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Best Forex Brokers in Nigeria for 2023

Toni Nasr, CFA, FRM| Updated January 5th, 2023
Best Forex Brokers in Nigeria for 2023 2

Best Forex Brokers in Nigeria for 2023

The foreign exchange market (Forex) is the world’s largest and one of the most popular markets. While many Forex brokers accept clients from Nigeria, selecting the best one can be difficult. But don’t worry, our experts researched different Forex brokers in Nigeria and came out with a handpicked list intended to provide you with some guidance. We evaluated all aspects of their services and features, including currency pairs available, spreads, fees, trading platforms, deposit and withdrawal methods, and regulations.

So whether you’re new to the Forex market and want to get started or an experienced Forex trader looking for a new platform, this guide will help you compare the best Forex brokers in Nigeria.

Let’s go directly to the list of the best Forex brokers in Nigeria:

  1. XTB: Best for high leverage and great customer service.
  2. FP Markets: Best for social trading and user-friendly platform.
  3. Pepperstone: Best for low Forex fees and free deposits and withdrawals.

Now, let’s take a closer look at the key characteristics before delving thoroughly into each broker’s services.

Best Forex Brokers in Nigeria for 2023 compared

Broker XTB FP Markets Pepperstone
Number of currency pairs 48 60+ 60+
Maximum leverage 1:500 1:30 (standard account)

1:500 (pro account)

1:200 (standard account)

1:500 (pro account)

Minimum deposit $0 $100 $0
Spreads starting at


0.9 (standard account)

0 (pro account)

1 (standard account)

0 (pro account)

Deposit method Bank transfer, credit/debit card, Skrill. Bank transfer, credit/debit cards, Neteller, Skrill, and more. Bank transfer, credit/debit cards, PayPal, Neteller, and Skrill, and more.
Withdrawal fees $20 on amounts below $100; Free above $100 $0 $0

*The above spreads are mentioned as presented on the broker’s website.     

You can check below the spreads of those brokers on the most used currency pairs.

Spread comparison of the best Forex brokers in Nigeria

Currency XTB FP Markets Pepperstone
EUR/USD 0.9 1.1 0.7
GBP/USD 1.4 2.1 0.9
AUD/USD 1.3 1.2 0.8
USD/JPY 140 150 120
USD/CAD 1.8 1.6 1.3
CAD/CHF 2.2 1.1 1.9
Gold (XAU/USD) 2,500 900 1,500
Silver (XAG/USD) 250 140 140

Spreads are in pips (equal to 0.0001).

The spread in forex trading is the difference between the ask price and the bid price on a particular currency pair. Spreads are not fixed. They vary depending on the currency pair, liquidity, and market events. Brokers have the ability to increase or widen the bid-ask spread, which would result in an investor paying more when buying and getting less when selling. Accordingly, it is a key factor in selecting the best forex brokers.

Top Forex brokers in Nigeria Reviewed

1# XTB

XTB Review - XTB Logo
Visit XTB
81% of retail CFD account lose money.

XTB at a glance

Number of currency pairs48
Maximum Leverage1:500
Minimum Deposit$0
Forex Fees$0 for standard accounts, but spreads starting at 0.9 pips apply
RegulatorsCySEC, FCA, KNF, CNVM, and IFSC

XTB is a global CFD broker established in 2002 with more than 495,000 clients. Compared to other brokers, it is widely known for having an outstanding customer service team. Additionally, they provide high leverage on forex trading that can go as high as 1:500. Spreads are reasonably low, starting at 0.1 pips, and there are 48 currency pairs available for trading.

XTB spreads on major currencies

Currency pair Spreads in pips on standard account
EUR/USD spread 0.9
GBP/USD spread 1.4
AUD/USD spread 1.3
USD/JPY spread 140
USD/CAD spread 1.8
CAD/CHF spread 2.2
XAU/USD spread 2,500
XAG/USD spread 250

The spread depends on the type of account that you choose and the market that you trade on.

XTB offers beginner and experienced traders a dynamic trading experience with its two trading platforms, xStation5 (desktop-based) and xStation (mobile), which have advanced charting tools and indicators. You can fund your account via bank wire transfer, credit or debit card, or Skrill, and there is no minimum amount to open an account.

XTB trading features

Trading platforms XTB Web Trade Platform, xStation 5 desktop trading platform, xStation Mobile application.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection No
Guaranteed stop loss No

On the downside, XTB charges a $20 fee for withdrawals of less than $100, but they do not impose a fee on withdrawals over that amount. Additionally, they charge a $10 monthly fee after 12 months of inactivity.

Read our XTB review for further insights.

2# FP Markets

fp markets
Visit FP Markets

FP Markets at a glance

Number of currency pairs60+
Maximum Leverage1:30 (standard account); 1:500 (pro account)
Minimum Deposit$100
Forex fees$0, but spreads starting 1 pip apply
RegulatorsCySEC, ASIC, FCA

FP Markets is another broker included in our list of the best forex brokers in Nigeria. It is one of the few brokers that gives you access to social trading, allowing you to find, follow and copy successful traders automatically. It was founded in 2016, they give you access to trade more than 60 currency pairs.

FP Markets spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 1.1
GBP/USD spread 2.1
AUD/USD spread 1.2
USD/JPY spread 150
USD/CAD spread 1.6
CAD/CHF spread 1.1
XAU/USD spread 900
XAG/USD spread 140

FP Markets has its own well-designed web trading platform and mobile application. In addition, you can trade using the online trading platform Iress, and the famous MetaTrader trading platforms MT4 and MT5. These trading platforms offer a wide range of indicators and drawing tools that assist you in analysing trends and market movements. You can open an account online, fund it by bank transfer, credit or debit cards, Neteller, Skrill, or several other online payment methods, and the minimum deposit is $100.

FP Markets trading features

Trading platforms MetaTrader4 (MT4), MetaTrader5 (MT5), Iress, FP Markets WebTrader and Mobile app.
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss No

FP Markets does not charge any fees on deposits and withdrawals, but on the downside, they provide very few educational materials and research reports compared to other brokers.

3# Pepperstone

Visit Pepperstone
74-89% of retail CFD accounts lose money.

Pepperstone at a glance

Number of currency pairs60+
Maximum Leverage1:200 (standard account); 1:500 (pro account)
Minimum Deposit$0
Forex fees$0, but spreads starting 0.7 pips apply
RegulatorsASIC, SCB, CMA, CySEC, FCA, BaFin and DFSA

Pepperstone was established in 2010 and currently serves more than 300,000 traders across the globe. It is an ideal broker if you want to reduce your fees, as it provides tight spreads and free deposits and withdrawals. They give you access to trade over 60 currency pairs with leverage that can go up to 1:500, but keep in mind that higher leverage means higher risk.

Pepperstone spreads on major currencies

Currency pair Spreads in pips
EUR/USD spread 0.7
GBP/USD spread 0.9
AUD/USD spread 0.8
USD/JPY spread 120
USD/CAD spread 1.3
CAD/CHF spread 1.9
XAU/USD spread 1,500
XAG/USD spread 140

Pepperstone provides three trading platforms that suit all traders: MetaTrader4 (MT4), MetaTrader5 (MT5) and cTrader. Each platform is free and available on the web portal, mobile, and desktop. They have two account types: Standard account suitable for new traders and Razor account ideal for scalpers and algorithmic traders.

Pepperstone trading features

Trading platforms MetaTrader4 (MT4), MetaTrader5 (MT5) and cTrader
Limit orders Yes
Stop loss & take profit orders Yes
Negative Balance Protection Yes
Guaranteed stop loss No

On the downside, negative balance protection does not apply to Nigerian clients. In short, negative balance protection implies that you will never lose more than what is available in your account.

What Makes a Good Forex Broker?

Whether you are a beginner or an experienced trader, there are numerous characteristics and features that should be taken into account when choosing a good Forex broker. The following are a few of the most important factors to consider:

  • Regulation: This is the most crucial factor because you need to make sure the business is legitimate before depositing your money. As a result, we advise you never to select a broker who is not regulated by a recognized authority.
  • Commissions: Although spreads vary depending on the currency pair, good Forex brokers often provide tight spreads and have reasonable commissions.
  • Deposit and withdrawal methods: A good broker will make it easy and convenient for users to deposit and withdraw funds by offering several methods, such as wire transfer, debit or credit card, or other electronic payment methods such as PayPal or Skrill.

The bottom line

It can be difficult to find the best Forex broker in Nigeria as there are several platforms that are available. In this review, we highlighted the key features of the top Forex brokers in Nigeria which is summarized below:

Best Forex Brokers in Nigeria
#1 XTB Best for high leverage and great customer service
#2 FP Markets Best for social trading and user-friendly platform
#3 Pepperstone Best for low Forex fees and free deposits and withdrawals

To find out which broker could be ideal for you, you can always use our “Help Me Choose” tool. You can also look at our comparison table for a detailed breakdown of the key features of various global brokers. And for additional details about the products and services each broker provides, you can read our reviews.

We hope this article saves you some time while researching the best Forex brokers in Nigeria. We advise you to conduct your own research to determine which online broker is best for you. Keep in mind that a demo account might be helpful to test the features and practice.

Other FAQs

Is Forex trading legal in Nigeria?

Yes, Forex trading is legal in Nigeria. However, it is not regulated by any national regulatory authority.

How to trade Forex in Nigeria?

There are many international brokers that give access to Nigerian residents to the Forex markets. First, you have to open an account with a Forex broker to get access to the Forex market. Then, you must analyse the markets using fundamental or technical analysis, depending on your trading strategy. After that, you can place your trades in line with your analysis.

Can I trade Forex in Nigeria with $10? And $100?

Yes, you can trade Forex with amounts as low as $100 or even $10. We have listed in this article a few brokers that do not require any minimum amount to start trading. But the trade size will be small.

Can I trade Forex on eToro if I live in Nigeria?

Unfortunately, eToro is not available in Nigeria. However, we listed several Forex brokers in this article that accept Nigerian traders.

Toni Nasr, CFA, FRM
Fintech Analyst

Toni is a Fintech Analyst with over 8 years of experience in the financial industry where he worked as a financial control analyst at a regional bank and later conducted independent investment research analysis.