List of Licensed Forex Brokers in Nigeria

Tap into emerging trends in Nigeria Forex Market.

Risk Warning: Remember financial trading is highly speculative & may lead to the loss of your funds.

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SEC

Best Regional Regulator

Established 1979

NGN

National Currency

Naira

40+

Licensed FX Brokers

18%

Tax on Capital Gains

Forex trading is a very popular venture among the tech-savvy younger generation of Nigerians. Although there is a lack of local Forex brokers in the country, there are numerous international best Forex brokers in Nigeria that offer local traders very competitive services.

The Forex trading market is perfectly legal in Nigeria. The main regulatory agency of the financial markets in the country is the Central Bank of Nigeria, which also is the biggest Forex exchange business in Nigeria.

The central bank of the country has the power to make Forex trading laws and to control the whole financial market and every player in it. There are several laws that the country has issued to regulate the foreign exchange market, but no specific rules are regulating the online Forex trading market.

That said, the authorities of the country have established a body called the Association of Online Forex Trading Agents in Nigeria, which is working with the authorities of the country to come up with a way to regulate the local Forex trading market.

However, since there are no specific rules of the online Forex trading market in the country, international Forex brokers can offer local traders their services without having to be registered in the country. Because of this, the list of licensed forex brokers in Nigeria is mostly made up of international brokerages.

This is opening up a lot of opportunities both for local traders and internationally acclaimed Forex brokers. The majority of these brokers are working towards becoming leaders in the still very much growing trading market of Nigeria.

As the market continues to grow in the country, the demand for well-established, safe, and secure Forex brokers is only increasing.

Top 5 Forex Brokers in Nigeria

Numerous internationally acclaimed and well-known Forex trading brokers in Nigeria offer local investors trading services. However, many beginners are still having a hard time finding a broker that they can trust.

While researching the Forex trading market in Nigeria, we were able to find the best 5 FX brokers in Nigeria that offer traders very competitive services.

XM

Trading Platform:

MT4, MT5

Max Leverage:

1:1000

Instruments:

Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.

Regulation:

CySEC, ASIC, IFSC

Min. deposit:

$5

Open an account

Exness

Trading Platform:

MT4, MT5, App

Max Leverage:

1:Unlimited

Markets:

Forex, CFDs, Crypto

Regulations:

FSA, CySEC, FCA, FSCA, CBCS

Min Deposit:

$10

Open an account

VT Markets

Trading Platform:

MT4, MT5

Max Leverage:

500:1

Markets:

Forex, CFDs, Crypto

Regulations:

ASIC, CIMA

Min Deposit:

$100

Open an account

XM

XM is one of the leading brokerages in Asia which offers a secure and transparent trading experience. It is one of the best options for the best Asian Forex traders for a number of reasons. First of all, the broker is regulated by reliable regulatory authorities including Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, Financial Conduct Authority, and the International Financial Services Commission. Even though XM does not hold an Asian license at the moment, all four regulatory bodies, CySEC, ASIC, FCA, and IFSC are cooperating with Asian regulators such as FSA in Japan and DFSA in Dubai.

Furthermore, XM offers Islamic trading account types for Muslim traders from Asian countries. The XM Islamic account frees its clients from paying interest rates, such as swap fees or rollover charges on overnight positions. This account type is in full compliance with Shariah laws. Moreover, XM Islamic account has won an award for the best Islamic account of 2020.

The website of the broker, as well as the customer support, is available in multiple languages including Chinese, Arabic, Japanese, and South Korean. In addition to it, the broker also supports various base currencies for traders from Asia and allows them to establish an account in Japanese yen (JPY).

XM

Min deposit: $5

Deposit to Qualify

€600

XM

Deposit Bonus, Live Education

Sponsorships Remaining

10

Open an account

XM is one of the top Forex brokers in Asia for its dedication to the best customer service. The broker offers a 30 USD no deposit bonus for all new registering clients from Asian countries without any investment requirements. Furthermore, Asian traders can start trading with XM for just a 5 USD minimum deposit.

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume.

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commission Compensation Fund and keeps clients’ money in segregated accounts.

Exness

Min deposit: $10

Deposit to Qualify

$800

ECS

EAs discounts

Exness

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

What makes Exness stand apart from the competition is the speed of execution. You don’t need to go through the lengthy process of registration, deposits and withdrawals. Withdrawals with this broker are instant and the customer support is always ready to help.

Exness group offers a full set of MetaTrader platforms and easy-to-use, custom-built Exness Terminal. In order to suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general are very reasonable. The maximum leverage offered by the broker is unlimited. In order to be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system.

In case you have already decided to open a trading account with Exness, keep in mind that Exness Group does not accept clients from several countries including the USA.

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions.

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker.

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms.

VT Markets

Min deposit: $100

Deposit to Qualify

$800

ECS

EAs discounts

VT Markets

Tailored Support, Fund Segregation & Overall Security

Sponsorships Remaining

10

Open an account

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency.

The Bottom Line for Nigerian FX Brokers

While looking for the best Nigerian online Forex brokers, there are numerous things that brokers have to keep in mind. Since the country does not have local Forex trading rules and regulations, traders should focus on other things to make sure that they are trading with legit Forex brokers.

Because the market is still at its developing stages in the country, there are little to no local Forex brokers in Nigeria. It should not come as a surprise that the majority of the top Forex brokers in Nigeria are internationally well-known, highly reputable Forex brokers.

When looking for a Forex broker in Nigeria you should make sure that you are trading with a broker that is regulated and licensed by leading top-tier regulators around the world. Although the safety and security of your funds should be your number one priority, it should not be the only thing for you to focus on.

Among other very important things that traders should keep in mind while looking for a trustworthy Forex broker in Nigeria are the services that the broker offers. These include available trading assets, offered trading platforms, and many others.

All of the legal Forex brokers in Nigeria that we have discussed above are capable of offering local traders high-quality services with very high safety and security standards. Because of this, we recommend all of the five Forex brokers that we have discussed above. Depending on your needs, you can choose any one of them for safe and secure Forex trading.

FAQs on Nigeria Forex Brokers

Which broker is best for forex trading in Nigeria?

One of the best Forex brokers for local traders in Nigeria is XM, which is one of the best FX brokers around the world. This broker is very well-known around the world due to the high safety standards that it has for Forex trading. XM is one of the most trustworthy Forex brokers around the world, but many others offer a high level of safety and security to Nigerian traders. These brokers include AvaTrade, Key to Markets (KTM), Monfex, and HYCM.

Is forex trading legal in Nigeria?

Forex trading is legal in Nigeria it is very popular. Although popular, the market is not well-regulated in the country, which is why the Nigerian Forex broker list is full of international FX brokers. While the country has some rules on the foreign exchange market, there are little to no rules regarding online Forex trading. Not only legal, but it is also actually very popular among the residents of the country. The number of Forex trading brokers in Kenya is also increasing very fast.

How do I trade forex in Nigeria?

There are several steps that you will be required to take to start Forex trading in Nigeria. The first step that you have to take is to find a Forex broker in Nigeria. You can choose one from our list. After you have chosen which broker you want to trust, you can continue by depositing funds. Once you have deposited funds and created a live trading account, you can download a trading platform and start opening and closing trading positions. Getting started in Nigeria is super fast and simple.

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