Nigerians are some of the most active forex traders in Africa. Forex trading has been legal in the country for many years now and is governed by two bodies, the Securities and Exchange Commission of Nigeria and the Central Bank of Nigeria. As such, there are many brokers that accept clients from Nigeria, both legitimate and illegitimate. Even choosing among the legitimate brokers for the best services can be a tough task to surmount.

Today we want to do comprehensive research on one specific website to determine some of the best forex trading brokers in Nigeria. Specifically, we will be looking at the forex review and education website, CompareForexBrokers.ng. According to CompareForexBrokers.ng, below are some of the best forex trading brokers in Nigeria.

Exness

Exness is a forex and CFDs broker regulated by two regulatory commissions in Africa, alongside other top-tier regulators from around the world. Categorically, this broker is under the supervision and regulation of the CMA in Kenya, the FSCA in South Africa, the FCA in the UK, and the CySEC in Cyprus, among others. This regulatory status is one of the reasons why we believe that Exness is a great choice for Nigerian traders.

Moreover, this broker supports the Nigerian Naira as account base currency. There are five main accounts to choose from, two standard accounts and three professional accounts. The standard and the standard cent account both feature spreads from as low as 0.3 pips with no commission paid. On the other hand, the three professional accounts feature different spread structures.

The raw spread account has spreads from as low as 0.0 pips with a fixed commission of $3.5 per side per lot. The zero account has spreads from 0.0 pips on the top 30 instruments plus a commission from $0.2 per side per lot upwards. Meanwhile, the pro account has ultra-low spreads from as low as 0.1 pips with no commission paid. Other fees that apply on Exness include Swap fees for positions held overnight. However, swap-free accounts are available for clients who practice Islam as a religion.

With this broker site, there are various market instruments clients can trade. Traders have access to global markets that include forex, cryptocurrencies, energies, stocks, and indices. This is a great diversity of trading instruments that allow investors to trade in various markets at the same time. Better yet, the company puts its traders in great positions by providing them with three industry-standard trading platforms that include MetaTrader 4, MetaTrader 5, and Exness Terminal. Mobile trading apps are also available including the company’s own Exness Trade App. Interestingly, Exness is one of the brokers with no limits on leverage.

FP Markets

FP Markets is another globally recognized forex broker that accepts traders from Nigeria. It offers its clients one of the deepest collections of market instruments, totalling over 10,000 different assets. This broker allows investors to trade CFDs on shares, metals, commodities, indices, cryptocurrencies, bonds, and ETFs alongside forex currency pairs. These assets are available to trade on four main world-class platforms that include MT4, MT5, IRESS, and cTrader.

In terms of trading fees, Nigerian traders can expect some of the lowest spreads on this broker site. On the standard account, clients trade with spreads as low as 1.0 pips with no commissions paid. On the raw account, the spreads go even lower starting at 0.0 pips with a small commission of $3 per side per lot. As an ECN broker, traders can expect fast execution alongside these low spreads.

Finally, let’s look at the regulatory status of this broker. It is under the regulation of the FSCA based in South Africa alongside other top regulators from around the world. These include the CySEC in Cyprus and the ASIC in Australia, two highly reputable organisations

XM

XM is another reputable broker that accepts Nigerian clients. This broker is under the supervision of world-class regulators including the FCA, the CySEC, and the ASIC. While not regulated in Africa, these are tier-one regulators that ensure brokers offer fair trading environments to their clients. It is also under the supervision of the FSC of Belize.

Additionally, this broker offers a great diversity of trading instruments with over 1,000 CFDs available for trading. These include CFDs on forex, indices, cryptocurrencies, stocks, shares, precious metals, and energies. These trading instruments are available to trade on two main platforms that include MT4 and MT5. The company also provides mobile traders with its own trading application, XM Trading App.

Interestingly, there is no commission required when trading forex and CFDs on the XM broker site. Only the Shares account charges a commission to clients depending on the share. The micro and the standard accounts each feature spreads from 1.0 pips on major currency pairs. On the other hand, the XM Ultra low account has spreads starting from as low as 0.6 pips on major currency pairs.

Pepperstone

Pepperstone is one of the fastest execution brokers in the market today. On this broker site, most orders are executed in under 60 milliseconds. This is probably because it offers its clients world-class trading platforms that include MetaTrader 4, MetaTrader 5, cTrader, and TradingView.

Pepperstone tries to cater to all kinds of traders by supporting diversification on its platform. Traders have access to over 1,200 CFDs on forex, cryptocurrencies, indices, commodities, shares, and ETFs. Better yet, the fees on this broker site are competitively low and most Nigerian traders can afford to invest with this broker. Pepperstone’s standard account features spreads from as low as 1.0 pips for major currency pairs. On the other hand, the raw account allows clients to trade with even lower spreads starting from 0.0 pips with a commission of $3.5 per side per lot paid. Swap fees are paid for positions held overnight depending on the asset. However, swap-free accounts are available for Muslim traders.

In Africa, Pepperstone is under the regulation of the CMA in Kenya. On top of that, the broker has regulations from several other trusted regulators from around the world. These include the FCA in the UK, the CySEC in Cyprus, the ASIC in Australia, and the BaFin in Germany.

XTB

XTB has over 20 years in the market, having been launched in 2002. This longevity in the market with no serious complaints is one of the reasons why XTB has over 650,000 clients using its services. Notably, this broker is under the regulation of the FCA in the UK, the KNF in Poland, the CySEC in Cyprus, and the FSC in Belize. This suggests that the company is keen on following the laws of the jurisdictions it operates in.

Further, Nigerian traders will receive one of the deepest collections of market instruments with XTB. In total, there are over 1,500 trading instruments from different asset groups. Traders get access to instruments from the forex, indices, commodities, equities, cryptocurrencies, and ETF markets. To trade these instruments, clients have access to the company’s in-house-built trading platform, xStation 5.

Finally, the trading fees on XTB are also attractive. There is only one trading account offered by this broker with spreads from as low as 0.5 pips for major currency pairs. Other fees that apply include swap fees paid for positions held overnight. For Muslim traders who cannot pay swap fees, a swap-free account is available with spreads from 0.7 pips onwards.

IQ Option

IQ Option probably has the largest customer base for any forex broker in the world today. Today, the company celebrates over 48 million clients from over 175 countries, including Nigeria. All Nigerian traders are eligible to open an account with IQ Option with a small minimum deposit of $10. After investing, clients gain access to a deep collection of market instruments totalling over 250 different assets.

These assets are available on the company’s proprietary trading platform, IQ Option, which is fast and intuitive enough for both beginner and experienced traders. The spreads for trading on this platform are competitively low starting from 1.0 pips for major currency pairs. Other fees that apply include overnight fees charged on positions left open overnight. Additionally, the company charges inactivity fees on accounts that go for 90 days without activity.

Libertex

Libertex is another forex broker that accepts Nigerian clients and is under the regulation of the FSC in Mauritius and the SVGFSA of St Vincent and the Grenadines, among others. On top of that, the company has over 25 years in the market where it has attracted over 3 million clients from around the world. With a small deposit of $10, Nigerian traders can open an account with this global broker.

On this broker site, traders can access various global markets including forex, stocks, metals, cryptocurrencies, indices, and oil and gas. Evidently, it is easy to diversify one’s portfolio on this broker site. The platforms that are available to use for trading include MetaTrader 4, MetaTrader 5, and Libertex Trader. The fees for trading on these platforms are fairly low with a commission as low as 0.007% on major currency pairs.

AvaTrade

When talking about the best forex brokers in Nigeria, we cannot leave out AvaTrade. This broker has regulations from several organizations including the FSCA in South Africa, the CySEC in Europe, the Central Bank of Ireland in Ireland, and the KNF in Poland. Evidently, this broker is well-regulated across the world.

The trading platforms offered by this broker include MetaTrader 4, MetaTrader 5, and AvaTradeGO. With this broker, clients have access to over 700 trading instruments from 7 different asset groups. These include CFDs on forex, indices, stocks, commodities, ETFs, bonds, and cryptocurrencies. With such a collection of instruments, traders can easily diversify their portfolios.

In terms of trading fees, traders do not have to worry about paying hefty sums. This broker has spreads that start from as low as 0.9 pips for major currency pairs with no commissions paid. Swap fees are paid for any positions held overnight. Nonetheless, the company provides Islamic accounts for clients who cannot pay swap fees due to their religious beliefs.

How Were These Brokers Selected?

To make these selections, the following criteria were used:

• The Regulatory Status – Checking the regulations of a broker is probably the most important thing to do when choosing a broker. In Nigeria, the Securities and Exchange Commission of Nigeria together with the Central Bank of Nigeria are in charge of regulating financial activities. However, there are currently no brokers under the regulations of either of these bodies. As such, only brokers with regulations from reputable organizations from around the world were selected.
• Spreads and Other Fees – No investor wants to pay hefty fees when trading. As such, the brokers on this list feature competitively low spreads and trading fees.
• The Availability of Trading Instruments – A broker having a deep collection of market instruments is always an advantage as it allows its clients to diversify their portfolios.
• Availability of Industry Standard Trading Platforms – The trading platform offered by a broker should be fast, powerful and yet intuitive enough for both experienced and beginner traders.

Our Conclusion on the Best Forex Brokers in Nigeria

Each trader that enters the market has their own needs that determine the broker they choose to trade with. We believe that there are four key areas that apply to almost all traders when selecting a broker to trade with. These include the regulatory status, the trading fees, the availability of trading assets, and the platforms offered. Among these four, we believe that the regulatory status of a company is of the utmost importance to look at.

In this review, we mentioned some of the best forex brokers that accept Nigerian traders. Unfortunately, there are not any reputable forex brokers that are regulated in Nigeria. As such, we presented brokers that have world-class regulations from other jurisdictions. Needless to say, this is not meant to be an exhaustive list. We invite each trader to do their own research before selecting the broker of their choice, whether they are on this list or not.