Best Nigeria Forex Brokers

BrokerNotes.co

Written by BrokerNotes.co
Fact-checked by Steven Hatzakis
Fact-checked by Joey Shadeck
Edited by John Bringans

January 23, 2024

The first step for every forex trader should be choosing a reliable, well-regulated forex broker. The team at BrokerNotes has conducted extensive research and data collection on international forex brokers and the local regulatory environment to create this guide for Nigeria-based forex traders. Read more to learn which forex broker is best for your needs.

travel_explore A little bit of Nigeria trivia

Check out some general Nigeria facts as well as some info about some of the country's most important financial bodies in the paragraph below, generated by ChatGPT (to learn more about how we ethically incorporate AI into our content, read our generative AI policy).

Nigeria has a population of over 190 million people according to 2019 estimates. The national currency of Nigeria is the Naira. The Central Bank of Nigeria is the country’s apex bank, and it provides key services like maintaining the value and purchasing power of the Naira, formulating and implementing monetary policy, and holding government funds. The Central Bank of Nigeria is responsible for promoting a safe, sound, and reliable banking system. Besides the Central Bank of Nigeria, other financial market regulators in Nigeria include the Securities and Exchange Commission, Nigeria (SEC) and the Nigeria Deposit Insurance Commission (NDIC). The primary financial markets regulator of Nigeria is the Securities and Exchange Commission, Nigeria (SEC), which is responsible for the regulation of all capital markets activities in Nigeria. The SEC seeks to protect investors and to ensure the effectiveness, fairness, efficiency and transparency of the Nigerian capital markets.

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

Best Forex Brokers Nigeria for 2024

  • XTB - 9.1/10 Overall
  • AvaTrade - 8.7/10 Overall
  • FXCM - 8.5/10 Overall
  • Admirals - 8.5/10 Overall
  • Pepperstone - 8.4/10 Overall
  • XM Group - 8.4/10 Overall
  • FP Markets - 8.3/10 Overall
  • IC Markets - 8.1/10 Overall
  • Tickmill - 8.1/10 Overall
XTB
9.1/10 Overall
Minimum Deposit$0
Tier-1 Licenses2
Tradeable Symbols (Total)6010

XTB is a highly trusted brand with a proprietary platform (xStation 5) that delivers a rich selection of trading tools. XTB also offers CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginners will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
AvaTrade
8.7/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)1260

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginners and great tools for copy trading. AvaTrade's commissions and market research are about average, and traders gain access to AvaTrade's proprietary platforms and the full MetaTrader suite.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
FXCM
8.5/10 Overall
Minimum DepositStarts from $50
Tier-1 Licenses4
Tradeable Symbols (Total)440

FXCM is a highly trusted brand that offers multiple trading platforms for algorithmic trading and social copy trading, along with a proprietary platform suite and access to MetaTrader 4. FXCM is great for beginners due to its wide range of educational content. It's worth noting that pricing at FXCM is just average.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)No
Admirals
8.5/10 Overall
Minimum Deposit$100
Tier-1 Licenses4
Tradeable Symbols (Total)8702

Admiral Markets is a highly trusted multi-asset broker regulated in multiple reputable jurisdictions. Admiral Markets delivers a powerful MetaTrader experience with advanced supplemental features. With numerous platform add-ons and tools, copy trading, premium market research, and excellent educational content, Admiral Markets is a good choice for forex traders. Read full review.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Pepperstone
8.4/10 Overall
Minimum Deposit$200
Tier-1 Licenses3
Tradeable Symbols (Total)2342

Pepperstone is a highly trusted broker that offers a growing number of tradeable markets and support for third-party platforms such as TradingView, cTrader, a variety of copy trading platforms, and the MetaTrader suite. Traders at Pepperstone also gain access to high-quality research content in both written and video format.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
XM Group
8.4/10 Overall
Minimum Deposit$5
Tier-1 Licenses4
Tradeable Symbols (Total)1429

XM Group is a trusted broker known for its robust educational materials and quality market research. Traders at XM Group gain access to the full MetaTrader platform suite along with trading tools provided by Trading Central. That said, XM Group doesn't offer any proprietary platforms, and its range of markets and trading costs could improve.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
FP Markets
8.3/10 Overall
Minimum Deposit$100 AUD
Tier-1 Licenses2
Tradeable Symbols (Total)10000

FP Markets delivers excellent pricing and access to the full MetaTrader suite, as well as cTrader and its own copy trading platform. That being said, FP Markets' pricing is not as low on its IRESS platform, which is optimized for share dealing. FP Markets fares well across most key categories, though its research and education have room to improve.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
IC Markets
8.1/10 Overall
Minimum Deposit$200
Tier-1 Licenses2
Tradeable Symbols (Total)3583

IC Markets is a trusted broker with multiple Tier-1 regulatory licenses. Traders at IC Markets gain access to MetaTrader 4 and MetaTrader 5 as well as the Advanced Trading Tools package for desktop and support for third-party plugins from Autochartist and Trading Central. That said, the broker's research and education have room to improve.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
Tickmill
8.1/10 Overall
Minimum Deposit$100
Tier-1 Licenses2
Tradeable Symbols (Total)725

Tickmill is an excellent multi-asset broker that offers truly low-cost forex trading; the broker's Pro and VIP accounts are among the least expensive in the industry. Tickmill offers the MetaTrader suite as well as third-party services like TradingView and Signal Centre, powered by Acuity Trading.

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

What are the best Nigeria forex brokers?

We’ve tested over 60 international forex brokers and created unbiased, data-driven broker ratings to show you the best forex brokers in the industry. To help you navigate the world of forex regulations and choose a broker that you can trust, our expert research team has built a proprietary database containing over 100 global regulatory licenses and jurisdictions; that research determines each broker's individual Trust Score. Check out our top picks for the best Nigeria forex brokers:

Winner: XTB

XTB is a highly trusted brand that holds licenses multiple global regulatory jurisdictions, earning it a Trust Score rating of 96. Though MetaTrader 4 is only available in certain regions, XTB's proprietary xStation 5 platform delivers a rich selection of trading tools and great usability. XTB provides access to CFDs for a wide range of asset classes, including multiple cryptocurrencies. Beginner forex traders will appreciate XTB's excellent educational content and the hundreds of lessons that are available via its Trading Academy.

XTB Trading Platform Screenshots

XTB Features

  • Overall rating - 9.1/10
  • Trust Score - 96
  • Tradeable symbols - 6010
  • Minimum deposit - $0

Runner Up: AvaTrade

AvaTrade is a well-rounded, highly trusted broker that offers excellent educational resources for beginner forex traders and great tools for social copy trading. AvaTrade's commissions and market research are close to the industry average, and traders gain access to AvaTrade's proprietary platforms as well as third-party favorites like MetaTrader 4 and MetaTrader 5.

AvaTrade Trading Platform Screenshots

AvaTrade Features

  • Overall rating - 8.7/10
  • Trust Score - 94
  • Tradeable symbols - 1260
  • Minimum deposit - $100

Podium Finisher: FXCM

Founded in 1999, FXCM (a Jefferies Group company) is a long-standing brand that caters to global forex and CFD traders. FXCM offers multiple trading platforms for algorithmic trading and social copy trading, along with a proprietary platform suite (and access to MetaTrader 4). FXCM is also a great option for beginners due to its wide range of educational materials and easy-to-use platforms (including integration with the popular TradingView platform). Though the range of markets available at FXCM has increased following the addition of its share trading feature, it's worth noting that pricing at FXCM is just average.

FXCM Trading Platform Screenshots

FXCM Features

  • Overall rating - 8.5/10
  • Trust Score - 95
  • Tradeable symbols - 440
  • Minimum deposit - Starts from $50

Compare trading costs for the best Nigeria forex brokers

Based on our own data (our independent database contains over 4,000 data points), this table compares trading costs for the top Nigeria forex brokers.

Company Accepts NG Residents Minimum Deposit Average Spread EUR/USD - Standard Average Spread EUR/USD - Mini All-in Cost EUR/USD - Active Active Trader or VIP Discounts
XTB logoXTB check $0 1.07 info 1.07 info 1.04 info Yes
AvaTrade logoAvaTrade check $100 0.92 info 0.92 info 0.61 info Yes
FXCM logoFXCM check Starts from $50 0.74 info 1.34 info 0.74 info Yes
Admirals logoAdmirals check $100 0.8 info 0.8 info 0.8 info Yes
Pepperstone logoPepperstone check $200 0.77 info 0.7 info 0.87 info Yes

Comparing trading platforms between Nigeria forex brokers

Trading platforms grant access to the foreign exchange market and allow you to analyze market conditions, manage positions, and execute trades. Check out a side-by-side comparison of the trading platforms available at the best Nigeria forex brokers, based on our independent product testing.

Company Accepts NG Residents Desktop Platform (Windows) Web Platform Proprietary Platform MetaTrader 4 (MT4) MetaTrader 5 (MT5) ZuluTrade cTrader
XTB logoXTB check Yes Yes Yes Yes No No No
AvaTrade logoAvaTrade check Yes Yes Yes Yes Yes Yes No
FXCM logoFXCM check Yes Yes Yes Yes No Yes info No
Admirals logoAdmirals check Yes Yes Yes Yes Yes No No
Pepperstone logoPepperstone check Yes Yes No Yes Yes No Yes

Comparing investment options between Nigeria forex brokers

We closely monitor the availability of investment products such as forex trading (CFD and spot), stocks (CFD and non-CFD), spread betting, ETFs, and social copy trading – among many others. These investment types are tracked as variables within our extensive independent database. Check out the offering of investments at the top Nigeria forex brokers.

Company Accepts NG Residents Forex Trading (Spot or CFDs) Spread Betting Social Trading / Copy Trading U.S. Stocks (CFD)
XTB logoXTB check Yes No Yes Yes
AvaTrade logoAvaTrade check Yes Yes Yes Yes
FXCM logoFXCM check Yes Yes Yes Yes
Admirals logoAdmirals check Yes Yes Yes Yes
Pepperstone logoPepperstone check Yes Yes Yes Yes

FAQs

Please note:

A member of our editorial team used a proprietary blend of Generative AI technologies to assist in the creation of the content on this page. All information contained herein has been fact-checked by our lead writer in conjunction with our research team, and thoroughly edited by our editorial staff. Learn more about our generative AI policies, our editorial principles, and our testing methodologies.

What is the best forex broker in Nigeria?

XTB is our pick for the best forex broker in Nigeria. Founded in 2002, XTB holds licenses across a number of notable global regulatory jurisdictions, and has earned an overall Trust Score rating of 96. XTB's impressive offering of 6010 tradeable symbols opens up a wide variety of trading opportunities for its clients. If you are interested in opening an account, the minimum deposit to get started as a trader at XTB is $0. We've tested and reviewed dozens of forex brokers and created unbiased, data-driven broker ratings to highlight the best forex brokers in the industry. Our overall rating for XTB is 9.1/10. Read our data-driven broker reviews to learn more.

Check out a gallery of screenshots from XTB's trading platforms, taken by our research team during our product testing.

Best Nigeria Forex Brokers

Here are our picks for the best forex brokers that accept Nigeria-based clients in 2024. The below table is sorted by the brokers' Overall Ratings.

Company Accepts NG Residents Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Read Review Visit Site
XTB logoXTB check 9.1 $0 1.07 info XTB Group Review
AvaTrade logoAvaTrade check 8.7 $100 0.92 info AvaTrade Review
FXCM logoFXCM check 8.5 Starts from $50 0.74 info FXCM Review
Admirals logoAdmirals check 8.5 $100 0.8 info Admiral Markets Review
Pepperstone logoPepperstone check 8.4 $200 0.77 info Pepperstone Review
XM Group logoXM Group check 8.4 $5 1.6 info XM Group Review
FP Markets logoFP Markets check 8.3 $100 AUD 1.1 info FP Markets Review
IC Markets logoIC Markets check 8.1 $200 0.62 info IC Markets Review
Tickmill logoTickmill check 8.1 $100 0.51 info Tickmill Review

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Methodology

At BrokerNotes.co, our data-driven online broker reviews are based on our own extensive testing of each broker's products and services as well as the qualified observations of our expert editorial team. In conjunction with our sister site, ForexBrokers.com, we’ve published well over 100,000 words of research and collected thousands of data points across hundreds of variables. Our online trading guides are created with the same rigorous, data-driven approach.

The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s). Our proprietary Trust Score rating system tracks data from over 100 regulatory jurisdictions to help forex traders understand the regulatory status of their forex broker and choose a broker that they can trust.

Our editorial team is led by Steven Hatzakis, an industry veteran with decades of experience and a deep understanding of the forex market. Our team conducts thorough testing on a wide range of brokers, platforms, products, technologies, third-party trading tools, and mobile apps. We also test for the availability of high-quality educational content, actionable market research resources, and the accessibility and capabilities of mobile platforms. All of our ratings and rankings are based on the collection and validation of thousands of data points and our in-depth product testing.

Part of our testing process involves in-depth research into commissions and fees. We dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads (we always strive to determine the average spreads for each broker to better serve our readers), and a variety of other fee-based data points.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go.

When testing mobile apps or mobile products, we test on both Apple and Android devices. For Apple, we test with the iPhone XS running iOS 16, and for Android we use the Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra devices running Android OS 13.

All of the content on BrokerNotes.co is researched, fact-checked, and edited by members of our editorial team. Our ratings and rankings are driven by our independent data collection. We may use generative AI tools to assist in some of the rote aspects of our content production processes, but the substance of our content, as well as our opinions and evaluations are based on our extensive research and product testing. Read our Generative AI policy to learn more.

Our rigorous data validation process provides our readers with quality data they can trust. Click here to learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

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