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The Best Way to Pick a Forex Broker in Nigeria

Forex traders from Nigeria who are successful

In order to determine the top five forex traders in Nigeria for 2023, we looked at a number of traders from that nation who have established themselves in the market and in their home nation.


Jeffery Benson

Dr. William Odion

Damilare Ogundare 

Uche Paragon 

Dapo Willis 


This detailed manual will teach you:

  • What elements affect a forex trader’s success?
  • Five profitable forex traders from Nigeria
  • The Best Way to Pick a Forex Broker in Nigeria
  • Nigeria’s Top Forex Brokers

This is a comprehensive overview of Nigeria’s Top 5 Forex Traders.

What elements affect a forex trader’s success?

A novice Forex trader may find it easy to become engrossed in the excitement of the hunt when it comes to gaining money, but this is a certain way to end up in trouble. Making bad judgments out of a desire for money might end up costing you money.

Your ability to make money as a trader depends on your understanding of how the Forex market operates, your confidence in your research, and your adherence to your trading strategy. Trading requires having a level head and acting intelligently.

Try to relax as much as you can and think about your financial resources. In order to create appropriate profit targets and research the markets and currency pairings that interest you, you must also learn from the mistakes made by previous traders.

Even if trading foreign exchange (Forex) might be profitable for you, you shouldn’t do it if you don’t feel comfortable. Instead, you might practice on dummy accounts until you feel comfortable switching to the actual markets, saving time and money.

The Best Way to Pick a Forex Broker in Nigeria


There is no better moment than the present for traders to enter the financial industry. Due to the intense competition among internet brokers, prices have decreased and features have increased.

Online FX and CFD brokers are available for those interested in trading foreign financial products. However, there are a number of things to take into account when selecting a broker, and we will go through them below.


Commission Fees

The primary investment products that brokers provide include individual stocks, options, mutual funds, exchange-traded funds, and bonds. The foreign exchange market, futures trading, and cryptocurrency exchanges are also covered by some.

The investments the broker offers will determine if they are a good fit for your needs and how much you will have to spend in fees. In light of this, you want to pay great attention to the commissions associated with the investments you prefer.


General Reliability

There are a wide range of brokers to choose from. Some have gained popularity recently, while others have been around for a while. That doesn’t mean they can’t be trusted, though.

However, if they are handling transactions for clients, they are either subject to further regulation or are members of a self-regulatory body like the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), and other regulators.


Fees for Accounts

Although it might not be feasible to completely do away with account fees, they can be kept to a minimum. The majority of brokers charge a fee if you want to close your account or withdraw money from investments. When changing brokers, your new company could cover part or all of your transfer costs.

You might avoid paying the majority of additional expenses if a broker does not charge them or if you do not use their supplementary services. You should be aware of yearly costs, inactivity fees, trading platform subscriptions, extra payments for research, and other expenditures.


Pricing and Trading Execution

Since cost is no longer as important, commission-free transactions are increasingly the norm at brokerages. However, it would be beneficial if you took into account the brokerage’s stance on the contentious practice of paying for order flow as well as the associated fees before making a final choice.

This is particularly true if you are an active trader who wants to close your deal at the best price available, even if it just amounts to a small difference in price.


Additional features, educational resources, and tools

If you’re just getting started in the world of investing, look for a brokerage that offers free educational resources like live webinars, in-depth how-to guides, video lessons, glossaries, and more.

It would be beneficial if you additionally take into account the broker’s dedication to informing its clients about the dangers associated with more sophisticated trading strategies like options.


Nigeria’s Top Forex Brokers

The top brokers that allow traders to trade forex are covered in this article. Additionally, we have further selected the brokers who provide traders with extra services and solutions.


Nigeria’s Top MetaTrader 4 / 5 MT4 Forex Broker


A review about IC Markets


Overall, the top MT4 forex broker in Nigeria is IC Markets. There are several third-party add-ons for market analysis and trading available for the IC Markets MetaTrader platform. The widely used MetaTrader trading platform may be enhanced by the independent add-on capabilities provided by IC Markets.


The Best MetaTrader 5 / MT5 Forex Broker in Nigeria


A review about OctaFX


The top MetaTrader 4 or MT5 Forex Broker in Nigeria is OctaFX, in general. Despite being an offshore broker, OctaFX is a well-known name in Nigeria and offers traders affordable prices.

The powerful MetaTrader 5 trading platform from OctaFX enables seasoned traders to do in-depth fundamental and technical research utilizing a variety of indicators and tools.


The Best Forex Broker for Beginners in Nigeria



Overall, the best share broker in Nigeria for novices is CM Trading. Traders from all around the world have access to CM Trading platforms and trading accounts. With the help of CM Trading’s numerous training resources, novice traders can quickly learn the ropes. 


The Best Low Minimum Deposit Forex Broker in Nigeria


Alpari Review


Overall, Alpari is the top forex broker in Nigeria for low minimum deposits. Alpari provides investors in Nigeria with a wide range of trading products and a dependable, portable trading platform.

Additionally, Alpari enables traders to get started with a little initial payment and the convenience of an account in NGN.


The Best ECN Forex Broker in Nigeria


A review about Exness


Overall, Exness is the best ECN share broker in Nigeria. Exness is able to sign up 15,000 new clients per day, making it one of the largest CFD and FX brokers in Nigeria.

With the help of the Exness platform, Nigerians may select which FX pairs to trade on MT4 and MT5 in novel, imaginative ways.


The Best Islamic / Swap-Free Forex Broker in Nigeria


A review about Avatrade


Overall, AvaTrade is Nigeria’s top Islamic/swap-free forex broker. All Muslim traders’ halal trading requirements are satisfied by AvaTrade. More than 1,260 items, competitive trading terms, and a broad selection of financial instruments across numerous asset classes are all available with AvaTrade.


The Best Nigerian Naira Trading Account Forex Broker in Nigeria


HFM Review


In general, HFM is Nigeria’s top NGN trading account forex broker. In addition, HFM’s NGN-denominated account and support for local payment methods make it one of the best STP and ECN brokers for Nigerians.

Due to international laws and numerous registrations, HFM is able to offer its services to traders worldwide. Traders believe HFM is treating them fairly as a result of this strategy.


The Best Nasdaq 100 Forex Broker in Nigeria


FXTM Broker Review


The top Nasdaq 100 forex broker in Nigeria overall is FXTM. Nigerian traders interested in Nasdaq may use FXTM, a forex and CFD broker with many regulatory jurisdictions. Affordably priced and competitive spreads, account options, and robust trading platforms were to be expected by traders.


The Best Volatility 75/VIX 75 Forex Broker in Nigeria


A review about Saxo Bank


The top Volatility 75/VIX 75 forex broker in Nigeria is Saxo Bank, in general. Saxo Bank is your best choice if you’re a professional in Nigeria and want to trade the VIX. Traders may quickly and easily make free deposits and withdrawals at Saxo Bank.


The Best NDD Forex Broker in Nigeria


A review about easyMarkets


The top NDD forex broker in Nigeria is EasyMarkets. Another well-known name in the forex and CFD trading industries is EasyMarkets. This is especially true in light of the broker’s over 37 accolades for outstanding ECN execution on trades, services, and innovations.


The Best STP Forex Broker in Nigeria


A review about RoboForex


Overall, Nigeria’s top STP forex broker is RoboForex. Well-known forex and CFD broker, RoboForex, provides favorable trading terms. RoboForex also offers STP execution and liquidity from top providers.

Via reliable and inventive third-party platforms, Nigerians might anticipate having access to more than 12,000 instruments.


The Best Sign-up Bonus Broker in Nigeria


Instaforex Broker Review


Overall, InstaForex is the top broker in Nigeria for share trading sign-up bonuses. A $1,000 no-deposit incentive is offered to Nigerians who open their first account with InstaForex to trade foreign stocks. They will also receive a 30% welcome bonus on their initial deposit.




Maintain self-control and stick to your trading plan. In the forex market, you could have extraordinary success. Being a brilliant trader, however, does not ensure that you will always succeed.

There is no such thing as a trader who has never lost money; even experienced traders consistently make money. However, a trader who consistently makes money on the forex market is seen as successful.

Less than 40% of their transactions, according to some, are successful, according to the most successful traders. Making sure that your winning trades are profitable enough to make up for your losing ones is the secret to being a great trader.


Inquiries that are frequently asked

What is the best forex broker for Nigerians?

For Nigerians, there are a number of well-known brokers, including ExnessHFMAvaTradeTickmill XM, and others. Although the Central Bank of Nigeria does not regulate brokers, Tier-1, Tier-2, and Tier-3 organizations do.


Can I trade forex with naira?

In the event that your broker accepts NGN as a base currency, you can trade forex using Naira. This is provided by brokers like AlpariHFMExness, Superforex, FXTM, and several more.


How much will it cost me to begin trading forex in Nigeria?

With just 1,000 NGN as a minimum investment, you may start trading right now. However, experts encourage traders to deposit at least 50,000 NGN, meaning they never risk more than 5% on a single trade, in order to avoid using excessive leverage.


Which Nigerian broker has the most competitive spreads?

One of the Nigerian brokers with the lowest spreads is FBS. On EUR/USD, FBS’ spreads begin at -0.1 pip.


How are Nigerians able to fund their forex accounts?

You’ll need to have access to your client portal and a confirmed account with a broker. Once you’ve logged in, you can find the payment options that your broker accepts, choose your deposit option, and fill out all the necessary information to make your payment.


Nigeria’s Top 10 Forex Brokers for 2023

1. HotForex (HFM)

Overall, Nigeria’s top forex broker

In Nigeria for 2023, HotForex has established itself as the premier licensed forex broker. HotForex provides a high degree of protection for traders’ funds with a number of Tier-1 and Tier-2 laws. Both novice and seasoned traders may trust it because of its thorough research, instructional materials, and customer assistance.

2. Exness 

Nigeria’s Best Forex Broker with the Lowest Trading Fees

Exness turns out to be a great choice for traders on a budget. This forex broker enables Nigerian traders to maximize their earnings by providing some of the lowest trading fees on the market. Exness maintains a reputation for excellent customer service and effective execution while offering reasonable pricing.

3. FxPro

The Best Forex Broker with Various Platforms at Affordable Prices

A reliable broker with a wide selection of trading platforms is FxPro. Nigerian traders have access to a variety of platforms with a wide range of trading resources and tools, which improves their trading experience. FxPro offers a variety of platforms, yet it is still affordable and trader-friendly.


The Best Multi-Regulated Forex Broker with a Naira Account

FXTM stands out because it provides a Naira account, making it simple for traders from Nigeria to transact in their own currency. FXTM ensures a secure trading environment by offering additional security for traders’ funds as a multi-regulated forex broker.

5. XM Broker

The best forex broker for spread-only trading accounts

XM Broker offers spread-only trading accounts to traders who choose them. XM Broker is a top alternative for traders looking for cost-effective trading solutions because of its reasonable spreads and extensive selection of trading instruments.

6. OctaFX

Reliable Forex Broker with Local Funding Options in Nigeria

By offering local financing methods, OctaFX accommodates Nigerian traders and makes it simple to deposit and withdraw money. The broker’s appealing features include a user-friendly interface and dependable customer service.

7. AvaTrade

Top Forex Brokers with Fixed Spreads

AvaTrade offers set spreads for traders who prefer predictability, providing predictable trading expenses. The broker’s dedication to disclosure and regulation enhances its legitimacy.

8. Tickmill

The Best Forex Broker with Professional Accounts

Tickmill offers dedicated pro accounts to cater to professional traders. The premium features and tight spreads offered by Tickmill are advantageous to traders with a lot of expertise.

9. IC Markets

Forex Broker with ASIC Regulation

Nigerian traders may access a secure trading environment through IC Markets, which is governed by ASIC. The broker is a popular alternative for forex fans due to its affordable price and extensive selection of tradeable products.

10. PepperStone

A forex broker that pays commissions

Because of its commission-based cost structure, PepperStone stands apart and may be appealing to some traders. PepperStone offers a desirable trading environment for Nigerian investors with a large assortment of trading products.

Prioritizing safety, regulation, and cost efficiency is crucial while trading forex in Nigeria. To have a safe and profitable trading trip, keep in mind to perform extensive research before selecting a broker. Cheers to trading!

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Dr. William Odion is a financial coach and consultant who specializes in Forex and Crypto trading. He is also an author, founder and CEO of Probaba EA Consults a.k.a Probabafx, and a brand influencer and real estate investor.

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