A list of the best forex brokers in Nigeria (2020 update)

Trade forex and CFDs with the best forex brokers in Nigeria.

If you are to master the trader in you, you’ve got to trade with licensed and regulated forex brokers in Nigeria.

That’s why we’ve put together a list of the top and the best forex trading brokers in Nigeria to trade forex or shares in 2020.

Two brokers on this list will give you free money – a $30 NO deposit bonus for just opening an account with them. You can withdraw the profits.

Our forex broker review process is simple; we are residents of Africa and trade with these forex brokers on live accounts.

Here is a growing list of the best registered and licensed forex brokers in Nigeria in 2020.

Exness Forex Broker Review

Exness logo - forex brokers in Africa

Open an Account
Quick info
Founded: 2008
Regulator: FSA, Seychelles
Minimum deposit: $1
Leverage: Up to 1:2000
Average spread: 0 (Zero and Raw spread) 0.3 – Standard
Platforms: MT4, MT5, Web, Mobile  
  Why trade forex with Exness.
– Super tight spreads
– Instant automated Withdrawals and deposits 24/7
– Multiple withdraw and deposit methods
– Negative balance protection
– Regulated broker  

IC Markets Forex Broker Review

icmarkets logo - forex brokers in Africa

Open an Account

IC Markets Review
Quick info
Founded: 2007
Regulator: ASIC Australia, FSA Seychelles, CySEC Cyprus
Minimum deposit: $200
Leverage: Up to 1:500
Average spreads : 0 (cTrader and Raw spread) and from 1.0 – Standard
Commissions : only on cTrader –  $6.0 and Raw Spread – $7 per lot round-turn
Platforms: MT4, MT5, cTrader, Web, Mobile  
  Why trade forex with IC Markets.
– Super tight spreads
– Multiple withdraw and deposit methods
– Supports PayPal deposits and withdrawal
– Regulated broker    

HotForex Forex Broker Review

HotForex- forex brokers in Africa

Open an Account.
Quick info
Founded: 2010
Regulator: FCA United Kingdom, FSA Seychelles, DFSA Dubai, FSCA South Africa
Account currency: USD, EUR, GBP
Minimum deposit: $5
Leverage: Up to 1:1000
Average spreads: EURUSD – 1 pip, GBPUSD
Commissions: $7 per lot round-turn on the Zero Spread account.
Platforms: MT4, Web, Mobile  
  Why trade forex with HotForex.
– Up to 100% trading bonus on deposits on some accounts
– Multiple withdraw and deposit methods
– Tight spreads on the Zero spread account
– Regulated in many countries
– Negative balance protection

Tickmill Forex Broker Review

Tickmill - forex brokers in Africa

Open an Account.
Quick info
Founded: 2015
Regulator: FSA Seychelles, CySEC Cyprus, FCA United Kingdom
Account currency: USD, EUR, GBP
Minimum deposit: $5
Leverage: Up to 1:500
Average spreads: EURUSD – 1 pip, GBPUSD
Commissions: $4 per lot round-turn – only on the Pro account.
Platforms: MT4, Web, Mobile  
  Why trade forex with Tickmill.
– Super tight spreads
– Very low commissions
– Multiple withdraw and deposit methods
– Regulated broker  

XM Forex Broker Review

XM - forex brokers in Africa

Open an account
Quick info
Founded: 2009
Regulator: CySEC Cyprus, IFSC, FCA United Kingdom, ASIC Australia, DFSA Dubai
Base currency: USD, EUR, GBP, JPY, CHF,‎ AUD, HUF, PLN, RUB, SGD, ZAR
Minimum deposit: $5 on Standard and Micro and  $50 on XM Ultra-Low Account
Leverage: Up to 1:888
Average spreads: 1 pip (Standard and Micro) 0.6 – on XM Ultra-Low Account Platforms: MT4, MT5, Web, Mobile    
  Why trade forex with XM.
– Multiple withdraw and deposit methods
– Supports mobile money funding
– Negative balance protection
– Regulated in many countries  

That’s a quick look at the top licensed and the best forex brokers in Nigeria.

We’ll keep adding to this list as we experiment with other brokers.

I will now show you which broker is best in what.

The best forex brokers in Nigeria with PayPal

ICMarkets allows funding an account with PayPal

The best forex broker in Nigeria for beginners

All the five brokers above qualify for beginning traders. They all have a low initial deposit except ICMarkets that requires an initial $200.

In my list, Exness is the best forex broker for new traders in Nigeria.  They have very low spreads, a small initial deposit, instant withdrawal, and deposits 24/7 – even at midnight on a Saturday.

Next is Tickmill, then IC Markets.

Hotforex and XM are great, but their standard accounts have the highest spreads.

If you prefer to trade with Hotforex or XM, I recommend the Hotforex Zero spread account or the XM ultra-low account.

Take advantage of the free demo accounts these brokers give to hone your trading skills with virtual money without risking your money on a live account.

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The best brokers in Nigeria with low trading costs – Commission.

Tickmill has the lowest commission of $4 per lot round-turn on its Pro account an equivalent to an ECN account.

The best forex brokers in Nigeria with small spreads

Exness, IC Markets, and Tickmill compete for this spot. The spreads on Exness standard account, for instance, are almost equivalent to the Zero Spread account on Hotforex

The best Forex broker with the best customer service

Exness, IC Markets, HotForex, Tickmill, and XM. All five brokers have very responsive customer care service.

Forex broker with the best forex research and education.

Exness, IC Markets, HotForex, Tickmill, and XM. All the five brokers take their traders seriously with very insightful education and trading advice based on research.

Look out for Tickmill‘s Swahili Webinars.

The best forex Broker with the best Forex Trading Platforms

IC Markets has the most trading platforms followed by HotForex and XM

The best forex broker for Day Trading

Exness, IC Markets, HotForex, Tickmill, and XM forex brokers will all work well for day traders.

Forex brokers in Nigeria with a NO deposit bonus

Both Tickmill and XM give first-time clients a $30 no deposit bonus.

The beauty of this bonus is you can always withdraw the profits you make.

A no deposit bonus is great if you want to test the live trading environment of any of these brokers without risking your money.

A no deposit bonus is great for testing the live trading environment of a #forexbroker without risking your money. Grab $30 from Tickmill https://bit.ly/39CixKC and XM https://bit.ly/3bIojM1 #forex Click To Tweet

Forex brokers in Nigeria with the best trading bonus

HotForex has the craziest bonuses to choose from. If you want to increase your trading equity by up to 100% of your deposit, then Hotforex is for you. XM also has some great bonuses and promotions.

Documents you need to verify a forex trading account.

Every trader is required to verify their account to comply with Anti Money Laundering regulation.

You need these documents to verify your trading account.

Proof of Legal Identity: Government-issued ID, Driver’s License, Passport, etc.

Proof of Address: Government-issued residential registration, reoccurring statements to the address – Water bill, Electricity bill, Tax bill, Tax clearance certificate, and Bank statements.

Note that your proof of address must include your actual address – plot number, street, house number.

It is hard to get documents with an address if you are renting. But, here is a hack, go to your ABSA branch and request a bank statement, ask them to add the residential address you used when opening the bank account to the bank statement.

That is the simplest way to get a document with proof of address in Nigeria if you don’t own a house.

You can also use a tax certificate

Answers to forex trading questions

Frequently asked questions about forex brokers and forex trading.

Go here for answers to questions beginners ask about forex trading.

How do I calculate forex trading costs?

For spreads, your trading costs are the difference between the buying and selling prices.

For ECN or Raw trade accounts – commissions are transparently displayed by the broker. For instance, on Tickmill, the cost is $4 per standard lot round-turn – that is $2 when you enter and $2 when you close the trade.

Most brokers provide trading tools – like calculating margin requires – that can help you figure and plan for your trading.

Where do I learn how to trade forex?

All the forex brokers I recommend have great Education programs for both beginners and advanced traders.

However, if you are new to trading, I recommend starting with www.babypips.com

How to choose a forex broker

How do I choose a good forex broker?

That’s the big question.

Here are the criteria we used to review and pick the forex brokers on this list out of the hundreds of forex brokers out there.

  • Regulation – As a trader, your deposits must be safe. Only regulated brokers can give that assurance. They are required to meet stringent conditions before they are licensed. This protects your money.
  • Withdrawal and deposit methods. Once you are sure that your money is secure, you want to know how fast and conveniently you can deposit and withdraw your money. Almost all these broker have the standard deposit and withdraw methods – VISA, Wire transfer – but those that go the extra mile to provide local withdrawal methods like Mobile Money win.
  • Costs and fees – Even accounts that don’t have commissions have fees – we call those fees spreads. For scalpers, you want to trade with a broker who provides the tightest spreads and lowest commissions possible.
  • Platform and trading tools – The weapons of warfare to a trader are their laptop or computer or mobile phone, running the right trading platforms and trading tools. Always trade with a broker who provides the platforms and tools you are most comfortable trading with. All the above brokers come with Metatrader 4 as the standard. Others have Metatrader 5, and ICM markets additionally have cTrader. They all have web traders and apps for mobile trading.
  • Trade execution – It shouldn’t take ages to enter or get out of a trade. You want to get in when you click buy or sell and get out when you click close. It’s got to be fast—instant fast. You should keep in mind that your gadgets – computer, laptop, phone, internet connection – all play a big part in determining your trade execution speeds.
  • Customer care and support – once in a while, you may need the help of the guys behind your computer. Hasn’t a deposit gone through? Can’t log in? Can’t trade? Anything happens; a good broker like your partner should be a call away, a chat away, or an email away with the help you need to execute your trades.

If you can get these six traits of a good forex broker in the companies you are looking for, then you are good to go.

The best and recommended forex Broker Reviews – compared side by side.

Use this table with reviews of the top forex brokers to compare all the FX brokers we have

Forex Broker Reviews

Broker Min Deposit Demo Trading Platforms Bonus Trading Costs
Exness $1 Yes MT4, MT5, Web, Mobile No From 0.1 pip spread
Tickmill $5 Yes MT4, Web, Mobile $30 no deposit bonus $4 per lot round-turn
IC Markets $200 Yes MT4, MT5, cTrader, Web, Mobile No From 0.1 pip spread
HotForex $5 Yes MT4, MT5, Web, Mobile 100% deposit bonus From 1 pip spread
XM $5 Yes MT4, MT5, Web, Mobile $30 no deposit bonus.

20-50% deposit bonus.
From 1 pip spread

Final thoughts on the best forex brokers in Nigeria.

In the last decade, I’ve experimented with tens of brokers, and these five;  Exness, IC Markets, HotForex, Tickmill, and XM forex brokers are the best forex brokers I have traded with.

Each broker has an advantage over the other. Overall I am never afraid of the safety of my money with any of them.

Take advantage of the free demo accounts brokers give to hone your trading skills with virtual money without risking your money on a live account.

A critical step if your want to master the trader in you.

In this article, I have shown you my list of the best regulated forex trading brokers in Nigeria.

Do you trade with any of these brokers? Or which other forex brokers have you traded with?

Share your thoughts and comments with other traders in the comments section below.

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