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7 Best FCA Regulated Forex Brokers in Nigeria

The 7 Best FCA Regulated Forex Brokers in Nigeria revealed. We tested and verified the best FCA-regulated forex brokers operating in Nigeria.

This is a complete guide to FCA-regulated forex brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is the Financial Conduct Authority (FCA)?
  • Why traders in Nigeria should sign up with an FCA-regulated broker.
  • Who are the best FCA-regulated forex brokers for Nigerians in 2022?
  • How to choose a forex broker – Compare them side by side, by, low minimum deposit, high leverage, best MetaTrader 4 platforms, and much more.
  • Which brokers offer a sign-up bonus for first-time traders?
  • Which brokers are best for beginner traders?


And lots more…

So if you’re ready to go “all in” with the best-verified FCA-regulated forex brokers for Nigerians…

Let’s dive right in…

Updated : September 6, 2022

👉 Definition: FCA regulation or authorization means that a consumer can trust the broker. It ensures that the broker treats all consumers in compliance with the strict criteria laid out by the FCA.

Best FCA Regulated Forex Brokers in Nigeria – Comparison

🥇 Broker✔️ FCA Regulated Broker?⚖️ Regulation🏛 CBN Regulation?💸 NGN Deposits Allowed?👉 Open An Account
1. ExnessYesFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCANoYes👉 Open Account
2. HFMYesFSCA, CySEC, DFSA, FSA, FCA, FSC, CMANoYes👉 Open Account
3. FXTMYesCySEC, FSCA, FCA, FSC MauritiusNoYes👉 Open Account
4. XMYesFSCA, IFSC, ASIC, CySEC, DFSANoYes👉 Open Account
5. TickmillYesASIC, FMA, FSCA, FCA, CySEC, FSA, MASNoNo👉 Open Account
6. PepperstoneYesASIC, BaFin, CMA, CySEC, DFSA, FCA and SCBNoYes👉 Open Account
7. FxProYesFCA, CySEC, FSCA, DFSA, SCBNoNo👉 Open Account

7 Best FCA Regulated Forex Brokers in Nigeria (2022)

  1. Exness – Overall, Best FCA Regulated broker in Nigeria
  2. HFM – Best NGN Account for Nigerians
  3. FXTM – Best Broker with Beginner Traders
  4. XM – Best Commission-Free Broker in Nigeria
  5. Tickmill – Best MT4 Broker
  6. Pepperstone – Best Broker with No Withdrawal Fees 
  7. FxPro – Best cTrader Account for Nigerians

1. Exness

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

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

👉 Since 2008, Exness has operated in the foreign exchange market. The broker is at the top of the ratings for Forex brokers in Nigeria. $325.8 billion USD is the monthly turnover of the corporation.

 

👉 More than 120 currency pairs and energy and metals are currently available for CFD trading through the firm. The service provided by Exness offers Nigerian traders a number of benefits, including minimal commissions, immediate order execution, and quick fund withdrawals.

 

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 well-regulated and keeps all client funds in segregated accounts with top-tier institutionsThere is a limited portfolio of financial instruments offered
Nigerian traders can choose between several retail investor accountsExness offers a limited number of payment methods that can be used for deposits and withdrawals
Exness offers an Islamic account conversion with no additional fees charged
Instant deposits and withdrawals are offered
Exness has customer support available 24 hours a day, 7 days a week

 

Trust Score and Nigerian Market Share

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

2. HFM

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

👉 HFM is a London-based Forex and commodities broker that was founded in 2010. To its vast list of credentials, HFM revealed in 2012 that it now included the FCA (licensed no. 801701).

👉 The HF App, which provides Nigerian traders with access to their accounts and a number of trading tools, news, and financial analysis, further sets HFM apart. As a HFM client, you’ll have access to more tradable assets than you’ll find at other brokers, such as speciality CFDs.

👉 Over 34 ETFs and 950 stock DMAs, which are rarely seen at other brokers, are available for trading, as are 53 different currency pairings, share CFDs, commodities, and bonds.

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
There are tight, competitive spreads from 0.0 pips on EUR/USDHFM only offers a few deposit and withdrawal methods to Nigerians
There is a demo account for beginners who are learning to trade and professional traders who are testing strategies
Nigerian traders can register a trading account in either USD, ZAR, or NGN
Several asset classes can be traded through HFM
Nigerian traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms

Trust Score and Nigerian Market Share

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

3. 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

👉 FXTM was founded in 2011 and has over 800 employees in 10 regional offices throughout the world. FXTM Invest offers a list of top-rated traders, known as strategy providers, from which new Nigerian traders or followers can choose.

 

👉 Followers can establish an investor account and imitate the trades of various Strategy Providers for a minimal deposit of $100.

 

👉 Nigerian members of FXTM Invest receive a part of the proceeds of successful trades, while Strategy Providers make additional money by producing gains for their followers.

 

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 a popular and multi-regulated trading providerThere are inactivity fees that will be applied if the trading account goes dormant
FXTM offers its clients quick deposit and withdrawal methods with short processing times
There are no deposit fees charged
There are several educational materials offered
FXTM offers dedicated, local support in multiple languages

 

Trust Score and Nigerian Market Share

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

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

👉 An FCA-licensed broker, XM was founded in Cyprus in 2009 and has a regional office in London. Nigerian investors can join XM’s CySEC-regulated subsidiary, but the FCA has already approved the firm’s passporting to the FCA.

 

👉 There are no hidden fees or charges with XM’s zero-cost Zero Account, and the spreads are extremely narrow. XM also offers outstanding educational resources and customer service for beginner traders in Nigeria.

 

Unique Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC, CySEC, DFSA
📲 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• LinkedIn
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, XM Mobile App
💸 Minimum Deposit (₦)2,000 Naira
💵 Trading AssetsForex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares,
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
XM has more than 5 million active clients from around the worldInactivity fees apply
Client fund safety is guaranteed, and XM offers investor protection to Nigerian tradersThere are no fixed spreads offered
XM has won several industry awards since its establishment in 2009
There are no commissions charged on either deposits or withdrawals
XM is a low-cost forex broker with a high trust score

 

Trust Score and Nigerian Market Share

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

5. Tickmill

 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 With over 110,000 traders on its books and an average monthly trading volume in excess of 120 billion USD, Tickmill has grown tremendously since its inception in 2014.

 

👉 So far, Tickmill’s UK office has attracted over 38,000 customers since receiving its FCA license (registration number. 717270) in 2016.

 

👉 Nigerian traders will sign up with the Seychelles-located Tickmill entity, but may be certain that they are trading in a secure environment thanks to the FCA’s enhanced oversight. Cheap commission accounts and low non-trading expenses will also entice Nigerian traders.

 

Unique Features

FeatureInformation
⚖️ RegulationSeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsPro Account, Classic Account, VIP Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5
💸 Minimum Deposit (₦)41,500 Naira
💵 Trading AssetsForex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?No, only USD, GBP, EUR, IDR, CNY, VND, or RUB
💸 Bonuses for Nigerian traders?Yes
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill offers robust trading platforms and innovative mobile tradingCurrency conversion fees will apply for Naira deposits
Tickmill has a very high trust score and is known for its competitive trading conditionsThere are no fixed spread accounts offered
There are several convenient funding options available including Skrill, Neteller, and othersThe spreads are not the tightest
Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others

 

Trust Score and Nigerian Market Share

👉 Tickmill has a trust score of 81% and an overall market share of <5% in Nigeria.

6. Pepperstone

 

Pepperstone-Logo-Tagline-RGB-BlackBlue

Overall Rating

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

👉 Australian-based Pepperstone made its UK debut in 2016. Client monies are held in segregated trust accounts with Barclays, which are regulated by the Financial Conduct Authority (FCA) (licensed number 684312).

 

👉 Its UK business had approximately 8,000 clients as of June 2020, attracted by Pepperstone’s low fees, its wide assortment of UK share CFDs, and its three popular trading platforms.

 

👉 Trade fees at Pepperstone are among the most competitive in the industry. Fixed spreads on the EUR/USD average 0.09 pips for the Standard Account, while the Razor Account has spreads as low as 0.1 pips.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💸 Minimum Deposit (₦)60,700 Nigerian Naira
💵 Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indices
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
Tickmill offers robust trading platforms and innovative mobile tradingCurrency conversion fees will apply for Naira deposits
Tickmill has a very high trust score and is known for its competitive trading conditionsThere are no fixed spread accounts offered
There are several convenient funding options available including Skrill, Neteller, and othersThe spreads are not the tightest
Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others

 

Trust Score and Nigerian Market Share

👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.

7. FxPro

 

Overall Rating

Min Deposit

USD 100 / 41459 NGN

Regulators

CySec, FSCA, FCA

Trading Desk

FxPro Trading Platfrom

Crypto

Yes

Total Pairs

70+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 FxPro was founded in Cyprus in 2006 and is headquartered in London, where it is licensed by the Financial Conduct Authority (FCA) since 2010. As of this writing, 1.8 million client accounts have been opened in 173 countries, including Nigeria, since FxPro’s inception in 2005.

 

👉 Orders are filled at or near the advertised price thanks to FxPro’s lightning-fast trade execution. 90% of market orders are filled at the desired price, while 9.6% of Nigerian clients receive a better price, or positive slippage. The majority of trades are filled in within 14 milliseconds.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, CySEC, FSCA, DFSA, SCB
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMT4 Instant Account, MT4 Account (Market Execution), MT5 Account, cTrader Account, FxPro Edge Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5 and cTrader
💸 Minimum Deposit (₦)41 453,00 Nigerian Naira
💵 Trading AssetsForex, cryptocurrencies, energies, stock CFDs, futures, indices, metals
💰 Nigerian Naira-based Account?No
💳 NGN Deposits Allowed?Yes
💸 Bonuses for Nigerian traders?No
📊 Minimum spreadFrom 0.3 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

✔️ Pros❌ Cons
FxPro offers a broad range of tradable instruments.Limited protection at offshore entity.
FxPro offers competitive spreads.High recommended minimum deposit for Nigerian traders
FxPro provides fast order execution.FxPro Edge Platform is only available in the English language
With FxPro, Nigerian traders have multiple platforms available.Inactivity fee charged to Nigerian traders whose accounts go dormant
Nigerian traders have multiple account types available with FxPro
Third party tools available to Nigerian traders for more comprehensive analysis
Fast deposits and withdrawals available to Nigerian traders
Fixed and variable spread accounts which allow for more flexibility in pricing

 

Trust Score and Nigerian Market Share

👉 FxPro has a trust score of 90% and an overall market share of <5% in Nigeria.

Overview

👉 It is the Financial Conduct Authority’s to ensure that the UK’s financial markets are operating properly. Individuals, businesses, and the economy as a whole benefit from the organization’s efforts to maintain fair and honest markets.

 

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, CySec

$1

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

 

👉 The FCA accomplishes this through safeguarding customers, safeguarding financial markets, and fostering competition. The Treasury and Parliament of the United Kingdom are responsible for the FCA.

The Role of the FCA

The Role of the FCA

👉 Aside from safeguarding customers, the FCA also seeks to maintain and improve the integrity of the United Kingdom’s financial system and encourage healthy competition among financial service providers in the interests of consumers.

 

👉 When the Financial Services Authority was abolished on April 1, 2013, it was done so in order to acquire responsibilities for conduct and prudential regulation. The Financial Services and Markets Act 2000 and the Financial Services Act 2012 established the FCA’s statutory objectives.

 

👉 After the financial crisis of 2008-2009, the UK’s Financial Services and Markets Authority (FSMA) enacted the Financial Services and Markets Act of 2012 to overhaul the country’s regulatory framework for financial services organizations.

 

👉 As a rule-making and enforcement agency, the FCA has a wide range of tools at its disposal. Due to its independence and the lack of government backing, the FCA must be able to increase its fees.

 

👉 It is consequently necessary for FCA-authorized businesses to pay fees to the regulators and other organizations that oversee their activity.

 

👉 More than 59,000 financial services firms and financial markets are regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Everyone, from consumers to small company owners, to the entire economy, should be able to participate in free and open markets.

 

👉 The Authority accomplishes this through safeguarding customers, safeguarding financial markets, and fostering competition. The Treasury and Parliament of the United Kingdom are in charge of the FCA.

 

Enforcing fair conduct

👉 The FCA’s primary responsibility is to prohibit financial services companies from engaging in unethical practices. But that’s not all. They’ll also investigate and prosecute a variety of other sorts of misbehaviour, including insider trading and shadow banking.

 

👉 Anti-competitive behaviour, such as monopoly formation, mis-selling of financial products, and other attempts at market manipulation, are also addressed by the regulators.

 

Regulation of entities

👉 In addition, the FCA lends respectability to financial services firms in Nigeria by issuing a seal of approval. In the case of a UK CFD broker, the most reputable firms would boldly proclaim that they are regulated by the Financial Conduct Authority (FCA).

 

👉 A corporation operating in Nigeria that is regulated by the Financial Conduct Authority (FCA) is trustworthy and adheres to strict ethical standards.

 

Providing regulatory advice

👉 An annual budget of £600 million and thousands of personnel make the FCA the largest financial regulator in the world. More than half of these resources go toward providing critical legal and compliance advice to 58,000 companies that the FCA is responsible for regulating.

 

👉 Smaller businesses in Nigeria may lack the capacity to effectively negotiate the regulatory landscape on their own, making this service incredibly valuable. The FCA’s guidance can be a lifesaver in a Nigerian business environment where only the biggest players can afford their own legal teams.

The Best FCA-Regulated Forex Brokers in Nigeria

How does Margin Work?

👉 Signing up with an FCA-regulated Forex broker has numerous advantages for Nigerian traders. These brokers are heavily regulated to provide a secure trading environment and transparent pricing conditions for Nigerian traders.

 

👉 While there are quite a few FCA-regulated Forex brokers operating in Nigeria today, we have listed the best of those available to Nigerian traders, and which also offer excellent trading conditions and a range of advanced trading tools.

How to choose a forex broker

How to choose a forex broker

👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.

Regulations and Licenses

Regulations and Licenses

👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.

Account Features

Account Features

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

Deposits and Withdrawals

Deposits And Withdrawals

👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.

Range of Markets

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.

Customer Support

Customer Support

👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

Trading Platform

Trading Platform

👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

Education and Research

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Nigeria

👉 This list covers the best FCA-regulated Forex brokers which accept Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.

The best low spread Forex broker for Nigerian traders

The best low spread Forex broker

👉 Overall, Exness is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker. Regarding spread and security, Exness guarantees fast trading speeds from a few milliseconds. In terms of users, Exness has over 204 000 registered clients in the UK.

The best cTrader Forex broker for Nigerian traders

The best cTrader Forex broker

👉 Overall, FxPro is considered a low-risk broker and can be summarised as a trustworthy and reliable NDD broker. Regarding spread and security, FxPro guarantees fast trading speeds from a few milliseconds. In terms of users, FxPro has over 1.8 million registered clients around the world.

The best Forex broker for beginner traders in Nigeria

The best Forex broker

👉 Overall, FXTM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, FXTM guarantees fast trading speeds from a few milliseconds. In terms of users, FXTM has over 4 million registered clients around the world.

Best Forex broker with NGN accounts for Nigerian traders

Best Forex broker with NGN accounts

👉 Overall, HFM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, HFM guarantees fast trading speeds from a few milliseconds. In terms of users, HFM has over 2.5 million registered clients around the world.

Best commission-free Forex broker for Nigerian traders

Best commission-free Forex broke

👉 Overall, XM is considered a low-risk broker and can be summarised as a trustworthy and reliable market-making broker. Regarding spread and security, XM guarantees fast trading speeds from a few milliseconds. In terms of users, XM has over 5 million registered clients around the world.

Best MT4 Forex broker for Nigerian traders

Best MT4 Forex broker

👉 Overall, Tickmill is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker. Regarding spread and security, Tickmill guarantees fast trading speeds from a few milliseconds. In terms of users, Tickmill has over 38 000 registered clients in the UK.

Best Forex broker with no withdrawal fees for Nigerian traders

Best Forex broker with no withdrawal fees

👉 Overall, Pepperstone is considered a low-risk broker and can be summarised as a trustworthy and reliable agency execution broker. Regarding spread and security, Pepperstone guarantees fast trading speeds from a few milliseconds. In terms of users, Pepperstone has over 8000 registered clients in the UK.

Frequently Asked Questions

What is the FCA?

The Financial Conduct Authority (FCA) is an independent body which oversees and regulates 58,000 UK financial service firms, including forex brokers. This means that when traders use a UK broker regulated by the FCA they can expect to be protected against different types of fraud and financial crimes. 

 

What is the role of the FCA?

The FCA acts as a conduct and a prudential regulator with the entity adopting a market-based approach in its regulatory supervision of firms.

 

How does the FCA regulated protect me?

The FCA has extensive powers, some of which go beyond and beyond those of its predecessor FSA. These include the power to create new product intervention rules, and the obstruction of contracts that the FCA deems essential to protect consumer interests or advance competitive goals by authorized entities.

 

How do I verify FCA authorisation?

To identify if a forex broker is licensed to operate in the United Kingdom (UK), the first step is to identify the register number from the disclosure text at the bottom of the broker’s UK homepage. This can then be checked on the official list of the FCA website.

 

Does the FCA work for the benefit of traders?

Yes, because the FCA actually oversees the way in which financial companies and best spread betting brokers in UK operate.

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.

9.2/10 - (21 votes)

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