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Forex trading is one of the investments you can get a good return from if you leverage it well. Regardless of your current location, you can use different regulated forex brokerage worldwide.

There are so many forex brokerage companies available for people in Nigeria, but you need to be careful to settle for the best. Some of the Forex brokerage companies are operated by people with selfish motives and you might lose your money by investing with them.

In this post, we have compiled a list of the top 5 best Forex brokers that you can use in Nigeria today.

Here are our picks for the best Forex brokers in Nigeria

We will discuss each of the Forex brokers displaying the unique features that have made them stand out.

Hot Forex—Low Spread Broker In Nigeria

Yes, Hot Forex is currently the best Forex broker available for Nigerian traders and this is simply because of their top-notch services, starting with their high leverage and low spreads. On this broker, you spend very little in fees giving you the opportunity to make a decent income. How splendid? Among all Forex brokers in the market available for Nigeria traders, HotForex charges the lowest fees amounts. This is the best choice for beginners who want a low-cost Forex broker in Nigeria

Quick Overview:

Minimum deposit — $ 5(₦ 2000)

Maximum leverage —1:1000

Transaction cost— There are no transaction charges for both deposits and withdrawals.

Regulatory Body

The following authorities regulate HotForex:

Financial Conduct Authority (FCA) in the UK.

Financial Sector Conduct Authority (FSCA) of South Africa.

Cyprus Security Exchange Commission (CySEC) in Cyprus.

Registration Bonus — New traders get the advantage of a 100% welcome deposit bonus, but you have to first deposit ₦ 3000.

Visit Hot Forex and Claim Your Bonus

OctaFX—No Swap Fees Broker

OctaFX was founded in 2010 and it offers several trading instruments, including 28 currency pairs, CDFs on indices & metals. It is the best Forex brokerage company for Islamic traders based in Nigeria looking for swap-free accounts, Below is a quick overview of OctaFX.

Minimum deposit—$50 (₦ 18,000)

Maximum Leverage—1:500

Transaction cost — There are no charges for deposits and withdrawals. But transaction costs may be charged by payment providers such as the local banks; hence you need to fast confirm with yours.

Regulatory Body—Cyprus Security Exchange Commission (CySEC) in Cyprus.

Registration Bonus—New traders get a 50% on all deposits made and this offer is also available for existing traders.

Get Started with OctaFX and claim your 50% deposit Bonus

Deriv-Best Synthetic Broker in Nigeria

Deriv is one of the best online brokerage platforms offering Forex, stock indices, synthetic indices and commodities.

It is just a rebrand of Binary.com, but it now offers a wide product range and an improved user experience.
What to expect?

Minimum deposit —$ 5(₦ 2000)

Maximum leverage— 1:1000

Transaction cost— There are no charges for deposits and withdrawals

Regulatory Bodies:

The Malta Financial Services Authority (FSA)

The Vanuatu Financial Services Commission (FSC)

The British Virgin Islands Financial Services Commission (FSA)

Malaysia’s Labuan Financial Services Authority (FSA)

Registration Bonus— No welcome bonus offered, but the low minimum deposit is something to look forward to.

Visit Deriv to trade synthetics

Fxtm—Fast Execution Broker

This is the fastest-growing international broker having more than 18 million traders. It is very safe for Nigerian traders as FCA and CySEC regulate it. It also has multiple platform support; thus, one can trade using a phone, desktop and tablet.

Minimum deposit:

Cent Account—₦ 2000

Standard account— ₦ 40,000

Maximum leverage— 1:1000

Transaction cost—No transaction costs charged for deposits. There is also no withdrawal cost if you use cryptocurrencies or a wallet, but there are up to 1.5% charges if you use the local bank transfer.

Regulatory Body

Financial Conduct Authority (FCA) in the UK

Financial Sector Conduct Authority (FSCA) of South Africa

Cyprus Security Exchange Commission (CySEC) in Cyprus

International Financial Service Commission (IFSC)

Registration Bonus—A 30% bonus on deposit is offered to all new traders as a welcoming bonus. The bonus is available for trading once you deposit the minimum amount required.</li>

IC markets

IC Markets was founded in 2007 in Sydney, Australia and is the leading brokerage owned and operated by international capital markets. It specializes in CDFs over Forex, commodities, stock indices and bonds and is available for traders in most regions, Nigeria included.

Minimum deposit— $200 (₦ 80,000)

Maximum leverage— 1:500

Transaction cost—No deposit and withdrawal fees charged

Regulatory Body:

Australian Securities and Investment Commission (ASIC)

Seychelles Financial Services Authority (FSA) Seychelles

Cyprus Security Exchange Commission (CySEC) in Cyprus

Registration Bonus — IC markets Forex brokerage doesn’t offer any registration bonus; instead, it employs long-term profitability strategies for their traders.

Visit IC Markets

Frequently Asked Questions

Is Forex trading legal in Nigeria?

Forex trading in Nigeria is legal and anyone can trade on condition they trade for themselves and use a licensed broker.

Which Forex brokers are the best?

Here are the best forex brokers to use in Nigeria based on your strategy:

HotForex broker — Lowest spreads, high leverage and well regulated

OctaFX broker—Islamic traders swap-free accounts

Deriv broker —Best Synthetic Broker in Nigeria

IC markets broker—True Ecn Broker

Fxtm broker—Fast executions Broker

How should you choose a good Forex broker?

When it comes to Forex trading, your funds’ security is paramount; hence, you should choose one which is regulated by at least one top-tier regulatory authority, which includes FCA, CySEC, ASIC, or FSCA.

Investigate important things concerning Forex trading, including types of accounts, minimum deposits, maximum leverage, trading platforms, promotions, bonuses and deposits/withdrawal modes. This is important as it helps you know if their conditions will work for your strategy.

Compare the conditions and read through online reviews and comments to settle for the most suitable Forex trader.

How to start Forex trading in Nigeria?

  • Firstly, you need to have a little forex knowledge you can start learning forex with TradingTiger.pro
  • The second step is to find the best Forex broker for you by evaluating security, minimum deposit, maximum leverage, trading fees, types of accounts, trading platforms and customer support.
  • Next is to use a demo account to test and sharpen your skills. HotForex, XM and FXTM brokers offer demo accounts.
  • Lastly, open a live account with the broker you have settled for and you can now start trading using real funds.

What are the top places to learn Forex online?

  • Forex Brokers- most offer educational material to their clients. One exceptional one for beginners is TradingTiger.pro.
  • Forex forums such as ForexFactory
  • Trading webinars
  • Forex eBooks

What Forex brokers have offices in Nigeria?

Fxtm, Forextime and HotForex have physical offices in Nigeria and they also offer a local phone number.

Conclusion

If you are a Forex trader in Nigeria, we hope your choices are narrowed and you will have an easy time settling for the best broker to suit your trading needs. Ensure you evaluate the main factors required, especially security, before settling for any broker. Most of the recommended brokers offer beginner accounts to guide you if you have not mastered Forex trading. Don’t waste time; pick one from our list, try it and you will have the best experience when it comes to Forex trading!

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