7 Best Alternatives to CBN Regulated Forex Brokers in Nigeria

The Central Bank of Nigeria (CBN) is the body responsible for licensing and regulating forex brokers in Nigeria. However, since online retail forex trading in is a relatively new frontier in the country, there are no CBN regulated forex brokers at the moment.

But that should not discourage you from investing in the forex industry. There are incredibly reputable forex brokers that accept Nigerian clients. Better still, these brokers are regulated by tier 1 regulators such as the FCA of UK and ASIC of Australia. So. hold still as we analyze the list of the best forex brokers in Nigeria.

7 Best Forex Brokers in Nigeria (CBN Alternatives)

  1. HotForex
  2. ForexTime
  3. XM Forex
  4. Grand Capital
  5. LiteForex
  6. Exness
  7. OctaFx

We will update this article if the CBN starts to license and regulate forex brokers.

In the meantime, your best option would be to invest with forex brokers that are regulated elsewhere. UK and Australia are two jurisdictions with good regulations for forex brokers. Choosing a broker that is regulated in one of these countries will ensure security for your funds and fair trade policies.

In the UK, forex brokers are regulated by the Financial Conduct Authority while Australian Securities and Investment Commission (ASIC) oversees the forex market in Australia.

7 Alternatives to CBN Regulated Forex Brokers

In the absence of CBN regulated forex brokers, it only makes sense to trade forex with forex brokers regulated in other jurisdictions. The list of forex brokers below are the top choices by other successful forex traders in Nigeria such as Uche Paragon.

1. HotForex – #1 Alternative to CBN Regulated Forex Brokers

Although HotForex is not regulated by the CBN in Nigeria, it remains one of the best choices for both professional and beginner traders in Nigeria. The broker offers many innovative features including a copy trading system that is christened HFCopy and an account management feature called PAMM.

With these two outstanding features, even traders who are not well versed in the art and science of trading forex stand a chance to invest and become profitable from forex trading.

  • HFCopy allows traders to follow and copy trades of the most successful forex traders on the HotForex trading platform
  • PAMM allows traders to invest their money with a money manager who trades on your behalf for a share of the profits.

HotForex is regulated by other top tier regulatory authorities including the FCA, FSCA, and CySEC. This makes it one of the most trustworthy and legit forex brokers because, like we pointed out earlier, brokers who are regulated either in the UK or Australia make for fairest brokers the world over.

HotForex also happens to have a local office and telephone support in Nigeria, which translates to faster resolutions for any issues that you might be having. In particular, we found out that account verification becomes a breeze if you call their local telephone number (+23418887020)

But these is not the only reason why we highly recommend HotForex.

HotForex also happens to be one of the brokers with very minimal deposit requirements. The minimum deposit for their Micro Account happens to be $5.00 only. Although we do not recommend professional trading with such a low amount, it does give new traders an opportunity to try the HotForex trading platform without risking too much money.

Read the full HotForex Review Here.

2. ForexTime – Best Forex Broker for Instant Executions (ECN)

is fxtm regulated in Nigeria

Overall rating 9/10

3rd Floor, 5, Allen Avenue, Ikeja, Lagos, Nigeria
Tel.: +234 803 4573 593
[email protected]

Trading Fees: ForexTime has an average fee of 2.00 pips for most of the major currency pairs.

ForexTime Promotions: New traders enjoy up to 30% Deposit Bonus on deposits of $100 and above.

Founded in 2011, ForexTime is regulated by the FCA in UK, which makes it one of the most reputable and legit forex brokers for traders in Nigeria. And just like HotForex, ForexTime has local representatives and office in the country.

ForexTime (also known as FXTM) was among the first international brokers to have a presence in Nigeria. The broker even offers a Naira account that is specifically personalized for forex traders in Nigeria.

What we even love more about ForexTime in Nigeria is the fact that they are readily available to offer training to beginner forex traders.

ForexTime offers several account types tailored to traders of different levels. For beginner traders, we highly recommend the FXTM Cent Account that can be easily funded in Naira and comes with a minimum deposit of ₦2 000 only.

For professional forex traders, we recommend the FXTM Zero ECN Account that comes with a minimum deposit of ₦80 000, also fundable using Naira.

Support and responsiveness factor highly in our criteria for selecting the best forex brokers in Nigeria, and ForexTime scores highly in this. The fact that they have a local office in the country means that they will go out of their way to make your trading experience as seamless as possible.

If you decide to start trading with FXTM, you’ll also enjoy depositing trading capital into your account without any charges, regardless of the deposit method that you choose.

Additionally, there’s an incredible number of deposit and withdrawal methods available at FXTM. You can fund your account using e-wallet options such as Neteller and Skrill. Cryptocurrency and local deposit methods are also available. Click here to see a list of all the deposit and withdrawal options available at FXTM.

Deposits and withdrawals typically take 24 hours to reflect in your FXTM account.

3. XM Forex – Best Forex Broker in Nigeria for Bonus Promotions

best ecn forex brokers in Nigeria

Overall rating 9/10

  • Ranked #3 Best Forex Broker in Nigeria
  • Offers the best trade bonuses up to 50%
  • Regulated by 2 top tier regulators ASIC in Australia and CySEC in Cyprus

Trading Fees: ForexTime has an average fee of 2.00 pips for most of the major currency pairs.

ForexTime Promotions: New traders enjoy up to 30% Deposit Bonus on deposits of $100 and above.

XM Forex has frequently featured in our list of top forex brokers in Nigeria, and for good reasons too. To begin with, this broker has the easiest account opening process of all forex brokers we have so far reviewed.

The broker is regulated by 2 top-tier forex regulators ASIC in Australia and CySEC in Cyprus. Recall that we highly recommend trading with brokers regulated in either the UK or Australia. Due to the high requirements of brokers regulated in these jurisdictions, their strive to uphold fair trade practices for all traders.

Additionally, XM Forex offers a bevy of trading bonuses for its clients. Every deposit earns you 50% deposit bonus. So, depositing $100 reflects in your account as $200.

Although there is a lot of debate as to whether the incentives offered by forex brokers is a good thing, the stand at 440.ng is that you should take advantage of these offers to increase your usable margin with a broker.

cbn regulated forex brokers

With the proper knowledge and risk management tactics, it is very easy for a new trader to profit massively by leveraging the trading bonuses offered by XM Forex.

The minimum deposit at XM Forex stands at a lowly $5, which gives every aspiring trader the opportunity to test drive their trading platform to evaluate spreads and execution time.

The spreads at XM Forex are among the most competitive in the industry. On the EUR/USD, the spreads can go as low as 0.7 pips for the Ultra Low account while the Standard Account attracts 1.7 pips for the same currency pair.

4. Grand Capital Forex Broker

Which forex broker is best in Nigeria

Overall rating 9/10

  • 3+ local offices in Nigeria
  • Offers the best trade bonuses up to $500 No-Deposit Bonus
  • Regulated by 2 top tier regulators ASIC in Australia and CySEC in Cyprus

Trading Fees: ForexTime has an average fee of 2.00 pips for most of the major currency pairs.

Bonuses and Special Offers: GrandCapital offers a staggering $500 No-deposit bonus to new traders.

Grand Capital is one of the brokers with an increasingly heavy presence in Nigeria. With offices in Lagos, Port Harcourt, and Ife, you can’t go wrong with Grand Capital.

Traders can always pop into any one of the Grand Capital offices for assistance with account opening, trading education, deposits and withdrawals, and pretty much any other issues that you might be facing in your forex trading journey.

If office visits are not your thing, you can also call, text/WhatsApp the local representatives to get your queries settled.

Grand Capital offers a generous $500 No-Deposit Bonus to traders in Nigeria, and although the No-deposit bonus is not withdrawable, any profits you accrue from trading this fund is yours to keep.

GrandCapital offers 6 account types. If you largely trade using robots and Expert Advisors, the MT5 account is what you’re looking for. This, together with the GrandCapital ECN Prime account, are the choice of accounts for professional forex traders. The minimum deposit for the accounts is $100 and $500 respectively.

For beginners in forex trading the Standard and Micro account offer the best trading conditions. The GrandCapital Micro Account is especially great with beginners who don’t have a lot of capital to start trading as the minimum deposit is only $10.

5. LiteForex – Best Cent Account Forex Broker in Nigeria

LiteForex was founded in 2005, and has relentlessy offered excellent services to clients from all over the world.

The LiteForex group of companies has been recognized for the placement of financial instruments on the forex international market as well as the futures markets. They provide brokerage services as their basic activity. The LiteForex group of companies is an official member of the Russian Association of Financial Market Members. Their main priority is to offer safe execution of transactions on the financial markets and to assure high standard of service offered by brokers to retail traders.

LiteForex professionals assessed the situation on the web trading market and reported that the level of access for each client to financial markets was quite high. Such an analysis led to an imaginative solution of creating special kinds of accounts while making the forex market accessible to thousands of traders. This concept is being used today by many brokerage firms.

LiteForex Secures the Exchange Operations

LiteForex guarantees the quality of operations through the Exchange-Lite.com service. It has set up jointly a reserve fund to provide insurance of the exchange operations that are conducted. The professionals of Exchange-Lite.com understand the responsibility that is connected with secure service and provision of technical support. They provide quality service in online exchanges. This approach from LiteForex acts as a guarantee of long term cooperation with its clients in combination with the insurance reserve fund and a strong technical component program.

The Presence of LiteForex in the Far East

The LiteForex group of companies is expanding its interests in the Far East. It has already made its mark in Indonesia, Malaysia and Thailand. It is also very strong in the CIS countries. It is aiming to develop its trading and brokerage in the Chinese market. It is consolidating its status as a leading international forex brokerage group of companies.

Last year, LiteForex was awarded the Best Forex Broker, Africa prize in a contest that is organized annually by World Finance. This award was an acknowledgment of the services provided by LiteForex as judged by the community of international experts and professional traders from all across the world. The category winners were selected by a special jury and by expert judgments of more than forty thousand representatives of the financial world from several countries. LiteForex has its subsidiaries in more than one hundred and seventy countries.

LiteForex Offers Mobility for Android Users

LiteForex group of companies has announced that an application for devices that use the Android operating system has been included in the list of available mobile versions of the MetaTrader 5 trading platform. This application will allow the Android users to get connected with the LiteForex trading servers and receive the quotes in real time. The users can also conduct trading operations and follow the account history on their personal mobile gadgets.

The MetaTrader 5 for Android program will enable access to the financial markets at any time and at any place. A feature set of the applications will help people convert any of their forex trading strategies. They just have to download and install MetaTrader 5 mobile application for Android on to their mobile devices. The clients of LiteForex can download the software distribution package without any charge.

6. Exness

7. OctaFx

OctaFx is one of the best forex brokers in Nigeria. In 2018, OctaFx started working with Guaranty Trust Bank (GTBank), a move that saw the broker start accepting deposits and withdrawals in Naira.

Since the beginning of this work relationship, deposits and withdrawals have been fast, secure, and cheap. There are no currency conversion fees, no charges on transactions, and more importantly, no intermediaries involved when funding your account.

The broker accepts deposits and withdrawals in Nigerian Naira, therefore saving traders currency conversion fees, which can often times eat into profits.

How to Choose the Best CBN Regulated Forex Broker in Nigeria

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Finding the best CBN regulated forex brokers depends primarily on what kind of trader you are.

What works for one trader may not exactly be the preference of another. This is of course due to the fact that when it comes to forex trading, people tend to play it in a way that would best serve their specific purpose.

For instance, large traders may prefer brokers who they personally get along with and whom they can entrust their substantial accounts to.

On the other hand, for retail forex trader, the best broker may be someone who efficiently uses the trading arena to successfully maneuver your trades. Also the best forex brokers could simply be those who own a resume that show off the most enticing trading platforms and the lowest spread and commissions.

Given this relativity of what the best connotes in terms of choosing a CBN regulated forex broker, the key is to know exactly how you want to go about your trading venture.

For the sake of commonality though, here are some suggested areas you may want to look into when choosing Forex brokers.

Is the Forex Broker Legit?– There are many crooks out there that might just run away with your money hence it is important that you are not only concerned with a broker’s efficiency in forex strategies but also in their credibility status.

The Forex brokers’ influence in the trading arena – It is highly crucial that your chosen broker would not use his power or dominion over the trading platform to ruin your trading ventures. There are brokers who could easily play on both sides of the fence and they are the ones you should be weary of.

Ease of Placing Trades on The Platform – Trading forex can sometimes be a mind boggling feat but if your chosen broker executes easy placement of trades under trade submissions, chances are you would have an improved chance to gain profit and avoid considerable loss.

Before you determine what kind of broker you wish to work with, you first need to ponder on what kind of trader you desire to be. If you wish to stick with the given rules then most likely you would appreciate brokers who do the same. But if you are the type who is open to the possibility of maneuvering the rules of trading, then you should be warned that there are Forex brokers who might be ahead of you when it comes to this sort of game.

I am a 28 year old full time Foreign Exchange Trader. It was no easy feat to get to where I am today, which in my opinion is still a LONG way from my ultimate trading goal. Most of the people around me are fascinated that I trade for a living and that I even do it from my home office. That's the thing with the public, they are always intrigued by others who take the road less traveled and reach their destination.

1 Comment
  1. I just got to know little details about forex today,I intend to sort for capital and start forex trading shortly but wanted to be sure about Legitimate brokers and not scammers.

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