10 High Leverage Forex Brokers in Nigeria
The 10 Best High Leverage Forex Brokers in Nigeria revealed. We tested and verified the best high leverage brokers operating in Nigeria.
This is a complete list of high leverage brokers in Nigeria.
In this in-depth guide you’ll learn:
- What are high leverage forex brokers?
- Which Forex Brokers are best for first-time traders?
- Which brokers offer 1:100, 1:3000, and 1:5000 leverages.
- How to choose a forex broker – Compare them side by side by tightest spread, best scalping conditions, and lowest minimum deposit.
- Which high leverage broker offers the best NGN sign up bonus
And lots more…
So if you’re ready to go “all in” with the best-tested high leverage 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 of High-Leverage Brokers: Highest leverage Forex brokers are known to offer leverage as high as 1:3000. Yet highest leverage is a double-edged sword: it leverages buying power, yet increases risks.
High Leverage Forex Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ High-Leverage Broker? | 💳 NGN Deposits/Withdrawals | 💵 Micro Account Offered? | 📞 Nigerian-Based Customer Support | 👉 Open An Account |
| 1. Exness | ✔️ Yes | Yes | No | No | 👉 Open Account |
| 2. HFM | ✔️ Yes | No | Yes | No | 👉 Open Account |
| 3. FBS | ✔️ Yes | Yes | Yes | No | 👉 Open Account |
| 4. FXTM | ✔️ Yes | Yes | Yes | Yes | 👉 Open Account |
| 5. RoboForex | ✔️ Yes | Yes | No | No | 👉 Open Account |
| 6. XM | ✔️ Yes | Yes, AstroPay | No | No | 👉 Open Account |
| 7. SuperForex | ✔️ Yes | Yes | Yes | No | 👉 Open Account |
| 8. 7BForex | ✔️ Yes | Yes | No | No | 👉 Open Account |
| 9. Kwakol Markets | ✔️ Yes | Yes | No | Yes | 👉 Open Account |
| 10. Tifia | ✔️ Yes | Yes | No | No | 👉 Open Account |
10 High Leverage Forex Brokers in Nigeria (2023)
- Exness – Overall, Best High Leverage Naira (NGN) Trading Account.
- HFM – Best Broker in Nigeria for high-leverage trading.
- FBS – Best Research Tools for Advanced Traders.
- FXTM – Fastest Withdrawals in Nigeria.
- RoboForex – Largest Range of Markets for Nigerians.
- XM – Best Low-Cost High Leverage Forex Broker.
- SuperForex – Popular Naira Islamic Account for Nigerian Traders.
- 7BForex – Most Popular Locally based Forex Broker in Lagos, Nigeria.
- Kwakol Markets – Good Web-Based Trading Platform for Beginners.
- Tifia – Best ECN 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
👉 Exness is one of the best CFD and forex brokers for Nigerians that not only offers a selection of accounts that can be registered with Naira as the base currency but offers unique and competitive trading conditions.
👉 Exness offers unlimited leverage on some account types and Nigerians can expect some of the tightest spreads and the lowest commission fees on their trades. In addition, Exness also holds a decent amount of market share in Nigeria, making it one of the Top 20 brokers in Lagos.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | AED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR |
| 📊 Minimum Spread | 0.0 pips |
| 💳 Nigerian Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | No |
| 💰 Account Types | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📈 Leverage | Unlimited |
| 💵 Micro Account Offered? | No |
| 🔧 Trading Tools | Analytical tools, Trading calculators, currency converter, tick history, economic calendar |
| 📚 Education | None |
| 📞 Nigerian-Based Customer Support | No |
| ✔️ Pros | ❌ Cons |
| Multi-regulated by strict and demanding entities, guaranteeing client fund security | There is a limited selection of tradable markets |
| There are several accounts to choose from | There are only a few funding options supported |
| Nigerians can use instant deposits and withdrawals through mobile money solutions | |
| There is 24/7 customer support | |
| There is a powerful and innovative proprietary trading platform |
Trust Score and Overall Rating
👉 Exness has a trust score of 97% and an overall rating of 8/10.
2. 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 has been operating for the past 12 years and during this time, the broker has grown and expanded, infiltrating the African market. HFM has a market share of more than 2.5% in Nigeria, making it a popular option.
👉 There is also a local office based in Abuja, offering traders local customer support. HFM offers a Naira-denominated account and traders can use leverage up to a maximum of 1:1000, with the benefit that low minimum deposits of 2,000 Naira are charged on accounts.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | USD, ZAR, NGN |
| 📊 Minimum Spread | 0.0 pips EUR/USD |
| 💳 Nigerian Deposits/Withdrawals | No |
| ⚖️ CBN Regulation | No |
| 💰 Account Types | Micro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, CMA |
| 📈 Leverage | 1:1000 |
| 💵 Micro Account Offered? | Yes |
| 🔧 Trading Tools | HF App, VPS Hosting Services, AutoChartist, Trading Calculators, myHF Client Area, Advanced Insights, Economic Calendar, Traders’ Board, One-Click trading, and more |
| 📚 Education | Educational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos |
| 📞 Nigerian-Based Customer Support | No |
| ✔️ Pros | ❌ Cons |
| Well-regulated in several regions around the world | There is a limited selection of funding options |
| Competitive spreads are offered | |
| Offers a high leverage ratio of 1:1000 and a low minimum deposit | |
| HFM accepts all trading strategies | |
| The broker caters for beginners as well as professional traders |
Trust Score and Overall Rating
👉 HFM has a trust score of 83% and an overall rating of 9/10.
3. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 5
Regulators
FSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
100% Deposit Bonus
Account Activation Time
Instant
Overview
👉 FBS is a licensed and reputable international broker that has a large market share of over 8.7% in Nigeria. FBS is well-regulated by IFSC and CySEC and guarantees client fund protection. FBS offers six retail trading accounts and the benefit that Nigerians can use leverage up to 1:3000.
👉 FBS sources its liquidity through Currenex and ensures that trade execution is reliable, with minimal slippage and no requotes. The minimum deposit that Nigerians can expect is ultra-low, from 400 Naira or an equivalent to $1.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | EUR, USD |
| 📊 Minimum Spread | From 0.0 pips |
| 💳 Nigerian Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | No |
| 💰 Account Types | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| ⚖️ Regulation | IFSC, CySEC |
| 📈 Leverage | 1:3000 |
| 💵 Micro Account Offered? | Yes |
| 🔧 Trading Tools | Forex News Feed, Daily Market Analysis, Forex TV, VIP Analytics, Economic Calendar, Forex Calculators, Currency Converter |
| 📚 Education | Forex Guidebook, Tips for Traders, Webinars, Educational Video Lessons, Seminars, Glossary, FAQ |
| 📞 Nigerian-Based Customer Support | No |
| ✔️ Pros | ❌ Cons |
| There is an ultra-low minimum deposit requirement | The spreads on some accounts are very wide |
| FBS is well-regulated and offers investor protection | The demo account is only available for 40 days |
| Nigerian traders can choose between several account types | There are inactivity fees that may apply |
| There are fast and convenient payment methods for deposits and withdrawals | There are withdrawal and deposit fees charged |
| Nigerian Naira deposits are allowed | Currency conversion fees may apply |
Trust Score and Overall Rating
👉 FBS has a trust score of 75% and our overall rating on the broker is 9/10.
4. 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
👉 ForexTime Limited is often referred to just as FXTM, popular and well-regulated forex and CFD broker with offices in Lagos, Abuja, and Port Harcourt, making it one of the best local forex brokers for Nigerians.
👉 FXTM offers a choice between trading accounts and offers an option for Naira as the base account currency. In addition to being a reliable broker, FXTM also offers leverage up to 1:2000, allowing Nigerian traders to maximize their profit potential.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | USD, EUR, GBP, and NGN |
| 📊 Minimum Spread | 0.0 pips EUR/USD |
| 💳 Nigerian Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | No |
| 💰 Account Types | Micro Account, Advantage Account, Advantage Plus Account |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC |
| 📈 Leverage | 1:2000 |
| 💵 Micro Account Offered? | Yes |
| 🔧 Trading Tools | Economic Calendar, Forex and Financial News Timeline, Market Analysis Videos, Podcasts, FXTM Invest, Guide to Copy Trading, Video Guides |
| 📚 Education | Beginners Guides to Forex Trading, What is Forex, Forex Trading Strategies, eBooks, CFD Trading Articles, Forex Glossary, Educational Videos, Articles and Tutorials |
| 📞 Nigerian-Based Customer Support | Yes |
| ✔️ Pros | ❌ Cons |
| FXTM is multi-regulated and has a high trust score | There are inactivity fees applied |
| There are low minimum deposit requirements on accounts | |
| There are no deposit fees charged | |
| The processing times on withdrawals are quick | |
| Dedicated customer support in Nigeria offered in multiple languages |
Trust Score and Overall Rating
👉 FXTM has a trust score of 93% and our overall rating for this forex broker is 9/10.
5. RoboForex
Overall Rating
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 RoboForex has been operating since 2009 and over its years in operation has expanded its reach around the globe. Not only does RoboForex provide some of the best liquidity, but the broker also offers a large range of markets that can be traded and leveraged up to 1:2000.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | CySEC, FSCA, FCA, FSC Mauritius |
| 📊 Minimum Spread | From 0.0 pips |
| 💳 Nigerian Deposits/Withdrawals | Yes, AstroPay |
| ⚖️ CBN Regulation | No |
| 💰 Account Types | Prime Account, ECN Account, R StocksTrader Account, ProCent Account, Pro Account |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 📈 Leverage | 1:2000 |
| 💵 Micro Account Offered? | No |
| 🔧 Trading Tools | Forex Analysis and Forecasts, RoboForex Analytics Centre, Economic Calendar, Blog, R StocksTrader Strategy Builder, Trading Calculators, Financial Charts, Trading Tips, Expert Advisors, Changes in Trading Schedule, CopyFX |
| 📚 Education | Guides on Account Opening and Trading, Educational Videos, FAQ Section |
| 📞 Nigerian-Based Customer Support | No |
| ✔️ Pros | ❌ Cons |
| There is a large range of tradable instruments offered | There are no fixed spread accounts |
| There is a low minimum deposit amount required | RoboForex is a Market Maker and can take the opposite of trades |
| There are flexible account types with high leverage ratios | There is a withdrawal fee that is charged |
| RoboForex is a multi-award-winning broker | An inactivity fee may apply |
| Social trading opportunities are available alongside advanced trading tools and Verify My Trade (VMT) |
Trust Score and Overall Rating
👉 RoboForex has a trust score of 66% as an offshore broker with a market share of less than 5%, and an overall rating of 9/10.
6. XM
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
Overview
👉 XM is a globally-recognized forex and CFD broker that has been operating since 2009. XM has over 2.5 million customers from 190 countries, offering more than 1,000 financial instruments that can be traded.
👉 The most unique feature of XM is that the broker guarantees that 99.35% of orders are filled in under a second, with no rejections and no requotes. XM offers Nigerian traders a choice between powerful trading platforms and offers its own proprietary mobile trading app.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR |
| 📊 Minimum Spread | 0.0 pips |
| 💳 Nigerian Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | No |
| 💰 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📈 Leverage | 1:888 |
| 💵 Micro Account Offered? | Yes |
| 🔧 Trading Tools | XM Live, Live Education, Live Education Schedule, Educational Videos, Forex Webinars, Platform Tutorials, Forex Seminars |
| 📚 Education | Trading Tools, MQL5, Forex Calculators, Markets Overview, News Feed, XM Research, Trade Ideas, Technical Summaries, Economic Calendar, XM TV, Podcasts |
| 📞 Nigerian-Based Customer Support | No |
| ✔️ Pros | ❌ Cons |
| XM is well-regulated and guarantees client fund safety | Fixed spreads are not offered |
| Negative balance protection is automatically applied to all XM’s trading accounts | An inactivity fee is charged on dormant accounts |
| There are no fees on deposits or withdrawals | |
| XM is a low-cost forex broker that offers a wide range of tradable markets | |
| XM offers a choice between several trading accounts, including a Micro Account for Nigerian beginner traders and those testing trading strategies |
Trust Score and Overall Rating
👉 XM has a trust score of 84% and an overall rating of 9/10.
7. SuperForex
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 SuperForex is extremely popular in Nigeria because of its range of account types, ensuring that every trader has tailormade solutions despite their trading needs or objectives. SuperForex also offers high leverage ratios up to 1:2000, which means that traders can register an account and start trading from as little as 400 Naira.
👉 SuperForex also caters extensively for Muslim traders in Nigeria by offering three unique and dedicated Swap-Free Accounts, each with competitive trading conditions.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | USD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR, THB |
| 📊 Minimum Spread | 0.0 pips |
| 💳 Nigerian Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | None |
| 💰 Account Types | Standard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account |
| ⚖️ Regulation | None |
| 📈 Leverage | 1:2000 |
| 💵 Micro Account Offered? | Yes |
| 🔧 Trading Tools | Technical Analysis, Economic News, Fundamental Analysis, Video Analysis, Weekly Review |
| 📚 Education | Training Centres, Seminars, Educational Videos, Glossary, Pattern Graphix |
| 📞 Nigerian-Based Customer Support | No |
| ✔️ Pros | ❌ Cons |
| There are eleven trading accounts offered | MetaTrader 5 is not supported |
| There is a low minimum deposit requirement | There is a limited selection of trading tools |
| Nigerians are given Naira-denominated accounts | |
| There are dedicated Islamic Accounts offered to Nigerian Muslim traders | |
| Traders have access to managed accounts through SuperForex Bank |
Trust Score and Overall Rating
👉 SuperForex has a trust score of 87% and we give it an overall rating of 8/10.
8. 7BForex
Overall Rating
- 4.2/5
Min Deposit
0 USD / ₦0
Regulators
No Regulation
Trading Desk
MetaTrader 4
Crypto
No
Total Pairs
80
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 7BForex is a trading service provider that is based in Nigeria that has been operating since 2010, offering Nigerian local solutions across a range of financial markets.
👉 Nigerian traders can trade using Naira and they are given a choice between three trading accounts, each with a maximum leverage up to 1:1000.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | Nigerian Naira |
| 📊 Minimum Spread | From 1.3 pips EUR/USD |
| 💳 Nigerian Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | None |
| 💰 Account Types | Standard Account, Elite Account, Classic Account |
| ⚖️ Regulation | None |
| 📈 Leverage | 1:1000 |
| 💵 Micro Account Offered? | No |
| 🔧 Trading Tools | None |
| 📚 Education | What is Forex, Why Trade Forex, What are CFDs, FAQs, Understanding 7BForex Account Types, Understanding 7BForex Commissions |
| 📞 Nigerian-Based Customer Support | Yes |
| ✔️ Pros | ❌ Cons |
| Local broker that offers Naira accounts | There is only one trading platform offered |
| There are local deposits and withdrawals offered | There is only one option for a live demo count |
| There is high maximum leverage up to 1:1000 | There is no Islamic or Swap-Free account |
| There are several bonuses and promotions offered | |
| 7BForex offers instant trade execution and no requotes | |
| MetaTrader 4 is offered across all devices |
Trust Score and Overall Rating
👉 7BForex has a trust score of 60% and an overall rating of 6/10.
9. Kwakol Markets
Overall Rating
- 4.1/5
Min Deposit
USD 100 / 41450 NGN
Regulators
Not Regulated
Trading Desk
MetaTrader 5, MetaTrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Kwakol Markets is a multi-asset broker with offices in the United States, Hong Kong, Australia, and Abuja, Nigeria. Kwakol Markets is still a new broker, and it was only established in 2021. However, despite its young age, Kwakol Markets has captured a large market share in Nigeria, making it one of the Top 10 brokers in the region.
👉 Apart from its range of trading accounts, local support in Nigeria, and choice between MetaTrader 4 and 5, Kwakol Markets is known for low minimum deposits and leverage ratios up to 1:1000.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | USD |
| 📊 Minimum Spread | From 0.0 pips |
| 💳 Nigerian Deposits/Withdrawals | No |
| ⚖️ CBN Regulation | None |
| 💰 Account Types | Standard Account, ECN Account, Professional Account, Cent Account, No-Swap(Islamic) Account, VIP Account |
| ⚖️ Regulation | ASIC, FINTRAC |
| 📈 Leverage | 1:1000 |
| 💵 Micro Account Offered? | No |
| 🔧 Trading Tools | None |
| 📚 Education | None |
| 📞 Nigerian-Based Customer Support | Yes |
| ✔️ Pros | ❌ Cons |
| Kwakol Markets is well-regulated through FINTRAC and ASIC | USD is the only available base account currency |
| There is a choice between six retail accounts | Traders cannot make deposits or withdrawals in Naira |
| Nigerian traders can deposit and withdraw crypto from mobile apps | There is no Naira-denominated account offered |
| There is a comprehensive affiliate program | |
| There is a demo and Islamic account offered |
Trust Score and Overall Rating
👉 Kwakol Markets has a trust score of 74% and an overall rating of 6/10.
Overview
👉 One of the largest benefits attributable to forex trading in Nigeria relates to low minimum deposits and high leverage ratios that are easily accessible. In this article, we will discover what leverage is and how it works, and which forex brokers in Nigeria offer the highest leverage ratios.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 In addition to exploring the benefits of using leverage, we also need to consider the risks involved with trading forex using high leverage, allowing Nigerian traders to ensure that they manage and minimize their trading risks while they maximize their profit potential.
10. Tifia
Overall Rating
- 4.7/5
Min Deposit
USD 10 / 4146 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Tifia is a well-known broker in Nigeria that offers ECN trading solutions in addition to competitive trading conditions to both beginners and professional traders. Tifia has a long list of liquidity providers that ensure that Nigerian traders receive the best pricing on their trades.
👉 In addition, Tifia also offers a choice between three dynamic account types that have the advantage of leverage up to 1:1000 and low minimum deposits from 4,100 NGN.
Advanced Features Offered
| Feature | Information |
| 💵 Account Base Currencies | USD, EUR, NGN, PLN, GBP |
| 📊 Minimum Spread | 0.0 pips EUR/USD |
| 💳 Nigerian Deposits/Withdrawals | Yes |
| ⚖️ CBN Regulation | None |
| 💰 Account Types | MT4 Micro Account, ECN Classic Account, ECN Pro Account |
| ⚖️ Regulation | FSC in Mauritius |
| 📈 Leverage | 1:1000 |
| 💵 Micro Account Offered? | Yes |
| 🔧 Trading Tools | Financial Markets Analysis, Analytics From Claws & Thorns, Trading Calculators, Economic Calendar, Fundamental Analysis, Market Review, Technical Analysis, Social Trading Platforms |
| 📚 Education | Trading Strategies, Trading Indicators, Educational Videos, Trading Glossary, Video Courses, Forex eBook |
| 📞 Nigerian-Based Customer Support | Yes |
| ✔️ Pros | ❌ Cons |
| There is an Islamic Account offered to Muslim traders, exempting them from overnight fees | There are no educational materials offered and only a few trading tools |
| Nigerians can choose NGN as their base account currency | There are withdrawal fees charged |
| There are local Nigerian deposits and withdrawals offered | There is no individual stock trading or crypto trading offered |
| Commission-free trading options are available | |
| There is free VPS offered to eligible traders |
Trust Score and Overall Rating
👉 Tifia has a trust score of 75% and an overall rating of 7/10.
Leverage – What it is and How it Works
👉 Leverage is the process of using borrowed money (capital) to invest in a currency, stock, or any other financial instrument. Leverage is a prevalent idea in forex trading. Nigerian traders can trade much larger positions while trading by borrowing money from a broker.
👉 Leverage works by increasing your exposure to an underlying asset via the use of a deposit, referred to as margin. You are putting down a percentage of the total value of the deal – and your broker is lending you the remainder. The leverage ratio is the overall ratio of your exposure to margin.
👉 Each broker’s first margin requirement varies according to the amount of the deal as well as overall broker discretion. The leverage ratio indicates how much the amount of the deal is multiplied by because of the broker’s margin.
👉 Some typical Margin Requirements and Leverage Ratios offered by forex brokers are as follows:
| Margin Requirement | Leverage Ratio |
| 2% | 1:50 |
| 1% | 1:100 |
| .5% | 1:200 |
👉 Thus, the higher the leverage ratio that is offered, the lower the margin requirement will be, which means that Nigerian traders can start with a small amount of capital.
What are the Pros and Cons of Using Leverage?
Pros
➡️ Instead of the full amount needed to execute a trade, you simply need to put down a fraction of the trade’s value. However, while you can increase your profits on successful transactions, you can also increase your losses on bad ones, especially since margins are used to compute gains.
➡️ Nigerian traders can use leverage to free up cash for other ventures. Gearing refers to the capacity to enhance the amount of money that can be invested.
➡️ You can go short on financial instruments. You can profit from both rising and falling markets by using leveraged instruments to speculate on market changes, also known as going short.
➡️ 24-hour dealing because certain markets, such as important indexes, and forex, are open 24 hours a day, 5 days a week while crypto can be traded 24/7.
Cons
➡️ Increased losses because both losses and gains are magnified by margins. Thus, it is easy to forget how much money you are risking because your initial outlay is lower than in traditional transactions. However, even if your account balance is limited, you should always examine the whole value and negative potential of any transaction – and take measures to control your risk.
➡️ There are no rights as a shareholder. Leverage trading entails a loss of control over the underlying asset. Leveraged products, for example, can have an impact on dividend payments. Depending on whether you are long or short, you may not see the money in your account as a dividend.
➡️ Margin calls – Keeping your trade open could require that you deposit more money into your trading account, especially if your situation swings against you. Margin calls are common, and you will either need to increase your cash or a stop-out will close your position automatically.
➡️ Different funding charges – You are taking a loan from your broker to open a full position at the cost of your initial deposit when you use leverage. When you keep the position overnight, you could be charged an overnight fee for doing so.
Best High Leverage Brokers in Nigeria
👉 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 an informed trading decision.
👉 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
➡️ HFM
➡️ FBS
➡️ FXTM
➡️ RoboForex
➡️ XM
➡️ SuperForex
➡️ 7BForex
➡️ Kwakol Markets
➡️ Tifia
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.
Forex Trading in Nigeria – Best Forex Brokers For Nigerian Traders
Best MT4 and MT5 Mobile Broker
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 is our top choice for mobile trading on the powerful MetaTrader 4 and 5 platforms that are free to download from any iOS or Android smartphone or tablet. With Exness, Nigerian traders can expect a full range of mobile trading features, advanced charting, live quotes, and much more.
Best Broker in Abuja, Nigeria
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 a well-regulated broker with a good reputation and a decent market share in Nigeria. HFM offers local customer support and solutions to traders in Abuja, making it our top pick as a localized forex and CFD broker.
Best Low-Cost Forex Broker in Nigeria
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 is not only well-regulated and well-known for its high leverage ratios, but it is also the best broker for scalpers and day traders because of its low trading and non-trading costs.
Best Naira Trading Accounts
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 offers a choice between live trading accounts and the benefit of several base account currencies, including the Nigerian Naira, ensuring that Nigerian traders can trade in local currency, exempting them from costly currency conversion fees.
Fastest Withdrawals in Nigeria
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 is the best choice for the fastest withdrawals in Nigeria. Not only does FXTM offer a range of payment methods, but FXTM is tested to have the fastest processing rates.
Best Research Tools for Advanced traders in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 5
Regulators
FSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
100% Deposit Bonus
Account Activation Time
Instant
👉 FBS offers Nigerian traders a plethora of trading tools and research including Forex News Feed, Daily Market Analysis, Forex TV, VIP Analytics, Economic Calendar, and more.
Best Social Trading Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
No
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 RoboForex is one of the most versatile CFD and forex brokers on our list and it is well-known for its innovative, flexible social trading opportunities through CopyFX.
Best ECN Broker in Nigeria
👉 Tifia is one of the best options that offer tailormade solutions to Nigerian traders, including ECN execution on trades, low trading and non-trading fees, and a dependable range of liquidity providers from around the world, including Bank of America, Barclays, BNP Paribas, Citibank, Commerzbank, Credit Suisse, Deutsche Bank, Goldman Sachs, and several more.
Largest Range of Markets for Nigerians
Overall Rating
- 4.7/5
Min Deposit
USD 10
Regulators
IFSC
Trading Desk
Meta Trader 4
Crypto
No
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Of the brokers on our list, RoboForex offers an impressive portfolio of over 9,400 financial instruments that can be traded across several accounts and platforms.
#1 Proprietary Mobile App
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 not only offers the reputable MetaTrader suite but also offers its innovative mobile trader that can be used, giving Nigerian traders the flexibility that they need to trade wherever they are, at any given time.
Best Naira Islamic Account Broker for Muslims in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Finding a broker that offers competitive trading conditions on Islamic accounts without charging ridiculous administration fees is hard, which is why we recommend SuperForex for a choice between three dynamic Islamic Swap-Free trading accounts in Nigeria.
Most Popular Forex Broker with Offices in Lagos
Overall Rating
- 4.2/5
Min Deposit
0 USD / ₦0
Regulators
No Regulation
Trading Desk
MetaTrader 4
Crypto
No
Total Pairs
80
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 7BForex is the best forex broker that is based in Nigeria, providing traders from the region with unique and local options, solutions, and several advantages including a Naira account, local deposits, and exemption from currency conversion fees while trading, making deposits, and withdrawing funds.
Best FINTRAC regulated broker in Nigeria
Overall Rating
- 4.1/5
Min Deposit
USD 100 / 41450 NGN
Regulators
Not Regulated
Trading Desk
MetaTrader 5, MetaTrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Very few international or offshore brokers have regulations on US soil, and Kwakol Markets is one of these brokers. FINTRAC regulation instills confidence in traders that they are dealing with a legitimate and reputable broker, which is why Kwakol Markets is our best FINTRAC-regulated broker for Nigerian traders.
FAQ
How can I get started with a high leverage forex broker in Nigeria?
Once you have a thorough understanding of leverage, you can start by registering an account with the high leverage forex brokers that we have discussed in the article.
What is Leverage in Forex Trading?
It refers to the funds that Nigerian traders can borrow from their broker, subsequently increasing their exposure to a certain market.
Why should I use trading leverage?
The main reason why it is popular in Nigeria among retail traders is that it increases their potential to make larger profits. It allows you to trade larger positions where you can cash in on small changes in the price movements on currency pairs and other instruments.
How do forex brokers provide leverage?
Forex brokers facilitate trades; thus they are intermediaries between retail traders and the interbank market. Because the forex exchange market typically sees a price fluctuation of 1% during an intraday period, these brokers can manage the risk of all their clients’ profits and losses while they simultaneously grant them high leverage ratios.
Is there a fee charged on leverage?
Yes, there are overnight fees that are charged when traders keep positions overnight in addition to fixed and varying margin rates, which are collateral for the trade.
Which forex broker has the highest leverage?
The broker with the highest fixed leverage is FBS with a Leverage up to 1:3000. However, with Exness, traders can have access to unlimited leverage, which places it at #1 on the forex broker with the highest leverage.
Can I trade Cryptocurrencies in Nigeria using leverage?
Yes, most forex brokers offer leverage on cryptocurrencies but at a much lower ratio because of the risks involved with volatility in the crypto markets.
How can I start using leverage as a beginner trader?
Typically, as a beginner, the notion of using high leverage may seem extremely intriguing, but beginners must take care to avoid overexposing themselves to loss. Beginners are urged to start with leverage between 1:10 to 1:100 until they have become more skilled in trading, allowing them to adjust their leverage all while trying to keep a risk-reward ratio between 1:2 and 1:3, where the rewards outweigh the risks.
Top 4 Brokers
