this broker.

  • Why InstaForex is good for traders from Nigeria

    InstaForex has localized several features to help people from Nigeria get started with trading. A website that is dedicated to their Nigerian branch can be accessed, as well as a phone number for assistance.

AvaTrade

A fixed spread broker that is regulated by multiple regulators, including the ASIC and the FSCA. Several withdrawal and deposit methods are available, with no fees charged on these transactions.

  • Why AvaTrade is good for traders from Nigeria

    Nigerians gain access to a local number that can be phoned if they need help with their account or have any questions related to the trading platform.

Admiral Markets

A leading forex trading company that is known throughout the world. Commission-free trades on several stock markets help you get more profit out of every trade that you make. There are several financial instruments available at Admiral Markets, which ensures you can find an opportunity regardless of the market you are interested in.

  • Why Admiral Markets is good for traders from Nigeria

    Admiral Markets offers full support for the MetaTrader platform, which is a preferred trading system among people in Nigeria. Once registered and funded, your Admiral Markets account can be used to sign into either MetaTrader 4 or MetaTrader 5.

FBS

A low deposit forex trading that focuses on serving an audience that prefers to trade online. Withdrawals are quick and easy, and some of the deposit methods allow funds to reflect in your account immediately. This is a reliable broker that has a trusted record. FBS is regulated by the IFSC. They have also been licensed to provide brokerage services.

  • Why FBS is good for traders from Nigeria

    The international authority of FBS makes it a great option for people from Nigeria. Due to the international licensing of the company, local citizens in Nigeria gain access to a wide range of financial instruments, commodities, and trade pairs to invest in.

HotForex

HotForex is a trusted option that offers low spreads and a deposit bonus on the first funds that are added to your account. This is a regulated broker, ensuring trust and legal trading in Nigeria. A low investment also makes it ideal for people who do not want to invest hundreds right away.

  • Why HotForex is good for traders from Nigeria

    HotForex offers clients in Nigeria access to local support channels. A local office can be visited when the client wants to set up a meeting with the team behind HotForex. There is a local landline number that can be used to gain support too.

IG.com

One of the more renowned online brokers that offer their forex trading services to an international audience. IG offers both forex and CFD trading opportunities. The platform is simple to use, and several financial tools are available to help you get started.

  • Why IG.com is good for traders from Nigeria

    Numerous local EFT pairs are available for trading for individuals who reside in Nigeria. The company also has an international license, which adds to its overall trustworthiness.

FOREX.com

Forex.com is another popular choice that is regulated by appropriate authorities. This company is fully licensed to provide forex trading services to international clients, including those who are from Nigeria.

  • Why FOREX.com is good for traders from Nigeria

    Support for localized deposit and withdrawal is one of the main features that makes Forex.com an attractive option for people in Nigeria.

Comparison Of Brokers In Nigeria

Choosing one broker among the options on our list can be a tough task. That is why we decided to also offer a comparison between these brokers.

Minimum deposit Trading platforms Financial Instruments Education

FXTM

$10

MT4, MT5, FXTM Trader

Forex, CFDs, Spot Metals, Stock CFDs, Stock Trading

Yes

IC Markets

$200

MT4, IC Market Trading Servers

Forex, Stocks, Bonds, Indices, Commodities

Yes

eToro

$50

eToro

Stocks, Crypto, Forex, ETFs, Indices, Commodities

Yes

InstaForex

$1

MT4, Web Trading Platform

Forex, Stocks, Indices, Metals, Oil, Commodity Futures, Cryptocurrencies, Insta Futures

Yes

AvaTrade

$100

Online Platform

Forex, Cryptocurrencies, Major Stock Indices, Commodities, ETFs, Bonds

Yes

Admiral Markets

$200

MT5, MT Supreme Edition, MT WebTrader, MT4 Financial instruments: Forex, CFDs

Forex, CFDs

Yes

FBS

$1

FBS app

Forex, Stocks, Indices, Commodities

Yes

HotForex

$5

MT4

Shares, Indices, Metals, Energies, DMA Stocks, Bonds, Commodities

Yes

IG.com

$250

IG.com Web Platform

Forex, CFDs

Yes

FOREX.com

$100

MT4, MT5

Forex, Spot Metals, CFDs

Yes

FXTM

Minimum deposit

$10

Trading platforms

MT4, MT5, FXTM Trader

Financial Instruments

Forex, CFDs, Spot Metals, Stock CFDs, Stock Trading

Education

Yes

IC Markets

Minimum deposit

$200

Trading platforms

MT4, IC Market Trading Servers

Financial Instruments

Forex, Stocks, Bonds, Indices, Commodities

Education

Yes

eToro

Minimum deposit

$50

Trading platforms

eToro

Financial Instruments

Stocks, Crypto, Forex, ETFs, Indices, Commodities

Education

Yes

InstaForex

Minimum deposit

$1

Trading platforms

MT4, Web Trading Platform

Financial Instruments

Forex, Stocks, Indices, Metals, Oil, Commodity Futures, Cryptocurrencies, Insta Futures

Education

Yes

AvaTrade

Minimum deposit

$100

Trading platforms

Online Platform

Financial Instruments

Forex, Cryptocurrencies, Major Stock Indices, Commodities, ETFs, Bonds

Education

Yes

Admiral Markets

Minimum deposit

$200

Trading platforms

MT5, MT Supreme Edition, MT WebTrader, MT4 Financial instruments: Forex, CFDs

Financial Instruments

Forex, CFDs

Education

Yes

FBS

Minimum deposit

$1

Trading platforms

FBS app

Financial Instruments

Forex, Stocks, Indices, Commodities

Education

Yes

HotForex

Minimum deposit

$5

Trading platforms

MT4

Financial Instruments

Shares, Indices, Metals, Energies, DMA Stocks, Bonds, Commodities

Education

Yes

IG.com

Minimum deposit

$250

Trading platforms

IG.com Web Platform

Financial Instruments

Forex, CFDs

Education

Yes

FOREX.com

Minimum deposit

$100

Trading platforms

MT4, MT5

Financial Instruments

Forex, Spot Metals, CFDs

Education

Yes

Compare All Forex Brokers

Top 3 Forex Brokers For Investors

Different types of forex trading opportunities exist. While some enjoy day trading and other options that bring fast profits, other people prefer to make longer-term investments. There are several benefits to long-term investment options, such as the ability to grow your profits more significantly. If you're looking for a broker that can give you a tailored account for investing, then take a look at the three options we share below.

Broker Investment Programs Min. amount for investing

Admiral Markets

Investment Programs:

MT4.Invest; MT5.Invest

Min. amount for investing:

$1

AvaTrade

Investment Programs:

AVA Select

Min. amount for investing:

$100

eToro

Investment Programs:

Professional Client

Min. amount for investing:

$50

More About Investing Money

Top 5 Online Brokers For Beginners

The internet has made it much easier for people to access forex trading platforms. According to the World Bank, about 42% of Nigerians have access to the internet. This means more people are searching for online brokers compared to some of the more traditional trading options. With this in mind, it is definitely possible for beginners to start trading if they live in Nigeria. It is important for beginners to go through training manuals. This helps them get a better understanding of how forex trading works, what types of trades are most profitable, and help them recognize trading opportunities. Beginners should also note the risks involved with forex trading in Nigeria - which remains the same as in other areas. Trading should not involve an investment bigger than what the individual is able to afford to lose - as a significant number of beginners end up losing their initial investment.

Below, we share some of the top online brokers you can use if you are still new to the forex trading industry.

Broker Types of accounts for beginners Minimum deposit

eToro

Types of accounts for beginners:

Retail Client account

Minimum deposit:

$50

FXTM

Types of accounts for beginners:

Cent Account

Minimum deposit:

$10

Admiral Markets

Types of accounts for beginners:

Invest.MT5; Invest.MT4

Minimum deposit:

$1

InstaForex

Types of accounts for beginners:

Cent.Standard; Cent.Eurica

Minimum deposit:

$1

AvaTrade

Types of accounts for beginners:

Silver

Minimum deposit:

$100

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.

Speed Course “Forex Trading for Beginners”

Forex Brokers With Deposits Through Nigerian Banks

A common obstacle that people face when they want to start trading with a broker is the limitations on the withdrawal and deposit methods. Many platforms only provide support for credit and debit cards, but your bank may have strict regulations on how you can use such a card. This is why looking for a forex broker that supports local deposits and withdrawals can be helpful. We look at top brokers that have local accounts in Nigeria, which makes the deposit process significantly easier.

Broker Diamond Bank First Bank Plc Guaranty Trust Bank

FXTM

Yes

Yes

Yes

InstaForex

Yes

No

Yes

HotForex

No

No

Yes

Broker Diamond Bank

FXTM

Yes

InstaForex

Yes

HotForex

No

Broker First Bank Plc

FXTM

Yes

InstaForex

No

HotForex

No

Broker Guaranty Trust Bank

FXTM

Yes

InstaForex

Yes

HotForex

Yes

Best Brokers With Local Offices In Nigeria

Trust is often built on the availability of local support. When you invest money in a company claiming to offer support in Nigeria, you want to ensure they understand the location and can truly offer localized support. If you want more certainty when choosing a broker, consider opting for a company that has a local office in Nigeria. There are only a few of these available - but it can give you peace of mind that a local office is available, should you run into problems. You will find a list of brokers with local offices in Nigeria below.

Company Office in Nigeria

FXTM

3rd Floor, 5, Allen Avenue, Ikeja Lagos, Nigeria

AvaTrade

Call center (contact on +(234)12278891

InstaForex

27 Wetheral Rd, Owerri, Nigeria

Forex Regulations In Nigeria

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.

More about Forex Regulators

Reviews About Nigerian Brokers

FXTM review:

fxtm is transparent and am hoping to get the best out of it and to also grow with FXTM, And I like to also commend the quick response to any posted issues.

Henry Nege


InstaForex review:

InstaForex is arguably one of the best platforms for individuals to get involved in investment trading. Highly recommended for those who want an easier approach to understanding how it works.

Siti Nur Jaidah


AvaTrade review:

I'm glad to sign up with Avatrade. I like your customer service provided to me hours ago. Thank you so much, and God bless.

Elijah Aram

Learn how to earn more with TU

FAQs

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.

Can beginners trade forex in Nigeria?

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.

Do Nigerian forex brokers offer demo accounts?

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.

Are Nigerian forex brokers regulated?

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.

Is forex trading legal 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.