Home Best Nigeria Forex Brokers for 2023 – 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.

1. 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. 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.

2. 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.

3. 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.

4. 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 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.


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.


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Alan Draper Lewis

Alan Draper Lewis

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