Many forex brokers accept traders from Nigeria, but most of these brokers are not safe & are considered risky. For this review, we checked 50+ brokers, including all the major forex brokers that are regulated with Tier-1 regulations like FCA, ASIC & CySEC.

We have meticulously curated the best Forex brokers in Nigeria based on factors including protection of client’s funds (regulation), trading fees/commission, ease of withdrawals, and trading conditions as judgment parameters.

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Comparison of Best Forex Brokers in Nigeria

Broker Regulations GBP/USD Spread (pips) Min. Deposit Visit
FCA, CySEC, DFSA, FSCA & FSA
1.3
$5
Visit Broker
FCA, CySEC, FSCA, FSA & FSC
0.3
$10
Visit Broker

XM

IFSC Belize, FCA, ASIC
1.7
$5
Visit Broker
SVGFSA
0.7
$25
Visit Broker

AvaTrade

ASIC, FSCA, CySEC, FRSA, Japan FSA & FSC
0.9
$100
Visit Broker
FCA, FSCA, CMA, CySEC & FSC
1.9
$5
Visit Broker

Best Forex Brokers in Nigeria

Here is the list of our Best Forex Brokers for traders in Nigeria that are considered safe & low risk as per our reviews.

  1. HotForex – Overall Best Forex Broker in Nigeria
  2. Exness – Good Forex Broker with low Spread
  3. XM Trading – Low Spread with Ultra Low Account
  4. OctaFX – Forex Broker with Low spread & no commission
  5. AvaTrade – Well Regulated Forex broker with Fixed Spread
  6. FXTM – Well Regulated Forex Broker
  7. FBS – Forex Broker with multiple account types
  8. IC Markets – Broker with Low fees & ECN Type Trading Accounts
  9. Pepperstone – Well Regulated Forex Broker with Raw Spreads
  10. FXPro – Forex Broker with cTrader platform

If you need more information, we now cover below the detailed breakdown of features like safety, fees, trading conditions, support & more of each above listed broker one by one for comparison.

#1 HotForex – Best Forex Broker in Nigeria

EUR/USD Benchmark:
1.3 pips on average with Premium Account
Trading Platforms:
MT4, MT5
Account Minimum:
$5

HotForex was established in 2010 as a MetaTrader broker that provides the standard MetaTrader features.

The most important question a trader should ask is whether your funds are safe and which regulatory body oversees the activities of HotForex to protect your funds in the event of misappropriation.

Safety of Funds: HotForex is a well-regulated Forex & CFD broker. So it is considered low risk.

HotForex is regulated by one Tier-1 jurisdiction authority in the UK(United Kingdom) with the Financial Conduct Authority (FCA). This denotes a high level of trust and acceptability internationally.

HotForex is also regulated by 3 Tier-2 regulators i.e. FSCA in South Africa, CySEC in Cyprus & DFSA under license number F004885 in Dubai.

But traders based in Nigeria are registered under its offshore regulation in St. Vincent & Grenadine. HotForex is registered with registration number- 227471BC 2015.

Low Fees: HotForex offers one of the lowest rates in terms of trading fees among its counterpart brokers in the industry.

It offers 1.3 pips on major pairs such as EUR/USD on Micro and Premium accounts, and as low as 0.1 pips with zero account in normal market trading conditions. But there is a $6 commission per lot with Zero Account for majors (it is $8 for minors).

Typical swap fees on EURUSD are -0.20 USD for short trades and -2.30 USD for long trades. They also have swap-free Islamic Account options.

Aside from its low trading rates, HotForex does not have charges on deposits and withdrawals. Clients get the total of their deposits and withdrawals. Plus, they have the option to fund accounts & withdraw in Naira via local bank transfer without any extra fees.

There are also no hidden fees which are common with other broker platforms where fees are charged for processing and annual charges.

Trading Conditions are Okay: They have a variety of account types which number up to six. These include Micro, Premium, Zero, Auto, PAMM, and HFCopy.

HotForex provides clients with over 1000 instruments including CFDs on commodities like Gold, CFDs on metals, CFDs on Indices like NASDAQ, etc., and has 53 currency pairs on offer.

HotForex also has a very low minimum deposit for naira account holders at just $5 which totals around N2000. You can deposit & withdraw funds via your Bank Transfer in Naira, HotForex also allows customers the freedom to choose their currency base which includes NGN, USD & EUR.

HotForex trading platforms include the MT4 and MT5 which are available on PC, web, Android, and Mac devices.

Good Customer Support: In Nigeria, HotForex’s office is in Lagos where customers can visit. They also have an available customer support system with emails, phone numbers, and other contact details on display on their website. Their support is available 24hrs per day and 5 days per week.

They also hold sessions to teach customers the basics of Forex trading in different cities in Nigeria.

Read our HotForex Review for complete details.

HotForex Pros

  • Regulated by Top tier regulators including FCA, FSCA, CySEC.
  • Availability of HotForex Naira accounts with NGN Base Currency.
  • Quick deposits and withdrawals via Bank Transfers in Nigeria.
  • Availability of MT4 and MT5 trading devices for Android, Mac and PC.

HotForex Cons

  • Upto $8 commission per lot on Forex with Zero Account.
  • Charges dormant account fees.

#2 Exness- Good Forex Broker with low Spread

EUR/USD Benchmark:
0.3 pips on average with Standard Account
Trading Platforms:
MT4, MT5
Account Minimum:
$10

Exness was founded in 2008 and offers Forex & CFDs trading via the MetaTrader application.

Exness is one of the low-cost beginner-friendly CFD brokers that accept traders based in Nigeria.

Safety of Funds: Exness is registered in Seychelles as Nymstar Limited. Traders from Nigeria are registered under this offshore regulation.

But Exness Group is also Licensed by the FSCA, FCA & CySEC. This makes them a low-risk and safe CFD broker for traders in Nigeria.

Low Fees: The spread for the majority of CFD instruments is very tight, with an average for majors like EURUSD being 0.3 pips with Standard Account.

Exness offers zero commission on trades with Standard Account. They have low spreads and commissions with Pro Accounts starting at $0.1 per lot side for Zero Account and up to $3.5 per lot (which makes it $7 for a round turn) on Raw Spread Account.

Exness offers zero swap fees to all Standard and Pro account types except the Raw Spread Account.

Exness does not have charges on deposits and withdrawals. Clients get the total of their deposits and withdrawals. Plus, they have the option to fund accounts & withdraw in Naira via local bank transfer without any extra fees.

There are also no hidden fees which are common with other broker platforms where fees are charged for processing, inactivity charges, and annual charges.

Trading Conditions: Exness is a MetaTrader based CFD trading platform with MetaTrader 4 and 5, which provides standard and professional account types.

The firm offers CFDs on multiple financial instruments including 99 currency pairs, CFDs on stocks and indices assets, cryptocurrencies, metals, and energies.

Traders can instantly fund their accounts with online bank transfers in Nigeria at zero fees. The minimum deposit amount is $10 with a maximum of $45,000, while $3 is the minimum withdrawal amount and a maximum of $12,000 per transaction.

Exness has MT4 MultiTerminal which allows you to manage multiple accounts, place new orders, allocate lots across various accounts simultaneously and monitor real-time positions. The web trading platform is available on all devices, while the mobile app is available for download from the App Store and Google Play.

You can run your custom scripts for automated trading on their MetaTrader platform.

The app has a Margin Calculator that easily determines your margin size, swap rates, and pip values before placing a trade. It also has a converter to help you calculate the currency’s exchange rate. The Calculator is also available on their website.

Customer Support: Exness has customer support via email and live chat, as well as a knowledge base with information on how to navigate and use the website and app. But their support is not good, and there is normally a long hold time on their chat.

Read our complete Exness Review for detailed research of the 12 important points related to Exness.

#3 XM- Low Spread with Ultra Low Account

EUR/USD Benchmark:
1.7 pips on average with Standard Accounts
Trading Platforms:
MT4, MT5
Account Minimum:
$5

XM was founded in 2009 & are considered a high risk forex broker for traders in Nigeria.

XM is one of the online Forex brokers offering standard MT4 & MT5-based apps for all devices (web, android, and iOS).

Safety of Funds: XM is licensed by the International Financial Services Commission (IFSC), Belize. Nigerian traders are registered under this offshore regulation in Belize as XM Global Limited.

Because XM is regulated with only one Tier-3 regulator, FSC Belize. But their parent group is regulated with ASIC & FCA, so they are considered a moderate risk forex broker with a medium trust score.

Fees: They have low spreads with Ultra-Low Account, starting at 0.6 pips with a maximum leverage of 1:888. Major currency pairs like EUR/USD has an average spread of 1.7 pips with Micro Account. Their overall trading fees are high as they have high Swap Fees for most instruments.

XM does not charge deposit and withdrawal fees, and no commissions for opening positions or closing them, except for shares accounts.

Trading Conditions: XM has 4 trading account types and an Islamic account with zero swaps. XM has negative balance protection that prevents you from losing more money than you have in your XM account.

XM offers CFD trading on 1000+ financial instruments, including forex (57 currency pairs), CFD indices, stocks, commodities, futures, energies, and metals.

To start trading, a minimum deposit of $5 is required for the standard and micro accounts, while Ultra Low and Zero accounts need to deposit $50 and $100 respectively.

Traders can make direct wire transfers to their trading accounts and have them credited within a few days. Cards and e-wallets (like Skrill, and Webmoney) deposits are credited instantly or within a few hours.

Withdrawals can be made via transfers to bank accounts and received within a few days or to cards and e-wallets and received within a few minutes.

XM supports transfers to local banks in Nigeria, although they don’t have Naira trading accounts.

Trading platforms supported by XM are MT4 and MT5 applications available on the web, desktop, tablets, and mobile devices.

XM currently offers promotional bonuses of 50% deposits up to $500 and 20% up to $5000. They also give Free Virtual Private Servers (VPS) to traders who have deposited up to $5000 in their account.

Customer Support:The education and research section of the XM website is very informative and helpful for new traders to learn from forex webinars, trade ideas, economic calendars, and tutorials among others.

XM has email, live chat, and international phone number support. You can reach them 24 hours Monday through Friday.

XM Pros

  • Offers negative balance protection.
  • Accepts deposits/withdrawals to Nigerian banks.
  • No commissions are charged on trades.
  • Supports MT4 and MT5 trading trading applications on all devices (Android, Mac and PC).

XM Cons

  • Charges dormant account fees.
  • No local phone support in Nigeria.
  • Customer support not available 24/7.
  • Regulated by only one Tier-3 regulator.

#4 OctaFX- Forex Broker with Low spreads

EUR/USD Benchmark:
0.7 pips on average with MT5 and MT4 Account
Trading Platforms:
MT4, MT5
Account Minimum:
$25

OctaFX is a forex broker that launched in 2012, offering Forex & CFDs trading.

OctaFX is a Forex broker that offers competitive spreads, flexible leverage, and copy trading. They offer Forex trading and CFDs on indices,  cryptos, metals, and energies through MT4 and MT5 platforms.

Safety of Funds: OctaFX is considered a high-risk platform in terms of safety of funds because they are licensed by only one tier-2 regulator i.e. CySEC in Cyprus (their EU website). OctaFX is incorporated in St. Vincent and the Grenadines as Octa Markets Incorporated, and traders from Nigeria are registered under this regulation.

Traders are registered under their offshore regulation.

Fees: OctaFX spreads starts at 0.6 pips and 1:500 Leverage for currencies. OctaFX offers commission-free trading for all account types, and swap fees for majors like EURUSD are -0.64 USD for swap short and -1.03 USD for swap long.

Deposits and withdrawals are free of charge on OctaFX.

Trading Conditions: OctaFX has two basic account types, MT4 and MT5, and a swap-free MT4 Islamic account version for Muslim traders. Account base currencies can be USD or EUR.

OctaFX offers foreign currency exchange trading services on 32 currency pairs and CFDs on 10 indices, 5 cryptos, 4 metals, and 3 energies through the MT4 and MT5 trading applications.

The platform supports transfers from Nigerian banks with a minimum deposit of ₦15,000 which is credited to the trading account within 1-3 hours. Visa cards payment with a minimum deposit of $25 is credited within 5 minutes, while MasterCard has a minimum deposit of €50 and is credited instantly. Deposits can also be made in cryptocurrencies like bitcoin, dogecoin, and a few others, which are credited within 30 minutes.

Traders can withdraw to Nigerian bank accounts, with a minimum withdrawal amount of ₦1,750. Withdrawals to Visa cards start from $20, and the minimum amount is $5 if you are withdrawing to Skrill and cryptocurrencies wallets. All withdrawals are completed within 3 hours.

OctaFX uses MetaTrader 4 and MetaTrader 5 trading software, available on web-platform (web-trader), desktop (Windows and macOS), and mobile devices (android and iOS).

OctaFX has online tools for analysis like market insights, economic calendar, converter, and calculator. The platform has educational resources for traders in form of webinars, articles, and video tutorials along with 24/7 live chat support for traders.

Customer Support:OctaFX has two customer support options for traders, our team tested the live chat and email support.

Their email and live chat support are available 24 hours Monday through Sunday.

Read our in-depth OctaFX Review for full details of our research on this broker, which includes 12 important comparison factors.

OctaFX Pros

  • OctaFX offers negative balance protection.
  • The Customer support at OctaFX is good & is available 24/7.
  • Supports deposits & withdrawals in Naira via Bank transfer.
  • OctaFX does not charges any extra commission with their accounts.
  • Platforms are available across all devices.
  • They have a currency converter on their website to see the exact amount that you will pay in Naira.
  • Has availability of Copy Trading, auto trading via Expert Advisor (EA) and cBot.

OctaFX Cons

  • OctaFX is regulated by one Tier-2 regulator i.e. CySEC. Traders from Nigeria are registered under Offshore regulation.
  • Total No. of CFD Trading instruments are very low compared to other brokers.
  • OctaFX is not regulated in Nigeria, so there is no certain protection of your funds.
  • Only USD & EUR base account currency options are available. There are no Naira accounts.

#5 AvaTrade- Well Regulated Forex broker with Fixed Spread

EUR/USD Benchmark:
0.9 pips on average with MT4/MT4 Accounts
Trading Platforms:
MT4, MT5
Account Minimum:
$100

AvaTrade is an online forex and CFD broker that was established in 2006 as AvaFX.

AvaTrade is an online CFD & forex trading platform that supports the MT4, MT5, and AvaTradeGo mobile trading platforms for iOS and Android.

Safety of Funds: AvaTrade is licensed by a Tier-1 regulator – ASIC and 2 Tier-2 regulators – FSCA and Japan FSA. So they are considered low risk and have a high trust score.

Traders from Nigeria are registered under ‘Ava Trade Markets Ltd’ which is registered under BVI Financial Services Commission, which is an offshore regulator in the British Virgin Islands.

Fees: CFD Trading at AvaTrade is commission-free, and there are no deposit or withdrawal fees. Spread accounts are fixed with a competitive spread. The benchmark spread is 0.9 pips for pairs like EUR/USD. But their Swap fees are not the lowest.

Trading Conditions: AvaTrade offers Standard Retail Account and Pro Accounts for traders along with Islamic account options and a negative balance protection feature is available on all accounts.

They have no Naira accounts, and Nigerians can choose USD, GBP, or EUR as their base account currency.

AvaTrade broker offers their customers a range of markets to trade, including CFDs on assets like stocks, cryptocurrencies, forex (55 currency pairs), commodities, bonds and treasuries, ETFs, metals, energies, and indices.

You can start trading with a minimum deposit of $100. AvaTrade offers a 20% bonus for new clients depositing over $1000. Deposits with cards are credited instantly.

AvaTrade has a social trading app (AvaSocial) that supports trade copying by allowing new traders to chat with expert traders and benefit from their expertise by copying their trades. They support MT4 and MT5 trading applications and their own DupliTrade and ZuluTrade, all of which are available on both desktop and mobile devices.

AvaTrade app features a user-friendly design, offering trading tools to newbies and experienced traders alike. Regular news updates, useful e-books, video tutorials, indicators, and educational materials are available on the platform for those who are just diving into the world of online forex trading.

There is no local bank deposit/withdrawal for Nigerians. And the withdrawals are also slow as reported by multiple users.

Customer Support: Their chat, phone & email support is only available during the company’s European business hours. They have a Nigerian phone number for support but that is available during business hours only. They have Frequently Asked Questions on their website to answer many questions traders may have regarding their services.

AvaTrade Pros

  • AvaTrade has negative balance protection.
  • Offers wide range of CFD trading instruments.
  • Regulated by one Tier-1 Regulator.

AvaTrade Cons

  • No Naira Accounts.
  • No deposits/withdrawals to Nigerian bank accounts.
  • Not regulated in Nigeria, so no certain protection for funds.
  • Slow customer support.
  • Customer support not available for 24 hours on any day.

#6 FXTM- Well Regulated Forex Broker

EUR/USD Benchmark:
1.9 pips on average with FXTM Micro Account
Trading Platforms:
MT4, MT5
Account Minimum:
$5

The FXTM brand was founded in 2011 and offers Forex & CFDs trading services.

FXTM offer over 250 trading instruments, including CFDs for commodities, shares, cryptocurrencies, metals, indices, and around 59 currency pairs.

Safety of Funds: FXTM is registered as ForexTime Limited in Cyprus and is well regulated by CySEC, FCA, and FSCA. Which makes the broker score high on trust and is considered safe. Clients in Nigeria are registered under their company Exinity Limited in the Republic of Mauritius and regulated by the Financial Services Commission (FSC) in Mauritius.

High Fees with Micro Accounts: The average spread fee is around 1.9 pips for a major currency pair like EURUSD with a Micro account, which is relatively higher than most brokers.

Advantage account holders are charged spreads from 0 pips plus a $4.88 commission on trades with Majors.

All account types on FXTM have swap-free options, except for those who want to trade exotic currency pairs.

There are zero deposits or withdrawal fees on FXTM.

Trading Conditions: FXTM has 3 account types, Micro, Advantage, and Advantage Plus Accounts.

To ensure clients’ fund safety, their funds are placed in a segregated account that is not used by the company for daily operations.

FXTM has 3 account types that support bank transfers, e-wallets, and cards for deposits. The minimum amount of deposit is ₦10,000.

The platform has multi-platform support, meaning you can trade on the web or use their mobile apps available on iOS and Android devices.

FXTM allows Nigerian traders to deposit and withdraw funds to their bank accounts in Nigeria. It takes about 24 hours for deposits to be credited to the trading account and up to 48 hours for withdrawals to reflect in bank accounts.

FXTM provides loyalty cashback bonuses to their traders from time to time. These loyalty bonuses can be withdrawn from your bank account if you reach the target amount.

Customer Support: FXTM also offers a range of education resources on their website, and 24/5 customer support via live chat, email, and Nigerian phone numbers. This includes personal account managers, who can assist and offer you priority support for issues.

FXTM has offices in Lagos, Abuja, and Port Harcourt. Occasionally, they hold physical seminars and webinars to educate traders, asides from the educational resources on their website.

Read our FXTM Review for in-depth research on FXTM broker.

FXTM Pros

  • Has negative balance protection.
  • Accepts deposits/withdrawals to Nigerian bank accounts.
  • Licensed by 3 Top-Tier regulators.
  • Has easy to navigate website.
  • Fast processing of deposits and withdrawals.
  • Offers referral bonus.
  • Has offices in Nigeria.
  • Offers NGN base account currency.

FXTM Cons

  • Customer support not available 24/7.
  • Charges withdrawal fee for some methods.
  • Charges account Inactivity Fees.

What is a Forex Broker?

A forex broker offers brokerage services to retail and professional traders who want to speculate on currency pairs & other markets as CFDs, by going long (buy) or short (sell).

A forex broker could be a market maker which means they could be taking the opposite sides of your trades or a no-dealing desk broker that connects you to buyers/sellers through their liquidity providers via computerized networks.

How to Choose the Best Forex Broker

Forex trading in Nigeria is largely unregulated & it is carried out through online platforms. Today, a broker is just a click away. This situation has led to the proliferation of Forex brokers consisting of the good, the bad, and the outright scam brokers.

If we rope the scam Forex brokers with those that abide by the rules, we commit a fallacy of generalization. Hence, we have carefully created this list of questions that you must ask when choosing a Forex Broker.

1. Is the Forex Broker regulated with multiple Top-Tier Regulators?

As Nigerian online traders, one understanding we must have is that no rules and regulations are guiding the activities of online Forex brokers in Nigeria. The average Nigerian Forex trader is not protected in case of any dispute with unlicensed brokers.

This brings us to the idea of international regulators and registration. We have global Tier-1, Tier-2, and Tier-3 regulators.

Global Tier-1 regulatory licenses such as the ASIC, FCA, CFTC, etc are more complex and expensive to acquire, hence are more important and offer greater protection than others.

Tier-2, although still important is not compared to those of Tier-1. These include regulations like FSCA, DFSA, CMA (Kenya), etc.

Tier-3 usually deals with offshore countries in the Caribbean such as Belize, St. Vincent & Grenadines, etc where financial laws are very lax.

An online trader needs to ensure the broker is registered with at least a Tier-1 regulator to protect his/her investment. Else, the losses might not come from your ignorance of the instrument traded or market dynamics but from an unregulated broker.

It is not enough for a broker to post on their website they’re registered with this and that regulator. Some might manufacture a number and use such to hoodwink gullible investors.

There is a way to verify if truly these brokers are registered under the regulator they claim.

In this example, we will verify the broker’s regulation with FCA. This is a Tier-1 regulator, and it is considered safe for traders based in Nigeria to signup with forex brokers that are regulated by Tier-1 regulations.

Let’s see the general steps involved.

Go to the website of the financial service register of the financial conduct authority. There they have a list of all financial service activities and the firms that are registered with them.

You can also search for yourself to confirm, from the FCA Register for example.

Below is a step-by-step guide to confirming the status of your forex broker.

    1. Check for the presence of the firm on the FCA register

Search the License of Forex Broker on Regulator's Public Search

    1. Confirm if the firm has the same right to offer the services you are offered.

Example of Forex Broker regulation with FCA

    1. Confirm the contact details on the register and those on their website if they match especially the broker’s license number.

Verify the License no. & the products approved

  1. Check whether you’re protected by the service being offered.

The above is the example on verification of “HF Markets (UK) Ltd.” which is the company of HotForex Group. Similarly, you can verify the license no. of the broker with other regulatory bodies. All the regulators have a public search to verify the license number.

Since there is no regulation for retail forex brokers in Nigeria, make sure to choose a broker that is authorized by multiple top-tier regulators. This will ensure that your funds are protected.

Here is an extra note of caution. If you are checking a forex broker’s regulation on the FCA website, you want to make sure you note clone firms. Clone firms tend to use details close to the original broker’s details. Clone brokers are scammers and can dupe unsuspecting traders.

So, after confirming a broker’s regulation on the FCA website, take time to check if there are clones of the firms too. How do you clone firms? It’s simple. You only need to scroll further down the page that displays the broker’s FCA regulation.

Here is a screenshot of how the clone firms are displayed

HF Markets Clones

2. Is the Trading Fees Low & Transparent?

A forex trader should also look into the overall trading fees, which include the spreads, commission charged by the broker, and deposit and withdrawal charges when deciding on a broker to use as these charges can eat deeply into one’s funds and profits.

Some brokers also charge for dormancy in accounts between 3-6 months.

We break down the fees charged by forex brokers in Nigeria into 2 components:

a. Trading Fees: These are the fees that you will have to pay for actual trading. It includes the spread & commissions per lot.

Depending on your Account type, you may be charged commissions. For example, if you are trading via Premium Account at HotForex, there are no extra commissions per lot. The only fee you will be charged is the variable spread. This depends on the instrument that you are trading.

For example, on average, HotForex charges 1.3 pips spread for majors like EUR/USD with Micro & Premium Account types, But HotForex also has a Zero Account type, with which you will have to pay near 0 pips spreads, but there is an extra commission of $6/lot for majors.

Here is an example of the spread for EUR/USD at HotForex with their various account types.

Forex Broker spread example
As you will notice, the spread with Zero Account is lower at 0.1 pips, compared to 1.3 pips with other accounts. In return, there is an extra commission of $6/lot with the Zero Account at the HF broker.

But if you calculate the overall trading fees, it is lower by almost 40% with the Zero account compared to their other accounts. So, you should choose the commission-based & low spread account type for lower trading fees.

b. Non-Trading Charges: These include other charges like withdrawal fees and inactivity fees. Some brokers can charge a lot of money with this type of charge.

Also, ease of funding one’s account should be a factor when considering a broker. Some brokers do not accept payment from or withdrawals to Nigerian banks. While some do, it usually comes with charges either from the bank, from the broker, or both in some cases.

3. Suitability of Trading Platforms

The user interface of the broker’s platform is also important when deciding on the broker to use. Some brokers’ platforms either web or app, have poor user interfaces, some come with ads, and so on. These can slow down the execution of trades.

Online trading is a fast-paced business where every second is important. Entering or leaving a trade one second late can be very costly. It is also important the platform is compatible with different devices such as Android, Mac, etc.

The account opening process on these broker platforms should be fast. Here, a lot of brokers have improved. At most, user verification shouldn’t take longer than two days after all documents have been presented.

4. Trading Conditions

Perhaps the most important factor a Nigerian trader should consider when choosing a broker should be the trading conditions.

Such trading conditions include the availability of naira accounts, policy on negative balance protection to check against huge losses due to volatility, whether brokers have quick order executions, the number of instruments traded, leverages, etc.

5. What is the Percentage of Losing Traders?

Remember that forex trading is not regulated in Nigeria. However, if you choose a broker that is regulated in the UK, you can check the percentage of traders that lose with the broker.

This factor is important because there is an industry benchmark of around 75% for losing traders. If a forex broker has a percentage higher than this, then something could be wrong. So, how do you check it? Go to the UK version of the broker’s website. You will find the percentage at the header of the website. That is where most brokers display it.

If you don’t find it there, then scroll down to the footer. Brokers like AvaTrade display it at the footer

6. Is the Support Readily Available?

Brokers should always have a reliable support system as traders will always have complaints and problems. This system should be fast as in some cases, money is on the line.

One way for traders to know the effectiveness of the broker’s support system is by trying them before registering.
For Nigerian traders, always check if brokers have a Nigerian number as that will ease communication when support is needed. Live chat is also important.

Some brokers might also have personal account managers that you can reach out to. From our research, we know HotForex is one such broker.

How to open Account with a Forex Broker?

To start trading, you need to open a live trading account with a forex broker.

Follow the steps below to open an account with a forex broker in Nigeria, where we will use HotForex as an example. Generally, the steps involved as the same with each broker, so you can follow these generic steps as references.

Step 1) Go to the broker’s website who you want to open account with, for HotForex, go to www.hotforex.com

Forex Broker website example
Step 2) Find the link to Open Account. On HotForex, there is a link on the top right, click on “Open Live Account” which is a green button.

Step 3) Fill out your details accurately i.e. your first name, last name, phone number, email you have access to, date of birth a strong password (Consisting of between 6 and 15 characters, uppercase and lowercase letters and at least 1 number), Change the currency type in the box tagged “myHF Account Base Currency:” to NGN and finally, tick the box “I have read and accepted the privacy policy” and proceed to register.

Open account with Forex Broker in Nigeria
Step 4) You will receive an email to activate your account by the broker, go to your email account inbox and click the link provided in a red box that states “Activate Account”.

This link will redirect you to the HotForex site and take you to your dashboard. This means, your account is now registered.

forex broker account activation in Nigeria
Step 5) A confirmation email will be sent to you congratulating you for successful account activation. This email will also contain your myHF Account ID.

Forex broker account activation in Nigeria
Step 6) From the email, you can login to your account by clicking the ‘Login’ box, then enter your ID and password.

Step 7) After logging in to your dashboard, on the top left, click on “Complete Registration” and fill in the details required (mostly personal information) to get your account approved.

You will be required to upload your means of identification (Valid ID), which could be your voter’s cards, Drivers License, National ID, or Passport.

You will also need to provide a document to prove your address is correct, you can upload a utility bill (Electricity bill or water bill).

Requirements for verification of account with forex broker
After you upload these document, the broker’s account team will verify them an approve your account for trading.

Note that if your account is not approved, you can only make a limited amount of deposit, and you cannot withdraw any money.

Although HotForex was used for this example, the process and requirement to open an account with a forex broker is about the same for all brokers.

FAQs on Best Forex Brokers in Nigeria

FAQs on Best Forex Brokers UK

Which forex brokers are best in Nigeria??

The best forex brokers in Nigeria are those that are regulated with one or more Top-tier regulations, accept deposits in Naira from Nigerian bank accounts, and support withdrawals to local banks in Nigeria.

In our guide, we have included HotForex, FXTM, and Exness as best as they are well regulated, have local deposit & withdrawal options in Naira & even have NGN (Nigerian Naira) as base account currency, which makes them a good choice of local traders.

Which Forex broker is best for Beginners?

Based on our research, HotForex is best for beginners because they offer negative balance protection, offer free demo account, have moderate fees with spread-only trading accounts, has some educational material on their website, offer webinars to new traders, and is regulated by 1 Tier-1 regulator FCA & 2 Tier-2 regulations FSCA, CySEC.

Avoid any forex brokers that are not regulated with any Top-tier regulation.

Which forex broker has the lowest minimum deposit?

HotForex & Exness are brokers that have low minimum deposit & are well regulated with multiple Tier-1 regulations. HotForex has a minimum deposit of $5 & you can deposit via local bank transfer in Naira. Whereas Exness has a minimum deposit of $10, and you can also deposit via Online Bank Transfer.

What points should you check in a forex broker?

First, for the safety of your funds, you must make sure that the forex broker is regulated with multiple Top-tier regulations like FCA, ASIC, CySEC, FSCA, etc. No forex brokers are regulated by CBN or SEC in Nigeria, so, if a broker is regulated with many of these regulations, it is considered low risk.

Second, make sure to check the overall fees, which we have explained above in this guide.

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Is forex trading Legal in Nigeria?

Online Forex Trading in Nigeria is unregulated, and currently, there is no regulation by SEC. All the forex brokers operating in Nigeria are unregulated, so the traders are trading at their own risk. That is why it is really important to make sure that you only trade via forex brokers that are licensed by multiple Top-tier regulators. This will ensure that your funds are safe.

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