Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Best FSCA Regulated Forex Brokers Main Banner

10 Best FSCA Regulated Forex Brokers in Nigeria

The 10 Best FSCA Regulated Forex Brokers operating in Nigeria were revealed. We tested and verified the best FSCA-Regulated in South Africa for Nigerian Traders.

This is a complete list of FSCA-Regulated forex brokers within Nigeria.

In this in-depth guide you’ll learn:

  • What the Financial Sector Conduct Authority (FSCA)?
  • Why traders in Nigeria should sign up with an FSCA-regulated broker?
  • Who are the best FSCA-regulated forex brokers for Nigerians in 2022?
  • How to choose a forex brokerCompare them side by side, by, low minimum deposit, high leverage, best MetaTrader 5 platforms, low spreads, and much more.
  • Which brokers on the list offer a 1st-time welcome sign-up bonus?
  • Best FSCA-broker with MetaTrader 4 and MetaTrader 5 accounts?

 

And lots more…

So if you’re ready to go “all in” with the best-regulated FSCA forex brokers for Nigerians…

Let’s dive right in…

Updated : September 6, 2022

👉 Definition: The FSCA is the market conduct regulator of financial institutions, that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law.

Best FSCA Regulated Forex Brokers in Nigeria – Comparison

🥇 Broker✔️ FSCA Broker?⚖️ Regulation🏛 CBN Regulation?💸 NGN Deposits Allowed?👉 Open An Account
1. ExnessYesFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCANoYes👉 Open Account
2. AvaTradeYesCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISANoNo👉 Open Account
3. HFMYesFSCA, CySEC, DFSA, FSA, FCA, FSC, CMANoYes👉 Open Account
4. TickmillYesASIC, FMA, FSCA, FCA, CySEC, FSA, MASNoNo👉 Open Account
5. XMYesFSCA, IFSC, ASIC, CySEC, DFSANoYes👉 Open Account
6. PepperstoneYesASIC, BaFin, CMA, CySEC, DFSA, FCA and SCBNoYes👉 Open Account
7. FXTMYesCySEC, FSCA, FCA, FSC MauritiusNoYes👉 Open Account
8. FxProYesFCA, CySEC, FSCA, DFSA, SCBNoNo👉 Open Account
9. Trade Nation YesFCA, ASIC, FSCA, SCBNoNo👉 Open Account
10. AlpariYesFinancial Services Commission Mauritius (FSC), FSCAYesYes👉 Open Account

10 Best FSCA Regulated Forex Brokers in Nigeria (2022)

  1. Exness – Overall, Best FSCA Regulated Broker 
  2. AvaTrade – Top Islamic Account for Nigerians
  3. HFM – Verified MT5 Broker
  4. Tickmill – User-Friendly AutoCharist Broker for Nigerians
  5. XM – Best Commission-Free Broker
  6. Alpari – Top NGN-Based Account in Nigeria
  7. Pepperstone – Best cTrader Broker for Nigerians
  8. Trade Nation – Verified Broker with No-Minimum Deposit
  9. FXTM – Best Proprietary Trading Platform
  10. FxPro – Top Fixed Spread Forex Broker in Nigeria

1. Exness

 

Overall Rating

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

👉 Equipped with the proper licenses and authorization, Exness is capable of providing a wide range of complete trading solutions and services to traders in Nigeria.

 

👉 It is possible to choose from a variety of account kinds at Exness, and the company provides specialized customer service seven days a week to Nigerian traders.

 

👉 Exness has among of the tightest spreads and lowest commissions in the business, as well as a safe, fair, and transparent trading environment.

 

Unique Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💸 Minimum Deposit (₦)41,000 Naira
💵 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
💰 Nigerian Naira-based Account?Yes
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutionsThere is a limited portfolio of financial instruments offered
Nigerian traders can choose between several retail investor accountsExness offers a limited number of payment methods that can be used for deposits and withdrawals
Exness offers an Islamic account conversion with no additional fees charged
Instant deposits and withdrawals are offered
Exness has customer support available 24 hours a day, 7 days a week

 

Trust Score and Nigerian Market Share

👉 Exness has a trust score of 97% and a market share of <5%.

2. AvaTrade

 

Overall Rating

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

 

Overview

👉 There are more than 1,250 tradable financial products across many asset classes at AvaTrade, one of the largest and most popular CFD and forex brokers in Nigeria.

 

👉 No matter how few account types there are at AvaTrade—there are just two—the versatile, dynamic features these accounts offer will appeal to both novice and experienced traders in Nigeria.

 

Unique Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📱 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💸 Minimum Deposit (₦)41,500 Naira
💵 Trading AssetsForex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.9 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
AvaTrade caters specifically to the unique needs of Muslim tradersThere are no variable spreads offered
There is a dedicated selection of financial markets that Muslim traders can tradeThere are inactivity fees applied as well as currency conversion fees
There is a demo account that can be used to test strategies, and practice trading
There are no additional charges on the Islamic Account
Professional traders can employ advanced technical indicators and access powerful research tools and resources
There is a large range of financial instruments offered

 

Trust Score and Nigerian Market Share

👉 AvaTrade has a high trust score of 96% and a market share of <5% in Nigeria.

3. HFM

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 HFM was founded in 2010 and is a well-regulated and internationally recognized brokerage firm. With HFM, traders in Nigeria have access to hundreds of worldwide financial markets, all while trading in a fair and transparent manner.

👉 HFM has more than 1.5 million registered customers and has earned more than 25 industry accolades since its start.

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📲 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📱 Trading PlatformMetaTrader 4 and MetaTrader 5
💸 Minimum Deposit (₦)2,000 Naira
💵 Trading AssetsForex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
💰 Nigerian Naira-based Account?Yes, along with ZAR and USD
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes
✔️ Pros❌ Cons
There are tight, competitive spreads from 0.0 pips on EUR/USDHFM only offers a few deposit and withdrawal methods to Nigerians
There is a demo account for beginners who are learning to trade and professional traders who are testing strategies
Nigerian traders can register a trading account in either USD, ZAR, or NGN
Several asset classes can be traded through HFM
Nigerian traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms

Trust Score and Nigerian Market Share

👉 HFM has a trust score of 83% and a Nigerian market share of 2.5%.

4. Tickmill

 

Overall Rating

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

 

Overview

👉 Retail and institutional traders from Nigeria can take advantage of Tickmill, a well-established and award-winning broker founded in 2015.

 

👉 More than 80 tradable instruments, ranging across many financial markets, are available to Nigerian traders through Tickmill. These include currency and commodity trading as well as stock market and index trading, as well as CFDs and other derivatives.

 

Unique Features

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsPro Account, Classic Account, VIP Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💸 Minimum Deposit (₦)41,500 Naira
💵 Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No, only USD, GBP, EUR, IDR, CNY, VND, or RUB
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill offers robust trading platforms and innovative mobile tradingCurrency conversion fees will apply for Naira deposits
Tickmill has a very high trust score and is known for its competitive trading conditionsThere are no fixed spread accounts offered
There are several convenient funding options available including Skrill, Neteller, and othersThe spreads are not the tightest
Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others

 

Trust Score and Nigerian Market Share

👉 Tickmill has a trust score of 81% and an overall market share of <5% in Nigeria.

5. XM

 

Overall Rating

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

 

Overview

👉 Nigerian beginners and experts alike like XM’s user-friendly interface and powerful trading tools.

 

👉 Aside from offering services such as auto trading and having no hidden fees or commissions, XM’s order executions are lightning quick, with 99.35 percent of all trades being completed in less than one second.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📲 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💸 Minimum Deposit (₦)2,000 Naira
💵 Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares,
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
XM has more than 5 million active clients from around the worldInactivity fees apply
Client fund safety is guaranteed, and XM offers investor protection to Nigerian tradersThere are no fixed spreads offered
XM has won several industry awards since its establishment in 2009
There are no commissions charged on either deposits or withdrawals
XM is a low-cost forex broker with a high trust score

 

Trust Score and Nigerian Market Share

👉 XM has a trust score of 84% and a market share of <5% in Nigeria.

6. Alpari

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 In business since 1998, Alpari is a well-established and well-respected broker with more than 2 million customers hailing from more than 150 countries around the world.

 

👉 With Alpari, Nigerian traders have access to a wide variety of FX and CFD instruments with low spreads, fast execution, and cutting-edge trading tools.

 

Unique Features

FeatureInformation
⚖️ RegulationFinancial Services Commission Mauritius (FSC), FSCA
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
🏛 CBN Regulation?No
💻 Trading AccountsForex Standard Account (MT4), Forex Micro Account (MT4), Forex ECN Account (MT4/5), Forex Pro Account (MT4)
📱 Trading PlatformMetaTrader 4 and 5
💸 Minimum Deposit (₦)1,000 Naira
💵 Trading AssetsForex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices
💰 Nigerian Naira-based Account?Yes
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.4 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Alpari is one of the best brokers in Nigeria with a market share of over 14%There is a limited selection of financial assets that can be traded
Advanced traders have access to AutoChartist, news from FxWirePro, and several additional toolsThere are no fixed spread accounts offered
There are dynamic trading accounts that satisfy the trading needs of several types of traders
Alpari offers MetaTrader 4 and 5 across devices
Alpari has won several awards in the years that the broker has been offering trading services

 

Trust Score and Nigerian Market Share

👉 Alpari has a trust score of 95% and an overall market share of more than 14%.

7. Pepperstone

 

Overall Rating

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

 

Overview

👉 For over 65 countries across the world, Pepperstone connects traders to domestic and international financial markets and is one of the leading trading brokers according to daily trading volumes. Pepperstone was founded in 2010.

 

👉 MetaTrader 4, MetaTrader 5, and cTrader are used by Nigerian traders to trade more than 80 financial instruments distributed over currency, commodity markets, bond markets and ETFs.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, FSCA, BaFin, CMA, CySEC, DFSA, FCA and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💸 Minimum Deposit (₦)60,700 Nigerian Naira
💵 Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indices
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Pepperstone ensures client fund security by keeping it in segregated accountsNigerian traders do not have a Naira-denominated trading account
Pepperstone is both a multi-regulated and multi-award-winning brokerThere are additional fees applied to the Islamic account
Pepperstone caters for all types of traders despite their trading experience or styleThere are some leverage restrictions
Well-regulated by some of the top market regulatory entities
Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners
There is a demo account and Islamic account offered
There are several funding options offered to traders
Deposit fees and withdrawal fees are not charged

 

Trust Score and Nigerian Market Share

👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.

8. Trade Nation

 

Overall Rating

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

 

Overview

👉 Nigerian traders can purchase and sell various financial products with Trade Nation, an authorized online trading broker. It is possible to trade on MetaTrader 4 as well as Trade Nation’s own trading platform, all while performing a variety of analytical tasks.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, ASIC, FSCA, SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsSingle retail account
📱 Trading Platform• MetaTrader 4
• Trade Nation proprietary platform
💸 Minimum Deposit (₦)None
💵 Trading Assets• Indices
• Stocks
• Precious Metals
• Forex
• Commodities
• Energies
• CFDs
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No
💸 Bonuses for Nigerian traders?None
📊 Minimum spreadFrom 0.4 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Trade Nation does not charge a minimum deposit, offering Nigerian traders with flexibilityThere is a limited selection of funding options
The broker offers transparent fixed financial spread trading across several asset classesThe spread costs are not the lowest in the industry
There is a powerful desktop platform, innovative mobile trading app, and web-based trading platformThere are leverage restrictions on the UK and Australian clients
There is commission-free trading offeredUnited States clients are not accepted
There is a wide selection of educational content and beginner guides as part of an all-inclusive education material packageInactivity account fees may apply
There is a dedicated customer service team offered
Trade Nation offers international stability through a well-established regulatory framework

 

Trust Score and Nigerian Market Share

👉 Trade Nation has a trust score of 79% and a market share of <5% in Nigeria.

9. FXTM

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 ECN and STP broker FXTM was founded in 2011 and offers over 250 financial instruments for trading in Nigeria. When it comes to trading platforms, FXTM is known for its user-friendly mobile, desktop, and web-based options.

 

👉 With a variety of instructional resources, trading tools, and account types that can be tailored to the specific needs of each trader, FXTM caters to the needs of Nigerian traders.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• Instagram
• YouTube
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💸 Minimum Deposit (₦)10,000 Naira
💵 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💰 Nigerian Naira-based Account?Yes
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FXTM is a popular and multi-regulated trading providerThere are inactivity fees that will be applied if the trading account goes dormant
FXTM offers its clients quick deposit and withdrawal methods with short processing times
There are no deposit fees charged
There are several educational materials offered
FXTM offers dedicated, local support in multiple languages

 

Trust Score and Nigerian Market Share

👉 FXTM has a trust score of 93% and an overall market share of over 9.6% in Nigeria.

10. FxPro

 

Overall Rating

Min Deposit

USD 100 / 41459 NGN

Regulators

CySec, FSCA, FCA

Trading Desk

FxPro Trading Platfrom

Crypto

Yes

Total Pairs

70+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 An established UK-based NDD broker, FxPro is regulated by the FCA, CySEC, FSCA and SCB to operate in over 173 countries, serving more than 1.3 million clients. The company was founded in 2006.

 

👉 If you’re looking for some of the best pricing in the market, FxPro’s proprietary Quotix aggregator, which collates rates from more than 12 liquidity sources, is your best bet in Nigeria.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, CySEC, FSCA, DFSA, SCB
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMT4 Instant Account, MT4 Account (Market Execution), MT5 Account, cTrader Account, FxPro Edge Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5 and cTrader
💸 Minimum Deposit (₦)41 453,00 Nigerian Naira
💵 Trading AssetsForex, cryptocurrencies, energies, stock CFDs, futures, indices, metals
💰 Nigerian Naira-based Account?Yes
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.3 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FxPro offers a broad range of tradable instruments.Limited protection at offshore entity.
FxPro offers competitive spreads.High recommended minimum deposit for Nigerian traders
FxPro provides fast order execution.FxPro Edge Platform is only available in the English language
With FxPro, Nigerian traders have multiple platforms available.Inactivity fee charged to Nigerian traders whose accounts go dormant
Nigerian traders have multiple account types available with FxPro
Third party tools available to Nigerian traders for more comprehensive analysis
Fast deposits and withdrawals available to Nigerian traders
Fixed and variable spread accounts which allow for more flexibility in pricing

 

Trust Score and Nigerian Market Share

👉 FxPro has a trust score of 90% and an overall market share of <5% in Nigeria.

Overview

👉 Financial institutions in South Africa are regulated by the Financial Sector Conduct Authority (FSCA). As such, the FSCA is responsible for ensuring that financial service providers in South Africa are regulated and that they adhere to established financial sector legislation.

 

Top 10 Brokers in Nigeria

Broker

Rating

Regulators

Min Deposit

Leverage

Sign Up Bonus

Spreads

Website

1

9/10

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC

$10

1:Unlimited

10%

0.1 pips

2

8/10

ASIC, FSA

$100

1:400

40 USD

0.91 pips

3

8/10

FSA, FCA, CySEC, FSCA

$100

1:20

30 USD

0.07 pips

4

8.7/10

CySEC, FSC, CFTC

$5

1:500

30 USD

1 pips

5

8.5/10

FSA, FSCA

$100

1:200

20 USD

0.9 pips

6

8.4/10

FSA, CySec

$1

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

 

👉 As part of the Financial Sector Conduct Authority (FSCA), all forex and CFD brokers are held to the highest standards of regulatory compliance. The FSCA’s mission is to protect the safety, soundness, and transparency of the financial markets, and these protections ensure that traders in Nigeria receive access to reputable and transparently operated Forex brokers.

The Role of the Financial Sector Conduct Authority (FSCA)

The Role of the Financial Sector Conduct Authority

👉 FSR Act 9 of 2017 established the Financial Sector Conduct Authority to replace the Financial Services Board (FSB) on 1 April 2018 as a dedicated market conduct authority.

 

👉 The role of the FSCA includes the following:

➡️ Maintain financial stability;

➡️ improve financial markets;

➡️ encourage fair consumer treatment;

➡️ provide financial education;

➡️ and aid in sustaining financial stability

 

👉 Financial products and services that are not now under the purview of the FSB banking, as well as credit services and the buying and selling of foreign exchange, are now under the purview of the FSCA according to the FSR Act.

 

👉 The FSR Act’s overall goals include financial inclusion and financial sector modernization. Strategic focus areas for the FSCA over the next three years include: building new organization; inclusive and transformed financial sector, robust regulatory framework that promotes fair customer treatment, educated financial customers, strengthened integrity of our markets, and understanding new ways of doing business and disruptive technology.

 

👉 The volume of trading on every financial market in the globe has increased dramatically in the last few years.

 

👉 The forex market has a low entrance barrier, and more forex brokers have developed as a result of the growth in trading options. Not all of the forex and CFD brokers out there can be trusted, despite the large number of options.

 

👉 Inexperienced Nigerian traders are often duped by scam brokers that pretend to be legitimate. Retail traders in Nigeria must make certain that they can check the regulation and licenses of the broker they choose to work with in order to protect their own interests.

Benefits to Nigerian traders of using an FSCA-regulated broker

Benefits to Nigerian traders of using an FSCA-regulated broker

Precautionary information is provided to beginner traders

👉 The lack of knowledge and expertise of new forex traders in Nigeria makes it difficult for them to make well-informed trading decisions, even when using sound trading techniques.

 

👉 A wide range of financial markets are covered by FSCA-regulated forex brokers, who give all sorts of traders the required knowledge and tools to help them succeed.

 

👉 Financial instruments, trading fees, trading accounts, derivatives, and other financial instruments are only a few examples of possible warnings.

 

👉 Regulated forex brokers do not give investing advice, but they do provide the essential, open disclosures that help traders keep their money safe by letting them know exactly what they’re getting into.

 

The provision of a transparent trading environment

👉 All trading activities must be fair, secure, and transparent for FSCA-regulated brokers in South Africa and Nigeria by law. Investors and traders in South Africa should expect regular updates on the status of their accounts from brokers that are subject to strict regulations.

 

Security against fraudulent activities

👉 Scam brokers are the last thing any Nigerian trader wants to learn about their investment. This can be avoided if traders in Nigeria use FSCA-regulated brokers and pay attention to market regulators’ warnings.

 

👉 Brokers with proper FSCA regulation and authorization are not involved in criminal activities because they are well-regulated. Broker clients’ money is held in segregated accounts with reputable financial institutions, and it is only accessed for trades they have authorised.

 

Deposit security

👉 Investors in Nigeria run the risk of losing money if a broker goes bankrupt. There are compensation plans in place for regulated brokers in case they can no longer satisfy their financial commitments.

 

👉 Besides this, client fund safety also means that client funds are not used for operational purposes by the broker, but only for customer-approved trading activity by the client.

 

Adherence to financial law

👉 The Financial Services Compensation Authority (FSCA) serves as a safeguard for consumers and advocates for fairness. When dealing with financial organizations, customers are also given the information they require.

 

👉 FSCA-licensed brokers are required to adhere to the FSCA’s laws and regulations. Thus, they can continue to offer financial goods and services to Nigerian and South Africa traders while still maintaining their licenses and permits.

The Best FSCA-Regulated Forex Brokers in Nigeria

The Best FSCA-Regulated Forex

👉 It is essential that Nigerian traders register with regulated and reputable Forex brokers. Signing up with an FSCA-regulated Forex brokers ensures that Nigerian traders will be working with legally compliant and transparent brokers, the best of which are featured on this list.

👉 This “10 Best” is a comprehensive study of the FX market done by our staff in March 2022. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.

👉 To verify that all data is current, our forex research team double-checked it on the broker’s official website and datasheet. The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support.

👉 The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:

  1. Best Customer Support
  2. Lowest Spreads and Commissions
  3. Regulation
  4. Variety of trading instruments
  5. Highest leverage
  6. Negative reviews by their clients
  7. Minimum Deposit to start trading

👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.

➡️ Exness

➡️ AvaTrade

➡️ HFM

➡️ Tickmill

➡️ XM

➡️ Alpari

➡️ Pepperstone

➡️ Trade Nation

➡️ FXTM

➡️ FxPro

How to choose a forex broker

How to choose a forex broker

👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

Regulations and Licenses

Regulations and Licenses

👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.

Account Features

Account Features

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

Deposits and Withdrawals

Deposits And Withdrawals

👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

Range of Markets

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.

Customer Support

Customer Support

👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

Trading Platform

Trading Platform

👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

Education and Research

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Nigeria

👉 In this post we have listed the best FSCA-regulated Forex brokers that operate in Nigeria, offering a transparent and secure trading environment to Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.

Best MT4 Forex broker for Nigerian traders

Best MT4 Forex broker

👉 Exness gets our vote as the best MT4 Forex broker which also offers fantastic trading conditions and some of the lowest pricing in the industry.

Best Forex broker offering an Islamic Account to Nigerian traders

Best Forex broker offering an Islamic Account

👉 AvaTrade is the best Islamic account holding broker for Nigerian traders of the Muslim faith, who can take advantage of specially tailored swap-free conditions along with full access to the broker’s award winning AvaTradeGO mobile app.

Best MT5 Forex broker for Nigerian traders

Best MT5 Forex broker

👉 HFM is the best MT5 broker for Nigerian traders which allows experienced investors to take advantage of the enhanced trading features of this renowned trading platform.

Best AutoChartist Forex broker for Nigerian traders

Best AutoChartist Forex broker

👉 Tickmill provides full access to AutoChartist for Nigerian traders, ensuring enhanced charting and analytical capabilities.

Best commission-free Forex broker for Nigerian traders

Best commission-free Forex broker

👉 XM provides Nigerian traders with commission-free trading alongside tight spreads and a transparent trading environment.

Best Forex broker with Naira-based trading accounts for Nigerian traders

Best Forex broker with Naira-based trading account

👉 Alpari offers Naira-based trading accounts to Nigerian traders, allowing them to avoid incurring expensive conversion fees on both deposits and withdrawals.

Best cTrader Forex broker for Nigerian traders

Best cTrader Forex broker

👉 Pepperstone is the best cTrader Forex broker that gives Nigerian traders access to this advanced and multifunctional trading platform.

Best Forex broker with no minimum deposit for Nigerian traders

Best Forex broker with no minimum deposit

👉 Trade Nation does not have a minimum deposit requirement for Nigerian traders, ensuring greater flexibility in their funding and trading choices.

Best Forex broker offering a proprietary trading platform to Nigerian traders

Best Forex broker offering a proprietary trading platform

👉 FXTM offers an advanced and comprehensively featured proprietary trading platform, called FXTM Trader, to Nigerians.

Best Forex broker with fixed spreads for Nigerian traders

Best Forex broker with fixed spreads

👉 FxPro provides traders with very tight, fixed spreads (as well as variable spreads) allowing for a competitive trading environment and greater flexibility.

FAQ

What is the FSCA?

The FSCA (Financial Sector Conduct Authority) is a market conduct regulator for financial institutions in South Africa that provide financial products and financial services, this includes Banks, insurers and other non-banking Financial Institutions.

 

How do you verify FSCA regulation?

You can verify FSCA regulation by checking for the broker’s license number listed on the official FSCA website

 

Why should you trade with FSCA regulated brokers?

It is vital to regulate financial markets in order to lower the risk of trading activities for participants and, as a result, to reduce the potential losses caused by a bad trading environment and broker malpractices.

 

Is Forex trading legal in Nigeria?

Yes, Forex trading is legal in Nigeria

 

Which is the best FSCA-regulated Forex broker?

There are several leading FSCA-regulated Forex brokers which operate in Nigeria, and we have featured the best of them in this comprehensive list.

Conclusion

👉 Now it is your turn to participate:

➡️ Which broker from this list do you intend to test out?

➡️ What was the determining factor in your decision to engage with a certain broker?

➡️ Was it because of the minimum deposit or because of leverage?

 

👉 Regardless, please share your thoughts in the comments below.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.6/10 - (15 votes)

Table of Contents

Menu