Today the online forex trading landscape is dotted with a lot of forex brokers, many operating without proper licenses & some even impersonating authentic brokers by claiming to be affiliated with them.

We educate on authentic registered forex brokers in Nigeria, who prioritize risk management & who hold top-tier international licenses from respected regulators including the Financial Conduct Authority United Kingdom.

List of Best Forex Brokers in Nigeria

• Overall best forex broker in Nigeria – HF Markets (Hotforex)
• Forex broker with no deposit bonus of $30 – Tickmill
• Best forex brokers for beginners – Exness
• Best forex broker for gen-z traders – XM Broker
• Lowest spreads plus TradingView access – IC Markets
• Best for social trading – AvaTrade
• For multiple user-friendly trading platforms – FxPro

What to consider when choosing a forex broker in Nigeria

1. Best Overall – HF Markets (Hotforex)

Total score: 9.3/10

HF Markets also known as Hotforex is considered the overall best forex broker in Nigeria because HFM has over 50 currency pairs, consisting of major, minor, and exotic pairs. HFM also has a competitive spread and an account leverage of 1:2000.

With an office in Nigeria, HFM offers 24/5 support with its live chat, email, and phone number. HFM offers 3 convenient platforms to trade on, MetaTrader 4, MetaTrader 5, and HFM Platform compatible with Android and iOS devices.

With 18 trading tools, HFM offers multiple trading accounts suitable for beginners and professional traders. HFM offers various bonuses and promotions. A Top-Up Bonus account on HFM offers you a 20% bonus of up to N7, 000,000 on every transfer to the account.

HFM has a minimum deposit of N5, 500 on the Cent, Zero, Premium, and Top-Up Bonus accounts. The minimum deposit for the Pro account is N50, 000 and for the Pro Plus account is N200, 000.

HFM has NGN, USD, EUR, and JPY base account currencies. HFM allows EAs, scalping, and hedging. HFM enables you to copy trades and strategies of experienced traders, you can also use PAMM (Percentage Allocation Management Module) feature.

Regulation

HF Markets is incorporated in St. Vincent & the Grenadine as an International Business Company and is regulated by 5 regulatory authorities in different countries, these regulatory authorities are:

• The Financial Conduct Authority (FCA) regulates HF Markets (UK) Ltd with a reference number 801701.
• The Dubai Financial Services Authority (DFSA) regulates HF Markets (DIFC) Ltd with license number F004885.
• The Financial Sector Conduct Authority (FSCA) in South Africa regulates HF Markets SA (PTY) Ltd with license number 46632.
• The Financial Services Authority (FSA) regulates HF Markets (Seychelles) Ltd with license number SD015.
• The Capital Markets Authority (CMA) Kenya regulates HFM Investments Ltd in Kenya with license number 155.

Fees

All accounts and instruments on HFM are swap-free, which enables you to leave your trade open overnight without any penalty.

There are no deposit or withdrawal fees on HFM. Commissions are not charged for forex pairs on all HFM accounts except for the Zero account which has a commission starting from $0.03 per 1000 lot.

The lowest spreads are obtained on the PRO & PRO PLUS Accounts which have higher minimum deposits, but other accounts have lower minimum deposits but the spread a bit higher.

There’s a $5 monthly inactivity fee on inactive accounts, dormant for 30 days (about 4 and a half weeks), and a $10 monthly inactivity fee for accounts dormant for 90 days (about 3 months).

Pros & cons

2. Forex broker with no deposit bonus of $30 – Tickmill

Total Score: 9/10

Tickmill MetaTrader platforms offer fully functional tools that enable automated trading.

Tickmill is solely a MetaTrader 4 & 5 broker with a $100 minimum deposit, and they have developed a lot of tools to enhance MetaTrader features such as the Advanced Trading Toolkit which are a set of plugins to add more custom functions to MT4/5.

Autochartist, Live Market Sentiment, Capitalise ai, and Social Trading are also available on Tickmill. The ideal trader for Tickmill is the experienced trader looking to trade beyond forex and venture into Stock, & ETF CFDs.

Regulation

Tickmill Group is regulated by different financial regulatory authorities in different countries, these include:

• Seychelles Financial Services Authority (FSA) regulates Tickmill Ltd with license number SD008.
• The Financial Conduct Authority (FCA) regulates Tickmill UK Ltd with register number 717270.
• Dubai Financial Services Authority (DFSA) regulates Tickmill UK Ltd’s representative office in Dubai with the reference number F007663.
• Cyprus Securities and Exchange Commission (CySEC) regulates Tickmill Europe Ltd with license number 278/15.
• Labuan Financial Services Authority (Labuan FSA) regulates Tickmill Asia Ltd with license number MB/18/0028.
• Financial Sector Conduct Authority (FSCA) regulates Tickmill South Africa (Pty) Ltd with license number FSP 49464.

Fees

Although Tickmill spreads on entry-level Classic Accounts are high (starting at 1.6 pips) their overall fee regimen is low with no inactivity fees, no funding fees, and no commissions when trading Stock CFDs.

Tickmill does not charge commissions on the Classic Account but charges $3 per lot per side on the Raw Account. Tickmill has a maximum leverage of 1:1000.

Pros & cons

3. Best Forex Broker for Beginners – Exness

Total Score: 9/10

Exness is a good forex broker for beginners because of its low cost, education, and its platforms are user-friendly for forex trading in Nigeria.

You can access TradingView charts on the Exness Trade Mobile App and this makes analyzing the market easier as these charts are easier to work with.

Exness also offers the MetaTrader platforms and Social Trading on the Exness Social App.

Regulation

Various international financial regulatory authorities regulate Exness Group, these include:

• The Financial Services Authority (FSA) regulates Exness (SC) Ltd with license number SD025.
• Central Bank of Curaçao and Sint Maarten (CBCS) regulates Exness B.V. with license number 0003LSI.
• The Financial Services Commission (FSC) regulates Exness (VG) Ltd in BVI with registration number 2032226.
• The Financial Services Commission (FSC) regulates Exness (MU) Ltd in Mauritius with registration number 176967.
• The Financial Sector Conduct Authority (FSCA) regulates Exness ZA (PTY) Ltd in South Africa as a Financial Service Provider (FSP) with FSP number 51024.
• Cyprus Securities and Exchange Commission (CySEC) regulates Exness (Cy) with license number 178/12.
• The Financial Conduct Authority (FCA) regulates Exness (UK) Ltd with Financial Services Register number 730729.
• Capital Markets Authority (CMA) regulates Exness (KE) Limited with license number 162.

Fees

Commissions are not charged on Exness accounts except for the Raw Account where commissions stop at $3.5 per side & the Zero Account where commissions exceed $3.5 per side.

Spreads on entry-level accounts start from 0.6 pips on the Pro Account & 1.0 pips on the Standard Accounts (both accounts are for beginners although the Pro Account has a higher starting deposit of $500)

You can leave your trades open overnight provided you are trading forex pairs (popular ones), Indices, Crypto, & Gold; which Exness does not charge overnight fees on.

There are no withdrawal fees on Exness. Exness doesn’t charge fees for account management and does not charge inactivity fees or reactivate a dormant account.

Pros & cons

4. Best forex broker for Gen-Z Traders – XM Broker

Total Score: 8.5/10

Gen-z traders or traders who are younger in age are targets of XM synthetic products such as Thematic Indices, Turbo Stocks etc.

XM also has simplistic account types including a Micro Account for low scale trading, and an Ultra-low Account for cost saving trading.

The $5 minimum deposit on all XM account types also lowers account opening requirements and casual traders will find it convenient. The XM double-tier 50% + 20% bonus also helps lower trading costs.

Beginners can access spread as low as 0.6 pips and a leverage up to 1:1000 on the XM app, MT4, or MT5 platforms

Regulation

XM is registered by the Financial Services Commission (FSC) with the license number 000261/4 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 120/10. XM is also regulated by the FSCA in South Africa.

Fees

XM does not charge fees on deposits and withdrawals. All accounts are swap-free except for the Ultra-low Standard Account and Shares Account.

XM does not charge commissions on trading on all accounts but there is a trading fee on the Shares Account. There are no hidden fees or commissions on XM.

XM charges a monthly fee of $10 for dormant accounts that have been inactive for 90 days (about 3 months). Once an account is inactive, all bonuses and promotions will be removed.

Pros & cons

5. Lowest spreads plus TradingView access – IC Markets

Total Score: 8.5/10

IC Market is considered the best for lowest spreads and TradingView access. IC Market has spreads starting from 0.0 pips. You can access TradingView’s best-in-class charts, analytical tools, and strategy tester on IC Market.

Regulation

IC Markets Global is regulated by the Financial Services Authority (FSA) with license number SD018 and the ASIC in Australia.

Fees

IC Markets does not charge fees on deposits and withdrawals. Only Islamic accounts are swap-free,

IC Markets charges a commission of $3 per round turn on the cTrader account, $3.5 per lot round turn on the Raw Spread Account, and no commission on the Standard account.

IC Markets does not charge inactivity fees.

Pros & cons

6. Best for social trading – AvaTrade

Total Score: 8.5/10

AvaTrade has a great social community accessible from the AvaSocial copy trading app which is very user-friendly and can be used for forex trading in Nigeria.

AvaTrade also gives you multiple copy trading alternatives including MetaTrader, ZuluTrade, & DupliTrade platforms.

Notable Regulation

• The Central Bank of Ireland regulates AvaTrade EU Ltd with reference number C53877.
• The Cyprus Securities and Exchange Commission (CySEC) regulates DT Direct Investment Hub Ltd. With registration number 347/17.
• ASIC regulates Ava Capital Markets Australia Pty Ltd with license number 406684.
• The South African Financial Sector Conduct Authority (FSCA) regulates Ava Capital Markets Pty with number 45984.

Fees

After 3 months of inactivity, AvaTrade charges a $50 fee for a USD account, €50 for a EUR account, and £50 for a GBP account.

AvaTrade does not charge commissions on trades. All Islamic accounts are swap-free while AvaTrade charges a daily swap rate of -0.0058% for long and short positions on stock indices

Pros & cons

FxPro

We consider FxPro as the best for multiple user-friendly trading platforms for forex trading in Nigeria. You can trade FxPro on the FxPro, MT4, MT5, and cTrader platforms. These platforms can be accessed on the web, mobile, or desktop. These user-friendly trading platforms are easy to use and offer advanced trading tools to enhance trading experience.

Regulation

FxPro is regulated by various international financial regulatory authorities, they include:

• The Financial Conduct Authority (FCA) regulates FxPro UK Limited with registration number 509956.
• Cyprus Securities and Exchange Commission (CySEC) regulates FxPro Financial Services Ltd with the license number 078/07.
• The South Africa Financial Sector Conduct Authority (FSCA) regulates FxPro Financial Services Limited with authorization number 45052.
• The Securities Commission of The Bahama (SCB) regulates FxPro Global Markets Limited with license number SIA-F184.

Fees

FXPro charges a commission fee of $3.5 per side on the Raw+ and Elite accounts. The Standard account has a spread starting from 1.2 pips while the Raw+ and Elite accounts have spreads starting from 0 pips.

FxPro does not charge fees on deposits or withdrawals. FxPro charges swap fees but Islamic accounts are swap-free.

FxPro charges a monthly inactivity fee of $10 after 6 months of dormancy.

Pros & cons

How we picked our best forex brokers in Nigeria

We didn’t just pick these brokers based on popularity alone, we check several features to ensure they are convenient for Nigeria traders.

Frequently Asked Questions

Who is the best broker for forex trading in Nigeria?

HF Markets is the best forex broker in Nigeria based on their account types, customer support, naira account currency, and range or markets.

Which is the best forex broker in Nigeria with minimum deposit?

• Exness minimum deposit is $10
• HF Markets minimum deposit is N5, 500
• XM minimum deposit is $5
• Tickmill minimum deposit is $100
• IC Markets minimum deposit is $200
• AvaTrade minimum deposit is $100
• Octafx minimum deposit is N30,000
• FXTM minimum deposit is N80,000

What is the best forex broker in Nigeria for fixed spread?

AvaTrade is the best forex broker for fixed spread because they don’t charge commissions and their spreads are at par with industry averages with EUR/USD fixed at 0.9 pips while many brokers charge above this.

What is the best forex broker in Nigeria for beginners?

XM and HF Markets are best for beginners due to their customer support, educational centers in Nigeria, and low minimum deposit.