8 Best Forex Brokers in Nigeria for 2023
The 8 Best Forex Brokers for Nigeria traders revealed. We tested the best forex brokers for Nigeria Traders.
This is a complete guide to forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is a Forex Broker?
- Which forex brokers offer the best trading platforms for Nigerian traders?
- Which trading platforms can you use with M-PESA?
- How to compare the best trading platforms against each other.
- Which Forex Brokers are best for Beginner Nigerian Traders?
- Which brokers offer a sign-up bonus for first-time traders in Nigeria?
- Which brokers offer a low minimum deposit of $5 (2 302 NGN) to start trading?
- Which brokers offer a mobile app on IOS and Android for Nigerian Traders?
- Which brokers offer online trading platforms to Nigerian traders?
And lots more…
So if you’re ready to go “all in” with the best-tested forex brokers…
Let’s dive right in…
- Louis Schoeman
Best Forex Brokers in Nigeria for 2023 – Comparison
| 🥇 Forex Broker | ✔️ Accepts Nigerian Traders? | 💰 Minimum Deposit | 💻 Nigerian Naira Deposits Allowed? | 👉 Open Account |
| 1. HF Markets | Yes | $5 (2300 NGN) | Yes | 👉 Open Account |
| 2. OctaFX | Yes | $25 (10 390 NGN) | Yes | 👉 Open Account |
| 3. AvaTrade | Yes | $100 (41 000 NGN) | Yes | 👉 Open Account |
| 4. FBS | Yes | $1 (415 NGN) | Yes | 👉 Open Account |
| 5. Tickmill | Yes | $100 (41 000 NGN) | Yes | 👉 Open Account |
| 6. IC Markets | Yes | $200 (82 900 NGN) | Yes | 👉 Open Account |
| 7. Exness | Yes | $10 (4 145 NGN) | Yes | 👉 Open Account |
| 8. easyMarkets | Yes | $200 (82 900 NGN) | Yes | 👉 Open Account |
8 Best Forex Brokers in Nigeria (2023)
- HF Markets – Top Sign-Up Bonus in Nigeria
- OctaFX – Best STP and ECN Broker in Nigeria
- AvaTrade – Overall, Trustworthy Broker for Traders in Nigeria
- FBS – Best NDD Forex Broker
- Tickmill – Top Broker for Beginner Forex Brokers
- IC Markets – Best STP Forex Broker
- Exness – Top NASDAQ100 Forex Broker in
- easyMarkets – Top ECN Forex Broker
How is Forex Trading regulated in Nigeria?
👉 Forex trading in Nigeria is regulated by the Central Bank of Nigeria (CBN).
👉 The CBN has issued guidelines for the operation of foreign exchange in Nigeria, which include the requirement for authorized dealers to comply with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations.
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
👉 Additionally, licensed forex brokers in Nigeria must be registered with the CBN and comply with its guidelines to operate legally. Nigerians can trade Contracts for Difference (CFDs) with brokers not regulated by the Central Bank of Nigeria (CBN).
👉 However, it is important to note that trading with an unregulated broker comes with additional risks and may not provide the same level of protection as trading with a regulated broker.
👉 Unregulated brokers may not be subject to the same level of oversight or be required to follow the same transparency and fair dealing standards as regulated brokers.
👉 It is always recommended to trade with a regulated broker to ensure your funds’ security and minimize the risk of fraud or other unethical practices.
👉 Furthermore, while the CBN does not oversee many CFD Forex brokers, they are often overseen by reputable regulatory entities such as FCA, ASIC, FSCA, CySEC, and others.
👉 Therefore, Nigerians should consider brokers with Tier-1, Tier-2, and Tier-3 international regulations to ensure their safety and fund security while participating in forex trading.
1. HF Markets
Overall Rating
- 4.8/5
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
With leverage of 1:1000, HFM stands out as a top pick for traders searching for a high-leverage broker. Established in 2010, HFM is widely regarded as the industry’s premier broker.
It has a physical presence in over a hundred different countries and offices all over Africa. It also provides excellent trading conditions to traders all over the world.
Various financial instruments, trading account types, educational resources, and other features make this trading platform stand out as the best option for traders.
If you are a Nigerian trader looking for a broker with a low minimum deposit account balance, low commissions, and a low spread, look no further than HFM.
HFM’s minimum deposit starts from $5 and goes up to $200 for zero-spread trading, which ensures that experienced traders can expect the tightest spreads when they use fast-paced trading strategies such as day trading or scalping.
Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💳 Minimum Deposit (₦) | 2,000 Nigerian Naira equivalent to $5 |
| 📈 Trading Assets | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Equity markets and Stocks DMA, ETFs |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated in several global regions | There are no variable spread accounts |
| Offers some of the lowest spreads in the forex market on major currency pairs | There is a limited selection of funding options and withdrawal methods. |
| There are several account types to choose from | |
| HFM accommodates all types of traders despite their trading strategies | |
| Low minimum deposit requirement | |
| Beginner traders and professional investors are both welcome | |
| Educational tools, advanced trading tools, and several other comprehensive solutions are offered | |
| There is a comprehensive market analysis offered | |
| Technical analysis and fundamental analysis offered |
2. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
STP and ECN broker OctaFX is based in Saint Vincent and the Grenadines and serves traders from all over the world, including those in Lagos, Nigeria, and other regions of the country.
Nigerians can trade forex currency pairs, Index CFDs, commodities, and cryptocurrencies with OctaFX’s award-winning services from investors around the world.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💰 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 41,500 Nigerian Naira |
| 💸 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| 📱 Nigerian Naira-based Account? | No |
| 💵 Nigerian Naira-based Account? | No |
| 💰 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.6 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros
OctaFX offers reliable, instant deposits and withdrawals
The broker offers copy trading accounts through its proprietary trading app
Offers social trading opportunities
OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionals
The trading conditions that OctaFX offers Nigerian traders are transparent and reasonable
Commission-free trading is offered on all retail investor accounts along with tight spreads
Offers an unlimited virtual trading account and an Islamic Account for Muslim traders
There is a range of advanced trading tools offered
OctaFX offers versatile and reliable payment methods for deposits and withdrawals
Cons
Offshore broker with tier-2 regulation, which is not ideal
There is a limited selection of trading instruments offered
There is a limited selection between retail accounts
Limited options for base currencies on accounts
Trust Score and Nigerian Market Share
OctaFX has a trust score of 61% and an overall market share of <5% in Nigeria.
3. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Because of this, AvaTrade is a broker that provides only fixed spreads. However, the consistency of AvaTrade’s spreads makes it an attractive option for scalpers and traders seeking some safety in a potentially dangerous market.
AvaTrade is a broker regulated in multiple jurisdictions and provides competitive fixed spreads on several currency pairs and CFDs. In addition, market makers like AvaTrade have their own dealing desks and pools of liquidity from which they fill client orders.
Because they adhere to a fixed pricing model, the broker’s fixed spreads are always the same and never change in response to fluctuations in the market.
Some other spreads that Nigerian traders can expect from AvaTrade are as follows:
Stocks – 0.13%
Crude Oil – 0.029 pips
FXOptions – 0.9 pips
Cryptocurrency – From 0.02 pips on BTC/USD
Indices – From 0.03 pips
ETFs – 0.13%
Bonds – From 0.03 pips Over Market
Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail Investor Account, Professional Account Option |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💳 Minimum Deposit (₦) | 41,000 Nigerian Naira equivalent to $100 |
| 📈 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, Contract for Difference (CFD), Precious Metals |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 0.9 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade is multi-regulated and has a high trust score | Variable spreads are not provided |
| There are over 1,250 financial instruments that can be traded | Inactivity fees and currency conversion fees may apply |
| There are several technical indicators, economic indicators, and other advanced tools for advanced and professional traders | There is a limited choice between retail investor accounts |
| There are several trading platforms to choose from | |
| There is a decent selection of educational tools and resources offered | |
| There is an Islamic Account offered with special trading conditions for Muslim Nigerian traders | |
| There are several trading strategies supported | |
| There is cryptocurrency trading offered across several popular digital assets and cryptocurrency pairs | |
| AvaTrade is award-winning and has a good reputation |
4. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
FBS was established in 2009, and the minimum to begin trading is just one dollar. Currency pairs, stocks, indices, metals, energies, cryptocurrencies, Forex, and CFD trading are among the many trading instruments available on the platform, which boasts a maximum leverage of 3000:1.
FBS’s strength is the flexibility of its trading accounts, which accommodate investors of all experience levels.
FBS has quickly become one of the most popular online brokers in Nigeria. Moreover, FBS has an excellent reputation among its clientele and the highest overall rating among registered forex brokers in Nigeria.
Furthermore, FBS provides $100 in free trading capital with no minimum deposit required.
More people are using a broker, with more than 17 million traders as members. Stocks, cryptocurrencies, Forex, and contracts for difference (CFDs) trading are some instruments available to its Nigerian customers.
Features
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Nigerian Traders? | Yes |
| 💳 Minimum deposit (NGN) | 400 Nigerian Naira ($1) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:3000 |
| 👥 Customer Support | 24/7 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FBS offers competitive trading conditions with some of the lowest spreads | There are wide spreads charges on some accounts |
| There are several account types to choose from | There is a limited number of tradable instruments |
| There are many social trading opportunities | There are several regional restrictions applied |
| There is an ultra-low minimum deposit requirement | |
| The broker is well-regulated and trusted |
5. Tickmill
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Tickmill began operations in Seychelles in August 2014. In January 2015, the trading platform opened its doors to the public, providing retail brokerage services for foreign exchange (Forex), contracts for difference (CFD), and Japanese markets.
Nigerian forex traders can use advisors where the users can automatically use the copy trading function to carry out trading functions, which is a great help.
Tickmill is an ideal platform for forex traders who prefer using technical indicators for their trades. Tickmill provides demo accounts for users to practice before moving to a live account. It also offers various account options to cater to different trader needs.
Features
| Feature | Information |
| ⚖️ Regulation | FSA, FCA, CySEC, Labuan FSA, FSCA |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Nigerian Traders? | Yes |
| 💳 Minimum deposit (NGN) | 41,500 Nigerian Naira ($100) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:500 |
| 👥 Customer Support | 24/5 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| The broker offers commission-free trading across financial instruments | The broker does not accept clients from the United States and some other regions |
| There are powerful trading platforms to choose from | Fixed spread accounts are not offered |
| The broker is well-regulated in several regions | |
| There is a selection of popular financial instruments that can be traded | |
| There are several advanced trading tools offered |
6. IC Markets
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
IC Markets is a broker that welcomes inexperienced users and provides trading on a total of 18 different cryptocurrency pairings, even though it is most well-known for the raw Forex spreads it offers.
Bitcoin trading is simple, and IC Markets provides customer support around the clock, so weekend traders and newbies who are still finding their footing in the market may profit from its accessibility.
IC Markets provides its users with many kinds of educational resources, such as video lessons, articles, regular webinars, and IC Markets WebTV. In addition to fundamental and technical market research, it also includes the latest news about the market.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| ⚖️ CBN Regulation | No |
| 📊 Trading Accounts | Retail, Professional |
| 💻 Trading Platform | eToro trading app and web-based platform |
| 💳 Minimum Deposit (₦) | 83,000 NGN equivalent to $200 |
| 📈 Trading Assets | Forex pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks |
| 📊 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed | No |
| 💰 Bonuses for Nigerian traders | Yes |
| 📈 Minimum spread | 1 pip EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 📊 Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with competitive spreads and various social trading opportunities | IC Markets does not hold regulations from the Financial Conduct Authority (FCA) |
| Flexible and powerful trading platforms are available for the web, desktop platforms, and mobile devices | United States traders are not accepted |
| There are low trading costs involved | Fixed spreads are not offered |
| The transaction costs are transparent and cater for various traders despite their financial situation |
7. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Exness offers 27 cryptocurrencies which are available for trading on MetaTrader 4 and MetaTrader 5. Even though this is not the world’s biggest collection, Exness offers decent leverage and competitive margin requirements on Bitcoin.
Most of the cryptocurrency crosses offered by Exness are for Bitcoin, including BTC/ZAR and BTC/XAU.
Ethereum, Litecoin, Ripple, and other specialized coins are also accessible. In comparison to other brokers, Exness has greater maximum leverage of 1:400.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💵 Minimum Deposit (₦) | 41,000 Naira |
| 💳 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| ✔️ Nigerian Naira-based Account? | Yes |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness offers a demo account on all account types | Exness does not accept US clients |
| Traders can choose between different live accounts | There is a limited portfolio of tradable instruments |
| The demo account is free to use for an unlimited time |
8. easyMarkets
Overall Rating
- 4.9/5
Min Deposit
USD 200 / 82900 NGN
Regulators
CFD
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
easyMarkets, an approved market maker, has just made it possible to trade in twenty distinct types of digital bitcoin assets.
Since the company’s founding, easyMarkets has consistently been a pioneer in the financial services market by being the first to provide novel features such as negative balance protection and guaranteed stop-loss.
To assist traders in minimizing their risk exposure, the company has introduced many new trading tools, such as easyTrade, Freeze Rate, and dealCancellation.
The value of cryptocurrencies is seeing consistent increases, and this trend is likely to continue. Therefore, investing in Bitcoin, Ripple, and Ethereum as trade assets could prove to be a profitable approach.
Unique Features
| Account Feature | Value |
| 💻 Platform Offered | easyMarkets Web/Mobile App |
| 💵 Minimum Transaction Size (USD) | 70 USD |
| 📈 Maximum Transaction Size (lots) | 50 lots |
| 📊 Average Fixed Spreads (from) | EUR/USD – 1.8 pips GBP/USD – 2.4 pips USD/JPY – 2.4 pips WTI (OIL) – 0.06 USD XAU/USD – 0.50 USD |
| 💰 Minimum Deposit | 10,300 Naira (Equivalent to $25) |
| 💸 Maximum Leverage | 1:200 |
| 💵 Commission Fees | None |
| 💳 Account Fees | None |
| 📱 Deposit and Withdrawal Fees | None |
| 📞 Customer Telephonic Support | Yes |
| 👥 Personal Account Manager | Yes |
| 🗣 24/5 Customer Support Through Live Chat | Yes |
| ✔️ Guaranteed Zero Slippage | Yes |
| 🛑 Guaranteed Stop-Loss | Yes |
| ❌ Negative Balance Protection | Yes |
| 📧 Daily Email on Fundamental Analysis | Yes |
| ✔️ Daily Email on Technical Analysis | Yes |
| 💻 Trading Central Indicator | No |
| 📱 Account Base Currency Options | EUR, CAD, CZK, JPY, NZD, AUD, PLN, TRY, CNY, HKD, USD, SGD, CHF, GBP, MXN, NOK, SEK, ZAR, BTC |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated broker with a high trust score | Variable spreads are not offered |
| There is a comprehensive proprietary trading platform offered along with MetaTrader 4 | easyMarkets is a market maker broker that takes the opposite side of their clients’ trades, which means they benefit from client losses |
| Commission-free trading on all accounts because the broker fee is included in the spread | An inactivity fee is applied to dormant accounts |
| Offers innovative features such as Freeze-Rate, Inside Viewer, easyTrade, and more | |
| The guaranteed stop-loss is offered free of charge | |
| TradingView, Trading Central, and other platforms are offered | |
| There is a powerful and innovative easyMarkets app offered | |
| easyMarkets offers low, fixed spreads |
How to choose the Right Bitcoin Broker in Nigeria
👉 The need for Bitcoin brokers has grown because of the thousands of individuals interested in investing in cryptocurrencies globally.
👉 Numerous Bitcoin brokers will be offering their services on the market, but you will also run across reports of frauds involving Bitcoin brokers.
👉 Not all Bitcoin brokers can be trusted since many of them have turned into frauds. Even if they are, they lack adequate security measures or are deficient in certain key areas, which may cause a lot of issues for Bitcoin traders.
👉 You must thus carefully choose a crypto broker, and we have provided key features that you must verify before you deal with a crypto broker.
Background and Financial Backing
👉 A good Bitcoin broker has robust financial support, which necessitates a substantial capital basis. This ensures that your Bitcoin is secure and that the broker will not go bankrupt.
Experience and Credibility
👉 The crypto market is young compared to other markets. However, this does not imply that all brokers are unskilled. There are reputable and professional Bitcoin brokers available for usage.
👉 Bitcoin brokers must possess the necessary qualifications, such as licenses from famous and respectable regulatory authorities and specialists on their staff. You can read reviews of the broker and get insight into their services to assess whether they are a good match for you.
Responsive Customer Support
👉 Since Bitcoin trading is available 24 hours a day, seven days a week, you could have a problem or query at any moment.
👉 Therefore, it is important to seek a broker who is accessible 24/7. Regardless of your time zone, they should have a competent support crew that can respond to inquiries and concerns in a timely and professional way.
Crypto Trading Fees and Commissions
👉 You must investigate the commissions and other costs that Bitcoin brokers impose. Ensure the broker outlines the fees they charge, and any other dangers associated so that you may make an informed choice.
Trading Platform
👉 No Bitcoin broker is complete without a user-friendly web, desktop, or mobile platform, often all three. These platforms are required for an assortment of reasons.
👉 They give customers a great degree of simplicity in Bitcoin trading, and a well-designed platform provides them with a variety of possibilities.
👉 These choices make things easier and more comfortable for novice and seasoned Bitcoin traders alike. Ensure that your preferred dealer has a modern platform or a selection of platforms.
Longevity of brokerage
👉 There may be a small number of trustworthy Bitcoin brokers that have just started up, but they are quite rare. If a Bitcoin broker has been in existence for an extended length of time, it has been doing something right, as shown by the fact that customers continue to depend on it.
Account Registration Process
👉 Very few traders realize that the registration procedures of Bitcoin brokers reveal a great deal about their character. Veteran traders in this industry can rapidly determine if a broker is excellent or terrible based just on the sign-up procedure.
👉 You may initially have some problems with spotting the legit Bitcoin brokers. However, as time goes by, you will have a better time distinguishing between excellent and unfavourable brokers. A vast number of depositing fees is a frequent indicator of a fraudulent sign-up procedure.
👉 Most instances in which Bitcoin brokers urge their customers to deposit a big sum of money to join up are probable scams. This is made apparent by the fact that many reputable Bitcoin brokers now accept little or no deposits from prospective clients.
👉 You should opt for these Bitcoin brokers instead of those that want vast quantities of money for crypto transactions.
👉 Additionally, investigate the process’s security. You can do this by examining the search bar’s top-left corner for an SSL certificate. This certificate ensures that a website is secure and will not expose your data to hackers.
Technical Support for Cryptocurrencies
👉 The distinction between customer service and technical assistance cannot be overstated. Most firms have technical support teams to assist clients with issues that need assistance from experts in that field.
👉 A significant majority of Bitcoin brokers lack any form of technical support personnel. They believe that their customer service professionals are sufficient for the task and depend only on them.
👉 The team should comprise Bitcoin industry veterans with decades of expertise. They should have a thorough understanding of how things operate and be able to deliver rapid answers within minutes.
👉 Determining whether a Bitcoin broker has a competent technical support staff might consume considerable time. In most instances, a substantial bit of trial and error is required.
Overall Convenience
👉 If a Bitcoin broker does not provide any convenience, they are not worth your time. As the environment changes, this sector is undergoing tremendous change. To make the appropriate judgments at the right time, you must be current on many matters.
👉 This is only achievable if your broker provides you with features that enhance your entire experience. Your broker’s platform should be compatible with a range of devices.
👉 Using your smartphone or tablet, you should be able to access your account and see all your trades and other crypto-related actions.
👉 Easy accessibility enables you to trade on the move while guaranteeing that you do not miss anything crucial and aside from that, the broker should utilize straightforward language.
Demo Account
👉 Today, one just cannot do without a reliable demo trading solution. There are several complex circumstances involved in Bitcoin trading. If you are just beginning in this sector, you will not know how to make timely judgments.
👉 You will lose a substantial amount of money as a result, and Bitcoin demo trading might help you avoid these errors.
👉 It will instruct you on trading in the actual world while guaranteeing that your selections do not negatively affect your funds. With this option, you will neither gain nor lose money. Nonetheless, you will get knowledge about how cryptocurrency trading is conducted.
The Best Brokers in Nigeria Overall
👉 In this article, we have listed the best brokers that offer trading solutions and opportunities to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSA, FCA, ASIC, DFSA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Axi is the best MT4 Broker in Nigeria. More than 130 different items from Axi are available for trading on MetaTrader 4. Axi offers some of the greatest trading conditions to Nigerian traders, including minimal opening spreads on all account types.
Best MetaTrader 5 / MT5 Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best MetaTrader 5 broker in Nigeria. RoboForex provides traders with a selection of 12,000 tradable instruments that may be traded on MetaTrader 5 in addition to a few more potent trading platforms.
Best Broker for beginners in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is the best Broker for beginners in Nigeria. For new traders in Nigeria, AvaTrade provides some of the greatest teaching resources. Along with webinars, seminars, and other events, there are several manuals and videos.
Best Low Minimum Deposit Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HF Markets is the best Low Minimum Deposit Broker in Nigeria. With a minimum investment of 2,000 Naira, HF Markets provides live trading accounts to Nigerian traders.
👉 Popular MetaTrader cryptocurrency broker HF Markets also has an in-house trading app for iOS and Android users.
Best ECN Broker in Nigeria
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Overall, Pepperstone is the best ECN Broker in Nigeria. One of the biggest forex and CFD brokers in the world, Pepperstone provides services in more than 170 nations.
👉 Nigerian traders should anticipate among of the quickest transaction execution times with little to no slippage and no requotes.
Best Islamic / Swap-Free Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 NGN
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OANDA is the best Islamic / Swap-Free Broker in Nigeria. Three different retail accounts are available from OANDA. This includes a specific Islamic account that is provided to Muslim traders in Nigeria who adhere to Sharia law.
Best Trading App in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
👉 Overall, FBS is the best trading app in Nigeria. FBS provides its cryptocurrency account through the FBS Trader. Many features and some of the greatest market analyses are available to Nigerians.
Best Nigerian Naira Trading Account Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best Nigerian Naira trading account Broker in Nigeria. One of the top multi-currency brokers that provide accounts in NGN is Exness. Exness is a broker that only works with MetaTrader and has a limited selection of trading options.
Best Lowest Spread Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IC Markets is the best lowest spread Broker in Nigeria. IC Markets provides some of the narrowest spreads in the market because of its pure ECN execution mechanism.
👉 Nigerian traders can choose from a variety of crypto CFDs at IC Markets, which offers services to traders all over the world.
Best NDD Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 Overall, XM is the best NDD Broker in Nigeria. XM is a well-known No-Dealing Desk broker that offers services to over 2.5 million traders worldwide. A portion of XM’s broad selection of more than 1,000 financial products includes cryptocurrency CFDs.
Best STP Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Tickmill is the best STP Broker in Nigeria. One of the finest brokers for new traders in Nigeria is Tickmill, which provides outstanding STP and ECN execution along with clear trading costs.
Best Sign-up Bonus Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, SuperForex is the best sign-up bonus Broker in Nigeria. One of the brokers with the broadest selection of promos and incentives is SuperForex, which provides customers with a choice of 11 trading accounts.
Conclusion
👉 The cryptocurrency industry is still growing, not only with amateur traders who chase social media headlines but also with professionals and fund managers.
👉 To ensure that they can gain a competitive edge in a fast-paced market, Nigerian traders must ensure that their Bitcoin broker can satisfy their trading needs and help them achieve their objectives.
FAQ
Do you need a broker to buy Bitcoin?
No, a broker is not required to trade Bitcoin (BTC). By going to a reputable cryptocurrency exchange that deals in Bitcoin, you may trade it there without using a broker. As an alternative, look for a bitcoin broker that provides the desired derivatives product.
Can I use my BVN to buy Bitcoin?
You need not complete verification when you sell Bitcoin on some exchanges, but to purchase Bitcoin you will need to provide your Bank Verification Number, Government-Issued Photo ID, a selfie of you holding your identification, and a code provided by the exchange written on paper.
How much will I get if I invest 5,000 naira in Bitcoin?
If you buy 5,000 naira’s worth of Bitcoin, you will receive 0,00050 BTC.
Which app is the best to buy Bitcoin in Nigeria?
Binance App Nigeria is considered one of the greatest platforms for buying, selling, and trading cryptocurrencies. The exchange also provides smartphone users with a mobile app.
The Binance app is a mobile-optimized version of the website’s functionalities and is available to all users globally.
How much do crypto brokers charge?
Brokers charge different spreads on Bitcoin while crypto exchanges typically charge from 0% to 1.5% per trade.
Top 3 Brokers
