Forex trading is exploding in Nigeria. Read our quick guide on the best forex brokers in Nigeria at the moment.

1. eToro

eToro was founded in 2007 and is popular for several reasons.

This reputable broker charges traders no management fees. Fast order execution and high liquidity are some of the advantages when trading on this broker’s platforms. Minimum deposits of 50 USD can be expected.

This broker operates transparently and no management fees are charged. Through powerful platforms, ultra-fast order execution is achieved.

eToro values its traders above all else. One of its main goals is to remove online trading barriers and make it more accessible to all traders.

To this end, the broker ensures that both beginner and advanced traders are catered for, particularly through the provision of advanced analytical capabilities, as well as useful and comprehensive training materials for beginners.

2. Tickmill

Tickmill has been awarded with numerous achievements such as Best Commodities Broker, Best Forex Execution Broker, Best Trading Platform Provider, Top CFD Broker, Most Trusted Broker in Europe and several others.

Tickmill is authorised and regulated with several reputable financial authorities like the UK Financial Conduct Authority, the Cyprus Securities and Exchange Commission and the Financial Services Authority of Labuan Malaysia.

Three account types are offered and the minimum deposits start at only 100 USD. Swap free options are available, spreads from 0.0 pips, maximum leverage ratios and low to zero commission fees are charged, depending on the type of account.

Popular platforms are used by this broker and promotions is one of the great benefits traders will enjoy when selecting Tickmill as broker.

Beginner traders in Nigeria will especially enjoy this variety of trading bonuses and promotions, allowing them with broader access to trade the financial markets with lower initial investments.

3. AvaTrade

AvaTrade was founded in 2006 and is one of the most popular brokers in the world. As such, AvaTrade has maintained an excellent standing in the industry for its provision of advanced trading platforms coupled with competitive trading conditions.

Benefits when trading with AvaTrade include low minimum deposits of just 100 USD, high leverage of 1:400 and a wide range of financial instruments that include forex, CFD trading as well as cryptocurrencies.

Traders can also enjoy Expert Advisors (EAs), lots from 0.01 and several promotions which allow new clients to enhance their trades on a lower initial investment.

AvaTrade is authorised and regulated in Europe, Japan, South Africa and Australia. Traders can be assured that the company operates with safe trading practices.

4. IG Markets

IG Markets traders can enjoy fast trading on different platforms, expert support 24 hours a day from a dedicated support team as well as opportunities to trade a large financial instrument selection, which are offered on the MetaTrader 4 and ProRealTime platforms.

This broker offers traders access to more than 17 000 financial markets across shares, forex currency pairs, commodities and cryptocurrencies.

Award winning technology is used and traders can enjoy negative balance protection, different time frames and several other benefits.

As a result of this comprehensive offering, IG Markets has grown a broad client base of more than 180 thousand traders across the globe.

IG Markets was awarded at the ADVFN International Financial Awards 2020 and Professional Trader Awards 2019 and handles more than 86 million trades per year.

5. HotForex

HotForex offers several promotions such as a 100% Supercharged Bonus and Instant Rebates, 100% Credit Bonus and a 30% Rescue Bonus, just to mention a few.

Minimum deposits of 5 USD, spreads from 0.1 pips and high leverage ratios can be expected. HotForex offer a selection of more than 1 000 popular financial instrument across forex, cryptocurrencies, commodities and precious metals markets.

More than 2 million live accounts have been opened by this broker and some of its awards include Top 100 Companies, Best Client Services Global. Best Forex Customer, Best Client Funds Security and many more.

HotForex is regulated by 5 reputable financial authorities, allowing traders to take advantage of its distinct benefits and advanced offering in a safe and secure trading environment.


FXTM is authorised and regulated with Financial Conduct Authority (FCA) in the United Kingdom, as well as the Cypress Securities and Exchange Commission in Cyprus (CySEC).

Traders can be assured of a safe trading environment and that all regulations are followed. It serves traders across more than 150 countries across the globe.

Through the years, FXTM has been award with more than 40 global awards, such as Best ECN Broker, Best Education Provider, Best Trading Conditions, Best Investment Broker and Most Innovative Broker.

It offers popular platforms that features more than 30 different languages, 21 different timeframes and trading robots.

Traders can choose from a variety of standard and ECN account types. Minimum deposits start at 100 USD, no commission fees are charged and low spreads can be expected.

7. CM Trading

CM Trading is the largest forex broker is South Africa. As such, it is authorised and regulated by the FSCA, South Africa’s financial authority. Minimum deposits start at 250 USD and spreads as low as 0.9 pips is a great advantage. Islamic account options are available.

CM Trading also offers top tier security for client funds, popular and powerful trading platforms and a wide selection of research tools such as technical analysis, daily forex signals, market analysis and news.

CM Trading offers more than 50 different instruments to trade, including over 28 currency pairs, indices, commodities and CFDs.

8. Exness

Exness was founded in 2008 and has since grown significantly and proved itself to be a reputable industry leader. It offers several financial instruments including currency pairs, metals, cryptocurrencies, energies, indices, and stocks.

Exness offers minimum deposits as low as 1 USD, spreads from 0.3 pips and high leverage ratios of up to 1:2000. Through the MetaTrader 4, MetaTrader 5 and WebTerminal platforms, traders can enjoy beneficial trading tools and fast market order execution.

Exness was founded in 2008 and has since grown significantly and proved itself to be a reputable industry leader.

Exness provides traders with access to a wide range of currency pairs, as well as metals, cryptocurrencies, energies, indices, and stocks.

Want to learn more about forex trading – click here.


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