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5 Best Nigerian Forex Brokers (February 2024)

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Nigeria's Forex trading environment, vibrant and ever-evolving, reflects the dynamic spirit of one of Africa's largest economies. The array of trading platforms available in Nigeria caters to a diverse group of traders, from those just beginning to explore the financial markets to the experienced professionals seeking deeper market penetration. The challenge, however, lies in sifting through these options to find a broker that best aligns with one's trading ambitions and style.

Highlighting the best Forex brokers in Nigeria, this guide cuts through the complexity, focusing on key factors such as dependability, user interface, cost structure, and, critically, compliance with local financial regulations. The fluctuating nature of global currency markets, especially as experienced from a Nigerian perspective, necessitates a broker that not only understands the local market but also resonates with the trader’s specific objectives.

Investigating these brokers reveals a variety of functionalities and specialties, enabling traders to make choices that resonate with their unique trading fingerprint. Whether trading from the bustling streets of Lagos or the quieter towns dotted around Nigeria, these platforms provide resources and services to meet the varied requirements of Nigerian Forex traders.

Below are the current top 5 forex brokers in Nigeria.

1. BlackBull Markets

BlackBull Markets was founded in 2014 in Auckland, New Zealand by Michael Walker and Selwyn Loekman. Since then, BlackBull Markets has served tens of thousands of traders from over 180 countries and established itself as a trusted and regulated ECN broker offering access to more than 26,000 tradable instruments including stocks, forex, CFDs, and commodities.

BlackBull Markets provide access to diverse markets on all accounts, offering superior trade execution, competitive costs, and a wide range of tradable products. These include 70 currency pairs, major market indices, precious metals like gold and silver, and commodities such as gas, and oil.

Forex traders have access to 70+ currency pairs with low-cost spreads, with leverage up to 1:500, spreads from 0.0 pips, and an average execution speed less than 20ms.

Trade popular share CFDs like Tesla, Apple, and Amazon without having to own the underlying asset.

BlackBull Markets offers shares from all major share markets. Trade CFDs with 24/7 customer service, lightning-fast execution, and adequate leverage.

Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Read our BlackBull Markets Review or visit BlackBull Markets.


2. XM

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.

Read Our Detailed XM Review

Visit XM

Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.


3. Vantage FX

Vantage FX – This is a well-trusted international broker offering an excellent all-around service to traders. They work hard to provide and maintain a very safe trading environment, and provide a good level of accessibility to traders at all levels with their competitive fees and minimum deposit requirements.

This reputable broker offers both of the leading trading platforms MT4 and MT5. This means you can have access to the webtrader, desktop, or mobile variations of these trading platforms through this broker. Both platforms are award-winning for the functionality they provide, including a technical depth and prowess that makes them suitable for new and experienced traders alike.

You will have access to dozens of charting tools and indicators across all variations of the platform that prioritizes the ability to customize your trading experience. On mobile, the platforms are equally as powerful with access to the same detailed functions in an easy-to-use app.

Read our Vantage FX Review or visit Vantage FX

Warning:  CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money


4. AvaTrade

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.

Read our Detailed AvaTrade Review

Visit AvaTrade

Warning: Trading Forex/CFD & Options on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite.


5. FXTM

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.

Read our Detailed FXTM Review

Visit FXTM

Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.


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.

They currently accept residents from all 36 states including.

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.

Daniel is a big proponent of how blockchain will eventually disrupt big finance. He breathes technology and lives to try new gadgets.