The Best Forex Brokers in Nigeria 2020

To make it easy for you to get involved in one of the most exciting new markets in Nigeria, we’ve created this list of the very best forex brokers. More and more Nigerians are turning to forex trading to earn money. As all you need is a computer, internet connection, a small initial investment, it’s easy to see why it’s so appealing.

Before you trade, however, you must find a good broker with features that work for you. Luckily, our experts are here to save you time. They’ve tested hundreds of forex brokers in Nigeria, analyzing everything from safety to trading opportunities.

Our recommendations all provide top-tier regulation, competitive fees on forex and cryptocurrency trading, and accept deposits from Nigerian payment providers. Select a broker below, or read on to learn more about:

Best and most trusted forex brokers in Nigeria November 2020

All the brokers below are available in: Nigeria
94.3
Points
Users
Used by
2,000,000+ Traders
Min. Deposit
$5
Bonus
100%
Trading Instruments
160
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Skrill, Netseller, Sofort
Min. Spread
1 pips
Max. Leverage
1:1000
Currency Pairs
50
Regulated By
FSCAFSCA
FSA(SVG)FSA(SVG)
Customer Support
24/5
94
Points
Users
Used by
100,000+ Traders
Min. Deposit
$5
Bonus
$25 Non-Deposit Bonus**
Trading Instruments
1,388
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
Market Maker
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Mastercard, Neteller, Skrill, Bitcoin, Sofort and more
Min. Spread
1 pips
Max. Leverage
1:888
Currency Pairs
57
Regulated By
FCAFCA
CySecCySec
ASICASIC
IFSCIFSC
Customer Support
24/5
92.5
Points
Users
Used by
13,000,000+ Traders
Min. Deposit
$1
Bonus
100%
Trading Instruments
70+
Help!
Trading instruments, or securities, are the various market types you can trade. Examples include CFDs, stocks, currencies, metals, and commodity futures. Exit tooltip
Type of Brokers
STP/ECN
Trading Platforms
Check MT4
Help!
Platform for trading Forex, analysing financial markets and using expert advisors. Exit tooltip
Check MT5
Help!
Multi-asset platform for trading Forex and CFDs. Exit tooltip
Check Mobile App
Check WebTrader
Help!
Trade online without downloading any software. Exit tooltip
Deposit Methods
Bank transfer, Visa, Skrill, Neteller, PerfectMoney, bitwallet
Min. Spread
1 pips
Max. Leverage
1:3000
Currency Pairs
35
Regulated By
CySecCySec
IFSCIFSC
Customer Support
24/5

Why should you trade forex with the best forex brokers in Nigeria?

Forex trading is increasingly popular in Nigeria as it offers people an accessible way to earn money. While it’s not easy, it’s a viable way to generate income if you take the time to learn how to do it properly.

Before we dive into the specifics of how to trade forex in Nigeria, discover why doing so is appealing:

How to trade forex in Nigeria

Now you’ve got a good idea of the size and nature of forex in Nigeria, all that’s left to explain is how you can get involved. There are three principal things you need before you can trade forex. These are:

Luckily for you, our experts are here to help you out every step of the way. In the following sections of this guide, you can learn exactly what forex is, what makes for a great forex broker, and what documentation you need to register with your chosen broker.

What is forex?

Forex trading allows you to sell one currency to buy another. To do this, you trade in currency pairs, which comprise a base and a quote currency. The base currency is the one you purchase, whilst the quote currency is the one you sell. You can make money from trading in two ways:

  1. You buy the currency pair, also known as going long, wait for it to rise in value, and then sell it.
  2. You sell the currency pair, also known as going short, wait for it to drop in price, and then buy it.

The difference in both cases represents your profit and, as you trade with leverage, this can be substantial. Leverage means that the forex broker lends you money to trade with. Whilst the money the broker lends you remains theirs, you keep all the profit you make with it.

The amount of leverage you can claim varies from one broker to the next, but it can be as high as 1:500. Here, for every ₦1 you deposit, the lender will give you another ₦500. With a deposit of ₦ 50,000 then, you can open trades worth up to ₦25 million. This allows you to make money faster than if you were using only your own cash.

Whilst forex trading involves taking some risks, you shouldn’t see it as gambling as it requires strategy and skill. To become a successful trader, you must analyze the markets, price movements, market and trader sentiment, and much more.

To help you do this, you need to work with the best forex brokers in Nigeria. Not only do the best forex brokers give you access to the foreign exchange market, but they also arm you with the tools you need to succeed. This includes platforms for placing trades, protection measures to ensure you don’t lose too much money, and various analytical methods.

Is forex trading legal in Nigeria?

Forex trading is completely legal in Nigeria, though it’s currently unregulated. Under the Foreign Exchange Act of 1995 and the Foreign Exchange Manual issued in 2006, The Central Bank of Nigeria regulates foreign exchange transactions. So far, however, they haven’t developed a framework for retail trading.

Whilst this can seem beneficial, as it means there aren’t rules on how much you can trade or who with, it can be dangerous. Without strong regulation in place, many rogue brokers can operate without having to prove they have sufficient capital or your best interests at heart.

To trade safely in Nigeria, look for a broker with a respected international license. Top-tier regulatory authorities include the FSCA, the FCA, CySEC, and ASIC. These authorities ensure that you receive fair and secure trading conditions by auditing forex brokers regularly.

If you’d rather not look for yourself, all the firms in our list of the best forex brokers in Nigeria boast one, if not several, reputable licenses.

What else makes a Nigerian forex broker safe and rewarding?

Besides having a good license, a forex broker must offer a wide range of other benefits to stand out from the crowd. To ensure that we only recommend you the very best forex brokers in Nigeria, we’ve tested countless brokers, looking for the following features:

Trading cryptocurrencies in Nigeria

Cryptocurrencies such as Bitcoin have become very popular in Nigeria. They’re enjoying a high adoption rate because they give you yet another way to hedge against inflation and they make international transfers easier. If you’ve already got a good understanding of the cryptocurrency market, you can use it to your advantage when trading with forex brokers.

Instead of needing expensive technology for mining or investing in cryptocurrencies, forex brokers allow you to trade cryptocurrency CFDs. This allows you to speculate on the price movements of a cryptocurrency, without having to own the underlying coin.

Here are a few more advantages of trading cryptocurrencies with the best forex brokers in Nigeria:

When trading cryptocurrencies with any of our best forex brokers in Nigeria, you’ll be safe because we only recommend the most reputable firms. You’ll also be able to enjoy all the same great trading and research tools, giving you a higher chance of success.

How to open a broker account and start trading in Nigeria

Beginning your forex trading career is easy, with a little help from our experts. Follow our step-by-step guide below.

  1. Find a broker – This step is easy, as we’ve already provided you with a list of the best forex brokers in Nigeria. If you don’t want to choose one of our recommendations, however, familiarize yourself with the features you should expect. This includes regulation, trading instruments, trading platforms, research tools, and fees.
  2. Choose an account type – Most forex brokers in Nigeria will offer you a selection of accounts. You must pick the one that suits your budget and intended trading style best. For beginners, we recommend choosing the account option that offers the most trading tools and educational materials. You may find that this is slightly more expensive than other options, but these features will help you make more consistent profits in the long run. If you are a Muslim trader, you need an Islamic account. Continue reading this guide to discover what makes Islamic accounts different.
  3. Register with the broker – Different brokers will request different details from you during registration. Most, however, ask for personal details, income information, trading knowledge, and ID documents. To complete this process as quickly as possible, have the following to hand:
    • Personal details – Full name, physical address, email address, phone number, date of birth, National Identification Number (NIN).
    • Income information – Place of employment, annual income amount, source of funds for trading, estimated net worth, intended investment amount, intended purpose, and nature of trading.
    • Trading knowledge – Answer a few questions to prove that you understand how to trade and what the risks are.
    • ID documents – Proof of identity (scanned copy of passport, NIN card, or driver’s license) and proof of address (scanned copy of a recent utility bill or bank statement with your address visible)

Once you have supplied this information, you must wait for the broker to verify your identity. This usually takes up to 48 hours.

  1. Create a trading plan – Before you start trading, decide how much you want to spend, how often you want to trade, and what goals you have. You also need to decide what kind of currency pairs you want to trade.
  2. Find the best currency pairs – As most of the best brokers do not offer NGN currency pairs, you must identify which currencies you want to trade instead. For beginner traders in Nigeria, the best currency pairs are the majors. These include EUR/USD, GBP/USD, and USD/JPY. We recommend trading these pairs as they usually have lower spreads and high liquidity. It’s also easier to find economic news relating to these currencies, which aids your fundamental analysis.

Islamic trading accounts in Nigeria

Islamic accounts allow you to trade forex whilst still adhering to Sharia law. Regular forex accounts charge swap fees. Swap fees represent the interest charges or gains you may receive from holding a position overnight. As Sharia law prohibits paying and earning interest, Islamic accounts are free of these fees.

Opening an Islamic forex trading account differs from one broker to the next. Some brokers will let you select an Islamic account during the account opening process, whilst others will require you to call customer service after opening your account. Some brokers may also ask for proof of religion

How much money do you need to start trading forex in Nigeria?

The amount of money you need to trade forex depends on which broker you trade with and your account type. Different brokers, and account types, have different minimum deposit limits. Some will allow you to trade with as little as ₦2,000, while others will require ₦250,000 or more.

Although it may be possible to start trading with as little as ₦2,000, we advise against it. Such a small initial balance means that the profits will be small too. You will eventually want to see your balance grow faster, which means you are more likely to make rash decisions.

For example, you might only want to risk 2% of your account balance per trade and limit yourself to 3 trades per day. With a small balance, you won’t see a lot of profit, so you’re likely to break your rules. Ignoring your trading plan is a bad habit which can lead to disaster when you invest more money. Besides, if you make a large trade with a small balance, you risk wiping out your account immediately because of leverage and margin ratios.

Our experts recommend trading with no less than ₦50,000. This amount is low enough to be accessible, yet high enough to ensure that you’re making sufficient profit and keeping your account safe.

What is the best time to trade forex in Nigeria?

You can trade forex at whatever time is best for you, from Monday to Friday. The market is open 24 hours a day during this time, so it’s easy to fit trading into your schedule.

If you have a choice of trading times, however, we recommend choosing 7 AM to 6 PM. Within this time, three of the major trading sessions overlap; the Tokyo session, the London session, and the New York session. During this time, you can take advantage of economic releases and news.

Of course, you needn’t trade for the whole period, and you have other options too. In the table below, we’ve listed the main trading sessions in West Africa Standard Time. As you can see, even if you work full time, you can still profit from forex trading in Nigeria.

Trading SessionOpen (Nigeria Time GMT +1)Close (Nigeria Time GMT +1)
London09:0017:00
New York13:0009:00
Sydney22:0006:00
Tokyo00:0008:00

Are there any risks when trading forex in Nigeria?

Despite offering you great opportunities to make a profit, trading forex is still unpredictable. Choosing one of the best forex brokers in Nigeria reduces your risk, yet there’s still more to learn.

Our experts have provided you with a list of the biggest risks involved with trading forex, and advice on how to avoid them.

Although forex trading involves risks, there’s no reason for your profits to suffer. Simply choose one of our best forex brokers in Nigeria, create a trading plan, test it, and use it each time you trade.

Frequently asked questions about forex brokers in Nigeria (FAQs)

Which broker is the best for forex in Nigeria?

All the best forex brokers in Nigeria boast specific traits; solid regulation from a respected international authority, high-quality trading platforms, low fees, easy payment methods, and user-friendly interfaces. The best one for you, however, depends on your preferences. For example, you might not care if a broker doesn’t offer Naira-based accounts as long as they provide access to MetaTrader 4.

Is forex trading profitable in Nigeria?

Yes, forex trading is profitable in Nigeria, so long as you learn how to do it properly. Trading requires skill and strategy, which is why we recommend that beginners choose a broker with extensive research tools and educational materials. We also advise starting with a demo account. Once you are making consistent profits there, you can switch to a live account.

How can I trade forex in Nigeria?

To trade forex in Nigeria, you need to choose a good forex broker. The next step is to complete the registration process, by supplying the broker with documents to verify your account. Finally, you will need to make a deposit. Once your funds are ready, you can start trading forex in Nigeria.

Can I trade cryptocurrency in Nigeria?

Yes, you can trade cryptocurrency in Nigeria. Most of the brokers we recommend offer cryptocurrency CFDs, which allow you to trade without owning the underlying coins. This is a far quicker method of trading cryptocurrencies, as it doesn’t require expensive storage or security facilities. You can also trade cryptocurrency CFDs 24 hours a day, 7 days a week.

Is it safe to trade forex in Nigeria?

It’s perfectly safe and legal to trade forex in Nigeria, so long as you use a reputable broker. Many of the world’s best brokerages offer their services to Nigerian clients, and they all come with top-tier regulation and licenses. This ensures that operating in a transparent and financially responsible manner.

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