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Best Nigeria Forex Brokers for 2020

Based in Nigeria and wish to trade forex online? If so, read our guide to find out the best Nigeria forex brokers of 2020.
Kane Pepi
Author: Kane Pepi
Last Updated: 23 July 2020

Based in Nigeria and looking to buy and sell forex pairs online? There are hundreds of brokers active in the online trading arena that accept Nigerian residents, albeit, you won’t be able to deposit funds in your naive naira. Instead, brokers will dominate your forex account in US dollars.

In this article, we explore the best five forex brokers currently accepting Nigerian traders. We also explore the many factors that you need to consider prior to joining a new platform – such as spreads and commissions, tradable currencies, minimum deposits, payment methods, and more.

On this Page:

    Our Recommended Nigeria Forex Platform

    If you don’t have time to read through our article in full, why not consider the merits of the Nigeria forex broker listed below? This pre-vetted trading platform offers super-tight spreads, commission-free trades. dozens of tradable currencies, and heaps of everyday payment methods. To get started right now, simply click on the link below, open an account, add some funds, and that’s it – you can start trading forex!

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    Top Nigerian Forex Brokers

    We spent countless hours reviewing hundreds of different forex brokers that accept Nigerian traders. In order to get our recommended list down to just five, we installed a strict set of requirements. This covered everything from low fees, an easy sign-up process, lots of supported forex pairs, and a strong regulatory standing.

    Note: Although the following five platforms are suitable for newbie traders, it’s important that you first learn how forex works. Crucially, you need to have a firm understanding of what stop-loss orders are. This will mitigate your risks when the forex markets go against you.

    1. Plus500 - Commission-Free Forex Broker With $100 Minimum

    Plus500 is a UK-based broker that accept traders from most nations - including that of Nigeria. On top of its FCA license, the broker is also regulated by ASIC, CySEC, and MAS - and its parent company is listed on the London Stock Exchange.

    One of the stand-out selling points of using a forex broker like Plus500 is that offers commission-free trading. This means that you can buy and sell currencies without paying any fees - other than the spread. We also like that Plus500 allows you to get started with just $100, and account registrations take minutes.

    The online broker hosts a range of everyday payment methods - including debit/credit cards, bank wires, and Paypal. There are no fees to fund your account, nor when it comes to making a withdrawal. You'll also have access to thousands of CFD products if you want to trade other assets alongside forex.

    Assets: Forex, CFDs

    Demo Account: Yes

    Educational Material: No

    Fees: $10 Inactivity Fee, $0 withdrawal fees

    Minimum deposit: $100

    MT4/MT5: No

    Special Features: 2,000 trading instruments

    Regulation: CySEC, FCA, ASIC, MAS

    Payment methods: Credit/debit card, Paypal, Bank transfer

    • Minimum deposit of $100
    • Over 2,000 trading instruments
    • Mobile app available
    • No education material
    • No education material
    75% of retail investors lose money when trading CFDs with this provider.

    2. eToro - Forex Broker with $200 Minimum Deposit

    OUR RATING

    • Social trading leader
    • Best mobile trading site
    • Paypal accepted
    • Limited technical analysis tools
    • Not well-suited for the more advanced investor
    75% of retail investors lose money when trading CFDs with this provider

    3. AVATrade - Regulated Forex Broker with Spreads Starting at 0.9 Pips

    AVATrade is an excellent option if you're looking to combine tight-spreads with low minimum deposits. Regarding the former, major currency pairs such as EUR/USD can be traded at spreads of just 0.9 pips. Indices are even lower at 0.5 pips. And the former - you can open an account and deposit just $100 to get started.

    This is ideal if you're looking to start off with smaller amounts. AVATrade is also strong in the regulatory department, with heaps of licenses under its belt. This includes licensing bodies based in South Africa, Ireland, and Japan. We also like AVATrade's support for leading software MT4 and MT5. When it comes to payment methods, e-wallets are not supported, but debit/credit cards and bank wires are.

    Moreover, there are no fees to deposit or withdraw funds, which is an added bonus. If you've got an appetite to trade non-forex products, AVATrade also hosts thousands of CFDs in the form of stocks, cryptocurrencies, and commodities. Finally, it is worth noting that AVATrade doesn't offer much in educational materials or research, so you'll need to get this elsewhere.

    Assets: Forex, thousands of CFDs, cryptocurrencies

    Demo Account: Yes

    Educational Material: No fundamental news or trading ideas, but trading calculator provided

    Fees: 0.9 pips on most major pairs, no withdrawal fee, monthly inactivity fee

    Minimum deposit: $100

    MT4/MT5: Both

    Special Features: Pricing alerts and notifications

    Regulation: Licenses in Ireland, Japan, South Africa, British Virgin Islands

    Payment methods: Credit/debit card, Bank wire

    • Spreads from just 0.9 pips
    • Multiple licenses
    • Both MT4 and MT5 supported
    • No research features
    • Does not offer 2FA login
    • Only 56 forex pairs supported

    4. EasyMarkets - Offers Leverage Of To 1:4000

    • Allows scalping and hedging
    • Negative balance protection
    • Dedicated account manager
    • No support for ECN Trading

    5. FXTM - Regulated Forex Broker with an Office in Nigeria

    If you're looking to keep things local, FXTM is an online forex broker with a physical presence in Nigeria. The platform offers dozens of tradable currencies across the majors, minors, and exotics - as well as a number of CFDs and cryptocurrencies. FXTM is regulated by South Africa's FCSA and CySEC in Cyprus, and it is also registered with a number of other notable regulators.

    This includes the UK's FCA and BaFin in Germany. In terms of trading fees, this will ultimately depend on the account type that you sign up for. The most competitive option is the ECN account, which allows you to buy and sell forex pairs from just 0.6 pips. However, you will need to deposit at least $500 to get an ECN account.

    If this is too much for you, other account types come with lower minimums, but higher spreads. FXTM offers a good number of payment methods to choose from. This includes debit/credit cards, e-wallets, bank wires, and cryptocurrencies. Finally, the forex broker hosts an excellent research department, which covers educational videos for newbies, and in-depth technical analysis for more experienced traders.

    Assets: Forex, cryptocurrencies, indices, commodities, CFD stocks

    Demo Account: Yes

    Educational Material: Educational videos, step-by-step trading tutorials, frequent analysis publications

    Fees: Major spreads of 0.6 pips via ECN account, €30 withdrawal fee for non-EU bank wires, free e-wallet withdrawals

    Regulation: Licensed by FCSA and CySEC - Registered with FCA, BaFin, CONSOB, and more.

    Minimum deposit: $500 on ECN accounts

    MT4/MT5: Both

    Payment methods: Credit/debit cards, Bank wire, Skrill, Neteller, Cryptocurrencies

    Our rating

    • Spreads from 0.6 pips
    • Supports e-wallets
    • Reguated by FCA and CySEC
    • Fees charged on most withdrawal options

    6. IG - Some of the Lowest Spreads in Forex

    If you're based in Nigeria and you find yourself placing heaps of buy and sell orders throughout the day, you'll want to choose a forex broker that offers super-low spreads. In this respect, it doesn't get better than IG. The global broker allows you to trade major currency pairs from just 0.6 pips, which is very competitive.

    Furthermore, the broker doesn't charge any trading commissions. It is important to note that IG is more than just a low-fee broker. On the contrary, the platform stands out for a number of other reasons. For example, IG is regulated by heaps of tier-one licensing bodies - include the FCA, ASIC, BaFin, and MAS.

    Moreover, it supports popular trading platform MT4, and you can easily deposit funds with a debit/credit card or bank wire. You will, however, need to deposit at least $300 to get started, so do bear this in mind. When it comes to research, IG offers fundamental news in real-time - 24 hours per day. You'll also find technical analysis publications and minute-by-minute updates on major currency pairs.

    Assets: Forex, Indices, Cryptocurrencies, Shares, Commodities

    Demo Account: Yes

    Educational Material: First-grade research department, fundamental news, technical analysis brokerage analysis

    Fees: 0.6 pips on EUR/USD and AUD/USD, no commissions on FX trading, deposit fee of 1% (Visa) and 0.5% (MasterCard)

    Minimum deposit: $300

    MT4/MT5: MT4

    Special Features: Minute-by-minute analysis

    Regulation: MAS, FCA, BaFin, ASIC

    Payment methods: Credit/debit card, Bank wire

    Our Rating

    • Spreads from 0.6 pips
    • Supports MT4 trading platform
    • Excellent research department
    • 1% fee when using Visa and 0.5% via MasterCard
    • Spreads on exotic pairs somewhat expensive
     

    How to Choose a Forex Broker in Nigeria

    None of the forex brokers listed on this page meet your needs? Or maybe you want to perform some additional research prior to taking the plunge? Either way, there are a number of important factors that you need to look out for before joining a new trading platform. As such, refer to the below metrics during your research exercise.

    • Licensing

    You need to ensure that your chosen Nigerian forex broker is regulated. This needs to be from a tier-one licensing body – such as those based in the UK (FCA), Cyprus (CySEC), Australia (ASIC), or Singapore (MAS).

    • Forex Pairs

    If you’ve got a number of forex pairs in mind that you would like to trade at your chosen broker, be sure to check whether or not they are supported before signing up. This is especially the case if you’re looking to buy and sell forex pairs denominated in the Nigerian naira – which, by the way, is an exotic currency,

    • Payment Methods

    As you are going to be trading with your own money, you’ll need to find a Nigeria forex broker that supports your preferred payment method. Debit cards, credit cards, and e-wallets like Paypal are often processed instantly, while bank wires offer higher limits.

    • Spreads

    As the spread takes into account the difference between the buy and sell price of a forex pair, you are paying a fee indirectly. As such, you’ll want to choose a forex broker that offers tight-spreads. Take note, when brokers advertise a ‘minimum’ spread on a certain currency, this is only available during standard market hours.

    • Commissions

    Nigeria forex brokers sometimes charge a trading commission when you buy and sell forex pairs. If they do, this is will be charged as a percentage against your order size. For example, if the broker charges 0.5% and you buy $2,000 worth of AUD/USD, then you’ll pay a fee of $10 ($2,000 x 0.5%).

    • Trading Tools and Research

    Be sure to explore what research tools the broker offers. We prefer platforms that offer educational videos and step-by-step guides for newbies, and advanced technical indicators for seasoned investors. It’s also useful when the broker provides fundamental news events in real-time.

    • Customer Support

    You should explore what customer support channels the broker supports, as well as the operating times of the customer service team. Stick with platforms that offer live chat and telephone support on a 24/7 basis.

    Leverage at Nigeria Forex Brokers

    Unlike other regions of the world – where leverage limits are dictated by regulators, no such caps are in place for Nigerian traders. This means that your leverage limits will be determined by the broker that you sign up with.

    While some brokers will cap this to 30:1 on major pairs like GBP/USD and EUR/USD, others offer leverage of 100:1 or more1.

    If you’re a newbie trader, we would suggest rethinking your plan to apply leverage on your forex trades. You could lose a lot of money, so do tread with caution.

    Conclusion

    With hundreds of online forex brokers accepting traders from Nigeria, knowing which platform to sign up with is no easy feat. However, by reading our guide from start to finish, it is hoped that you now have the required tools to choose a broker that meets your long-term investing goals.

    Crucially, we’ve listed five of the best Nigeria forex brokers currently operating in the online space. If you want to take things to the next level, we’ve also discussed some of the many factors that you need to look out for when performing your own research.

    Our Recommended Forex Broker 2020

    • Social and Copy Trading Offered
    • Trade Forex, CFDs, Stocks, Crypto and More!
    • $200 Minimum Deposit
    • Accepts Paypal Deposits
    75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

    FAQs

    Are Nigeria forex brokers safe?

    As long as the Nigeria forex broker holds at least one-tier one regulatory license, you should have no concerns with safety.

    What leverage limits do Nigeria forex brokers offer?

    Traders in Nigeria are not bound by specific caps on the use of leverage, meaning that limits are determined by the broker that you sign up with. In the case of trading majors, this can range from 30:1 right up to 100:1 or more.

    Do Nigeria forex brokers ask for ID?

    In order to comply with their respective license issuer(s), online brokers are required to verify the identity of all traders. As such, you'll need to upload a copy of your ID and proof of address..

    What is the minimum deposit amount at Nigeria forex brokers?

    Minimum deposits typically start at $100, albeit, some brokers ask for more.

    What payment methods do Nigeria forex brokers support?

    At a minimum, forex brokers usually offer deposits via debit/credit cards or bank wires. Some will also support e-wallets, although you should check this before opening an account.

    Forex brokers by country

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    Remember, all trading carries risk. Past performance is no guarantee of future results.
    Kane Pepi

    Kane holds academic qualifications in the finance and financial investigation fields. With a passion for all-things finance, he currently writes for a number of publications in the online space.

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