After many years of trading, I can tell you using some of the best-regulated forex brokers in Nigeria speeds up your winnings.

You can’t limit your trading success to strategies and risk management. Your broker has an influence on your victory.

At a point, I have to leave a particular broker when I discovered their spread was eating my gains and speeding up my losses.

Also, another broker goes for maintenance almost every 12 hours – it was frustrating.

This is a complete list of the best forex brokers in Nigeria that are not only regulated but also reliable.


Reliable Forex Brokers In Nigeria That Are Also Registered

1. Exness

Exness is one of the registered-best forex brokers in Nigeria with no deposit charges.

They are a powerful trading platform with better market conditions since 2008.

They are regulated by Financial Services Authority (FSA), Financial Services Commission (FSC), Financial Sector Conduct Authority (FSCA), and Financial Conduct Authority (FCA).

So, you have nothing to be afraid of.

They work to keep their spread as low as possible compared to other brokers.

On Exness, you enjoy free deposit and withdrawal transactions. And they don’t charge a management fee.

You can trade your favourite instruments on the Metatrader (4 or 5) and the Exness trader app.

Instruments You Can Trade On Exness:

  • Currencies: Trade the world’s largest financial market with zero spreads.
  • Cryptocurrencies: Enjoy 24/7 trading on top cryptocurrencies, including Bitcoin, Ethereum, and more.
  • Stocks: Trade with no overnight fees and spreads from 0.1 pips
  • Indices: Find rest with the biggest industries with zero swaps
  • Metals: Choose metals to diversify your portfolio.
  • Energies: Enjoy awesomely leveraged when you invest in oil and natural gas.

Personally, I regard Exness as the most reliable forex broker in Nigeria right now.

I have had no regrets ever since I started using them. I recommend it to a friend, and he has not stopped thanking me.

Sign Up With Exness Now


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2. Deriv

Deriv is one of the world’s best online brokers to trade forex in Nigeria with a minimum deposit of $5

This was the first broker I signed up with when I started trading forex. I enjoyed their services.

So, I will share what I love about them. But before then, let’s get to know them.

Deriv is a regulated broker that has been in the industry since 1999.

Their goal is to put an end to high commissions, and unnecessary products offered by many brokers.

No wonder they boast over 2.5 million customers worldwide, with a total trade of over $10 billion.

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What Makes Deriv A Good Forex Broker?

  • Track Record: Deriv has proven itself and it can only get better.
  • Licensed: Deriv has active licenses from the highest regulatory bodies in the financial markets.
  • Support: Their support team is 24/7 available to answer your request via live chat.

Now, you see why I said Deriv remains one of the best forex brokers in Nigeria.

They won the best Africa broker award this year.

Sign Up With Deriv

On Deriv, you can trade Forex, Derived, Stocks, Indices, Cryptocurrencies, and commodities on the following platforms.

  • Meta trader 5: Manage multiple assets on a single platform.
  • Deriv X: A trading platform custom-made for you.
  • Smart Trader: A popular user-friendly platform for easy trading.
  • DTrader: An easy-to-use platform yet powerful.
  • DBots & Binary Bots: Automated bots are ready for your trading use.

The minimum deposit to Deriv is $5 via bank transfer. This is very fair.

Other payment methods they accept are credit & debit cards, e-wallets, cryptocurrencies, and Deriv P2P.

Using any of the above payment methods guarantees they will process your money within one day or even less.

If you are truly interested in trading futures, then I recommend them.

Sign Up With Deriv


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3. AvaTrade

Avatrade made it to the list of the best forex brokers in Nigeria with world-class trading experience.

Wants to be empowered to trade CFDs on FX, Stocks, Commodities, Crypto, Indices, & Options?

Then AvaTrade is for you.

They found AvaTrade in 2006, making it one of the first forex brokers to be available to retail traders.

This year alone, AvaTrade won 10 awards, solidifying its position as one of the best forex brokers in Nigeria and abroad.

Over 400K traders are happy with the platforms as seen in their reviews.

AvaTrade has some of the best trading platforms:

  • WebTrading: An award-winning proprietary trading platform available to all AvaTrade users.
  • AvaTradeGo: A friendly and simple mobile app interface with trading features and charts.
  • Meta Trader 4 & 5: Gain access to the most populated trading platforms in the world.
  • AvaOptions: Maximise your returns when trading options on AvaTrade.
  • AvaSocial: Follow and copy trades of the best traders in the world.

What Makes AvaTrade A Good Forex Broker?

  • You get to trade over 1000 instrumentals available in forex, stocks, cryptocurrencies, commodities, and indices.
  • Access to desktop, tablet, mobile, and web versions of meta traders.
  • Many automated trading tools for your day trading.
  • Low spreads and lots of leverages.
  • Licensed and regulated in Europe, Australia, Japan, South Africa, and more.
  • Trade on their platforms in over 20 languages.
  • Educating traders with exclusive free videos, articles, e-books and daily market analysis.
  • Providing first-class customer support service to ensure you have a smooth trading experience.
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Sign Up with AvaTrade


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4. PepperStone:

PepperStone is also among the list of registered forex brokers in Nigeria

Delayed executions, high charges and poor customers support frustrated a team of an experienced traders.

So they came together to start a company called Pepperstone in 2010.

And ever since, they have remained committed to providing you and me with powerful technologies, tight spreads and genuine support to enhance traders’ success.

On Pepperstone, you can trade 5 instruments – Forex, indices, metals, energy and commodities.

And they provide access to the following trading platforms, partners, and tools:

  • Trading View: Enjoy the largest social trading platform in the world.
  • Meta Trader 4 & 5: Access to many indicators and faster market execution.
  • cTrader: Gives you an instructional trading experience
  • Smart Trader: For optimizing your trading strategies.
  • Myfxbook: Use this automated analytical tool for your next forex trading.

What Makes Pepperstone A Good Broker?

  • Customer Satisfaction: They do everything to ensure you have it easy with trading.
  • Metatrader 5: Just like Exness broker, they also provide you with Meta trader 5 to enhance your trading experience with a rich interface.
  • Security and Safety: FCA, ASIC, and CMA regulate Pepperstone. Also, they hold your money with the best banks in the world.

Pepperstones have a very good spread with the highest when trading metals.

Also, they accept Visa, Mastercard, Bank Transfer, Paypal and many more.


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5. Oanda

Oanda is one of the oldest and most reliable Forex Brokers operating in Nigeria

Since 1995, Oanda has built an outstanding reputation for itself in areas of innovation, customer support and transparency.

They are an award-winning company offering retail solutions to both individuals and corporate bodies.

Just like every other forex broker, you can make payment using the following payment methods:

Bank transfer, Wire transfer, VISA, Mastercard, Neteller, and Skrill.

Why Trade With Oanda?

  • CFD Trading: Oanda offers a range of instruments you can trade on the platform – indices, forex, cryptocurrencies, shares, commodities, and metals.
  • No Verification: While others request you submit documents before you can start trading, Oanda allows you to invest immediately up to $9000.
  • Tight Spreads: Oanda has a tight spread starting as low as 30 cents on XAU/USD and more.
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Oanda gives you access to trade using the popular Meta trader 4, 5 and fxTrade.

Last, Oanda has a welcome bonus for new traders of up to $5,000.

When you deposit $1000, you will receive a $500 bonus. And when you deposit $50,000, you will receive $5,000.


FAQs on Forex Brokers In Nigeria

What is Forex trading?

Forex (foreign exchange) trading is the buying and selling of currency pairs in a global market.

Why forex trading?

Trading forex has proved profitable to traders who have a good management plan.

How does Forex Trading works?

It works by identifying opportunities in the market and deciding to buy or sell.

Which Forex brokers are the best in Nigeria?

While there are many forex brokers operating in Nigeria, my personal best are Exness, Deriv and AvaTrade.


Conclusion On The Best Forex Brokers In Nigeria

As I have said earlier, your broker has an influence on your trading success.

Don’t fall prey to those online ads you see on Facebook and YouTube. Most don’t have your interest at heart.

Learn from my experience so you don’t get beaten.

I have done the homework for you. You only need to register and start trading.

If it confused you on which to choose, sign up with Exness Limited – I am using them currently.

Now, we have come to the end list of the best forex brokers registered in Nigeria.

Ayodeji Oluboba
Ayodeji Oluboba

Oluboba Ayodeji is a digital consultant helping serious businesses develop effective marketing strategies to reach new customers and get more sales.