Best Forex Brokers Nigeria 2023
Nigeria is, simply put, vast. Its landmass is larger than France and Germany – combined – and it boasts a population of over 200 million people (the 7th-most populated country on the planet); that’s nearly ten times more people than the entire continent of Australia.
Nigeria is also home to the largest economy in all of Africa, a tremendous wealth of natural resources, and one of the largest stock exchanges in Africa – the Nigerian Stock Exchange (NGX).
The team at BrokerNotes conducted extensive research and collected data on forex brokers, local regulatory agencies, stock exchanges, as well as Nigerian monetary policy so that we could create this guide to help you pick the best forex broker in Nigeria.
Choosing a forex broker in Nigeria
Whether you are an active trader with deep forex experience, or a beginner who is just getting their start in the forex world, choosing a well-regulated forex broker is crucial if you want to steer clear of forex scams. Not all regulatory licenses carry the same weight, however, and regulatory environments can vary widely from country to country.
Our Trust Score, a proprietary algorithm, ranks regulatory agencies and their respective countries into three groups, with Tier 1 indicating the most stringent (which is good) and Tier 3 the least. We collect comprehensive data on each broker, which results in a ranking from 1 to 99 of the broker’s overall trust (the higher a broker’s Trust Score, the better). Learn more about Trust Score at our sister site, ForexBrokers.com.
Forex-specific regulations have not yet been established in Nigeria by its local regulator, the Securities and Exchange Commission (SEC). Under the supervision of Nigeria’s Federal Ministry of Finance, SEC Nigeria regulates all of Nigeria’s capital markets, including the regulatory framework for its national stock exchange (the NGX). SEC Nigeria has warned the public to avoid dealing with unlicensed forex market operators to help residents avoid scams.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% 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 for trading in Nigeria
To help you find the best forex brokers, we curated a list of every broker that accepts new clients from Nigeria. We conducted meticulous research on those brokers, using over 100 data-driven variables (including our proprietary Trust Score), resulting in this list of the overall best brokers in Nigeria:
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XTB
- 9/10 Overall
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AvaTrade
- 8.6/10 Overall
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FXCM
- 8.5/10 Overall
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XM Group
- 8.4/10 Overall
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Pepperstone
- 8.4/10 Overall
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Admiral Markets
- 8.3/10 Overall
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IC Markets
- 8.2/10 Overall
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Tickmill
- 8.0/10 Overall
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HFM
- 7.8/10 Overall
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HYCM (Henyep)
- 7.7/10 Overall
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Eightcap
- 7.6/10 Overall
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ThinkMarkets
- 7.4/10 Overall
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easyMarkets
- 7.3/10 Overall
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FXPrimus
- 6.9/10 Overall
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Libertex (Forex Club)
- 6.7/10 Overall
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 1.07 |
All-in Cost EUR/USD - Active | 1.04 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 0.92 |
All-in Cost EUR/USD - Active | 0.61 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Minimum Deposit
Starts from $50 |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 1.38 |
All-in Cost EUR/USD - Active | 1.38 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 1.6 |
All-in Cost EUR/USD - Active | 0.8 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 0.77 |
All-in Cost EUR/USD - Active | 0.87 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 0.8 |
All-in Cost EUR/USD - Active | 0.7 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 0.62 |
All-in Cost EUR/USD - Active | 0.62 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 0.51 |
All-in Cost EUR/USD - Active | 0.31 |
PayPal (Deposit/Withdraw) | Yes |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Trust Score
Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.
close
Trusted |
Cost & Fundingexpand_moreexpand_less
Average Spread EUR/USD - Standard | 1.2 |
All-in Cost EUR/USD - Active | 0.9 |
PayPal (Deposit/Withdraw) | No |
Skrill (Deposit/Withdraw) | Yes |
Visa/Mastercard (Credit/Debit) | Yes |
Nigeria’s financial markets
Nigeria’s national currency is the naira (NGN), issued and managed by the Central Bank of Nigeria (CBN).
The primary stock market in Nigeria is the Nigerian Stock Exchange (NGX), located in Lagos. The NGX offers an assortment of asset classes that include securities, bonds, exchange-traded funds (ETFs), and derivatives.
To buy securities in NGX’s primary or secondary markets, an investor must first appoint a stockbroker or dealer registered as a Dealing Member or Trading License Holder of the NSE to facilitate trading. The responsibility of clearing and settling NGX transactions then falls on the Central Securities Clearing System Plc. (CSCS), which is the licensed depository for the Nigerian capital market.
What is the best forex broker in Nigeria?
Saxo Bank holds the title of best forex broker in Nigeria for 2022. Saxo Bank delivers outstanding research, an industry-leading platform suite, and holds numerous regulatory and banking licenses across the globe. If you are looking for a highly regulated, highly trusted forex broker that accepts Nigerian residents, you can’t go wrong with Saxo Bank.
Which are the best forex brokers in Nigeria?
We test dozens of the biggest names in foreign exchange, employing a proprietary methodology that takes into account a wide range of factors (including overall trust). We applied this process to the brokers that accept clients from Nigeria, resulting in this list of the best forex brokers in Nigeria in 2022:
- Saxo Bank - best web and mobile trading platforms
- Interactive Brokers - best for professionals
- XTB - well rounded in all categories
- FXCM - Great for algorithmic traders
- AvaTrade - Excellent educational content
- Admiral Markets - Great for MetaTrader
Which forex broker has the best mobile app in Nigeria?
It may come as no surprise that the best forex broker in Nigeria, Saxo Bank, also features the best mobile app. Saxo Bank ranks first in our mobile category, and its mobile suite is an excellent choice for beginners and professional traders alike. Saxo Bank’s SaxoTraderGO suite consists of a mobile and web app, both loaded with trading tools and a rich variety of features.
The SaxoTraderGO mobile app delivers the perfect blend of advanced features and ease of use. It also closely mirrors Saxo Bank’s SaxoTraderPRO desktop trading platform, providing a uniform experience across platforms and devices – a functionality that isn’t always easy to find in the forex trading world.
Which Nigeria forex broker is best for beginners?
When considering all forex brokers that accept residents of Nigeria, we found IG to be the best broker for beginners in 2023. Trading CFDs and forex might be for experienced investors, but everyone starts somewhere. Those traders who are in the early stages of learning how to trade forex can benefit from the right educational materials, and the best brokers for beginners tend to make learning easy. IG's robust educational content and comprehensive learning materials are excellent resources for traders who are getting their start with forex trading.
BrokerNotes.co 2023 Overall Rankings
To recap, here are our top forex brokers for 2023, sorted by Overall ranking.
More Forex Guides
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.
About the Editorial Team
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
John Bringans
John Bringans is the Senior Editor of BrokerNotes.co and ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.
Joey Shadeck
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.