5 Nigerian forex brokers with low minimum deposit

5 Nigerian forex brokers with low minimum deposit

Do not invest more money than you can afford to lose.


Nigeria happens to be a very attractive market both for brokers and traders. With its large population and well developed economy it comes as no surprise that many companies wish to offer their financial services there. In fact however there are still no specific rules that forex brokers must obtain, which makes online forex brokerage activities in Nigeria practically unregulated.

The Central Bank of Nigeria (CBN) is the central financial authority in the country, which can select authorized dealers in Nigeria, mostly banks, who can act as intermediaries on the market. CBN however does not license or supervise forex brokers and there is no regulatory framework in the country.

Although forex brokerage isn’t regulated in Nigeria, trading there is absolutely legal. There are many foreign brokers that are globally regulated and operate on the Nigerian market, some of them even have physical presence in the country like for example FXTM. However, it’s true that brokers who offer investment services in Nigeria aren’t actually obligated to follow any rules or requirements and are not supervised by any financial authority. For this reason unfortunately there’s still a great possibility to get scammed by online fraudsters. So, if you want to invest in stocks, forex pairs, cryptocurrencies or any other asset in Nigeria the best thing you can do is to choose a genuine broker with legit forex license who offers its services in the country.

For example, look for legitimate brokers licensed by respected financial regulators like the Financial Conduct Authority (FCA) of the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

What is the minimum deposit in Nigeria?

This being said, note that the minimum deposit in order to start trading depends on the broker you have chosen to trade with. Every firm has different requirements, however reputable brokers always tend to offer an affordable minimum deposit so that anyone could have a chance to give it a try.

Micro accounts usually require around 10 USD, whereas in order to open a standard account you need around 250 USD, but again – it depends on the broker itself and the account type you choose.

Many traders wish to start investing with a lower minimum deposit for a good reason. If you are about to make your first steps in the forex industry, then a lower minimum deposit allows you to trade worry-free as mistakes won’t have such serious consequences. Of course you can always level up your investment.

What payment methods can you use in Nigeria?

Brokers operating on the Nigerian market usually accept a wide range of payment methods. Traditional options like Visa/ Mastercard and other major credit/debit cards are a possible option, as well as popular e-wallets like Skrill and Neteller. Of course you can make a deposit via the well-known bank transfer or the local 2Checkout also known as 2CO.

Regulated brokers usually don’t charge any fees upon credit/debit card payments.

In addition, the execution of the order depends on the payment method you have chosen – some have instant execution, others take from several hours to a couple of days. Also note that there are some payment methods that are eligible for a chargeback, like credit/debit cards. However with others it’s impossible to retrieve your money – such examples are the crypto transactions that are proven to be 100% irreversible.

Who are the best forex brokers with low minimum deposit in Nigeria?

It’s up to you to choose a financial services provider that best suits your needs – a lot of the traders look for lower spreads, certain payment methods and of course appropriate minimum deposit requirements. But remember that it’s even more important to pick up a reliable and trustworthy broker that acts in a transparent and fair manner. We recommend trading with brokers regulated and licensed by global financial authorities like FCA, CySEC or ASIC for example, as we already mentioned.

Here’s a list of some of the best forex brokers in Nigeria, who offer low minimum deposit.


FXTM is one of the best forex brokers you can find in Nigeria for many reasons. In fact it was awarded as the best Online Forex Trading Company in Nigeria for 2018 and we are not surprised at all, as this broker offers great trading conditions and safe and secure investment as well. Not to mention that this firm is already physically present in the country and has some special offers for local clients. To be precise, FXTM has some representative offices in Lagos and Abuja.

FXTM is a company with an outstanding reputation not only in Nigeria but all over the world. It’s licensed by the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and by the local authority of South Africa too. So you definitely can count on this broker and invest without any worry of being deceived.

FXTM’s micro account requires a minimum deposit as low as 10 USD (around 4 600 NGN at the moment of writing). This is a pretty affordable amount to be honest, which allows you to start trading without the fear of losing all of your savings. It’s also very appropriate for beginners who want to kick-off their trading experience with less risks.

This account also allows you to trade with spreads from 1.5 pips and doesn’t require any commissions. It also accepts deposits in USD, EUR and GBP, however note that this broker offers NGN accounts as well which are only available to clients in Nigeria. This way you can make a deposit to your trading account directly via wire transfer, debit card or a POS terminal.

FXTM also accepts a variety of payment methods such as Visa, Mastercard and popular e-wallets like Skrill and Neteller. You can also make a deposit using Discover, a United Bank for Africa (UBA) Prepaid Card and wire transfer. This broker promises instant withdrawals without conversion fees.

2. FBS

FBS is another broker with a great reputation and multiple awards for its trading services. It is licensed by some of the strictest jurisdictions around the globe – the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC). FBS also operates in Belize and holds a license from the respective authority there.

This broker offers its financial services in Nigeria as well and is a great choice to start your journey in the investment sector.

The minimum deposit here is 100 USD (around 46 000 NGN) for its Standard account, which happens to be a bit less than the usual amount most reputable brokers tend to ask for. It’s a great starting point for sure – it’s not too little, but it isn’t a vast sum either, so you don’t have to worry about losing too much in a single trade. With this account you can also benefit from tight spreads from 0.5 pips and no commissions at all. As for its Micro account, the minimum deposit here is just 5 USD (around 2 300 NGN), however this option offers higher spreads from 3 pips.

What’s more, FBS also offers some additional benefits for all Nigerian customers like for example the option to deposit in NGN at a fixed exchange rate – 1 USD will always be 400 NGN for instance. What’s more there are some special promotions for Nigerian traders which include a Level up bonus – 70 USD bonus to traders who have opened an account with it, or 140 USD to ones who open a special Level Up account. There is also a 100% Deposit Bonus, which in general allows traders with FBS Nigeria to effectively double their deposits with a bonus. Let’s not forget about the Cashback Bonus, which is meant for traders with FBS Nigeria that have achieved a volume of over 5 lots – in short, the more you trade, the higher the volume of the cashback you receive!

Nigerian customers can also use a variety of payment methods like major credit/debit cards like Visa, Mastercard, Maestro as well as e-wallets like Skrill and Neteller. PerfectMoney and wire transfers are also available for all deposits and withdrawals. This broker promises that there are no fees upon any of its payment methods in general however notes some specific exceptions. For example with Neteller there are going to be some transaction fees when you withdraw funds without trading, so keep this in mind.

3. OctaFX

OctaFX is also a great choice if you want to trade in Nigeria. This broker holds a forex license from the Cyprus Securities and Exchange Commission (CySEC) and offers a secure and transparent trading experience.

The minimum deposit that this broker requires is only 40 USD (around 18 000 NGN). This is a great option for those who are not willing to risk too much at the beginning but also want to invest enough so that they can see real profits. This broker also promotes no commissions and floating spreads from 0.6 pips along with trading on some of the best platforms nowadays – MetaTrader 4 and MetaTrader 5. The transfer rate is the official one used by the Central Bank of Nigeria.

But maybe the best perk of OctaFX for all Nigerian traders happens to be the fact that this broker accepts deposits and allows withdrawals with Nigerian Naira. This means that you can add funds to your account or withdraw money directly at Guaranty Trust Bank (GTBank) using their online banking application, via ATMs or at the offices of the bank. It’s not only a great convenience but all transactions are secure and fast thanks to the fact that OctaFX partners with the bank already.

This broker accepts all of the most popular payment methods like Visa, Mastercard, Skrill, Neteller as well as some cryptocurrencies like for example Bitcoin, Ethereum, Tether, Litecoin and Dogecoin. Note however that there are some major differences between these payment options – the possibility to retrieve your money being the main one. While major credit/debit cards are eligible for a chargeback and e-wallets also give you the opportunity to file a complaint, mind that crypto transactions are completely irreversible so make sure to use them only with trustworthy brokers like OctaFX.

4. HFM

HotForex Markets is another award-winning broker who deserves your attention if you want to invest in stocks, commodities or cryptocurrencies. It is regulated in several jurisdictions, including in the EU, the UK, the United Arab Emirates and South Africa. Another advantage of this broker is that it also has an office in Lagos, the largest Nigerian city.

HFM requires for just 5 USD in order to open an account and start trading, which seems like the perfect amount to begin with. It also states that there are no additional commissions and you can benefit from tight spreads from 1 pip.

HFM also accepts local payments with bank wire, as well as traditional payment methods like credit/debit cards and well-known e-wallets like Skrill and Neteller. This broker doesn’t charge any deposit/withdrawal fees or taxes and also promises fast execution 24/5 during the standard trading hours.

5. XM

XM is another broker we recommend trading with, especially if you are in Nigeria, as this company is one of the very few trustworthy brokers offering its services there. It is licensed by one of the most popular and respected financial regulators around the globe – the Cyprus Securities and Exchange Commission (CySEC) and the Australian Securities and Investments Commission (ASIC), and has an offshore regulation by the Financial Services Commission of Belize. This being said, it’s already clear that you can rely on this firm to deliver secure and stable trading experience.

The minimum deposit XM asks for is just 5 USD (equal to 2 300 NGN at the moment of writing) which is one of the lowest amounts of minimum deposit you can find on the forex market. It’s a perfect first stage and gives you the opportunity to get to know the platform, the trading conditions and investment process as a whole. XM claims that you can benefit from attractive spreads from 1.5 pips that are commission-free.

This broker also accepts some of the most used payment methods around the world like major credit/debit cards, UnionPay, bank wire and of course some e-wallets like Skrill and Neteller. It also notes that bank wire transfers take approximately three to five business days for international payments to arrive and process into your trading account.When it comes to deposit/withdrawal fees and taxes, XM is not an exception and also doesn’t charge any additional fees upon its payment methods.

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