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, these are the best forex brokers for Nigerian traders.
- HF Markets – Overall Best Forex Broker in Nigeria
- Exness – Best Forex Broker in Nigeria with Cent Account
- FxPro – Best Forex Broker in Nigeria for Hedging
- AvaTrade – Forex Broker in Nigeria that Prioritizes Risk Management
- XM Broker – Best Forex Broker in Nigeria for Beginners
- 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 | $100 | Exness 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+ |
Best Forex Brokers in Nigeria (detailed review)
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 (about twice the population of Hawaii) 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.
HF Markets is not regulated in Nigeria, so your accounts are held under foreign regulation
Regulation
HF Markets is regulated by multiple financial regulatory authorities. The list below describes the regulatory licenses held by HF Markets.
- FCA United Kingdom, License 801701
- FSCA South Africa, License 46632
- CMA Kenya, License 155
- DFSA Dubai, License F004885
- CySEC Cyprus, License 183/12
- FSA Seychelles, License SD015
Fees at HF Markets Nigeria
a). Bid/Ask spreads: if your trading strategy involves low spreads then the HF Markets Zero, PRO, & PRO PLUS Accounts are worth considering.
Spreads on the Zero Account start around 0.1 pips, PRO Account spread starts around 0.6 pips, & PRO PLUS Account spread starts around 0.2 pips.
Premium Account & Cent Account spreads start at 1.2 pips, and these are the accounts with the highest spreads (but lowest minimum deposit) at HF Markets.
b). Commission: HF Markets commissions start as low as $0.1 and go as high as $3 depending on the instrument involved.
Forex trades attract a $3 per side per standard lot commission when trading with the Zero Account, but when trading with other account types, forex trades don’t involve paying commissions.
Currency trading is commission-free on all HF Markets Accounts (except the Zero Account) but every HFM account is still charged commissions for Stock, ETF, & Indices trades.
c). No 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.
However, you need to know the minimum deposit required to access HF Markets account types.
The HF Markets Accounts with high spreads (Premium & Cent Accounts) have $5 minimum deposit requirements.
The HF Markets Accounts with low spreads have higher minimum deposit. The PRO Account has a N50, 000 minimum deposit & PRO PLUS Account has a N200, 000 minimum deposit.
The HF Markets Zero Account has low spread but because you pay commissions on forex trades, the minimum deposit is low at $5
d) $5 Inactivity fees: HF Markets levies a $5 inactivity fee on all dormant accounts
Available CFD Instruments at HF Markets Nigeria
Because HF Markets has so many products spanning various asset classes, you can diversify your risk and hedge risk in one instrument with another instrument.
- 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
Trading conditions at HF Markets
MetaTrader (MT4/5) platform is available with supporting Premium Tools for MetaTrader. An android & iOS HFM Mobile app is equally available for trading CFDs
Naira base currency is available on all accounts except the Cent Account & no withdrawal fees are charged.
Customer support is available through local phone numbers in Nigeria 24/5. Deposit bonus & other promotions are available to Nigerian traders
Multiple research and education tools are available for free to registered clients. Copy trading on HF Markets is also available so you can opt to become a Follower or Strategy Provider.
Pros & Cons
Pros
- Regulated by multiple tier1 and tier2 regulatory authorities
- Naira base currency
- Low minimum deposit of $5 on some account types (but these accounts charge higher spreads)
- Personal Account Manager assigned to you
- Product menu contains instruments from different asset classes (good for diversification)
- Demo account
- Local study centers in Nigeria with free trading seminars periodically hosted in every state
- Cent Account for beginners
- Copy trading
- Zero overnight swap fees
- Deposit bonus
Cons
- Support services are not available on weekends
- Inactivity fee
Get more information on HFM on their website
#2. Exness – Forex Broker in Nigeria with Cent Account
Exness is a low-cost broker with Naira base currency 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
Exness is not regulated in Nigeria, so your accounts are held under foreign regulation
- Financial Conduct Authority (FCA), License 730729
- Financial Sector Conduct Authority (FSCA), License 51024
- Capital Markets Authority (CMA), License 168
- Financial Services Authority (FSA) Seychelles, License SD025
- Cyprus Securities and Exchange Commission (CySEC), License 178/12
Fees applicable at Exness Nigeria
Exness offers 5 different account types with differences in fees and trading conditions. All Exness Accounts have swap-free trading enabled on popular Forex, Indices, Crypto, & Gold trades.
The Standard account is the basic forex and CFD trading account type with spreads as the only trading fees.
The Standard Cent account equity is in US cents, and you can only place small trades with the Cent Account (The Exness Cent Account is good for beginners)
The Raw Spread Account offers a low spread (from 0.0 pips) but incurs a fixed commission of $3.5 for each side of the trade.
The Zero Account offers zero spreads on a wider selection of instruments, but commissions can be enormous, even exceeding $3.5 per side.
The trading fee with the Pro Account is built into the spread (from 0.1 pips) without any commission.
The following table compares the average spread on instruments with different account types.
| 📸 Instrument | 👮 Standard | 💵 Standard Cent | 🚀 Raw spread | 💵 Zero spread | 💻 Pro |
|---|---|---|---|---|---|
| EUR/USD | 1.0 | 1.0 | 0.0 | 0.0 | 0.6 |
| GBP/USD | 1.2 | 1.2 | 0.1 | 0.0 | 0.7 |
| GOLD/USD | 20.0 | 20.0 | 6.3 | 0.0 | 12.5 |
Available CFD Instruments at Exness Nigeria
Exness range of instruments is limited, which is not very good for diversification. Exness traders must therefore manage risk better.
- 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
< h5>Conditions for Traders at Exness Nigeria
Exness allows trading through MetaTrader 4 and MetaTrader 5 for all devices and through the Exness Trader app for mobile.
Exness supports deposit and withdrawal through local bank transfers in Naira with no commission. Naira is also available as your account base currency except for the Cent Account where you must trade in US Cent currency.
Exness does not charge overnight fees on select CFD trades involving Indices, Crypto, Popular Currency Pairs, & Gold.
Copy trading on Exness is possible when you download the Exness Social App for smartphones.
Exness support lines/channels stay open 24/7 and withdrawals are approved on weekends too
Pros & Cons
Pros
- Exness is regulated by multiple top-tier regulatory authorities and can be considered safe
- No overnight fees (except on Stocks, Exotic FX pairs, & Non-Gold Metals)
- No inactivity fees
- Exness stop-out protection
- Naira base currency
- Cent Account
- Copy trading (Exness calls it social trading)
- Lots of trading platform choices
- 24/7 support
- Demo account
Cons
- Exness accounts with thin spread charges require $500 as minimum deposit
- No deposit bonus incentive for new traders
Learn how to open an Exness Cent Account & other accounts on the Exness Website
#3. FxPro – Best Forex Broker in Nigeria for Hedging
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
FxPro is not regulated in Nigeria, so your accounts are held under foreign regulation. See below list of FxPro regulators
- FCA United Kingdom
- FSCA South Africa
- CySEC Cyprus
- FSC Mauritius
Trading Fees at FxPro
a). Spreads will vary depending on if you’re trading on cTrader, MT4, or MT5. Spreads on MT4 accounts can be either fixed or variable spreads but note that fixed spreads on FxPro are always higher.
The FxPro Standard Account (with $100 minimum deposit) is a spread-only account (meaning zero commissions) and spreads start from around 1.42 pips (which is higher than the industry average of 1.2 pips).
The FxPro PRO Account (with $500 minimum deposit) is also a spread-only account with spreads starting from 1.0 pips. The lower spread comes at the cost of a higher minimum deposit. The PRO Account only works on MT4.
The FxPro Raw+ Account (minimum deposit of $500) has spreads starting from 0.2 pips, but you pay commissions of $3.5 per side on Forex & Gold trades.
The FxPro CTrader Account: to trade on cTrader you must open a cTrader Account with a $100 minimum deposit.
The following table compares the average spread on some of the available instruments with different account types.
| 📸 Instrument | 👮 MT4 Standard | 💵 MT5 Standard Cent | 🚀 cTrader | 💵 MT4 fixed spread | 💻 MT4 raw spread |
|---|---|---|---|---|---|
| EUR/USD | 1.59 | 1.42 | 0.42 | 1.88 | 0.35 |
| GBP/USD | 2.04 | 1.84 | 0.65 | 2.02 | 0.59 |
| EUR/GBP | 1.48 | 1.49 | 0.73 | 1.90 | 0.48 |
Available CFD 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
Trading conditions at FxPro
FxPro is among the few brokers that offer MT4, MT5, as well as the cTrader trading platform. Fixed or variable spread options are available when opening your account (you cannot change this after opening an account).
FxPro MT5 allows you to Hedge Positions meaning offset losses with gains and a Hedging strategy is better executed using trading robots which FxPro supports.
FxPro accepts transfers from Nigerian banks. Customer support services are available through live chat 24/5
No Naira base currency is available, but EUR, USD, GBP, AUD, CHF, JPY, ZAR, and PLN are available base currencies.
FxPro offers a 100% bonus on your first deposit. You can start trading without uploading all your verification documents
Pros & cons
Pros
- FxPro allows Hedging & Netting strategies
- Regulated by the FCA United Kingdom
- Multiple trading platforms (with a dedicated mobile app for cTrader)
- Multiple account types
- Great trading platforms
- Demo account
- 1:200 Leverage is lower and helps you manage risk
- Deposit bonus at FxPro
Cons
- No Naira base currency
- Customer support is not great
- High minimum deposit
- Inactivity fee of $10
- No copy trading platform at FxPro
Learn more about the hedging strategy & account opening at FxPro
#4. AvaTrade – Forex Broker in Nigeria that Prioritizes Risk Management
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
AvaTrade is not regulated in Nigeria, so your accounts are held under foreign regulation
The following are the details of regulatory licenses held by AvaTrade in different jurisdictions.
- Australian Securities and Investments Commission (ASIC), License 406684 issued to Ava Capital Markets Australia Pty Ltd, Australia
- Financial Sector Conduct Authority (FSCA), License 45984 issued to Ava Capital Markets (Pty) Ltd, South Africa
- Central Bank of Ireland (CBI), License C53877 , issued to AVA Trade EU Ltd, European Union
- British Virgin Island Financial Services Commission (BVI FSC) , License SD025 , issued to Ava Trade Markets Ltd , Global
- Cyprus Securities and Exchange Commission (CySEC) , License 347/17 , issued to DT Direct Investment Hub Ltd , European Union
- Japan Financial Services Agency (JFSA) , License 1574 , issued to Ava Trade Japan K.K , Japan
Fees at AvaTrade
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
Available CFD Instruments at AvaTrade Nigeria
The following instruments can be traded at AvaTrade in Nigeria
- 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
Trading conditions at AvaTrade
AvaTrade charges fixed spreads and zero commissions. Despite this, their spreads on popular instruments are still at par with industry standards.
AvaTrade also offers a rich product catalogue that even contains Vanilla option contracts on currency pairs.
AvaTrade platforms are very advanced yet easy to use. AvaTradeGO, AvaOptions, AvaSocial, & Ava Web Trader platforms were designed by AvaTrade.
Copy trading is offered through AvaSocial platform as well as through third-party DupliTrade & ZuluTrade platforms.
MT4 & MT5 platforms are available if you prefer MetaTrader platforms and AvaTrade designed special tools for MT4 which they call the Guardian Angel Expert Advisor.
AvaTrade lets you leverage up to 1:400 and this is still risky, so AvaTrade offers to reimburse you on any losses while trading if you activate AvaProtect by paying a fee.
Pros & cons
Pros
- 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
- You can trade micro lots on AvaTrade MT4 platform (good for beginners)
- Demo account
- Deposit bonus
Cons
- No Naira base currency
- Only one trading account type
- Support services not available on the weekends
- 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
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
XM is not regulated in Nigeria, so your accounts are held under foreign regulation
Following are the details of regulatory licenses held by XM
Australian Securities and Exchange Commission (ASIC), 443670
International Financial Services Commission (IFSC), 000261/158
Dubai Financial Services Authority (DFSA), F003484
Cyprus Securities and Exchange Commission (CySEC), 120/10
Trading Fees at XM
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.
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 |
Available CFD Instruments at XM Nigeria
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
Trading conditions at XM Nigeria
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. No overnight fees on Forex & Gold when you open the Ultra-low Account. XM minimum deposit is $5
100% deposit bonus up to $500. Excellent variety of research and education tools available
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
- Regulated in South Africa & Cyprus
- Bonus
- 24/7 support
Cons
- Naira is not available as the base currency
- No zero spread accounts
Get more information on XM Broker on their website
#6. FXTM – Best Forex Broker for USD vs Naira Trades
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
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
Cyprus Securities and Exchange Commission (CySEC) , License 185/12
Financial Services Commission (FSC) of Mauritius, License C113012295
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.
Regulation
IC Markets is not regulated in Nigeria (and not regulated in any African country) so your accounts are held under foreign regulation
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
Trading Fees
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 – Good Forex Broker that gives Free Bonus without Deposit
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 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
FAQs on Forex Brokers in Nigeria
Which Forex Brokers accept local payment methods in Nigeria?
HF Markets, Exness, and FXTM 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 pros & cons of using a forex broker with low spreads?
The pros of low spread forex brokers are your trading overhead is lower as spreads reduce your profit. Low spread forex brokers are also good for executing automated trading with robots because most of these robots are designed to work with raw/low spreads.
The cons of low spread forex brokers are that they may charge high commissions to compensate, and they may also stop you out of your trades prematurely.
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 or Raw Accounts.
But what is a Standard Account? 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.
