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Forex trading is the hottest new trend in Africa with 1000’s of Nigerians joining the craze. 

Here is a list of the 10 Best forex brokers in Nigeria for you to make an informed decision. 

1. Plus500

Traders who choose Plus500 as a forex broker have access to 2 000 instruments, which include forex currency pairs, cryptocurrencies, indices, shares, ETFs and commodities.

With minimum deposit fees as low as 100 USD, low fees and a fast order execution speed, it’s easy to see why this broker is chosen by more than 200 thousand traders across the globe. 

Plus500 has approximately 35 million open positions and its traded value exceeds $1310 billion. Plus500 is authorised and regulated by a number of financial institutions.

2. Exness

Exness caters to the needs of all traders with a range of different account types such as its Standard, Raw Spread, Pro, Zero and ECN accounts. 

Each of these accounts has its own characteristics that caters to the needs of traders with different experience levels and capital to spend.

Traders are offered a maximum leverage of 1:2000, spreads from 0.3 pips, low minimum deposits from only 1 USD and no commission fees, depending on the account type.

Other benefits include its eagerness to help traders to succeed by offering a selection of training and educational tools, safe and secure funding options and popular trading platforms.

Exness is regulated and authorised by strict financial authorities, including CySEC in Cyprus, the FSA in the Seychelles and the FCA in the United Kingdom.

3. eToro

eToro was founded in 2007 and has since proved itself to be reliable and an industry leader.

eToro is authorised and regulated by a range of financial institutions across the globe. These include ASIC, CySEC and the FCA. With more than 2 000 financial instruments available, traders of all styles will benefit when selecting eToro as a broker. 

Minimum deposits start at only 50 USD. This broker operates transparently and no management fees are charged. Through the use of the broker’s powerful platforms, ultra-fast order execution is achieved. 

4. CM Trading

CM Trading is authorised and regulated by The Financial Sector Conduct Authority (FSCA) of South Africa. It is well-known for being one of the largest forex brokers in South Africa. 

It offers low spreads from just 0.9 pips, swap-free Islamic account options and a wide selection of tools to assist traders with understanding the world of forex and making the right trading decisions at minimum risks. 

5. HotForex

HotForex offers a competitive trading environment with minimum deposits as low as 5 USD and spreads from just 0.1 pips. There are no hidden fees when dealing with this broker and it provides more than 1 000 financial products. 

HotForex prioritizes the funds of its clients at the top of its list. The broker’s Negative Balance Protection programme ensures traders do not end up with losses that exceed their available funds.

HotForex offers several promotions such as a 100% Supercharged Bonus and Instant Rebates, a 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 in the industry today. 

HotForex provides a range of account types to choose from. Spreads from 0.1 pips and high leverage ratios are just some of the benefits traders will enjoy when trading with HotForex. Minimum deposits start at just 5 USD.  

This multi-award-winning company is known for its transparency, best trading conditions and excellent customer support. The broker specializes in forex, cryptocurrencies, precious metals, commodities and many more.

6. FXTM 

ForexTime, better known as FXTM, offers a variety of account types with benefits such as no reqoutes, fast order execution, tight spreads and minimum deposits of 100 USD. 

ForexTime is a multi-award-winning broker which has achieved numerous awards during its years of service. It offers several promotions, a selection of educational and research tools and a number of financial instruments such as metals, indices, commodities, forex and CFDs.

7. Alpari International

Alpari International was founded in 1998 and is authorised and regulated in Mauritius by the FSC. Traders have access to over 250 trading instruments such as forex currency pairs and popular CFDs. Alpari International serves more than 2 million traders world-wide.

Four different account types are provided across its Standard and ECN options. Initial minimum deposits start at a relatively low 100 USD, low to zero commission fees are charged, spreads are very low and swap-free options are available.

8. IG Markets

IG Markets provides more than 17 000 financial instruments over 12,000 international shares, more than 80 currency pairs, popular global indices, 26 key commodities with no fixed expiries, and cryptocurrencies such as Bitcoin, ether and ripple.

More than 180 thousand traders across the globe prefer IG Markets. This broker offers traders more than 45 years of experience and it has won numerous awards. Low costs and fees, high leverage, powerful platforms and super-fast order execution are all offered.

9. offers traders low initial deposits of 100 USD, a wide selection of secure funding options, spreads from 0.6 pips and four different platforms, including the popular MetaTrader 4 and 5 platforms. 

Traders have access to a wide selection of financial instruments across several markets such as of currency pairs, indices, ETFs, commodities, cryptocurrencies and shares. 

This broker is regulated by a number of financial authorities such as CySEC, FSCA and ASIC. As such, offers a safe trading environment and traders can be assured that funds are stored securely in segregated accounts.

10. BlackBull Markets

BlackBull Markets specializes in a wide selection of financial instrument across several markets. Some of these include commodities, CFDs, forex, precious metals, energy and others. BlackBull Markets is broadly considered to be a reputable and reliable broker.

This award-winning New Zealand broker has garnered distinctions from the 2018 Deloitte Fast 50, 2018 APAC Technology Fast 500 and the 2019 Deloitte Fast 50. It is registered with the Financial Services Provider Registry (FSPR).

The broker offers several benefits such as low spreads, relatively low minimum deposits of 200 USD, high leverage, a No Dealing Desk model and popular trading platforms.

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