Best Nigerian Forex Broker 2022

Top Forex Brokers in Nigeria

With forex trading being completely legal in Nigeria, citizens have never had this many broker options to choose from before. With that many options, it can become tricky to make a choice.

Our guide to finding the best forex broker in Nigeria is here to relieve the hard work you would have had to put in to find the best broker. With our guide, you will learn more about how to ensure a safe forex trading experience and how to find your ideal platform. Read on to learn more.

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Top Brands
80/100
81/100

Finde the best forex broker in Nigeria for you

Rating
89/100
Minimum Deposit
$10,000.00
Deposit Protection
$500,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
Web
Rating
80/100
Minimum Deposit
$0.00
Deposit Protection
$250,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
Custom
Rating
81/100
Minimum Deposit
$100.00
Deposit Protection
£50,000.00
Maximum Leverage
1:30
Trading Platforms
Android
iOS
MT4
MT5
Web

Who should make use of our forex trading in Nigeria comparison?

We cater to every kind of forex trader with our comparison tool. We have made sure to leave no one out in our comparison as we seek to help every kind of forex trading enthusiast.

New forex traders

For those of you that are new to forex trading in Nigeria, we can help you find a platform that is going to be beginner-friendly. We can also point you in the direction of a site that is going to have plenty of guides and educational resources to ease any growing pains you might have with forex trading.

Experienced forex traders

For all of you experienced forex traders, our comparison tool can help you locate sites that you may have overlooked. If you have become too comfortable on one site, we can help you find another that is going to offer you better trading fees and superior trading tools.

If you are looking to trade forex in Nigeria right now, you will be pleased to know that it is 100% legal to do so. As of 2021, Nigeria allows citizens to freely trade their own capital through online forex trading. Forex trading in Nigeria can be done through plenty of reputable online trading platforms, of which we have reviewed nearly all of them.

Forex trading laws in Nigeria are fairly relaxed at the moment but you will only be able to trade forex with your own capital. Aside from that, citizens are free to delve into the world of online forex trading in Nigeria.

5 ways to ensure safe forex trading in Nigeria

It’s important to make sure you are using a safe online forex trading platform in Nigeria before you get started. Here are a few key elements you should keep in mind before you sign up:

Licence and regulation

It’s imperative that you only use online forex trading platforms that are regulated by the Bank of Nigeria. There are platforms that may try to operate in legal grey areas which is why it’s so important to make sure you are only using platforms that have been given the green light by the national bank. Don’t be drawn in by the appearance of these sites, make sure they are operating legally first before you decide to create an account.

Security

At TradersBest, we like to check up on how these platforms are keeping users safe while they trade forex. There are a couple of different aspects to look out for but the first thing on the list is making sure that your funds are kept in segregated accounts. Once you know your funds are kept safe, look out for whether or not these platforms are using the latest encryption software to keep your banking and login information safe. The best forex broker in Nigeria should also give users the option to use a two-factor authentication feature for their accounts. Essentially, the more security options you have, the better. 

User reviews

There is nothing quite as telling as seeing what your fellow forex trading enthusiasts have had to say about the best forex broker in Nigeria. You can find a forex broker review Nigeria for just about every platform on our site but it’s worth checking out what your average everyday user has had to say about these sites as well. If the reviews are predominantly negative, then it’s clear that you should head for greener pastures. If the reviews are mostly positive, then it may be worth your time to check the site out for yourself. 

Customer service

It may not seem like something you would need to check out but customer service on these sites can make all the difference. The best forex broker in Nigeria will offer top-notch customer support to their users. Customer service on these sites should not only be available at all times but it should also allow traders to use a few different methods as well. Check out the quality of the customer support on these sites before you commit to funding an account. 

Payment methods

Forex trading is going to require you to make frequent deposits to fund your endeavours. As such, it’s important to find a platform that offers you reputable payment methods. While many online traders in Nigeria will make use of wire transfers, these sites need to offer users a number of other methods to use as well. These methods should include debit/credit cards and e-wallets like PayPal or Skrill. Never sign up for forex trading in Nigeria if the broker does not offer you enough reputable deposit methods. 

How we test the best forex broker in Nigeria

Here at TradersBest, we cover a number of online forex trading platforms in Nigeria by reviewing each of them in great detail. To give you an idea of the features we cover on these sites, we have listed a few of the criteria we use to guide our reviews below:

Platform functionality

At the end of the day, the best forex broker in Nigeria can have all the bells and whistles for you to use but if they have put together a shoddy website, it’s all for nothing. Forex markets can shift and change at speed which means that you need a site that can make staying on top of these changes easy. We review the interface of these platforms to make sure that they are up to scratch. We also give you an idea of how easy these sites are to use for newbie forex traders and whether or not they provide enough features that will satisfy the more proficient traders as well.

Accounts

The best online forex broker in Nigeria will always offer users a host of different account types to choose from. Whether it is an Islamic account, trust account, or premium trading account, these platforms should be covering all of the bases. Our reviews shed some light on the options that are available with the best forex broker in Nigeria to make sure you have enough options to choose from.

Deposit options

As we mentioned earlier, it is crucial that users have access to reputable deposit methods on these sites. With that said, it’s no good to only have access to one or two of these methods. Forex traders will have many different preferences which is why we cover the range of deposit methods on these platforms as well. The best online trading platform will have plenty of e-wallets, debit/credit, and banking options for users to choose from. These deposit options should also be speedy in terms of their processing speeds.

Trading platforms

What kind of trading platforms you have available to you can often be what sets the best forex broker in Nigeria apart from the mediocre ones. Your options will vary but we like to see sites that use a well-designed, in-house trading platform. In addition to this, we keep an eye out for industry favourites like MetaTrader 4 and MetaTrader 5 as well. The more trading platform options, the better.

Educational resources

Whether you are just dipping your toe into the forex trading pool or whether you have been using these kinds of sites for ages, everyone needs to stay abreast of the latest changes to the markets. The best platforms in Nigeria, just like the best forex broker in Europe, will make a number of useful educational resources available to their users. The resources should not only ease newbie traders into using the platform but they should also help experienced traders stay on top of forex market trends and any changes that may impact trades. The best forex platform in Nigeria should have a dedicated section on their site that helps users to improve their overall forex trading nous.

Our top forex brokers in Nigeria

89/100
Rating
Credit Card
SEC - U.S. Securities and Exchange Commission
Interactive Brokers Forex
Highlights
  • Award-winning broker
  • Over 100 currency pairs for forex trading
  • Educational resources to help advance your knowledge
80/100
Rating
FINRA - U.S. Financial Industry Regulatory Authority
Robinhood Forex
Highlights
  • Great web trading paltform
  • No withdrawal fee
  • $0 minimum deposit
81/100
Rating
Credit Card
CIMA - Cayman Islands Monetary Authority
FOREX.com Forex
Highlights
  • User-friendly web trading platform
  • Low forex fees
  • $100 minimum deposit

Checklist: finding your perfect forex broker in Nigeria

We have a ton of comprehensive broker reviews for you to find the best forex platform worldwide with. We cover every aspect of these sites so that you know exactly what you are dealing with before ever having to sign up. With that said, you need to consider what you are after on these platforms before making your choice. Here are a few elements you may want to keep in mind to help speed up your selection process:

Lower fees

Nobody likes to pay exorbitant fees on their trades. Finding the best broker in Nigeria with the lowest fees doesn’t need to be a painstaking task. You can use our detailed reviews and our rankings of these platforms to help you locate a site that gives you the lowest trading fees possible.

Demo accounts

Something that is incredibly useful for all forex traders in Nigeria is demo accounts. Demo accounts allow you to use the features on these platforms without ever having to invest any of your own capital to do so. You can check out whether or not these sites allow you to open a demo account by reviewing our forex broker list Nigeria.

What other trading instruments can I access in Nigeria?

Nigeria is a haven for people looking to trade in multiple markets and with different instruments. If you are keen on expanding your trading horizons away from online forex trading in Nigeria, you can take a look at our detailed CFD broker list to find a new avenue to pursue. Aside from that, Nigeria allows its citizens to trade with plenty of other markets that include but are not limited to:

  • CFDs
  • Derivatives
  • Bonds
  • Indices
  • ETFs
  • Commodities
  • Stocks

Conclusion to our guide on forex trading in Nigeria

That brings us to the end of our comparison. Finding your ideal online forex broker in Nigeria does not need to be a difficult task. All you need to do is make use of our detailed reviews and our comparison tool and before you know it, you will be using a platform that seems like it was made just for you.

Interactive Brokers
89/100
Interactive Brokers Review
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Best Nigerian forex broker FAQ

☝Is forex trading legal in Nigeria?

Certain countries may not allow things like forex trading to take place within their borders. That is why our comparison of the best Nigeria forex brokers is here to give you peace of mind about the legality of forex trading in the country.  

📱Can I trade forex on my phone?

There are plenty of online brokers that allow users to download a mobile app to trade forex. However, not all of these brokers offer apps and not all of these apps are of the highest quality. As such, our guide to forex trading in Nigeria will shed some light on where you can find the best mobile app right now.

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