
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 2023?
- 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…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site

- Louis Schoeman
👉 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. Exness | Yes | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA | No | Yes | 👉 Open Account |
2. HFM | Yes | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | No | Yes | 👉 Open Account |
3. FXTM | Yes | CySEC, FSCA, FCA, FSC Mauritius | No | Yes | 👉 Open Account |
4. XM | Yes | FSCA, IFSC, ASIC, CySEC, DFSA | No | Yes | 👉 Open Account |
5. Tickmill | Yes | ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS | No | No | 👉 Open Account |
6. Pepperstone | Yes | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | No | Yes | 👉 Open Account |
7. FxPro | Yes | FCA, CySEC, FSCA, DFSA, SCB | No | No | 👉 Open Account |
7 Best FCA Regulated Forex Brokers in Nigeria (2023)
- HFM – Best NGN Account for Nigerians
- FXTM – Best Broker with Beginner Traders
- XM – Best Commission-Free Broker in Nigeria
- Tickmill – Best MT4 Broker
- Pepperstone – Best Broker with No Withdrawal Fees
1. Exness
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 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
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 well-regulated and keeps all client funds in segregated accounts with top-tier institutions | There is a limited portfolio of financial instruments offered |
Nigerian traders can choose between several retail investor accounts | Exness offers a limited number of payment methods that can be used for deposits and withdrawals |
Exness offers an Islamic account conversion with no additional fees charged | |
Instant deposits and withdrawals are offered | |
Exness has customer support available 24 hours a day, 7 days a week |
Trust Score and Nigerian Market Share
👉 Exness has a trust score of 97% and a market share of <5%.
2. HFM
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 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
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 |
There are tight, competitive spreads from 0.0 pips on EUR/USD | HFM 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
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
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 a popular and multi-regulated trading provider | There are inactivity fees that will be applied if the trading account goes dormant |
FXTM offers its clients quick deposit and withdrawal methods with short processing times | |
There are no deposit fees charged | |
There are several educational materials offered | |
FXTM offers dedicated, local support in multiple languages |
Trust Score and Nigerian Market Share
👉 FXTM has a trust score of 93% and an overall market share of over 9.6% in Nigeria.
4. XM
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
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 has more than 5 million active clients from around the world | Inactivity fees apply |
Client fund safety is guaranteed, and XM offers investor protection to Nigerian traders | There are no fixed spreads offered |
XM has won several industry awards since its establishment in 2009 | |
There are no commissions charged on either deposits or withdrawals | |
XM is a low-cost forex broker with a high trust score |
Trust Score and Nigerian Market Share
👉 XM has a trust score of 84% and a market share of <5% in Nigeria.
5. Tickmill
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
Feature | Information |
⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
📲 Social Media Platforms | • Facebook • YouTube • Telegram |
🏛 CBN Regulation? | No |
💻 Trading Accounts | Pro Account, Classic Account, VIP Account |
📱 Trading Platform | MetaTrader 4, MetaTrader 5 |
💸 Minimum Deposit (₦) | 41,500 Naira |
💵 Trading Assets | Forex, 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 spread | From 0.0 pips |
💻 Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
Tickmill offers robust trading platforms and innovative mobile trading | Currency conversion fees will apply for Naira deposits |
Tickmill has a very high trust score and is known for its competitive trading conditions | There are no fixed spread accounts offered |
There are several convenient funding options available including Skrill, Neteller, and others | The 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
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
Feature | Information |
⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
📲 Social Media Platforms | • Facebook • YouTube |
🏛 CBN Regulation? | No |
💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
💸 Minimum Deposit (₦) | 60,700 Nigerian Naira |
💵 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
💰 Nigerian Naira-based Account? | No |
💳 NGN Deposits Allowed? | Yes |
💸 Bonuses for Nigerian traders? | No |
📊 Minimum spread | From 0.0 pips |
💻 Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ Pros | ❌ Cons |
Tickmill offers robust trading platforms and innovative mobile trading | Currency conversion fees will apply for Naira deposits |
Tickmill has a very high trust score and is known for its competitive trading conditions | There are no fixed spread accounts offered |
There are several convenient funding options available including Skrill, Neteller, and others | The 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
Min Deposit
USD 50 / 5000 NGN
Regulators
CySec, FSCA, FCA
Trading Desk
FxPro Trading Platfrom
Crypto
Yes
Total Pairs
300+
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
Feature | Information |
⚖️ Regulation | FCA, CySEC, FSCA, DFSA, SCB |
📲 Social Media Platforms | • Facebook • YouTube • Telegram |
🏛 CBN Regulation? | No |
💻 Trading Accounts | MT4 Instant Account, MT4 Account (Market Execution), MT5 Account, cTrader Account, FxPro Edge Account |
📱 Trading Platform | MetaTrader 4, MetaTrader 5 and cTrader |
💸 Minimum Deposit (₦) | 41 453,00 Nigerian Naira |
💵 Trading Assets | Forex, cryptocurrencies, energies, stock CFDs, futures, indices, metals |
💰 Nigerian Naira-based Account? | No |
💳 NGN Deposits Allowed? | Yes |
💸 Bonuses for Nigerian traders? | No |
📊 Minimum spread | From 0.3 pips |
💻 Demo Account | Yes |
☪️ Islamic Account | Yes |
✔️ 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
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 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
👉 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
👉 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
👉 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 Withdrawal
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Nigeria
👉 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
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 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
Min Deposit
USD 50 / 5000 NGN
Regulators
CySec, FSCA, FCA
Trading Desk
FxPro Trading Platfrom
Crypto
Yes
Total Pairs
300+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 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
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
👉 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
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 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
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
👉 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
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
👉 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
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
👉 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.