7 Best Forex Brokers In Nigeria For Traders to Use in 2024

Are you a forex trader looking for the best forex brokers in Nigeria? Am going to show you list of registered forex brokers in Nigeria you can trade with.

Forex trading in Nigeria has become very popular due to many reasons, a growing tech savvy middle class and the proliferation of competitive online Forex brokers is one of the reasons we have many forex brokers in Nigeria today.

Most forex brokers require a minimum deposit to open a live forex trading account. But what we want to look at in this section of this post is the best brokers that offer excellent trading conditions and solid regulation.

In Nigeria alone, we have numerous renowned Forex trading brokers which are provide trading services to local investors. However, many people who are new still find it difficult to find a reliable broker.

While researching the Forex market in Nigeria, we were able to find the top 7 Forex brokers in Nigeria that offer very competitive services to their traders.


Top 7 Registered Forex Brokers in Nigeria:

Below are legit forex brokers that I may recommend for any beginner in Nigeria.

These are platforms which the richest forex traders in Nigeria are using and you can start using it too.

They will not only help you to earn money but also help you trade and become expert in forex trading.


1. AvaTrade:

Per our research, AvaTrade is one of the most leading and trusted Forex Brokers in Nigeria.

This international forex broker is very popular in many jurisdictions around the world. Founded in 2006, the broker has attracted over 200,000 active traders.

Due to its long history, AvaTrade’s trading services are outstanding among local traders in the country.

This broker is strictly regulated by major regulators around the world, including the Central Bank of Ireland, FSCA in South Africa, ASIC in Australia and more.

The broker is focusing on the African region including Nigeria. He even has a dedicated website designed specifically for Nigerian traders.

Opening an account through a broker is simple and requires only 100 units of the base currency. The broker also offers an extensive library of educational and research materials.


2. ForexTM

Online broker FXTM, also known as ForexTime, was founded in the UK in 2011.

It has one of the best tutorials for any type of trader and offers both CFD products and Forex pairs trading opportunities.

Traders from Nigeria can use the broker service and there are 6 account types to choose from.


3. XM

Among the major foreign exchange brokers in the Nigeria is XM, which serves the citizens of the country.

When looking for the best forex broker in Nigeria, XM is one of the best brokers that come to mind.

XM is a very popular Forex Broker not only in Nigeria but all over Africa. This broker is one of the largest and most well-established brokers in the world with millions of active clients worldwide.

The main reason XM is popular is the high level of security  it provides to its customers. Regulated and licensed in many jurisdictions around the world, XM adheres to the highest safety standards on the market.


4. Exness

Since its establishment in 2008, Exness has experienced significant business growth and currently has over 60,000 active client accounts worldwide and is one of Nigeria’s leading minimum deposit forex brokers.

For traders of all skill levels, Exness offers a variety of account types and financial products, as well as a regulatory environment approved by the FCA and Cyprus Securities and Exchange Commission.



Numerous forex brokers serve Nigerian traders, but none of them have as much experience in financial markets as HYCM.

This broker has been operating in the financial markets for over 40 years and is one of the most respected brokers in the world.

Fortunately, HYCM serves Nigerian merchants, giving local merchants in the country access to high-quality, secure and reliable trading services.

The broker is well known for offering services in many countries around the world.


6. AxiTrader

AxiTrader is a STP and ECN broker which has been in operation since 2007, with headquarters in Australia and the UK, with respective regulation through ASIC and FCA.

AxiTrader offers the trade in numerous financial instruments spread across Forex, commodities, crypto currency, stocks, shares, indices, metals, energies, bonds, CFDs, and ETFs.

The minimum deposit to open an account is $200 with AxiTrader offering leverage up to 1:400, variable spreads, commissions from $0 to $3.5, and the use of MetaTrader 4 and MetaTrader 4 NextGen.


7. HF Markets

Last but not the least on our list is HF Markets, HF Markets has emerged as a prominent choice as a foreign exchange broker among Nigerian investors seeking a trading account that uses the Naira as its base currency and provides STP trade execution.

HF Markets provides customers with the ability to choose from a wide range of account types, as well as the industry’s most extensive range of trading assets and the highest quality software.

In addition, trading conditions on HotForex are advantageous, and the company provides quick order execution.


Final thought on legit Forex brokers in Nigeria;

When considering the wide variety of options in brokers, traders from Nigeria have numerous brokers that cater for a variety of traders despite their level of experience, whether they are beginners or experts.

These brokers we have shared offer competitive and comprehensive trading conditions to a multitude of traders despite their trading needs and objectives.

Along with the use of popular and reputable trading platforms through which trading can commence, you can consider any of these when choosing a forex broker in Nigeria.

To wrap up this post, I should say that if you want to be successful in forex trading, it is essential to sign up for a forex broker that offers a risk-free trading environment, competitive prices and a wide range of trading products.

Here we discuss the best Forex Brokers for Nigerian traders, based on our research. The information provided in this post is solely the opinion of the author and is not a 100% certain procedure for you to follow. It is provided for educational purposes only.

By using it, you agree that the information does not constitute trading or financial certainness. Do your own research and consult with your financial advisor before making any forex decisions.

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