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Last Updated: March 26, To be on the safer side while trading forex, people seek the brokers regulated by the authorities in their local jurisdiction. However, forex trading is not yet regulated by CBN, SEC, or any other regulatory authority in Nigeria. The safety of forex traders in Nigeria mainly depends on the regulations by foreign regulatory authorities like CySEC, ASIC, FSCA, FCA, etc.
More than 20 CFD brokers offer forex trading services in Nigeria. Some of them are licensed by international top-tier regulators and offshore entities, while some are unregulated. Choosing an unregulated or unlicensed broker can incur additional third-party risk and is not considered safe for forex and CFD traders.
Note: There is no CBN or SEC-regulated forex broker in Nigeria. So traders must choose a forex broker that is regulated by tier 1 or tier 2 regulatory authority. Following are the best-regulated brokers in Nigeria according to our comprehensive analysis. Following are the best regulated forex and CFD brokers in Nigeria that are licensed with 2 or more Top-tier regulations. HotForex is among the best-regulated forex brokers in Nigeria.
Apart from multiple top-tier regulatory licenses, HotForex is also fairly transparent with its financials. It has also partnered with the renowned French football club of Paris Saint Germain which further enhances the trust factor. The spreads at HotForex are lower than some of the regulated brokers but not the best among regulated brokers in Nigeria.
The spreads with the commission-based accounts are as low as 0. HotForex offers maximum leverage of with free deposit and withdrawal from local banks in Nigeria. The availability of all the available accounts with Naira as base currency is an additional advantage for traders in Nigeria.
MT4 and MT5 are available trading platforms for all types of devices. The HFmarkets app can be downloaded to analyze markets and track orders but orders can only be executed through the Metatrader app. The customer support service is also excellent with a live chat window and 2 local numbers for phone support. XM offers commission-free forex and CFD trading. Although, the spreads at both of these account types differ largely. The additional services offered by XM for Nigerian clients are not as attractive as other regulated forex brokers in Nigeria.
They do not support NGN as the base currency of the account but the clients have 10 other options to choose from. XM does not have a local office in Nigeria and no local phone support is available for customer support. The support executives can be reached out through the live chat window and email.
Exness is a low spread regulated forex broker with a wide range of currency pairs available to trade. The spreads are lower than many of the regulated brokers in Nigeria.
Exness is the regulated forex broker with the highest maximum leverage ratio. Depending on the account balance, it offers a leverage ratio of more than It does not have a local office in Nigeria and does not offer local phone support.
The trading account can be opened with NGN as base currency. Exness is a low-cost regulated forex broker with very high maximum leverage and low minimum deposit. The research and education tools are limited. FXTM is a well-regulated forex broker with excellent features for Nigerian clients.
The spreads and minimum deposit amount are slightly higher than many other regulated brokers in Nigeria like Hotforex, XM, Exness, etc. This is lesser than many other regulated brokers in Nigeria. A minimum commission of 0. The Naira NGN is exclusively available for Nigerian clients as the base currency of the account. FXTM has a local office in Nigeria with local phone numbers for customer support.
The support service is excellent while the deposit and withdrawal methods are also free and convenient with local banks in Nigeria.
FXTM is among the safest forex brokers in Nigeria due to multiple top-tier regulations. Exclusive services for Nigerian clients and resourceful research and educational tools are provided by FXTM. This comes at the expense of a slightly higher spread and minimum deposit amount. OctaFX is not regulated by any top-tier regulatory authority hence the safety ratings are slightly lower.
However, this is compensated with lower spreads on available instruments. There is no commission-based account type at OctaFX. Naira NGN based accounts are not available at OctaFX. There is no local office in Nigeria and local phone support is not available. It supports local GT bank deposits and withdrawals without any additional commission.
The maximum leverage is that allows trading on 35 currency pairs and 20 CFDs on commodities, indices, and cryptocurrencies. OctaFX is a good option to trade forex in Nigeria due to low spreads and no commission.
However, it requires a higher minimum deposit and the regulatory compliance is lenient compared to Hotforex, FXTM, etc.
Tickmill is regulated by multiple top-tier regulatory authorities and allows trading on a wide range of currency pairs. This makes it considerably safe for traders in Nigeria. The spreads with the commission-free account type at Tickmill are slightly high but the trading cost is fairly low with the commission-based Pro and VIP accounts.
This is higher than many of the regulated forex brokers in Nigeria. Naira is not available as the base currency of the account. The customer support service is decent as there is no local phone number available for customer support in Nigeria. A complete suite of MetaTrader 4 and MetaTrader 5 is available. We also found the research and educational tools at Tickmill to be much helpful in enhancing trading strategies. Tickmill is ideal for those who seek low-cost commission-based forex trading with a well-regulated broker.
Each forex trader must know which broker is best suited for oneself. The suitability of a trader with the broker can differ due to multiple reasons. We have highlighted some of the factors that must be considered while choosing a forex and CFD broker in Nigeria.
For a safe and sound trading experience, one must always choose a broker that is regulated by tier 1 or tier 2 regulatory authorities like FCA, FSCA, ASIC, and CySEC.
As there is no CBN or SEC regulation on forex trading in Nigeria, it is important to seek a broker with a regulatory license from reputed financial regulatory authorities. Regulated brokers are less prone to cheat or default. Hence, the third-party risk or counterparty risk can be mitigated by choosing a well-regulated broker. Forex trading in Nigeria is not regulated by CBN or any other local financial regulatory authority.
Hence clients must look out for the global regulatory licenses held by the broker and the regulation under which they are getting registered. Following are some of the regulatory authorities which regulate majority of the forex brokers accepting Nigerian clients. FSCA: The Fiancial Sector Conduct Authority FSCA is a top-tier financial regulatory authority in the jurisdiction of South Africa.
FSCA was previously known as Financial Services Board South Africa. South African clients are registered under FSCA regulation. However, an FSCA license can enhance the trust factor of the broker as it is the highest tier regulatory authority in Africa. FCA: The Financial Conduct Authority FCA is a top-tier financial regulatory authority in the jurisdiction of the United Kingdom.
Clients residing in the United Kingdom are registered under the FCA regulation. FCA regulatory regimes are among the most strict as the maximum leverage is Nigerian clients are not registered under FCA regulation but a broker with FCA regulation can be considered much safer to trade.
ASIC: The Australian Securities and Exchange Commission ASIC is an Australian financial regulatory authority. A broker with ASIC regulatory license can be considered safe but only the clients residing in the Australian Jurisdiction are registered under ASIC regulation. CySEC: The Cyprus Securities and Exchange Commission CySEC is a popular regulatory authority among the international CFD brokers. Cyprus is an island nation in the Mediterranian Sea but it a member of the European Economic Area EEA.
A regulatory license from CySEC allows brokers to accept clients from all the member countries of the EEA. Hence, most of the international forex and CFD brokers hold regulatory license from CySEC.
Regulation from CySEC makes forex brokers safe but not as that from FSCA, FCA, or ASIC. IFSC: The International Financial Services Commission IFSC is a Financial Services Commission and a government agency of Belize. Belize is a Caribbean country on the northeastern coast of Central America. The entities of broker that are regulated under IFSC of Belize can accept clients from various countries of the world. Nigerian clients can also be registered under IFSC Belize regulation.
FSA: The Financial Services Authority of Seychelles FSAS is also an island based financial regulatory authority that regulates international brokers. Nigerian clients are registered under FSA regulation by several brokers. Brokers with only FSA regulation can be considered of high risk compared to those who also have top-tier regulatory license. It must be noted that each broker can have multiple regulatory license and also have different legal entities and websites for each regulation. This means that trading condition can be different for clients residing in different countries.
The following table describes the regulatory licenses held by the Best Regulated Forex Brokers in Nigeria. The number of years in the industry, financial transparency, audit report, details of the owners, etc.
It has also partnered with the renowned French football club of Paris Saint Germain which further enhances the trust factor. BDSwiss 6. za to enquire about our digital marketing options. With this new regulatory framework, the FSCA can reduce the risk that retail and institutional forex traders in South Africa face, effectively creating a safe environment for market participants, subsequently ensuring that South Africa is aligned with the G20 requirements in terms of OTC derivatives market regulation. Broker of the month. These cookies track visitors across websites and collect information to provide customized ads.Plus 6. Rated 70 of Recommended FX Brokers. These cookies ensure basic functionalities and security features cbn forex trading the website, anonymously. Best Brokers. Telecom 4 weeks ago. Most of the forex and CFD brokers in Nigeria offer live chat support to assist the clients.