Forex trading is, without a doubt, one of the best strategies you can leverage to earn money digitally today. If you want to get your hands on Forex trading in Nigeria, you need to work with the best brokerage firms in this region. There are so many Forex brokers available on the web for Nigerians to use but watch out as some are guided by the motive of earning and don’t care about your trading welfare.

As your number one resource for information regarding digital earning strategies in Nigeria, we have researched and tested reliable Forex brokers you can work within 2021. This is a review of our top 10 picks for the best Forex brokers in Nigeria:

Let’s briefly explore each of these brokers and see why they stand out from the rest in 2021.

 Hot Forex

Hotforex Review

The reason this broker tops our list is its unbeatable brokerage and customer support services that are available to all types of Forex traders. HOT FOREX is an award-winning Forex broker and a perfect solution for both novice and seasoned investors. Due to its strong regulation, no other broker can beat it when it comes to reliability.

Top features summary:

  • Minimum deposit- $5
  • Spread- 1 pip for the Micro accounts and 0.2pips for a Zero spreads account
  • Payment Methods- Major debit/credit cards, e-wallets including crypto, Bank wire and Bank direct transfers.
  • Regulatory body- Cyprus Securities and Exchange Commission (CySEC)

Registration Bonus- Registration to a loyalty program where you earn points that can be exchanged for money prices.

Read Our Hotforex Review   Sign Up For HotForex

Octa Fx

octafx review

Octa Fx is designed for traders and is one of the best brokers to use for all your trading activities in 2021. In addition to being sufficiently regulated, OCTA FX provides well-organized education material to guide you as you do all your trades. There is a wide selection of products to trade here, including metals, cryptos and indices.

Top features summary:

  • Minimum deposit- $100
  • Spread- Averagely 0.7 pips.
  • Payment Methods – Bank cards and local bank transfers for traders in Nigeria, India and Thailand.
  • Regulatory body- Cyprus Securities and Exchange Commission (CySEC).

Registration Bonus- During special offers, you can get a 15-100% bonus on initial deposits.

Read Our OctaFx Review   Sign Up For OctaFx

 FXTM(Forex Time)

FXTM is tried and tested to be a top of the pack Forex broker for Nigerians in 2021. Its wide variation of Forex pairs and crosses, including precious metals and cryptos, make this broker stand out among the rest. In a nutshell, FCTM satisfies all the factors any Nigerian Forex trader would be looking for in a Forex broker.

Top features summary:

  • Minimum deposit- $5 for the Cent account type and $200 for the FXTM ECN Zero account.
  • Spread- 1.5 pips for FXTM ECN Zero, 0.1 pips for FXTM ECN and 0 pips for FXTM PRO.
  • Payment Methods- Major credit cards, e-wallets, bank wire and bank transfers.
  • Regulatory body- Cyprus Securities and Exchange Commission (CySEC).

Registration Bonus- $30 deposited directly to the trading account.

Read Our Fxtm Review   Sign Up For Fxtm

Deriv

Deriv best brokers in nigeria

Developed out of Binary.com, DERIV is a top international broker that you can rely on. The trading platform they offer has all the tools you need to run your trades and their wide range of assets, including binary options, will provide you with limitless earning opportunities.

Top features summary:

  • Minimum deposit- $5 for e-wallets, $10 for debit and credit cards and $500 for bank transfers.
  • Spread- Averagely 0.9 pips.
  • Payment Methods- Major e-wallets, cryptos, bank wire and credit cards.
  • Regulatory body- Malta Financial Services Authority (MFSA), Labuan Financial Services Authority (Labuan FSA), British Virgin Islands Financial Services Commission and Vanuatu Financial Services Commission (VSFC).

Registration Bonus- No welcome bonus.

Read Our Deriv Review   Sign Up For Deriv

IC Markets

ic markets best broker in Nigeria

IC Markets is the largest Forex broker in Australia and a favourite for Nigerian traders. It offers top of the pack trading tools and exceptional brokerage services that every trader would find very impressive and crucial in their trading process.

Top features summary:

  • Minimum deposit- $200
  • Spread- Average spread of 0.1 pips.
  • Payment Methods- Skrill, Neteller, PayPal, Web Money, Bank wire transfer, credit and debit cards.
  • Regulatory body- Australian Securities & Investment Commission (ASIC).

Registration Bonus- No registration bonus due to regulatory restrictions.

Read Our Icmarkets Review   Sign Up For IcMarkets

XM Forex

There is no doubt that XM FOREX is a reliable and globally recognized Forex broker that is worth giving a shot in Nigeria. Here, you can trade on Forex and CDFs for fast-moving global financial markets.

Top features summary:

  • Minimum deposit- $5 for Standard and Micro accounts, $50 for ultra-low and $100 for Zero accounts.
  • Spread- Averages at 1.6 pips.
  • Payment Methods- Neteller, Western Union, Bank wires, Bank transfers, major credit and debit cards.
  • Regulatory body- Trading Point of Financial Instruments Ltd, Cypress, Trading Point MENA Limited, Dubai, Trading Point of Financial Instruments Pty Ltd, Australia, Trading Point of Financial Instruments UK Limited, UK.

Registration Bonus- No registration bonus due to regulatory restrictions.

Read Our Xm Review   Sign Up For XM

Pepper Stone

pepperstone best broker in Nigeria

Pepper Stone is an Australian based broker currently hosting a client base of more than 57,000 traders. Its fabulous educational material, not to mention its serious and top-notch regulation, makes Pepper stone a reliable broker that is worth striking a deal with.

Top features summary:

  • Minimum deposit- No minimum threshold for the deposit.
  • Spread- 1.1.3 for Standard accounts and 1.3 for Razor accounts.
  • Payment Methods- Bank wires, credit and debit cards and digital payment methods such as Neteller, Skrill and Paypal.
  • Regulatory body- Australian Securities and Investment Commission (ASIC).

Registration Bonus- No new member bonus due to regulatory restrictions.

Read Our LiteForex Review   Sign Up For pepperstone

 

Lite Forex

liteforex best forex brokers in nigeria

 

Founded in 2005, LITE FOREX is a regulated CFD offering MT4 and MT5 trading platforms. It is well established in Africa and also runs brokerage services to traders in Europe. This is definitely one of the Forex brokers you should strike a deal with in Nigeria.

Top features summary:

  • Minimum deposit- $50
  • Spread- 0.4 for crypto, and 1-2 for Forex and CFDs
  • Payment Methods- Credit/debit cards, WebMoney, bank transfers, Neteller and Skrill.
  • Regulatory body- Marshall Islands Business Corporation Act

Registration Bonus- No welcome bonus

Read Our LiteForex Review   Sign Up For Liteforex

 

Avatrade

ava_trade best betting site in Nigeria

Avatrade is a leading international broker with premium account types available for traders in the European Union as well as other regions. Avatrade offers exceptional trading platforms that are easy to use and that make Forex trading fun to do.

Top features summary:

  • Spread- For all account types, the spreads averages at 0.9 pips.
  • Payment Methods- Major digital payment methods, such as Neteller and Skrill. Wire transfers, e-transfers and credit cards can also be used.
  • Minimum deposit- $100
  • Regulatory body- Australian Securities & Investments Commission, Financial Services Agency, Financial Sector Conduct Authority and Financial Services Commission.

Registration Bonus- No welcome bonus for European Union traders but up to 30% welcome bonuses for traders in other regions.

Read Our Avatrade Review   Sign Up For Avatrade

 

Conclusion

Hopefully, now you know the brokers to turn to when you want to run profitable Forex and CFDs trades effectively in Nigeria. Don’t waste your time with a broker that will never let you have returned. Pick one from our list and we can guarantee you that you will have the best trading experience. Each of these brokerage agencies run exceptional customer services that you can turn to if you have requests or questions about their services. Finally, it would help if you worked with multiple brokers as this will spread your risks and maximally protect your hard-earned money.