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10 Best CBN-Regulated Forex Brokers in Nigeria

The 10 Best CBN-Regulated Forex Brokers in Nigeria revealed. We tested and verified the best CBN-regulated forex brokers for beginner Nigerian Traders.

This is a complete list of CBN-Regulated Forex Brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is the Central Bank of Nigeria (CBN)?
  • Who the top CBN-Regulated brokers is for Nigerians?
  • How to choose the best CBN broker as a beginner trader. 
  • What are the regulations of the Central Bank of Nigeria
  • Which broker offers Nigeria-based support and NGN deposit methods? 
  • Which brokers offer a sign-up bonus for Nigerians. 

 

And lots more…

So if you’re ready to go “all in” with our top list for CBN-Regulated brokers…

Let’s dive right in…

Updated : July 21, 2022

👉 Definition of a CBN-Regulated Broker: Regulations by the Central Bank of Nigeria to monitor the risks that the commercial banks under their purview are taking.

Best CBN-Regulated Brokers in Nigeria – Comparison

🏛️ Broker✔️ CBN-Regulated Broker? 📊 Naira Account💳 NGN Deposits👉 Open Account
1. ExnessYesYesYes👉 Open Account
2. HotForexYesYesYes👉 Open Account
3. SuperForexYesYesYes👉 Open Account
4. AlpariYesYesYes👉 Open Account
5. TifiaYesYesYes👉 Open Account
6. XMYesYesYes👉 Open Account
7. FXTMYesYesYes👉 Open Account
8. 7B ForexYesYesYes👉 Open Account
9. AvaTradeYesYesYes👉 Open Account

10 Best CBN-Regulated Forex Brokers in Nigeria

  1. Exness – Overall, Best CBN-Regulated Forex Broker in Nigeria
  2. HotForex – Top Forex Copy Trading Platform
  3. Alpari – User-Friendly Local Nigerian Customer Support
  4. XM – Best Trade Execution CBN Broker
  5. FXTM – Verified Mobile App for Scalping
  6. SuperForex – Best Islamic FX Account for Nigerians
  7. 7B Forex – Top Local Nigerian Withdrawal Options
  8. Tifia – Best Market Analysis for Nigerian Traders
  9. Trade Nation – Verified CBN Broker for Nigerian Stock Traders
  10. AvaTrade – Top Trading Platforms for Nigerians

1. Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySEC, FSA, FCA, FSCA, FSC.

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

👉 Low-risk CFD and Forex trading are available at Exness, which is regulated and licensed by many jurisdictions. Additionally, Exness is known for its dynamic and versatile account kinds, as well as its industry-leading trading conditions.

 

👉 As of 2014, Exness has more than $180 billion in monthly trading activity as well as more than 15,000 new accounts opened each month. More than 200 financial products, a variety of retail account options, and other tools are now available to Exness customers.

 

Unique Features

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

 

✔️ Pros❌ Cons
Exness is multi-regulated in several regions globallyThere is a lack of educational materials and resources
Customer support is offered to Nigerian traders 24/7There are only a few asset classes that can be traded
There are instant deposits and withdrawals offered
Traders can choose between powerful platforms

 

Trust Score and Nigerian Market Share

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

2. HotForex

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 In terms of trading conditions, retail investor accounts, client funds security and support, HotForex receives an overall rating from Nigerian traders of 9/10 with an 83% trust score and a low-risk CFD and FX broker.

 

👉 In addition to MetaTrader 4, HotForex now offers MetaTrader 5, which is the latest version of the MetaTrader trading platform. The retail investor accounts offered by HotForex cater to a wide range of investors, including those who are new to trading as well as those who are seasoned pros seeking a competitive edge.

 

👉 Trading accounts for retail traders come with a variety of features and trading conditions that are tailored for certain types of traders and investment objectives.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, CMA
📲 Social Media Platforms• Facebook
• Twitter
• Telegram
• Instagram
• YouTube
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
📱 Trading PlatformMetaTrader 4 and MetaTrader 5
💵 Minimum Deposit (₦)2,000 Naira
💳 Trading AssetsForex, Precious Metals,

Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
💸 Nigerian Naira-based Account?Yes, along with ZAR and USD
✔️ NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
HotForex is multi-regulated and has a decent trust scoreThere is a limited selection of funding options
Nigerian traders can register a Naira-denominated accountThere is a limited selection of base account currencies
There are several advanced trading tools offered and educational materials
There is a comprehensive affiliate program offered
Nigerian traders can expect some of the lowest trading fees

 

Trust Score and Nigerian Market Share

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

3. Alpari

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 According to Alpari International’s official website, the broker is one of the most well-known companies in the sector. Trading and investing options for retail customers are provided by a specialized team of experts.

 

👉 A wide variety of services are available to help retail traders acquire the finest expertise, financial assistance, and tools to make educated investing choices. It is a safe, fair, and transparent trading environment for both novice and experienced traders, and Alpari International is a worldwide recognized broker.

 

Unique Features

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

 

✔️ Pros❌ Cons
Alpari has local offices based in NigeriaThere is a limited selection of tradable assets
Local support is provided to Nigerian tradersThere are no fixed spread accounts
The broker offers a Naira-denominated account and local deposits and withdrawals
There are powerful trading platforms offered
There are unique trading solutions that cater for beginners and professionals

 

Trust Score and Nigerian Market Share

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

4. 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 is an average-risk broker with an 84% trust rating and a 9/10 rating for Nigerian CFD/Forex. XM has all the characteristics that users are looking for in an online trading platform, including security, customer support, account financing, and minimum costs.

 

👉 Because of this winning combination, XM is a great place to start a trading career or progress in an existing one. One of the most reputable and well-regulated brokers, XM was founded in 2009 and has been in business for more than 12 years. XM has more than 196 countries where it works and a support staff that speaks 30 languages.

 

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 is a multi-regulated broker that accepts Nigerian tradersThere is no Naira-denominated account
Retail trading accounts have negative balance protection
XM offers a choice between different retail trading accounts
Nigerian traders can choose between MT4, MT5, and the XM mobile app
NGN deposits and withdrawals are supported

 

Trust Score and Nigerian Market Share

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

5. 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

👉 As a Straight-Through Processing (STP) and Electronic Communications Network (ECN) online trading broker, ForexTime Limited, better known as FXTM, is based in Cyprus with offices throughout the globe.

 

👉 In addition to traders in Lagos and other parts of Nigeria, ForexTime (FXTM) is a well-known global brand for providing traders with excellent trading solutions. In addition, to the benefit of Nigerian traders, FXTM has a local office and offers local support to traders.

 

Unique Features

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• Instagram
• YouTube
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💵 Minimum Deposit (₦)10,000 Naira

💳 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💸 Nigerian Naira-based Account?Yes
✔️ NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FXTM is one of the safest options for Nigerian tradersThere are inactivity fees charged
There are quick deposits and withdrawals offered
There is a low minimum deposit requirement
There is an NGN-denominated account
There are no deposit fees charged
There are several educational tools and materials for beginner traders

 

Trust Score and Nigerian Market Share

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

6. SuperForex

Overall Rating

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

on SuperForex’s website

 

Overview

👉 Overall, SuperForex has the largest trading accounts and Naira-based accounts in the business, with over 400 trading items to select from. There is a wide variety of tradable instruments available at SuperForex as well as competitive trading conditions and minimal transaction commissions.

 

👉 As a bonus, SuperForex offers many account types and high leverage together with its social trading platform. Traders may use the information in this SuperForex review to determine whether the broker is a good fit for their specific trading goals and requirements.

 

Unique Features

FeatureInformation
⚖️ RegulationNone
📲 Social Media Platforms• Telegram
• Instagram
• Facebook
• YouTube
• Twitter
• LinkedIn
• Pinterest
🏛 CBN Regulation?No
💻 Trading AccountsStandard 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 PlatformMetaTrader 4, SuperForex App
💵 Minimum Deposit (₦)400 Naira

💳 Trading AssetsForex, 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 spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
SuperForex offers the most account options than any other brokerMetaTrader 5 is not offered
There is a very low minimum deposit requirementThere is a limited selection of trading tools
There are Naira-denominated accounts
There are local deposit and withdrawal options for Nigerian traders
There are managed account options through SuperForex Bank
Islamic accounts are offered to Muslim Nigerian traders

 

Trust Score and Nigerian Market Share

👉 SuperForex has a trust score of 87% and a market share of <5%.

7. 7B Forex

7bforex

Overall Rating

Min Deposit

12 USD / ₦5,000

Regulators

No Regulation

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 There are minimal minimum deposits and competitive trading conditions available to all Nigerian traders at 7BForex.

 

👉 A direct connection to the world’s financial markets is available to traders in underserved countries via 7BForex’s world-class services and tools. 7Bforex is represented in Nigeria by Instant Web-Net Technologies Ltd, a reputable entity that has been in operation since 2010.

 

👉 Forex and CFD broker 7BForex is situated in Nigeria and caters to both novice and experienced traders in Nigeria. You may use this 7BForex evaluation to determine whether the broker is a good fit for your specific trading goals and requirements.

 

Unique Features

FeatureInformation
⚖️ RegulationNone at present
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
🏛 CBN Regulation?No
💻 Trading AccountsStandard Account, Classic Account, Elite Account
📱 Trading PlatformMetaTrader 4
💵 Minimum Deposit (₦)5,000 Naira

💳 Trading AssetsForex, Precious Metals, Energies, Stocks, Cryptocurrency, Indices
💸 Nigerian Naira-based Account?Yes
✔️ NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 1.3 pips
💻 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
7BForex is a Nigerian-based broker that offers unique and competitive trading solutionsThere is only one trading platform offered
Nigerian traders can trade in Naira as the trading accounts are denominated in NGNNaira is the only base account currency
There are local deposit and withdrawal options offeredThere are only a few deposit and withdrawal options
There is a comprehensive affiliate programThere is limited education
There is dedicated and helpful customer support offered
Islamic accounts are offered to Muslim Nigerian traders

 

Trust Score and Nigerian Market Share

👉 7BForex has a trust score of 60% and a 100% market share as the broker is a Nigeria-only broker.

8. Tifia

Overall Rating

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

👉 Tifia is a top-notch CFD and Forex broker with a Nigerian foundation. Local Nigerian assistance, extensive trading solutions, and a variety of strong trading platforms are all offered by Tifia.

 

👉 With the MetaTrader 4/5 platforms for desktop, web, and mobile devices, Tifia offers a comprehensive range of financial products for online trading in forex and CFDs. With ECN trading, the broker provides low spreads, minimal expenses, and quick execution for a variety of account types.

 

Unique Features

FeatureInformation
⚖️ RegulationThe Vanuatu Financial Services Commission (VFSC), The Financial Services Commission in Mauritius (FSC)
📲 Social Media Platforms• Instagram
• LinkedIn
• Facebook
• Twitter
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsStart (Micro) Account, ECN Classic Account, ECN Pro Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, Tifia Forex Analysis App
💵 Minimum Deposit (₦)4,100 Naira
💳 Trading AssetsForex, Precious Metals, Commodities, Indices, Stocks
💸 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
Nigerian traders have access to a Naira-denominated accountThere are no educational materials
There is an Islamic account offered to Muslim tradersThere is a limited selection of financial markets that can be traded
Deposit fees are not chargedWithdrawal fees are charged
There are local deposit and withdrawal options for NigeriansIndividual stocks and cryptocurrencies are not offered
Commission-free trading is offered

 

Trust Score and Nigerian Market Share

👉 Tifia has a trust score of 75% and a large market share in Nigeria of >10%.

9. Trade Nation

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

FSCA

Trading Desk

Crypto

Yes

Total Pairs

33

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

on Tradenation’s website

 

Overview

👉 Nigerian traders will find Trade Nation to be a low-risk platform with well-designed trading software. A wide spectrum of traders may benefit from Trade Nation’s affordable costs, safe trading environment, and innovative trading solutions, regardless of their trading style or experience level.

 

👉 To encourage its unique app and platform usage, the broker does allow traders to utilize MetaTrader 4. This trading platform, which offers a large choice of tradable assets, offers fixed spreads and guaranteed stops.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, ASIC, FSCA, SCB
📲 Social Media Platforms• Twitter
• Facebook
• Instagram
• YouTube
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsLow Leverage Account (1:30), High Leverage Account (1:200)
📱 Trading PlatformMetaTrader 4, Trade Nation
💵 Minimum Deposit (₦)None
💳 Trading AssetsIndices, Stocks, Precious Metals, 1Forex, Commodities, Energies, CFDs
💸 Nigerian Naira-based Account?No
✔️ NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.4 pips
💻 Demo AccountYes
☪️ Islamic AccountNo

 

✔️ Pros❌ Cons
Trade Nation is reputable and caters for Nigerian traders despite their trading experienceThere is no Islamic Account
MetaTrader 4 and Trade Nation’s proprietary trading platform is availableCurrency conversion fees may apply
Deposits and Withdrawals do not attract any feesThere are only a few funding options offered
There is no minimum deposit requirement
There are several trading tools offered

 

Trust Score and Nigerian Market Share

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

10.  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

👉 AvaTrade is a low-risk and highly regulated forex and CFD broker that has been in operation since 2006. AvaTrade is one of the best brokers for beginners and offers a wide range of tradable instruments.

 

👉 AvaTrade has won several awards since its inception and offers a choice between third-party and proprietary trading platforms to Nigerian traders. The trading conditions offered are competitive and Nigerians are given access to commission-free trading.

 

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
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
AvaTrade is multi-regulated and has a very high trust scoreThere are no variable spreads
There is a decent selection of trading platformsThere is a limited choice between accounts
Nigerian traders are accommodated and provided some of the best trading conditionsInactivity fees are charged on dormant accounts
There are social trading opportunities availableCurrency conversion fees may apply
There is an Islamic account and demo account offeredThere are limited base account currencies and Naira is not listed
There is a large range of tradable instrumentsThere is no NGN-denominated account offered

 

Trust Score and Nigerian Market Share

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

What is CBN?

👉 The Central Bank of Nigeria (CBN) is the predominant market regulator that oversees foreign exchange and other financial instrument trading in Nigeria. In partnership with the Security and Economic Commission (SEC), the CBN ensures that all local traders are treated fairly and that they receive a safe trading environment.

 

👉 However, there is currently no single forex or CFD broker that is registered or regulated by the CBN, and there are only Bureau de Change (BDC) companies that are registered with CBN.

 

👉 Instead of CBN regulation, most forex brokers who offer their services in Nigeria have varying regulations and authorizations from foreign market regulators such as:

➡️ The Financial Sector Conduct Authority (FSCA) in South Africa.

➡️ The Financial Conduct Authority (FCA) in the United Kingdom.

➡️ The Australian Securities and Investment Commission (ASIC) in Australia.

➡️ The Cyprus Securities and Exchange Commission (CySEC) in Cyprus, and several other market regulators.

 

👉 The CBN does not regulate forex or CFD brokers in Nigeria, but here is our selection of the most recommended forex brokers for Nigerian retail traders.

➡️ Exness

➡️ HotForex

➡️ Alpari

➡️ XM

➡️ FXTM

➡️ SuperForex

➡️ 7B Forex

➡️ Tifia

➡️ Trade Nation

➡️ AvaTrade

👉 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

 

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

 

👉 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.d

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

Regulation 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 Types

👉 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 Platforms

👉 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.

Overall Best CBN Forex Broker in Nigeria

Best CBN Forex Broker

👉 Our overall best forex broker that is recommended for Nigerian traders is Exness. Apart from being well-regulated and offering a Nigerian-denominated account, Exness ensures that beginner and professional traders alike have tailormade solutions.

👉 According to statistics, more than 1,000 traders are already using Exness and from countless online reviews, Exness is a leading CFD and forex broker in the region.

The Best CBN CFD Broker for Nigerian stock traders

Best CBN CFD Broker

👉 Trade Nation is our top choice as the best CFD Broker for Nigerian traders. With Trade Nation, Nigerian traders can expect a wide range of tradable instruments and transparent fee schedules.

👉 Trade Nation offers flexible margins on all its CFD instruments and ensures that Nigerians receive the best possible pricing.

The Best Local Nigerian Customer Support

Best Local Nigerian Customer Support

👉 We chose Alpari’s customer support because the broker has offices in Nigeria, ensuring that Nigerian traders can get access to the help that they need instantly. Alpari can be contacted through several communication channels, including live chat and the support team is prompt and extremely informative.

The Best Market Analysis for the Nigerian Forex Market

Best Market Analysis

👉 From our list of brokers, we chose Tifia as offering the best market analysis, with analytical data that is provided through Claws & Horns, which is an independent firm that is extremely reputable. Claws & Horns is known for its quality analyses, trading signals, video reviews, and more.

The Best Trade Execution CBN Broker for Nigerian scalpers

Best Trade Execution CBN Broker

👉 While most forex brokers claim to have the best trade execution, we chose XM as the best execution broker. XM guarantees that 99.35% of orders are fulfilled in under a second. In addition to this, XM promises that there are no requotes and that it employs a no rejection policy.

The Best Forex Copy Trading Platform in Nigeria

Best Forex Copy Trading Platform

👉 Of all the brokers that we have reviewed, we have found that HotForex is the best Forex Copy Platform. In addition to supporting copy trading, HotForex offers a dedicated HFcopy Account to Nigerian traders.

👉 With a deposit of 41,500 Naira, Nigerians can register a copy account which will give them access to a wide range of markets, spreads from 1 pip, leverage up to 1:400, and commission-free trading.

The Best Islamic FX Account for Nigerian Muslim Traders

Best Islamic FX Account

👉 We chose SuperForex because the broker offers dedicated Islamic Accounts to Muslim Nigerian traders. Instead of converting an existing live account to an Islamic account, SuperForex provides a Swap-Free Account, ECN Swap-Free Account, and ECN Swap-Free Mini Account.

👉 Each account has its own trading conditions, benefits, and features. This ensures that Muslim Nigerian traders get tailored solutions unique to their trading needs and objectives.

The Best Mobile App for Scalpers and Day Traders

Best Mobile App For Trading

👉 The forex broker that offers the best Mobile App is FXTM.

👉 FXTM’s trading app provides Nigerian traders access to more than 250 instruments, superior mobile trading features, and the ability to effortlessly manage their trades while on the move. In addition, the app also features advanced chart tools, live quotes on instruments, and more.

The Best Choice in Trading Platforms for Nigerians

Best Choice in Trading Platforms

👉 AvaTrade is our top choice for the Best Trading Platform because of the diverse range of available platforms. Nigerian traders can choose from an impressive suite of third-party and proprietary trading platforms when they trade with AvaTrade.

👉 This selection includes AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, and ZuluTrade.

The Best Local Nigerian Withdrawal Options

Best Local Withdrawal

👉 Our choice for the Best Withdrawal Options goes to 7BForex because it is a Nigerian-based broker that offers local deposits and withdrawals. Nigerian traders can deposit and withdraw funds using Credit or Debit Card, GTBank, FirstBank, UBA, Sterling, Zenith, or Alat.

FAQ

When did forex trading become popular in Nigeria?

In the mid-2000s trading became a popular activity and today there are more than 1.3 million Nigerian traders.

Why is forex trading popular in Nigeria?

It is the most accessible market that offers Nigerians a way to secure additional income. The trading costs are low and there are many trading opportunities provided to beginner and professional traders alike.

How can I compare forex brokers in Nigeria?

By consulting online broker reviews, using a demo account to explore the broker’s platform and trading conditions, and reading user reviews and experiences online.

Do I need a broker to trade forex?

Yes, you need a broker to trade forex.

Which is the best broker for beginners in Nigeria?

Exness is the best broker for beginners in Nigeria.

How can I open a trading account in Nigeria?

By reviewing the brokers that accept Nigerian traders and going onto their website to register an account. You can use our comprehensive review to see which brokers could be the right match for you.

Is forex trading legal in Nigeria?

Yes, trading is legal in Nigeria.

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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