Best Forex Brokers in Nigeria & Minimum Deposits (2021)

One good means of investment to leverage these days is Forex trading. Your location doesn’t matter in this business once you work with the right Forex broker.

It is no secret that forex is one of the fastest-growing investment niches in Nigeria today. Because of this, there are so many forex brokers on the market. The challenge is that it is difficult to know which one isn’t a scam from the lot.

Best Forex Brokers in Nigeria & Minimum Deposits

Minimum Deposits of the Best Forex Brokers in Nigeria

While there are so many scam brokers in Nigeria, there are also very many reputable ones. We have done some research to help you find them out. Of course, we cannot discuss all of these forex brokers in this post. However, we will give you a list of the very best in our opinion below:

  • FXTM: Minimum deposit is N10,000 or $50
  • HotForex: Minimum deposit is N2,000 or $5
  • OctaFX: Minimum deposit is N18,000 or $50
  • XM Forex: Minimum deposit is N1,800 or $5
  • Exness: Minimum deposit is N350 or $1

These prices will hardly change. However, if we notice that there is a price change, we will update this post so that you can remain updated. With these out of the way, let’s discuss these brokers in more detail.

Best Forex Brokers in Nigeria

All the brokers on our list are among the top performers in Nigeria over the last six months. We chose them based on the following criteria:

  • Trading and non-trading fees.
  • Deposit and withdrawal promptness.
  • Technical support.
  • Trade execution.
  • Deposit bonus.

FXTM

If we were to point out the best forex broker in Nigeria, it most likely will be FXTM. First of all, they are among the few that have a physical office as well as a working phone number. Also, this company is regulated by several bodies in different parts of the world. Some of these bodies include:

  • FCA in UK,
  • CySEC in Cyprus,
  • FSCA and FSC of Mauritius

This broker offers three different types of accounts and you can fund each one in Naira or US dollars. The micro account allows a minimum deposit of N10,000. This makes it a great option for a Nigerian forex trader.

One of the main benefits of FXTM is that it offers several benefits asides from forex trading. Some of these instruments include CFDs on spot metals and CFDs on Commodity Futures. So if you are planning to diversify your portfolio, FXTM is a viable option.

Pros

  • Low minimum deposit.
  • Highly regulated broker.
  • Fast withdrawals are processed to local bank accounts.

Cons

  • Higher spread in comparison to other brokers.

HotForex

If you need a low-cost broker in Nigeria, we suggest that you try out HotForex. This company, just like FXTM, has physical offices and working phone support. It is also highly regulated by several bodies including:

  • FCA in UK,
  • CySEC in Cyprus,
  • FSCA and FSC of Mauritius

HotForex is a 100 percent STP broker. What this implies is that they deal fairly with their customers. Asides from this, they ensure good order execution on every trade. The spreads for USD, EUR, and other majors are pretty low and reasonable.

If you are a beginner trader, then one of the best brokers to work with is HotForex. They also allow trading on several devices using different platforms.

Pros

  • Highly regulated.
  • A plethora of CFD trading instruments.
  • 100 percent sign-up bonus.

Cons

  • Higher commission than the competition.

OctaFX

This forex trader is one of the most popular in Nigeria today. Despite being CySEC-regulated, this platform has found a way to accept Nigerian forex traders. They have one of the most favorable trading platforms and conditions on the market.

There are three account types under OctaFX including MT4 Micro account, MT5 account, and cTrader ECN account. These accounts are for beginners, expert traders, and professionals respectively. Each account presents you with amazing trading conditions as well as support for Scalping and Hedging.

One of the challenges with OctaFX is that the number of trading instruments is quite limited. For example, there are just 28 currency pairs. However, they offer trading in cryptocurrencies which is a huge plus these days. They make up for this challenge with a very efficient customer support system. There is even live chat support via their website and app. Finally, there are so many funding options for Nigerians, making it very easy to use this platform.

Pros

  • Highly regulated forex broker.
  • No fees for local deposits and withdrawals.
  • Customer support is very good across different platforms.

Cons

  • Fewer trading instruments than their competitors.

XM Forex

XM Forex is one of the forex brokers with the fastest order execution times on the market. Most orders execute within a second. This broker also provides you with free research tools, multi-platform support, and a low spread. Also, you have access to a wide range of trading instruments like FXTM and HotForex.

You have access to trading in 55 currencies on XM Forex as well as over 350 CFD instruments. Asides from this, you can enjoy international live webinars for free as well as access to other training resources. With these, it is very easy to become a top forex trader as a beginner on this platform.

There are three account types under XM Forex. One of the biggest benefits of using XM Forex is the fact that there is a “no re-quotes policy.”

Pros

  • Highly competitive spread.
  • Quick withdrawals.
  • Access to free training resources.

Cons

  • No local office.

Exness

This forex broker has the least minimum deposit requirement on our list. It is regulated both in the EU and the UK. Just like XM Forex, order execution is very fast with Exness.

This broker also has a very competitive spread and gives you access to multiple deposit options. Withdrawals are very quick and easy with Exness while you also get access to technical analysis and financial news. Customer service is available in different languages.

Pros

  • Very competitive spread.
  • Quick withdrawals and deposits.
  • Multilingual customer support.

Cons

  • No sign-up bonus.

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