10 Best Nigerian Forex brokers (January 2023)

10 Best Nigerian Forex brokers (January 2023)

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Nigeria is the second biggest Forex market on the continent. There are more and more traders there – and they are on the lookout for Forex brokers to do their business with. However, there are certain dangers to trading with just any company. The emergent markets in the country are not really regulated as of late. This means it is possible for you to become the victim of a scam, or to suffer from a broker turning out to be insolvent. That is why traders from Nigeria prefer to deal with one, or several, of the many international companies which provide their services to clients from the country.

Recently, there has been a push among these top brokers to open offices in Lagos and better cater to the needs of the domestic trader. This results in a cheaper service and higher accessibility for all traders. If you are wondering which these firms are, we have listed them below. Additionally, we have also listed some of the other leading brokers currently offering their services to clients from the country. We hope that helps you find out more about a broker which can offer you the best service with regards to your particular needs as a trader!

1. OctaFX

LicenseCySEC
Minimum deposit$/€40
Trading platformsMT4, MT5
Maximum leverage1:500
Spread0.3 pips

The first broker we would like to mention is OctaFX. The company has an office in Nigeria and a local bank account. This means you can deposit using a domestic bank transfer. The advantages to doing so are the lack of fees, usually associated with international wire transfers. These kinds of payments can also take a while to get processed – up to 7 days. Contrast that with a virtually free payment with a Nigerian bank, which is also usually processed within a day, and you can see why that is an advantage! What’s more, there is a beneficial fixed exchange rate between the Naira and the USD, allowing you to not worry about the domestic currency depreciating against the foreign one, leading to you not making full use of your deposits.

2. FBS

LicenseFSCA, CySEC, ASIC, IFSC
Minimum deposit$1
Trading platformsMT4, MT5, FBS Trader
Maximum leverageUp to 1:3000
SpreadFrom 0 pips

FBS has also recently turned its focus towards clients from Nigeria. One of the biggest benefits to trading with this broker is the ability to use crypto assets. These are very popular, not only in Africa, but around the world. Still, the dangers we mentioned at the start – scammers and a lack of liquidity, are made worse in the crypto space. If you are interested in trading on this novel market, your best bet would be to stick to a large broker. Unfortunately, not all of the companies have these kinds of services available. This is where FBS stands apart – its Crypto account tiers is specifically made so you can trade digital assets. It is also priced at $1 – a negligibly low entry cost. The firm also has the fixed exchange rate between the Naira and the USD we mentioned above.

3. FXTM

LicenseFSCA, FCA, CySEC, FSCM
Minimum deposit$10
Trading platformsMT4, MT5
Maximum leverage1:2000
SpreadFrom 1.3 pips

The next Forex broker which has a Nigerian office in our list is FXTM. The broker’s main advantage over its competition is the Naira account it has available. This account allows you to deposit in the native currency. The previous two companies have good exchange rates for it, but with this one, you do not need to exchange your money at all. This ensures you will be able to make use of the full value of your deposit every time, since you would also not need to pay for exchange fees either. In general, depositing in the Naira is one of the best ways to save money – these costs might seem small, but they quickly add up over time and can turn out to be rather overwhelming!

4. HFM

LicenseFSCA, FCA, CySEC, CMA, DFSA
Minimum deposit ZAR 70
Trading platformsMT4, MT5, HFM Platform
Maximum leverage1:1000
SpreadFrom 1.2 pips

HFM’s most standout feature from its competition has to be the bonus incentives this broker offers. There are many promotions it has available for its traders, and you can learn more about each of them by heading to the broker’s website. In general, though, we recommend checking out the terms and conditions of the one you are interested in before signing up. With that in mind, we would like to mention some of the bonuses it offers. The first is the 100% credit bonus, which doubles the deposits of new traders, up to $30 000. There is also the 30% Rescue bonus, which the broker issues if you are facing the danger of a margin call. There is also a Loyalty program it runs which rewards dedicated clients with prizes, based on their  trading activity.

5. FXCM

LicenseFSCA, FCA, ASIC, CySEC
Minimum deposit$50
Trading platformsMT4, NinjaTrade, Zulu Trade, Trade Station
Maximum leverage1:400
SpreadFrom 0.4 pips

FXCM is a broker which has excellent trading conditions. What’s more, the clients of the firm are able to test out said conditions for themselves in the trading contests the firm hosts. The rules for them are available on the website of the firm, but to give a brief summary, you open a demo account with the broker. You then start trading – all of the participants of the challenge are given the same amount of time to make the biggest profit they can. Once the time runs out, the winner and nine runners-up receive cash prizes. This means you can enter the contest for free and get something out of it. But these contests are also a good opportunity for the traders to test their skills and gain better insights into the markets.

6. FP Markets

LicenseASIC, CySEC
Minimum deposit$100
Trading platformsMT4, MT5, Iress
Maximum leverage1:500
SpreadFrom 0 pips

The next broker which offers its services to Nigerian clients is FP Markets. The company has an excellent copy trading system we would like to mention. Copy trading is a service, which allows you to mimic the trades of more experienced clients with the broker. You can place the same orders as them and receive the same profits, minus a certain commission, which the trader you are copying sets. This is great for less experienced traders who might not have the same depth of knowledge about the markets as the people they are copying. But many brokers offer the service – what makes FP Markets special? It provides you with a lot of transparency regarding the people you can copy. That way, you can track their profits, losses and deposits, allowing you to better asses the level of risk you wish to engage with.

7. TMGM

LicenseASIC, FMA, VFSC
Minimum deposit$100
Trading platformsMT4, MT5, Iress
Maximum leverage1:500 for others
SpreadFrom 0 pips

TMGM is a good choice for the Nigerian trader who is looking to use an ECN trading service. There is a comparatively low entry cost for that kind of trading. Most firms which offer it have their accounts start at around $200-500, but TMGM has a minimum deposit requirement of just $100. What you get for this price is two tiers of account. One has spreads which start from 0 pips and a commission of $7 per lot traded. The other account is spread-based but has no commission. The usual spread with it is around 1 pip too – so whichever type of account you open with the firm, you will have access to a highly competitive service!

8. XM

LicenseFCA, CySEC, DFSA, FSC
Minimum deposit$5
Trading platformsMT4,MT5
Maximum leverage1:1000
SpreadFrom 0 pips

One of the best services  that XM offers is the access to a free VPS for its Metatrader platforms. A VPS server means you do not have to worry about outages and server downtimes. It also means a great environment to test EAs in. Metatrader 5 has a feature which allows you to try out the trading bots you buy in a controlled environment. The superior execution speeds of the XM VPS is also beneficial for that. Other than these services, XM has local bank deposits to offer as well. These come with all of the advantages we discussed above. It has lowered its minimum deposit requirement to $5 for its African clients. Overall, this is a very well rounded firm to trade with.

9. RallyTrade

LicenseFinaCom
Minimum deposit$100 or NGN equivalent
Trading platformsMT4, RallyXTrader
Maximum leverage1:1000
SpreadFrom 1.2 pips

We would like to highlight RallyTrade – a broker which is based in Nigeria in particular. This company has offices in Lagos, Abuja, Ibadan and more. The main advantage to trading with it is the fact it has its fingers on the pulse of the Nigerian market. Since it was started in the country back in 2015, the firm has been offering a good set of trading conditions to domestic traders. Its main downside is the lack of any concrete regulation. It has a license from the FinCom, a dispute resolution organization, which is not backed by any particular government. The main advantage is the Naira accounts the firm has available. These are not so commonly offered by brokers, even though Nigeria has attracted much attention, as we mentioned.

10. IG

LicenseASIC, NFA and CFTC, FCA, MAS, JFSA, BaFIN and more
Minimum depositNo minimum requirement
Trading platformsMT4, IG platform, Pro RealTime
Maximum leverage1:200
SpreadFrom 1 pips

Lat but not least, IG is a broker with almost 50 years of experience when it comes to managing the money of its clients. It was established in 1974 and has licensed in numerous countries. This means that trading with the firm means trading with one of the safest financial institutions in the world. An attractive feature of the broker is its referral program. There are many companies which have such bonuses, but this one is quite generous – in total, you can make up to $51 000 from referring your friends. Note that the person you have referred has to place at least five trades within three months. The reward you receive for introducing them to the broker starts from $150 per person. They also get something – a cashback on the spreads they have paid, starting out from 10% and going higher with their trading volume, all the way to 40%.


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