Forex Brokers Nigeria 2019

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Trading Experience
Trading Conditions
Account Types
Trading Platforms
Regulators
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • ETFs
TYPE OF BROKER

Market Maker

REGULATED BY
ASIC ASIC
FSCA FSCA
B.V.I FSC B.V.I FSC
FSA FSA
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • POLi
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Paypal
  • Bank Transfer
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.7 pips
  • Currency Pairs : 50+
Account Spread From Commission Execution Min. Deposit
Islamic 1.3 pips None Instant USD 100 Account Details
Professional 1.3 pips None Instant USD 100 Account Details
Retail 1.3 pips None Instant USD 100 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • ETFs
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • POLi
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Paypal
  • Bank Transfer
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.7 pips
  • Currency Pairs : 50+
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
FCA FCA
ASIC ASIC
IFSC IFSC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 55+
Account Spread From Commission Execution Min. Deposit
Micro 1.0 pips None Instant USD 5 Account Details
Standard 1.0 pips None Instant USD 5 Account Details
XM Zero 0.6 pips None Instant USD 100 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 55+
Minimum Deposit
USD 200
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
FCA FCA
ASIC ASIC
TRADING PLATFORMS
  • etoro
DEPOSIT METHODS
  • Visa
  • Mastercard
  • Neteller
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 2.0 pips
  • Currency Pairs : 47
Account Spread From Commission Execution Min. Deposit
Professional 1.0 pips None Market EUR 200 Account Details
Standard 1.0 pips None Market USD 200 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
TRADING PLATFORMS
  • etoro
DEPOSIT METHODS
  • Visa
  • Mastercard
  • Neteller
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 2.0 pips
  • Currency Pairs : 47
Minimum Deposit
USD 100
TRADING INSTRUMENTS
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
ASIC ASIC
FSCA FSCA
TRADING PLATFORMS
  • Plus500
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Paypal
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.7 pips
  • Currency Pairs :
Account Spread From Commission Execution Min. Deposit
Standard 0.0 pips None Instant USD 100 Account Details
TRADING INSTRUMENTS
TRADING PLATFORMS
  • Plus500
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Paypal
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.7 pips
  • Currency Pairs :
Minimum Deposit
USD 200
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Energies
TYPE OF BROKER

ECN/STP

REGULATED BY
FCA FCA
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • cTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Paypal
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : Variable pips
  • Currency Pairs : 80+
Account Spread From Commission Execution Min. Deposit
Razor 0.0 pips AUD$ 7 ECN USD 200 Account Details
Standard 1.0 pips None ECN USD 200 Account Details
Swap-free 1.0 pips None ECN USD 200 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Energies
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • cTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Paypal
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : Variable pips
  • Currency Pairs : 80+
Minimum Deposit
USD 5
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Bonds
TYPE OF BROKER

ECN/STP

REGULATED BY
CySEC CySEC
FCA FCA
FSCA FSCA
DFSA DFSA
FSC FSC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 51
Account Spread From Commission Execution Min. Deposit
Islamic 1.0 pips None Market USD 5 Account Details
Premium 1.0 pips None Market USD 100 Account Details
Zero 0.0 pips $3.00 Market USD 200 Account Details
HFCopy 1.0 pips Mone Market USD 300 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Bonds
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.0 pips
  • Currency Pairs : 51
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Equities
  • Energies
  • ETFs
  • Bonds
  • Blends
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
ASIC ASIC
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Paypal
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 50+
Account Spread From Commission Execution Min. Deposit
LIve 0.9 pips None Market GBP 100 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Metals
  • Equities
  • Energies
  • ETFs
  • Bonds
  • Blends
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Paypal
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 50+
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Futures
TYPE OF BROKER

NDD Intervention Market Maker

REGULATED BY
FCA FCA
CySEC CySEC
FSCA FSCA
DFSA DFSA
SCB SCB
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
  • cTrader
  • FxProEdge
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.6 pips
  • Currency Pairs : 70+
Account Spread From Commission Execution Min. Deposit
FxPro cTrader 0.45 pips $4.50 Market USD 100 Account Details
FxPro MT4 1.2 pips None Market USD 100 Account Details
FxPro MT5 1.52 pips None Market USD 100 Account Details
Islamic 1.2 pips Variable Market USD 100 Account Details
TRADING INSTRUMENTS
  • Forex
  • Indicies
  • Metals
  • Equities
  • Energies
  • Futures
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
  • cTrader
  • FxProEdge
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.6 pips
  • Currency Pairs : 70+
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Vanilla Options
TYPE OF BROKER

Market Maker

REGULATED BY
CySEC CySEC
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Astropay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 103
Account Spread From Commission Execution Min. Deposit
Islamic 1.9 pips None Instant USD 100 Account Details
Standard 1.9 pips None Instant USD 100 Account Details
Premium 1.4 pips None Instant USD 2000 Account Details
VIP 0.9 pips None Instant USD 10000 Account Details
Super VIP 1.2 pips None Instant USD 50000 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Vanilla Options
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Sofort Banking
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Astropay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.9 pips
  • Currency Pairs : 103
Minimum Deposit
USD 10
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
TYPE OF BROKER

ECN/STP

REGULATED BY
CySEC CySEC
FCA FCA
FSCA FSCA
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : Flexible
  • Min. Spread : 0.1 pips
  • Currency Pairs : 59
Account Spread From Commission Execution Min. Deposit
Cent Account 1.5 pips None Instant USD 10 Account Details
Standard Account 1.3 pips None Instant USD 100 Account Details
ECN Zero Account 1.5 pips None Market USD 200 Account Details
ECN Account 0.1 pips $2.00 Market USD 500 Account Details
FXTM Pro Account 0.0 pips None Market USD 25000 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Equities
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Maestro
  • Skrill
  • Neteller
  • Bitcoin
  • Unionpay
Trading Conditions
  • Max. Leverage : Flexible
  • Min. Spread : 0.1 pips
  • Currency Pairs : 59
Minimum Deposit
USD 50
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Bonds
  • Interest Rates
TYPE OF BROKER

Market Maker

REGULATED BY
FCA FCA
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • WebTrader
  • ATPro
DEPOSIT METHODS
  • PayID
  • Bank Transfer
  • Visa
  • Mastercard
  • BPay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.7 pips
  • Currency Pairs : 84+
Minimum Deposit
USD 100
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Bonds
TYPE OF BROKER

STP

REGULATED BY
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
  • IRESS
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Paypal
  • Skrill
  • Neteller
  • Fasapay
  • BPay
  • PaySec
  • POLi
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.1 pips
  • Currency Pairs : 50+
Account Spread From Commission Execution Min. Deposit
RAW 0.0 pips $3.50 STP USD 100 Account Details
Standard 1.0 pips None STP USD 100 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Metals
  • Bonds
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
  • IRESS
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Paypal
  • Skrill
  • Neteller
  • Fasapay
  • BPay
  • PaySec
  • POLi
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.1 pips
  • Currency Pairs : 50+
Minimum Deposit
USD 200
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • Bonds
  • Futures
TYPE OF BROKER

True ECN

REGULATED BY
CySEC CySEC
ASIC ASIC
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
  • cTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Paypal
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.1 pips
  • Currency Pairs : 60
Account Spread From Commission Execution Min. Deposit
Standard - MetaTrader 1.0 pips None Market USD 200 Account Details
True ECN - cTrader 0.0 pips $3.00 Market USD 200 Account Details
True ECN - MetaTrader 0.0 pips $3.50 Market USD 200 Account Details
TRADING INSTRUMENTS
  • Commodities
  • Cryptocurrencies
  • Forex
  • Indicies
  • Equities
  • Bonds
  • Futures
TRADING PLATFORMS
  • MetaTrader4
  • MetaTrader5
  • WebTrader
  • cTrader
DEPOSIT METHODS
  • Bank Transfer
  • Visa
  • Mastercard
  • Skrill
  • Neteller
  • Paypal
  • Unionpay
Trading Conditions
  • Max. Leverage : 30:1
  • Min. Spread : 0.1 pips
  • Currency Pairs : 60

Forex Trading in Nigeria

Online Forex CFD trading in Nigeria has exploded in popularity over the last decade, with the market now estimated to be roughly 10-15 million USD daily. Some estimates claim that Nigerian Forex traders make deposits of 514 USD on a quarterly basis, second only to South Africa on the African continent.

Forex CFD trading is growing in popularity in Nigeria for several reasons: Internet penetration, youth unemployment and marketing by brokers.

A low cost of entry is also a factor – most brokers offer their trading platforms on mobile devices and some require very low minimum deposits – sometimes as low as 1 USD. Brokers are also increasingly offering Nigerian traders accounts with the NGN as a base currency, removing the fees paid for currency conversion when opening a USD trading account.

The tightening of regulation in Europe – specifically maximum leverage of 30:1 for Forex products and the banning of bonus schemes – has led brokers to look abroad for more profitable markets.

Further regulatory tightening is also expected in Australia over the next year, so Nigeria can expect another wave of international brokers looking for more profitable markets.

Forex Broker Regulation in Nigeria

The main problem with Forex trading in Nigeria is the complete lack of local regulation.

In late 2018 the Nigerian Securities and Exchange Commission (SEC) freely admitted in a public notice that:

“online retail forex trading is currently unregulated and consequently may be subject to abuse. Until a framework for regulation of online retail forex trading is developed by the SEC, any person participating or engaged in such investment activity does so at his or her own risk.”

Since this notice, and despite the continued growth of the market, there has been no movement on regulating Forex brokers operating in the country. This is a serious problem as we have also seen an increase in the number of fraudulent Forex scams operating in the country, and for beginner traders, it is very difficult to tell the difference between a good broker and a criminal broker.

Lack of regulation also allows brokers to operate in an unscrupulous manner, even if they don’t operate illegally. Brokers in Nigeria do not have to place limits on leverage or offer negative balance protection – an especially deadly combination for beginner traders: We often hear stories of beginner traders opening accounts with 500:1 leverage and quickly becoming indebted to their broker after being caught out by swift changes in the market.

Some brokers will also run bonus schemes specifically targeted at new traders, or those without much financial knowledge. Many of these schemes are conditional on a certain trading volume within a limited time period, therefore encouraging beginner traders to spend their deposit despite a lack of Forex education or a solid grounding in risk management.

Currently, the safest way to trade Forex CFDs in Nigeria is to make sure that your broker is regulated by one of the three major regulators. The major regulators are:

Until such time that the SEC steps in and starts regulating this huge market, you are advised to trade only with a good internationally regulated broker (like those in the list above) and avoid local operators. Be especially wary of brokers that offer bonuses that seem too good to be true, as they usually are.

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.