Choosing the best Forex brokers is very important for today's investors, because with the right choice, a successful investment process can be carried out.
Hence, in order to select the best brokers one should check the trading conditions of each of them, the availability of tradable currencies, commissions, customer service, regulation and security. In this article we will analyze these aspects and we will reveal which are the 5 best Forex brokers in Nigeria.
To begin with, it is important to know that the chosen selection includes brokers who are regulated, authorized to provide their services in Nigeria, with secure platforms and who are considered reliable brokers. Before actually seeing who the best Forex brokers are, we want to give you some tips for choosing a good broker.
Tips for choosing the best Forex broker
Broker regulation. The first thing to keep an eye on. It doesn't make sense for a broker to offer great service, with all kinds of products, cheap commissions, and endless possibilities if it's not regulated.
Security of deposited funds. In addition to the authorization, an extremely important detail is the way in which deposits are made. It is preferable, as far as possible, that the accounts are segregated.
Large number of tradable currencies. We advise you to choose a broker with at least fifty negotiable majors and exotic currencies .
Financial instruments available . One of the key points when choosing a broker is the financial tools available. We need to choose a broker that fits what we are looking for. It will not be the same for someone who wants to trade Forex as it will be for someone who wants to trade long term stocks or ETFs .
The trading platform. When choosing a trading platform we must take into consideration various aspects related to the interface of the platform, the ease of use, the assets offered and other services. In addition, the study of available tools
Broker fees and commissions . Not all brokers have all the fees that are usually charged, but we should inform ourselves about this. Especially when there are no commissions, it is often the case that these commissions are included in the spread.
What is the best Forex broker in Nigeria?
To find the best forex brokers in Nigeria, we have created a list of all brokers that accept Nigerian clients. Here is our ranking of the best Forex brokers in Nigeria:
OctaFX has an excellent reputation in the financial markets for its unique service offering that caters to the various requirements of a wide range of retail traders.
OctaFX has made it easy for traders to enter the markets using the best trading conditions, which is one of the main reasons why OctaFX has been going strong since its launch in 2011.
OctaFX offers an ECN account, with an initial deposit of just $100 and is one of the few brokers that do so.
MT4 and cTrader are OctaFX's two main platforms and the broker covers the majority of traders by offering two of the most popular platforms in the forex market.
OctaFX has won various awards over the years since its inception, some of these recent awards are:
- Best Mobile Trading App – 2019
- Best FX Broker – 2019
- Best broker – 2019
- Best ECN/STP Broker – 2019
- Best Forex Broker Asia – 2019 (2019 Forex Awards)
- Best Forex Broker Asia – 2018 (Global Banking & Finance Awards)
- Best FX Broker – 2018, and several more.
The instruments that are available to traders will depend on the type of account they choose.
Micro Account: With this account, traders have access to the following instruments:
- 28 currency pairs including EUR/USD, GBP/CAD, AUD/CHF and more
- 4 stock indices including NZD/JPY, Gold, CTB/USD, and DAX 30
- 3 cryptocurrencies, and
- 2 metals
Pro account: Traders who choose this account can trade the following:
- 28 pairs of FX
- 10 stock indices
- 3 cryptocurrencies
- 2 metals, and
- 2 energies
ECN account: Traders who own this type of account can trade on:
- 28 currency pairs, and
- 2 metals
When selecting the best broker in Nigeria, it is imperative to select one that is not only regulated, but also provides a safe and secure trading environment. In addition to being regulated and licensed by CySEC, OctaFX also has trading licenses with SVG registration.
OctaFX subsidiary is one of the most reputable companies registered, regulated and governed by the laws of Saint Vincent and the Grenadines.
Although traders should be especially aware of offshore brokers, OctaFX strictly complies with regulations. OctaFX keeps client funds in segregated accounts and provides negative balance protection to its clients.
OctaFX has some of the lowest spreads compared to other brokers. With OctaFX there are no slippages or requotes, and commissions on currency pairs are close to zero, especially for traders who have an ECN account.
The spread is predominantly determined by the type of account the trader has, but when comparing the lowest spreads traders have access to, the following can be seen:
Microaccount: EUR/USD spread is 0.9 pips, USD/JPY spread is 1.3 pips, EUR/CHF spread is 2.2 pips, and so on.
Pro account: EUR/USD spread is 0.8 pips, USD/JPY spread is 1.1 pips EUR/CHF spread is 1.4 pips, and so on.
ECN account: EUR/USD spread is 0.8 pips, USD/JPY spread is 0.8 pips, EUR/CHF spread is 1.2 pips, and so on.
Regarding the swap fee, when holding a Micro Account, this fee is applicable, and may be linked to interest rate differentials that are not under the control of OctaFX.
Traders who own a Pro account do not have to pay a swap fee, but may incur a three-day fee that is charged every third rollover, meaning it is charged every third night at midnight.
ECB accounts do not waive a swap or overnight fee, but traders using this account will be subject to a lot fee on the lots they trade. The average fixed condition depending on the trading instrument is from $0.02 / 0.01 lot to $0.03 / 0.01 lot.
Clients can contact OctaFX traditionally by phone or email. Alternatively, there is an option in the 'Contact Us' section that establishes contact with OctaFX via WhatsApp or Telegram (although these are limited to text messages only).
Customers can also fill out the online application form provided or they can access the live chat feature that is available on all pages of the website.
Unfortunately, support is only provided 24 hours a day, 5 days a week.
OctaFX also has a presence on the social media platform on Facebook, Twitter, Instagram and YouTube.
Pros and Cons
- Well regulated
- Unlimited demo account
- Advanced technology
- Offers Forex and CFDs
- More than 30 currency pairs to trade
- No commission for deposits or withdrawals
- limited assets
- Low crypto coverage
- No VPS
- Phone support not available 24/7
- No customers from the US, Canada, Belgium or others
If you want to give it a try with OctaFx, you can use the link below:
Capital.com is a globally renowned Forex broker founded in 2016. Capital.com brokerage company in the UK, but they offer Nigerians the opportunity to trade more than 3,000 financial assets on the broker's proprietary innovative platform. At the time of writing our opinion on Capital.com, the broker has exceeded 1.5 million registered traders.
The broker operates in more than 50 countries around the world and aims to allow clients to trade CFDs and other derivatives. They prioritize leveraging artificial intelligence within their platform to aid in continuing education and optimization of decision making.
With Capital.com you can trade CFDs, commodities, cryptocurrencies, metals, stocks, Oil, gold, indices and FX currency pairs.
Is Capital.com regulated? Yes, by the UK Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) and Financial Services Authority of Seychelles (FSA).
Capital.com earns its income from spreads on 2,000 assets, while charging no commission. Spreads for EUR/USD are quoted from 0.6 pips, which represents a competitive offer with no additional costs. There are Swap fees on overnight leveraged positions, however Capital.com charges only for the amount you have borrowed and not for the full size of the position. With no other fees charged, pricing terms are one of the most favorable for traders in the brokerage industry today, favoring customer profitability over company revenue.
Prospective traders need to be sure that whoever they choose to invest with will provide them with the necessary support and assistance when and where they need it. The Capital.com support team can be reached by phone, email or live chat on their website.
Pros and Cons
- 6000+ trading assets.
- Award-winning trading platform
- Exclusive learning tools.
- Built-in economic calendar, exclusive webinars and market analysis.
- 0% commission & no hidden fees
- Market-leading spreads and Fast order execution
- No MT5
If you want to give it a try with Capital.com, you can use the link below:
You can also trade with the following alternative Forex Brokers:
FP Markets was founded in 2005 and is headquartered in Kingstown, St. Vincent and the Grenadines, and Sydney, Australia. FP Markets is one of the best brokers currently active in Nigeria. No, it is not an advertisement, but the opinion we have gained after having thoroughly analyzed what this extraordinary broker is able to offer. A broker with a European license, although it was born outside Africa, they offer investment services to practically every Nigerian forex trader.
FP Markets has been the winner of the “Best Trade Execution” award four times, awarded by the Investment Trends Report. FP Markets has been voted the most popular trader by traders for five years in a row. In addition, it has received additional awards for best customer service and best value for money.
FP Markets offers traders access to CFD trading on forex, indices, commodities, stocks and cryptocurrencies.
FP Markets is regulated by the ASIC and the CySEC.
These regulators require that a company have adequate capital and that client funds are not used for hedging. Client funds must be kept in separate accounts to those of the company.
FP Markets is also authorized and regulated by the Bahamian Securities Commission (SCB).
FP Markets has forex and non-trading costs, and does not charge inactivity fees, its stock CFD costs are quite high and the related CFD trading costs are average. When trading CFD Stocks, FP Markets charges a commission.
For your questions and complaints, you can contact FP Markets in various ways:
- Live chat
- By phone
- By email.
FP Markets customer service is available in several languages. As for the opening hours 24 hours, they are from Monday to Friday. It offers limited telephone service, from 09:00 to 18:00.
Generally speaking, it does not offer 24/7 services, but it is possible to trade in the cryptocurrency market with FP Markets as it is open on weekends.
Pros and Cons
- Low spreads
- High financial leverage
- Good reputation
- Over 15 years of experience
- 24/5 support
- Limited product portfolio
If you want to trade with FP Markets, you can use the link below:
XM is a global online broker founded in 2009 based in Cyprus.
Since then XM has grown into a large and established international investment firm and has become a true industry leader with over 2.5 million clients from 196 countries, including Nigeria.
XM is managed by over 450 professionals with years of experience in the financial sector and this, combined with the resources and support for over 30 languages, makes XM a broker of choice for traders of all skill levels.
More than 99% of all XM orders are filled in under a second, with no re-quotes or rejections. Their clients benefit from negative balance protection, so they never run the risk of losing more than their account balance.
XM allows Nigerian clients to not only trade Forex, but also other asset classes such as CFDs on stocks, stock indices, precious metals and cryptocurrencies.
XM is registered in Cyprus and regulated by CySEC. This broker is also regulated by the the International Financial Services Commission of Belize (IFSC), and the ASIC.
The fee structure depends on the type of account you choose.
For Micro and Standard accounts, there are no commissions on transactions and the cost is charged exclusively on the bid-ask spread. These two types of accounts are ideal for those who operate with low capital.
For Zero accounts, on the other hand, the spread can go down to 0 pips, but a commission will have to be paid for each transaction made. This type of account is more appropriate for those who trade with high capital.
For Ultra Low Standard/Micro accounts there are tighter spreads than for the Standard/Micro account and moreover without additional commissions.
Xm.com offers assistance to Nigerian customers through the following channels:
- Via chat
- By email
- By telephone
Even before contacting customer support, it might be useful to consult the rich FAQ section on the broker's website: here you can find many useful answers to the most varied questions.
Pros and Cons
- Broker with numerous licenses and well supervised.
- Minimum deposit $5.
- Negative balance protection.
- Free education and trading signals.
- Non-tradable cryptocurrencies on weekends.
- Instrument offering limited to CFDs.
- Speed of execution of orders.
If you want to give it a try with XM, you can use the link below:
According to our recent research, Exness is a forex broker based in Limassol, Cyprus.
Established in 2008, Exness has two main offices in Saint Vincent and the Grenadines. It is a Cypriot broker that provides traders with financial services and investment solutions tailored to the client's needs.
The brokerage services offered by Exness are both stable and reliable, and also make for a favorable trading environment.
Exness provides traders with tight spreads starting from 0.1 pips and with no hidden commissions. It offers MT4 as a trading platform, with a wide choice of CFDs and Futures on different markets.
Additionally, Exness is involved in many organizations as an honorary sponsorship partner.
Users can access a wide variety of markets, with stocks and indices, metals and energies, cryptocurrencies, and 107 currency pairs.
Exness is regulated and authorized by two of the most stringent and demanding authorities in the world, the FCA and the CySEC. In addition, it also holds the license of the Financial Services Authority of Seychelles (FSA). Exness keeps client funds in segregated accounts and also provides client protection.
In addition to this, Exness is part of an investor compensation scheme, which pays a certain amount to each client if the company becomes insolvent.
Exness has some of the lowest spreads and commissions on the market. There are no transaction costs on any of your accounts.
The minimum opening balance is just $1 for the Standard account, and goes up to $200 for the Pro accounts.
Exness customer support is offered by phone or email. Customers can also contact the company via Live Chat.
Support is provided in 14 different languages, but for some languages it is not always available immediately, and waiting periods are indicated next to each respective language.
Pros and Cons
- Instant deposits and withdrawals
- Negative balance protection
- Trade various financial instruments
- Customer support 24 hours a day, 5 days a week
- Does not trade with raw materials
If you want to give it a try with Exness, you can use the link below:
Types of commissions charged by Forex brokers
Before concluding the article we thought it was right to open a parenthesis on the types of commissions that can be charged to you by brokers because the services offered are often not free or not at all. Some brokers may offer free services for opening an account, investing in assets, accessing tools and information. However, they usually charge fees like the following:
Trading Fee: This is usually the most important fee charged by brokers. It is charged for buying and selling and can be charged directly or via spread, such as the spread between the bid and ask prices .
Exchange Rate Fees: Some brokers only allow you to trade in one currency, while others charge a fee for trading assets in a currency other than the currency of the account.
Night Fees: For positions open overnight or over the weekend, brokers may charge fees for trading CFDs or similar instruments. It is therefore advisable to check whether the broker charges these fees and their amount.
Leverage Fees: Some brokers may apply leverage fees for money borrowed from the broker itself.
Inactive Account Charges: Apply if the account is not used for a certain period of time.
Therefore, as already mentioned, pay attention to any "hidden" costs or commissions when choosing a broker.
Best Forex Brokers in Nigeria 2024
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