We found 11 online brokers that are appropriate for Trading Nigerian Forex Brokers.
Nigerian Forex trading involves currencies trading in currency pairs with the aim of profiting from the constant changing world currency prices.
As you conduct this activity in Nigeria, you will probably use Nairas as the base. But if you are trading overseas, you will need to convert your Nairas to foreign currencies.
The exchange rate will depend on the global marketplace and the Forex market.
When it comes to the Forex trading in Nigeria, you will expect such dynamics and vitality in the marketplace.
The level of volatility is the key to comprehend your risks and opportunities there. The movement of the currencies can alter from time to time depending on various factors which are dynamic.
If you are an individual investor, you will want to cover all the basics and equip yourself with enough knowledge before proceeding.
It is just like in other countries. You need to choose a trustworthy and reliable Forex broker in Nigeria if you are looking for the most appropriate place to invest in the currency market.
The good news is that Forex trading in Nigerian countries is legal. But there’s still risk if you are dealing with unregulated brokerages.
Therefore, you need to be especially careful when browsing around trading options online.
Start by checking if the broker is regulated by the official regulatory entities. If your brokerage does not come with reputable regulatory status, you better skip to brokerages who can prove their regulated status.
It will only work well if you focus your search to the eligible and regulated brokerages.
As mentioned, you can rest assured to conduct your Forex trading activity if you are dealing with the correct party.
In this particular case, the Central Bank of Nigeria is by far the most renowned provider of the Forex exchange business in the country.
The Central Bank of Nigeria has the right and power to make the laws and regulations. It is also their responsibility to regulate the brokerages in the Nigerian Forex market.
The Central Bank of Nigeria has released a vast amount of detailed guidelines concerning Forex markets. The central bank also issues the license for the commercial banks in Nigeria.
Most of these commercial banks also deal with the foreign exchange markets.
In the case of banking, both residents and non-residents can open commercial banks accounts in Nigeria. It is also important to realize that only residents of Nigeria will be able to use the domiciliary accounts.
To conduct the Forex trading activity, you will need to be an authorized buyer in the country.
The authorized buyers can be the official entities, or the end-users approved by the central bank to conduct the foreign exchange in the bank. Meanwhile, the central bank has also appointed some authorized dealers to sell the Forex exchange to end-users.
The legality of the Forex in Nigeria has also been a challenging topic since it is still relatively new as the instrument of making money. If you have any questions regarding its legality, then you are good. It will help you prevent bad situations later.
The Forex market in Nigeria comes with high volatility. The condition of the market is dependent upon the oil in the country as oil production is the major earner of Forex.
Because it is highly volatile, the Central Bank is working with the government to regulate the sector with the most appropriate measures.
Nigerian foreign exchange regulations and laws have caysed the Central Bank to issue policies to regulate the Forex transactions in the country. The Central Bank can regulate transactions which traders execute even in foreign currencies.
Nigerian Commercial banks hold the right to conduct and monitor all foreign exchange transactions. The Central Bank of Nigeria also allows only authorized dealers to conduct the transactions.
In a nutshell, the Central Bank allows the banks and other authorized bodies to conduct Forex trading.
Whether you are traveling, living, or just passing through Nigeria, you have the right to conduct online Forex transactions, however Forex is relatively new in Nigeria.
When it comes to rules, there is no specific rules that you should worry about, however you should always deal with regulated over unregulated brokers.
Therefore, you could check candidates to see if they are regulated by the Association of Online Forex Trading Agent in Nigeria.
The Association has been working with the Central Bank of Nigeria and other regulatory agencies to come up with the most appropriate regulations applied to the country.
Local Forex traders need to be compliant to the extent of the Nigerian laws and confirm legally in all activities.
If you are unsure, you could contact brokerages and the financial regulatory body in Nigeria to check a brokers status.
Just like in any other country, it is illegal to use an investors money unless the brokerages are authorized to do so, so a trustworthy business should not mind providing you some proof of credibility if you ask for it.
We have conducted extensive research and analysis on over multiple data points on Nigeria Forex Regulation to present you with a comprehensive guide that can help you find the most suitable Nigeria Forex Regulation. Below is a list of what we consider to be the best Nigerian Forex Brokers after careful consideration and evaluation. We hope this list will assist you in making an informed decision when researching Nigeria Forex Regulation.
There are a number of important factors to consider when picking an online Nigerian Forex Brokers trading brokerage.
Our team have listed brokers that match your criteria for you below. All brokerage data has been summarised into a comparison table. Scroll down.
We compare these features to make it easier for you to make a more informed choice.
Here are the top Nigerian Forex Brokers.
Compare Nigerian Forex Brokers min deposits, regulation, headquarters, benefits, funding methods and fees side by side.
All brokers below are Nigerian Forex Brokers. Learn more about what they offer below.
You can scroll left and right on the comparison table below to see more Nigerian Forex Brokers that accept Nigerian Forex Brokers clients
Broker |
IC Markets
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Roboforex
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XM
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Pepperstone
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NordFX
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XTB
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AvaTrade
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FP Markets
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Trading212
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EasyMarkets
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SpreadEx
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Rating | |||||||||||
Regulation | Australian Securities and Investments Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC) | Cyprus Securities and Exchange Commission (CySEC) | 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 | Cyprus Securities and Exchange Commission (CySEC), License No: 209/13, VFSC registration number 15008 | 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) | 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) | Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) | 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) |
Min Deposit | 200 | 1 | 5 | 200 | 1 | No minimum deposit | 100 | 100 | 1 | 100 | 1 |
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Used By | 180,000+ | 1,000,000+ | 3,500,000+ | 400,000+ | 10,000+ | 581,000+ | 300,000+ | 10,000+ | 15,000,000+ | 142,500+ | 10,000+ |
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Accounts |
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Platforms | MT4, MT5, Mirror Trader, Web Trader, cTrader, Windows, Mac, iOS, Android | MT4, MT5, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Mac, Web Trader, Tablet & Mobile apps | MT4, MT5, TradingView, DupliTrade, myFXbook, Mac, Web Trader, cTrader, Tablet & Mobile apps | MT4, MT5, Tablet & Mobile apps | MT4, Mirror Trader, Web Trader, 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 | Web Trader, Tablet & Mobile apps | MT4, MT5, Web Trader, Tablet & Mobile apps | Web Trader, Tablet & Mobile apps |
Support |
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Learn More |
Sign
Up with icmarkets |
Sign
Up with roboforex |
Sign
Up with xm |
Sign
Up with pepperstone |
Sign
Up with nordfx |
Sign
Up with xtb |
Sign
Up with avatrade |
Sign
Up with fpmarkets |
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Up with trading212 |
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Up with easymarkets |
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Up with spreadex |
Risk Warning | Losses can exceed deposits | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.74% 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 | Losses can exceed deposits | 81% 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. | 71% of retail investor accounts lose money when trading CFDs with this provider | Losses can exceed deposits | CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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. | Your capital is at risk | Losses can exceed deposits |
Demo |
IC Markets Demo |
Roboforex Demo |
XM Demo |
Pepperstone Demo |
NordFX Demo |
XTB Demo |
AvaTrade Demo |
FP Markets Demo |
Trading 212 Demo |
easyMarkets Demo |
SpreadEx Demo |
Excluded Countries | US, IR, CA, NZ, JP | US, JP, IR, RU | US, CA, IL, KR, IR, MM, CU, SD, SY | 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, YE, ZW | US, CA, EU, RU, SY, KP, CU | US, IN, PK, BD, NG , ID, BE, AU | BE, BR, KP, NZ, TR, US, CA, SG | US, JP, NZ | US, CA | 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 |
You can compare Nigerian Forex 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 Nigerian Forex Brokers for 2023 article further below. You can see it now by clicking here
We have listed top Nigerian Forex Brokers below.