10 Best FSCA Regulated Forex Brokers in Nigeria
The 10 Best FSCA Regulated Forex Brokers operating in Nigeria were revealed. We tested and verified the best FSCA-Regulated in South Africa for Nigerian Traders.
This is a complete list of FSCA-Regulated forex brokers within Nigeria.
In this in-depth guide you’ll learn:
- What the Financial Sector Conduct Authority (FSCA)?
- Why traders in Nigeria should sign up with an FSCA-regulated broker?
- Who are the best FSCA-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 5 platforms, low spreads, and much more.
- Which brokers on the list offer a 1st-time welcome sign-up bonus?
- Best FSCA-broker with MetaTrader 4 and MetaTrader 5 accounts?
And lots more…
So if you’re ready to go “all in” with the best-regulated FSCA forex brokers for Nigerians…
Let’s dive right in…
10 Best Forex Brokers in Nigeria for 2023
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best FSCA Regulated Forex Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ FSCA 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. AvaTrade | Yes | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA | No | No | 👉 Open Account |
| 3. HFM | Yes | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA | No | Yes | 👉 Open Account |
| 4. Tickmill | Yes | ASIC, FMA, FSCA, FCA, CySEC, FSA, MAS | No | No | 👉 Open Account |
| 5. XM | Yes | FSCA, IFSC, ASIC, CySEC, DFSA | No | Yes | 👉 Open Account |
| 6. Pepperstone | Yes | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB | No | Yes | 👉 Open Account |
| 7. FXTM | Yes | CySEC, FSCA, FCA, FSC Mauritius | No | Yes | 👉 Open Account |
| 8. FxPro | Yes | FCA, CySEC, FSCA, DFSA, SCB | No | No | 👉 Open Account |
| 9. Trade Nation | Yes | FCA, ASIC, FSCA, SCB | No | No | 👉 Open Account |
| 10. Alpari | Yes | Financial Services Commission Mauritius (FSC), FSCA | Yes | Yes | 👉 Open Account |
What is an FSCA-Regulated broker?
👉 Definition: The FSCA is the market conduct regulator of financial institutions, that provide financial products and financial services, financial institutions that are licensed in terms of a financial sector law.
10 Best FSCA Regulated Forex Brokers in Nigeria (2023)
- Exness – Overall, Best FSCA Regulated Broker
- AvaTrade – Top Islamic Account for Nigerians
- HFM – Verified MT5 Broker
- Tickmill – User-Friendly AutoCharist Broker for Nigerians
- XM – Best Commission-Free Broker
- Alpari – Top NGN-Based Account in Nigeria
- Pepperstone – Best cTrader Broker for Nigerians
- Trade Nation – Verified Broker with No-Minimum Deposit
- FXTM – Best Proprietary Trading Platform
- FxPro – Top Fixed Spread Forex Broker in Nigeria
1. Exness
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Equipped with the proper licenses and authorization, Exness is capable of providing a wide range of complete trading solutions and services to traders in Nigeria.
👉 It is possible to choose from a variety of account kinds at Exness, and the company provides specialized customer service seven days a week to Nigerian traders.
👉 Exness has among of the tightest spreads and lowest commissions in the business, as well as a safe, fair, and transparent trading environment.
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. 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
👉 There are more than 1,250 tradable financial products across many asset classes at AvaTrade, one of the largest and most popular CFD and forex brokers in Nigeria.
👉 No matter how few account types there are at AvaTrade—there are just two—the versatile, dynamic features these accounts offer will appeal to both novice and experienced traders in Nigeria.
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 EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| AvaTrade caters specifically to the unique needs of Muslim traders | There are no variable spreads offered |
| There is a dedicated selection of financial markets that Muslim traders can trade | There are inactivity fees applied as well as currency conversion fees |
| There is a demo account that can be used to test strategies, and practice trading | |
| There are no additional charges on the Islamic Account | |
| Professional traders can employ advanced technical indicators and access powerful research tools and resources | |
| There is a large range of financial instruments offered |
Trust Score and Nigerian Market Share
👉 AvaTrade has a high trust score of 96% and a market share of <5% in Nigeria.
3. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HFM was founded in 2010 and is a well-regulated and internationally recognized brokerage firm. With HFM, traders in Nigeria have access to hundreds of worldwide financial markets, all while trading in a fair and transparent manner.
👉 HFM has more than 1.5 million registered customers and has earned more than 25 industry accolades since its start.
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%.
4. Tickmill
Overall Rating
- 4.7/5
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
👉 Retail and institutional traders from Nigeria can take advantage of Tickmill, a well-established and award-winning broker founded in 2015.
👉 More than 80 tradable instruments, ranging across many financial markets, are available to Nigerian traders through Tickmill. These include currency and commodity trading as well as stock market and index trading, as well as CFDs and other derivatives.
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.
5. 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
👉 Nigerian beginners and experts alike like XM’s user-friendly interface and powerful trading tools.
👉 Aside from offering services such as auto trading and having no hidden fees or commissions, XM’s order executions are lightning quick, with 99.35 percent of all trades being completed in less than one second.
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.
6. 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
👉 In business since 1998, Alpari is a well-established and well-respected broker with more than 2 million customers hailing from more than 150 countries around the world.
👉 With Alpari, Nigerian traders have access to a wide variety of FX and CFD instruments with low spreads, fast execution, and cutting-edge trading tools.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC), FSCA |
| 📲 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 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 is one of the best brokers in Nigeria with a market share of over 14% | There is a limited selection of financial assets that can be traded |
| Advanced traders have access to AutoChartist, news from FxWirePro, and several additional tools | There are no fixed spread accounts offered |
| There are dynamic trading accounts that satisfy the trading needs of several types of traders | |
| Alpari offers MetaTrader 4 and 5 across devices | |
| Alpari has won several awards in the years that the broker has been offering trading services |
Trust Score and Nigerian Market Share
👉 Alpari has a trust score of 95% and an overall market share of more than 14%.
7. Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 For over 65 countries across the world, Pepperstone connects traders to domestic and international financial markets and is one of the leading trading brokers according to daily trading volumes. Pepperstone was founded in 2010.
👉 MetaTrader 4, MetaTrader 5, and cTrader are used by Nigerian traders to trade more than 80 financial instruments distributed over currency, commodity markets, bond markets and ETFs.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FSCA, 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 |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There are some leverage restrictions |
| Well-regulated by some of the top market regulatory entities | |
| Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners | |
| There is a demo account and Islamic account offered | |
| There are several funding options offered to traders | |
| Deposit fees and withdrawal fees are not charged |
Trust Score and Nigerian Market Share
👉 Pepperstone has a very high trust score of 92% and a market share of <5% in Nigeria.
8. Trade Nation
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 Nigerian traders can purchase and sell various financial products with Trade Nation, an authorized online trading broker. It is possible to trade on MetaTrader 4 as well as Trade Nation’s own trading platform, all while performing a variety of analytical tasks.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, FSCA, SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Single retail account |
| 📱 Trading Platform | • MetaTrader 4 • Trade Nation proprietary platform |
| 💸 Minimum Deposit (₦) | None |
| 💵 Trading Assets | • Indices • Stocks • Precious Metals • Forex • Commodities • Energies • CFDs |
| 💰 Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💸 Bonuses for Nigerian traders? | None |
| 📊 Minimum spread | From 0.4 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Trade Nation does not charge a minimum deposit, offering Nigerian traders with flexibility | There is a limited selection of funding options |
| The broker offers transparent fixed financial spread trading across several asset classes | The spread costs are not the lowest in the industry |
| There is a powerful desktop platform, innovative mobile trading app, and web-based trading platform | There are leverage restrictions on the UK and Australian clients |
| There is commission-free trading offered | United States clients are not accepted |
| There is a wide selection of educational content and beginner guides as part of an all-inclusive education material package | Inactivity account fees may apply |
| There is a dedicated customer service team offered | |
| Trade Nation offers international stability through a well-established regulatory framework |
Trust Score and Nigerian Market Share
👉 Trade Nation has a trust score of 79% and a market share of <5% in Nigeria.
9. 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
👉 ECN and STP broker FXTM was founded in 2011 and offers over 250 financial instruments for trading in Nigeria. When it comes to trading platforms, FXTM is known for its user-friendly mobile, desktop, and web-based options.
👉 With a variety of instructional resources, trading tools, and account types that can be tailored to the specific needs of each trader, FXTM caters to the needs of Nigerian 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 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.
10. FxPro
Overall Rating
- 4.7/5
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
👉 An established UK-based NDD broker, FxPro is regulated by the FCA, CySEC, FSCA and SCB to operate in over 173 countries, serving more than 1.3 million clients. The company was founded in 2006.
👉 If you’re looking for some of the best pricing in the market, FxPro’s proprietary Quotix aggregator, which collates rates from more than 12 liquidity sources, is your best bet in Nigeria.
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? | Yes |
| 💳 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
👉 Financial institutions in South Africa are regulated by the Financial Sector Conduct Authority (FSCA). As such, the FSCA is responsible for ensuring that financial service providers in South Africa are regulated and that they adhere to established financial sector legislation.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
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👉 As part of the Financial Sector Conduct Authority (FSCA), all forex and CFD brokers are held to the highest standards of regulatory compliance. The FSCA’s mission is to protect the safety, soundness, and transparency of the financial markets, and these protections ensure that traders in Nigeria receive access to reputable and transparently operated Forex brokers.
The Role of the Financial Sector Conduct Authority (FSCA)
👉 FSR Act 9 of 2017 established the Financial Sector Conduct Authority to replace the Financial Services Board (FSB) on 1 April 2018 as a dedicated market conduct authority.
👉 The role of the FSCA includes the following:
➡️ Maintain financial stability;
➡️ improve financial markets;
➡️ encourage fair consumer treatment;
➡️ provide financial education;
➡️ and aid in sustaining financial stability
👉 Financial products and services that are not now under the purview of the FSB banking, as well as credit services and the buying and selling of foreign exchange, are now under the purview of the FSCA according to the FSR Act.
👉 The FSR Act’s overall goals include financial inclusion and financial sector modernization. Strategic focus areas for the FSCA over the next three years include: building new organization; inclusive and transformed financial sector, robust regulatory framework that promotes fair customer treatment, educated financial customers, strengthened integrity of our markets, and understanding new ways of doing business and disruptive technology.
👉 The volume of trading on every financial market in the globe has increased dramatically in the last few years.
👉 The forex market has a low entrance barrier, and more forex brokers have developed as a result of the growth in trading options. Not all of the forex and CFD brokers out there can be trusted, despite the large number of options.
👉 Inexperienced Nigerian traders are often duped by scam brokers that pretend to be legitimate. Retail traders in Nigeria must make certain that they can check the regulation and licenses of the broker they choose to work with in order to protect their own interests.
Benefits to Nigerian traders of using an FSCA-regulated broker
Precautionary information is provided to beginner traders
👉 The lack of knowledge and expertise of new forex traders in Nigeria makes it difficult for them to make well-informed trading decisions, even when using sound trading techniques.
👉 A wide range of financial markets are covered by FSCA-regulated forex brokers, who give all sorts of traders the required knowledge and tools to help them succeed.
👉 Financial instruments, trading fees, trading accounts, derivatives, and other financial instruments are only a few examples of possible warnings.
👉 Regulated forex brokers do not give investing advice, but they do provide the essential, open disclosures that help traders keep their money safe by letting them know exactly what they’re getting into.
The provision of a transparent trading environment
👉 All trading activities must be fair, secure, and transparent for FSCA-regulated brokers in South Africa and Nigeria by law. Investors and traders in South Africa should expect regular updates on the status of their accounts from brokers that are subject to strict regulations.
Security against fraudulent activities
👉 Scam brokers are the last thing any Nigerian trader wants to learn about their investment. This can be avoided if traders in Nigeria use FSCA-regulated brokers and pay attention to market regulators’ warnings.
👉 Brokers with proper FSCA regulation and authorization are not involved in criminal activities because they are well-regulated. Broker clients’ money is held in segregated accounts with reputable financial institutions, and it is only accessed for trades they have authorised.
Deposit security
👉 Investors in Nigeria run the risk of losing money if a broker goes bankrupt. There are compensation plans in place for regulated brokers in case they can no longer satisfy their financial commitments.
👉 Besides this, client fund safety also means that client funds are not used for operational purposes by the broker, but only for customer-approved trading activity by the client.
Adherence to financial law
👉 The Financial Services Compensation Authority (FSCA) serves as a safeguard for consumers and advocates for fairness. When dealing with financial organizations, customers are also given the information they require.
👉 FSCA-licensed brokers are required to adhere to the FSCA’s laws and regulations. Thus, they can continue to offer financial goods and services to Nigerian and South Africa traders while still maintaining their licenses and permits.
The Best FSCA-Regulated Forex Brokers in Nigeria
👉 It is essential that Nigerian traders register with regulated and reputable Forex brokers. Signing up with an FSCA-regulated Forex brokers ensures that Nigerian traders will be working with legally compliant and transparent brokers, the best of which are featured on this list.
👉 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.
➡️ Exness
➡️ AvaTrade
➡️ HFM
➡️ Tickmill
➡️ XM
➡️ Alpari
➡️ Pepperstone
➡️ Trade Nation
➡️ FXTM
➡️ FxPro
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.
The Best Forex Brokers in Nigeria
👉 In this post we have listed the best FSCA-regulated Forex brokers that operate in Nigeria, offering a transparent and secure trading environment to Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best MT4 Forex broker for Nigerian traders
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Exness gets our vote as the best MT4 Forex broker which also offers fantastic trading conditions and some of the lowest pricing in the industry.
Best Forex broker offering an Islamic Account to Nigerian traders
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
👉 AvaTrade is the best Islamic account holding broker for Nigerian traders of the Muslim faith, who can take advantage of specially tailored swap-free conditions along with full access to the broker’s award winning AvaTradeGO mobile app.
Best MT5 Forex broker for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 HFM is the best MT5 broker for Nigerian traders which allows experienced investors to take advantage of the enhanced trading features of this renowned trading platform.
Best AutoChartist Forex broker for Nigerian traders
Overall Rating
- 4.7/5
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
👉 Tickmill provides full access to AutoChartist for Nigerian traders, ensuring enhanced charting and analytical capabilities.
Best commission-free Forex broker for Nigerian traders
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
👉 XM provides Nigerian traders with commission-free trading alongside tight spreads and a transparent trading environment.
Best Forex broker with Naira-based trading accounts for Nigerian traders
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
👉 Alpari offers Naira-based trading accounts to Nigerian traders, allowing them to avoid incurring expensive conversion fees on both deposits and withdrawals.
Best cTrader Forex broker for Nigerian traders
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Pepperstone is the best cTrader Forex broker that gives Nigerian traders access to this advanced and multifunctional trading platform.
Best Forex broker with no minimum deposit for Nigerian traders
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
👉 Trade Nation does not have a minimum deposit requirement for Nigerian traders, ensuring greater flexibility in their funding and trading choices.
Best Forex broker offering a proprietary trading platform to Nigerian traders
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
👉 FXTM offers an advanced and comprehensively featured proprietary trading platform, called FXTM Trader, to Nigerians.
Best Forex broker with fixed spreads for Nigerian traders
Overall Rating
- 4.7/5
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
👉 FxPro provides traders with very tight, fixed spreads (as well as variable spreads) allowing for a competitive trading environment and greater flexibility.
FAQ
What is the FSCA?
The FSCA (Financial Sector Conduct Authority) is a market conduct regulator for financial institutions in South Africa that provide financial products and financial services, this includes Banks, insurers and other non-banking Financial Institutions.
How do you verify FSCA regulation?
You can verify FSCA regulation by checking for the broker’s license number listed on the official FSCA website
Why should you trade with FSCA regulated brokers?
It is vital to regulate financial markets in order to lower the risk of trading activities for participants and, as a result, to reduce the potential losses caused by a bad trading environment and broker malpractices.
Is Forex trading legal in Nigeria?
Yes, Forex trading is legal in Nigeria
Which is the best FSCA-regulated Forex broker?
There are several leading FSCA-regulated Forex brokers which operate in Nigeria, and we have featured the best of them in this comprehensive list.
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.
Top 3 Brokers