Best Nigeria Forex Brokers for 2024 – Top Broker Revealed

If you’re located in Nigeria and wish you buy and sell currencies online, you will need to use a regulated forex broker. The good news is that there are heaps of online platforms that accept traders from Nigeria. However, this also means that you have to compare the many Nigeria forex brokers on the market to find the right one for you.

To help you out, this article reviews the best five Nigeria forex brokers of 2024. We also give you some handy tips on how to choose a broker yourself and provide a step-by-step guide on how you can get started today!

Best Overall Nigeria Forex Broker

Don’t have time to read our guide and want to get started right away? Find our top-rated Nigeria forex broker of 2024 below. The trading platform is regulated by three tier-one bodies, so your money is safe at all times. Not only will you have dozens of major, minor, and exotic currencies to choose from, but you will not pay any trading commissions.

Best Nigerian Forex Brokers of 2024

You’d be surprised just how many regulated forex brokers located overseas actually accept traders from Nigeria. With that in mind, we sought to narrow down our list of recommended brokers.

All of the trading platforms listed below are heavily regulated, support lots of everyday payment methods, and give you unfettered access to the forex trading space 24/7.

How to Choose a Nigeria Forex Broker

Although we have already discussed our top five Nigeria forex brokers of 2020, there might come a time where you want to perform your own research. If so, we would suggest reading through the tips outlined below to ensure you choose a broker that best meets your needs.

• Licensing

The most important metric that you need to look out for is whether or not the broker is regulated. It’s unlikely that your chosen platform will be licensed in Nigeria. Instead, brokers typically opt for tier-one licensing bodies like the FCA (UK), MAS (Singapore), ASIC (Australia), or CySEC (Cyrus).  Ultimately, if the broker doesn’t hold a license at all, you’re best off avoiding it.

• Eligibility for Nigerians

Be sure to check whether or not the forex broker accepts traders from Nigeria. If it doesn’t, you’ll need to look elsewhere.  

• Forex Pairs

You will also need to assess the number of currencies that the online broker gives you access to. For example, while most brokers allow you to trade major and minor pairs, there might come a time where you want to trade exotic currencies. This is especially the case if you are looking to trade the Nigerian naira.

• Payment Methods

You will need to deposit real-world naira if you wish to trade forex at an online broker, so check to see what payment methods the broker supports. The easiest way to get money into your account is via your everyday debit or credit card. This way, your deposit will be credited instantly. Alternatively, brokers usually support bank accounts, and sometimes e-wallets like Paypal.

• Spreads

The spread will dictate how much it costs you to trade forex online. This is the difference between the buy and sell price of a currency pair. The majors are often the cheapest, and exotics the most expensive. You can normally check to see what average spreads the broker charges, although be warned, prices usually increase outside of standard trading hours.

• Commissions

On top of the spread, Nigeria forex brokers will sometimes charge a trading commission. This is usually a percentage of the amount you trade. For example, if you place a buy order on GBP/USD worth $500, and the commission is 1%, you will pay a fee of $5. Brokers like Plus500 and IG do not charge any commissions when trading forex.

• Trading Tools and Research

You should also explore what trading tools the platform offers to assist you with your research. At the forefront of this are technical indicators like the RSI and exponential moving averages. It’s also handy if the broker offers a fundamental research department.

• Customer Support

Check to see what customer support channels the broker offers. As the platform is likely to be based overseas, you’ll want to choose a broker that offers like chat. Also, check what times the customer service team operates. This is usually 24/5 to mirror that of the financial markets. [/su_list]

Leverage at Nigeria Forex Brokers

Leverage is an option offered by brokers that allows you to make larger trades by borrowing capital from the trading platform. For example, if you trade $100 with 1:5 leverage, the trade is worth $500.

If you’ve got a higher appetite for risk, you’ll be pleased to know that there are no leverage limits in place for Nigerians. This is in stark contrast to European traders, who are capped at 1:30 on majors, and 1:20 on minors/exotics.

As such, your chosen broker might offer you leverage of 1:1– or more. Just make sure you have a firm grasp of the risks. While leverage can amplify your gains, it can also do the same for your losses.

Conclusion

In summary, although Nigeria is home to very few forex brokers, there are lots of overseas platforms that accept Nigerians. This includes a number of brokers that are regulated by tier-one licensing bodies like the FCA, CySEC, and ASIC, so you know your money is safe and secure. Ultimately, regardless of which forex broker you decide to sign up with, just make sure you understand the risks. After all, most newbie traders lose money.

FAQs