Best Forex Brokers in Nigeria

We compared the best forex brokers in Nigeria. If you are a trader from Nigeria and want to start forex trading, be smart to avoid financial scams prevalent on African continent and consider trading with  CBN regulated forex brokers. Nigerian forex traders should make sure if depositing in Nigerian NAIRA currency is allowed by your chosen Nigerian forex trading platform! Doing so, can save you future exchange rate fees between USD and NAIRA.

Check the forex brokers Nigeria comparison.

🏆 5 Best Forex Broker in Nigeria

Our handpicked list of regulated forex brokers operating in Nigeria.

  • CM Trading – Best Nigerian Forex Broker
  • XM.COM – No Deposit Bonus & High leverage
  • HotForex – Best for High Leverage & Bonuses
  • Pepperstone – Best Forex Trading Platforms
  • IQ Option – Best High Leverage Forex Broker

The brokers below represent the best forex brokers for trading in Nigeria.


#1 – CM Trading ⇒ the Best Nigerian Forex Broker



CM Trading caters to both beginners and intermediate traders, it is the best all-round forex company ever. Established in 2009 and regulated by FSCA this is one of the go-to brands for “both beginner and also profi FX traders. is truly one of the top forex brokers in Nigeria !

  • Welcome Bonuses for new clients
  • No requotes & No slippages policy
  • Variable spreads from 0.9 Pips
  • Maximum leverage up to 1:500
  • Metatrader 4 (MT4)
  • Minimum first deposit $200

#2 – XM ⇒ the Best Forex Trading Platform



One of the best and most trusted  forex brokers in Nigeria. Fully regulated. XM is 100% safe and with a robust and stable trading platform that naturally comes with Metatrader 4.

  • Welcome BONUS for new forex traders from Nigeria
  • Zero re-quotes, Zero rejections policy
  • Local depositing methods available for Nigerians
  • Minimum deposit required is just $15
  • Maximum leverage is 1:888
  • Metatrader 4
  • Scalping and hedging is allowed


#3 – IQ Option – Broker with High Leverage

The largest trading platform with intuitive and easy to learn interface is great for all newcomers to trading! Fully regulated by CySEC.

Fully regulated, with safe bank accounts, negative balance protection and wide variety of assets is the best option for starting out in the world of online trading.

  • High leverage 1:1000
  • Local depositing methods available for Nigerians
  • 48 currency pairs
  • Large range of stocks
  • 15 crypto currencies
  • Minimum first deposit $5


Is Forex Trading Legal in Nigeria ?

Yes forex trading is legal in Nigeria. With the rapidly growing Nigerian economy, it was no wonder that the Nigerian forex market has witnessed rapid growth during the past decade, as more and more middle class Nigerians have been joining the fx market. This boom has led to many scams and fraud taking place. The national watchdog has been therefore cracking down on unregulated scam forex brokers who promise riches to newbies since the past few years. The fx industry in Nigeria now tries hard to regain its good reputation.

History of Forex Trading in Nigeria

The boom in forex currency trading has begun in mid 2000’s and by now there are around 300 thousand retail forex traders in Nigeria according to resource. Thanks to low barriers of entry (low minimum deposits + high leverage trading + free trading platforms) more and more middle class people can now afford to invest this way.

We strongly urge you to start trading only with regulated fx brokers! You may choose either some of our world renowned brokers with regulation in UK, Cyprus OR go with some local Nigerian CBN regulated forex broker.

Nigeria forex trading regulation

Central Bank of Nigeria ( shortly just CBN is the main regulatory body which controls the capital markets including forex companies.

How to choose the right fx broker as a Nigerian trader

African continent, especially Nigeria is well known for a widespread forex scam. It is therefore important to protect your hard earned cash from fake forex gurus, crypto scam, ponzi schemes, get rich quick schemes and various con artists.  Do yourself a favor and deposit your hard earned money only into the safe forex trading platform!  Don’t trust anyone who’s telling you they will share with you forex secrets!