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Nigerian Forex Brokers
We have reviewed numerous forex brokers in Nigeria, there are the top 4 brokers which have met our quality guidelines and accept residents of Nigeria. We recommend the following:
Founded in 2016, Capital.com is one of the largest CFD brokers that caters to residents of Nigeria. It operates an international trading platform with more than 788,000 clients, over $100m in deposits and has seen a trading volume of $88bn. Its offices are located in London, Gibraltar, Limassol and Minsk.
Aiming to make the world of investments more engaging and accessible, Capital.com has built an advanced yet user-friendly financial platform that suits both professionals and novices alike. From educational materials and straightforward charts to a wide range of advanced technical indicators and drawing tools – Capital.com covers the needs of every trader.
Authorised and regulated by the world’s top financial watchdogs, Capital.com is the place to trade the most popular and liquid assets, including equities, indices, forex, commodities and cryptocurrencies.
AvaTrade is our first recommendation for Nigerian residents. The reason for this is they are regulated in multiple jurisdictions with strict reporting requirements. This includes being regulated in Australia by the Australian Securities & Investments Commission (License# 406684) and being regulated in South Africa (Ava Capital Markets Pty is regulated by the South African Financial Sector Conduct Authority (FSCA No.45984). They are also regulated in Europe & Japan.
While they were founded in 2006 in Ireland, they have since grown to become one of the top forex brokers in the world.
A low minimum deposit requirement of just $100 across most of the available account types, coupled with respected regulation from a number of bodies worldwide, make AvaTrade a popular choice for new and experienced Australian traders.
The broker offers an extensive range of assets to trade in which includes more than 60 currency pairs, and other markets for trading stocks, ETFs, crypto, and more. AvaTrade users can also avail of a very strong range of educational content with insightful material to fit all level of traders.
XM was founded in 2009. Within the period that has passed, they have managed to become one of the most instantly recognizable names in forex trading and they are also our top ranked global forex brokerage. This is not only due to their excellent regulatory compliance worldwide, they are regulated by both CySEC, and ASIC, as well as two other top-tier regulators.
The broker caters for the needs of the forex market in more than 196 countries. This makes them one of the most available brokers in the industry to all levels of trader. Couple this with an exceptional education section, and a great variety of assets to trade in, and you have a winning combination with XM.
BD Swiss founded in 2012. Since that time they have grown to become a major forex broker who now offer trading services in more than 180 countries worldwide including all states in Nigeria. They are also have regulatory oversight in place from a number of trusted bodies in the industry. BDSwiss LLC is authorised and registered with the U.S. National Futures Association NFA ID: 0486419, other regulatory bodies they abide by include CySEC.
BDSwiss is also a very well-decorated broker having collected a number of awards particularly in recent years as they have expanded their industry presence. Being recognized as providing one of the best trading platform applications, as well as for their positive trading conditions and environment has helped them greatly in continuing to improve their profile among traders.
FXTM was founded in 2011 in Europe. They are currently headquartered in Cyprus but offer services in forex trading and many other assets to traders around the world including all parts of Nigeria. They have fast become one of the top forex brokers in the entire sector.
The FXTM minimum deposit starts from just $10 depending on your account type. This means trading is high accessible through FXTM for all level of trader. Added to this, they are an extremely well-regulated broker with the support of multiple respected bodies including CySEC in Europe, and the FCA in the UK.
This trusted regulation, a competitive range of trading costs, and the availability of more than 250 assets to trade, continue to make FXTM a popular choice for Nigerians.
Nigerian Forex Regulation?
Nigeria is one of the few countries in the world which does not currently have any type of regulation in place for the trading of foreign currency.
This means that extra due diligence should be performed before you signup for any broker. When visiting a broker make sure they are licensed in jurisdictions such as:
- Australia (ASIC)
- Canada (IIROC)
- Cyprus (CySEC)
- Singapore (MAS)
- South Africa (FSCA)
- UK (FCA)
While the above organizations do not protect funds from clients in Nigeria, the very fact that a broker is regulated by any of these organizations ensures a minimum quality standard.
Do these brokers accept clients from all states?
While we feature many forex brokers on this website, only the brokers featured on this page currently accept clients from Nigeria. There are no regional restrictions in place for individual Nigerian states or territories.
Can I contact customer support?
We recommend forex broker in Nigeria that offer 24/7 support to all of Nigeria. In most cases you may phone, email, or use live chat.