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…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best CBN-Regulated Brokers in Nigeria – Comparison
| 🏛️ Broker | ✔️ CBN-Regulated Broker? | 📊 Naira Account | 💳 NGN Deposits | 👉 Open Account |
| 1. Exness | Yes | Yes | Yes | 👉 Open Account |
| 2. HFM | Yes | Yes | Yes | 👉 Open Account |
| 3. SuperForex | Yes | Yes | Yes | 👉 Open Account |
| 4. Alpari | Yes | Yes | Yes | 👉 Open Account |
| 5. Tifia | Yes | Yes | Yes | 👉 Open Account |
| 6. XM | Yes | Yes | Yes | 👉 Open Account |
| 7. FXTM | Yes | Yes | Yes | 👉 Open Account |
| 8. 7B Forex | Yes | Yes | Yes | 👉 Open Account |
| 9. AvaTrade | Yes | Yes | Yes | 👉 Open Account |
What is a CBN-Regulated Broker?
👉 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.
10 Best CBN-Regulated Forex Brokers in Nigeria
- Exness – Overall, Best CBN-Regulated Forex Broker in Nigeria
- HFM – Top Forex Copy Trading Platform
- Alpari – User-Friendly Local Nigerian Customer Support
- XM – Best Trade Execution CBN Broker
- SuperForex – Best Islamic FX Account for Nigerians
- 7B Forex – Top Local Nigerian Withdrawal Options
- Tifia – Best Market Analysis for Nigerian Traders
- Trade Nation – Verified CBN Broker for Nigerian Stock Traders
- AvaTrade – Top Trading Platforms for Nigerians
1. Exness
Overall Rating
- 4.9/5
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
| 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 is multi-regulated in several regions globally | There is a lack of educational materials and resources |
| Customer support is offered to Nigerian traders 24/7 | There 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. HFM
Overall Rating
- 4.8/5
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, HFM 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, HFM now offers MetaTrader 5, which is the latest version of the MetaTrader trading platform. The retail investor accounts offered by HFM 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
| 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 (₦) | 2,000 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 multi-regulated and has a decent trust score | There is a limited selection of funding options |
| Nigerian traders can register a Naira-denominated account | There 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
👉 HFM has a trust score of 83% and a Nigerian market share of 2.5%.
3. Alpari
Overall Rating
- 4.7/5
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
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
| 📲 Social Media Platforms | • Facebook |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Forex Standard Account (MT4), Forex Micro Account (MT4), Forex ECN Account (MT4/5), Forex Pro Account (MT4) |
| 📱 Trading Platform | MetaTrader 4 and MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 1,000 Naira |
| 💳 Trading Assets | Forex 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 spread | From 0.4 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Alpari has local offices based in Nigeria | There is a limited selection of tradable assets |
| Local support is provided to Nigerian traders | There 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
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 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
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💵 Minimum Deposit (₦) | 2,000 Naira |
| 💳 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares, |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM is a multi-regulated broker that accepts Nigerian traders | There 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
- 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
👉 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
| 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 |
| ✔️ Pros | ❌ Cons |
| FXTM is one of the safest options for Nigerian traders | There 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
- 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
👉 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
| 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 Naira |
| 💳 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 offers the most account options than any other broker | MetaTrader 5 is not offered |
| There is a very low minimum deposit requirement | There 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
Overall Rating
- 4.2/5
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
| Feature | Information |
| ⚖️ Regulation | None at present |
| 📲 Social Media Platforms | • Facebook |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Classic Account, Elite Account |
| 📱 Trading Platform | MetaTrader 4 |
| 💵 Minimum Deposit (₦) | 5,000 Naira |
| 💳 Trading Assets | Forex, Precious Metals, Energies, Stocks, Cryptocurrency, Indices |
| 💸 Nigerian Naira-based Account? | Yes |
| ✔️ NGN Deposits Allowed? | Yes |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 1.3 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| 7BForex is a Nigerian-based broker that offers unique and competitive trading solutions | There is only one trading platform offered |
| Nigerian traders can trade in Naira as the trading accounts are denominated in NGN | Naira is the only base account currency |
| There are local deposit and withdrawal options offered | There are only a few deposit and withdrawal options |
| There is a comprehensive affiliate program | There 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
- 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
👉 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
| 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 |
| Nigerian traders have access to a Naira-denominated account | There are no educational materials |
| There is an Islamic account offered to Muslim traders | There is a limited selection of financial markets that can be traded |
| Deposit fees are not charged | Withdrawal fees are charged |
| There are local deposit and withdrawal options for Nigerians | Individual 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
- 4.7/5
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
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
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, FSCA, SCB |
| 📲 Social Media Platforms | • Twitter • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Low Leverage Account (1:30), High Leverage Account (1:200) |
| 📱 Trading Platform | MetaTrader 4, Trade Nation |
| 💵 Minimum Deposit (₦) | None |
| 💳 Trading Assets | Indices, Stocks, Precious Metals, 1Forex, Commodities, Energies, CFDs |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | No |
| 💵 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.4 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| Trade Nation is reputable and caters for Nigerian traders despite their trading experience | There is no Islamic Account |
| MetaTrader 4 and Trade Nation’s proprietary trading platform is available | Currency conversion fees may apply |
| Deposits and Withdrawals do not attract any fees | There 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
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 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
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💵 Minimum Deposit (₦) | 41,500 Naira |
| 💳 Trading Assets | Forex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 💸 Nigerian Naira-based Account? | No |
| ✔️ NGN Deposits Allowed? | No |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.9 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade is multi-regulated and has a very high trust score | There are no variable spreads |
| There is a decent selection of trading platforms | There is a limited choice between accounts |
| Nigerian traders are accommodated and provided some of the best trading conditions | Inactivity fees are charged on dormant accounts |
| There are social trading opportunities available | Currency conversion fees may apply |
| There is an Islamic account and demo account offered | There are limited base account currencies and Naira is not listed |
| There is a large range of tradable instruments | There 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
➡️ HFM
➡️ 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 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.d
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.
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.
