8 Best Forex Brokers in Nigeria - Businessday

Forex trading involves financial risk. The risk factor can further elevate if you're not choosing a broker that is authorized by one or more top-tier regulatory authorities.

Forex trading is not regulated in Nigeria till now by any local regulatory authority. As a result, many fake forex brokers are operating their businesses in Nigeria that may scam the traders and run away with their deposits.

According to our comparison, HF Markets has the best overall rating based on multiple factors. Below is our detailed research.

Comparison Table for Best Forex Brokers in Nigeria

Broker Name	Regulation	Average EUR/USD Spread	Max Leverage	Minimum Deposit	Trading Platforms	Available instrument
HF Markets	FSCA, FCA, CySEC	1.5	1:1000	₦4000	MT4, MT5, HFM App	1200+
XM	ASIC, FCA, CySEC	1.7	1:1000	$5	MT4, MT5, XM App	1400+
Exness	FSCA, FCA, CySEC	1	1:2000	$1	MT4, MT5, Exness Trader App	250+
AvaTrade	FSCA, ASIC, CySEC	0.9	1:400	$100	MT4, MT5, AvaTradeGo, DupliTrade	800+
FXTM	FSCA, FCA, CySEC	1.9	1:2000	₦10,000	MT4, MT5, FXTM Trader App	200
FxPro	FSCA, FCA, CySEC	1.4	1:200	$100	MT4, MT5, cTrader	2100+
IC Markets	ASIC, FSA, CySEC	0.9	1:30	$200	MT4, MT5, cTrader	1700+
Equiti Group	FCA, JSC	1.4	1:500	$500	MT4, MT5, Equiti Trader App	300+

List of Best Forex Brokers in Nigeria

• HF Markets – Overall Best Forex Broker in Nigeria
• XM Broker – Best Forex Broker with Low Spread
• Exness – Good for Professional Traders
• AvaTrade – Best Forex Broker for Fixed Spreads
• FXTM – Best Forex Broker with Local Office in Nigeria
• FxPro – Regulated Forex Broker with Multiple Platforms
• IC Markets – Best for Commission Based Trading
• Equiti Group – Multi Regulated Forex Broker

Traders residing in Nigeria must always trade with a broker that is regulated by top-tier regulatory authorities like the FCA of the UK, FSCA of South Africa, ASIC of Australia, etc.
Apart from regulations, traders must also check and compare the fees, trading conditions, deposit/withdrawal methods, etc. We have prepared a list of the best forex brokers in Nigeria based on multiple aspects.

#1. HF Markets – Overall Best Forex Broker in Nigeria

HFM or HF Markets, previously known as HotForex, is a renowned forex and CFD broker in Nigeria. It was incorporated in 2010 and currently serves more than 2.5 million clients in 100+ countries.

The Nigerian clients at HF Markets are registered under St Vincent and the Grenadines Financial Services Authority (SVGFSA) regulation with registration number 22747 IBC 2015 as legal entity HF Markets (SV) Ltd.

Regulation
HF Markets is regulated by multiple financial regulatory authorities. The table below describes the regulatory licenses held by HF Markets.

Trading Charges
HF Markets offer multiple account types with different pricing structures.
• The Micro account type is a standard account with spread as the only trading fees.
• The Premium account type is also a commission-free account with spreads but a higher minimum deposit requirement.
• The Zero Spread account offers very low spreads at the cost of trading commission. The commission for a round trade of a standard lot is ₦2200 or $6 for major pairs and ₦2900 or $8 for other pairs.

The following table compares the average typical spread at HF Markets with different account types.

Key Features
• HF Markets support MetaTrader 4 and MetaTrader 5 trading platforms for mobile, tablet, desktop, and web.
• They also offer a proprietary trading platform for mobile, and tablets called the HFM app.
• NGN is available as the base currency of the account at HF Markets.
• Free local bank transfer is available in Nigeria with a minimum deposit amount of 4000 NGN.
• Customer support services are available through local phone numbers in Nigeria 24/5.
• 100% deposit bonus offered in Nigeria with a minimum deposit of 35,000 NGN.
• Multiple research and education tools are available for free to registered clients.

Pros
• Regulated by multiple tier1 and tier2 regulatory authorities
• NGN is Available as base account currency with free deposit and withdrawals
• Excellent customer support services including local phone support in Nigeria
• No dealing desk with STP/ECN execution
• 1200+ instruments available for trading

Cons
• Spreads are slightly higher than several other brokers in Nigeria
• The support services are not available on weekends

Get more information on HFM on their website

#2. XM Broker – Best Forex Broker with Low Spread

XM is a market maker that holds top-tier ASIC regulatory license. It does not support NGN as the base currency of the account.

Nigerian clients at XM are registered under the regulation of the International Financial Services Commission (IFSC) of Belize with license number 000261/158 as legal entity XM Global Limited.

Regulation
Following are the details of regulatory licenses held by XM

Trading and non-trading charges
• XM offers 3 account types for trading forex and CFDs and a separate account for shares CFD trading only.
• None of the forex trading account types at XM involves commission.
• The spreads with the Micro and Standard account type are the same. These accounts are separated based on lot size.
• The spreads with the XM Ultra Low Account are lower but traders cannot grab any available bonus with this account.

The following table compares the spread with Standard and Ultra Low account

Available Instruments

Key Features
• XM supports MetaTrader 4 and MetaTrader 5 with all accounts for all types of devices.
• XM also offers a proprietary mobile trading application called XM Trader app.
• Customer support service is available through live chat window 24/5.
• 100% deposit bonus up to $500
• Excellent variety of research and education tools available

Pros
• Low trading fees with Ultra Low account
• Multiple top-tier regulations
• Attractive Bonus

Cons
• NGN is not available as the base currency
• XM is a market maker
• Local phone support not available
• Support service not available on weekends

Get more information on XM Broker on their website

#3. Exness – Good for Professional Traders

Exness is a low-cost broker with NGN based accounts. It is well-regulated by multiple regulatory authorities.

The Nigerian clients at Exness are registered under the Financial Services Authority (FSA) regulation of Seychelles with license number SD025 and registration number 8423606-1 with legal entity Exness (SC) Ltd.

Regulation

Trading and Non-Trading Fees
Exness offers 5 different account types with differences in fees and trading conditions.
• The Standard account is the basic forex and CFD trading account type with spreads as the only trading fees.
• The Standard Cent account is similar to the Standard account but the account equity is in cents.
• The Raw Spread account offers a low spread but incurs a fixed commission of $3.5 for each side of the trade.
• The Zero account involves a variable commission with the lowest spread at Exness.
• The trading fee with the Pro account is built into the spread without any commission.
The following table compares the average spread on instruments with different account types.

Available Instruments

Key Features
• Exness allows trading through MetaTrader 4 and MetaTrader 5 for all devices and the Exness Trader app for mobile.
• Exness supports deposit and withdrawal through local bank transfers in NGN with no commission.
• Clients can deposit and withdraw through MyBux, e-wallets, and Cryptocurrencies.
• NGN is available as the base currency of the account along with several other currencies.

Pros
• Exness is regulated by multiple top-tier regulatory authorities and can be considered safe
• Exness allows free deposit and withdrawal through multiple methods
• NGN can be chosen as the base currency of the account
• The trading fees are low
• Multiple account types available
• High leverage available

Cons
• Support services not available through the local phone number
• Commission-based accounts can be costly

Get more information on Exness on their website

#4. AvaTrade – Best Forex Broker for Fixed Spreads

AvaTrade is an Irish forex broker that was incorporated in 2006 in Dublin, Ireland. It is a well-regulated broker that offers forex trading at a low cost.

The Nigerian clients at AvaTrade are registered under the Financial Services Commission regulation of the British Virgin Islands (BVI FSA) under the legal entity Ava Trade Markets Ltd with license number SIBA/L/13/1049).

Regulation
The following are the details of regulatory licenses held by AvaTrade in different jurisdictions.

Trading and Non-Trading Fees

AvaTrade offers a single account type where spread is the only trading commission. The following table describes the average trading fees at AvaTrade in Nigeria.

Available Instruments
The following instruments can be traded at AvaTrade in Nigeria

Key Features
• AvaTrade supports multiple trading platforms including MT4 and MT5 for all devices.
• AvaTrade supports a mobile trading platform called AvaTradeGO and Automated trading platforms like AvaSocial, Duplitrade, etc.
• Multiple research and analysis tools are available for free.
• Customer support service is excellent through live chat, email, and local phone numbers.
• A 20% deposit bonus is available on a minimum deposit of $1000.
• Nigerian clients can deposit and withdraw through credit/debit cards, e-wallets, and wire transfers.

Pros
• AvaTrade is regulated by multiple top-tier regulatory authorities
• Spreads are lower than many regulated forex brokers
• Multiple trading platforms supported
• 1200+ instruments available
• Local phone support is available

Cons
• AvaTrade does not support NGN as the base currency of the account
• Local bank transfer not available in Nigeria
• Support services not available on the weekends
Read more about AvaTrade & Sign Up on their website

#5. FXTM – Best Forex Broker with Local Office in Nigeria

FXTM is a popular forex and CFD broker with multiple top-tier regulations and a local office in Nigeria. FXTM offers excellent services for Nigerian clients.

The Nigerian clients at FXTM are registered under the Financial Services Commission (FSC) regulation of Mauritius as legal entity Exinity Limited under license number C113012295.

Regulation

The following are the details of regulatory licenses held by FXTM in different jurisdictions.

Trading and Non-Trading Fees

FXTM offers 3 different account types with different fee structures.
• The Micro account is the standard account with trading fees built into spreads.
• The Advantage account involves a low spread with a commission depending on volume.
• The Advantage Plus account type does not involve the commission and offers a slightly lower spread compared to the Micro account.

The following table compares the spread incurred with the three account types at FXTM. The commission with Advantage account type is $2 per one-side trade of a standard lot.

Available Instrument
Following are the instruments that can be traded as CFD at FXTM in Nigeria

Key Features
• FXTM has a local office in Nigeria with local phone support.
• FXTM supports MT4 and MT5 trading platforms for all types of traders.
• Nigerian clients can open an account with NGN as the base currency.
• All three trading accounts at FXTM are swap-free.
• Local bank transfer supported with free NGN deposit
• Credit/Debit cards, e-wallets, and bank wire transfers are available for deposit and withdrawal

Pros
• FXTM is regulated by multiple top-tier regulatory authorities
• Local phone support available through the local office in Nigeria
• NGN is available as the base currency of the account

Cons
• Spreads are slightly higher than other regulated brokers in Nigeria
• The number of available instruments is low
Read About FXTM's features & more on their website

#6. FxPro – Regulated Forex Broker with Multiple Platforms

FxPro is an English forex broker that supports trading on 2000+ instruments through multiple trading platforms.

Nigerian clients at FxPro are registered under Financial Services Commission regulation of Mauritius with legal entity Prime Ash Capital Limited (Licence no: GB21026568).

Regulation

Trading Fees
• The trading fees at FxPro depend on the trading platforms chosen by the trader
• The standard MT4 and MT5 account involves spread as the only trading fee.
• The standard cTrader account involves a trading commission with a low spread. The commission is $3.5 per standard lot of USD traded.
• The MT4 trading platform can also be chosen with fixed spread and Raw spread pricing. The spreads are different for fixed and Raw spread accounts but no trading commission is incurred with MT4 or MT5 platforms.

The following table compares the average spread on some of the available instruments with different account types.

Available Instruments

Key Features
• FxPro is among the few brokers that offer MT4, MT5, as well as the cTrader trading platform
• Different pricing structures and trading platforms can suit different types of traders
• Local bank transfers available in Nigeria
• Customer support services are available through live chat 24/5
• EUR, USD, GBP, AUD, CHF, JPY, ZAR, and PLN are available as base account currency

Pros
• FxPro is regulated by multiple top-tier regulatory authorities
• FxPro does not have a dealing desk
• 3 most used forex trading platforms are available
• Free deposits and withdrawals through local banks in Nigeria

Cons
• NGN is not available as base account currency
• Local phone support is not available in Nigeria
• The fee structure is complex
• Cryptocurrency and e-wallet deposits are not supported
• High trading fees with the standard account type

Get more information on FxPro's website

#7. IC Markets – Best for Commission-Based Trading

IC Markets is a well-regulated forex and CFD broker with multiple trading platforms and fee structures. It offers low-cost trading on various financial instruments.

Nigerian clients at IC Markets are registered under the Financial Services Authority (FSA) regulation of Seychelles with license number 8419879-2- SD018 and the legal entity Raw Trading Ltd.

Regulation

Trading Fees
• IC Markets offer two different account types with different fee structure. Each account type can be paired with either MT4, MT5, and cTrader platforms.
• The Standard account is spread only account with spread as the only trading fees
• The Raw Spread account offers a very low spread with the fixed commission.
• The commission on MT4 and MT5 Raw Spread accounts is GBP 5/ EUR 5.5/USD 7 for a round trade of a Standard lot.
• The commission with cTrader Raw Spread account is $6 for a round-turn trade of a standard lot.

Available Instruments

Key Features
• IC Markets allow trading with MT4, MT5, and cTrader trading platforms on all devices.
• Customer support services are available 24/7 through live chat but local phone support is not available.
• Multiple deposit and withdrawal methods available with no commission
• USD, AUD, EUR, CHF, NZD, JPY, SGD, CAD, and HKD are available as base currency of the account

Pros
• 24/7 customer support service is available through live chat
• Top-tier ASIC regulation
• 3 most chosen trading platforms available
• Spreads are lower than the majority of regulated brokers in Nigeria

Cons
• NGN is not available as base account currency
• Local bank transfer not available
• Local phone support is not available
• No bonus offerings
• Maximum Leverage is low
• Minimum deposit amount requirement is high

Read about IC Markets's fees & more on their website

#8. Equiti Group – Multi-Regulated Forex Broker

Equiti Group is Jordan-based forex and CFD broker with a high minimum deposit requirement. It is regulated by the top-tier FCA of the UK.

Nigerian clients at Equiti Group are registered under Jordan Securities Commission (JSC) with legal entity Equiti Group Limited (Jordan) and license number 50248.

Regulation

Trading Fees
• Equiti offers 2 account types, namely Executive and Premiere, which require a minimum deposit of $500 and $20,000 respectively.
• Executive account types involve spread as the only trading fees.
• Premiere account is a commission-based account with a $7 commission on round-turn trade of a standard lot.
• The Executive account charges a higher spread while the Premiere account offers a much lower spread.

The following table compares the spread on some of the available instruments with both account types.

Available Instruments

Key Features
• Equiti supports MT4, MT5, and Equiti Trader app as trading platforms.
• USD, EUR, GBP, and AED are available as base currency of the account.
• Customer support services are available 24/7 through live chat.
• Local bank transfer is supported for free deposit and withdrawals.
• Credit/debit cards and e-wallets supported for deposits and withdrawals.

Pros
• Equiti holds a tier-1 FCA regulatory license
• Support services are available 24/7
• Local bank deposit and withdrawals available
• Multiple trading platforms supported

Cons
• NGN is not available as base currency of the account
• Local phone support is not available in Nigeria
• Minimum deposit requirement is very high
• Limited number of available instruments
• Trading cost is high

Read about Equiti Group's detailed information on fees, trading conditions

Methodology to Select a Forex Broker in Nigeria

a. Is the Forex Broker Regulated with Tier-1 Regulations?
Forex trading is not yet regulated in Nigeria. This means that in case of a dispute between broker and client, the traders residing in Nigeria cannot reach out to any local authority for the solution.

Many fake brokers and conmen actively search for new forex traders by offering them unreal pricing and lucrative bonuses.
Hence, Nigerian traders should be more vigilant while choosing a broker. Nigerians must always choose a broker that is regulated by one or more tier 1 regulatory authorities like the FCA of the UK, FSCA of South Africa, and ASIC of Australia.

Choosing a well-regulated broker reduces the third-party risk and there will be a lower probability of scam or deceit by the broker.

b. What are the Trading and Non-Trading Costs?
A broker may incur fees from traders in multiple ways. Spread, trading commission, and swap fees are the trading fees generally charged by forex brokers.

Non-trading fees involve deposit/withdrawal fees, inactivity fees, account opening/maintenance fees, currency conversion fees, etc. Traders must check all the associated components of fees and compare them with other regulated brokers in Nigeria.

c. Do they Support Local Funding & Withdrawals?
Deposit and withdrawal are major components of forex trading. Swift deposits and withdrawals through local banks and wallets without additional costs can be highly advantageous for traders.

Before opening the account, traders must check whether the broker supports local funding or not. Clients must also check the associated fees and processing time through each available method.

d. What are the Trading Conditions?
Traders who wish to trade with local currency must check the availability of NGN-based accounts with the broker.

Traders must check other trading conditions like leverage ratio, execution method, account types, minimum deposit, and available instruments.

e. How is the Customer Support?
A good customer support service can greatly enhance the overall trading experience. A broker may offer multiple methods to reach out to the support staff like a live chat window, email, and local phone number. Clients can raise a random query to check how efficiently their query is getting resolved.

f. Is the App Available?
Most brokers offer MT4 and MT5 trading platforms for trading forex and CFDs. Some brokers also provide their own trading applications for Android and iOS devices. Traders must be convenient with the trading platform and its features.

g. Is the Broker Easy to Use & Beginner Friendly?
A broker is considered beginner friendly if it offers a trading platform with a user-friendly interface, low minimum deposit requirement, useful research and education tools, diligent customer support etc.

Step-by-Step Process to Open Account with a Forex Broker?

The account opening process at a forex broker in Nigeria is simple.

The selection of a broker is a much more complex task. Once you are certain about the choice of broker, the following steps can be followed to open a forex trading account in Nigeria.

Step 1: Visit the Official Website of the Broker. For example, you can signup with HFM on their website by visiting using the mentioned link. Then click on the 'Open Account' button.

Step 2: Enter personal details under the account opening page. You will be required to fill in your name & other account information.

Step 3: Provide financial and every detail that is required by the broker concerned. This is a general disclosure required by the broker for a financial adequacy check.

Step 4: Submit a soft copy of name and address proofs for verification. You cannot make any withdrawals without completing your KYC.

Step 5: Deposit funds through an accepted method

Step 6: Download the trading platform and start trading

FAQs on Forex Brokers in Nigeria

a. Which Forex Brokers have local payment methods in Nigeria?

HF Markets, Exness, and FXTM are among the brokers that offer local bank transfers in Nigeria.

b. What fees do Forex Brokers charge?

Spread is the most common method in which forex brokers charge fees from traders. Other fees include trading commissions, swap fees, deposit/withdrawal fees, inactivity fees, currency conversion fees, account opening/maintenance fees, etc.

c. Which Broker has the lowest Trading Charges in Nigeria for Forex?

According to our analysis and comparison, IC Markets and AvaTrade charge the lowest trading charges among regulated forex brokers in Nigeria.

d. Which Forex Broker is the safest for traders in Nigeria?

Any forex broker that is regulated by one or more top-tier regulatory authorities can be considered safe for trading in Nigeria. HF Markets, XM, Exness, FXTM, IC Markets, and FxPro can be considered safe for traders in Nigeria.

e. Which Broker has the minimum Deposit in Nigeria?

XM, Exness, and FXTM are among the regulated brokers in Nigeria that have the lowest minimum deposit requirement.

f. What documents are required to Open a Forex Trading Account?

Traders require a soft copy of the name and address proof to open a forex trading account. Clients can submit copies of their passports, national identification numbers, etc. to verify a forex trading account.