9 Best Forex Brokers in Nigeria

You need to understand the pricing structure of a forex broker before you deposit funds with them because many brokers will not allow you withdraw till you carry out some trades

So when researching a broker, compare the regulation, fees & withdrawal conditions to what other competitors offer then check popular forex trading discussion forums like MyTradingLand to read reviews posted by traders who are currently using the brokers services..

According to our research & comparison of over 20 top forex brokers, these are the best forex brokers for Nigerian traders.

Best Forex Brokers in Nigeria List

HF Markets – Best Customer Support
Exness – Best Trading Platforms
FxPro – Best Order Management
AvaTrade – Best Risk Control Tools
XM Broker – Best For Small Accounts
FXTM – Best Forex Broker for Naira vs USD Trades
IC Markets – Best for Commission Based Trading
Equiti Group – Multi Regulated Forex Broker
Tickmill – Good Forex Broker that gives Free Bonus without Deposit

Comparison Table for Best Forex Brokers in Nigeria

📸 Broker Name	👮 Regulation	💵 EUR/USD Spread	🚀 Leverage	💵 Minimum Deposit	💻 Trading Platforms	📸 Available instrument
HF Markets	FSCA, FCA, CySEC	1.5 pips	1:2000	$5	MT4, MT5, HFM Mobile App	1200+
Exness	FCA, FSCA, CMA, CySEC	1.0 pips	1:2000	$10	Exness Web Trader, Exness Mobile, MT4, MT5	250+
FxPro	FCA, FSCA, CMA, CySEC	1.4 pips	1:200	N30, 000	FxPro Mobile, cTrader, MT4, MT5	2100+
AvaTrade	FSCA, ASIC, CySEC	0.9 pips	1:400	$100	AvaTradeGO Mobile, AvaTrade Web, AvaOptions Mobile, MT4, MT5	800+
XM	FSCA, CySEC	1.7 pips	1:1000	$5	XM Mobile, MT4, MT5	1400+
FXTM	FSCA, CMA, CySEC	1.9 pips	1:2000	N80,000	FXTM Mobile, MT4, MT5	200+
IC Markets	ASIC, FSA, CySEC	0.9 pips	1:1000	$200	cTrader, TradingView, MT4, MT5	1700+
Equiti Group	FCA, JSC	1.4 pips	1:500	$500	MT4, MT5	300+
Tickmill	FCA, DFSA, FSA, CySEC, FSCA	0.1 pips	1:500	$100	MT4, MT5	600+

#1. HF Markets – Best Customer Support

Is HF Markets Regulated in Nigeria?

No, HF Markets is not regulated in Nigeria. Its activities in Nigeria are regulated by a foreign authority in the country Saint Vincent & The Grenadine

HF Markets is also regulated in the United Kingdom by the FCA which is the toughest regulatory body in the world, & this adds to HF Markets creditbility.

How Much is HFM Spread, Commission, Swap, & Inactivity Fees?

a) Spread: HFM accounts with low spread are designed to have higher minimum deposits. The Pro & Pro PLUS Accounts are examples of low spread accounts (0.2 to 0.6 pips) with high minimum deposit (N50, 000 & N200, 000 respectively)

Other HFM Accounts such as the Premium & Cent Account have higher spreads (starting from 1.2 pips & higher) but the accounts come with a fairly low minimum deposit of $5.

b) Commission: Trading currency pairs will not attract any commissions but HFM charges commissions when you trade Stock CFDs ($0.1), ETF CFDs ($0.1), & Crypto CFDs ($1).

c) Overnight Fees/Swaps: In Nigeria, HF Markets does not charge swap fees overnight. You can leave your trades open overnight without any cost implication. It’s called swap-free trading.

d) Inactivity fees: HF Markets levies a $5 inactivity fee on all dormant accounts after 90 days of inactivity.

Can I Trade Forex With HF Markets?

Yes, you can trade forex pairs as well as several other assets using leverage up tp 1:2000. See list below:

53 Forex CFDs with 1:2000 leverage
6 Metal CFDs with 1:200 leverage
4 Energy CFDs with 1:66 leverage
2 Index CFDs (spot & futures) with 1:200 leverage
71 Stock CFDs with 1:14 leverage
5 Commodity Futures CFDs with 1:66 leverage
3 Bond CFDs with 1:50 leverage
34 ETF CFDs with 1:5 leverage

Customer Support at HF Markets

HFM offers support 24/5 & you are assigned an account manager that you can reach even on weekends.

HFM Nigeria also has live chat, email, & Nigerian telephone numbers you can call for dispute resolution.

HFM extends their support to MetaTrader as they have provided free Premium Trader Tools you can download and attach to your MT4/5 to improve its functionality.

Lastly, HFM supports beginner traders by organizing free webinars & physical classes across 36 states of Nigeria where you can attend and interact with HFM staff one on one.

Pros & Cons

Pros

Regulated by the FCA UK, & holds other operating licenses from Dubai, South Africa, & kenya
Naira base currency
Low minimum deposit
Personal Account Manager
Multiple asset classes to trade
Demo & Cent Account
Customer support is good
Copy trading
Zero overnight swap fees
Deposit bonus

Cons

Inactivity fee

Get more information on HFM on their website

#2. Exness – Best Trading Platforms

Is Exness Legal In Nigeria?

Exness is legal in Nigeria but is not regulated by SEC, so its activities in Nigeria are overseen by the Financial Services Authority (FSA) in Seychelles.

Exness also has a strong presence in South Africa & Kenya where it is equally licensed by the government authorities there.

How Much is Exness Spread, Commission, Swap, & Inactivity Fees?</

📸 Instrument	👮 Standard	💵 Standard Cent	🚀 Raw spread	💻 Pro
EUR/USD	1.0	1.0	0.0	0.6
GBP/USD	1.2	1.2	0.1	0.7
GOLD/USD	20.0	20.0	6.3	12.5

a) Spread: a beginner who opens a Standard Account at Exness (with $10 minimum deposit) will pay spreads around 1.0 pip when trading the major currency pairs; so the cost of trading 10,000 units of EUR/USD will be $1.

Exness offers near-zero spreads on their Raw, Zero, & PRO Accounts which cost $500 minimum deposit to open. By near-zero we are talking 0.0 pips on major currency pairs when trading with the Raw & Zero Accounts; & 0.6 pips on majors when trading with the PRO Account

b) Commission: only the Raw & Zero Exness account variants charge commissions from $3.5 per side and even higher, so as to make up for the near-zero spreads they offer.

However, note that accounts that charge commissions do have an advantage, because the low spread means your trades become profitable quicker thus you can exit the market before the it moves against you.

c) Overnight Swaps: by default, all Exness account types will not pay overnight swap fees when they trade Major Forex Pairs, Minor Forex Pairs, Gold, US Oil, Indices, & Cryptocurrency

d) Inactivity Fees: Exness does not charge fees for inactivity.

Can I Trade Forex on Exness?

Yes, you can trade over 100+ forex pairs on Exness but the range of non-forex instruments is limited, which is not very good for diversification. Exness traders must therefore manage risk better. See list of Exness instruments below :

107 Forex CFDs with 1:2000 leverage
10 Index CFDs including NASDAQ with 1:200 leverage
88 Stock CFDs with 1:20 leverage
2 Energy CFDs with 1:200 leverage
10 Precious Metal CFDs with 1:2000 leverage
34 Crypto CFDs with 1:400 leverage

Exness Trading Platforms

Exness allows you download its MT4 & MT5 platforms from its website but they don’t offer free MetaTrader support tools.

However, for their homegrown suite of custom trading platforms, Exness has a well-designed mobile app (with inbuilt MT5 terminal & TradingView Lookalike charts), a Web Trader, & a Social Trading App.

Exness also provides you Price Tick History on different asset classes & you can use this for back testing on Exness MT4/5 platforms

Pros & Cons

Pros

Low spreads
Low starting deposit
No overnight fees
No inactivity fees
Naira base currency
Demo & Cent Account
Social trading
Lots of trading platform choices
24/7 support
Tick History

Cons

No deposit bonus incentive for new traders
No account manager is assigned to Nigerian traders

Learn how to open an Exness Cent Account & other accounts on the Exness Website

#3. FxPro – Best Order Management

Is FxPro Regulated In Nigeria?

No, FxPro is not regulated in Nigeria so its operations in Nigeria are overseen by the Securities Commission of the Bahamas

FxPro is also regulated in the United Kingdom by the FCA which adds to its credibility & reputation.

The FxPro minimum deposit in Nigeria is N30,000 and you can open an MT4, MT5, or cTrader Account type in naira base currency

How Much is FxPro Spread, Commission, Swap, & Inactivity Fees?</

a) Spreads: FxPro spread is a bit high. On the entry level Standard Accounts, the average spread on majors is 1.5 pips so if you were to trade 10,000 units of say EUR/USD you would pay a spread of $1.5.

On the FxPro Raw Spread Account average spread on majors is 0.2 pips, & average spread on Gold is 15 cents; but the minimum deposit for this account is $500.

To trade on FxPro cTrader you must open a cTrader Account with a $100 minimum deposit.

b) Commissions: Trading on the FxPro Standard Account is commission-free but on the Raw Account you pay $3.5 per side commissions for forex & Gold trades.

c) Overnight Swaps: at FxPro, you pay to keep your positions open till the next day & there is no swap-free concession on any instrument.

s) Inactivity fees: FxPro charges an inactivity fee of $10 after your account has been inactive for 6 months plus.

Can I Trade Forex on FxPro?

Yes, you can trade 70+ forex pairs on FxPro but leverage is low at 1:200; & this is good for risk management. Please see below list of tradable instruments at FxPro Nigeria:

70 Forex CFDS with 1:200 leverage
18 Index CFDs with 1:50 leverage
15 Commodity CFDs with 1:50 leverage
2,000 share CFDs with 1:25 leverage
8 Crypto CFDs with 1:20 leverage

FxPro Order Management

At FxPro you can open Raw, Standard, or Elite MT5 accounts that are specially designed for executing either hedging or netting strategies. This enables you to fund separate accounts and reserve them for executing specific trading strategies.

cTrader Accounts can only be used for hedging & are only available as MT5 accounts. For MT4 you can open regular Standard or Raw Accounts

Margin calls at FxPro come when your margin level drops to 25% and you will get stopped out when your margin level falls to 20%. This is some of the lowest figures we’ve seen amongst similar brokers.

For Pending Orders such as Stop Loss, FxPro enforces a minimum distance rule so you can only set your Stop Loss a minimum distance away from entry price. This prevents losses for beginners as they will not get stopped out too frequently especially when volatility is high.

Pros & cons

Pros

Naira base currency
FxPro allows Hedging & Netting strategies
FCA UK regulation
Multiple trading platforms
Demo account

Cons

No personal account manager
No bonus on deposits
Inactivity fees

Learn more about the hedging strategy & account opening at FxPro

#4. AvaTrade – Best Risk Control Tools

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.

Is AvaTrade Regulated in Nigeria?

No, AvaTrade is not regulated in Nigeria, but their Nigerian operations are monitored/regulated by the Financial Services Commission of the British Virgin Islands.

AvaTrade also has an international presence & reputation with operational licenses granted to them in Australia, Japan, Israel, South Africa, British Virgin Islands, & Cyprus.

How Much Is AvaTrade Spread, Commission, Swaps, & Inactivity fees?

AvaTrade minimum deposit in Nigeria is $100 and they have only one account type for every trader. AvaTrade charges you fixed spreads on all instruments.

EUR/USD fixed spread is 0.9 pips
GBP/USD fixed spread is 1.6 pips
USD/ZAR fixed spread is 85 pips
Gold spread is fixed at 0.34 pips
Crude oil spread is fixed at 0.03 pips
Bitcoin spread is fixed at 0.2% over market
AvaTrade Nasdaq spread is fixed at 1.00 over market

AvaTrade does not charge commissions and overnight swaps are charged when you leave a trade open tilt the next day. Inactivity fees of $50 are charged to dormant accounts at AvaTrade.

Can I Trade Forex at AvaTrade?

Yes, you can trade forex as well as several other asset classes at AvaTrade. See full list below:

55 forex CFDs with 1:400 leverage
25 Commodity CFD with 1:200 leverage
44 FX Option CFDs with 1:100 leverage
20 Crypto CFDs with 1:25 leverage
626 Stock CFDs with 1:10 leverage
33 Index CFDs with 1:200 leverage
60 ETF CFDs with 1:20 leverage
2 Bond CFDs with 1:20 leverage

AvaTrade Risk Controls

AvaTrade lets you manage risk by refunding any losses you make during trading when you subscribe to the AvaProtect feature for Forex & Gold trades.

AvaTrade also helps beginners manage risk with the Guardian Angel MT4 free EA download, which acts as a companion to beginner traders & helps point out risky trade decisions they may make while trading.

AvaTrade also has an advanced economic calendar which analyzes economic data using artificial intelligence and this helps you make more informed trading decisions.

Pros & cons

Pros

Great customer support mechanisms in place
AvaTrade is heavily regulated
Fixed spreads which are lower than industry standards
Enhanced risk management features like AvaProtect & Guardian Angel MT4 plugin
Copy trading
Multiple products to trade
Demo account
Deposit bonus

Cons

No Naira base currency
Only one trading account type
Minimum deposit is high
Inactivity fee of $50

Learn more about AvaTrade risk management tools & account opening

#5. XM Broker – Best Forex Broker in Nigeria for Beginners

Is XM Regulated in Nigeria?

No, XM is not regulated in Nigeria, so its Nigerian operations are regulated by the Financial Services Commission (FSC) of Belize.

How Much is XM Spread, Commission, Swaps, & Inactivity Fees?

XM offers a Micro Account for beginners (your trades on this account are cut down to small

sizes). XM also offers a Standard Account where more experienced traders can do big volumes.

None of the forex trading account types at XM involves commission.

The spreads with the Micro and Standard Account type both start from 1 pip. These accounts are separated based on lot size.

XM Ultra Low Account refers to a setting. Both Micro & Standard can be changed to ultra-low settings, and this means lower spreads & you don’t pay overnight fees on Forex & Precious Metal Positions.

XM inactivity fee is $10 for dormant accounts.

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

📸 Instrument	👮 Standard Account Spread	💵 Ultra-low Account Spread
EUR/USD	1.70	0.8
GBP/USD	2.1	1.0
Gold	3.5	2.5
nasdaq	1.0	1.0

Can I Trade Forex at XM Nigeria?

Yes, you can trade forex at XM and there are other assets you can trade too. See full list below:

57 forex CFDs with 1:1000 leverage

3 Metal CFDs 1:400 leverage

5 Energy CFDs 1:200 leverage

14 Index CFDs 1:500 leverage

1286 Stock CFDs 1:10 leverage

8 Grain CFDs 1:50 leverage

31 Crypto CFDs 1:500 leverage

How Much is XM Deposit Bonus for Nigeria?

When you open any XM Account with $5 minimum deposit, you get a bonus which cannot exceed $5,000. The XM bonus applies to every deposit on both new & old accounts but the XM Ultra-Low Account is not included in the bonus.

Pros & cons

Pros

Copy trading
XM minimum deposit in Nigeria is $5
Micro Trading (live) Account for beginners plus a Demo Account (not live) for learning
Low trading fees with Ultra Low account
Bonus
24/7 support

Cons

No strong regulation
No Naira base currency
Inactivity fees
No Raw Spread Accounts

Get more information on XM Broker on their website

#6. FXTM – Best Forex Broker for USD vs Naira Trades

Is FXTM Regulated in Nigeria?

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.

FXTM is not regulated in Nigeria, so your accounts are held under foreign regulation

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

Financial Conduct Authority (FCA) , License 777911

Financial Sector Conduct Authority (FSCA) , License 46614

Trading Fees at FXTM

FXTM used to have 3 account types but one of them (The Micro Account) has been axed. This leaves FXTM forex traders in Nigeria with a choice of 2 account types only.

The Advantage Account (N80, 000 minimum deposit) involves a low spread (from 0.0 pips for major FX pairs) with a commission of $2 per side which can be lower as you trade higher volumes.

The Advantage Plus Account (N80, 000 minimum deposit) does not involve commission but spreads are high starting from 2.1 pips

Available CFD Instruments at FXTM Nigeria

The following are the instruments that can be traded as CFD at FXTM in Nigeria

60 forex CFDs with 1:1000 leverage

11 Index CFDs with 1:500 leverage

8 Commodity CFDs with 1:500 leverage

120 Stock CFDs with 1:20 leverage

Trading conditions at FXTM Nigeria

You can trade Naira pairs at FXTM Nigeria. This means you can pair USD vs Naira or EUR vs Naira and make a buy/sell trade using leverage of up to 1:2000

FXTM has copy trading

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 Naira as the base currency.

All trading accounts at FXTM are swap-free when trading major forex pairs.

Local bank transfer supported with free NGN deposit

FXTM charges $3 withdrawal fees if you are withdrawing by Bank Cards. However, withdrawal to your local bank is free

Pros

USD vs Naira trades available
EUR vs Naira trades available
FXTM is regulated by multiple top-tier regulatory authorities
Local phone support available through the local office in Nigeria
Naira base currency
Demo account
Copy trading

Cons

The number of available instruments is low
Inadequate trading tools for beginners (you need to have above average trading skills before using FXTM)
Inactivity fee
Withdrawal fees

Read about FXTM’s features & more on their 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.

Is IC Markets Regulated in Nigeria?

IC Markets is not regulated in Nigeria (and not regulated in any African country) so your accounts are held under foreign regulation. See list of foreign regulators below:

Australian Securities and Investments Commission (ASIC) , license 335692
Financial Services Authority (FSA) , license SD018
Cyprus Securities and Exchange Commission (CySEC) , license 362/18
Securities Commission Bahamas (SCB) , license SIA-F214

How Much is IC Markets Spread, Commission, Swaps, & Inactivity Fee?

IC Markets offers two different account types with different fee structures. Each account type can be paired with either MT4, MT5, or 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.

📸 Instrument	👮 Standard Account Spread	💵 Raw Account Spread
EUR/USD	0.62	0.02
GBP/USD	0.83	0.23
Gold	2.083	1.083
nasdaq	1.80	1.80

Available CFD Instruments

61 forex CFDs with 1:1000 leverage
25 Index CFDs with 1:200 leverage
2 Commodity CFDS with 1:1000 leverage
1600 Stock CFDs with 1:100 leverage
11 Bond CFDs with 1:200 leverage
18 Crypto CFDs with 1:200 leverage
4 Futures CFDS with 1:200 leverage

Trading conditions at IC Markets Nigeria

IC Markets minimum deposit in Nigeria is $200
IC Markets allow trading with MT4, MT5, TradingView, and cTrader trading platforms on all devices.
24/7 support 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 your account (but no naira base currency)
Beginners at IC Markets can trade Micro Lot which is cheaper and encourages risk management

Pros & cons

Pros

24/7 support
Top-tier ASIC regulation
Range of trading platforms (with TradingView)
Instrument catalogue contains a variety of products
Micro lot trading for beginners
Zero inactivity fees
Spreads are lower than most regulated brokers in Nigeria
Priority is given to education for beginners

Cons

No Naira base currency
Local bank transfer not available in Nigeria
No bonus offerings
Minimum deposit requirement is high

#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

The Equiti Group is not regulated in Nigeria, so your accounts are held under foreign regulation

Financial Conduct Authority (FCA) , license 528328

Jordan Securities Commission (JSC) , license 50248

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.

Available CFD Instruments

62 forex CFDs with 1:500 leverage
16 index CFDs with 1:200 leverage
8 Commodity CFDs with 1:50 leverage
240 Stock CFDs with 1:20 leverage

Trading conditions at Equiti Group Nigeria

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 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

Naira 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
Insufficient technical analysis tools and absence of earnings calendar

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

#9. Tickmill – Forex Broker With Bonus without Deposit Required

Pros

Low fees (on Pro Account)
$30 bonus without you making a deposit
No inactivity fees
Range of CFD products on the trading menu
Support for MT4 automated trading
Demo account
Regulated by the FCA United Kingdom, & FSCA South Africa
Copy trading

Cons

Not regulated in Nigeria
$100 starting deposit
Customer support is off on weekends
Tickmill account types are not suitable for beginners because the Standard Classic Account spreads are too high, & the Pro Account charges commissions.

Visit Tickmill to learn more about deposit bonus & account opening terms

Methodology to Select a Forex Broker in Nigeria

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, 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.

For example, HFM is regulated by the Financial Conduct Authority (FCA) in the UK with reference number 801701 as seen on their website. However, this information can be verified in no time, by visiting the FCA website and querying its Financial Services Register.

The result of the query where you can search by name or reference number is seen below

It is better to perform a search like this as it takes less than one minute, so as to be sure you are dealing with a legitimate broker. Do not be in a hurry to trade without carrying out due diligence.

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.

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.

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.

How is 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.

Is the Mobile 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.

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. Use the brokers free Demo Account to get familiar with the user interface, before you commit funds.

Step-by-Step Process to Open an 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 sign up 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 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

Forex Brokers in Nigeria: See What Others Are Asking

Which Forex Brokers accept local payment methods in Nigeria?

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

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.

Which Forex Broker has the lowest spread?

According to our analysis and comparison, IC Markets and Exness charge the lowest spread among regulated forex brokers in Nigeria.

Which forex broker gives no deposit bonus in Nigeria?

Tickmill gives you a $30 no deposit bonus to trade with. However, after trading you must open a live account and transfer the bonus to it before you can withdraw.

Which Forex Broker has the lowest minimum Deposit in Nigeria?

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

What are the advantages of low spreads in Forex? </4>

The main advantage of low spread in forex is that your trades take a shorter period to become profitable so you spend a shorter time trading.

The disadvantage of low spread in forex is that the broker may charge high commissions per trade, to compensate for the low spread.

How do I compare the spreads of different forex brokers?

You need to have a benchmark or yardstick with which you compare spreads. EUR/USD is the most common benchmark because it’s very liquid.

You also need to compare spreads by account type. You could compare the spreads of Standard Accounts for different forex brokers.

What is a Standard Account in Forex?

A standard Account is a trading account that charges spread only and no commissions. In some cases, Standard Accounts could be identified by their lower minimum deposit versus the Raw Account with higher minimum deposit.

What is Raw Account in forex?

A Raw Account is the one that charges both commissions and spreads. Raw Accounts can be spotted by their low spreads usually starting from 0.0 pips.

For example, to compare spreads on Standard Accounts, check the EUR/USD average spread (some brokers call it typical spread) for different brokers to see how they fare.

What are the factors that affect the spread of forex brokers?

Except your forex broker offers fixed spreads, they can choose to widen or tighten their spreads for various reasons.

Example when there is fear/volatility about a particular instrument, the forex broker widens their spread to compensate for extra risk they are exposed to.

But what causes this fear/volatility in the market? Political events, Anticipation of Market Moving Events, Monetary Policy Changes, etc. all cause fear in financial markets.

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.

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