Top Nigeria Brokers for 2024

We found 11 online brokers that are appropriate for Trading Nigeria.

Trading Platforms in Nigeria Guide

Analysis by Andrew Blumer, Updated and fact checked by Senad Karaahmetovic, Last updated - March 17, 2024

Nigeria Financial Markets

Nigeria has been a financial center in Africa for over a hundred years. The main securities markets in Nigeria include the The Nigeria Stock Exchange (NSE) which trades officially listed stocks, shares, stock index options, Forex, futures, precious metals like silver and gold, agricultural, traded options, and other commodity forms.

Nigeria brokers facilitate trading in the Nigerian stock market, providing services such as order execution, research, and investment advice to clients. These brokerage firms play a crucial role in connecting investors with the Nigerian capital markets, offering access to equities, bonds, and other financial instruments traded on the Nigerian Stock Exchange.

Constant deregulation and restructuring has chanced Nigeria's financial sector throughout the past thirty years with significant changes in the The Nigeria Stock Exchange (NSE), banking, shipping, and insurance, and Nigerian commodities markets.

The Central Bank of Nigeria is responsible for issuing monetary policy in Nigeria.

When you start out looking for brokers in Nigeria, there are plenty of things that you need to consider beforehand. Understanding these factors will help you in deciding which of the best Nigeria brokers are. This article will list some of these crucial factors that one has to consider when looking for the right broker in Nigeria.

Best Nigeria Brokers

IC Markets

IC Markets Platform Overview

IC Markets stands out as a top choice for Nigerian traders looking to engage in the international financial markets, thanks to its high-speed execution and low-latency trading environment. With an average execution speed of 40ms and platforms like MT4, MT5, cTrader, and TradingView, IC Markets is perfect for those trading Forex, US and UK stocks, indices, commodities, cryptocurrencies, and ETFs. Its tight spreads and advanced features, such as free VPS and trading automation, make it particularly appealing to scalpers and algorithmic traders. Furthermore, its strong regulatory framework under ASIC and CySEC ensures a secure trading environment.

RoboForex

RoboForex Platform Overview

RoboForex offers Nigerian traders a flexible and cost-effective platform, ideal for engaging with a wide array of international financial markets. Its competitive spreads, which start virtually at zero, and high leverage options enhance the potential for maximizing returns. The platform's compatibility with MT4 and MT5 caters to traders of Forex, commodities, and indices, providing a seamless experience across devices. While the high leverage carries increased risk, RoboForex's swift execution and intuitive design make it an attractive option for those looking to capitalize on market movements efficiently.

eToro

eToro Screenshot

For Nigerians interested in a community-driven trading experience, eToro presents an innovative platform combining social trading with traditional brokerage services. Its CopyTrading feature allows traders to mimic the strategies of successful investors, ideal for those new to trading international markets like Forex, US and UK stocks, commodities, and cryptocurrencies. With a user-friendly interface and a vast community of over 30 million users, eToro offers a unique blend of learning and trading, all under the robust regulatory oversight of CySEC and the FCA.

XTB

XTB Platform Overview

XTB offers Nigerian traders a rich platform for in-depth market analysis and education, making it ideal for those keen on understanding the intricacies of international markets, including Forex, commodities, indices, and ETFs. With its comprehensive suite of research tools and educational resources, XTB caters to both beginners and experienced traders. The platform's regulatory compliance with FCA and CySEC guarantees a secure trading environment, reassuring traders about the safety of their investments while they explore global trading opportunities.

XM

XM Screenshot

XM stands as a versatile broker for Nigerian traders, offering robust customer support and a wide array of trading instruments. It is particularly suited for those looking to trade in diverse markets, including Forex, commodities, US and UK stocks, and indices. XM's strong regulatory framework under ASIC, CySEC, and IFSC, combined with its range of account types, ensures a reliable and adaptable trading environment for both novice and seasoned traders seeking global market access.

Pepperstone

Pepperstone Platform Overview

Pepperstone is an excellent choice for Nigerian traders prioritizing customer satisfaction and a wide range of trading instruments. Its commitment to providing a seamless trading experience for Forex, commodities, cryptocurrencies, and more makes it suitable for traders with diverse interests. Pepperstone's regulatory adherence to FCA and ASIC standards ensures a high level of reliability and security, making it a trusted partner for traders exploring international financial markets.

AvaTrade

AvaTrade Screenshot

AvaTrade is distinguished by its versatility and community-centric approach, making it an attractive option for Nigerian traders. Its wide range of funding and withdrawal options, along with innovative platforms like AvaTradeGo and AvaSocial, offer convenience and a sense of community. With access to Forex, commodities, stocks, indices, and cryptocurrencies, AvaTrade supports a social trading environment that encourages learning and sharing among traders. The broker's commitment to a commission-free structure maximizes profitability, making it a top choice for traders looking for flexibility and cost-efficiency.

FP Markets

FP Markets Screenshot

FP Markets is the go-to broker for Nigerian traders who demand cutting-edge technology in their trading pursuits. With advanced enhancements to the MetaTrader 4 and 5 platforms, FP Markets provides a competitive edge in trading Forex, commodities, stocks, and indices. The broker's focus on optimizing trading platforms for efficiency, coupled with competitive spreads, positions FP Markets as a prime choice for traders seeking technological superiority and cost-effectiveness in their trading activities.

Which Broker Is Best In Nigeria

The best brokers available in Nigeria include IC Markets, RoboForex, XTB and XM. Nigeria happens to be rich in oil reserves. It is also often referred to as the door that leads to the African continent. Unfortunately, it is also possible to run into various financial scams when the obvious signs are ignored. Since both opportunities and scams are likely to occur in foreign exchange trading, or Forex trading, as a Nigerian trader, it is best if you look for a trustworthy broker so you can protect your well-earned money from potential scammers.

What are the Best Forex Brokers in Nigeria

The best Forex brokers available in Nigeria are IC Markets and RoboForex.

Trading forex is a risk-bearing trend, which is why a forex broker can help turn profits or at the very least educate investors on how to trade forex. Certain aspects should be considered first which can help in selecting the best forex broker in Nigeria.

Financial services commission fee is the first aspect to consider when it comes to choosing Nigeria forex brokers. Brokers can educate clients on how trading platforms work and manage the trading account. Some brokers can also provide negative balance protection. Always consider trading fees when it comes to selecting brokers in Nigeria.

Another aspect worth considering is the deposit and withdrawal options available and the amount necessary. The minimum deposit should give an idea of how much money the broker is worth or if the deposit amount is reasonable. In addition, the withdrawal fees should also be considered along with the processing time.

A reliable broker should provide the best customer support services. A broker's trading platform should also be adequate, refined, and have the best care. They should also have technical know-how regarding advanced trading tools that can help with business conduct.

Nigerian Forex Trading Platforms

Most of the top Nigeria brokers now offer online Forex trading platforms for customers and traders to use. Their Naira trading platforms enable them to respond faster to customer queries. They also provide traders with access to a wide range of information like product prices, dealer reviews, and customer support so that they can make intelligent decisions and transactions. Online Forex accounts are operated by non-stop professional traders who have been through rigorous training on Forex trading platforms and are extremely experienced.

Stock Brokers In Nigeria

Most traders in Nigeria trade stocks internationally like US and European stocks with international stock broker platforms available in Nigeria. Nigeria's local stock market capitalization in 2020 was 56,569 million dollars. However, the market has seen significant growth since then. In 2023, the market capitalization reached a record high of approximately 40.9 trillion naira (roughly 97.6 billion US dollars) due to a surge in investor confidence and strong performances by key companies, a substantial increase from 2020. The future outlook for the Nigerian Stock Market remains cautiously optimistic. Market analysts predict continued growth in 2024, fueled by increased listings, potential benefits from the Dangote refinery coming online, and a focus on the primary market. However, some experts warn of potential corrections due to profit-taking and underlying macroeconomic challenges. Nigeria's Stock Market presents exciting possibilities for investors, but careful research and a measured approach are crucial.

CFD Trading In Nigeria

CFD (Contract for Difference) trading is becoming increasingly popular among Nigerian traders, offering a way to access global financial markets without traditional investment methods like stock purchases through banks or physical asset holdings. CFD trading allows traders to speculate on the price movements of various financial instruments, including stocks, futures, forex, indices, and metals, without actually owning the underlying asset. This flexibility enables traders to profit from both rising and falling markets by going long (buying) or short (selling) on a CFD instrument.

Some key features of CFD trading that Nigerian traders might find beneficial include the use of leverage, which can amplify profits but also increases risks; the ability to trade a wide range of financial instruments through a single platform; and various types of orders that can be utilized, such as stop and limit orders. It's important to note that while leverage can provide significant profit opportunities, it can also lead to large losses, especially if the market moves against the trader's position​.

USD/NGN CFD Trade Example

USDNGN Leverage trading example

As an experienced trader, entering a CFD trade on the USD/NGN Forex currency pair with a 500,000 NGN investment and leveraging it at a 1:30 ratio would amplify my market exposure to 15,000,000 NGN. This strategic move allows me to capitalize significantly on even minor fluctuations in the currency pair's value.

If the trade moves in my favour, the price movement of USD/NGN will generate profits proportional to the leveraged position, not just the initial investment. This leverage effect could lead to substantial gains, vastly outpacing the original 500,000 NGN, as the positive price movement amplifies the return on the leveraged amount. Conversely, should the market move against my position, the losses incurred would be magnified by the same leverage factor. In a worst-case scenario, this could deplete the initial investment and potentially incur debts if the losses exceed the account balance. However, with negative balance protection in place, a safety mechanism would automatically close out my positions to prevent my account from falling into a negative balance. This feature is crucial for risk management, ensuring that I won't be liable for more than my initial investment despite the high leverage involved in the trade.

The Broker's Reputation In Nigeria

Reputation of the broker is also one of the factors that you have to consider when looking for the best Nigeria brokers. You have to make sure that the brokerage firm has a good reputation in the trading industry. This is because if people have had bad experiences with the firm, then they will be negative towards it and even mention it on their blogs and other forms of media.

Nigerian Trading Platforms

The best Nigeria broker trading platforms should allow you to trade very accurately, which depends on the market conditions. Your Forex trading strategies should also be working for you. If you are not satisfied with the execution speeds and the software that they are using, then you should go and look for other brokers. There are a lot of good companies out there so you should not have any problems finding one that will fit your needs.

The Brokers Nigerian Regulators

If you are seriously considering trading in the stock market, you are going to need a stockbroker. Reputed stockbrokers in Nigeria are licensed to offer financial services in Nigeria by the SEC (or Securities and Exchange Commission) for stocks and other financial instruments, the Central Bank of Nigeria (CBN) regulate the local Forex markets, brokers regulated by major European financial regulators like the FCA, CySEC are also favourable for traders in Nigeria who trade international financial markets. I usually expected them to function within the scope of the market procedures and guidelines shown in the relevant regulations and laws. In this case, violations of the market, including misuses of clients' accounts or transactions are most often than not, adequately sanctioned.

The Nigerian Financial Market

The Nigerian financial market encompasses various sectors, including banking, capital markets, insurance, and foreign exchange. It serves as the backbone of the country's economy, providing avenues for raising capital, managing risks, and facilitating economic growth. Key components of the Nigerian financial market include the Nigerian Stock Exchange (NSE), where equities and other securities are traded; the bond market, which offers fixed-income securities issued by the government and corporate entities; and the money market, where short-term debt instruments are bought and sold.

Moreover, the banking sector plays a vital role in providing financial intermediation services, such as lending, deposit-taking, and payment processing. The insurance industry provides risk mitigation and protection services to individuals and businesses.

Overall, the Nigerian financial market is dynamic and evolving, influenced by domestic and global economic factors, regulatory frameworks, and technological advancements. It plays a crucial role in mobilizing savings, allocating resources efficiently, and driving economic development in Nigeria.

Nigeria's Economy

Nigeria's economy is the largest in Africa and is primarily driven by oil and gas exports, which account for a significant portion of government revenue and foreign exchange earnings. Despite its abundant natural resources, the economy faces challenges such as corruption, inadequate infrastructure, and overreliance on oil, leading to vulnerability to global oil price fluctuations.

The non-oil sector, including agriculture, manufacturing, and services, holds potential for diversification and sustainable growth. Efforts to improve governance, promote diversification, and attract foreign investment are underway to address these challenges and unlock the country's economic potential.

Nigeria's population, entrepreneurial spirit, and strategic location position it as a key player in Africa's economic landscape, with opportunities for growth and development across various sectors. However, addressing structural constraints, enhancing productivity, and fostering inclusive growth are essential for realizing Nigeria's economic aspirations and improving the well-being of its citizens.

Financial Services Authority of Nigeria

The Financial Services Authority of Nigeria (FSA) is the regulatory body responsible for overseeing and supervising the financial services sector in Nigeria. It was established to ensure the stability, integrity, and efficiency of the financial system while protecting the interests of consumers and investors.

The FSA regulates various financial institutions, including banks, insurance companies, pension funds, and capital market operators, to promote transparency, accountability, and compliance with relevant laws and regulations. Its functions include licensing, supervision, enforcement, and the formulation of policies to maintain the soundness and resilience of the financial sector.

Through its regulatory framework and oversight activities, the FSA aims to foster confidence in the financial system, promote market integrity, and facilitate economic growth and development in Nigeria.

Nigerian FX Trading Education

Many Nigerian trading platforms have websites cater to the need of Nigerian people who want to invest and learn how to trade. They provide demo accounts, for both new and experienced Nigerian traders. The most reputable Nigerian brokers will offer trading articles and guides, explainer videos, webinars all of which will help can Nigerian traders on how to understand how trading tools in Nigeria work.

Nigerian brokers provide detailed information on all aspects of Forex trading, Stock trading, commodities trading and cryptocurrency trading in Nigeria, and several other countries like UK, Singapore, Japan, China, and the United States of America. Many people who wish to start trading Forex in Nigeria, have difficulty finding dependable sources in Nigeria, or even outside the country.

Always check your Nigerian trading platform is well financially regulated and offers Nigerians nominal fees.

Islamic Accounts In Nigeria

Islamic Accounts In Nigeria

Trading markets in Nigeria have options for Islamic traders as well. Whether it is the forex market or stock CFDs, Islamic traders can use brokers' trading platforms to their advantage. Islamic trading accounts have no swap fees when exchanging currency pairs in accordance with religious practices.

These trading accounts don't have exchange commission fees either. Hala trading accounts have low trading fees compared to regular forex trading. Foreign exchange trading is mostly carried out by Nigerians from ethnicities and backgrounds mostly in the Christian South of the country.

There is limited participation from the Muslim Northside. Due to this, Islamic accounts are not prioritized in the Nigerian Forex industry. However, most investors from Islamic backgrounds gravitate towards the Jaiz Bank, which is Nigeria's only Shari'a law-compliant financial body, for their investments.

Why is this important for Muslims? Shariah trading, also known as Islamic trading, adheres to the principles of Islamic law (Shariah). It prohibits certain financial activities such as gambling, usury (riba), and investing in businesses that are involved in activities deemed unethical or harmful according to Islamic teachings, such as alcohol, gambling, tobacco, and weapons.

Shariah-compliant trading typically involves adhering to specific guidelines, such as avoiding interest-based transactions and investing in companies that operate in halal industries, have acceptable levels of debt, and generate profits in compliance with Islamic principles.

Islamic finance offers various investment vehicles, including Islamic mutual funds, sukuk (Islamic bonds), and Shariah-compliant stocks, to enable Muslims to invest in accordance with their religious beliefs while seeking financial growth.

Shariah trading, rooted in Islamic principles, is considered ethical for several reasons. Compliance with Islamic Law is fundamental, ensuring transactions are conducted in a manner consistent with Islamic teachings and values. This includes the prohibition of interest-based transactions (Riba), promoting fairness and equity.

Shariah-compliant investments also prioritize ethical business practices, avoiding industries deemed unethical or harmful. They emphasize risk-sharing arrangements, fostering partnership and mutual benefit.

Moreover, Shariah trading promotes social justice by investing in businesses that contribute positively to society, and it aligns with sustainable growth, prioritizing long-term sustainability and responsible investing practices. Overall, it offers a way to engage in financial activities that are both profitable and ethical.

The Allure of NGX Group for Nigerians

As a seasoned trader on the vibrant floors of Nigeria's financial markets, I've witnessed firsthand the transformative impact of the Nigerian Exchange Group (NGX Group) on our economic landscape. Standing tall as the bedrock of Africa's largest economy, the NGX Group plays a pivotal role in enhancing the competitive edge of African economies on the global stage, fostering prosperity far and wide.

The NGX Group is a comprehensive hub, offering an extensive array of services that span licensing, security trading and listing, cutting-edge technology solutions, market data analytics, real estate ventures, regulatory frameworks, and more, all through its wholly-owned subsidiaries. These include the flagship Nigerian Exchange, a leading trading and listing platform in Africa; NGX Regulation Ltd, an independent regulatory body; and NGX Real Estate Ltd, a real estate development arm.

For enterprises eager to tap into the financial markets to fuel their growth, the Exchange is a gateway to invaluable support. Likewise, NGX serves as a treasure trove for investors—local, regional, and international—offering a diverse portfolio of regulated securities to meet varied investment objectives.

The significant milestone in March 2021, which saw the transition of the then Nigerian Stock Exchange from a member-owned non-profit organization to a shareholder-owned, profit-driven entity, marked a new era for the NGX Group. This strategic demutualization underscores its commitment to innovation and excellence.

The roots of the Exchange trace back to September 15, 1960, with the establishment of the Lagos Stock Exchange, illustrating a rich heritage and enduring legacy in the financial sector.

Under the vigilant oversight of the Securities and Exchange Commission (SEC), the NGX Group continues to thrive as a paragon of integrity and efficiency in the financial markets, earning the trust and patronage of Nigerian investors and beyond.

Forex Markets In Nigeria

Forex Trading Naira Chart

About 300 to 450 million Naira is traded every day in Nigeria. Anyone with an internet connection can learn how to trade and profit from Forex. Foreign exchange trading in Nigeria is the future of trading. Anyone can learn how to trade and make money in Nigeria, without specialized knowledge. Forex trading in Nigeria is not gambling, it is a pragmatic business.

Although bitcoin has gained significant acceptability around the world, forex trading remains more popular in Nigeria. Forex trading is rapidly growing in popularity even in Nigeria.

Across the globe, 5.1 trillion USD in daily volume is being traded. This is quite a large amount compared to other financial sector sectors. However, advances in internet technology, high web coverage, and improved competition among brokerage firms have made Forex trading easier and made it more accessible to everyone.

These days, it is not unusual to find traders from Nigeria as well as from abroad investing in Forex.

To facilitate Forex trade in Nigeria traders looking to execute their Forex trades online need to open an account with a reputable Forex broker firm. Many online financial institutions in Nigeria have made it easy to access their respective Forex trading platforms and facilitate trading between individuals and institutions.

To participate in Forex trading, Nigerians can open accounts with reputable Forex brokers. These platforms allow individuals to trade currency pairs online. While easily accessible interfaces simplify information access, Forex carries significant risk of losing capital. It's a complex market, and a lack of understanding can have negative consequences. Before investing, education and a strong grasp of market dynamics are crucial.

Most of these trading platforms allow individual traders to open up one or several accounts on offer through which they can place their trades on the fly. A trader can place an order by selecting a platform that best suits his/her trading needs. With an easily accessible interface, a Nigerian trader can quickly look up all information on a particular currency pair and place a trade even if away from the office.

Trading forex is legal in Nigeria, but it's not guaranteed to be profitable. Experienced traders can make substantial gains, but beginners face significant challenges. It's important to understand the risks involved before entering the market.

To currency pairs are swapped on a trading platform. It sounds simple on paper but given the variety of trading tools and financial instruments, it can be complex for rogue traders. Retail investor accounts lose money from bad trades or a difference in currency value due to a change in financial markets. A lack of understanding regarding the foreign exchange market can have a lasting impact.

What To Look Out For When Choosing A Nigerian Broker

The first thing you need to take care of is that you have to look for a CBN (or Central Bank of Nigeria) governed broker. Most Nigerians trade with internationally financially regulated brokers. For example, brokers are regulated by the FCA or other major European financial regulators.

This is all to be sure that your broker is constantly being supervised and monitored by a bigger authority. After that, you will have to confirm whether the platform offered to you by the broker is user-friendly and comes with the features you need. Following that, you must determine whether the commissions the firm charges are reasonable enough for your budget.

After that, you have to find out the types of accounts the broker provides. Finally, you will be testing their client relations as well as the other additional service they provide.

The following are the factors in detail:

General And Nigerian Regulation

Forex regulation in the West is similar among a majority of brokers, with relatively more opportunities to use leverage and lower margin requirements. There are a few countries that allow only low leverage and higher margin requirements. A majority tends to be in the middle, and benefit from 50:1 leverage on a lot of currency pairs, as well as 5 percent margin requirements. However, fewer brokers can now operate without licenses in most countries. If they are caught, they can be fined or persecuted.

Nigeria's local foreign exchange market is legalized by CBN (or the Central Bank of Nigeria). It does so by providing licenses for foreign exchange brokers (local and foreign), and those have to be compliant with strict regulations established by the Bank.

Every financial trading regulator offers much of the same services or the general concept of it. For instance, the Federal financial supervisory authority BaFin is the financial regulatory of Germany which is tasked with providing licenses to german brokers and implementing strict regulations to ensure the safety of both local traders and foreigners.

The CBN s no different either. The establishment has a consumer protection division where investors can lodge complaints, which are then analyzed. If the broker is scamming their clients or being dishonest with them, heavy fines and even license revocation can happen. CBN tries to limit the risks taken by brokers under its supervision and guarantee that their funds are safe.

Trading Software And Platform

The trading platform the Nigerian broker offers is another important thing you should consider when looking for top Forex brokers in Nigeria. Most brokers have platforms and those who do not should avoid opening accounts with them.

The platform must have a user-friendly chart station for users to place symbols like indexes, metals, and currencies and analyze them on multiple timeframes. Traders must be able to place tech indicators, both popular ones and their own. If you are an experienced programmer, you can program a code for the platform, which would automatically work on your behalf.

The best trading platforms offer to backtest and copying features where users can test their trading strategies ad copy more experienced traders, respectively. Brokers also offer demo versions of their offered platforms that traders can use to see how they work before making any permanent decisions.

Commission Fees And Spreads

Nigerian brokers that execute your orders every time you trade charge commission fees. Currency trading, however, is different than stock trading. In stock trading, brokers charge preset fees for every operation or a defined number of shares. In Forex trading, brokers earn their revenue via spreads. Spreads are the differences between buying and sell prices.

For instance, if a certain currency pair such as GBP/USD trades at 1.3470/1.3475, the five pips between the buy and sell price will be the broker's commission fee. If you open a trading position in GBP/USD, whether it is bought or sold, 5 pips will be removed from your revenue. In that case, it helps to find a broker with the lowest spreads as that way, your profits will increase, and your costs will be reduced.

Account Types

If you are a novice trader, it is best that you look for a broker offering a demo account to give you an idea of how things work, offers low-spread live trading accounts that are commission-free, are regulated, and also provides educational resources for your convenience and knowledge.

Such accounts expire a month later, and that is enough time for you to figure out their platform. Once you are done, your broker will offer you the following account types to choose from.

Micro Account – In case your investment budget is tight, a few hundred dollars, for instance, a micro account will suit you best. This way, you can trade a thousand micro-lots without risking much.

Mini Account – If you want to experiment a bit more and can afford to put in a few thousand dollars, try a mini account. Through a mini account, you will be able to trade 10k lots and potentially make more money than you would in a micro account.

Standard Account – The lot size for this account type is 100k. For this type of account, you will need more than 10K dollars to trade such massive amounts. If you can afford an investment size between 20 to 50k, a standard account will suit you fine. Keep in mind that profits are always accompanied by risk, so the higher the profit gets, the riskier it will be.

Live trading account - A fast-paced trading account in the short-term period. A live trading account is much the same as a standard account, however, it is based on the real-time exchange of currency pairs. The value of currencies varies and changes continuously, however with live accounts, Nigerian forex traders have the ability to trade on the go.

Two type of forex trading accounts differs from the rest. Retail investor accounts and institutional investor accounts. Retail investor spends money their own money on their own behalf. Retail investors are not professional traders, however, with the right strategy they can buy and sell securities to turn a profit from a reputable broker. Such as Cyprus securities from a broker licensed by the Cyprus securities and exchange commission. This principle is true for Nigerian retail traders who buy and sell with their money.

Institutional investors use others' money on their behalf. These investors allocate capital from company members, the manner of which depends on the firm's objectives and goals.

The major difference between the two traders is the investment opportunities and insight into investments. Retail investors have a higher risk of losing money rapidly due to a lack of understanding and unprofessionalism. Retail traders may not understand how Nigeria forex trading works and thus may lose their assets which is why it is recommended to start with a broker.

Nigerian Brokers Reviews

Checking the reviews of a broker is also important in terms of the fact that it will give you an idea about said broker's history, i.e., how they treat their customers, their charges, platforms offered, support, and execution. A reputed broker will have gathered mostly positive reviews from real customers. Noticing how a broker responds to unfavorable reviews is also helpful as it is a helpful indication of the type of support they tend to offer.

Nigerian Brokers Licenses And Certifications

It is in your best interest never to deposit in a broker platform that is not certified or licensed. Before you begin trading, check and confirm if there are any trading charges involved. All reputable, legal, and safe broker platforms will be honest and upfront about their trading fees, without any hidden charges whatsoever. Also, make sure that you are allowed flexibility with which to withdraw your revenue with ease.

IC Markets, RoboForex XTB, XM and AvaTrade happen to be among the most reputed brokers ever to be found in Nigeria. Some of the most popular forex trading platforms belong to them as well.

Depositing Funds With A Nigerian Broker

Depositing funds with a Nigerian broker is simple. After you and signed up and set up an account with your broker, they will give you a few options to choose from. Most brokers accept credit cards, bank transfers, M-Pesa, Paga, and digital wallets such as Skrill and Neteller. Bank transfers normally take one to two days for processing and may also have certain charges attached. All other depositing options, however, are free and instant.

Withdrawing Funds From A Nigerian Broker

To withdraw funds from a broker, you should have sufficient funds in your user account. That is, after the margin to keep trade positions open has been deducted. After you find out the withdrawable amount, you can request a withdrawal through your user account's dashboard. To keep money laundering attempts at bay, most Nigerian brokers will only allow users to withdraw the same amount as their initial deposit back into their credit card or digital wallet. For any amount beyond that, you will have to withdraw the funds to your bank account directly.

Is Forex Trading Banned In Nigeria?

Similar to numerous other parts of the globe, Forex and stock trading in Nigeria has attracted a lot of the populace towards it. This is most likely due to how lucrative of a career path it is. Aside from that, the pandemic has also gone to proven that no one can make it with just one income source. It is also ill-advised to throw your hard-earned cash into any form of investment.

What we desire is a solid, pandemic-proof opportunity. This ultimately explains why so many of the Nigerian youth have been seriously considering the Forex trade sector. It is, nevertheless, the most liquid market in the entire world. Anyone can trade whenever they want from the privacy and comfort of their homes. That is not to say, however, that anyone who decides to trade is guaranteed to benefit from it.

Forex and stock trading are legal in Nigeria, granted the broker or trader operates in line with the guidelines and regulations that monitor the industry. It may come as a surprise for traders and brokers that contrary to many other areas of the world like the USA, foreign exchange in Nigeria is not strictly regulated. This may be based on the fact that it is still a rather new phenomenon that is gradually becoming more popular among citizens.

Foreign exchange trading is controlled by the Central Bank of Nigeria in Nigeria, and brokers have to meet some requirements to carry out trade on behalf of their customers. Furthermore, revenue from trading activities is liable to tax in the nation, and thus, should be reported to avoid finding yourself in trouble with the law.

Is Trading Safe in Nigeria?

Trading in Nigeria, like in any other country, carries certain risks that investors should be aware of. These risks can include market volatility, currency fluctuations, political instability, regulatory changes, and liquidity constraints, among others. However, with proper research, risk management strategies, and adherence to regulatory guidelines, trading can be conducted safely in Nigeria.

It is essential for investors to educate themselves about the local market conditions, seek advice from qualified financial professionals, and diversify their investment portfolios to mitigate risks. Furthermore, utilizing reputable brokerage firms that are licensed and regulated by the Financial Services Authority of Nigeria (FSA) can provide added security and protection for investors. 

Overall, while there are risks involved in trading, investors can minimize these risks by being informed, cautious, and proactive in their investment decisions.

Nigeria Brokers Verdict

Choosing a brokerage firm in Nigeria requires careful consideration of factors such as regulatory compliance, reputation, trading platforms, fees, and customer support. Investors should opt for brokers licensed and regulated by the Financial Services Authority of Nigeria for added security and protection.

Moreover, reputable brokers with a track record of reliability, transparency, and quality service are preferred. By conducting thorough research, comparing options, and seeking recommendations, investors can make informed decisions and select the best brokerage firm suited to their needs and preferences in Nigeria.

Trading Platforms in Nigeria

We have conducted extensive research and analysis on over multiple data points on Nigeria Brokers to present you with a comprehensive guide that can help you find the most suitable Nigeria Brokers. Below we shortlist what we think are the best nigeria brokers after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Nigeria Brokers.

Trading in Nigeria

When trading in Nigeria you will need to chec what your options with your Nigeria trading broker are.

We list below the various regulated trading account types available to traders in Nigeria. If you are looking for a trading platform or broker in Nigeria that are suitable for trading in Forex, CFD's, indices, stocks, and ETFs, Cryptocurrencies (availability subject to regulation) or commodity markets; this Nigeria broker guide will explain the things you should check and be aware of before you invest.

Forex Trading in Nigeria

You've probably noticed how Forex trading is really taking off in Nigeria, right? Over the past half-dozen years or so, the trading volume in Nigeria has been on a steady climb. It's like everyone in Nigeria is getting in on the action. But traders in Nigeria must understand the risks.

Across the world $7.5 trillion USD in volume is traded every single day. Commodities global trading volume is around $380 million USD a day. Global stock markets trading volume is around 460 million USD a day.

Modern software, more affordable mobile devices in Nigeria and higher internet uptake in Nigeria has increased competition for new trading clients among brokerages in Nigeria, which has opened Forex trading to a new audience.

Is Forex Trading Legal in Nigeria?

There's this common myth floating around that diving into Forex trading in Nigeria is illegal, this is not the case, but Forex trading in Nigeria is risky. Forex trading in Nigeria is not a get rich quick scheme, you will be competing with people not just in Nigeria, but all over the world. The key, though, is to be smart about it. You have to choose a broker in Nigeria that's not just reputable but also strictly regulated and allowed to offer services to traders in Nigeria.

Trading in Forex is allowed in Nigeria as businesses dealing internationally must exchange currency. Forex is an integral part of import and export in Nigeria and investing internationally. Nigeria Forex trading is not banned, their are many top-notch international online brokers available to traders in Nigeria offering regulated trading environments.

Do Forex Traders Pay Tax in Nigeria?

Once a traders profits reach a level where the income on the Forex trading can be taxed in Nigeria the trader should make sure all taxes owed for a financial year are paid. Just a heads up about the tax situation here in Nigeria. You've must file taxes in Nigeria even if the markets chewed you up and you spat out losses this year. Also in Nigeria you can't claim any trading losses against your personal income taxes, unfortunately. Don't just wing it - get yourself some solid advice from a qualified tax pro in Nigeria who knows the ins and outs of the tax labyrinth in Nigeria. In Nigeria, Islamic accounts are not restricted.

Cryptocurrencies in Nigeria

Here in Nigeria, the crypto scene is still pretty new, and cryptocurrency in Nigeria is getting more and more tangled up in the local financial regulatory rule in Nigeria. The thing about cryptos is, they operate on this decentralized model, right? So, unlike our traditional currency markets in Nigeria, they're not as rattled by interest rate shifts or the political drama in Nigeria that's always on the news. Crypto in Nigeria is a different beast altogether.

You know, with the surge of younger traders in Nigeria, who are not only tech-savvy but also starting to speculate with decent money in Nigeria, there's a noticeable shift happening in Nigeria towards the crypto market (which is highly volitle and high risk in Nigeria). Cryptocurrency traders in Nigeria contribute to the $20 billion USD worth of Bitcoin is traded daily around the world.

Commodity Trading in Nigeria

In Nigeria commodity trading includes the trade in precious metals, energies and agricultural commodities.

Some commodities like metals are seeing exponential growth in Nigeria since 2002.

Fast growing countries like China and India have been growing rapidly over the last 3 decades. This has meant that countries like China and India have a vast requirement for many basic commodities and raw materials for their populations. Crops to feed people and metal to build infrastructure for example. This means countries like Nigeria are able to take advantage of this demand.

We list brokers that allow you to trade commodities in Nigeria here.

Islamic Accounts in Nigeria

Nigeria brokers support Islamic accounts or swap-free accounts. Nigeria Islamic accounts have no rollover interest on overnight positions to comply the Muslim faith. Traders of Islamic faith are forbidden to pay interest. Brokers in Nigeria offer accounts that are suitable for Islamic traders. These Nigeria brokers complies with Sharia law.

Benefits of Trading in Nigeria

Nigeria economy and population is growing. The middle class population in Nigeria is increasing which means a growing consumer base. Many business and financial opportunities exist in Nigeria. Nigeria has a young population educated in technology and the internet.

Concerns of Trading in Nigeria

Nigeria digitisation of financial trading has made it easier to defraud unsuspecting investors across the internet. Make sure the broker you trade with is regulated and passes the checklist in this Nigeria guide. Educate yourself as much as possible open a demo account if necessary be you open a live trading account.

Learn about leverage when trading. Nigeria Brokers offering high leverage trades in Nigeria can mean high profit margins. But this goes both was it can also mean huge losses. There are things like negative balance protection and stop loss accounts which some Nigeria brokers offer as a level of protection. you can learn more about further below on this guide.

Reputable Trading Platforms in Nigeria Checklist

Selecting a reliable and reputable online Nigeria trading brokerage involves assessing their track record, regulatory status, customer support, processing times, international presence, and language capabilities. Considering these factors, you can make an informed decision and trade Nigeria more confidently.

Selecting the right online Nigeria trading brokerage requires careful consideration of several critical factors. Here are some essential points to keep in mind:

It is not essential that your brokerage is local but they must have regulation from a Tier 1 reputable country. In fact the brokers international regulation could be more reputable than your local region.

When deciding to trade and find a suitable Nigeria broker if you wish your broker to be 100% local check they are governed and regulated by the below.

Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.

Compare Key Features of Nigeria Brokers in Our Brokerage Comparison Table

When choosing a broker for nigeria trading, it's essential to compare the different options available to you. Our nigeria brokerage comparison table below allows you to compare several important features side by side, making it easier to make an informed choice.

By comparing these essential features, you can choose a nigeria broker that best suits your needs and preferences for nigeria. Our nigeria broker comparison table simplifies the process, allowing you to make a more informed decision.

Top 15 Nigeria Brokers of 2024 compared

Here are the top Nigeria Brokers (NG).

Compare nigeria brokers for min deposits, funding, used by, benefits, account types, platforms, and support levels. When searching for a nigeria broker, it's crucial to compare several factors to choose the right one for your nigeria needs. Our comparison tool allows you to compare the essential features side by side.

All brokers below are nigeria brokers. Learn more about what they offer below.

You can scroll left and right on the comparison table below to see more nigeria brokers that accept nigeria clients.

Broker IC Markets Roboforex XTB XM Pepperstone AvaTrade FP Markets NordFX EasyMarkets SpreadEx FXPro
Rating
locality IC Markets accept Nigeria clients Roboforex accept Nigeria clients XTB accept Nigeria clients XM accept Nigeria clients Pepperstone accept Nigeria clients AvaTrade accept Nigeria clients FP Markets accept Nigeria clients NordFX accept Nigeria clients easyMarkets accept Nigeria clients SpreadEx accept Nigeria clients FxPro accept Nigeria clients
Regulation Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19) Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC) Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217 Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926), Capital Markets Authority (CMA), Securities Commission of the Bahamas (SCB) Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI) Financial Conduct Authority (FCA) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB)
Min Deposit 200 10 No minimum deposit 5 200 100 100 1 100 1 100
Funding
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
  • Bank transfer
  • Credit Card
  • Paypal
Used By 180,000+ 1,000,000+ 935,000+ 10,000,000+ 400,000+ 300,000+ 10,000+ 10,000+ 142,500+ 10,000+ 1,866,000+
Benefits
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection
  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection
Accounts
  • Demo account
  • Mini account
  • Standard account
  • Zero spread account
  • Raw Spread account
  • Islamic account
  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • Islamic account
  • Pro account
  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Islamic account
  • Demo account
  • Micro account
  • Standard account
  • Islamic account
  • Demo account
  • Standard account
  • Zero spread account
  • ECN account
  • Islamic account
  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Managed account
  • Islamic account
  • Demo account
  • Micro account
  • Standard account
  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • Islamic account
  • Demo account
  • Standard account
  • Islamic account
  • Demo account
  • Standard account
  • Demo account
  • Mini account
  • Islamic account
Platforms MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android MT4, MT5, Mac, Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, MT5, Mac, Web Trader, Tablet & Mobile apps MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5 MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps MT4, MT5, Tablet & Mobile apps MT4, MT5, Web Trader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, MT5, cTrader, Tablet & Mobile apps
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Learn More Sign Up with
icmarkets
Sign Up with
roboforex
Sign Up with
xtb
Sign Up with
xm
Sign Up with
pepperstone
Sign Up with
avatrade
Sign Up with
fpmarkets
Sign Up with
nordfx
Sign Up with
easymarkets
Sign Up with
spreadex
Sign Up with
fxpro
Risk Warning Losses can exceed deposits Losses can exceed deposits 76-85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. 74-89 % of retail investor accounts lose money when trading CFDs 71% of retail investor accounts lose money when trading CFDs with this provider Losses can exceed deposits Losses can exceed deposits Your capital is at risk Losses can exceed deposits 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider
Demo IC Markets
Demo
Roboforex
Demo
XTB
Demo
XM
Demo
Pepperstone
Demo
AvaTrade
Demo
FP Markets
Demo
NordFX
Demo
easyMarkets
Demo
SpreadEx
Demo
FxPro
Demo
Excluded Countries US, IR, CA, NZ, JP AU, BE, BQ, BR, CA, CW, CZ, DE, ES, EE, EU, FM, FR, FI, GW, ID, IR, JP, LR, MP, NL, PF, PL, RU, SE, SJ, SS, SL, SI, TL, TR, DO, US, IT, AT, PT, BG, HR, CY, DK, FL, GR, IE, LV, LT, MT, RO, SK, CH US, IN, PK, BD, NG , ID, BE, AU US, CA, IL, IR AF, AS, AQ, AR, AM, AZ, BY, BE, BZ, BT, BA, BI, CM, CA, CF, TD, CG, CI, ER, GF, PF, GP, GU, GN, GW, GY, HT, VA, IR, IQ, JP, KZ, LB, LR, LY, ML, MQ, YT, MZ, MM, NZ, NI, KP, PS, PR, RE, KN, LC, VC, WS, SO, GS, KR, SS, SD, SR, SY, TJ, TN, TM, TC, US, UY, VU, VG, EH, ES, YE, ZW, ET BE, BR, KP, NZ, TR, US, CA, SG US, JP, NZ US, CA, EU, RU, SY, KP, CU US, IL, BC, MB, QC, ON, AF, BY, BI, KH, KY, TD, KM, CG, CU, CD, GQ, ER, FJ, GN, GW, HT, IR, IQ, LA, LY, MZ, MM, NI, KP, PW, PA, RU, SO, SS, SD, SY, TT, TM, VU, VE, YE US, TR US, CA, IR


All Nigeria brokers in more detail

You can compare Nigeria Brokers ratings, min deposits what the the broker offers, funding methods, platforms, spread types, customer support options, regulation and account types side by side.

We also have an indepth Top Nigeria Brokers for 2024 article further below. You can see it now by clicking here

We have listed top Nigeria brokers below.

Trading Platforms in Nigeria List

IC Markets
(4/5)
Min deposit : 200
IC Markets was established in 2007 and is used by over 180000+ traders. Losses can exceed deposits IC Markets offers Forex, CFDs, Spread Betting, Share dealing, Cryptocurrencies. Cryptocurrency availability with IC Markets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
Roboforex
(4/5)
Min deposit : 10
Roboforex was established in 2009 and is used by over 1000000+ traders. Losses can exceed deposits Roboforex offers Forex, CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by RoboForex Ltd is regulated by the FSC, license 000138/437, reg. number 128.572. RoboForex Ltd, which is an (A category) member of The Financial Commission, also is a participant of its Compensation Fund
XTB
(4/5)
Min deposit : 0
XTB was established in 2002 and is used by over 935000+ traders. 76-85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. XTB offers Forex, CFDs, Cryptocurrency. Cryptocurrency availability with XTB is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, Mirror Trader, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by FCA (Financial Conduct Authority reference 522157), CySEC (Cyprus Securities and Exchange Commission reference 169/12), FSCA (Financial Sector Conduct Authority), XTB AFRICA (PTY) LTD licensed to operate in South Africa, KPWiG (Polish Securities and Exchange Commission), DFSA (Dubai Financial Services Authority), DIFC (Dubai International Financial Center), CNMV (Comisión Nacional del Mercado de Valores), KNF (Komisja Nadzoru Finansowego), IFSC (Belize International Financial Services Commission license number IFSC/60/413/TS/19)
XM
(4/5)
Min deposit : 5
XM was established in 2009 and is used by over 10000000+ traders. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. XM offers Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, Energies CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account XM Swap-Free account (XM Ultra Low Account) VIP account
Regulated by Financial Services Commission (FSC), Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC)
Pepperstone
(4/5)
Min deposit : 200
Pepperstone was established in 2010 and is used by over 400000+ traders. 74-89 % of retail investor accounts lose money when trading CFDs Pepperstone offers Forex, CFDs, Social Trading.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account Pro Account VIP account
Regulated by Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), Federal Financial Supervisory Authority (BaFin), Dubai Financial Services Authority (DFSA), Capital Markets Authority of Kenya (CMA), Pepperstone Markets Limited is incorporated in The Bahamas (number 177174 B), Licensed by the Securities Commission of the Bahamas (SCB) number SIA-F217
AvaTrade
(4/5)
Min deposit : 100
AvaTrade was established in 2006 and is used by over 300000+ traders. 71% of retail investor accounts lose money when trading CFDs with this provider AvaTrade offers Forex, Cryptocurrencies, Commodities, Indices, Stocks, Bonds, Vanilla Options, ETFs, CFDs, Spread Betting, Social Trading . Cryptocurrency availability with AvaTrade is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, MT4, MT5, AvaTradeGo, AvaOptions, DupliTrade, ZuluTrade, Mobile Apps, ZuluTrade, DupliTrade, MQL5

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), ASIC (406684), Financial Services Authority (FSA), South African Financial Sector Conduct Authority (FSCA), Financial Stability Board (FSB), The Financial Services Agency (JAPAN FSA), Financial Futures Association of Japan (FFAJ), Abu Dhabi Global Markets (ADGM), Financial Regulatory Services Authority (FRSA), Polish Financial Supervision Authority (KNF), Israel Securities Association (ISA), British Virgin Islands Financial Services Commission (BVI), BVI (SIBA/L/13/1049), Central Bank of Ireland
FP Markets
(4/5)
Min deposit : 100
FP Markets was established in 2005 and is used by over 10000+ traders. Losses can exceed deposits FP Markets offers Forex, CFDs.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, IRESS, Mac, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Australian Securities and Investments Commission (ASIC), Cyprus Securities and Exchange Commission (CySEC), FSCA (FSP Number 50926), Capital Markets Authority (CMA), Securities Commission of the Bahamas (SCB)
NordFX
(4/5)
Min deposit : 1
NordFX was established in 2008 and is used by over 10000+ traders. Losses can exceed deposits NordFX offers Forex.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008
EasyMarkets
(4/5)
Min deposit : 100
easyMarkets was established in 2001 and is used by over 142500+ traders. Your capital is at risk easyMarkets offers CFD, Forex, Commodities, Indices, Shares, Crypto. Cryptocurrency availability with easyMarkets is subject to regulation.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Cyprus Securities and Exchange Commission (CySEC), Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), British Virgin Islands Financial Services Commission (BVI)
SpreadEx
(4/5)
Min deposit : 1
SpreadEx was established in 1999 and is used by over 10000+ traders. Losses can exceed deposits SpreadEx offers Forex, CFDs, and spread betting.

Funding methods

Bank transfer Credit Card Paypal

Platforms

Web Trader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Financial Conduct Authority (FCA)
FXPro
(4/5)
Min deposit : 100
FxPro was established in 2006 and is used by over 1866000+ traders. 75.78% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider FxPro offers Forex trading, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies.

Funding methods

Bank transfer Credit Card Paypal

Platforms

MT4, MT5, cTrader, Tablet & Mobile apps

Customer support

Live chat Phone support Email support

Account Types

Micro account Standard account ECN account
Islamic account VIP account
Regulated by Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Financial Sector Conduct Authority (FSCA), Securities Commission of the Bahamas (SCB)

Learn more Learn more about IC Markets.
Losses can exceed deposits
TRADE NOW Try IC Markets today
Losses can exceed deposits