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best asic regulated forex brokers review

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…

Updated : July 21, 2022

Best ASIC Regulated Forex Brokers for Nigeria – Comparison

🥇 Broker✔️ ASIC Regulated Broker?💵 Minimum Deposit (₦)💰 Nigerian Naira-based Account?💸 NGN Deposits Allowed?👉 Open Account
1. XMYes2,000 NGNNoYes👉 Open Account
2. FXTMYes10,000 NGNYesYes👉 Open Account
3. AvaTradeYes41,500 NGNNoNo👉 Open Account
4. PepperstoneYes60,700 NGNNoYes👉 Open Account
5. IC MarketsYes83,000 NGNNoNo👉 Open Account
6. AdmiralsYes400 NGNNoNo👉 Open Account
7. FP MarketsYes30,800 NGNNoYes👉 Open Account
8. Capital.comYes8,000 NGNNoYes👉 Open Account
9. Plus500Yes41,600 NGNNoNo👉 Open Account
10. FXCMYes20,700 NGNNoYes👉 Open Account

10 Best ASIC Regulated Forex Brokers for Nigeria (2022)

  1. XM – Overall, Best ASIC Regulated Broker
  2. FXTM – Best Broker for Beginner Traders
  3. AvaTrade – Top Mobile Trading App for Nigerians
  4. Pepperstone – Verified cTrader Forex Broker
  5. IC Markets – Best Raw Spread Forex Broker for Nigerians
  6. Admirals – Top MT4 Forex Broker
  7. FP Markets – User-Friendly MT5 Forex Brokers for Nigerians
  8. Capital.com – Best TradingView Forex Broker
  9. Plus500 – Top Forex Broker for Experienced Traders
  10. FXCM – Verified Customer Support for Nigerians

1. XM

 

Xm.com Logo 1 1024x514 1

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

👉 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

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.

2. 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

👉 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

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius, ASIC
📱 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.

3. 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

👉 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

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.

4. Pepperstone

 

Pepperstone-Logo-Tagline-RGB-BlackBlue

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

Australia, Bahamas, Cyprus, Dubai, Germany, Kenya, UK

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradeView

Crypto

Yes

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

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

FeatureInformation
⚖️ RegulationASIC, 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.

5. IC Markets

 

Overall Rating

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

FeatureInformation
⚖️ RegulationASIC, CySEC, FSA in Seychelles, and SCB
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📲 Trading PlatformcTrader 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 spreadFrom 0.0 pips
📲 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
IC Markets is reputable and well-regulated, offering a safe environment and investor protectionThe initial deposit is higher than other brokers
The broker is compliant with regulatory requirementsThere 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 platformsIC 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

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

FeatureInformation
⚖️ RegulationFCA, ASIC, CySEC, EFSA, JSC
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsTrade 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 spreadfrom 0.0 pips
📲 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Admirals is well-regulated in several regions globallyThere is an inactivity fee charged
Admirals offers commission-free optionsNigerian traders are subject to currency conversion fees
The broker accepts Nigerian traders despite their trading skills or trading strategiesThere are deposit and withdrawal fees charged
There are user-friendly platforms available across devicesThere are admin fees charged on the Islamic account
There is a wide range of tradable markets, complex instruments, and leveraged productsThere 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

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

60

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

FeatureInformation
⚖️ RegulationASIC, CySEC
📱 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📲 Trading PlatformMT4/5 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 spreadfrom 0.0 pips
📲 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FP Markets is a well-regulated broker that has a high level of trustworthinessThere are no fixed spread accounts offered
There is a wide range of markets that can be traded across asset classesThere is no dedicated Naira account offered to Nigerian traders
There are powerful trading platforms supported across devicesThere are withdrawal fees charged
Nigerian traders receive an ECN pricing model with raw and tight spreadsThere 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

 

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Overall Rating

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

FeatureInformation
⚖️ RegulationASIC, FCA, NBRB, and CySEC
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsRetail 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 spreadfrom 0.6 pip EUR/USD
📲 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Capital.com is a well-regulated broker that reports excellent user experienceThere are restrictions on leverage ratios
Capital.com offers a proprietary platform, mobile trading apps, and MetaTrader 4The 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

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

FeatureInformation
⚖️ RegulationASIC, FMA, FSCA, FCA, CySEC, FSA, MAS
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsSingle 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 spreadfrom 0.8 pip
📲 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Plus500 is well-regulated and has a high trust scoreThere is an inactivity fee charged on dormant accounts after a few months of inactivity
There is multilingual customer service offered 24/7 across communication channelsGuaranteed stops come at an additional charge
All client funds are held in segregated accountsPlus500 restricts retail traders in certain regions
There is a wide range of markets to choose fromRestricted maximum leverage
The trading costs are low and can suit any financial restrictions that traders may have, especially novice tradersTrading strategies such as expert advisors, automated trading, hedging, scalping, and others, are prohibited
There are no commissions charged on tradesThere 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

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

FeatureInformation
⚖️ RegulationFCA, ASIC, CySEC, FSCA
📱 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsSpread 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 spreadfrom 0.2 pip
📲 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FXCM is multi-regulated and guarantees client fund securityThe spreads are not the tightest
There is a choice between trading platformsThere are fees charged on the Islamic Account
FXCM offers investor protectionThere is no Naira-denominated account for Nigerian traders
There is social trading offered through ZuluTradeCurrency conversion fees could be charged if Nigerian traders deposit in Naira
There is advanced charting offered through TradingViewThere are no local deposit and withdrawal methods offered for Nigerians
Traders have access to daily analysis offered by Trading CentralThe 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

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

$100

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

 

👉 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

Best Flexible 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

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

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

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

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

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 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.

➡️ XM

➡️ FXTM

➡️ AvaTrade

➡️ Pepperstone

➡️ IC Markets

➡️ Admirals

➡️ FP Markets

➡️ Capital.com

➡️ Plus500

➡️ FXCM

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 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

Best Forex broker offering NGN trading accounts to Nigerian traders

👉 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

Best customer support Forex broker

👉 FXTM offers excellent multilingual customer support from a multilingual team of trained and professional support operators.

 

Best mobile trading app for Nigerian Forex traders

Best mobile trading app

👉 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

Best cTrader Forex broker

👉 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

Best raw spread Forex broker

👉 IC Markets offers an excellent Raw Spread account to Nigerian traders, and its fees overall are competitive.

 

Best MT4 Forex broker for Nigerian traders

Best MT4 Forex broker

👉 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

Best MT5 Forex broker

👉 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

Best TradingView Forex broker

👉 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

Best Forex broker for experienced

👉 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

Best Forex Broker for beginner

👉 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.

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