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Best Nigeria Forex Brokers for 2020 – Top Broker Revealed

Based in Nigeria and looking for an online broker to trade currencies? If so, read our guide on the best Nigeria forex brokers of 2020.
Alan Draper Lewis
Last Updated: June 29, 2020

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 2020. 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 2020 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.

    eToro: Best Nigeria Forex Broker 2020

    Our Rating

    • 0% commission forex trading
    • Wide range of currency pairs
    • Social and copy trading tools
    • $50 minimum deposit
    75% of retail investor accounts lose money when trading CFDs with this provider.

    Best Nigerian Forex Brokers of 2020

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

    1. eToro - Best All-Round Nigeria Forex Broker

    Our number one pick, eToro, ticks most of the boxes that we look for in an online broker. Firstly, the platform holds licenses in three countries; the UK (FCA), Australia (ASIC), and Cyprus (CySEC). This means that the platform is required to keep your funds in separate bank accounts from its own.

    You will have dozens of forex pairs to choose from at eToro. This includes all major and minor pairs, as well as a few exotics. There are no trading commissions at the platform, so it's just the spread that you need to contend with, and these are very competitive.

    eToro is famous for being the top social trading platform, allowing you to interact with other traders. It even offers copy trading, meaning you can copy the entire portfolios of top traders! This is a great way for beginner forex traders to learn the ropes.

    When it comes to getting started, eToro allows you to open an account and upload your Nigerian ID in a matter of minutes. Once you do, you can then deposit funds with a debit or credit card, bank account, or e-wallet like PayPal. Want to trade forex on the go? Try out the eToro app for iOS and Android devices.

    Our Rating

    • Social and copy trading
    • No commissions
    • Strictly regulated
    • Could have more educational resources
    75% of retail investor accounts lose money when trading CFDs with this provider.

    2. Plus500 - Commission-Free Forex Broker With Low Spreads

    Plus500 is a globally recognized forex and CFD trading platform that is home to thousands of financial instruments. On top of dozens of currency pairs, this also includes stocks, indices, cryptocurrencies, energies, and metals; all in the form of CFD products.

    Opening an account takes just minutes, and you can get started with a deposit of just $100 (about 38,000 nairas). This can be funded via a debit or credit card, bank transfer, or Paypal. Once you are all set up, Plus500 allows you to buy and sell currencies without paying any commissions. Much like eToro, it's just the spread that you need to keep an eye on. This is reasonably competitive when trading major pairs, although the minors and exotics do start to creep up.

    As is to expected for a broker headquartered in the UK, Plus500 is heavily regulated. This includes licenses with the FCA, ASIC, CySEC, and MAS (Singapore). Finally, Plus500 makes our top-rated listed of Nigeria forex brokers because of its innovative mobile trading app. This allows you to trade currencies on the move with ease, regardless of where you are.

    Our Rating

    • Minimum deposit of $100
    • Over 2,000 trading instruments
    • Mobile app available
    • No education material
    • No education material
    80.5% of retail investor accounts lose money when trading CFDs with this provider.

    3. AvaTrade - Global Forex Broker With Spreads Starting at 0.9 Pips

    AvaTrade is a global forex broker with licenses in multiple countries. This includes Ireland, Canada, South Africa, and Japan. Nigerian traders are more than welcome to open an account, and minimum deposits start at just $100 (about 38,000 nairas). You get can money in and out of your account by using your everyday debit or credit card, or via an international bank wire.

    AvaTrade stands out in the fees department, with the spreads on major forex pairs like EUR/USD starting at just 0.9 pips. If you're keen to trade other assets like the S&P 500, you can reduce this further to just 0.5 pips. AvaTrade is also a notable option if you are fond of the Meta Trader platforms, with the broker supporting both MT4 and MT4.

    This means that you will have access to heaps of technical indicators, and be able to customize your trading screen however you see fit. On the flip side, AvaTrade is a bit weak in the educational department, so newbie traders might not be suitable.

    • Up to 1:400 leverage
    • Options trading
    • Supports MT4
    • Must fund your account with US Dollars or Euros
    There is no guarantee you will make money with this provider.

    4. EasyMarkets - CFD and Options Broker Fixed Spreads

    EasyMarkets is an impressive CFD and options broker that offers a range of currency pairs, including a good number of exotics. This broker has been around since 2001 and holds a variety of licenses, so it's a secure platform.

    This broker supports a few different trading platforms, including its own proprietary offering, available on desktop and as a mobile app, alongside MetaTrader 4. It also offers an arrange of market analysis and trading tools, in addition to helpful educational resources, including free ebooks that are ideal for beginners.

    When it comes to fees, EasyMarkets doesn't charge commission, and the spreads are also fixed, so you always know what you have to pay. Thee start from just 0.9 pips, which is very competitive. You can trade forex with up to 1:30 leverage with this broker.

    • Fixed spreads from 0.9 pips
    • Supports MT4
    • Plenty of trading tools and learning materials
    • Doesn't offer VPS
    There is no guarantee you will make money with this provider.

    5. FXTM - Rated Forex Broker with a Nigerian Office

    FXTM is an online CFD and forex broker that has acquired an excellent reputation in the investment space. Regulated by CySEC and South Africa, the platform has offices in multiple jurisdictions, including that of Nigeria. This is why the broker has attracted a strong customer base in the country.

    In terms of the fundamentals, FXTM allows you to deposit funds with multiple methods, including debit/credit cards, e-wallets, and bank wire. If you're prepared to deposit a minimum of $500, it might be worth opting for the ECN account.

    This is because you will benefit from spreads of just 0.6 pips on major pairs, which is very competitive. Other account types are also offered, albeit, the spreads do come out higher. Outside of the forex department, FXTM lists thousands of CFDs in the form of indices, commodities and stocks.

    • Spreads from just 0.6 pips
    • Supports e-wallets
    • Regulated by FCA and CySEC
    • Fees charged on most withdrawal options
    There is no guarantee you will make money with this provider.

    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 eToro, 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]

    How to Join a Nigeria Forex Broker

    Looking to start trading forex right now, but not too sure where to start? Below you will find a simple step-by-step guide on how to open an account, deposit funds, and place your first forex trade. We’ve decided to show you the process with our top-rated broker eToro, although the steps remain largely the same regardless of which platform you use.

    Step 1: Open an Account

    To begin, you’ll need to head over to your chosen Nigeria forex broker and elect to open an account. The process takes minutes with eToro and simply requires some basic information.

    etoro Nigeria sign upThis includes:

    • First and Last Name
    • Nationality
    • Date of Birth
    • Home Address
    • National Tax Number
    • Contact Details

    You will also need to choose a username and a strong password. You will now need to verify your identity. Simply upload a copy of your government-issued ID. Brokers like eToro are usually able to validate the document instantly.

    Step 2: Deposit Funds

    Once your account is verified, you can deposit some funds into your broker account. Before you do, check to see what the minimum deposit amount is.

    eToro deposit

    The specific payment options available to you will vary from forex broker-to-broker, although this may include:

    • Debit Cards
    • Credit Cards
    • Paypal
    • Skrill
    • Neteller
    • International Bank Transfer

    All deposit methods are instant apart from an international bank transfer, which can take a few days to settle.

    Step 3: Choose Forex Pair

    Once your account is funded, you can then head over to the forex department. Platforms like eToro list dozens of pairs across the majors, minors, and exotics, so have a browse until you find the currencies you want to trade.

    Search forex pairs on eToro Nigeria

    Alternatively, if like us you have a specific pair in mind simply enter it into the search box and click on the corresponding result.

    Step 4: Place Order

    Finally, you are now ready to place a trade. Before you do, you will need to set up your order. Below we have listed the factors that you need to consider when placing a forex order online:

    eToro Nigeria forex trading

    • Buy/Sell: First, decide whether you want to buy or sell the currency pair. If it’s the former, this means that you think the exchange rate will increase. If you think it will decrease, place a sell order.
    • Amount: This is the amount that you wish to trade in dollars, and not the number of currency units or lots. In our example, we want to trade just $50, so we enter $50 into the box.
    • Leverage: If you plan to trade on leverage, select your preferred multiple (2x, 3x, etc.).
    • Stop-Loss: This is the price that you wish to exit your trade at automatically if the markets go against you.
    • Take-Profit: This is the amount of profit that you wish to make. If you get there, the trade will close automatically.

    Finally, click on either ‘buy’ or ‘sell’ to complete your trade – depending on which way you think the markets will go!

    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.

    If you’re looking for the best place to kick off your forex trading, we recommend using eToro. With 0% commission, plenty of currency pairs and social trading tools, there’s no doubt that eToro is one of the very best Nigeria forex brokers. Simply click the link below to get started today!

    eToro: Best Nigeria Forex Broker 2020

    Our Rating

    • 0% commission forex trading
    • Wide range of currency pairs
    • Social and copy trading tools
    • $50 minimum deposit
    75% of retail investor accounts lose money when trading CFDs with this provider.

    FAQs

    Are Nigeria forex brokers regulated?

    Not all forex brokers in the online space are regulated. With that said, all of the platforms that we have recommended on this page, which all accept Nigerians, are regulated by tier-one bodies like the FCA or ASIC.

    Can Nigerians trade forex on leverage?

    You certainly can. In fact, there are no limits in place at all, meaning you are likely to find a broker that offers in excess of 100:1 on major currency pairs. Do, however, tread with caution.

    Will I need to provide ID at a Nigeria broker?

    If you are using a regulated broker (which you should be), then yes, you will need to upload some ID. This needs to be a clear copy of your passport or driver's license.

    What is the minimum deposit amount at Nigeria forex brokers?

    This will vary from forex broker-to-broker. Of the five platforms we have recommended on this page, the lowest deposit amount is $100. This equates to about 38,000 naira.

    What payment options do Nigerian forex traders have to choose from?

    The best forex trading platforms in the online space allow you to choose from a debit/credit card, e-wallet, or bank wire.

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Alan Draper Lewis

    Alan is a content writer and editor who has experience covering a wide range of topics, from finance to gambling.