All Posts
Cover image for Top 5 Forex Brokers For Forex Trading in Nigeria in 2022

Top 5 Forex Brokers For Forex Trading in Nigeria in 2022

Posted by Anushiem Chidera on August 22, 2022 in Guide

Top 5 Forex Brokers For Forex Trading in Nigeria in 2022

One of the largest trading markets is the forex market, with the most significant daily turnover of 6.5 trillion USD globally. Trading activities carried out on the interbank market allow the users to execute trades 24 hours, 5 days a week, starting from Monday to Friday.

What Is Forex Trading?

Forex trading is purchasing and selling foreign currencies to make a profit speculated in the global forex market. Users can execute their trades in the forex market, which allows them to trade Forex currencies.

Before you decide to trade on the Forex trading market, you should assess the risks involved with trading a volatile commodity like forex. In Nigeria, there is a weak regulatory framework guiding the operations of forex brokers. However, the best forex brokers in Nigeria are legalized and are regulated by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission of Nigeria (SEC).

This is our list of the best Forex brokers in Nigeria. These brokers have low fees, are all trustworthy, and provide good trading education for new traders.

Below, in the list are reviews of each broker examining their features and highlighting why they make the list. We also share our knowledge on how to compare Forex brokers to make your choice of broker.

Comparing Forex Brokers in Nigeria

Although global brokers accept clients from most countries, trading conditions and regulatory supervision may be different for Nigerian traders. To find the best Forex broker for Nigerian residents, we need to understand account conditions for Nigerian traders in detail.

To determine which brokers made our list, we factored in:

  • Broker Trading Conditions and Costs: Better Forex brokers will often have lower trading costs, meaning that their spreads are tight and minimum deposits are lower. Trading execution should be lightning-fast and with little or no intervention or delay. Forex brokers should also publish their execution policy, spreads, and a list of all Contracts For Difference (CFDs) available to Nigerian traders.
  • Broker Education and Analysis: Brokers should offer beginner traders a coherent and well-structured trading course alongside a demo account. Brokers should supply detailed market analyses to highlight trading opportunities and provide a complete learning experience.
  • Broker Trading Platform: Some brokers will have their trading platform or provide support for a third-party platform, such as MT4, MT5, or cTrader. Some forex brokers will do both. Most Forex traders generally have a preference for certain platforms, so brokers with multiple platforms are more likely to have the platform a trader wants to use. Platform availability often varies between countries of residence, so our research notes which platforms are available for Nigerian residents.

These are our best 5 forex brokers and best trading platforms in Nigeria in 2022.

1. AvaTrade

Founded in 2006, AvaTrade is a beginner-friendly CFD broker offering to trade on Forex, commodities, cryptocurrencies, indices, stocks, bonds, vanilla options, and ETFs.

Winner of the award for the best Forex broker of 2020, AvaTrade’s AvaTradeGo mobile app offers Nigerian Forex traders an intuitive and easy mobile trading experience. Avatrade spreads are some of the tightest among Nigerian brokers for a commission-free account, with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.


  • Both MT4 and MT5 trading platforms are available
  • Maximum leverage of 400:1
  • Integrated Trading Central dashboard for both platforms
  • AvaProtect tool, which allows traders to purchase loss protection services. - With AvaProtect, losses are refunded, but profits are the traders to keep


  • Low minimum deposit
  • Good for beginners
  • Well regulated


  • Limited market analysis
  • Long customer service response time

2. HFM (formerly known as HotForex)

Founded in 2009 and headquartered in Cyprus, HFM is one of the most popular brokers in Nigeria. HFM is a subsidiary of HF Markets Group. Regulated by the CBN and SEC, HFM provides trading on Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering cryptocurrencies as CFDs to be traded on its platform. With HFM, client’s trades are posted directly to the market, and leverage is available up to 1000:1 on the Micro Account where the minimum deposit for Nigerians is 5 USD.


  • Tight spreads, starting at 1.00 pips on the Micro Account.
  • Well-regulated with Nigerian outposts and offices
  • Low-cost Trading Accounts
  • Detailed in-app market analysis for beginners and professionals, including daily market news and trade analysis
  • Customer support is available 24 hours for 5 days from a toll-free local phone number to assist.


  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts


  • Limited base currencies

3. Exness

Founded in Russia in 2008, Exness Group offers over 100+ Forex pairs, a small range of cryptocurrencies, 70+ stock CFDs, indices, and other commodities like metals. Exness has nine account types on the MT4 and MT5 platforms – many more than other brokers on this list. The Standard Cent Account is the most basic type. The Standard Cent Account is for beginners who want low fees and a low minimum deposit with a 1 USD minimum deposit, micro-lots unlocked, and spreads as low as 0.3 pips. The only disadvantage to this account is that traders will only be able to trade metals and currency. Also, the MT5 platform is not supported for Standard Cent Accounts.


  • Nine account types on the MT4 and MT5 trading platforms
  • ECN Accounts for experienced traders with raw spreads and a 7 USD - commission
  • Automated instant withdrawal processing system, with free withdrawals to e-wallets.
  • 24/7 customer service, unlike most brokers


  • Tight spreads
  • Well regulated
  • 24/7 customer service
  • Wide range of assets


  • Limited educational materials
  • Little to no in-app market analysis

4. Pepperstone

Pepperstone is an Australian broker that operates in Nigeria. Most trades on Pepperstone are executed in less than 30 milliseconds, which is ideal for scalpers and swing traders. Both accounts that are available on Pepperstone offer market execution with some of the tightest spreads in the industry – the Razor Account has spreads from 0 pips for the EUR/USD and a 7 USD commission. Furthermore, Pepperstone offers support to all three major trading platforms – MT4, MT5, and cTrader.

Pepperstone’s award-winning, 24-hour customer support places its above other brokers, where personalized assistance is available via several channels. For beginners interested in Electronic Communication Network (ECN) trading, Pepperstone also has one of the best education sections offered by a market execution broker.


  • Tight spreads
  • Wide range of assets
  • Well regulated
  • Great platform choice


  • Limited market analysis

5. XM

Founded in 2009, XM is one of the most well-regulated brokers in the Forex industry and offers CFD trading in stocks, Forex, commodities, precious metals, options, equities, energies, and shares. XM is well known for its wide variety of account types, low trading fees, execution speed, and support for both the MT4 and MT5 platforms. Hedging, algorithmic trading, and scalping are all permitted.


  • Both MT4 and the MT5 trading platforms are supported
  • The XM Ultra-Low account: A minimum deposit of 50 USD and spreads start at 0.6 pips with no commission.
  • All accounts have a no-requotes execution policy and 99.35% of XM orders are executed in less than one second.


  • Excellent educational offerings
  • Well regulated
  • Free deposits and withdrawals


  • Wide spreads on its entry-level accounts


To conclude, several licensed forex brokers in Nigeria can be used for forex trading. For Nigerian traders, signing up and trading with them is quite easy.

/ Risk Warning: As earlier, trading can be tricky as the FX market carries some risk, and you should be aware of the risk involved in trading with CFDs and forex. Before proceeding to trade the market, you should evaluate your risk tolerance levels, and realize your objectives, as well as the choice of trading platforms you want. For your forex trading needs, the 5 brokers reviewed above offer the best service for Nigerians.