7 Best Low Spread Forex Brokers in Nigeria
The 7 Best Low Spread Forex Brokers in Nigeria revealed. We tested and verified the best low-spread forex brokers with low spreads for Nigerian Traders.
This is a complete list of low-spread forex brokers operating in Nigeria.
In this in-depth guide you’ll learn:
- What are Spreads in Trading?
- Why traders should consider spreads before choosing a trading broker?
- Which brokers offer zero-spread accounts?
- Which local brokers have the lowest commissions in Nigeria?
- How to choose a forex broker – Compare them side by side against each other.
- Which broker offers ZERO spreads and a Naira Account.
- Which broker offers a sign-up BONUS.
- Which broker offers a minimum deposit of $5 (2 076 NGN)?
And lots more…
So if you’re ready to go “all in” with the best-tested low spread 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 Low Spread Forex Brokers in Nigeria – Comparison
| 🏛️ Broker | ✔️ Low Spreads? | 💰 Minimum Spread | 📊 Naira Account? | 💳 NGN Deposits Allowed? | 👉 Open An Account |
| 1. Exness | Yes | From 0.0 pips EUR/USD | Yes | Yes | 👉 Open Account |
| 2. Pepperstone | Yes | From 0.0 pips | No | No | 👉 Open Account |
| 3. SuperForex | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 4. Global GT | Yes | From 0.0 pips | No | Yes | 👉 Open Account |
| 5. Tifia | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
| 6. Admirals | Yes | From 0.0 pips EUR/USD | No | Yes | 👉 Open Account |
| 7. HFM | Yes | From 0.0 pips | Yes | Yes | 👉 Open Account |
What is a Low Spread?
👉 A low spread means there is a small difference between the bid and the asking price. It is preferable to trade when spreads are low like during the major forex sessions. A low spread generally indicates that volatility is low and liquidity is high.
7 Best Low-Spread Forex Brokers in Nigeria (2023)
- Exness – Overall, Best Low Spread Forex Broker in Nigeria
- Pepperstone – Top MT4 Forex Trading Platform
- SuperForex – Fast Execution Naira (NGN) Trading Account
- Global GT – Verified Low Spread and High Leverage Forex Broker
- Tifia – Top Zero-Spread Forex Broker
- Admirals – Best Trading Platform for Currency and Metal Trading
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
👉 Exness, an authorized and licensed broker, offers low-risk CFD and Forex trading. Apart from this, Exness is well-known for its several account types, all of which are flexible and dynamic, as well as its market-leading trading conditions which include spreads from 0.0 pips.
👉 More than 15,000 new accounts are established each month on Exness, which has more than $180 billion in monthly trade. Customer benefits include access to over 200 financial products, a wide range of retail account choices, and many more.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💵 Minimum Deposit (₦) | 41,000 Naira |
| 💳 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| ✔️ Nigerian Naira-based Account? | Yes |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Exness offers competitive trading conditions, with spreads from 0.0 pips on major forex pairs | Exness does not offer a range of markets and there is a lack of educational materials |
| Exness offers some of the most innovative trading platforms which ensure that Nigerians have access to a plethora of trading tools | |
| Naira deposits are allowed, and Nigerians have access to a Naira-denominated account | |
| There is a low minimum deposit requirement and a choice between trading accounts | |
| Nigerians have access to 24/7 customer support across communication channels |
Trust Score and Nigerian Market Share
👉 Exness has a trust score of 97% and a market share of <5%.
2. 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 most prominent CFD and forex brokers in the world, with exceptional client service, competitive trading conditions, and a transparent trading environment in which client fund security is guaranteed.
👉 Pepperstone Markets is well-regulated and offers high liquidity, fast trade execution, and exceptionally low spreads from 0.0 pips EUR/USD. In addition, Pepperstone employs some of the most innovative trading technology to satisfy the trading needs and objectives of all its clients.
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 |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💵 Minimum Deposit (₦) | 60,700 Naira |
| 💳 Trading Assets | Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities, Currency Indices |
| ✔️ 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 |
| Pepperstone accepts all types of traders from around the world despite their trading experience | Some leverage restrictions may apply |
| There is a plethora of educational materials and trading tools offered | There are additional fees applied to the Islamic account |
| There are no deposit or withdrawal fees charged on payment methods that are supported | There is no Naira account for Nigerian traders |
| Nigerian traders have access to some of the tightest spreads | |
| Pepperstone is a highly reputable broker with a high trust score |
Trust Score and Nigerian Market Share
👉 The trust score for Pepperstone is 92% and the broker has a market share of <5% in Nigeria.
3. SuperForex
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 With over 400 trade products to choose from, SuperForex offers the biggest trading accounts and Naira-based accounts of any broker. Tradeable products, competitive trading conditions, and low transaction fees are all accessible at SuperForex.
👉 Along with its social trading platform, SuperForex provides a wide variety of accounts with high leverage. Nigerian traders have the advantage that they can choose between 11 trading accounts, giving them access to competitive trading conditions with spreads from 0.0 pips, ideal for scalping strategies.
Unique Features
| Feature | Information |
| ⚖️ Regulation | None |
| 📲 Social Media Platforms | • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account |
| 📱 Trading Platform | MetaTrader 4, SuperForex App |
| 💵 Minimum Deposit (₦) | 400 NGN |
| 💳 Trading Assets | Forex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs |
| ✔️ 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 |
| SuperForex is known for its affordable trading fees and range of trading accounts | MetaTrader 5 is not available |
| Nigerian traders can use a range of local payment providers for deposits and withdrawals | There are only a few trading tools offered |
| Professional traders have access to a range of trading solutions and managed accounts | |
| Nigerian Muslim traders have access to three trading accounts, each with competitive trading conditions | |
| SuperForex is an ideal broker for day traders, algorithmic traders, scalpers, and others who require low spreads |
Trust Score and Nigerian Market Share
👉 SuperForex has a trust score of 87% and a market share of <5%.
4. Global GT
Overall Rating
- 4.1/5
Min Deposit
USD 300 / 124350 NGN
Regulators
FSCA
Trading Desk
MetaTrader 5
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Global GT is a South African-based broker that is well-regulated by the FSCA in South Africa and the FSA in Seychelles. Global GT offers innovative and comprehensive trading solutions to Nigerian traders.
👉 Global GT offers Nigerian traders a choice between different trading accounts, competitive commissions, and ultra-low spreads from 0.0 pips. In addition, Nigerian traders can expect leverage up to 1:1000 and a low minimum deposit amount.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, FSA |
| 📲 Social Media Platforms | • Twitter • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Cent Account, Mini Account, Standard Account, Standard FX Account, ECN Account |
| 📱 Trading Platform | MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 2,000 NGN |
| 💳 Trading Assets | Forex, Cryptocurrencies, Synthetic Cryptocurrencies, Precious Metals, Energies, Equity Indices, GTi12, Stocks, DeFi Tokens, NFTs |
| ✔️ 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 | No |
| ✔️ Pros | ❌ Cons |
| Global GT is well-regulated and offers a wide range of financial instruments that can be traded through a range of retail trading accounts | An inactivity fee is charged to dormant accounts |
| There is a low minimum deposit requirement | Only one trading platform is available |
| Global GT offers low spreads and competitive commission fees | An Islamic account option is not offered to Muslim traders |
| There are local deposits and withdrawals that Nigerian traders can use for deposits and withdrawals |
Trust Score and Nigerian Market Share
👉 Global GT has an impressive trust score of 95% and it holds a market share in Nigeria of <5%.
5. Tifia
Overall Rating
- 4.7/5
Min Deposit
USD 10 / 4146 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Established and based in Nigeria, Tifia is a leading CFD and Forex company. Many robust trading platforms are available to customers of Tifia. Local Nigerian help is also available across several communication channels.
👉 Tifia provides a wide selection of forex and CFD trading products through the MetaTrader 4/5 desktop, web, and mobile platforms. Using ECN trading, the broker offers low spreads, minimum costs, and fast execution for a wide range of account types.
Unique Features
| Feature | Information |
| ⚖️ Regulation | The Vanuatu Financial Services Commission (VFSC), The Financial Services Commission in Mauritius (FSC) |
| 📲 Social Media Platforms | • Instagram • Telegram |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Start (Micro) Account, ECN Classic Account, ECN Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Tifia Forex Analysis App |
| 💵 Minimum Deposit (₦) | 4,100 Naira |
| 💳 Trading Assets | Forex, Precious Metals, Commodities, Indices, Stocks |
| ✔️ 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 |
| Tifia is a local broker with its roots in Nigeria, offering sophisticated and comprehensive trading solutions | There are no educational materials and only selected asset classes that can be traded |
| Deposit fees are not charged on any of the payment methods | There are withdrawal fees applied |
| Tifia offers Nigerians the advantage of commission-free trading | Tifia does not offer crypto trading or individual stocks |
| Nigerian Muslim traders can register an Islamic Account | |
| Local deposit and withdrawal options are available | |
| There is a low minimum deposit requirement |
Trust Score and Nigerian Market Share
👉 Tifia has a trust score of 75% and a large market share in Nigeria of >10%.
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
👉 Admirals has been in operation for 22 years and offers some of the most competitive trading conditions to Nigerian traders. There is a large range of tradable instruments that traders can trade through dynamic account types.
👉 Admirals offers some of the best pricing and trade execution with low spreads, educational materials, and advanced trading tools for professional traders.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, EFSA, JSC |
| 📲 Social Media Platforms | • YouTube • Telegram |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Trade.MT5, Invest.MT5, Zero.MT5, Bets.MT5, Trade.MT4, Zero.MT4 |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Admirals Mobile App |
| 💵 Minimum Deposit (₦) | 400 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? | No |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Admirals is a reputable broker that offers commission-free options, lowering the trading costs for Nigerian traders | There is an inactivity fee applied |
| There are user-friendly platforms offered across devices | There are currency conversion fees applied |
| MetaTrader Supreme is available through Admirals | There are fees charged on deposits and withdrawals |
| Nigerian traders can make deposits in Naira | There are admin fees that are charged on the Islamic account |
| There is an Islamic account and demo account offered | |
| Nigerians can expect spreads from 0.0 pips on major forex pairs |
Trust Score and Nigerian Market Share
👉 Admirals has a trust score of 83% and a market share of <5% in Nigeria.
7. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 According to the Nigerians and several other broker reviews, HFM has an overall rating of 9/10 with an 83% trust score, making it a low-risk CFD and FX broker with excellent trading conditions.
👉 HFM now provides MetaTrader 5, the most recent version of the MetaTrader trading platform, in addition to MetaTrader 4 across several devices. A broad spectrum of investors may benefit from HFM’s retail accounts, including those who are just starting and those who are experienced traders looking for an advantage.
👉 Regardless of whether you are a novice or seasoned trader when you sign up with HFM, you will have access to a wide range of features and trading conditions that are geared to your needs.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 2000 Naira |
| 💳 Trading Assets | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| ✔️ Nigerian Naira-based Account? | Yes, along with ZAR and USD |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| HFM is a trusted option for Nigerian traders seeking low spread and a range of tradable instruments | There are only a few supported payment methods offered for withdrawals and deposits |
| Nigerians can expect spreads from 0.0 pips EUR/USD and a choice between several account types, with a dedicated Zero-Spread Account suited to day traders, scalpers, and other traders | There are currently only three base currency options on accounts |
| There is a low minimum deposit, providing traders access to global financial markets | |
| Nigerian traders can register a Naira-denominated account | |
| There is a demo and Islamic account offered | |
| There are several bonuses and promotions offered, helping traders start trading immediately once their trading account has been verified |
Trust Score and Nigerian Market Share
👉 HFM has a trust score of 83% and a Nigerian market share of 2.5%.
Overview
👉 The spread is the difference between the bid and asks prices found on financial instruments such as currency pairs. The spread is one of the trading fees that traders are subject to when they trade through forex brokers.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 A low spread is extremely important to traders based on different trading strategies, indicating that there is a smaller difference between the bid and ask price. Most traders prefer to trade forex when spreads are low, especially during the major forex trading sessions.
👉 Low spreads typically indicate that the volatility in the market is low and that there are high levels of liquidity, making it easier for traders to buy or sell forex pairs.
Forex Spreads – What it is and how it works
👉 Spreads are the major expense of trading currencies; hence currency traders need to be conversant with them. This article explains how forex spreads operate and how to calculate expenses and keep an eye on changes in the spread to optimize your trading performance.
👉 There is a spread on every market, including currency. If you are looking to buy or sell an asset, the spread is the price difference between the two options. The Bid-Ask spread is a term used interchangeably by traders who are experienced with equity markets.
👉 For example, on EUR/USD the buy price is 1.13398 and the sell price of 1.3404, subtracting these two, traders will have a reading of 0.00006. Because the pip value is the fourth number after the decimal point on the EUR/USD, and hence the ultimate spread is 0.6 pip.
👉 Traders can therefore either purchase EUR/USD for 1.13404 or they can sell it for 1.13398 according to the quote given in the example, indicating that Nigerian traders will be charged a spread of 0.6 pips when the trade is executed.
👉 Next, traders can calculate the exact cost by multiplying the spread by the pip cost and the position size of the trade.
👉 For example, 0.00006 (0.6 pips) multiplied by 100,000 is equal to $6 if the trader opened a standard position of 100,000 base currency units. One standard lot is the typical position size in forex trading and 100,000 base currency units refer to one standard lot.
High versus Low Spreads in Forex Trading
👉 When the gap between the bid and ask price is significant (high spread), it indicates that the market is very volatile. Compared to major currency pairings, emerging market currency pairs often have a higher spread.
👉 The market’s high volatility or limited liquidity because of after-hours trading are the two explanations for a wider spread than usual. Spreads may expand dramatically before major news events or shocks (such as the Brexit vote or the US midterm elections).
👉 When the bid and ask prices are close to one other, it indicates that spreads are low. The best time to trade is during the big forex trading sessions when spreads are at their lowest. Low spreads are a sign of low volatility and great liquidity.
Why Nigerian traders must keep an eye on spreads
👉 The news is known for creating uncertainty in the market. Depending on whether expectations are satisfied, a release on the economic calendar might cause prices to change swiftly.
👉 Before the announcement of a news event, significant liquidity providers are unable to predict the result. So, they try to mitigate some of the risks by widening the spread. Margin calls may result from spreads and because of this, if the spread grows while you have a position, you may be forced to close it or face a margin call.
👉 When spreads widen, the only defence you have is to keep your account’s leverage as low as possible. During periods of increasing spreads, it might be advantageous to stay in a position until the spread has shrunk.
Which Trading Strategies use Low Spreads?
👉 Forex scalping methods provide a wide range of options for traders who want to take advantage of cheap trading costs. Scalping is a trading strategy in the foreign exchange market that includes making several tiny deals over short periods, between one and fifteen minutes.
👉 To generate a 5-pip profit in a one-minute deal, a trader would have to wait for the market to close for a full minute. Scalpers are continuously looking for a short-term movement in the Forex market, which often occurs within a few minutes.
👉 However, it is critical to choose currency pairings with modest spreads; if the spread is too wide, there will be no profit when the trade is closed. Many traders choose this form of trading since it allows them to take advantage of several chances in a single day because of the emphasis on tiny deals.
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.
Best Forex Brokers in Nigeria for 2023
Best Islamic FX Account in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 From our comprehensive list of low spread forex brokers in Nigeria, we have selected SuperForex as the best Islamic FX Account in Nigeria. The reason surrounds the fact that SuperForex offers Muslim traders a choice between three swap-free accounts, catering to the needs of both beginner and professional Nigerian Muslim traders.
The Best Liquidity Solution Nigerian Forex Broker
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 our choice as the forex broker that has the best Liquidity Solutions. Pepperstone is one of the largest forex and CFD brokers in the world that experiences high trading volumes daily, giving Nigerians the liquidity they need to buy and sell securities quickly.
Nigerian Broker with the Market Analysis
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 our choice as the broker with the best market analysis. Admirals provides premium analytics that includes fundamental and technical analysis, market sentiment, and several other useful tools.
The Best Mobile App for Nigerian Traders
Overall Rating
- 4.7/5
Min Deposit
USD 10 / 4146 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Tifia offers the best mobile app for Nigerian Traders who are on the move. With the Tifia app, Nigerian traders can carry out expert analysis on forex markets, helping them make improved trading decisions.
The Best Social Trading Network in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Exness offers a comprehensive social trading network through the MetaTrader platforms, providing Nigerian traders with the tools that they need to add a competitive edge to their overall trading.
Overall Best Trading Conditions
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 The overall best trading conditions category is awarded to HFM, which is one of the best brokers for Nigerian traders. Traders can expect a choice between different trading accounts, competitive trading conditions that include low spreads, competitive conditions, and a range of trading options.
Best MetaTrader 5 Trading Platform for Nigerians
Overall Rating
- 4.1/5
Min Deposit
USD 300 / 124350 NGN
Regulators
FSCA
Trading Desk
MetaTrader 5
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Not only does Global GT offer hybrid trading solutions to Nigerian traders, but the broker also offers the use of MetaTrader 5 across different devices, offering Nigerians the flexibility that they need to participate in competitive financial markets.
The Best Local Withdrawal Options in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Exness is our best choice of broker where local withdrawal options are concerned in Nigeria. Not only this, but Nigerians can also use instant withdrawals through Exness, ensuring that they can gain access to their funds in record timing.
The Most Reliable Execution Broker in Nigeria
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Pepperstone is at the top of our list where reliable trade execution is concerned. Pepperstone offers some of the fastest and most reliable trading execution speeds, with no requotes and minimal slippage.
Overall Best Forex Broker for Nigerian Beginners
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
👉 Our choice of Admirals as the best overall broker for Nigerian beginner traders is inspired by the broker’s plethora of educational materials. The educational materials that traders can expect include webinars, risk management guides, articles, tutorials, forex 101, and several others.
FAQ
How do low spread forex brokers in Nigeria make money?
Low spread brokers typically make money through a combination of charging a commission on trades, which is a percentage of the trade value, increasing the spread slightly to make a profit, while still offering a lower spread compared to other brokers, or earning revenue by trading in the markets, either through proprietary trading or by acting as a market maker.
Why trade with a low spread forex broker?
Trading with a low spread forex broker can benefit traders by reducing the cost of trading and increasing potential profit margins, as the spread is one of the main costs associated with forex trading.
What is a low spread forex broker?
A low spread forex broker is a brokerage that offers a low spread, or the difference between the bid and ask price, on currency pairs traded in the forex market.
What are the best low spread forex brokers in Nigeria?
The best low spread forex brokers in Nigeria depend on individual trader needs, such as regulation, trading platform, and market access. Popular low spread brokers in Nigeria include HFM, FXChoice and FP Markets.
Are low spread forex brokers regulated?
Yes, many low spread forex brokers are regulated by top financial authorities, such as the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC).
Top 4 Brokers
