Choosing a broker from hundreds of forex brokers globally can be hectic; therefore, we have written this comprehensive guide to help you choose the best forex brokers in Nigeria, leaving you to focus on being profitable in the forex markets.
Table of Contents
5 Best Forex Brokers in Nigeria
Following our in-depth broker review and ranking process, here are the best forex brokers in Nigeria;
- FXTM
- IC Markets
- Pepperstone
- Exness
- HotForex
1. FXTM
2. IC Markets
IC Markets is a leading global online broker and one of the world’s largest forex providers by trade volume, with over 29 Billion USD in FX trades processed daily. It offers CFDs on various global markets, including forex, stocks, commodities, indices, cryptocurrencies, bonds, and futures, with over 2250+ instruments to trade.
With IC Markets, you can enjoy a plethora of top-notch trading services, including transparent pricing, low trading & non-trading fees, consistent ultra-low spreads from 0.0 pips, fast trade executions, low slippage, deep liquidity, advanced trading platforms & tools, and 24/7 customer support service.
IC Market’s ease of use, and excellent trading conditions, make it a suitable broker for traders of all experience levels. IC Markets also provides adequate support for various trading strategies, such as hedging, scalping, and algorithmic trading. Likewise, Its unique trading conditions, such as ultra-low trading fees, fast execution, and deep liquidity, make it an excellent choice for active and high-volume traders.
IC Markets Overview
| Broker | IC Markets |
|---|---|
| Regulation | ASIC, FSA, and CySEC. |
| Forex Pairs | 61 Currency Pairs |
| Trading Platforms | MetaTrader 4, MetaTrader 5, cTrader |
| Minimum Deposit | $200 or currency equivalent. |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, CHF. |
| Payment Methods | Credit and debit cards, Paypal, Neteller, Neteller VIP, Skrill, UnionPay, Wire Transfer, Bpay, FasaPay, Broker to Broker, POLI, Rapidpay, Thai internet banking, Vietnamese internet banking |
| Trading Tools | Virtual Private Server (VPS), Trading Servers, MT4 Advanced Trading Tools |
Pros
- Quick account setup.
- Strong regulatory framework.
- Over 180,000+ clients across 190 countries worldwide.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Deep liquidity.
- Over 61 currency pairs to trade, including major, minor and exotic currency pairs.
- Flexible leverage (up to 1:500).
- Fast trade execution.
- Supports all trading styles and strategies.
- Offers swap-free account.
- Low trading fees across all account types.
- Ultra-low spreads from 0.0 pips on IC Markets’ Raw Spread accounts.
- Multiple fast and secure payment methods.
- The demo account has an unlimited usage duration.
- No inactivity fee is charged.
- Excellent customer support service.
Cons
- Its product offering is limited to forex and CFDs.
- No proprietary trading platform is offered.
3. Pepperstone
Pepperstone is a global award-winning online broker established in 2010 by Pepperstone Group. It offers spread betting and CFDs across various international markets, including forex, indices, commodities, shares, and cryptocurrencies, with over 1200+ instruments to trade.
With Pepperstone, you can enjoy cutting-edge brokerage solutions such as low trading fees, deep liquidity, spreads from 0.0 pips, industry trading platforms, social trading, copy trading, ultra-fast execution, an Active Trader program, research, education, and an awarding-winning customer support team.
Pepperstone’s outstanding and flexible trading solutions make it a good fit for all levels of traders, including novice, intermediate and professional traders. It also provides adequate support with multiple industry-standard terminals, tools, and excellent trading conditions, ideally suited for scalping, algorithmic trading, copy trading, and social trading.
Clients also have the option to choose from two account types, which are the Standard and Razor account. The critical difference between these account types is how fees are charged.
The Standard account has a one pip mark on the raw spread (from 0.0pips) with no commissions charged. The simplicity of this account type makes it a good fit for beginners and casual traders.
The Razor account, on the other hand, offers access to consistent raw spreads from 0.0 pips with a small commission charge applied. The lower cost setup traditionally seen in this account type makes it ideally suited for traders with particular trading styles, like algorithmic trading and scalping.
Pepperstone Overview
| Broker | Pepperstone |
|---|---|
| Regulation | ASIC, FCA, and DFSA. |
| Forex Pairs | 61 |
| Trading Platforms | MetaTrader4, Metatrader5 and cTrader and Duplitrade. |
| Minimum Deposit | $0 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:500 |
| Account Currencies | AUS, USD, SGD, HKD, JPY, NZD, EUR, CHF, GBP |
| Payment Methods | Bank Wire Transfer, Credit/ Debit Cards, Neteller, Skrill, PayPal, and Poli. |
| Trading Tools | Smart Trader Tools, cTrade Automate, Autochartist, API, Virtual Private Server (VPS), DupliTrade. |
Pros
- Strong regulatory framework.
- Great for beginners.
- Easy account registration process.
- Deep liquidity.
- Fast order execution.
- Multiple account base currencies.
- Supports all trading styles and strategies.
- Over 61 currency pairs, including major, minor and exotic pairs.
- Multiple fast and secure payment methods.
- Multiple industry standard trading platforms in web, mobile and desktop versions.
- Great for algorithmic traders.
- Low forex trading fee.
- Ultra-low spreads on major currency pairs from 0.0 pips on the Razor account.
- Active Trader Program for high-volume traders, with cash rebates that are paid daily.
- No inactivity fee is charged.
Cons
- The demo account duration is limited to only 30 days.
- Only CFDs are offered.
4. Exness
Exness is a global, award-winning online broker established in 2008 by Nymstar Limited, a global brand popularly known for its partnership with Real Madrid. It has a vast client base of over 350,000+ active traders and is one of the largest forex brokers in the world, with a massive monthly trade volume of over $2.7 Trillion.
With Exness, you can trade CFDs across various global markets, including forex, indices, metals, cryptocurrencies, energies, and stocks, with over 1200+ instruments to trade.
Some of the outstanding brokerage service traders can enjoy with Exness includes deep liquidity, fast trade execution, industry-standard trading platforms, high Leverage (up to 1:3000), low forex trading fee, multiple fast & secure payment methods, instant fund withdrawal, free VPS hosting and excellent customer support service.
Exness is great for beginners and professional traders. It also offers a range of account types with excellent trading conditions, which makes it easy for traders to find an account that suits their trading style or needs.
Exness Overview
| Broker | Exness |
|---|---|
| Regulation | FCA (United Kingdom), CySEC (Cyprus), FSA (Seychelles), CBCS, FSC(BVI), FSCA (South Africa) |
| Forex Pairs | 120+ |
| Trading Platforms | Metatrader 4, Metatrader 5 |
| Minimum Deposit | $1 |
| Demo Account | Available | Open Demo Account |
| Maximum Leverage | 1:Infinity |
| Account Currencies | AUD, USD, GBP, EUR, SGD, CAD |
| Payment Methods | Bank 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 in web, mobile, and desktop versions.
- Over 120+ currency pairs, including major, minor and exotic currency pairs.
- High Leverage (up to 1:3000).
- Multiple tailored account types.
- Low forex trading cost.
- Offers the highest forex leverage in the industry.
- Multiple fast and secure payment methods.
- Offers instant withdrawals.
- Excellent customer support service.
Cons
- Its product offering is limited to CFD trading only.