8 Best CySEC Regulated Forex Brokers in Nigeria
The 8 Best CySEC-Regulated Forex Brokers in Nigeria revealed. We tested and verified the best CySEC-Regulated forex brokers for Nigerian Traders.
This is a complete guide to CySEC-Regulated forex brokers in Nigeria.
In this in-depth guide you’ll learn:
• What the Cyprus Securities and Exchange Commission (CySEC)?
• Why traders in Nigeria should sign up with a CySEC-regulated broker.
• Who are the best CySEC-Regulated forex brokers for Nigerians in 2023?
• How to choose a forex broker – Compare them side by side with their sign-up bonus, leverages, minimum deposits, and much more…
• Which broker offers a welcome sign-up bonus?
• Why CySEC-regulation is important?
And lots more…
So if you’re ready to go “all in” with the best-tested CySEC-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
👉 Definition: The Cyprus Securities Exchange Commission, commonly known as CySEC, is the regulatory body for the financial industry in Cyprus, which has the mission to exercise effective supervision in order to ensure investor protection.
Best CySEC Regulated Forex Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ CySEC Broker? | ⚖️ Regulation | 🏛 CBN Regulation? | 💸 NGN Deposits Allowed? | 👉 Open An Account |
| 1. Exness | Yes | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA | No | Yes | 👉 Open Account |
| 2. RoboForex | Yes | CySEC, FSCA, FCA, FSC Mauritius | Yes | Yes | 👉 Open Account |
| 3. Pepperstone | Yes | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | No | Yes | 👉 Open Account |
| 4. FP Markets | Yes | ASIC, CySEC | No | Yes | 👉 Open Account |
| 5. XM | Yes | FSCA, IFSC, ASIC, CySEC, DFSA | No | Yes | 👉 Open Account |
| 6. Plus500 | Yes | ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS | No | No | 👉 Open Account |
| 7. OctaFX | Yes | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) | No | No | 👉 Open Account |
8 Best CySEC Regulated Forex Brokers in Nigeria (2023)
- Exness – Overall, Best CySEC Brokers in Nigeria
- RoboForex – Best Crypto Trader
- FXTM – Best NGN-Based Trading Account
- Pepperstone – Best TradingView Forex Broker for Nigerians
- FP Markets – Best ECN Forex Broker
- XM – Best Commission-Free Deposits and Withdrawals
- Plus500 – Best Broker for Experienced Nigerian Traders
- OctaFX – Best cTrader Broker for Nigerians
1. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Nigerian traders can choose from more than 120 different financial products through the Exness Group, which was established in 2008. Exness’ trading platforms include MetaTrader 4, MetaTrader 5, and mobile trading platforms.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💸 Minimum Deposit (₦) | 41,000 Naira |
| 💵 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 💰 Nigerian Naira-based Account? | Yes |
| 💳 NGN Deposits Allowed? | Yes |
| 💸 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pors | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | There is a limited portfolio of financial instruments offered |
| Nigerian traders can choose between several retail investor accounts | Exness 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. RoboForex
Overall Rating
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
🥇 Trust Score: 66%
✔️ Overall Rating: 9/10
👉 RoboForex is an online broker that offers a wide range of tradable instruments across several asset classes. RoboForex offers Nigerian traders a choice between different trading accounts, with the benefit that there are ultra-low minimum deposits and high leverage ratios offered.
Features
| Feature | Value |
| 📉 Minimum Deposit | 4,100 Naira or an equivalent to $10 |
| 📈 Maximum Deposit | None |
| 💵 Account Base Currencies | USD, EUR, CNY, GOLD |
| 📊 Max Leverage Ratio | 1:2000 |
| 💸 Naira Deposits Allowed? | Yes |
| ✔️ Offers a Naira Account? | No |
| 💰 Nigerian Customer Support? | No |
| 📊 Account Types | Prime Account, Kenya ECN Account, R StocksTrader Account, ProCent Account, Pro Account |
| 💻 Trading Assets | Forex, Stocks, Indices, ETFs, Commodities, Metals, Energy Commodities, Cryptocurrencies |
| ✔️ Negative Balance Protection? | Yes |
| 📞 Margin Call | 40% to 60% |
| 🛑 Stop-Out | 10% to 40% |
| 📉 Minimum Trade Size | 0.01 lots |
| ✔️ PROS | ❌ CONS |
| There is a range of markets that can be traded | There are withdrawal fees charged on payment methods |
| Nigerian traders have access to a range of trading tools and research options | There is no Naria-denominated account offered |
| There is a low minimum deposit on trading accounts | |
| There are powerful trading platforms available across devices, including mobile phones | |
| RoboForex offers competitive trading conditions to Nigerian retail traders |
Market Share in Nigeria
👉 RoboForex may not dominate the Nigerian forex market, but the broker is an extremely popular option in the country.
3. 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
👉 Founded in 2011 in Cyprus (Limassol), the FXTM or Forex Time broker is also regulated by the Financial Conduct Authority and other authorities.
👉 FXTM provides Nigerian traders with a great selection of 6 tailored account types along with comprehensive trading resources for beginner traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 📲 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 |
| ✔️ Pors | ❌ 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.
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
👉 Online forex and CFD broker Pepperstone Limited offers low-cost pricing on all FX, CFDs, and commodities.
👉 Nigerian traders can open a live account for as little as $200, or they can use Pepperstone’s demo account instead. Additionally, Pepperstone provides Nigerian traders with access to more than 170 instruments, including 61 currency pairs.
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 |
| ✔️ Pors | ❌ 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. 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
👉 Since its inception in 2005, FP Markets has grown to service more than 12,000 clients in over 100 countries.
👉 FP Markets uses electronic bridges and DMA pricing models to connect Nigerian traders to the market.
👉 Forex, indices, commodities, metals, bitcoin, cryptocurrencies and equity CFDs are just some of the 13,000+ items Nigerian traders may trade with FP Markets, all with competitive spreads and flexible leverage. Because FP Markets is a well-established Australian broker, it is rated as safe.
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 |
| ✔️ Pors | ❌ 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.
6. 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 serves customers in 196 countries and provides assistance in 30 different languages. They have a large variety of trading products to pick from that attract 1.5 million customers.
👉 An appropriate account type decision was developed for new and experienced traders in Nigeria, with the opportunity to increase your income by selecting the suitable account type. This is especially true if you’re a novice Nigerian trader.
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 |
| ✔️ Pors | ❌ 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.
7. 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
👉 A leading provider of Contracts for Difference (CFDs), Plus500 provides trading facilities on stocks, forex, commodities, exchange-traded funds (ETF), options and indices in Nigeria.
👉 The company is partnered with a variety of trading technology to provide trading facilities on a variety of financial instruments. Plus500 offers more than 2800 different CFD instruments to trade on their platform.
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 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pors | ❌ 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.
8. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 OctaFX is one of the very few forex brokers in Nigeria that provides traders with the MetaTrader and cTrader platforms.
👉 In addition, OctaFX provides market execution across all their platforms, allowing for scalping and hedging, as well as the use of Expert Advisors and custom indicators. A virtual private server (VPS) is also accessible with their MT4 platform.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader |
| 💸 Minimum Deposit (₦) | 41,500 Nigerian Naira |
| 💵 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.6 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pors | ❌ Cons |
| OctaFX offers reliable, instant deposits and withdrawals | Offshore broker with tier-2 regulation, which is not ideal |
| The broker offers copy trading accounts through its proprietary trading app | There is a limited selection of trading instruments offered |
| Offers social trading opportunities | There is a limited selection between retail accounts |
| OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionals | Limited options for base currencies on accounts |
| The trading conditions that OctaFX offers Nigerian traders are transparent and reasonable | |
| Commission-free trading is offered on all retail investor accounts along with tight spreads | |
| Offers an unlimited virtual trading account and an Islamic Account for Muslim traders | |
| There is a range of advanced trading tools offered | |
| OctaFX offers versatile and reliable payment methods for deposits and withdrawals |
Trust Score and Nigerian Market Share
👉 OctaFX has a trust score of 61% and an overall market share of <5% in Nigeria.
Overview
👉 Cyprus’ leading financial watchdog is the Cyprus Securities and Exchange Commission, or CySEC. CySEC adheres to the European Union’s MiFID financial harmonization law because Cyprus is an EU member state.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 CySEC has granted registration to a large number of foreign retail forex brokers and binary options firms. When it comes to financial services, CySEC has seen tremendous expansion and pioneering legislation. Therefore, the monitoring and control needs of the company are always being adjusted.
The Role of CySEC
👉 The Cyprus Securities Exchange Commission, better known as CySEC, serves as the financial industry’s watchdog, ensuring that investors are protected and that the securities market grows at a healthy pace.
👉 Cyprus became a member state of the European Union in 2004 and as a result, CySEC was required to conform to the EU’s financial regulatory framework, allowing Cyprus-registered enterprises access to all European markets.
👉 There are five members of the CySEC Board appointed by the Council of Ministers. CySEC is one of Europe’s most important and well-known financial regulatory institutions.
👉 Art. 25 of the Securities and Exchange Commission Law of 2001 outlines CySEC’s responsibilities. The following are some of its primary responsibilities:
➡️ To rigorously examine applications before granting operating licenses to entities (brokers, investment firms, consultants) under its supervision.
➡️ To supervise and control the operations of the Cyprus Stock Exchange, as well as other organized markets in the Republic.
➡️ To monitor all transactions carried out within the Cyprus Stock Market.
➡️ To monitor the conduct and activities of all listed companies and financial services under its supervision.
➡️ To impose administrative and disciplinary sanctions provided by the law in case of non-compliance of regulatory requirements.
➡️ To demand the termination of practices which are contrary to the securities market laws.
Benefits of trading with a CySEC-regulated Forex broker
Significantly improved trading transparency
👉 Financial interactions are a complicated matter. Because of this, a CySEC-regulated broker places a high value on openness and fairness. Orders are received, sent, and executed under the authority of the regulator.
👉 The regulatory body has the power penalize brokers if they are found to be operating dishonestly. It’s possible that a broker could even lose his or her license in this situation.
👉 For the sake of transparency, CySEC maintains a list of brokers that fall under its purview. It’s as simple as typing in the name of a broker you’re considering and seeing if it’s licensed.
Strong regulatory criteria
👉 CySEC requires brokers under its supervision and control to adhere to a set of rules and regulations established by the Commission in order to maximize the level of transparency in the financial markets.
👉 As part of its mission, CySEC strives to build investor confidence in the markets while also preventing unnecessary barriers to entry.
👉 The term “Cyprus Investment Firm” refers to any company that is regulated by the Cyprus Securities and Exchange Commission (CIF). Those companies must have the proper licenses in order to operate.
👉 ESMA, the European Securities and Markets Authority, compels all European brokers to reveal the percentage of their customers that lose money when trading.
👉 CySEC-regulated brokers have complied with this ruling along with the leverage limits and margin requirements for trading currency and contract for difference (CFD) products.
Best CySEC-regulated Forex brokers in Nigeria
👉 CySEC works to established a strong regulatory framework which ensures the transparent operations of its member brokers, in turn ensuring the financial security of traders who are clients of these brokers.
👉 Not all brokers are regulated by CySEC, however, which is why we have compiled this list of the best CySEC-regulated Forex brokers that provide Nigerian traders with a secure trading environment.
👉 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.
➡️ Exness
➡️ FXTM
➡️ Pepperstone
➡️ FP Markets
➡️ XM
➡️ Plus500
➡️ OctaFX
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
👉 We have compiled this list of the best CySEC-regulated Forex brokers which operate in Nigeria to offer transparency and security. . 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
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Exness is the top pick as an MT4 broker that provides Nigerian traders with incredibly tight spreads and great customer support.
Best Forex broker with a Naira-based trading account 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 a great selection of NGN-based trading accounts for Nigerian traders, ensuring that they avoid costly conversion fees and enjoy faster deposits and withdrawals.
Best TradingView Forex broker for Nigerian 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 TradingView Forex broker for Nigerian traders, offering excellent trading conditions and reliable customer support.
Best ECN 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 provides Nigerian traders with a true ECN pricing environment that ensures access to the best spreads available on the market.
Best Forex broker with commission-free deposits and withdrawals for 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 Nigerian traders with free deposits and withdrawals alongside a wide range of popular deposit methods.
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
👉 Experienced Nigerian traders will find Plus500 to be the best option for its powerful trading software, wealth of trading tools and support of a wide range of trading strategies.
Best cTrader Forex broker for Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 OctaFX is the best option for Nigerian traders that wish to take advantage of the multifunctional software and extremely advanced capabilities of the cTrader platform, and OctaFX is one of only a handful of brokers who offer this platform to Nigerian traders.
FAQ
What is CySEC regulation?
The Cyprus Securities Exchange Commission, or CySEC, as it is more often known, is the regulatory body for the country’s financial industry. It was established in 1997. In its capacity as a member state of the European Union, it is obliged to comply with the regulatory framework established by the Market in Financial Instruments Directive.
How does CySEC regulation protect you?
You may rest assured that all of your funds are held in a separate trust account that the broker is not authorised to access. This helps to prevent the broker from abusing your money in the future. As a result, the broker is not permitted to utilize your funds for its own operating purposes.
Another advantage of having your money separate from the broker’s own funds is that creditors of the broker will not be able to pursue a claim against this money because it is not considered to be a part of the broker’s assets.
Why should you pick a regulated Forex broker?
Traders and investors will feel more confident about investing in the forex market as a result of the regulatory framework imposed on them by forex regulatory agencies, resulting in the expansion of the industry. Forex regulatory agencies require forex brokers, banks, institutional investors, and support industries to operate within a set of rules defined by them.
How do I verify CySEC regulation?
To identify if a forex broker is regulated as a Cypriot Investment Firm (CIF) by CySEC, the first step is to identify the register number from the disclosure text at the bottom of the broker’s homepage. Then, look up the firm on CySEC’s website to validate the CIF register number is, in fact, legitimate.
Which are the best CySEC-regulated Forex brokers?
The best CySEC regulated Forex brokers that operate in Nigeria have been listed in this comprehensive guide, ensuring that traders receive the most competitive and comprehensive trading conditions.
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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