10 Best STP Forex Brokers in Nigeria
The 10 Best STP Forex Brokers for Retail Traders in Nigeria revealed. We tested and verified the best STP Forex Brokers for Nigerian Traders.
This is a complete list of STP forex brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is a Straight Through Processing (STP) broker?
- What is the difference between an STP and an ECN forex broker?
- What is a market maker and how to compare it to STP brokers?
- Our recommended STP Forex Brokers for Nigerian Beginner Traders?
- How to compare STP/ECN forex trading brokers against each other?
- Which STP brokers offer a low minimum deposit of $5 (2 076 NGN)?
- Which STP/ECN brokers offer MetaTrader 4 (MT4) and MetaTrader 5 (MT5) Platforms?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best STP 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
10 Best STP Brokers in Nigeria – Comparison
| 🥇 Broker | ✔️ STP Broker | 💸 Minimum Deposit (₦) | ✔️ Nigerian Naira-based Account? | 💰 NGN Deposits Allowed? | 👉 Open An Account |
| 1. XM | Yes | 2,000 Naira | No | Yes | 👉 Open Account |
| 2. Alpari | Yes | 1,000 Naira | Yes | Yes | 👉 Open Account |
| 3. FXTM | Yes | 10,000 Naira | Yes | Yes | 👉 Open Account |
| 4. AvaTrade | Yes | 41,500 Naira | No | Yes | 👉 Open Account |
| 5. FP Markets | Yes | 30,800 Naira | No | Yes | 👉 Open Account |
| 6. GO Markets | Yes | 61,700 Naira | No | No | 👉 Open Account |
| 7. OctaFX | Yes | 41,500 Naira | No | No | 👉 Open Account |
| 8. Pepperstone | Yes | 60,700 Naira | No | Yes | 👉 Open Account |
| 9. FXCM | Yes | 20,700 Naira | No | Yes | 👉 Open Account |
| 10. IG Group | Yes | 103,000 Naira | No | No | 👉 Open Account |
What is an STP Forex Broker?
👉 Definition: an STP (Straight Through Processing) is a Forex brokerage model that involves sending client orders directly to the market without passing them through a dealing desk.
10 Best STP Brokers in Nigeria (Updated 2023)
- XM – Overall, Best STP Forex Broker in Nigeria
- Alpari – Best MT4 Broker
- FXTM – Best STP Broker for Beginner Traders
- AvaTrade – Best Proprietary Trading App in Nigeria
- FP Markets – Best Commission-Free Broker
- GO Markets – Best Trading Central STP Broker
- OctaFX – Best Islamic Account in Nigeria
- Pepperstone – Best TradingView Forex Broker
- FXCM – Best ZuluTrade STP Broker in Nigeria
- IG Group – Best Wide Market Access to Traders in Nigeria
1. 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
Overview
👉 XM has a reputation as the next-generation broker for online Forex trading because of its amazing platform, which is suitable for both new and experienced Nigerian traders, and because it offers features such as auto trading, no hidden fees or commissions, and lightning-fast order executions (99.35 percent in under a second).
👉 XM provides a wide range of instructional resources and a demo account with virtual cash totalling $100,00 0USD for novice traders to practice with.
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.
2. 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
👉 Alpari Financial Services Ltd. (Alpari) is a major independent Forex broker with a comprehensive range of services and products available to Nigerian traders.
👉 Many account kinds are available at Alpari, and the company’s customer service team is available in over 30 languages. For novice traders, they also provide demo accounts and copy trading.
👉 Alpari International is a global provider of forex and CFD trading services, which is now also available in Nigeria.
👉 In addition to MetaTrader 4 and 5, Alpari provides a dealing desk for the MetaTrader 5 platform. In terms of charting and navigation, both platforms will offer a high degree of modernity and usability.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
| 📱 Social Media Platforms | • Facebook |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Forex Standard Account (MT4), Forex Micro Account (MT4), Forex ECN Account (MT4/5), Forex Pro Account (MT4) |
| 📲 Trading Platform | MetaTrader 4 and 5 |
| 💰 Minimum Deposit (₦) | 1,000 Naira |
| 💸 Trading Assets | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
| 💵 Nigerian Naira-based Account? | Yes |
| ✔️ NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.4 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Alpari has local offices based in Nigeria | There is a limited selection of tradable assets |
| Local support is provided to Nigerian traders | There are no fixed spread accounts |
| The broker offers a Naira-denominated account and local deposits and withdrawals | |
| There are powerful trading platforms offered | |
| There are unique trading solutions that cater for beginners and professionals |
Trust Score and Nigerian Market Share
🥇 Alpari has a trust score of 95% and an overall market share of more than 14%.
3. 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
👉 It’s no surprise that FXTM has been recognized as one of the best forex brokers in Nigeria for their excellent customer service.
👉 A newbie trader will find a wealth of educational resources, information, and tools at their disposal, making it an ideal place to begin and progress. It is possible to trade on MetaTrader 4 and 5 with FXTM, which offers a variety of trading platforms.
👉 The MetaTrader 4 app, which is compatible with Android and iOS devices, can be used by mobile users in Nigeria.
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. 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
👉 As one of the first major Forex/CFD brokers, AvaTrade has a long history of success. They have a global network of offices.
👉 They are one of the most regulated online brokerages in the world, with over 200,000 clients and over 2 million trades every month, and are licensed in six different jurisdictions and offices across the world.
👉 When it comes to choosing a trading platform, they’ve developed their own platforms, but they still prefer to keep the popular and well-known MT4 as an option for Nigerian traders.
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.
5. FP Markets
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FP Markets, which was founded in 2005, is a safe forex and CFD trading broker with an average degree of risk. In Australia, the Australian Securities and Investments Commission (ASIC) oversees the FX and CFD market, and in Cyprus, the CySEC oversees the CFD market.
👉 Although FP Markets is not regulated by the Nigerian Central Bank (CBN) and the broker does not have a physical presence in Lagos, Nigeria, FP Markets is highly recommended for traders in Nigeria.
👉 There are almost 80 countries where FP Markets services are available, as well as daily trading volumes in excess of $1 billion. For retail account administration of automated trading systems, FP Markets also offers VPS hosting, the MT4 Myfxbook service, and MT4 MAM/PAMM.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, CySEC |
| 📲 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | MT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account |
| 💰 Minimum Deposit (₦) | 30,800 NGN |
| 💸 Trading Assets | • Forex • Shares • Metals • Commodities • Indices • Cryptocurrencies • Bonds |
| ✔️ 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 |
| FP Markets is a well-regulated broker that has a high level of trustworthiness | There are no fixed spread accounts offered |
| There is a wide range of markets that can be traded across asset classes | There is no dedicated Naira account offered to Nigerian traders |
| There are powerful trading platforms supported across devices | There are withdrawal fees charged |
| Nigerian traders receive an ECN pricing model with raw and tight spreads | There are administration fees charged on the Islamic Account |
| There is guaranteed fast trade execution through the Equinix servers | |
| Commission-free trading is provided | |
| There is a dedicated Islamic account option for Muslim traders | |
| There are no inactivity fees charged on dormant accounts | |
| Copy-trading and automatic trading is offered |
Trust Score and Nigerian Market Share
🥇 FP Markets has a high trust score of 81% and a market share of <5% in Nigeria.
6. GO Markets
Overall Rating
- 4.9/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC, CySec, FSC, FSA and SCA
Trading Desk
Hybrid
Crypto
Yes
Total Pairs
60
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 With offices in Mauritius and Saint Vincent in the Grenadines, GO Markets was established in Australia in 2006 and offers access to over 50 currency pairs as well as CFD trading in over 600 assets, including commodities, indices, and individual shares.
👉 Nigeria’s central bank does not control GO Markets, and the company has no physical presence in Lagos. GO Markets, on the other hand, has a global reach and is closely regulated by ASIC and the FSC.
👉 An established forex and CFD broker, GO Markets, helps traders of all sizes with its constant support.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, FSA Seychelles, FSC Mauritius, CySEC |
| 📱 Social Media Platforms | • Instagram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, GO+ Account |
| 📲 Trading Platform | • MetaTrader 4 • MetaTrader 5 |
| 💸 Minimum Deposit (₦) | 61,700 NGN |
| 💰 Trading Assets | • Forex CFDs • Share CFDs • Index CFDs • Metal CFDs • Commodity CFDs |
| ✔️ Nigerian Naira-based Account? | No |
| 💵 NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | No |
| 📉 Minimum spread | From 0.1 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | No |
| ✔️ Pros | ❌ Cons |
| GO Markets is a well-regulated broker with a high trust score | There is a high minimum deposit |
| GO Markets offers powerful and user-friendly trading platforms across devices | There is no Islamic account option provided for Muslim traders |
| There are commission-free trading options offered | Nigerian traders may face currency conversion fees when they deposit in Nigerian Naira |
| GO Markets offers tight spreads and competitive commissions | There are no local deposits and withdrawals offered to Nigerian traders |
| Trading Central, VPS, Myfxbook, AutoChartist, and MT4/5 Genesis is offered | There are no Nigerian Naira-denominated accounts |
| Traders have access to a-Quant tools | |
| There is a comprehensive GO Trade Academy educational portal for beginners | |
| GO Markets offers dedicated customer support |
Trust Score and Nigerian Market Share
🥇 GO Markets has a high trust score of 98% and a market share of <5% in Nigeria.
7. OctaFX
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 OctaFX provides minimal spreads and award-winning trading conditions to Nigerian traders, making it an excellent choice for investors. In over a hundred countries, they are a reliable source for CFD and Forex trading.
👉 In addition to Forex, commodities, and crypto, OctaFX provides CFD markets for these products.
👉 Nearly the other brokers on our list use the MetaTrader 4 platform, so this is a good fit for them. In addition to MetaTrader, they also provide cTrader to Nigerian traders. Nigerian traders can choose from a variety of different account types and sizes.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | MetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit (₦) | 41,500 Naira |
| 💸 Trading Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies |
| ✔️ Nigerian Naira-based Account? | No |
| 💳 NGN Deposits Allowed? | No |
| 💵 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.6 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| OctaFX offers reliable, instant deposits and withdrawals | Offshore broker with tier-2 regulation, which is not ideal |
| The broker offers copy trading accounts through its proprietary trading app | There is a limited selection of trading instruments offered |
| Offers social trading opportunities | There is a limited selection between retail accounts |
| OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionals | Limited options for base currencies on accounts |
| The trading conditions that OctaFX offers Nigerian traders are transparent and reasonable | |
| Commission-free trading is offered on all retail investor accounts along with tight spreads | |
| Offers an unlimited virtual trading account and an Islamic Account for Muslim traders | |
| There is a range of advanced trading tools offered | |
| OctaFX offers versatile and reliable payment methods for deposits and withdrawals |
Trust Score and Nigerian Market Share
🥇 OctaFX has a trust score of 61% and an overall market share of <5% in Nigeria.
8. 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
👉 Pepperstone has a wide variety of platforms and markets for Nigerian traders to choose from. A wide range of trading instruments are available, including commodities like gold and silver, stocks like the DJIA and S&P 500, forex like EUR/USD and Bitcoin.
👉 The European Securities and Markets Authority (ESMA) and the Financial Conduct Authority (FCA) govern their trading.
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 |
| 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.
9. FXCM
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 124 350 NGN
Regulators
FCA
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 In the world of online brokerages, FXCM has a long history of serving both novice and seasoned Nigerian traders well. It’s not just their market research that sets them apart, but their instructional resources and support personnel as well.
👉 As well as the MetaTrader 4 platform, FXCM also provides the Trading Station proprietary platform to Nigerian traders, and offers a wide range of markets including currencies, indices, cryptocurrencies, and CFDs.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, FSCA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Spread betting account, CFD Trading account, Active Trader account, Professional Trader Account |
| 📲 Trading Platform | • Trading Station • MetaTrader 4 • NinjaTrader • ZuluTrade |
| 💸 Minimum Deposit (₦) | 20,700 NGN |
| 💰 Trading Assets | • Forex • Shares • Indices • Commodities • Cryptocurrencies |
| ✔️ Nigerian Naira-based Account? | No |
| 💵 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📉 Minimum spread | From 0.2 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FXCM is multi-regulated and guarantees client fund security | The spreads are not the tightest |
| There is a choice between trading platforms | There are fees charged on the Islamic Account |
| FXCM offers investor protection | There is no Naira-denominated account for Nigerian traders |
| There is social trading offered through ZuluTrade | Currency conversion fees could be charged if Nigerian traders deposit in Naira |
| There is advanced charting offered through TradingView | There are no local deposit and withdrawal methods offered for Nigerians |
| Traders have access to daily analysis offered by Trading Central | The fee schedule is very complex |
| There are competitive trading conditions offered | |
| There is an Islamic Account and Demo account provided |
Trust Score and Nigerian Market Share
🥇 FXCM has a very high trust score of 93% and a market share of <5% in Nigeria.
10. IG Group
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Since their inception in 2003, IG has expanded to more than 178,000 clients in a variety of nations. With a public stock exchange listing, they are now a leading Forex broker in Britain. Regulated by the FCA and ASIC in the UK, IG operates in 16 countries across the world.
👉 Their proprietary platform, termed IG Trading, is a web-based platform that Nigerian traders can use in addition to MetaTrader.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, BaFin CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, FMA, CFTC, NFA, BMA |
| 📱 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Various accounts according to region |
| 📲 Trading Platform | • MetaTrader 4 • IG Platform • ProRealTime (PRT) • L2 Dealer • FIX API |
| 💸 Minimum Deposit (₦) | 103,000 Nigerian Naira |
| 💰 Trading Assets | • Forex • Indices • Shares • Commodities • Cryptocurrencies • Futures • Options |
| ✔️ Nigerian Naira-based Account? | No |
| 💵 NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | No |
| 📉 Minimum spread | from 0.6 pips on majors |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes, but only to residents of Dubai |
| ✔️ Pros | ❌ Cons |
| IG has a long list of licenses, regulations, and authorizations from around the world, giving it a very high trust score of 99% | There is a high minimum deposit |
| IG offers several account types per global region | There are deposit fees charged |
| There are flexible trading and non-trading fees, ensuring that all types of traders receive tailored solutions | Only Dubai residents can apply for the Islamic Account |
| Nigerian traders are welcomed and given access to over 17,000 markets | There is a limited selection of deposit and withdrawal methods |
| There is a selection of trading platforms that cater towards different trading styles and levels of trading experience | There is no Naira-denominated account |
| There are no fees charged on withdrawals | Nigerian traders will face currency conversion fees |
Trust Score and Nigerian Market Share
👉 IG Group has a very high trust score of 99% and a market share of <5% in Nigeria.
Overview
👉 An STP broker is a forex broker that processes trade orders directly. Liquidity providers (big banks) receive the trade orders from these brokers and process and fulfil them immediately.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 The creation of the Financial Information Exchange (FIX) protocol has made STP possible. Shortening transaction execution times, reducing slippage and re-quotes, and ensuring that Nigerian traders obtain the best price are the primary goals of STP.
What is Straight Through Processing?
👉 Straight Through Processing (STP) is an automated process that uses just electronic transfers without any human participation. Payment processing and securities trade processing are two of its most common applications.
👉 STP efficiency necessitates the implementation of systems and technical networking by any organization participating in straight-through processing.
👉 Payments and Forex trading are the two sectors where straight-through processing is most commonly used by Nigerian traders. But in general, it is a methodology that may be used in a number of technological situations.
👉 STP technology is continually improving in all domains. Faster straight-through processing methods have been implemented in payments by cryptocurrencies and fintech providers, particularly as alternatives to banks.
How STP Brokers operate
👉 The brokers on this list use the STP (Straight Through Processing) methodology for Nigerian traders, which eliminates the need for a dealing desk. Prices are implemented in accordance with the bid/ask rates provided by the broker’s liquidity providers.
👉 Hedge funds, large banks, and individual investors all serve as sources of liquidity in this scenario. The best bid/ask spreads for STP broker orders are typically competed for by different liquidity providers in the STP broker’s internal liquidity pool.
👉 A more general definition of STP refers to the broker company’s role as a conduit between the market and the trader, rather than a dealing desk that processes trades on behalf of the customer.
👉 The ‘DMA’ is another advantage of using a STP broker. Direct Market Access is the abbreviation for DMA.
👉 When a broker is forwarding their client orders directly to their liquidity pool, orders are filled at the best feasible price with only a tiny mark-up spread by the broker.
👉 If you want the tightest possible spreads, you should always go with the most flexible broker. A broker with a wide range of options is able to select the best bid from one of their own liquidity providers, as well as the best ask spread from another.
👉 As a result, they are able to provide their customers with the best possible spread. Traders who want to scalp and trade the news will find STP execution ideal because it does not require requotes.
Benefits of using STP Brokers for Nigerian Traders
The process is more transparent
👉 Trade execution with an STP broker takes place in an open and transparent environment. There is no dealing desk involved in any part of the process, which makes it clean and transparent for all parties involved.
👉 Because STP brokers will not filter the orders, there will be no delay in executing a trade in the market as a result of the lack of engagement from a dealing desk in this manner.
Improved pricing
👉 Trading with an STP broker has a number of advantages, one of which is the possibility of receiving a better bid/ask rate.
👉 This is due to the fact that the rates are received from a variety of sources, including a pool of liquidity providers who are networked and compete to offer the most attractive pricing. All of these factors contribute to the availability of better bid/ask prices.
Access to scalping
👉 Scalping is a common intraday trading method that aims to make a large number of profits by taking advantage of tiny price changes. A scalper (scalping trader) is a trader who trades approximately 10-200 deals every day in order to maximize their profits.
👉 Because of the availability of higher prices in the Forex market while trading with an STP broker, you have the opportunity to employ this approach while trading.
No competing against the broker
👉 The fact that an STP broker does not trade against the client in the same way that market makers do is another essential consideration when deciding on a broker to use for trading. This feature gives STP brokers and market makers a competitive advantage over one another.
👉 When a Nigerian client trades, STP brokers profit from the transaction. Therefore, they are constantly on the side of their customers.
Access to Expert Advisors (EAs)
👉 Expert Advisors (EAs) and forex robots are becoming increasingly popular among Nigerian forex traders these days. STP brokers are frequently considered to be EA friendly.
👉 Because STP brokers are different from market makers, who often desire traders to lose their trades, they allow Nigerian traders to deploy the most profitable and well-tested robots or expert advisers on their accounts.
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
👉 The brokers included in this list offer the best STP trading conditions to Nigerian traders. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best broker with no deposit or withdrawal fees 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 makes the list for its commission-free deposit and withdrawal conditions, resulting in a competitive and transparent pricing structure for Nigerian traders.
Best MT4 Forex broker 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 International is the best MT4 Forex broker for Nigerian traders that comes with enhanced features and additional trading features.
Best Forex broker for beginner 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 makes the list as the best Forex broker for Nigerian traders due to its excellent educational resources and user-friendly trading environment, coupled with great customer support.
Best proprietary trading app Forex broker for 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’s award-winning AvaTradeGO app is the best option for Nigerian traders looking for enhanced features and tools.
Best commission-free Forex broker for Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, CySEC, FSCA
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader
Crypto
Yes
Total Pairs
63
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FP Markets provides commission-free trading alongside tight spreads to its Nigerian traders, resulting in a competitive pricing model of enhanced profitability
Best Trading Central Forex broker for Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 GO Markets provides full access to Trading Central, allowing Nigerian traders to enjoy improved analytical capabilities.
Best Islamic Account Forex broker for Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 OctaFX offers an excellent Islamic account with swap-free conditions to Nigerian traders of the Muslim faith along with competitive pricing on all instruments.
Best TradingView 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 provides Nigerian traders with access to TradingView along with other excellent trading platforms and enhanced analytical tools
Best ZuluTrade Forex Broker for Nigerian traders
Overall Rating
- 4.6/5
Min Deposit
USD 300 / 124 350 NGN
Regulators
FCA
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 FXCM provides access to ZuluTrade which enhances Nigerian trader’s analytical capabilities and trade execution.
Best Forex Broker with wide market access to Nigerian traders
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 IG Group is a highly established Forex broker which gives Nigerian traders access to a whopping 17000 markets to trade.
FAQ
What is an STP Broker?
Bypassing the dealing desks, STP brokers expedite the execution of trades placed by their clients’ accounts. Liquidity providers validate and ‘fill’ orders made directly by traders, ensuring that traders get in at the price they desire (or as close to as possible). Market maker brokers, on the other hand, are more likely to take the other side of a user’s trade or pass the trade on to a third party.
How do I get started with an STP Broker?
To get started with an STP broker, find a regulated company and test their trading features using a demo account. Once you have decided to open a live account, follow the registration process, and make your first deposit in order to start trading.
Are STP brokers worth it?
If you’re looking to trade at market rates and need your orders to be filled as quickly as possible, an STP broker is the best option for you. STP brokers are ideal for scalpers since they ensure that the executed price is as close to the target level as feasible due to the fast-moving nature of the FX market.
How much do STP brokers cost?
Most STP brokers will have their own set of fees, which may include a variety of charges. Commissions, fees for deposits and withdrawals, spreads, and inactivity fees are all examples of these. Because the fees charged by each broker vary differently, doing your homework before selecting one is essential.
What is the best STP broker?
Not all brokers operate using Straight Through Processing, but we have included the best STP brokers for Nigerian traders on this list.
Top 3 Brokers
