10 Best ASIC Regulated Forex Brokers for Nigeria
The 10 Best ASIC Regulated Forex Brokers in Nigeria. We tested and verified the best ASIC-regulated forex brokers for Nigerian Traders.
This is a complete list of ASIC Regulated forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is Australian Securities and Investments Commission (ASIC)-regulated brokers?
- What are the benefits of trading with ASIC-regulated forex brokers?
- Who are the best ASIC-Regulated Forex Brokers in Nigeria?
- How to choose a forex broker – Compare them side by side by advantages, regulatory framework, trading conditions, and much more.
- Which broker offer a sign-up bonus for first-time traders?
- What is the difference between ASIC- and CySEC-regulated brokers?
- Which ASIC-regulated brokers are best for beginner traders?
- Which brokers offer a sign-up bonus for first-time traders?
- Which broker offers a low minimum deposit of $5 (2 097 NGN)?
And lots more…
So if you’re ready to go “all in” with the best-tested ASIC-Regulated forex brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best ASIC Regulated Forex Brokers for Nigeria – Comparison
| 🥇 Broker | ✔️ ASIC Regulated Broker? | 💵 Minimum Deposit (₦) | 💰 Nigerian Naira-based Account? | 💸 NGN Deposits Allowed? | 👉 Open Account |
| 1. XM | Yes | 2,000 NGN | No | Yes | 👉 Open Account |
| 2. FXTM | Yes | 10,000 NGN | Yes | Yes | 👉 Open Account |
| 3. AvaTrade | Yes | 41,500 NGN | No | No | 👉 Open Account |
| 4. Pepperstone | Yes | 60,700 NGN | No | Yes | 👉 Open Account |
| 5. IC Markets | Yes | 83,000 NGN | No | No | 👉 Open Account |
| 6. Admirals | Yes | 400 NGN | No | No | 👉 Open Account |
| 7. FP Markets | Yes | 30,800 NGN | No | Yes | 👉 Open Account |
| 8. Capital.com | Yes | 8,000 NGN | No | Yes | 👉 Open Account |
| 9. Plus500 | Yes | 41,600 NGN | No | No | 👉 Open Account |
| 10. FXCM | Yes | 20,700 NGN | No | Yes | 👉 Open Account |
10 Best ASIC Regulated Forex Brokers for Nigeria (2023)
- XM – Overall, Best ASIC Regulated Broker
- FXTM – Best Broker for Beginner Traders
- AvaTrade – Top Mobile Trading App for Nigerians
- Pepperstone – Verified cTrader Forex Broker
- IC Markets – Best Raw Spread Forex Broker for Nigerians
- Admirals – Top MT4 Forex Broker
- FP Markets – User-Friendly MT5 Forex Brokers for Nigerians
- Capital.com – Best TradingView Forex Broker
- Plus500 – Top Forex Broker for Experienced Traders
- FXCM – Verified Customer Support for Nigerians
1. XM
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
Overview
👉 XM Group offers Nigerian traders a wide range of assets to choose from and is governed by some of the industry’s most reputable regulatory bodies.
👉 Trading Point Financial Instruments Ltd., the firm that owns XM Group, was founded in 2009 and has offices in Sydney, London, and Belize City.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📲 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💵 Minimum Deposit (₦) | 2,000 Naira |
| 💸 Trading Assets | Forex, 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 spread | From 0.0 pips |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM has more than 5 million active clients from around the world | Inactivity fees apply |
| Client fund safety is guaranteed, and XM offers investor protection to Nigerian traders | There 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.
2. FXTM
Overall Rating
- 4.6/5
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
👉 For Nigerian traders of all skill levels, FXTM is a dependable ECN/STP broker that offers a wide range of trading options, excellent customer support, and high-quality trading resources, making it an excellent pick.
👉 Beginner Nigerian traders will get access to a demo account, educational resources, and the CENT account from FXTM to help them get started.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius, ASIC |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📲 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💵 Minimum Deposit (₦) | 10,000 Naira |
| 💸 Trading Assets | Precious 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 spread | From 0.0 pips |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FXTM is a popular and multi-regulated trading provider | There 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.
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
Overview
👉 Traders throughout Nigeria use AvaTrade’s services since it is a regulated broker with an excellent reputation. Trade a wide variety of tradable assets with AvaTrade, including forex options, which are a somewhat unique offering.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📲 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💵 Minimum Deposit (₦) | 41,500 Naira |
| 💸 Trading Assets | Forex, 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 spread | From 0.9 pips EUR/USD |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade caters specifically to the unique needs of Muslim traders | There are no variable spreads offered |
| There is a dedicated selection of financial markets that Muslim traders can trade | There 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.
4. Pepperstone
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
Overview
👉 Pepperstone is one of the world’s largest Forex brokers. Pepperstone has a solid reputation, with tens of thousands of customers in Nigeria using the platform every day.
👉 Over 150 instruments are available for trading on Pepperstone, including currencies, cryptocurrencies, indices, and a slew of other markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📲 Trading Platform | MetaTrader 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 spread | From 0.0 pips |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There 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.
5. 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
👉 The Australian Securities and Investments Commission (ASIC) and the Seychelles Financial Services Authority (SFSA) have regulated IC Markets since its inception in 2007.
👉 One of the best options for professional Nigerian traders, IC Markets has services and features that can be used by both novice and experienced traders alike.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC, FSA in Seychelles, and SCB |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📲 Trading Platform | cTrader Account, Raw Spread Account, Standard Account |
| 💵 Minimum Deposit (₦) | 83,000 Nigerian Naira |
| 💸 Trading Assets | • Forex • Commodities • Indices • Bonds • Cryptocurrencies • Stocks • Futures |
| 💰 Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | No |
| ✔️ Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| IC Markets is reputable and well-regulated, offering a safe environment and investor protection | The initial deposit is higher than other brokers |
| The broker is compliant with regulatory requirements | There may be a conversion fee charged |
| IC Markets offers a wide range of tools, technical indicators, trading ideas, and comprehensive trading services. | United States traders, amongst some other regions, are not accepted |
| The broker accepts all trading strategies including automated trading strategies, scalping, hedging, and so on. | Fixed spread accounts are not provided |
| IC Markets is known for providing a safe, transparent trading experience through powerful desktop platforms, web terminals, and mobile trading platforms | IC Markets does not have any proprietary trading platforms |
| There are several educational articles offered to beginner traders | |
| Traders can expect deep liquidity and reliable trade execution | |
| There is a transparent fee structure with low trading costs and competitive spreads | |
| There is a wide range of tradable instruments offered |
Trust Score and Nigerian Market Share
👉 IC Markets has a very high trust score of 85% and a market share of <5% in Nigeria.
6. Admirals
Overall Rating
- 4.1/5
Min Deposit
400 Nigerian Naira equivalent to $1
Regulators
FCA, ASIC, CySEC, EFSA, JSC
Trading Desk
• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App
Crypto
Yes
Total Pairs
35 Forex Currency Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 To sum up Admirals, it can be described as an established and trustworthy broker that offers a wide range of financial instruments to Nigerian traders. A user-friendly trading environment and superior educational materials are provided by Admirals.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, EFSA, JSC |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Trade MT5 Account, Invest MT5, Zero MT5, Bets MT5, Trade MT4, Zero MT4 |
| 📲 Trading Platform | • MetaTrader 4 • MetaTrader 5 • Admirals Mobile App |
| 💵 Minimum Deposit (₦) | 400 Nigerian Naira |
| 💸 Trading Assets | • ESG Trading Instruments • Forex • Cryptocurrency CFDs • Commodities • Indices • Stocks • ETFs • Bonds • Spread Betting |
| 💰 Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | Yes |
| ✔️ Bonuses for Nigerian traders? | Referral Programme |
| 📊 Minimum spread | from 0.0 pips |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Admirals is well-regulated in several regions globally | There is an inactivity fee charged |
| Admirals offers commission-free options | Nigerian traders are subject to currency conversion fees |
| The broker accepts Nigerian traders despite their trading skills or trading strategies | There are deposit and withdrawal fees charged |
| There are user-friendly platforms available across devices | There are admin fees charged on the Islamic account |
| There is a wide range of tradable markets, complex instruments, and leveraged products | There is only one account type that can be converted to an Islamic Account |
| Admirals offers the MetaTrader Supreme Edition | |
| Traders are given access to premium analytics | |
| There are several educational materials, resources, and tools offered |
Trust Score and Nigerian Market Share
👉 Admirals has a trust score of 83% and a market share of <5% in Nigeria.
7. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FP Markets was created in 2005, and is licensed and regulated by ASIC. Forex, Equities, Metals, Commodities, Indices and Cryptocurrency CFD trading are just a few of the more than 10,000 financial products available to Nigerian traders at FP Markets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📲 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💵 Minimum Deposit (₦) | 30,800 NGN |
| 💸 Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| 💰 Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | Yes |
| ✔️ Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.0 pips |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FP Markets is a well-regulated broker that has a high level of trustworthiness | There are no fixed spread accounts offered |
| There is a wide range of markets that can be traded across asset classes | There is no dedicated Naira account offered to Nigerian traders |
| There are powerful trading platforms supported across devices | There are withdrawal fees charged |
| Nigerian traders receive an ECN pricing model with raw and tight spreads | There are administration fees charged on the Islamic Account |
| There is guaranteed fast trade execution through the Equinix servers | |
| Commission-free trading is provided | |
| There is a dedicated Islamic account option for Muslim traders | |
| There are no inactivity fees charged on dormant accounts | |
| Copy-trading and automatic trading is offered |
Trust Score and Nigerian Market Share
👉 FP Markets has a high trust score of 81% and a market share of <5% in Nigeria.
8. Capital.com
Overall Rating
- 4.5/5
Min Deposit
USD 20 / 8292 NGN
Regulators
CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Trading Desk
Market maker
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Founded in 2016, Capital.com is an online brokerage firm that is owned and run by Capital Com SV Investments Limited. More than 183 countries throughout the world are currently accepted by the broker’s offices in the United Kingdom, Cyprus, Gibraltar, and Belarus.
👉 Trading is available on over 3,700 assets, including 27 indices, 200 cryptocurrencies, 37 commodities, 3293 stocks, and 138 currency pairings, all of which are available through the broker’s trading desk.
👉 Capital.com is one of the greatest brokers available to Nigerian traders because of its large selection of assets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FCA, NBRB, and CySEC |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account |
| 📲 Trading Platform | • Capital.com Web • Capita.com Mobile • MetaTrader 4 • Trading View |
| 💵 Minimum Deposit (₦) | 8,000 Nigerian Naira |
| 💸 Trading Assets | • Indices • Forex • Commodities • Cryptocurrencies • Shares |
| 💰 Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | Yes |
| ✔️ Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.6 pip EUR/USD |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Capital.com is a well-regulated broker that reports excellent user experience | There are restrictions on leverage ratios |
| Capital.com offers a proprietary platform, mobile trading apps, and MetaTrader 4 | The spreads are marked-up |
| There is a transparent fee structure with tight spreads, commission-free trading, and a reasonable overnight fee charge | |
| Offers thematic investments and Capital.com TV | |
| The broker accepts all trading strategies including algorithmic trading, mobile trading, scalping, and others |
Trust Score and Nigerian Market Share
👉 Capital.com has a trust score of 76% and a market share of <5% in Nigeria.
9. Plus500
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 If you’re looking to trade CFDs, Plus500 is one of the best options out there. It charges very low spreads, offers traders a superb platform with fast trades, allows complex trades, and protects against negative balances. Plus, it helps traders learn about trading.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Single retail trading account |
| 📲 Trading Platform | • Proprietary Plus500 trading platform |
| 💵 Minimum Deposit (₦) | 41,600 Nigerian Naira |
| 💸 Trading Assets | • Indices • Forex • Commodities • Cryptocurrencies • Shares • Options • Exchange-traded funds (ETFs) |
| 💰 Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | No |
| ✔️ Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | from 0.8 pip |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Plus500 is well-regulated and has a high trust score | There is an inactivity fee charged on dormant accounts after a few months of inactivity |
| There is multilingual customer service offered 24/7 across communication channels | Guaranteed stops come at an additional charge |
| All client funds are held in segregated accounts | Plus500 restricts retail traders in certain regions |
| There is a wide range of markets to choose from | Restricted maximum leverage |
| The trading costs are low and can suit any financial restrictions that traders may have, especially novice traders | Trading strategies such as expert advisors, automated trading, hedging, scalping, and others, are prohibited |
| There are no commissions charged on trades | There is no desktop platform offered |
| There are no deposit fees charged | |
| The proprietary platform is robust | |
Trust Score and Nigerian Market Share
👉 Plus500 has a very high trust score of 99% and a market share of <5% in Nigeria.
10. FXCM
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 124 350 NGN
Regulators
FCA
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 For social/copy trading, FXCM offers ZuluTrade, while for automated trading, NinjaTrader is the platform of choice.
👉 Costs are reasonable, but the selection of products and solutions is extremely limited. High-quality teaching resources for novice and intermediate Nigerian traders is available from FXCM.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Spread betting account, CFD Trading account, Active Trader account, Professional Trader Account |
| 📲 Trading Platform | • Trading Station • MetaTrader 4 • NinjaTrader • ZuluTrade |
| 💵 Minimum Deposit (₦) | 20,700 NGN |
| 💸 Trading Assets | • Forex • Shares • Indices • Commodities • Cryptocurrencies |
| 💰 Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | Yes |
| ✔️ Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | from 0.2 pip |
| 📲 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FXCM is multi-regulated and guarantees client fund security | The spreads are not the tightest |
| There is a choice between trading platforms | There are fees charged on the Islamic Account |
| FXCM offers investor protection | There is no Naira-denominated account for Nigerian traders |
| There is social trading offered through ZuluTrade | Currency conversion fees could be charged if Nigerian traders deposit in Naira |
| There is advanced charting offered through TradingView | There are no local deposit and withdrawal methods offered for Nigerians |
| Traders have access to daily analysis offered by Trading Central | The fee schedule is very complex |
| There are competitive trading conditions offered | |
| There is an Islamic Account and Demo account provided |
Trust Score and Nigerian Market Share
👉 FXCM has a very high trust score of 93% and a market share of <5% in Nigeria.
Overview
👉 To guarantee a level playing field for traders in Nigeria, ASIC monitors Forex brokers constantly and requires strong licensing criteria to ensure that the market is fair.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 The safety of your money is guaranteed if you use an ASIC-regulated Forex broker. Using an ASIC-regulated Forex broker, Nigerian traders can utilize hedging and scalping, but leverage is limited to 30:1 and bonuses and promotions are banned.
The benefits of trading with an ASIC-regulated Forex broker
👉 The advantages of using an ASIC-regulated broker over an unregulated broker are numerous. Licensed brokers must meet a variety of conditions in order to be regarded legitimate by ASIC.
Security is guaranteed
👉 Brokers who are governed by ASIC must safeguard the funds of their clients by storing such monies at reputable Australian banks in segregated accounts to ensure their safety. Internal staff and third-party operators will not be able to mishandle money on offshore accounts or otherwise misuse it.
Clear regulatory framework
👉 Rules that are in conflict with one another are not uncommon among forex brokers. Brokers that enforce both the FIFO and no-hedging rules, for example, are few and far between.
👉 The FIFO rule states that investors should close their oldest positions first, whereas the no hedging rule states that one should not open numerous positions to reduce risk.
👉 As a result of the restricted risk management alternatives provided by these two regulations, traders will be unable to properly decrease their risks. An ASIC-regulated broker doesn’t demand its clients to obey rules that contradict each other, minimizing the likelihood of confusion for its customers.
Regularly updated trading conditions
👉 Brokers who are subject to ASIC regulation must keep up-to-date with the latest trading platforms and resources available to their customers. As a result, they are able to compete with other ASIC-regulated brokers and brokers from around the world, fostering a healthy level of competition.
👉 Additionally, ASIC-regulated brokerages are prohibited from providing training to their clients to avoid conflicts of interest. As a result, the broker-trader relationship is stronger.
Strong customer service component
👉 ASIC-regulated brokers are widely considered to be the best in the industry since they are expected to respond to customers’ complaints quickly and effectively. Most ASIC brokers are among the best forex traders in the world because of their transparent transactions and world-class knowledge.
The Best ASIC-Regulated Forex Brokers in Nigeria
👉 ASIC-regulated Forex brokers provide Nigerian traders with numerous advantages, including a secure trading environment, a strong regulatory framework, and excellent customer service.
👉 In this article we have compiled the best ASIC-regulated brokers which operate in Nigeria and offer superior trading conditions to Nigerian traders.
👉 This “10 Best” is a comprehensive study of the FX market done by our staff in March 2023. 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:
- Best Customer Support
- Lowest Spreads and Commissions
- Regulation
- Variety of trading instruments
- Highest leverage
- Negative reviews by their clients
- 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.
➡️ XM
➡️ FXTM
➡️ AvaTrade
➡️ Pepperstone
➡️ IC Markets
➡️ Admirals
➡️ FP Markets
➡️ Capital.com
➡️ Plus500
➡️ FXCM
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
👉 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 include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
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
👉 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 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
👉 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 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 ASIC-regulated Forex brokers that operate in Nigeria to provide a secure and transparent trading environment. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best Forex broker offering NGN trading accounts to Nigerian traders
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
👉 XM provides excellent NGN-based trading accounts that allow Nigerian traders to avoid hefty conversion fees and enjoy fast deposits and withdrawals.
Best customer support Forex broker for Nigerian traders
Overall Rating
- 4.6/5
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
👉 FXTM offers excellent multilingual customer support from a multilingual team of trained and professional support operators.
Best mobile trading app for Nigerian Forex traders
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
👉 AvaTrade repeatedly makes the list for best mobile trading app, as its award-winning AvaTradeGO app is one of the most popular and dynamic options available to Nigerian traders.
Best cTrader Forex broker for Nigerian Forex traders
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
👉 Pepperstone is the best cTrader Forex broker on this list, offering the trading platform to Nigerian traders along with competitive pricing and a highly regulated environment.
Best raw spread Forex broker for Nigerian traders
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
👉 IC Markets offers an excellent Raw Spread account to Nigerian traders, and its fees overall are competitive.
Best MT4 Forex broker for Nigerian traders
Overall Rating
- 4.1/5
Min Deposit
400 Nigerian Naira equivalent to $1
Regulators
FCA, ASIC, CySEC, EFSA, JSC
Trading Desk
• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App
Crypto
Yes
Total Pairs
35 Forex Currency Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Admirals is the best MT4 Forex broker which provides Nigerian traders with an updated version of the popular platform as well as excellent technical support.
Best MT5 Forex broker for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FP Markets makes the cut as the best broker offering MT5 to Nigerian traders, which is the updated version of MT4 and comes with a range of additional features which experienced traders in Nigeria will appreciate.
Best TradingView Forex broker for Nigerian traders
Overall Rating
- 4.5/5
Min Deposit
USD 20 / 8292 NGN
Regulators
CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Trading Desk
Market maker
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Capital.com offers Nigerian traders full access to trading view for an advanced analytical experienced and superior trading capabilities.
Best Forex broker for experienced Nigerian traders
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
👉 Plus500 provides numerous tools, indicators and charting capabilities which will be of especial use to experienced Nigerian traders.
Best Forex Broker for beginner Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 124 350 NGN
Regulators
FCA
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FXCM is popular with beginner traders in Nigeria for its comprehensive educational resources and excellent customer support.
FAQ
What is ASIC?
The Australian Securities and Investment Commission (ASIC) serves as the country’s unified corporate, financial and consumer credit regulator.
Which are the best ASIC-regulated Forex brokers?
There are only a few exceptional ASIC-regulated Forex brokers operating in Nigeria today, and we have included them on this comprehensive list.
How can ASIC regulation protect you?
Today’s financial trading sector places a premium on regulation. As a result of ASIC regulation, trade in the financial sector is safe, dependable, and secure. The ethics of a firm can’t be controlled if there is no legislation in place.
How do you verify ASIC regulation?
To identify if a forex broker is regulated by ASIC, the first step is to identify the register number from the disclosure text at the bottom of the broker’s Australia homepage.
Why trade with an ASIC-regulated Forex broker?
There are few truly robust regulators in the world, and ASIC is one of them. ASIC has already built a reputation for guaranteeing trader security and dealing harshly with bad brokers.
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.
