Top Forex Brokers In Nigeria

Finding the list of the All-time Regulated Forex Brokers in Nigeria and their minimum deposits tin can be a hard process, peculiarly finding a list of trustworthy brokers who accept Nigerian traders and who allow these traders to invest in their own currency, the Nigerian naira (₦).

👌13+ Indicate Summary on Nigeria's Trading Regulations

🇳🇬 Amount of traders in Nigeria	250 000+ ( Updated March 2022 )
🗺️ Government Regulatory Body in Nigeria	Central Banking concern of Nigeria (CBN)
📍 CBN Concrete Address and Details	Address: Central Banking company of Nigeria Plot 33, Abubakar Tafawa Balewa Way Cardinal Business District, Cadastral Zone, Abuja, Federal Capital Territory, Nigeria Telephone: +234 700 225 5226 Website: https://world wide web.cbn.gov.ng/ E-mail: [email protected]
📢 CBN Official Twitter Folio	CBN on Twitter
📚 Official Wikipedia Page of CBN	Fundamental Bank of Nigeria Wikipedia Page
📉Most Traded Currency*	USD / EUR and USD / NAIRA
⚖️ Is Trading Legal in Nigeria?	Yeah, if it is with a regulated broker.
💰 Exercise you lot get taxed on forex trading profits?	Yes
🌎Who is the number #one Forex Broker offering Nigerian denominated accounts?	Forextime
🕒 All-time time to trade in Nigeria?	09:00 - 12:00 and 15:00 - xvi:00 GMT+12
🏆Height CBN Regulated Forex Brokers	Hotforex, Avatrade, FXCM, Forextime
💳 How much money do you need to successfully get started trading forex in Nigeria?	forty 000 Nigerian Naira's
📈 Fastest Growing Banker in Nigeria*	Avatrade

Updated May ane – 2022*

There are many online regulated Forex Trading Brokers and other platforms that merits to be the Best Forex Trading Brokers in Nigeria.

Nigeria is currently Africa's fastest-growing forex and CFD trading community with global forex providers flocking to this W African country in tape numbers to meet an explosive trading demand. Almost traders in Nigeria reside in the Niaraland region*

ten All-time Forex Brokers in Nigeria with a minimum eolith (2022)

✔️AvaTrade
✔️Pepperstone
✔️IC Markets
EasyMarkets
CMC Markets
ForexTime (FXTM)
OANDA
FBS
Hugosway
Alpari

Learning never stops, training and learning is a lifetime ongoing process, which is why there are so many online platforms to choose from. For a quick overview of the world's leading global forex brokers, your search ends here.

> From Top Nigerian Islamic Accounts to Nigerian Naira (NGN) Trading Account and brokers – We have them all listed here. A – Z.

Nosotros have investigated some of the All-time CBN Forex Trading Brokers and Platforms in Nigeria and will explore their features, pros, and cons as well equally their pricing plans, sign-upward bonus, minimum deposits, leverages, types of accounts, and platforms.

7 Most Often Asked Questions:

Is forex trading legal in Nigeria?
Yep, forex trading is perfectly legal and regulated by the Central Bank of Nigeria ( CBN).

Who is the richest forex trader in Nigeria?
Uche Paragon is currently valued at around $20 1000000*.

Which is the most used forex substitution platform in Nigeria?
Avatrade is the most used forex trading commutation platform in Nigeria.

Are in that location forex trading courses in Nigeria?
Aye, at that place are plenty of accredited forex trading courses and accreditations in Nigeria. Including international online trading courses.

What is the Best fourth dimension to merchandise in Nigeria?
Most traders trade between 9 am – 12 am True cat and 2pm – 4pm.

What is the Best forex trading app for Nigerians?
The Avatrade GO app is the about traded and downloaded app in Nigeria. ( 2022 )

Most used currency pairs for trading by Nigerians?
Nigerian Niara to USD and USD to Euro.

Allow's get started … on the top forex exchange platforms for Nigerians. Here is our full list of licensed verified brokers.

Let's drill downward more in-depth and in detail on each forex broker.

AvaTrade

AvaTrade is an online broker founded in 2006 offering Forex trading, CFDs trading, Spread Betting trading, and Social Trading.

Benefits of trading with AvaTrade:

Regulated by: Key Banking company of Republic of ireland, Australian Securities and Investment Commission (ASIC), Fiscal Services Authorisation (FSA), Fiscal Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI)
Headquarters: The British Virgin Islands
Foundation year:2006
Min Deposit:250
Used: by over 200,000 traders

AvaTrade is an first-class partner for all types of traders, exist it beginner or pro – with over 200,000 active traders around the globe, on both the MetaTrader four and Avago platforms. AvaTrade offers smashing trading atmospheric condition beyond Forex, commodities, cryptocurrencies, ETFs, bonds, and equities and boasting FSCA and ASIC regulation.

	Min. Deposit	Max. Leverage	Min. Spread	Commission
Islamic	USD 100	400:1	ane.3 pips	None
Professional	USD 100	400:ane	one.3 pips	None
Retail	USD 100	400:1	1.3 pips	None

AvaTrade does not charge their clients for making deposits and withdrawals and the just costs are the depository financial institution card, e-wallet, or bank transfer fees. Traders have access to professional customer support, 24 hours a day, v days a week.

Pepperstone

four.ix/5

Rated #x of
Recommended FX Brokers

Minimum Deposit

Regulators

ASIC, FCA, CySEC, BaFin, DFSA, SCB, CMA

MetaTrader 4, MetaTrader 5 and cTrader, TradingView

Islamic Account

Trading Fees

🕒 Account Activation Time

Pepperstone is a global online broker which was founded in 2010 and offers Forex, CFDs, and Social Trading. Pepperstone is regulated and supervised by reputable organizations with a head office based in Australia.

With Pepperstone new traders will need a minimum deposit of Us Dollar 200 to open an account and the selection is bachelor to sign upward for ademo account to familiarize themselves with thePepperstone platform. Pepperstone can adapt diverse levels of traders whether a trader is experienced or but starting in the trade. Traders have the choice to trade in over 100 instruments and over lxx currency pairs.

Pepperstone is one of the few brokers available that offer traders both of the MetaTrader platforms; MT4 and MT5 coupled with cTrader. Pepperstone also offers traders mobile apps for Android and iOS for the complete bundle.

Pepperstone benefits include

Allows scalping
Allows hedging
Offers STP
Low min deposit
Offers Negative Balance Protection

Review

Pepperstone allows traders to execute a minimum trade of 0.01 Lot and supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

You might like: CBN regulated brokers you can trust.

IC Markets

iv.vii/v

Rated #37 of
Recommended FX Brokers

Minimum Eolith

Regulators

Islamic Account

Trading Fees

🕒 Business relationship Activation Time

IC Markets is an online broker which was founded in 2007 and offers Forex, CFDs, Spread Betting, Share dealing, and Cryptocurrencies trading on offer both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.

IC Markets is a global broker and has a head office situated in Australia, and new traders will demand a minimum deposit of Us Dollar 200 to get started and a demo business relationship is on offer for those who want to get acquainted with the IC Markets platform. IC Markets can arrange various levels of traders whether they are experienced or just beginning in the trading game.

Traders can merchandise in a wide variety of instruments and currency pairs

Over 232 instruments
Over 65 currency pairs

Review

IC Markets too offer traders mobile apps for Android and iOS and two account types, Standard account and Raw Spread account. IC Markets supports a broad range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German and more.

EasyMarkets

four.9/5

Rated #18 of
Recommended FX Brokers

Minimum Deposit

Regulators

MetaTrader iv, TradingView

Islamic Account

Trading Fees

🕒 Account Activation Time

EasyMarkets has a trading platform that is perfect for Beginners and offers the choice of MT4 or their own online trading platform. The EasyMarkets features such as dealCancellation are simply available through their online forex platform which also includes a mobile trading app for iPhone, Android, and iPad devices.

EasyMarkets Is the Best Forex Banker for Beginners in Nigeria and is regulated past CSEC (Republic of cyprus) and ASIC (Australia) and offers beginner forex traders:

Enhanced risk direction tools as standard
Stock-still spreads on all forex pairings
An like shooting fish in a barrel to utilise forex trading platform

Run a risk Management Tools Offered by EasyMarkets

EasyMarkets offers traders 3 key risk management tools which are ideal for those new to currency trading:

Bargain Cancellation

'bargain cancellation, when activated allows a trader to abolish a trade within 60 minutes when the markets movement in the wrong direction, which is perfect for beginners or those who are concerned nearly the high take chances of leveraged products.

Note: Only certain currency pairings offering dealCancellation and the feature can only exist activated at certain times and there is a small-scale fee when this is activated.

Guaranteed Stop Loss Orders

Almost forex brokers in Nigeria offer stop-loss orders which will exit a trader when a gear up profit or loss is fabricated on any trade, only the issue exists that when a market has depression liquidity or experience high turbulence the CFD provider won't be able to be the trader at the ready toll, this is known every bit slippage and can atomic number 82 to unexpected losses exceeding traders' expectations. EasyMarkets brand all end-loss ordered guaranteed stops meaning the maximum losses set are guaranteed to be locked in or the FX banker will cover the difference.

Negative Residue Protection

Similar to stop losses, negative balance protection helps stop a trader's losses before it exceeds their expectations, only in this example, rather than protecting losses exceeding the amount assail a unmarried trade, this stops overall losses from exceeding deposits. EasyMarkets guarantees traders that they volition not lose more than than their residual and if this does occur, they will encompass the divergence.

CMC Markets

4.7/five

Rated #227 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Fourth dimension

CMC Markets Has the Lowest Minimum Deposit. CMC Markets is ane of the largest online brokers for the stock market and currency trading in Nigeria.

CMC Markets offer:

A range of financial markets including Bitcoin
U.s.a. Dollar 0 minimum eolith and like shooting fish in a barrel funding methods
Avant-garde charting through the Side by side Generation CFD platform

Financial Markets With CMC

CMC Markets specialize in trading forex with over 330 forex pairs merely this is non the merely CFDs financial markets traders can trade.

Other CFDs include:

Indices
Shares
Efts
Commodities and treasuries

A more recent improver is cryptocurrencies which range from:

Bitcoin, Ethereum, Litecoin, and to Tron. Leverage ranges based on the crypto chosen with more well know cryptocurrencies like bitcoin offering more leverage compared to niche currencies pairs.

Funding with CMC Markets

CMC Markets offers basic funding methods including:

Credit Cards (minus AMEX or Diners cars)
Debit Cards
Banking concern business relationship transfers

The biggest reward is that CMC Markets has a US Dollar 0 minimum deposit which ways that you lot tin move from a demo account to a alive business relationship without a large eolith required.

Avant-garde Charting Through the Side by side Generation Platform

CMC offers the choice of MT4 forex trading platform or the side by side generation platform.

Other key features of the Adjacent Generation charting include:

35+ cartoon tools
Technical indicators
Price History
Chart Intervals
Customized Charts

These five primal features and the ability to merchandise directly from charts are why CMC'southward CFD trading platform is considered the leader when it comes to charting.

ForexTime (FXTM)

4.6/5

Rated #32 of
Recommended FX Brokers

Minimum Eolith

Regulators

MetaTrader4, Metatrader 5

Islamic Account

Trading Fees

🕒 Account Activation Time

ForexTime (FXTM) Offers Local NGN Funding, an offering not made by most online brokers which increases commutation costs of currency trading. ForexTime offers NGN account funding through bank wire transfer or Neteller with a minimum deposit of The states Dollar 100 for a standard forex account for ForexTime. This allows traders to first trading a range of currency markets while lowering the exchange costs when moving NGN currency to a standard base currency.

Forex Time (FXTM) User Likes and Dislikes:

Likes	Dislikes
Provides multiple execution methods by account blazon	Leverage caps and margin restrictions on ECN accounts
Regulated in several jurisdictions, including exterior the EU	A certain range of markets segmented across account types
Offers Cryptocurrency CFDs	On ECN accounts, stop and limit levels can be added only post-execution
FXTM Invest for machine trading	Low max club size of xxx standard lots per trade

Key Features of FXTM (ForexTime)

ForexTime offerssocial trading (copy trading) which means a trader:

Selects a Strategy Manager
Makes a deposit (minimum eolith of Us Dollar 100)
Mirror the Strategy Director'south trade
Watch equally you share a percentage of wins/losses
Cash-out or add deposits when required

Review

ForexTime is ideal for Nigerian traders new to CFDs with a college risk profile.

OANDA

four.9/5

Rated #194 of
Recommended FX Brokers

Minimum Deposit

Regulators

FCA, CFTC, ASIC, FSC, BVI and IIROC

MetaTrader iv (MT4)

MetaTrader five (MT5)

Islamic Business relationship

Trading Fees

🕒 Account Activation Time

OANDA is focused on pricing transparency and customer satisfaction and they offer real-time information from liquidity providers and finds mid-points across instruments. When it comes to customer support, OANDA boasts multiple customer service awards for 24 hours/6 days a week support. Live conversation, emails, and phone back up is available

OANDA is the Well-nigh Regulated Forex Broker and operates beyond vi of the near credible regime including:

Australia AISC (Australian Securities and Investments Commission)
United States CFTD (Commodity Futures Trading Committee)
Europe and Great britain FCA – (Fiscal Conduct Authority)
Japan IFFA (Institute Financial Futures Association)
Singapore MAS (Budgetary Authority of Singapore)
Canada IIROC (Investment Manufacture Regulatory Arrangement of Canada)

Pros	Cons
Generally low fees	Only FX and some CFDs
Like shooting fish in a barrel-to-use web trading platform	Poor client service
Piece of cake and digital account opening	High banking concern withdrawal fee

Read 27 All-time Forex Brokers in Cape verde

FBS

4.vii/5

Rated #71 of
Recommended FX Brokers

Minimum Deposit

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

MetaTrader 4, MetaTrader v, FBS Trader – all in one mobile trading pltform, CopyTrade

Islamic Account

Trading Fees

🕒 Account Activation Time

Overview

In operation since 2009, FBS is a well-regulated and reputable ECN and STP broker which is headquartered in Belize. There are traders from 190 countries who have registered a trading account with FBS, making use of its competitive trading conditions to merchandise more 75 financial instruments in global markets. Y'all can read our full FBS review here

Pros and Cons

PROS	CONS
Well-regulated	Several countries restricted including the United states of america, UK, Nihon, Israel, and others
Ultra-depression minimum deposit requirement	Express tradable avails
Social trading supported	High spreads on some accounts
Multiple account types offered	Limited trading platform and tools offered
Competitive trading weather

Features

Feature	Information
Regulation	IFSC, CySEC
Minimum deposit from	$ane
Average spread from	0.0 pips
Commissions from	$vi
Deposit/Withdrawal Fees	Yep
Maximum Leverage	1:3000
Bonuses	Yes
Customer Support	24/7

Axi

iv.6/5

Rated #70 of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Business relationship

Trading Fees

🕒 Account Activation Fourth dimension

Axi is an online banker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a caput office situated in Australia with no minimum deposit needed to get started plus a demo business relationship is on offer.

Axi can accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.

Axi Trading benefits include:

Allows scalping
Allows hedging
Offers STP
Low min deposit

Other Benefits of trading with Axi include:

Regulated by: Financial Conduct Potency (FCA), Australian Securities and Investment Commission (ASIC), Dubai Fiscal Services Authority (DFSA)
Headquarters: Australia
Foundation yr:2007
Min Eolith: No minimum deposit.
Used by over x,000 traders

Axi Trading Accounts on Offer include Demo, Micro, Mini, Standard, ECN, STP and Islamic and support is offered in a wide range of languages including English, Chinese, Castilian, German, Japanese, Russian, Romanian, and Arabic.

eToro

4.eight/five

Rated #twenty of
Recommended FX Brokers

Minimum Deposit

Regulators

Islamic Account

Trading Fees

🕒 Account Activation Time

* Etoro has lowered the corporeality of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, United kingdom of great britain and northern ireland, Ireland, Espana, Italia, Sweden, Switzerland.

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head role based in Cyprus, UK. eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders volition need to make a minimum eolith of US Dollar 200 and the platform can accommodate diverse levels of traders from beginner to proficient.

eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Committee (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a broad diverseness of over 100 instruments and over 50 currency pairs on eToro'southward user-friendly custom trading platform which is available every bit a browser-based web application. eToro too offers traders mobile apps for Android and iOS, making information technology easier to proceed an eye on and execute trades.

eToro trading accounts on offer include Demo, Micro, Mini, Standard, STP, and Islamic. eToro supports a broad range of languages including English, German, Spanish, French, and Italian.

When choosing a Forex Broker or Trader in Nigeria yous should consider and continue the following factors in mind:

Ensure that the broker has ahistory of at least ii years.
Reasonably sized customer support of at least 15 users is a good indication of the Brokers
Check that the Trading Platform falls under regulation from a jurisdiction that can concord a broker responsible for any misgivings.
Ensure that the Trading Platform has the ability to get deposits and withdrawals processed within a shorter time period.
Ensure the forex brokers have offices in Nigeria.
Stick with CBN-regulated forex brokers.

It is not essential that the brokerage is locally situated but they must deport a regulation from a Tier one reputable country.

Read 27 Best Forex Brokers in Namibia

In conclusion

At that place are thousands of Forex brokers effectually the globe, and South African residents can register and trade with each of them. Traders are advised to stick to brokers regulated by the FSCA – Financial Services Conduct Say-so of Nigeria formerly known as the FSB.

Many Forex brokers may appear like but there are understated differences that make each banker uniquely suitable for a different blazon of trader.

FAQ's

Is forex trading legal in Nigeria?

Yes, it is

Which is Nigeria'due south most used forex banker?

XTB

Is forex trading a gamble in Nigeria?

Forex trading anywhere is ever a chance.

How many forex traders are there in Nigeria?

The estimate is around 150 000 monthly forex traders.

Can you make money with forex trading in Nigeria?

75% of all traders lose money*

Determination

There is an extremely loftier level of take chances involved in the trading of Forex/CFDs and other fiscal instruments. This level of run a risk may not exist suitable for all traders and may lead to losses that exceed the initial deposit.

Traders need to evaluate and realize their objectives, their level of exposure to risks as well as their willingness to face loftier levels of gamble. It is advisable that traders seek independent and professional person communication should they deem information technology necessary to do then, according to our research.

Risk warning:

Between 78/8% – 89% of retail investor accounts lose coin when trading CFDs.
You should consider whether y'all tin can afford to take the loftier run a risk of losing your coin.