We selected quality online brokers, checked and compared basically every aspect of their services, with a special focus on fees, safety, trading platforms, as well as deposit and withdrawal options.

Service providers had to prove their excellence in multiple areas to be considered among the best online brokers. And now, without further ado What makes a good online broker? Surely, they need to provide great services in all areas, especially in terms of fair fees and safety. Depositing and withdrawing money should be either free or cheap and the process user-friendly.

Great trading platforms, an easy account opening procedure and a wide range of products also weighed heavily in the scoring. These features are easy to list, but hard to figure out.

We are testing brokers based on nearly criteria with real accounts and real money. You can find all the ranking criteria in our methodology.

For a tailored recommendation, check out our broker finder tool. Answer a few simple questions and get a list of the most relevant brokers. And now, let's see the best international online broker in Nigeria in one by one, starting with the winner, XTB.

XTB is a global CFD broker with headquarters in London and Warsaw, founded in The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority FCA. In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to regularly disclose its financials. XTB is considered safe because it has a long track record, is listed on a stock exchange and publishes its financial statements transparently.

HEADS UP: Recent feedback about deposit and withdrawal — The details of depositing by wire transfer might be unclear for some of our users according to recent feedback we received. If you have problems, head to the 'Deposit and withdrawal' section of the review, where we explain how to make a free wire deposit to your XTB account under the section's 'Deposit and fees and options' heading.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. All commissions, spreads and financing rates if applicable for opening a position, holding for a week, and closing. com is a global CFD broker founded in It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar, where each is authorized and regulated locally by the Financial Conduct Authority FCA , the Cyprus Securities and Exchange Commission CySEC , the Australian Securities and Investments Commission ASIC and the Financial Services Authority of Seychelles FSA , respectively.

Recommended for investors and cfd traders looking for a great trading platform and excellent customer service. Visit broker Visit broker More Take your time and compare at your own pace. Sign up to receive bite-sized emails on specific account opening processes, fee calculation, brokerage comparison and more. ActivTrades is a global forex broker founded in It is regulated among others by the UK's Financial Conduct Authority FCA and the Commission de Surveillance du Secteur Financier CSSF of Luxembourg.

ActivTrades having a long track record and being regulated by the FCA, a top-tier financial authority, are all good signs for its safety. ActivTrades operates both UK and EU websites under the co. uk and. eu domains , as well as an international one. Some products, fees and conditions may differ depending on the entity concerned.

Tickmill is a global forex and CFD broker, established in The company is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority FCA in the UK; and as such is considered a safe broker. Recommended for forex traders looking for low fees who are familiar with the metatrader 4 platform.

Pepperstone is an Australian forex broker that also offers CFDs. It was established in and opened a London office in to better serve its European clients. After Brexit, new clients registering from the EU are served by Pepperstone's German and Cyprus entities.

Pepperstone is considered safe because it's regulated by 7 national regulators, including three top-tier financial authorities: the UK's Financial Conduct Authority FCA , Germany's BaFin and the Australian Securities and Investments Commission ASIC. Recommended for forex traders looking for great account opening and customer service. Now that you know the top 5, you probably want to know how we came up with this list. Let's go through a few points quickly.

You can be sure none of them is a scam. They are all regulated by at least one top-tier regulator. At BrokerChooser, we test online brokers based on more than criteria, with real accounts and real money. We don't want to overwhelm you, so we will list only the top 5 criteria. These were the details, now let's zoom out. Here are the best international online brokers in for residents in Nigeria:. Coming Soon. Luno was founded in in Singapore. Read also: Luno Review Update The Complete Review and Comparison.

Visit Luno. Quidax was founded in It provides a platform for sending, receiving, storing, buying, and selling of digital currencies. This simply means that each time you want to send cryptos or withdraw, you will receive an email to confirm your withdrawal. Note that this feature does not serve as a substitute for 2FA which is highly recommended for all users. For payments, Quidax supports the Nigerian Naira and the following cryptocurrencies: Bitcoin, Ethereum , Tether , Litecoin , Ripple , and Dash.

Visit Quidax. Binance is a trading platform that supports more than 1oo altcoins. It has come to become the leading global digital asset exchange with users from over countries. The company comprises of several arms like Binance Labs, Binance Launchpad, Binance Charity e.

This is a universally recognized information security management system issued by the International Security of Organization ISO. Read more: Binance Review — My Amazing Review. Visit Binance. Bitfxt is an exchange where persons and businesses can buy, sell, store, and learn about digital currencies. Bitfxt team is working on other payment gateways to support Ghana Cedis GHC , Ugandan Shilling UGX , South African Rand ZAR , e. Note: Bitfxt has launched an Initial Exchange Offering IEO for its Boundlesspay Coin BXTC on 2 platforms:.

At the end of the IEO, trading will start for BXTC on Shortex, Bitfxt, and other exchanges that will be announced soon. Visit Bitfxt. Bitstamp was founded in and is a European based exchange. While cTrader is available with several other brokers, one feature that NovaFX offers few other cTrader brokers offer is cTrader Copy. This feature allows you to follow and copy the trades of other brokers by using the signals they provide.

NovaFX offers a choice of 3 trading accounts. These are MT4 Micro Account, MT5 Pro Account and cTrader ECN account. The MT4 Micro account is a good choice if you desire an account with a low minimum deposit, no commissions, and want to trade small amounts. One benefit of this account is that you can choose between floating and fixed spreads. Fixed spreads can be a good choice if you are not an experienced trader or when the market climate is volatile.

Unlike variable spread, which can change dramatically in extreme events, fixed friends remain stable which gives you an element of protection when things go bad. This account uses MetaTrader 4. The MT5 Pro account is for serious investors. Like the MT4 Micro account, this is a spread-only account but has a higher minimum deposit. This account uses MetaTrader 5 and is best for the trader looking to trade large volumes because of the lower cost.

cTrader ECN uses the cTrader trading platform and, unlike the other account, has commission costs over the spread. OANDA operates across the six most credible authorities, including:. Along with regulation, OANDA has focused on pricing transparency and customer satisfaction. With pricing, they offer real-time data from liquidity providers and find mid-points across instruments. This is communicated to traders to be transparent about spreads.

Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material, and a plethora of free tools and resources. If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs.

The downside is the CFD provider offers low leverage, spreads are not as competitive as Pepperstone and IC Markets and trading markets such as cryptocurrencies are not available. Plus is a CFD broker with its own forex trading platform offering:. They offer the best range of Cryptocurrency trading with instruments, including Bitcoin, Ethereum, Litecoin, NEO, Ripple XRP, IOTA, Stellar, EOS, Cardano, Tron and Monero.

This can be traded on their real money or demo account to get a feel for these markets. Overall, Plus is recommended for those looking for a detailed forex trading demo account that works on their desktop or mobile devices and offers an extensive list of tradable instruments from currency to crypto.

com is a global broker that offers low spreads, a diverse range of CFDs and the best trading platforms available. As the broker is a market maker and uses a dealing desk when executing orders, all foreign exchange spreads are commission-free and competitive when compared to other top forex brokers.

To gain access to Markets. You can trade over 2, different financial instruments, as well as use sentiment, technical and fundamental analysis tools when developing CFD trading strategies. Alternatively, if you are looking for a trading platform where you can fully automate CFD with algorithmic strategies, both MetaTrader 4 and MetaTrader 5 are offered by Markets.

com offers a range of unique trading analysis tools to help you develop complex CFD trading strategies. Sentiment tools help you analyse and measure market sentiment, providing you with a potential sign of how various financial markets might move. Sentiment data and analysis is a great tool to gauge whether traders are buying and selling, as well as overall market confidence. Technical analysis tools play a vital role when developing trading strategies. Marketsx advanced charting tools help you identify trading opportunities and confirm market trends.

Fundamental analysis tools help you stay up to date with the myriad of economic events that impact financial markets. Marketsx tools allow you to observe significant events in real-time while analysing the effects on different financial markets. Using MQL4 or MQL5, you can create your own trading robots for fully automated trading. Within the MetaTrader community, trading robots are known as Expert Advisors EAs.

If you are a beginner trader and do not feel comfortable writing your own EAs, there are thousands of EAs available to download from the MetaTrader Marketplace online. MT4 and MT5 offer a narrower product range with no bonds or blends available, while Marketsx users gain full market access and can trade over 2, CFDs. As a dealing-desk broker, Markets. com offers tight commission-free forex spreads as well as access to over 2, different financial markets. Regardless of your level of experience, the broker offers an appropriate trading platform MT4, MT5 or Marketsx with tools to help you develop trading strategies with over 2, CFDs to choose from.

View Markets. You can view the full review of Pepperstone here. You can view the best forex brokers globally here. Overall, Pepperstone is recommended with a full review provided. Forex trading is legal in Nigeria and is regulated by the Central Bank Of Nigeria CBN. After spending some time viewing the CBN website, the team could not find a CBN-regulated broker list.

Other less known regulators include the IFSC, Belize, CIMA, CFTC and the DFSA Dubai Financial Services Authority. The list above is a shortlist with other brokers considered, including HotForex, AvaTrade, FxPro and Alpari, eToro and easyMarkets. The FCA recently banned retail traders from trading cryptos. Nigeria had two financial regulators — The Central Bank of Nigeria CBN and the Securities and exchange commission SEC who have the authorisation to make laws and regulations regarding the trading of financial derivative products in Nigeria.

While these bodies have the powers, at this time there is no process for brokers to obtain official regulation to operate in Nigeria.

We have never reviewed Octafx so cannot give a fair assessment but we plan to review them sometime this year. We use cookies to ensure you get the best experience on our website.

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Pepperstone Review IC Markets Review FP Markets Review CMC Markets Plus Review eToro Review IG Review FXCM Review. Home » Trading » Nigeria Forex Brokers. Best Forex Brokers in Nigeria To help Nigerian forex traders choose a broker, we compared the fees and forex trading platforms to find the best forex brokers in Nigeria.

Written by Justin Grossbard. Written by Justin Grossbard Co Founder. Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Top 10 Forex Brokers In Nigeria Our best registered forex brokers in Nigeria for September are: Pepperstone - MT4 Best Forex Trading Platform AvaTrade - Best Fixed Spread Trading Account FP Markets - STP Forex Trading Account FXTM - Nigerian Naira NGN Funding IC Markets - Lowest Spread Nigerian Broker HotForex - Best High Leverage Forex Broker OANDA - Most Regulated Broker FCA, ASIC Plus - Best Forex Demo Account NovaFX - Top Nigerian Islamic Account.

Visit Site. Our Rating. Review Of Pepperstone. Review of AvaTrade. Review Of IC Markets. FP Markets Review. FXTM Review. CMA Kenya. Other Regulators. Raw Spread. Commissions USD Base. Minimum Deposit. Swap Free Account. No Inactivity Fees. Funding Methods. No Funding Fees. Currency Pairs. Index CFDs. Share CFDs.

For Nigerian traders, besides fees or other charges, trading platform remains the most important consideration while choosing your forex broker. The best forex trading platforms should offer a downloadable desktop, mobile apps or web-based trading platforms.

In order to help you find the best forex trading platform, we have tested all the platforms. Here we go. Visit FXTM. It comes with full support for web, desktops and mobile devices. MetaTrader software at FXTM is one of the best that we have traded on so far, and offers Nigeria forex traders the most advanced features.

For traders, this includes over trading instruments, fast order execution, trading signals, an extensive range of order types, news feed, data protection and more. The MT5 WebTrader platform is also available. The advanced charting tools for technical analysis include: Fibonacci and Gann tools, channels lines, etc and nine timeframes.

Their platform also provides support for various orders including market order, limit orders, stop loss and more. Plus, they have inbuilt news feed in their Metatrader. Moreover, FXTM offers VPS for automated trading. The FXTM platform also supports copy trading. to know more read our detailed FXTM review. Visit Hotforex. It has support for mobile, desktop and web.

For trading currency pairs, HotForex offers an impressive but risky leverage ratio of The value of their platform is being able to access the account from anywhere using your iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

also read our detailed Hotforex review. Visit OctaFX. OctaFX offers Metatrader 4 with their Micro account, MT5 platform with their Pro account and cTrader with their ECN account. They offer Market execution with all their platforms, and most of the orders with them are executed quickly without any slippage. VPS service is also available with their MT4 platform. On the downside, their platforms have limited assets available. Their currency pairs are limited to 28, and CFDs are limited to 4 metals, 2 energies, 10 indices, and 3 cryptocurrencies i.

also read our detailed OctaFX review. Visit XM. Visit Tickmill. They offer market execution, and we have found their order execution to be very fast with no delays. Moreover, their MT4 is supported on Windows, Mac, Android, iOS, as well as webtrader. Their platform has 62 currency pairs which is more than other platforms, but their other instruments are limited.

They only offer 15 stock indices, and 2 metals other than forex trading. Visit Alpari. Alpari has the latest MT5 software for Nigerian traders, and it has solid features without an freezing or downtime. They offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts.

Their Metatrader comes with multiple timeframes, order types and many technical indicators for technical analysis. Plus, they have an inbuilt news feed to keep track of any news during your trade. read our detailed Alpari review to see why we ranked them 6 in platforms. Forex trading platforms can vary across a wide array, offering distinct functionalities and features.

To find the best fit, asking the right questions is important. If you are a new trader, you would require user-friendly, simple platforms without many indicators or complex order capabilities that could confuse you.

Professional or advanced traders could need more advanced indicators on charts and tools, including EAs and code add-ons directly implemented into the platform. Nigerian forex traders should only choose a platform that is most fit for their trading strategy. Good forex trading platforms simplify research and analysis, making it easy to use even the advanced charting tools, and EAs. In general, be sure to look for one with excellent trading capabilities, live data without any delays, flexible charting tools, EAs and quick order execution.

Here are the tips that you should consider while choosing the forex trading platform:. Some brokers only permit trading through a web-based interface, or only mobile without any desktop interface. Choose a broker that offers trading platforms compatible across devices, like mobile and tablet, and also desktop, so you can trade on the go or remotely with ease.

You may suddenly need to open or close your orders, even when you are not in-front of your trading screen, so a broker that offers platform with mobile interface would allow you to do just that. A good platform will offer you the ability to place multi order types. The most common orders that you may need to place in the market are Market orders, Limit Entry orders, Stop Entry orders, Stop Loss orders, Trailing Stop, One-Triggers-the-Other and many more.

For advanced traders, availability of multiple order types should be a very important requirements. So it is even more important for traders to only go for a platform that allows placing all various different types of orders. Orders should be placed quickly and the trading platform should have a good past record for managing re-quotes with minimal downtime. Any delay in your order execution can be a difference between a profitable trade or a loss.

Does your trading platform offer wide charting tools like trendlines, moving averages, EAs, ability to add technical indicators, and more?

A good trading platform should offer easy access to many technical tools for analyzing the financial instruments and markets. The platform should also have a multitude of features and functionalities, ranging across browsing charts simultaneously, changing chart types, scheduling and automatic transaction execution, analysis tools and news updates.

Notifications, alerts, analytical objects, technical indicators, and charting tools should be up to the mark. Even if you are not to fundamental trader, you still cannot ignore the news. For this reason, news and educational updates on the platform can offer valuable market intelligence for all traders. Advanced and intermediate traders can benefit from news updates which offer actionable insights before placing any trade. Moreover, updates on training and free video tutorials in a platform, FAQs and multilingual support are good bonus for beginner traders.

These offer a good opportunity to get well acquainted with trading tools and build your expertise or further hone your trading skills.

On each trade executed, you will be charged a fixed or a variable spread by the broker. Moreover, be sure to check out if there are any commissions and hidden charges for using the platform. Although platforms at most brokers are free, some brokers may even charge extra fees for using their platform, and they may also charge extra fees during inactivity. The trading platform is one of the most important considerations you need to take into account while searching for the right FX broker in Nigeria.

The platform should have an easily usable with symbols like currencies and analysis on different time frames. Technical indicators should be readily accessible. Exceptional forex trading platforms should have accurate forex quotes and reliable trade execution. good order placement, management of accounts, technical and fundamental analysis tools, strong data security and minimize system downtime. So it is best to choose a broker that offers Metatrader platforms. Any forex broker that is well-regulated with multiple top-tier regulations, has low fees, MetaTrader platform, easy withdrawals are considered good.

Beginners should consider platform of a broker that is regulated with one or more Top-tier regulations. This makes it a safe platform for traders, and you can be assured that your trading funds are protected. The the trading platforms in our list are considered low to moderate risk brokers. Trading with low capital would normally mean that you decide to use very high leverage, and put much of your money at risk.

NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers. Read More. Read full risk disclaimer.. NG: Your Guide to Forex Trading in Nigeria. All Rights Reserved, Best Forex Trading Platforms in Nigeria Leverage: Trading Instruments: Forex, Cryptocurrencies, CFDs on Shares Ranks 1 Forex platform in Nigeria. But the fees with competitive with ECN accounts. Leverage: Trading Instruments: Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals Ranks 2 Forex platform in Nigeria.

Cons We did not find any cons with their platform so far for now. We will update it once we find something new. Overall Rating 8. Leverage: variable based on account type Trading Instruments: 28 currency pairs, 3 Cryptocurrencies, CFDs on Indices, metals Ranks 3 Forex platform in Nigeria. OctaFX is one of the very few forex brokers that offers Metatrader as well as cTrader.

You can open trading account in USD or EUR currency only. Leverage: Trading Instruments: Forex, CFDs on Stock Indices, precious metals Ranked 5 Forex platform in Nigeria.

Pros Metatrader 4 for multiple devices including web, desktop, and mobile. Tickmill has No dealing desk platform, so their is no conflict of interest with their clients, and orders are placed directly with their liquidity providers.

Their platform supports mutiple charts, order types, and EAs for automated trading. Forex trading available on 62 currency pairs.

Check these requirements before opening an account. Hit enter to search or ESC to close. The Nigerian Best Online Trading Platform Revealed Use our interactive tool to find your perfect trading platform, whether you want to trade forex, crypto, stocks, CFDs or anything else. Binance is a trading platform that supports more than 1oo altcoins. For trading currency pairs, HotForex offers an impressive but risky leverage ratio of Other Key Features Of Pepperstone 1 Spreads And Commissions Pepperstone is the best forex broker in Nigeria, not just for their platforms but also their fees. Trade fees.

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