Best Forex Brokers in Nigeria 2024 (Tested & Reviewed)

There are so many forex brokers competing for clients in Nigeria and it’s easy to get lost in the noise trying to choose a good one.

We have researched the best of them based on several factors and will reveal our findings in this topic. We considered safety first and HF Markets is the most transparent & customer focused.
List of Best Forex Brokers in Nigeria
1. HF Markets – Overall Best Forex Broker in Nigeria
2. IC Markets – Best Forex broker in Nigeria with TradingView
3. XM – Best forex broker for beginners with a $5 minimum deposit
4. Exness – Best Forex Broker in Nigeria with Naira Accounts
5. Tickmill – Best Forex broker in Nigeria for experienced traders

Is Online Forex Trading Legal in Nigeria?

There are no specific regulations established by the Securities and Exchange Commission (SEC) for forex trading. What the SEC has regarding forex is a Public Notice on Online Retail Foreign Exchange Trading

This lack of specific regulations means the onus falls on Nigerian traders to conduct thorough research and select a broker that is reputable and regulated internationally. Look for brokers licensed by established bodies like the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC) for added security.

How we selected our best forex brokers in Nigeria

Before any broker could make our list, they had to fulfil these conditions:

1. Global presence and stiff regulation:
A global presence is a valuable asset for forex brokers operating in Nigeria, where regulations are still developing because it builds trust with Nigerian traders. Also, compliance with established bodies like the FCA UK, or ASIC Australia; offers additional security.
Globally-present brokers often have a wider range of currencies, platforms, and educational resources to cater to diverse trading styles. Their larger pool of traders translates to increased liquidity in the markets, benefitting Nigerian traders with smoother trade execution.

2. Naira or USD base currency:
Naira or USD base currency accounts are crucial for forex brokers targeting Nigerian traders. This is because they minimize transaction costs. Deposits and withdrawals in Naira avoid conversion fees typically charged by banks or brokers when dealing with a different base currency.

3. MetaTrader platforms:
MetaTrader platforms (MT4 and MT5) reign supreme in forex trading for several reasons. Their user-friendly interfaces make them easy to navigate for beginners and veterans alike.

They provide access to a variety of markets beyond forex (depending on the broker). Technical analysis is a breeze with their extensive toolkit of indicators and drawing tools. Furthermore, MT4 allows algorithmic traders to use their MQL4 programming language to create automated trading strategies.

4. Demo account:
Demo accounts are a forex trader’s best friend. They offer a risk-free zone to learn the ropes. This means experimenting with trading strategies and getting familiar with the complexities of the market without putting your hard-earned cash on the line.
Think of it as a practice arena. Demo accounts are also perfect for exploring different trading platforms offered by brokers, allowing you to find the one that best suits your style.

5. Customer support:
Customer support acts as a safety net, ensuring prompt solutions to technical glitches, account inquiries, or unexpected issues. Responsive and knowledgeable support minimizes frustration and keeps the trading experience smooth.

HF Markets– Best Forex Broker in Nigeria in every category

1. Regulation & global presence: HF Markets holds licenses from two well-respected regulatory bodies: FCA UK, & FSCA South Africa. It also holds a license from CMA Kenya.

2. Account types & base currency: HF Markets offers micro accounts that cater to beginners with lower minimum deposits. Standard accounts are the most popular with standard features. Cent accounts use the USD as the base currency for practicing with smaller trade sizes. There is the availability of NGN (Nigerian Naira) as a base currency for Nigerian traders.

3. Trading platforms: They provide the industry-standard MetaTrader 4 (MT4), MetaTrader 5 (MT5) and their own HFM Platform. MT4 and MT5 are known for their user-friendly interface, extensive technical analysis tools, and customizability. This makes them a great choice for both beginners and veterans.

4. Customer support: Personalized Account Manager, Local Pone Contact, Live Chat makes HF Markets support better than average.

5. Pros & cons:

IC Markets – Best Forex Broker in Nigeria with TradingView

1. Regulation & global presence: IC Markets is primarily regulated by the well-respected ASIC (Australia), known for strong investor protection. However, Nigerian traders fall under their Seychelles FSA license, which might have less stringent regulations.

2. Account types & base currency: Their most popular Standard Account offers commission-free trading with slightly wider spreads. Raw Spread Account features tighter spreads but charges a commission per trade. It is ideal for cost-conscious experienced traders.

As for base currencies, IC Markets boasts a wide selection including major currencies like USD, EUR, and JPY, alongside regional options like AUD, SGD, NZD, and CHF.

3. Trading platforms: IC Markets offers the industry-standard MetaTrader 4 (MT4), the more advanced MetaTrader 5 (MT5), or the modern cTrader platform.
When you open a special cTrader raw Spread Account, you get access to TradingView charting platform. IC Markets has paid for the subscription to TradingView so you can access advanced charts and trade from these charts.

4. Customer support: they have multiple channels (phone, live chat, and email), 24 hours a day, 7 days a week.

5. Pros & cons:

Certainly! Here’s a concise table summarizing the pros and cons of trading with IC Markets:

XM – Best Forex Broker for Beginners

1. Regulation & global presence: XM is regulated by several regulatory bodies. In the EU, they’re regulated by the respected CySEC (Cyprus) with strong investor protection.
Australian clients benefit from ASIC’s oversight, known for similar protections. However, XM falls under the IFSC (Belize) regulations for clients outside these regions, which are generally considered less stringent

2. Account types & base currency: The XM Ultra-Low and Zero Accounts (USD, EUR, JPY only) target cost-conscious traders with ultra-thin spreads. However, they might have limitations on features. The XM Trading Account (Standard and Micro) is the most popular option and offers commission-free trading with slightly wider spreads. It comes with a wider range of base currencies (USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR).

3. Trading platforms: XM offers both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for traders. There is also an XM trading point mobile app with less sophistication but okay for beginners.

4. Customer support: XM offers email and phone call customer support, 24 hours a day, 7 days a week.

5. Pros & cons:

Exness – Best Forex Broker in Nigeria with Naira Accounts

1. Regulation & global presence: Exness is regulated in Kenya, South…