Top 10 Nigerian Forex Brokers (January 2023)

Nigeria is the second largest Forex market on the continent. There are more and more traders there, and they are looking for Forex brokers to do business with. However, there are certain dangers in trading with any company. Emerging markets in the country are not really regulated lately. This means that you may become a victim of a scam or a broker may become insolvent. That’s why Nigerian merchants prefer to deal with one or more of the many international companies that serve customers in the country.

Recently, there has been a push among these major brokers to open offices in Lagos to better serve the needs of the domestic trader. This results in a cheaper service and greater accessibility for all merchants. If you are wondering what these companies are, we have listed them below. Furthermore, we have also listed some of the other leading brokers currently offering their services to clients from the country. We hope it will help you find out more about a broker that can best serve your unique trading needs!

1.OctaFX

The first broker we would like to mention is OctaFX. The company has an office in Nigeria and a local bank account. This means you can deposit via a domestic bank transfer. The advantages of doing so are the absence of fees, usually associated with international bank transfers. These types of payments can also take time to process, up to 7 days. Compare that to a virtually free payment with a Nigerian bank, which is usually processed within a day as well, and you can see why that’s an advantage. In addition, there is a beneficial fixed exchange rate between the Naira and the USD, allowing you not to worry about the depreciation of the domestic currency against the foreign one, preventing you from making full use of your deposits.

2.SFB

FBS has also recently turned its attention to clients in Nigeria. One of the biggest benefits of trading with this broker is the ability to use crypto assets. These are very popular, not only in Africa, but all over the world. Still, the dangers we mentioned at the beginning – scammers and illiquidity – get worse in the crypto space. If you are interested in trading this new market, your best bet would be to stick with a large broker. Unfortunately, not all companies have these types of services available. This is where FBS stands out: its Crypto account levels are made specifically for you to trade digital assets. It’s also priced at $1, a negligibly low cost of entry. The firm also has the fixed exchange rate between the Naira and the USD that we mentioned earlier.

3.FXTM

The next Forex broker that has an office in Nigeria on our list is FXTM. The main advantage of the broker over its competition is the Naira account that it has available. This account allows you to deposit in the native currency. The two companies above have good exchange rates for it, but with this one, you don’t need to change your money at all. This ensures that you’ll be able to use the full value of your deposit at all times, as you won’t have to pay any exchange fees either. In general, depositing in Naira is one of the best ways to save money – these costs may seem small, but they add up quickly over time and can be quite overwhelming.

4.HFM

The most prominent feature of HFM from its competition has to be the additional incentives that this broker offers. There are many promotions that you have available to your traders, and you can learn more about each of them by visiting the broker’s website. However, in general, we recommend checking the terms and conditions of the one you are interested in before signing up. With that in mind, we would like to mention some of the bonuses that he offers. The first is the 100% credit bonus, which doubles new traders’ deposits, up to $30,000. There is also the 30% redemption bonus, which is issued by the broker if they are in danger of a margin call. It also has a Loyalty program that rewards dedicated customers with prizes, based on their business activity.

5.FXCM

FXCM is a broker that has excellent trading conditions. In addition, the firm’s clients can test these conditions for themselves in commercial contests organized by the firm. The rules for them are available on the firm’s website, but to give a brief summary, open a demo account with the broker. Then start trading – all challenge participants have the same amount of time to make the biggest profit possible. Once time is up, the winner and the final nine receive cash prizes. This means that you can enter the contest for free and get something from it. But these contests are also a good opportunity for traders to test their skills and gain a better understanding of the markets.

6. FP markets

The next broker that offers its services to Nigerian clients is FP Markets. The company has an excellent copy trading system that we would like to mention. Copy trading is a service that allows you to imitate the trades of more experienced clients with the broker. You can place the same orders as them and receive the same profit, minus a certain commission, which is set by the trader you are copying. This is great for less experienced traders who may not have the same in-depth knowledge about the markets as the people they are copying. But many brokers offer the service. What makes FP Markets special? It provides you with a lot of transparency regarding the people you can copy. That way, you can keep track of your wins, losses, and deposits, allowing you to better assess the level of risk you want to take.

7.TMGM

TMGM is a good option for the Nigerian trader looking to use an ECN trading service. There is a comparatively low cost of entry for that type of trade. Most companies that offer it have their accounts starting at around $200-500, but TMGM has a minimum deposit requirement of just $100. What you get for this price are two account levels. One has spreads starting from 0 pips and a commission of $7 per traded lot. The other account is based on margin but has no commission. The usual spread is also around 1 pip, so whatever type of account you open with the company, you will have access to a highly competitive service!

8.XM

One of the best services that XM offers is access to a free VPS for their Metatrader platforms. A VPS server means you don’t have to worry about outages and server downtimes. It also means a great environment for testing EAs. Metatrader 5 has a feature that allows you to test the trading bots you buy in a controlled environment. The superior execution speeds of the XM VPS are also beneficial for that. Apart from these services, XM also has local bank deposits to offer. These come with all the advantages that we discussed above. It has lowered its minimum deposit requirement to $5 for its African clients. Overall this is a very well rounded company to trade.

9.RallyTrade

We would like to highlight RallyTrade, a Nigeria-based broker in particular. This company has offices in Lagos, Abuja, Ibadan and more. The main advantage of trading with him is the fact that he has his fingers on the pulse of the Nigerian market. Since it was launched in the country in 2015, the company has been offering a good set of trading conditions to domestic traders. Its main drawback is the lack of specific regulation. It is licensed by FinCom, a dispute resolution organization, which is not endorsed by any particular government. The main advantage is the Naira accounts that the firm has available. These are not as commonly offered by brokers, despite the fact that Nigeria has attracted a lot of attention, as we mentioned.

10.GI

Last but not least, IG is a broker with almost 50 years of experience when it comes to managing their clients’ money. It was established in 1974 and is licensed in numerous countries. This means that doing business with the firm means doing business with one of the most secure financial institutions in the world. An attractive feature of the broker is its referral program. There are many companies that have such bonuses, but this one is quite generous: in total, you can earn up to $51,000 by referring your friends. Please note that the person he has referred must complete at least five trades within three months. The reward you receive for introducing the broker to them starts from $150 per person. They also get something: a refund of the spreads they have paid, starting at 10% and increasing with their trading volume, up to 40%.