5 Best Forex Brokers in Nigeria


When choosing a forex broker, it is imperative that Nigerian traders choose one which adequately caters for their trading needs and objectives. In addition, it is important to make use of brokers that are strictly regulated and provide adequate client fund security, amidst other factors.

1. Alpari

Alpari was established in 1998 and is strictly regulated by FSC and FSA in providing some of the best trading conditions in the industry. Alpari is a STP and ECN broker with headquarters in Mauritius.

There are also offices based in St. Vincent and the Grenadines, Russia, and Nigeria. Alpari offers its traders with tight and competitive spreads and low commission charges, adequate leverage, a range of markets, and powerful trading platforms.

2. XM

XM is a multi-regulated broker which has been in operation since 2009. As an ECN and STP broker, XM offers its traders competitive trading conditions, a range of markets, superior execution speeds, and more, as part of its comprehensive offering.

There are more than 2.5 million traders from 196 countries who have registered accounts with XM. Nigerian traders can expect tight and competitive variable spreads, ultra-low commission charges on trades, powerful trading platforms such as MetaTrader 4 and 5, and more.

You might like: Best Forex No Deposit Brokers for African Traders.

3. eToro

eToro is a multi-regulated Market Maker broker in addition to being the leading online social platform in the industry. Along with a range of markets offered, traders are provided with competitive trading conditions, zero-commission trading, and the use of eToro’s proprietary trading platforms.

In addition, eToro also features no additional mark-ups, no ticketing or management fees, zero limits on trading volumes, and numerous social trading opportunities through its vast online community.

4. AvaTrade

Despite the rise in brokers to accommodate more traders, AvaTrade remains one of the most popular and reputable brokers in the industry. AvaTrade makes adequate provision for Nigerian trader with its comprehensive trading solutions and services.

Traders have access to more than 250 financial instruments which can be traded through a variety of popular and powerful trading platforms. In addition, AvaTrade offers tight and competitive spreads, the option for commission-free trading, superior education, research, trading tools, and more.

AvaTrade is also an award-winning broker that has more than 200,000 registered clients. AvaTrade experiences trading volumes of more than £60 billion a month, with traders executing around 2 million trades per month.

5. OctaFX

OctaFX is another popular broker that welcomes Nigerian traders. OctaFX is based in St. Vincent and the Grenadines with corresponding regulation through FSA SVG and CySEC.

When trading through OctaFX, Nigerian traders have access to competitive trading conditions consisting of adequate leverage up to 1:500, both variable and fixed spreads, commissions from $0, fast and reliable trade executions, access to some of the best liquidity providers, and more.

In addition, OctaFX offers its traders with a variety of financial instruments which are spread across several asset classes. These financial instruments can be traded through powerful and user-friendly trading platforms such as MetaTrader 4 and MetaTrader 5.

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