Forex Trading is popular in Nigeria, but there are so many scam platforms targeting unsuspecting traders.
You must gain enough knowledge about Forex and CFDs and trade on the right platform, only then can you trade safely.
If you are looking for a good forex trading platform in Nigeria, then you must choose a reputed broker. We have gone through all the forex brokers that accept Nigerians and have reviewed the best based on their ease of use, regulation, fees, deposit and withdrawal options, customer support, and trading platforms (trading applications).
Comparison of Best Forex Trading Platforms in Nigeria
|Platform||Regulation(s)||EUR/USD Spread (in pips)||Min. Deposit||Visit|
FCA, CySEC, DFSA, FSCA, & SVGFSA
CySEC & IFSC Belize
FCA, CMA, CySEC & FSC Mauritius
CySEC & SVGFSA
FCA, CySEC, FSCA & Seychelles FSA
Best Forex Trading Platforms
These are the best Forex trading platforms in Nigeria. All of these brokers offer the best Forex trading conditions for Nigeria traders.
- HF Markets – Overall Best Forex Trading Platform for Beginners in Nigeria
- XM Trading – 24/7 Customer Service Forex Platform
- FXTM – Forex Trading Platform With NGN Account Currency
- OctaFX – Swap-free Forex Trading Platform in Nigeria
- Exness – Well Regulated Forex Trading Platform in Nigeria
- IC Markets – Forex Trading platform with ECN Type accounts
Details of these Forex brokers can be found below.
#1 HF Markets – Overall Best Forex Trading Platform for Beginners in Nigeria
HF Markets is an online forex broker that accepts Nigerian traders. HF Markets was formerly known as HotForex. HF Markets was launched in 2010 and provides trading of Foreign Exchange (Forex) and contracts for difference (CFDs).
HF Markets Regulation/Safety: HF Markets is registered as HF Markets (SV) Ltd in St. Vincent & Grenadine with registration number 22747, this is the company Nigerian clients trade with.
The parent company of HF Markets is authorised and regulated as HF Markets (UK) Ltd by FCA (Financial Conduct Authority, UK), as HF Markets (DIFC) Ltd by the DFSA (Dubai Financial Services Authority), and as HF Markets SA (PTY) Ltd by FSCA (Financial Sector Conduct Authority, South Africa).
HF Markets Trading Fees: Spreads on HF Markets begin from 1 pip on Micro, Premium, Pro, Cent and Pro Plus accounts and 0.0 pips on the Zero Spread Account. The broker also charges swap fees if you keep a trade position open past the market’s closing time. HF Markets provides a 7-day allowance for swap-free trading for Islamic Account holders.
HF Markets offers commission-free trading for all account types except Zero Spread Accounts on which they charge $3 or ₦1,100 ($6 or ₦2,200 round turn) and $4 or ₦1,450 ($8 or ₦2,900 round turn) per lot trade made for majors and minors respectively.
Here are the typical spreads for major currencies and instruments on HF Markets Micro Account:
|Spreads||1.6 pips||2.2 pips||2.2 pips||2.0 pips||0.28 pips|
HF Markets Non-Trading Fees: HF Markets charges no fees on deposit or withdrawal for most payment methods. Deposits under $100 via wire transfer attract fees from payment processors. Withdrawal charges also apply for the Bitpay method, which attracts a 1% fee of the amount.
A $5 fee is charged for account inactivity after six months.
HF Markets Account Types: HF Markets has 4 main account types which are; Premium Account, Pro Account, Zero and Cent Spread Account. HF Markets also offers Islamic account features which have no interest or swap fees. The maximum leverage on HF Markets is 1:2,000.
HF Markets Account Currency: Traders in Nigeria can choose NGN, USD, EUR & JPY as base account currencies on HF Markets.
Negative Balance Protection: HF Markets reset the account balance of traders to zero when a Trade is made by a trader which results in a loss more than what is in the trader’s account. This ensures you cannot lose more than the money you deposited.
HF Markets Trading Platforms: Trading platforms for MT4 & MT5 on HF Markets are available on desktop, Android, iOS and Web terminals. HF Markets’ proprietary trading application – HFM App – is available on mobile devices (iOS and Android) and HFM Trader is available for web trading.
HF Markets Copy Trading: CopyTrading is supported on HF Markets, and new traders can signup as followers to copy trades of experts or experts can signup to become providers of trading strategies. HF Markets has a special account type for social trading, the HFCopy Account.
HF Markets Trading Instruments: There are over 1,200 trading instruments available on HF Markets which include Forex & CFD trading on 53 major and minor currency pairs, 40 Cryptocurrencies, 5 agriculture Commodities, 24 spot and future Indices, 6 Metals, 4 spot and future Energies, 3 Bonds, 96 stocks, and 34 ETFs.
HF Markets Order Execution: HF Markets is an STP (Straight Through Processing) broker and processes trade on its platform via a Market Execution policy.
HF Markets Deposits: The minimum deposit on HF Markets for Nigerian Traders is NGN 4,000 and NGN 4,000,000 is the maximum payment per transaction. Different account types require different minimum payments.
Local bank transfers for traders in Nigeria are credited instantly while cards and e-wallet deposits take up to 10 minutes to reflect.
HF Markets Withdrawal: The minimum withdrawal on HF Markets is $10 and it takes 24 hours for withdrawals made to local banks in Nigeria to be processed, 2-10 business days for cards and wire transfers, while e-wallets are mostly instant or within 10 minutes.
Cryptocurrency withdrawals can take up to 2 days to process.
HF Markets Customer Support: HF Markets customer support is available via email and live chat for 24 hours on business days days. There is local HF Markets phone support in Nigeria available from Mondays to Fridays.
HF Markets Pros
- Licenced by Tier-1 & 2 regulators.
- Relatively low spreads.
- Commission-free trading for most account types.
- Nigeria Naira (NGN) is available as an account currency.
- Deposit and withdrawals can be made via local banks in Nigeria.
- Offers up to 100% deposit bonus to new traders.
- Has negative balance protection.
HF Markets Cons
- Customer support is not available 24/7.
- HF Markets charges dormant account fees.
- HF Markets charges up to $8 commission per lot with Zero Account.
#2 XM- 24/7 Customer Service Forex Platform
XM is a Forex and CFD broker that was founded in 2009 and accept traders from Nigeria. XM offers CFD trading services on shares, indices, oil and natural gas, precious metals like gold and silver and more.
XM Regulation/Safety: XM is registered as XM Global Limited in Belize and licensed by the Financial Services Commission (FSC), Belize with licence number 000261/158. Traders from Nigeria are under this registration.
XM Group is regulated by CySEC as Trading Point Of Financial Instruments Ltd.
XM Trading Fees: Spreads on XM are variable for all account types starting from 0.6 pips. All accounts on XM are commission-free except the Shares Account, on which dividends can be added or deducted from the account.
Swap fees are charged on all account types on XM. Swap fees are charged once a day when a trade position is rolled over. The charge is made 3 times on Wednesday to cover for rollovers that happen during weekends.
The swap-free option is available for Islamic accounts.
The average spreads fees on XM Standard Accounts are shown on the table below:
|Spreads||1.6 pips||1.9 pips||1.8 pips||1.6 pips||25 pips|
XM Non-Trading Fees: XM does not charge clients any fees for deposits or withdrawals via any method of payment. XM charges $5 on dormant accounts after 90 days.
XM Account Types: XM offers 4 account types to clients, Standard Account, Micro Account, XM Ultra-Low Account, and Shares Account. Traders of the Islamic faith can choose to operate an Islamic Account with zero swap fees. The maximum leverage on XM is 1:1,000 and is adjusted based on equity.
XM Account Currency: Base currencies for trading accounts on XM are USD, EUR, GBP, CHF, JPY, SGD, AUD, PLN, RUB, HUF, and ZAR.
Negative Balance Protection: XM offers negative balance protection for all clients on all account types.
XM Trading Platforms: Trading platforms supported by XM are MT4, MT5 and XM WebTrader available on desktops (Windows & macOS) and mobile devices (tablets, iOS and Android)
Copy Trading: XM does not offer any copy trading, which means beginners cannot copy trades on XM.
XM Trading Instruments: XM offers Forex trading on 55 currency pairs, 1,286 stocks CFDs, 8 commodities CFDs, 24 Equity Indices CFDs, 4 metals CFDs, 5 energies CFDs, 31 cryptocurrencies and 100 shares CFDs.
XM Order Execution: XM is a market maker and follows the Market Execution order policy for all clients’ trade orders.
XM Deposits: The minimum deposit on XM is $5 for all accounts except the Shares Account which requires a minimum deposit of $10,000. Some payment methods may have higher minimum payments.
While e-wallet deposits are credited instantly, card and online bank deposits take 2-5 days to be credited.
XM Withdrawal: The minimum amount traders can withdraw on XM is $5, and credited instantly for e-wallets, while card and online bank withdrawals take 2-5 days to be received. The withdrawal and deposit options can be viewed on your account.
XM Customer Support: XM offers customer service support 24 hours 7 days via live chat on their website, email, and an international phone number.
- Licencesd by Top-Tier regulators.
- Accepts deposits/withdrawal via Nigerian local banks.
- Offers negative balance protection.
- Has bonus offerings up to $4,500.
- Has 24/7 customer support.
- Does not have NGN as base account currency.
- Does not support copy trading.
- Charges account inactivity fees.
#3 FXTM- Forex Trading Platform With NGN Account Currency
FXTM is an online forex broker that launched in 2011 and offers trading services to all Nigerians. FXTM is the trading name of ForexTime Ltd and Exinity.
FXTM Regulation/Safety: FXTM is registered and regulated by the Financial Services Commission (FSC) Mauritius as Exinity Limited, an Investment dealer with license number C113012295. Nigerian Traders are under this regulation.
The FXTM brand is also licenced by FCA as Exinity UK Limited and authorised by CySEC as ForexTime Ltd.
FXTM Trading Fees: FXTM spreads charges depending on the account type and is on a floating spreads basis. Micro and Advantage Plus Accounts have spreads starting from 1.5 pips while the Advantage Account spreads start from 0.0 pips.
There are no commission charges for Micro and Advantage Plus Accounts, while the FXTM Advantage Account has commission fees from $0.2 to $4.88 per lot side of trade opened.
Swap fees on FXTM are based on the trade positions opened, although no swap fees are charged on the Islamic Account.
Typical spreads for major pairs on the FXTM Micro Account are shown in the table below:
|Spreads||1.9 pips||2 pips||2.4 pips||2 pips||45 pips|
FXTM Non-Trading Fees: Deposits on FXTM are free of charge and withdrawals to Nigerian bank accounts are free as well. Although withdrawals via debit/credit cards attract fees of $3 per transaction and 2% of the amount of withdrawal via WebMoney is charged as a fee while there is also no fee for Neteller withdrawals.
FXTM charges a $5 inactivity fee if you do not log in for 6 months to your trading account.
FXTM Account Types: There are 3 trading account types on FXTM, Micro Account, Advantage Account, and Advantage Plus Account. There is also a provision for Islamic accounts which is swap-free, but holders of this account are not allowed to trade exotic Forex Pairs. The maximum leverage on FXTM can be up to 1:2,000 (floating).
FXTM Account Currency: FXTM trading account currencies are NGN, EUR, GBP, and USD.
Negative Balance Protection: FXTM offers negative balance protection for clients’ trading accounts, so they never lose more than the funds they have in it.
FXTM Trading Platforms: Trading platforms supported by FXTM are MetaTrader 4 (MT4) & MetaTrader 5 (MT5). Traders can access the platform via the web, or download it on a desktop and from Google Play Store and Apple App Store. FXTM Trader is a proprietary app by the broker which is available on Android and iOS devices as well as web version.
FXTM Copy Trading: FXTM offers a social trading program called FXTM INVEST. They have no special app for copy trading, clients simply need to create an investment account. A minimum investment of $100 is required before you can start copy trading.
FXTM Trading Instruments: There are about 598 tradable instruments on FXTM, including Forex 60 currency pairs and CFDs on 5 metals (gold and silver pairs), 3 spot commodities, 17 spot indices, 6 FX indices, 5 stock baskets, 452 US stocks, and 50 European stocks.
FXTM Order Execution: FXTM offers Instant Execution for Micro Accounts and Market Execution for Advantage Account and Advantage Plus.
FXTM Deposits: The minimum deposit on FXTM is $10 or ₦10,000 for Micro accounts and $500 or ₦80,000 for Advantage and Advantage Plus Accounts.
FXTM accepts deposits from many deposit methods, including local instant bank transfers, debit or credit cards and e-wallets which are credited instantly while wire transfers are credited in 3-5 business days.
FXTM Withdrawal: For Nigeria’s local instant bank transfer, the minimum amount you can withdraw is ₦500 or $1 on FXTM and processed instantly, e-wallets and cards require a minimum of $3 and are processed within 24 hours or 1 business day.
FXTM Customer Support: FXTM offers customer support 24/5 for traders via live chat, email, and local phone support in Nigeria from Mondays to Fridays.
- Well regulated by Top-Tier regulators.
- Supports copy trading.
- Has phone support in Nigeria.
- Accepts deposits/withdrawals via local banks in Nigeria.
- Offers a lot of trading instruments.
- Offers negative balance protection.
- Has NGN as base account currency.
- Charges account inactivity fees.
- Charges withdrawal fees on some withdrawal methods.
- Does not offer 24/7 customer support.
#4 OctaFX- Swap-free Forex Trading Platform in Nigeria
OctaFX is a Forex broker that officially launched in 2012 offering brokerage in Forex and CFDs trading and accepts traders from Nigeria.
OctaFX Regulation/Safety: OctaFX is licensed and regulated as Octa Markets Inc., by the Financial Services Authority (FSA) of St. Vincent and the Grenadines with licence number 19776, which is an offshore-based regulator. Nigerian traders are under this regulation.
OctaFX is also licensed by the Cyprus Securities and Exchange Commission (CySEC), a Tier-2 regulator, as Octa Markets Cyprus Ltd, European clients are under this license for trading.
OctaFX Trading Fees: The trading fees on OctaFX is often dependent on the account type. OctaFX operates a floating spreads system and their spreads begin from o.6 pips for all accounts. OctaFX charges zero commission for MT4 and MT5 trading accounts.
Swap fees are not required to be paid by traders in Nigeria.
The average spreads on OctaFX for major pairs for MT5 Accounts are shown in the table below:
|Spreads||0.9 pips||1 pips||2.1 pips||1.2 pips||2 pips|
OctaFX Non-Trading Fees: For any payment methods used, OctaFX makes no charges on either deposit or withdrawal fees. No charge is also made on dormant accounts.
OctaFX Account Types: OctaFX offers two types of trading accounts – OctaFX MT4 Account and OctaFX MT5 Account. All accounts are considered to be Islamic as no Swap fees are charged. Maximum leverage in OctaFX is 1:500.
OctaFX Account Currency: OctaFX supports only USD & EUR as base account currency for traders.
Negative Balance Protection: The negative balance protection policy that OctaFX provides resets the trader’s account to zero accounts when a trader loses more than what is available in their account.
OctaFX Trading Platforms: OctaFX offers their proprietary OctaFX Trader for web and OctaFX on iOS and Android devices. The broker also supports MetaTrader 4 and MetaTrader 5 trading applications available on the web, desktop, and Android devices.
OctaFX Copy Trading: OctaFX offers social trading for clients via its dedicated OctaFX CopyTrading App on which beginners can copy the trades of experienced Forex traders. The copy trading app is only available on Android.
OctaFX Trading Instruments: OctaFX offers trading instruments such as; Forex on 35 currency pairs, CFDs on 10 indices, 30 cryptos, 2 metals, and 3 energies.
OctaFX Order Execution: OctaFX offers Market Execution for trade orders on its platform.
OctaFX Deposits: Nigerian Traders can deposit to their OctaFX accounts via several methods. Deposits can be made online using debit or credit cards, cash deposits at a bank branch or an online transfer.
The Minimum deposit on OctaFX is ₦15,000, there is no limit on the maximum amount. Deposits via a Nigerian bank account are credited within 1-3 hours, card deposits with a minimum deposit amount of $25 for Visa are credited within 5 minutes while e-wallets and MasterCard deposits are credited instantly and require a minimum deposit of €50. Crypto deposits are credited within 30 minutes.
OctaFX Withdrawal: The Minimum withdrawal on OctaFX is ₦3,000 via a Nigerian bank account and $5 for e-wallets, all of which are processed within 1-3 hours and takes additional 5 mins to 1 hour for you to receive the funds.
OctaFX has partnered with Guarantee Trust Bank (GTB) directly, so deposits and withdrawals are made faster, and more secure, with no currency conversion fees and no intermediaries.
OctaFX Customer Support: OctaFX offers live chat and email support 24/7. Their email address and live chat are available on their website.
- Supports auto trading with robots (EAs, cBot).
- Does not charge account inactivity fees.
- Has 24/7 responsive live chat support.
- Supports deposits and withdrawals in Naira via Local banks in Nigeria.
- Have negative balance protection.
- You can trade commission-free and swap-free on OctaFX.
- Fast processing of deposits and withdrawals.
- Not regulated by any Tier-1 regulations.
- Fewer trading instruments are available.
- OctaFX does not offer NGN account currency.
#5 Exness- Well Regulated Forex Trading Platform in Nigeria
Exness is a forex broker that accepts traders from Nigeria. Exness has been around since 2008 and offers Forex and CFDs brokerage services.
Exness Regulation/Safety: Exness is registered in Seychelles as Exness (SC) Ltd with registration number 8423606-1. They are authorised by the Financial Services Authority (FSA) Seychelles. Traders in Nigeria are under this offshore regulation.
Exness is also regulated by FCA as Exness (UK) Ltd, CySEC (Cyprus Securities and Exchange Commission) as Exness (Cy) Ltd, and FSCA as Vlerizo (Pty) Ltd.
Exness Trading Fees: Spreads on Exness are relatively low, starting from 0.0 pips for Professional Accounts and 0.3 for Standard Accounts.
Exness offers zero commission for Standard Accounts and Pro Accounts, while the Raw Spread Account attracts a commission of $3.5 for each lot side and $0.2 for Zero Account.
Swap fees on Exness depend on the trading instrument and the swap rate is determined based on your order, whether sell (swap short) or buy (swap long). Exness offers swap-free trading for select instruments with Islamic Accounts.
Average spreads for major pairs on Exness Standard Account are shown on the table below:
|Spreads||1 pip||1.2 pips||1.6 pips||1.4 pips||20 pips|
Exness Non-Trading Fees: There are no deposits or withdrawal fees on Exness, no matter the payment method used. Exness does not charge dormant account fees.
Exness Account Types: Exness has 5 trading account types for clients. The Standard accounts comprising Standard Account & Standard Cent Account are designed for new traders, while the Professional accounts comprising Raw Spread Account, Zero Account, and Pro Account are designed for experienced traders.
Exness has swap-free options on all account types for Muslim traders. The maximum leverage on Exness is 1:2,000.
Exness Account Currency: There are many base account currencies on Exness including USD, NGN, EUR, AED, GBP, and others.
Negative Balance Protection: Exness offers negative balance protection for traders if their trade order is not successful, traders cannot lose more than the money in their account.
Exness Trading Platforms: Exness supports the MT4 & MT5 trading applications which are available on the web, desktop, and mobile devices (Android, tablets, & iOS) and Exness Trader App is available for mobile devices.
Exness Copy Trading: Exness has copy trading features, called social or mirror trading, and new traders can copy the trades of professionals through the Exness Social Trading App. Copy traders need to make a minimum investment of $10.
Exness Trading Instruments: Exness offers about 200+ instruments for trading including 99 currency pairs (majors, minors & exotic), 10 precious metals pairs, 3 energies, 92 US & Chinese stocks, 10 indices and 35 pairs of cryptocurrencies.
Exness Order Execution: Exness is a market maker with a dealing desk and offers Market Execution for all account types except the Pro Account, for which they offer the Instant Execution type.
Exness Deposits: Exness accepts many payment methods for deposits. The required minimum deposit on Exness is $10 for Standard Accounts and $500 for Professional Accounts.
Deposits via Nigerian online bank transfer and e-wallets (Skrill, Neteller, etc.) are credited within 5 hours, deposits via bank cards are credited within 1-5 business days, and bitcoin deposits are credited within 72 hours.
Exness Withdrawal: The minimum withdrawal on Exness is $3 for online bank transfers and $10 for cards. Withdrawals to Nigerian local bank accounts from Exness are processed within 24 hours, e-wallets are also processed in 2-3 business days, while bitcoin and card withdrawals take 72 hours to be processed, card withdrawals take about 10 business days.
Exness Customer Support: Exness offers 24/7 customer support to clients via live chat on their website, email, and international phone number.
- Regulated in multiple jurisdictions
- Does not charge account inactivity fees.
- Has Nigerian Naira (NGN) as base account currency.
- Has 24/7 customer support.
- Has negative balance protection.
- Supports deposits/withdrawals via Nigeria local banks.
- No phone support in Nigeria.
- No bonus on Exness.
- Does not support the cTrader platform.
How we Selected the Best Forex Trading Platforms in Nigeria?
Forex trading in Nigeria is largely unregulated & it is carried out through online platforms. Today, a broker is just a click away. This situation has led to the proliferation of Forex brokers consisting of the good, the bad and the outright scam brokers.
1. Broker’s Regulation/Trust
When choosing a Forex platform, one of our top priorities is the broker’s regulation and licence, this determines their level of trust.
it is important to deal with a broker that is regulated by at least one Tier-1 regulator like FCA or ASIC and Tier-2 regulators like FSCA, CySEC, CMA, and DFSA.
Regulators help to ensure that the traders are protected from unfair treatment by brokers.
2. Customer Support of the Platform
Our choice of broker was also influenced by customer support. A helpful, accessible and responsive broker customer care service made a difference in our decision.
A good customer support system will help you to make complaints and enquiries and get a resolution in a timely manner.
3. Ease of Use and Supported Platforms by Broker
The trading platforms supported by a Forex broker are considered when selecting the best brokers’ platforms in Nigeria.
You need to choose a broker whose trading platform is compatible with the trading platforms of multiple applications, and that is available both on your computer, tablet, and smartphone.
You will also want to consider the ease of use of their website and trading app. It should be easy to navigate, and placing trades should be straightforward.
4. Number of Trading Instruments Available on the Platform
The trading instruments offered by a broker, as well as the ease of use of its software, were taken into consideration when selecting the best forex brokers.
You will want to make sure that your broker offers the instruments you would like to trade in addition to available currency pairs.
5. Deposits and Withdrawal Options of Broker
We considered how easy it was to deposit money and withdraw from the brokers’ platforms.
Brokers who offer many options for deposits and withdrawals on their platforms tend to be the best.
It is best that you use an online broker that allows you to fund your account from your local bank account in Nigeria and withdraw funds to it.
When choosing a forex broker, look for one that processes all deposit and withdrawal requests quickly.
Finding the right forex broker in Nigeria is not an easy task as you can see, but it is worth it if you want to make profitable forex trades.
6. Education and News
Forex trading platforms should be beginner friendly. This is why you must look out for educational tools when choosing a trading platform. They come in different forms like video tutorials, e-books, or writing articles. All of these will enable learning.
In addition, you should have access to an economic calendar. Important economic news makes the market volatile and widens spreads. These are not ideal market conditions. An economic calendar with push notifications will help you track this news and the time of its release. This is why you should check if a forex trading platform has this tool before signing up.
FAQs on Best Forex Trading Platforms in Nigeria
Which forex trading platform is best for beginners?
Based on our research on this post, HF Markets offers certain advantages that are good for new traders in Nigeria, first because they are regulated by Top-Tier regulators.
Additionally, the broker protects negative balances, has free demo accounts, and moderate fees, offers spread-only trading accounts, has NGN as base account currency, supports deposits/withdrawals to bank accounts in Nigeria, and offers educational materials to new traders.
Which is the best forex trading app in Nigeria?
The best forex trading app in Nigeria as per this post is HF Markets, FXTM, and Exness. The best forex trading platforms will depend on a number of factors, like fees, regulations, available instruments, negative balance protection, ease of deposits/withdrawals and availability of customer support.
What are forex trading platforms?
Forex Trading platforms are software offered by brokerages for trading currencies & other CFD instruments. It is important to choose a platform by a broker that is well-regulated.
Which is the most trusted trading platform?
Forex trading is not regulated in Nigeria. However, trading platforms regulated by top-tier bodies like the FCA and ASIC are considered low-risk and trusted.
How much do you need to start trading forex in Nigeria?
You can start forex trading with as little as 4,000 nairas. This amount can be less or more depending on the required minimum deposit by the forex broker.
Which Forex Trading platforms have low fees?
HF Markets (Zero Account) & Exness (Raw Account) have low fees compared to other forex trading platforms. Both these brokers offer Raw spread accounts from 0 pips & up to $7/lot commission.