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7 Best Forex Brokers in Nigeria

Posted by Tony on Mon 27th Jul, 2020 -

Forex Trading is exploding in Nigeria. Nigeria is now Africa's fastest growing market with new brokers entering the market on a monthly basis.

Here is a quick guide on forex brokers in Nigeria to consider.

1.   Alpari International
Alpari International is a popular choice for traders around the globe and serves more than 2 million traders. It was founded in 1998 and though the years it has proven itself to ne a reliable and reputable broker.

The broker offers excellent customer support, and the broker’s support team consists of experts available to answer a range of questions by phone, email and live chat. The broker’s offices are situated globally to offer specialised help, advice and guidance in order to ensure consistent and vital support.

Alpari allows its clients to engage in flexible trading by choosing independent trading or joining Alpari Invest and following strategies from experienced traders.

With the broker’s Loyalty Cashback program, clients also have the opportunity to get back part of their funds on different types of commission.

Alpari International is authorised and regulated in Mauritius by the FSC. Through its choice of powerful trading platforms, traders have access to over 250 trading instruments such as forex and CFDs.

Alpari International uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools and an easy-to-use interface.

For higher volumes, the broker also provides the Alpari International Direct platform which offers enhanced features for advanced investors.

2.   IG Markets
IG Markets provides more than 17 000 financial markets to nearly 180 thousand traders across the globe. These markets include a wide range of indices, forex, shares, commodities and cryptocurrencies through the MetaTrader 4 and ProRealTime platforms.

IG Markets is one of the oldest forex brokers, allowing traders to benefit from the company's 45 years of experience.
Trading at IG Markets is powered by an execution speed of approximately 0.014 seconds, which was provided to 86 million traders during the 2019 fiscal year alone.

IG Markets was awarded at the ADVFN International Financial Awards 2020 and Professional Trader Awards 2019, and continues to maintain a strong reputation in the industry for excellence.

3.    HotForex

HotForex is a leading forex broker which differentiates itself by offering a competitive trading environment, with spreads starting from as low as 0.1 pips which can be traded using high leverage ratios.

This multi-award-winning company is accessible to a range of traders with various experience levels and trading strategies, offering a low minimum deposit of just 1 USD.

HotForex has also become a trusted trading partner, as the broker is known for its transparency, best trading conditions and excellent customer support.
Added to this, the broker also offers Negative Balance Support, so that clients will never have to suffer losses which exceed their investments.
HotForex offers traders access to a range of asset classes, which include such popular options as forex, cryptocurrencies, precious metals, commodities and many more.

It offers several promotions such as a 100% Supercharged Bonus and Instant Rebates, 100% Credit Bonus and a 30% Rescue Bonus. With more than 2 million live accounts and 35 prestigious awards, it’s easy to see why HotForex is ranked as one of the best brokers.

4.    eToro
eToro offers is an excellent option for beginner and professional traders alike, offering low minimum deposits that start at 50 USD, with accounts that are powered by fast order execution, complemented by and efficient variety of deposit and withdrawal options.

Clients of eToro have access to trade almost 2000 financial instruments in a secure trading environment which is regulated by the Cypress Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), and ASIC in Australia.

Clients of eToro can invest in a large variety of stocks without paying any markups, ticketing or management fees. Added to this, traders will not be limited by trading volumes.

Clients can also connect with other traders, discuss trading strategies, and are provided access to the broker’s patented CopyTrader technology.
This advanced technology allows users to automatically copy other successful traders’ portfolios for an enhanced investment experience, providing a compelling incentive to join eToro.

5.    AvaTrade

AvaTrade is authorised and regulated in South Africa, Europe, Japan, British Virgin Islands and Australia.
First established in 2006, the broker was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

The broker provides traders with access to three different trading platforms, namely MetaTrader 4 and 5, as well as AvaTradeGO, through which traders can choose more than 250 financial instruments.

AvaTrade provides clients with access to forex, stocks, indices, commodities and cryptocurrencies.
The broker provides a range of different accounts which can be funded for as low as 100 USD, and which offer several added benefits such as swap-free options, competitive spreads and EA compatibility.

AvaTrade has collected numerous awards during the years, its trading websites are available in more than 20 languages and it provides a wide selection of training and educational tools.

6.    CM Trading
CM Trading, the largest forex broker is South Africa, is well regulated and offers a safe trading environment for all traders.
CM Trading provides clients with access to forex, commodities and indices, which can be traded for a variety of different experience levels and trading strategies.

AS such, clients of CM Trading will enjoy the broker’s variety of tailored account types, with spreads that start as low as 0.9 pips, and come with webinar access as well as swap-free options for Islamic clients.

As part of the broker’s commitment to empowering investors, the Avatrade team works to create a reliable and secure trading environment, complemented by innovation and best in class service. 

7. offers traders access to a wide selection of currency pairs, indices, ETFs, commodities, cryptocurrencies and shares.
This wide variety of asset it classes offered through a number of advanced trading platforms, including Marketsx,Marketsi, as well as the highly popular MetaTrader 4 and MetaTrader 5 options.

Traders can open a live trading account at with a minimum deposit of 100 USD, and trade on high leverage, while enjoying a variety of efficient and secure deposit and withdrawal options.

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