In this article, we will talk about 5 best Forex Brokers for traders in Nigeria.
How we choose the best Forex Brokers in Nigeria?
To be the best forex broker in Nigeria, the broker must be well-regulated and offer low fees for traders in Nigeria.
Beyond regulatory compliance & fees, we’ve also compared other important factors such as customer support, trading platforms, speed of trade execution, and other key factors to identify the best forex brokers available for traders in Nigeria.
The following are the five best forex brokers in Nigeria, based on our research.
Each broker offers unique advantages, making them stand out in different ways.
Remember, this article is for informational purposes only, and you should always conduct research before investing.
1.Exness
Assets Available | 5 Asset Classes – Forex, Commodities, Stocks, Indices and Cryptocurrency. |
Regulated By | FSA, CySEC, FCA, FSCA, FSC, FCS, CMA |
No. Of Trading Platforms | 3 Trading Platforms – MetaTrader 4, MetaTrader 5 and Exness trader app |
Leverage | Up to 1:2000 |
Spreads | From 0.0 pips |
Commission | From 0% |
Min Deposit | $10 |
Demo Account | Yes |
Education Provided | Educational videos and articles |
Methods of Payment | Bank cards, global electronic payment systems, and local payment methods |
Open Account |
Exness is one of the best brokers for traders in Nigeria. Exness offers competitive fees and the option to leverage trades significantly when desired.
The Exness broker was founded in 2008 and is headquartered in Cyprus.
This broker is regulated by several financial authorities, including the Cyprus Securities and Exchange Commission (CySEC).
Exness broker offers traders with four main account types for live trading in the markets.
These are standard account, pro account, zero account, and raw spread account.
The commission and spreads vary based on your account type.
For Standard and Pro accounts, there’s no commission charged. The spreads start from 0.2 pips for Standard account and 0.1 pip for Pro account.
If you’re using the Zero or Raw Spread accounts, spreads kick off at 0.0 pips.
The Zero account charges a commission starting at $0.05 per side per lot, while the Raw Spread account can go up to $3.50 per side per lot.
The Exness broker provides traders with 3 main trading platforms. These are the Exness trader app, MetaTrader 4 and MetaTrader 5 trading platforms.
This broker provides a maximum leverage of more than 1:2000 depending on the financial instrument you are trading making it suitable for high leverage trading.
When it comes to customer support, Exness broker provides traders with 24/7 customer support.
Traders can contact the Exness broker through phone, email, and live chat, ensuring help is always just a call or click away.
To start trading with the Exness broker, you only need a minimum deposit of $10 which is applicable only for the standard account.
To trade with other account types, you require a minimum deposit of $200.
If you are interested in learning more about the Exness broker, check our full review here or watch the video below.
2. Fusion Markets
Assets Available | 5 Asset Classes – Forex, Crypto, Stocks, Commodities, Indices. |
Regulated By | ASIC, VFSC |
No. Of Trading Platforms | 4 Trading Platforms – TradingView, MT4, MT5, cTrader |
Leverage | Up to 1:500 |
Spreads | From 0.0 pips |
Commission | From $0 |
Min Deposit | $0 |
Demo Account | Yes |
Education Provided | Educational Blog |
Methods of Payment | Credit/Debit Cards, Bank Wire Transfer, Neteller, Skrill, PayPal, etc. |
Open Account |
Fusion Markets is another great forex broker for traders in Nigeria which offers low fees.
The Fusion Markets broker was founded in 2017 in Melbourne, Australia.
The Fusion Markets broker is a well regulated forex broker that is regulated by the top tier Australian Securities and Investment Commission (ASIC).
This broker provides traders in Nigeria with 3 different account types for live trading. These are the zero account, classic account and the fusion pro account.
For the zero account, the spreads start from 0.0 pips and the commission charged is $2.25 per side.
For the classic account, the spreads start from 0.9 pips and no commission is charged.
The Fusion Markets broker provides traders a range of trading platforms.
These are TradingView, MetaTrader 4, MetaTrader 5 and cTrader trading platform.
When it comes to customer support, Fusion Markets excels by offering 24/7 assistance for traders.
Traders can contact the Fusion Markets support team via email, phone, or live chat.
The Fusion Markets broker provides traders with a leverage of up to 1:500 depending on the financial instrument you are trading.
If you prefer high leverage trading, the Exness broker will be more suitable for you.
To open an account with the Fusion Markets broker, you do not require a minimum deposit.
If you are interested in learning more about the Fusion Markets broker, check our full review here or watch the video below.
3. AvaTrade
Assets Available | 7 Asset Classes – Forex, Crypto, Stocks, Commodities, Indices, ETFs, bonds. |
Regulated By | ASIC, FSCA, FSA, ADGM, FRSA, ISA, CySEC, CBI |
No. Of Trading Platforms | 8 Trading Platforms – TradingView, MT4, MT5, AvaOptions, AvaSocial, DupliTrade and ZuluTrade |
Leverage | Up to 1:400 |
Spreads | Around 0.9 for Majors |
Commission | 0% |
Min Deposit | $100 |
Demo Account | Yes |
Education Provided | Trading courses provided |
Methods of Payment | Credit/Debit Cards, Bank Wire Transfer, Neteller, Skrill, WebMoney, PayPal |
Open Account |
AvaTrade is another great broker for traders in Nigeria. AvaTrade broker was founded in 2006 in Dublin, Ireland.
The Avatrade broker is regulated by multiple regulators including the Central Bank of Ireland (CBI).
The AvaTrade broker offers traders with a range of trading platforms. These include the popular MetaTrader 4 and MetaTrader 5 trading platforms.
AvaTrade also offers a mobile trading platform called the AvaTrade Go for traders who prefer mobile trading in Nigeria.
AvaTrade also offers dependable customer support 24/5.
You can reach their support team via email, phone, or WhatsApp.
The AvaTrade broker provides traders with 2 main account types for live trading. These are the retail trader account and professional trader accounts.
For the retail account, the AvaTrade broker does not charge a commission and the spreads are around 0.9 pips for the Major currency pairs.
The maximum leverage provided by the AvaTrade broker is up to 1:400 for traders.
To start trading with the AvaTrade broker, you require a minimum deposit of $100.
If you are interested in learning more about the AvaTrade broker, check our full review here or watch the video below.
4. FP markets
Assets Available | 7 Asset Classes – Forex, Crypto, Shares, Commodities, Indices, ETFs, bonds. |
Regulated By | ASIC, CySEC, FSA SVG, FSCA, CMA |
No. Of Trading Platforms | 4 Trading Platforms – MT4, MT5, cTrader, TradingView, Iress platform and FP Markets trading app |
Leverage | Up to 1:500 |
Spreads | From 0.0 pips |
Commission | From 0% |
Min Deposit | $100 |
Demo Account | Yes |
Education Provided | Provides trading videos and articles |
Methods of Payment | Credit/Debit Cards, Bank Wire Transfer, eWallets (Neteller, Skrill, Poli Pay, and BPay), Broker-to-Broker Transfers |
Open Account |
FP Markets is another broker that provides services to traders in Nigeria.
FP markets was founded in 2005 in Sydney, Australia.
Over the years, FP Markets has grown significantly and now has offices globally.
FP Markets is regulated by top tier regulators such as the Australian Securities and Investments Commission (ASIC).
FP Markets gives traders in Nigeria with a range of trading platforms to work with including the popular MetaTrader 4, MetaTrader 5 and TradingView trading platforms. You can use them on your computer, through your web browser, or even on your phone.
When it comes to customer service, FP Markets provides 24/7 customer support to answer any questions you have. You can get in touch with them easily by phone, email, or live chat.
This broker provides two main account types of retail clients. These are the Standard Account & Raw Spread Account. For the standard account, the spreads start from 1.0 pips and commission charged is $0.
For the raw spread account, the spreads start from 0.0 pips and the commission charged is $3 per side.
The FP Markets broker provides traders with a maximum leverage of 1:500.
To start trading with the FP Markets broker, you require a minimum deposit of $100.
If you are interested in learning more about the FP Markets broker, check our full review here or watch the video below.
5. IC Markets
Assets Available | 7 Asset Classes – Forex, Commodities, Indices, Bonds, Crypto, Stocks, Futures |
Regulated By | ASIC, CySEC, FSA |
No. Of Trading Platforms | 4 Trading Platforms – MetaTrader 4, MetaTrader 5, cTrader and TradingView. |
Leverage | Up to 1:500 |
Spreads | From 0.0 pips |
Commission | From 0% |
Min Deposit | $200 |
Demo Account | Yes |
Education Provided | Trading courses provided |
Methods of Payment | Credit Card/Debit Card, PayPal, Neteller, Skrill, Wire transfer, BPay, Broker to Broker, RapidPay and Klarna |
Open Account |
The IC Markets broker is also another great broker for traders in Nigeria.
The IC Markets broker was founded and headquartered in Sydney, Australia in 2007.
The IC Markets broker is regulated by several financial authorities, including the Australian Securities and Investment Commission (ASIC).
The IC Markets broker provides 3 different account types for live trading.
These are the raw spread cTrader/TradingView, raw spread MetaTrader and standard account.
For the Raw spread accounts the spreads starts from 0.0 pips but for the standard account the spreads starts from 0.8 pips.
For the standard account, there are no commissions charged. For the raw spread cTrader/TradingView account, the commission charged is $3 per lot per side and for the raw spread MetaTrader account, the commission charged is $3.5 per lot per side.
This broker offers 5 main trading platforms. These are, MetaTrader 4, MetaTrader 5, cTrader and TradingView trading platform.
The IC markets broker provides traders with 24/7 customer support. Similar to the previous brokers, you can contact the IC markets support through phone, email and live chat.
This broker provides a maximum leverage of up to 1:500.
To start trading with the IC Markets broker, traders require a minimum deposit of $200.
If you are interested in learning more about the IC Markets broker, check our full review here or watch the video below.
Our Evaluation Methodology
We assess brokers through a comprehensive rating system that involves examining more than 100 data points across key categories. Our approach includes the following:
- Trust and Regulation – We verify each broker’s regulatory status and licenses to ensure they operate under the supervision of credible financial authorities, ideally tier 1 regulators.
- Cost Analysis – We scrutinise trading fees and compare them against industry standards by setting up and trading within live accounts.
- Platform Performance – We evaluate the trading platforms’ functionality, user interface, and available tools by conducting hands-on testing.
- Instrument Availability – We assess the diversity and range of tradable assets offered by each broker.
- Customer Service – We test the accessibility and competence of customer support by reaching out via various channels.
- Transaction Methods – We review the deposit and withdrawal options, focusing on fees and processing times.
- Account Variety – We analyze the different account types, considering their features, minimum deposit requirements, and execution methods.
- Educational Resources – We examine the quality and breadth of educational materials provided to help traders improve their knowledge and skills.
Conclusion
In this article, we talked about 5 different brokers that are great for traders in Nigeria. All these brokers are regulated and provide great features for traders in Nigeria.
