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7 Best Forex Brokers in Nigeria

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Forex Trading is exploding in Nigeria. Nigeria is now Africa’s fastest growing market with new brokers entering the market on a monthly basis. 

Here is a quick guide on forex brokers in Nigeria to consider.

1.   Alpari International
Alpari International is a popular choice for traders around the globe and serves more than 2 million traders. It was founded in 1998 and though the years it has proven itself to ne a reliable and reputable broker.

The broker offers excellent customer support, and the broker’s support team consists of experts available to answer a range of questions by phone, email and live chat. The broker’s offices are situated globally to offer specialised help, advice and guidance in order to ensure consistent and vital support. 

Alpari allows its clients to engage in flexible trading by choosing independent trading or joining Alpari Invest and following strategies from experienced traders. 

With the broker’s Loyalty Cashback program, clients also have the opportunity to get back part of their funds on different types of commission.

Alpari International is authorised and regulated in Mauritius by the FSC. Through its choice of powerful trading platforms, traders have access to over 250 trading instruments such as forex and CFDs.

Alpari International uses MetaTrader 4 and MetaTrader 5, both of which offer great flexibility, charting tools and an easy-to-use interface. 

For higher volumes, the broker also provides the Alpari International Direct platform which offers enhanced features for advanced investors.

2.   IG Markets
IG Markets provides more than 17 000 financial markets to nearly 180 thousand traders across the globe. These markets include a wide range of indices, forex, shares, commodities and cryptocurrencies through the MetaTrader 4 and ProRealTime platforms.

IG Markets is one of the oldest forex brokers, allowing traders to benefit from the company’s 45 years of experience. 
Trading at IG Markets is powered by an execution speed of approximately 0.014 seconds, which was provided to 86 million traders during the 2019 fiscal year alone.

IG Markets was awarded at the ADVFN International Financial Awards 2020 and Professional Trader Awards 2019, and continues to maintain a strong reputation in the industry for excellence. 

3.    HotForex

HotForex is a leading forex broker which differentiates itself by offering a competitive trading environment, with spreads starting from as low as 0.1 pips which can be traded using high leverage ratios.

This multi-award-winning company is accessible to a range of traders with various experience levels and trading strategies, offering a low minimum deposit of just 1 USD.

HotForex has also become a trusted trading partner, as the broker is known for its transparency, best trading conditions and excellent customer support.
Added to this, the broker also offers Negative Balance Support, so that clients will never have to suffer losses which exceed their investments.
HotForex offers traders access to a range of asset classes, which include such popular options as forex, cryptocurrencies, precious metals, commodities and many more.

It offers several promotions such as a 100% Supercharged Bonus and Instant Rebates, 100% Credit Bonus and a 30% Rescue Bonus. With more than 2 million live accounts and 35 prestigious awards, it’s easy to see why HotForex is ranked as one of the best brokers. 

4.    eToro
eToro offers is an excellent option for beginner and professional traders alike, offering low minimum deposits that start at 50 USD, with accounts that are powered by fast order execution, complemented by and efficient variety of deposit and withdrawal options.

Clients of eToro have access to trade almost 2000 financial instruments in a secure trading environment which is regulated by the Cypress Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), and ASICin Australia.

Clients of eToro can invest in a large variety of stocks without paying any markups, ticketing or management fees. Added to this, traders will not be limited by trading volumes.

Clients can also connect with other traders, discuss trading strategies, and are provided access to the broker’s patented CopyTrader technology.
This advanced technology allows users to automatically copy other successful traders’ portfolios for an enhanced investment experience, providing a compelling incentive to join eToro.

5.    AvaTrade 

AvaTrade is authorised and regulated in South Africa, Europe, Japan, British Virgin Islands and Australia. 
First established in 2006, the broker was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.


The broker provides traders with access to three different trading platforms, namely MetaTrader 4 and 5, as well as AvaTradeGO, through which traders can choose more than 250 financial instruments.

AvaTrade provides clients with access to forex, stocks, indices, commodities and cryptocurrencies. 
The broker provides a range of different accounts which can be funded for as low as 100 USD, and which offer several added benefits such as swap-free options, competitive spreads and EA compatibility.

AvaTrade has collected numerous awards during the years, its trading websites are available in more than 20 languages and it provides a wide selection of training and educational tools.

6.    CM Trading
CM Trading, the largest forex broker is South Africa, is well regulated and offers a safe trading environment for all traders. 
CM Trading provides clients with access to forex, commodities and indices, which can be traded for a variety of different experience levels and trading strategies.

AS such, clients of CM Trading will enjoy the broker’s variety of tailored account types, with spreads that start as low as 0.9 pips, and come with webinar access as well as swap-free options for Islamic clients.


As part of the broker’s commitment to empowering investors, the Avatrade team works to create a reliable and secure trading environment, complemented by innovation and best in class service. 

7.    Markets.com 
Markets.com offers traders access to a wide selection of currency pairs, indices, ETFs, commodities, cryptocurrencies and shares. 
This wide variety of asset it classes offered through a number of advanced trading platforms, including Marketsx,Marketsi, as well as the highly popular MetaTrader 4 and MetaTrader 5 options.

Traders can open a live trading account at Markets.com with a minimum deposit of 100 USD, and trade on high leverage, while enjoying a variety of efficient and secure deposit and withdrawal options.

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Michael Reign is changing the face of Nigerian streetwear culture

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Despite the current instability in Nigeria, one thing Nigerians can’t help is looking good, wearing nice cloths so it’s normal for there to be an existent fashion industry but there is an issue, urban street wears are largely under represented, with most fashion houses taking a full swipe at haute couture culture, others are running a luxury line. Michael Reign is filling that space.
During our 5mins chat with the CEO of the company, Oluwajoba Dada, he said “people already have cloths but they don’t wear what fits them and clothing is a fast way of identification, so a lot of people are misrepresented” when he was asked why he choose to create Michael Reign.
With a line dedicated to printing for brands, Michael Reign owns there whole line of business from branding to distribute to storage

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FG to extend fuel subsidy for 6 months

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The Nigerian Government may have suspended plans to end its subsidy payments as reports indicate that the FG plans to spend N720 billion for the next 6 months on Premium Motor Spirit (PMS) subsidies.

This was disclosed in an exclusive report by The Guardian on Sunday, citing that President Muhammadu Buhari ordered that the subsidies remain in place for the next 6 months.

“Specifically, President Buhari has asked the Nigeria National Petroleum Corporation (NNPC) to suspend any idea on subsidy removal for five to six months so that a plan that does not harm ordinary Nigerians is evolved if the deregulation must go on,” a Government official said.

What you should know

NNPC GMD, Mele Kyari disclosed last month that the “NNPC may no longer be in a position to carry that burden because we cannot continue to carry it in our books,” after reports of fuel imports under-recovery revealed the FG was spending N120 billion a month on subsidy.
Kyari also hinted that they may soon start selling PMS at market prices saying: “NNPC importing PMS at market price and selling at N162/L. The actual market price should be between N211 and N234/L. Meaning is that consumers are not paying the market price.
“NNPC is currently the sole importer of PMS, and we’re trying to exit the underpriced sale of PMS. Eventual exit is inevitable, when it will happen I cannot say, but engagements are ongoing because the government is cognisant of the implications.”

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Google founders earn $42 billion in 100 days

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Google originators Larry Page, 48 and Sergey Brin, 47 have brought in more cash on the whole than the absolute unfamiliar money save possessions of Africa’s greatest economy.

Larry Page, as of now worth $104 billion, has acquired $21.2 billion out of 100 days; while Sergey Brin, with an abundance valuation of $100 billion, procured $20.4 billion in a similar period. Altogether, the two men have procured $41.6 billion, overshadowing Nigeria’s unfamiliar money hold which as of now remains at a gross valuation of $35 billion.

Most of Larry page’s abundance comes from his stake in Alphabet, the parent organization of Google. The Standford prepared business person presently holds $12.6 billion in real money.

Sergey Brin’s abundance valuation is additionally gotten from his stake on the planet’s most well known web crawler and by and by, his money holding is esteemed at $12.7 billion.

Noteworthy development from the world’s most remarkable economy helped purchasing tension on Google offers and its organizers saw their abundance valuation flood. Worldwide financial backers are progressively hanging on the tech juggernaut’s offers as stunning monetary information from America’s administration ventures combined with a development in the tech area filled the climb in Google shares found lately.

Thus, financial backers are heaping critical measure of assets into Alphabet Inc., the parent organization of Google, with reports saying it won its latest high legal dispute against Oracle, a case that has waited for around 3 years.

Late value activity uncovers the stock is as of now exchanging at $2,285.88 approaching its 52-week high of $2,289.04 with a yearly profit from speculation as of now fixed at 89%.

Stock savants are astonished by such record gains in Google shares notwithstanding a quick move seen recently by some institutional financial backers into utility, energy-based stocks and of late U.S Treasury securities.

The organization as of now has a market estimation of about $1.54 trillion.

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