Best Forex Brokers in Nigeria

Following our in-depth review and ranking process, here are the best forex brokers in Nigeria;

  1. HotForex
  2. IC Markets
  3. FXTM
  4. FBS
  5. Exness

1. HotForex

HotForex

HotForex is a global award-winning broker established and operated by HF Markets Group; a globally renowned fintech brand that strives to meet and exceed the highest standards of online trading. It offers CFD trading across a variety of global markets including forex, commodities, indices, cryptocurrencies, bonds, stocks DMA, ETFs and shares with over 1000+ instruments to trade.

HotForex provides a phenomenal trading service suitable for both beginner and professional retail clients. It also offers various unique account types with great account options, which clients can select to enjoy a tailored trading experience that perfectly suits their needs. Coupled with great account conditions and a range of advanced trading tools, HotForex caters to all trading styles and strategies including scalping, hedging and algorithmic trading (such as EA trading), copy trading and much more.

In addition, all traders can enjoy exceptional trading conditions including deep liquidity, superior trade execution, negative balance protection, low trading cost, ultra-low spread from 0.0 pips, multiple tailored account types, multiple fast and secure payment methods, great market research offering, quality educational offering and a friendly multi-lingual customer support team available via phone, email and live chat.

HotForex Overview

BrokerHotForex
Regulation CySEC (Cyprus), FCA (UK), DFSA (Dubai), FSCA (South Africa), FSA (Seychelles), FSC (Mauritius)
Forex Pairs50+
Trading PlatformsMetaTrader 4, MetaTrader 5, WebTrader.
Minimum Deposit$5
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:1000
Account CurrenciesUSD, EUR, PLN, ZAR, NGN
Payment MethodsBank Wire Transfer, Credit/ Debit Cards (VISA Secure, VISA, Mastercard, Maestro), Skrill, Neteller, Union Pay, BitPay, Web Money, VLOAD, Fasapay, Cryptocurrency.

Pros

  • Strong regulatory framework.
  • Strong global presecence and reputation among traders.
  • Beginner friendly.
  • Hasle-free account registration process.
  • Deep liquidity.
  • Superior trade execution.
  • Negative balance protection.
  • Demo account with unlimited usage duration.
  • Low required minimum deposit.
  • Offers the Nigerian Naira as a base currency.
  • Multiple tailored account types.
  • Over 50+ currency pairs including, major, minor and exotic currency pairs.
  • Supports all trading styles and strategies.
  • Flexible and high leverage from 1:1 to 1:1000.
  • Multiple fast and secure payment methods.
  • Low cost trading.
  • Ultra-low spreads from 0.0 pips.
  • Offers copy trading.
  • Quality educational offering including forex education/ e-courses, training courses videos and webinars.
  • Great market research offering.
  • Multi-lingual customer support service available 24/5 via phone, email and live chat.

Cons

  • Limited product offering.
  • Does not offer a propritary trading platform.
  • Inactivity fee charged, after 6 months of account inactvity.

2. IC Markets

IC Markets

IC Markets is a global leading online broker, as well as one of the largest forex & CFD providers (by trade volume) in the world. It offers CFDs on a wide variety of global markets including forex, stocks, commodities, indices, cryptocurrencies, bonds and futures, with over 1780+ instruments to trade.

IC Markets offers an excellent trading solution suitable for beginner and professional traders, along with adequate support for all trading styles and strategies (such as scalping, hedging, algorithmic trading etc). In addition, all clients can enjoy a plethora of top-notch trading services, some of which includes; consistent ultra-low spreads from 0.0 pips, fast trade executions, deep liquidity, advanced trading platforms & tools, transparent pricing and low trading fees, and great customer support service available 24/7.

IC Markets Overview

BrokerIC Markets
Regulation ASIC, FSA, CYSEC
Forex Pairs61
Trading PlatformsMetaTrader 4, MetaTrader 5, cTrader
Minimum Deposit$200 (or currency equivalent.)
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:500
Account CurrenciesAUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF.
Payment MethodsBank Wire Transfer, Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking.

Pros

  • Hassle-free account registration process.
  • Strong regulatory framework.
  • Over 180,000+ clients across 190 countries worldwide.
  • Strong global presecence and reputation among traders.
  • Deep liquidity.
  • Negative balance protection.
  • Clients funds are segregated.
  • Industry-standard trading platforms available for mobile and desktop devices.
  • Provides support for algorithmic ( such as Expert Advisors).
  • Over 61 currency pairs to trade including major, minor and exotic currency pairs.
  • Flexible leverage from 1:1 to 1:500.
  • Low latency and ultra-fast trade execution.
  • Supports all trading styles and strategies.
  • Low spreads (starting from 0.6 pips) with zero commissions on the standard account.
  • Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
  • Multiple fast and secure payment methods, with fast deposit and withdrawal processing times.
  • Demo account with unlimited usage duration.
  • No inactivity fee.
  • Dedicated and friendly multi-lingual customer support service available 24 hours a day, 7 days a week.

Cons

  • Product offering limited to CFDs.
  • No proprietary trading platform.

3. FXTM

FXTM

FXTM is a multi-award-winning forex and CFD provider established by the FXTM group; a global leader in the online trading industry. FXTM offers forex trading and CFD trading across a variety of global markets including indices, stocks, commodities and cryptocurrencies with over 200+ instruments to trade.

FXTM offers great trading solutions suitable for newbie and professional retail traders, and also provides support for all trading styles and strategies such as scalping, hedging, algorithmic trading etc. It also offers several great trading solutions such as; ultra-low spreads from 0.0 pips, low financing, different tailored account types, deep liquidity, negative balance protection, multiple fast and secure payment methods, quality educational offering and great customer support service.

FXTM Overview

BrokerFXTM
Regulation FCA (United Kingdom), CySEC (Cyprus/ Europe), FSC (Mauritius), IFSC (Belize/ International), FSCA (South Africa)
Forex Pairs63
Trading PlatformsMetaTrader 4
Minimum Deposit$50/ ₦20,000
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:2000
Account CurrenciesEUR, GBP, USD, NGN
Payment MethodsBank Wire Transfer, Credit/ Debit Cards (MasterCard, VISA, Maestro), Skrill, Neteller, Bitcoin, Google Pay, JCB Card, M-Pesa, Perfect Money, QIWI, UnionPay, Webmoney, WeChat Pay, Western Union, WorldPay, Yandex Money

Pros

  • Strong regulatory framework.
  • Hasle-free account registration process.
  • Multiple tailored account types.
  • Deep liquidity.
  • Fast trade execution.
  • Negative balance protection.
  • Support all trading styles and strategies.
  • Flexible and high leverage from 1:1 to 1:2000.
  • Multiple fast and secure payment methods.
  • Offers the Nigerian Naira as a base currency.
  • Low financing fee.
  • Ultra-low spreads from 0.0 pips.
  • Over 60+ currency pairs including major, minor and exotic pairs.
  • No deposit fee.
  • Negative balance protection.
  • Quality educational offering.
  • Great customer support service.

Cons

  • Limited products offering.
  • Limited instrument offering compared to other competitors.
  • Withdrawal fee charged for bank and card payments.
  • Inactivity fee charged (after 6 months).

4. FBS

FBS

FBS is a highly reputable global online broker established and operated by FBS Markets Inc.; a globally recognized brand with over 22 million clients across 190+ countries worldwide. FBS offers CFD trading across a variety of asset classes including forex, metals, stocks, energies, indices and cryptocurrencies, with over 150+ instruments to trade.

FBS offers an exceptional brokerage service suitable for both newbie and professional retail clients. It offers various unique account types which clients can choose from to enjoy a tailored trading experience. Also, traders can enjoy many great trading conditions and services including deep liquidity, ultra-fast order execution, flexible & high leverage (from 1:1 to 1:3000), ultra-low spreads from 0.0 pips, industry-standard trading platforms, multiple fast & secure payment methods, dedicated customer support available 24/7 and much more.

FBS Overview

BrokerFBS
Regulation IFSC (Belize), CySEC (Cyprus), ASIC (Australia), FSCA (South Africa)
Forex Pairs50+
Trading PlatformsFBS Trader, MetaTrader 4, MetaTrader 5
Minimum Deposit$1
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:3000
Account CurrenciesUSD, EUR
Payment MethodsBank Wire Transfer, Credit Card, Debit Card, Perfect Money, WebMoney, cashU, Neteller, UnionPay, Skrill, OkPay, FasaPay, Local Deposits, SticPay

Pros

  • Strong regulatory framework.
  • Newbie friendly.
  • Over 12 years of industry experience.
  • Partner with top brands such as Leicester City FC and FC Barcelona.
  • Supports all trading strategies allowed.
  • Demo account with unlimited usage duration.
  • Negative balance protectiion.
  • Deep liquidity.
  • Low latency and fast order execution.
  • 50+ Currency pairs including major, minor and exotic currency pairs.
  • Low minimum deposit, starting from $1.
  • Flexible and high leverage from 1:1 to 1:3000.
  • Ultra-low spreads from 0.0 pips.
  • Great bonuses and contests for traders.
  • Tailored account types with great trading conditions and tools.
  • Fast and secure deposit and wthdrawal methods.
  • Industry standard trading platforms available in web, mobile and desktop versions.
  • Quality educational offering, including, e-courses, webinars and video tutorials.
  • Offers social/ copy trading through its proprietary copy trading platform (FBS CopyTrade).
  • Friendly customer support service, available 24/7 in over 18 languages.

Cons

  • Limited Product offering.
  • Limited account base currencies.
  • Limited amount of instrments compared to competitors.

5. Exness

Exness

Exness is a global, award-winning retail forex & CFD provider established in 2008, by Nymstar Limited; a global brand best known for its partnership with Real Madrid. It offers a variety of global markets including forex, indices, metals, cryptocurrencies, energies and stocks, with over 200+ instruments to trade.

Exness offers a highly reliable brokerage service suitable for both beginner and professional retail traders. It provides traders with different account options, coupled with great trading conditions and technologies, which creates room for a tailored trading experience, as well as support for all trading styles and strategies. Other great trading services clients can enjoy include deep, liquidity, industry-standard trading platforms, low forex trading cost, ultra-low forex spreads from 0.0 pips, multiple fast & secure payment methods and a multi-lingual customer support team, available 24/7.

Exness Overview

BrokerExness
Regulation FCA (United Kingdom), CySEC (Cyprus), FSA (Seychelles), CBCS, FSC(BVI), FSCA (South Africa)
Forex Pairs107
Trading PlatformsMetatrader 4, Metatrader 5
Minimum Deposit$1
Demo AccountAvailable | Open Demo Account
Maximum Leverage1:Infinity
Account CurrenciesAUD, USD, GBP, EUR, SGD, CAD
Payment MethodsBank Wire Transfer, Credit/ Debit Cards, Skrill, Neteller, WebMoney, PerfectMoney, Bitcoin, Tether,

Pros

  • Strong regulatory framework.
  • Deep liquidity.
  • Negative balance protection
  • Hassle-free account opening process.
  • Multiple industry standard trading platforms available in web, mobile and desktop versions.
  • Over 100+ currency pairs, including major, minor and exotic currency pairs.
  • Multiple tailored account types.
  • Low forex trading cost.
  • Offers the highest forex leverage in the industry.
  • Consistent ultra-low spreads from 0.0 pips.
  • Multiple fast and secure deposit and withdrawal methods.
  • Transparent fee structure with no hidden charges.
  • No deposit and withdrawal fee.
  • Friendly and multi-lingual customer suport team, available 24/7.

Cons

  • Limited instrument offering compared to other competitors.