Forex Trading is known all across the globe and today there are traders in every country around the world who can invest and trade online financial instruments directly from his or her device. Nigerian traders can take advantage of various regulated and widely reputable forex brokers, however at the same time there are plenty scam brokers operating the markets and seeking new victims to fraud. It is important to educate yourself and find trusted forex brokers in Nigeria and filter out the bad ones that can cause you to loose your money in a blink of an eye.
In order to help you find the best forex broker, we have traded with, reviewed, compared and rated more than 300 brokers on this site and picked up the brokerage companies that accept Nigerian investors.
Best Forex brokers in Nigeria for 2023
| Broker | Min Deposit | Platforms | Payments | Leverage | Regulation | ||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| eToro | 1 | https://forexexplore.com/forex-brokers/etoro-review/ | 200 | 2 | - | https://forexexplore.com/forex-brokers/etoro-review/ | eToro Platform | no | yes | Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer | 1:30; 1:1 for Crypto Currencies | English, Spanish, Italian, Portuguese, Russian, Chinese, Arabic, German | no | yes | CySec, NFA | yes | yes | 1 | 0 | 1 | 0 | 0 | 0 | ||||||||
| AGEA | 0 | https://forexexplore.com/forex-brokers/agea-reviews/ | 1 | 3 | $5 no-deposit bonus | https://forexexplore.com/forex-brokers/agea-reviews/ | Streamster, MetaTrader 4 | yes | yes | Credit Cards, Wire, Skrill, Webmoney, e-Dinar, Neteller, FasaPay, Perfect Money | 1:500 | English | no | yes | 1 | 0 | 1 | 0 | 0 | 1 | |||||||||||
| AvaTrade | 8 | http://www.avatrade.com/?tag=1574 | 100 | 1 | 100% | yes | https://forexexplore.com/forex-brokers/avatrade-review/ | AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions | yes | yes | Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney | 1:400 | English, Chinese, Arabic, Spanish, French, Italian, Portuguese, German, Indonesian | no | yes | Central Bank of Ireland, ASIC, Financial Services Commission of British Virgin Island | no | yes | no | yes | yes | yes | 1 | 0 | 1 | 0 | 1 | 1 | |||
| CMCMarkets | 2 | https://forexexplore.com/forex-brokers/cmc-markets-review/ | 1 | 0.7 | - | https://forexexplore.com/forex-brokers/cmc-markets-review/ | Next Generation web-based | yes | no | Credit cards, Wire Transfer | 500:1 | English, Chinese, French, Spanish, German | no | no | FCA | no | no | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||
| Tifia | 1 | https://forexexplore.com/forex-brokers/tifia-review/ | 10 | 2.5 | https://forexexplore.com/forex-brokers/tifia-review/ | Metatrader 4, webtrader | yes | yes | wire transfer, credit cards, skrill, neteller, perfect money, fasapay, okpay | 1:1,000 | no | yes | Vanuatu Financial Services Commission VFSC | yes | yes | no | yes | 1 | 1 | 0 | 0 | 0 | 1 | ||||||||
| LiteFinance | 8 | https://www.litefinance.com/?uid=900002841 | 10 | 3 | 30% + 15% | yes | https://forexexplore.com/forex-brokers/litefinance-review/ | Metatrader 4, Metatrader 5, WebTerminal | yes | yes | Skrill, Webmoney, Bitcoin, Advcash, Credit Card | 1:500 | English, Russian, Chinese, Malaysian, German, Arabic, Partugese, Spanish, French, Hebrew, Japanese, Greek | no | yes | CySEC, Marshal Islands Business Corporation Act. | yes | no | yes | yes | yes | yes | yes | yes | yes | 1 | 1 | 1 | 0 | 0 | 1 |
| InstaForex | 7 | https://www.instaforex.com/?x=JR | 1 | 0.6 | $100 No Deposit Bonus | yes | https://forexexplore.com/forex-brokers/instaforex-review/ | MetaTrader 4, Metatrader 5, Webtrader | yes | yes | Some local Bank transfers, PayCo, AstroPay, Cryptocurrency | 1:1,000 | English, Russian | yes | yes | RAFMM | yes | yes | yes | yes | 1 | 1 | 1 | 0 | 0 | 1 | |||||
| Dukascopy | 4 | https://forexexplore.com/forex-brokers/dukascopy-reviews/ | 250 | 0.5 | - | yes | https://forexexplore.com/forex-brokers/dukascopy-reviews/ | Dukascopy | yes | yes | Wire, Bank Guarantee, Standby letter of Credit Segregated Accounts | 1:500 | English, French, German, Russian, Spanish, Chinese, Japanese, Arabic | KPMG ARIF | yes | 1 | 1 | 0 | 1 | 0 | 1 | ||||||||||
| RealTrade | 1 | https://forexexplore.com/forex-brokers/realtrade-reviews/ | 20 | 3 | 30% welcome bonus | https://forexexplore.com/forex-brokers/realtrade-reviews/ | MetaTrader 4 | no | yes | Credit Cards, WebMoney, and Wire Transfer | 1:500 | English, Russian | no | no | no | no | no | yes | 0 | 0 | 0 | 0 | 0 | 1 | |||||||
| FxPro | 5 | https://forexexplore.com/forex-brokers/fxpro-review/ | 100 | 0.5 | up to $1,000 | yes | https://forexexplore.com/forex-brokers/fxpro-review/ | FxPro cTrader, FxPro cTrader Web, MT4 Client Terminal, MT4 MultiTerminal, MT4 WebTrader, MT4 Premium | yes | yes | Credit/Debit Card, Bank Wire, PayPal, Neteller, Skrill | 1:500 | Arabic, Chinese, English, French, German, Greek, Hungarian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish and Vietnamese | no | no | FCA, CySEC | yes | yes | no | yes | 1 | 0 | 1 | 0 | 1 | 1 | |||||
| FXOpen | 1 | https://www.fxopen.com/ | 1 | 2 | $100 | https://www.forexexplore.com/forex-brokers/fxopen-reviews | MetaTrader 4 | no | yes | Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney | 1:500 | English | no | no | ASIC, FCA UK, Financial Dispute Resolution Scheme | yes | yes | no | yes | yes | 1 | 1 | 1 | 0 | 0 | 1 | |||||
| PrimeXBT | 4 | https://go.primexbt.com/click?pid=2298&offer_id=12 | 1 | https://www.forexexplore.com/forex-brokers/primexbt-review | PrimeXBT, Turbo | yes | no | Credit Cards | 1:1000 | yes | ASIC | yes | yes | yes | yes | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||||
| ActivTrades | 2 | https://www.forexexplore.com/forex-brokers/activtrades-reviews | 100 | 2 | https://www.forexexplore.com/forex-brokers/activtrades-reviews | Metatrader 4, Activtrader | yes | yes | Credit Card, Wire transfer, neteller, skrill, sofort | 1:400 | English, German, Spanish, Italian, French, Portuguese | no | no | FCA | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||||
| House of Borse | 1 | https://www.forexexplore.com/forex-brokers/house-of-borse-review | 50000 | 0.8 | https://www.forexexplore.com/forex-brokers/house-of-borse-review | MetaTrader 4 | no | yes | credit cards, wire transfer | 1:100 | no | no | FCA UK | yes | yes | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||
| FXDD | 3 | http://www.fxdd.com/ | 100 | 2 | - | https://www.forexexplore.com/forex-brokers/fxdd-reviews | MetaTrader4, FXDD Trader, Power Trader, FXDD Auto, MTXtreme | no | yes | Wire, PayPal, Check, BPS | 1:200 | English, Chinese, Japanese, Russian, Spanish, Portuguese, German, French, Turkish, Arabic, Vietnamese | yes | Malta Financial Services Authority (MFSA) | yes | 1 | 1 | 1 | 0 | 0 | 0 | ||||||||||
| FXCM | 5 | https://www.forexexplore.com/forex-brokers/fxcm-review | 250 | 2 | - | yes | https://www.forexexplore.com/forex-brokers/fxcm-review | Trading Station II, MetaTrader 4, Active Trader, Forex System Selector | no | yes | Credit/Debit card, Online Check, Bank Wire, Paper Check | 1:200 | Spanish, French, Chinese, Russian, Portuguese, German, Italian, Arabic | yes | UK Financial Conduct Authority, AFSL | yes | yes | yes | yes | 1 | 0 | 1 | 0 | 0 | 0 | ||||||
| Hotforex | 2 | https://www.forexexplore.com/forex-brokers/hotforex-review | 5 | 2 | 100% bonus | https://www.forexexplore.com/forex-brokers/hotforex-review | Metatrader 4, mobile platform, rapid trader fix/api | yes | yes | credit cards, skrill, Unionpay, neteller, wire transfer, webmoney, fasapay | 1:1,000 | no | no | yes | no | yes | 0 | 0 | 1 | 0 | 0 | 1 | |||||||||
| Oanda | 3 | https://www.forexexplore.com/forex-brokers/oanda-reviews | 1 | 1.4 | https://www.forexexplore.com/forex-brokers/oanda-reviews | Metatrader 4, FXtrade | yes | yes | check, Credit cards, PayPal, Wire transfer | 1:50 | English, Chinese, German, Spanish, French, Italian, Portuguese and Russian | yes | no | NFA | no | no | no | yes | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||||
| Saxo Bank | 2 | http://www.saxobank.com | 5000 | 2 | n/a | https://www.forexexplore.com/forex-brokers/saxobank-reviews | SaxoTrader | no | yes | Wire | 1:100 | English, Belgium, German, French, Spanish, Italian, Arabic, Romanian, Russian, Polish | Danish Financial Services Authority and operates in the UAE | 1 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
| Forex.com | 4 | http://www.forex.com/ | 50 | 2 | - | https://www.forexexplore.com/forex-brokers/forex-reviews | ForexTrader platform (in-house), MetaTrader 4 | yes | yes | wire transfer, Credit/Debit Card, Check | 1:200 | English, Russian, Japanese, Arabic, Turkish, German, Chinese, Albanian, Thai, Italian, Hebrew, Greek | yes | no | CFTC, NFA, FCA (UK), ASIC (Australia), ILLROC (Canada), SFC (Hong Kong), FFAJ (Japan) | yes | yes | no | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||||
| HYCM | 4 | https://www.forexexplore.com/forex-brokers/hycm-reviews | 100 | 2 | 25% up to $5,000 | https://www.forexexplore.com/forex-brokers/hycm-reviews | Metatrader 4 | no | no | credit cards, wire transfer, Skrill, webmoney | 1:400 | English, Chinese, Arabic | no | no | FCA UK, CySEC, SFC | no | no | no | yes | 1 | 0 | 0 | 0 | 1 | 1 | ||||||
| AdmiralMarkets | 1 | https://forexexplore.com/forex-brokers/admiral-markets-reviews/ | 10 | 3 | n/a | https://forexexplore.com/forex-brokers/admiral-markets-reviews/ | MetaTrader 4 | no | yes | Wire | 1:200 | English, Spanish, Russian, Lithuanian, Romanian, Latvian, Bulgarian, Greek, Croatian, Polish, Hungarian, Czech, Italian, Estonian, German, Finnish, Portuguese | 0 | 0 | 1 | 0 | 0 | 0 | |||||||||||||
| Alpari | 2 | https://forexexplore.com/forex-brokers/alpari-review/ | 1 | 2 | 50% Welcome | https://forexexplore.com/forex-brokers/alpari-review/ | MetaTrader 4 | no | yes | Debit or Credit Card, Wire Transfer | 1:500 | English, Chinese, German, and Arabic | yes | yes | 0 | 1 | 1 | 0 | 0 | 1 | |||||||||||
| Fort Financial Services | 1 | https://forexexplore.com/forex-brokers/fort-financial-reviews/ | 5 | 3 | https://forexexplore.com/forex-brokers/fort-financial-reviews/ | MetaTrader 4, CQG, Ninja trader, binary options | yes | yes | Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer | 1:1,000 | English | no | no | IFSC | yes | yes | no | yes | 1 | 1 | 0 | 0 | 0 | 1 | |||||||
| Blackwell Global | 2 | https://forexexplore.com/forex-brokers/blackwell-global-review/ | 2000 | 3 | - | https://forexexplore.com/forex-brokers/blackwell-global-review/ | MetaTrader 4, Blackwell Pro, Mobile | yes | yes | redit/debit cards, Neteller, Skrill, Wire transfer | 1:200 | Arabic, Chinese, English, Greek, Italian, Korean, French, Romanian | Financial Conduct Authority | 1 | 0 | 1 | 0 | 0 | 0 | ||||||||||||
| AAAfx | 2 | https://forexexplore.com/forex-brokers/aaafx-reviews/ | 300 | 0.2 | up to 30% | https://forexexplore.com/forex-brokers/aaafx-reviews/ | ZTP, MetaTrader 4, Binary options webtrader, Zulutrade | yes | yes | Wire, Credit Card, Skrill, Neteller, giropay, EPS, directpay24, teleingreso, ideal, qiwi, Bitcoin | 1:200 | Arabic, Chinese, English, French, German, Greek, Italian, Japanese, Russian | no | yes | HCMC (Greece) | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||
| XTB | 2 | https://forexexplore.com/forex-brokers/xtb-reviews/ | 250 | 2 | https://forexexplore.com/forex-brokers/xtb-reviews/ | Metatrader 4, xStation, xMobile | yes | yes | Credit cards, Neteller, Paypal, Skrill, Wire transfer | 1:200 | no | no | CNMV (Spain), FCA (UK), FSA (Poland) | yes | yes | no | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||||||
| iFOREX | 3 | https://forexexplore.com/forex-brokers/iforex-reviews/ | 100 | 3 | - | https://forexexplore.com/forex-brokers/iforex-reviews/ | FXnet Trader | yes | yes | credit cards, wire transfer | 1:400 | English, Hebrew, Indonesian, German, Spanish, French, Italian, Nederlands, Portuguese, Romanian, Turkish, RUssian, Arabic, Chinese, Japanese | no | no | HFSA in Hungary, CySEC | no | no | no | 1 | 0 | 1 | 0 | 0 | 1 | |||||||
| Oinvest | 0 | https://forexexplore.com/forex-brokers/oinvest-review/ | 200 | 0.7 | Samsung Galaxy, iPhone | no | https://forexexplore.com/forex-brokers/oinvest-review/ | Metatrader 4 | yes | yes | Skrill, Neteller, Credit Cards | 1:200 | no | yes | yes | yes | yes | yes | yes | yes | yes | yes | yes | yes | 1 | 1 | 1 | 0 | 0 | 0 | |
| Plus500 | 5 | https://forexexplore.com/forex-brokers/plus500-reviews/ | 500 | 2 | 30% | yes | https://forexexplore.com/forex-brokers/plus500-reviews/ | Plus500 | yes | no | Skrill, Credit Cards, Wire Transfer | 1:200 | English, Hebrew, Arabic | Israel Securities Authority | 1 | 0 | 0 | 0 | 1 | 0 | |||||||||||
| TraderTrust | 1 | http://traders-trust.com/ | 100 | as low as 2 | 100% upto $5,000 | https://www.forexexplore.com/forex-brokers/tradertrust-reviews | SmartForex | no | yes | Skrill, Credit Cards | 1:200 | English, Russian, Italian, and Arabic | CySec, VFCS | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||||
| AdvancedMarkets | 3 | https://www.forexexplore.com/forex-brokers/advancedmarkets-reviews | 500 | 0-2.5 | - | https://www.forexexplore.com/forex-brokers/advancedmarkets-reviews | Advanced Trader/Pro/Prime, Fortex FX | no | yes | Wire, Check | 1:50 | English, Spanish, Korean | Australian AFSL, ASIC | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||||
| XM | 8 | http://clicks.pipaffiliates.com/afs/come.php?id=27&cid=3689&ctgid=16&atype=1 | 5 | 1 | $30 no deposit | yes | https://www.forexexplore.com/forex-brokers/xm-review | MetaTrader 4, Metatrader 5, XM Webtrader | yes | yes | Credit/Debit Card, Neteller, Skrill, WebMoney, Bank Wire Transfer | 1:888 | Arabic, Chinese, English, French, German, Greek, Hungarian, Indonesian, Italian, Japanese, Malay, Korean, Polish, Portuguese, Russian, Spanish, Swedish, Turkish, Thai, Vientamese | no | CySEC, ASIC Australia, IFSC Belize | no | yes | yes | no | yes | no | 1 | 0 | 1 | 0 | 1 | 1 | ||||
| Anzo Capital | 2 | https://anzocapital.com/ | 100 | 2 | https://www.forexexplore.com/forex-brokers/anzo-capital-review | MetaTrader 4 | yes | yes | Webmoney, Skrill, Neteller, Credit Cards | 1:1000 | English, Chinese | no | no | yes | yes | yes | yes | yes | no | no | yes | no | no | 1 | 1 | 0 | 0 | 0 | 1 | ||
| MEX Exchange | 1 | https://www.mexexchange.com/ | 25 | 0.2 | https://www.forexexplore.com/forex-brokers/mex-exchange-review | Metatrader 4 | no | yes | Neteller, Skrill, Fasapay, UnionPay, Credit Cards, Wire Transfer | 1:500 | no | no | ASIC | yes | yes | yes | yes | 1 | 1 | 0 | 0 | 0 | 1 | ||||||||
| FBS | 1 | https://www.forexexplore.com/forex-brokers/fbs-review | 1 | from 0,2 pips fixed/floating | $123 Welcome Bonus | https://www.forexexplore.com/forex-brokers/fbs-review | MetaTrader 4, Metatrader 5, Webtrading | yes | yes | credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill | up to 1:3,000 | English, Bahasa Indonesia, Bahasa Malyasian, Russian, Spanish, Portuguese, Arabic, Vietnamese, Bengali, Lithuanian, Korean, Chinese, Thai, Tamil | IFSC; Cysec | yes | yes | yes | yes | 1 | 0 | 1 | 0 | 0 | 1 | ||||||||
| FP Markets | 3 | http://go.fpmarkets.com/visit/?bta=35186&nci=5369 | 200 | starting from 0 | 10% credit bonus | https://www.forexexplore.com/forex-brokers/fpmarkets-review | MetaTrader 4 (MT4), IRESS, Mobile trading | yes | yes | credit cards, UnionPay, Neteller, Skrill (3% fee), Wire transfer, BPay and broker-to-broker transfer | 1:500 | English, Bahasa Melayu, French, Finish, Chinese, Norwegian, Russian, Thai, Italian, German, Portuguese, Spanish and Swedish | no | yes | ASIC | yes | yes | yes | yes | yes | 1 | 1 | 0 | 0 | 1 | 1 | |||||
| DFMarkets | 3 | http://www.dfmarkets.co.uk | 100 | from 0.1 pips | 10% Trading Credit Promotion up to $1,000 | https://www.forexexplore.com/forex-brokers/dfmarkets-reviews | DFTrader, DF WebTrader, DF Mobile | yes | yes | Bank wire, Credit/Debit cards | 1:200 | English | no | no | FCA | no | no | no | yes | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||
| EasyMarkets | 2 | http://www.easymarkets.com | 100 | 2.5 | https://www.forexexplore.com/forex-brokers/easymarkets-review | Metatrader 4, EasyMarkets web-based platform | yes | yes | credit cards, neteller, Skrill, Webmney, wire transfer | 1:100 | no | no | ASIC (Australia), CySEC (Cyprus) | no | no | no | yes | 1 | 0 | 1 | 0 | 0 | 0 | ||||||||
| OctaFX | 9 | http://octaengine.com/c/?p=566&bt=gif&b=2368 | 50 | from 0.2 | up to 50% | yes | https://www.forexexplore.com/forex-brokers/octafx-reviews | MetaTrader 4, Metatrader 5, cTrader | yes | yes | Neteller, Skrill, Fasapay, Visa, Mastercard, Malaysian, Vietnamese, Indian, Indonesian, Bangladeshi local banks, Bitcoin, Unionpay | 1:500 | English | yes | FCA UK | yes | yes | yes | yes | yes | 1 | 1 | 0 | 0 | 1 | 1 | |||||
| IronFX | 4 | https://www.forexexplore.com/forex-brokers/ironfx-reviews | 100 | 0 | 40% | yes | https://www.forexexplore.com/forex-brokers/ironfx-reviews | Metatrader 4 | yes | yes | credit cards, Fasapay, neteller, qiwi, skrill, webmoney, wire transfer | 1:500 | English | no | yes | ASIC, CySEC, DFSA, FCA UK, FSB, UCRFIN, CRFIN, Member of Eurex Exchange, Consob, BaFIN | yes | yes | yes | 1 | 1 | 0 | 0 | 0 | 1 | ||||||
| FxGlory | 0 | https://forexexplore.com/forex-brokers/fxglory-review/ | 1 | 0.5 | 50% up to $1,000 | https://forexexplore.com/forex-brokers/fxglory-review/ | MetaTrader4, Mobile | no | yes | Credit/debit cards, Paypal, Bitcoin | 1:3,000 | English | yes | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||||||
| TrioMarkets | 0 | https://forexexplore.com/forex-brokers/triomarkets-review/ | 100 | 3 | - | https://forexexplore.com/forex-brokers/triomarkets-review/ | MetaTrader 4, Sirix Webtrader | yes | yes | Credit Card, Wire, Skrill, Neteller, Paypal and CashU | 1:300 | English, Arabic, French, Italian, German | no | yes | CySEC | no | yes | no | 1 | 0 | 1 | 0 | 0 | 0 | |||||||
| CityIndex | 2 | https://forexexplore.com/forex-brokers/cityindex-review/ | 100 | 2 | - | https://forexexplore.com/forex-brokers/cityindex-review/ | MT4 (MetaTrader 4), Advantage Web, Advantage Trader, iPhone, Android, Windows Phone App, iPad and Tablet App | yes | yes | Credit/Debit Cards | 1:400 | English | Trademark of GAIN Capital UK Ltd - Regulated by FCA | yes | yes | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||
| Markets.com | 2 | https://forexexplore.com/forex-brokers/markets-com-review/ | 100 | 2 | up to $2,000 | https://forexexplore.com/forex-brokers/markets-com-review/ | Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTrader | yes | yes | Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments | 1:200 | English, French, Spanish, German, Russian, Italian, Chinese, Arabic, Turkish, Portuguese, Japanese, Polish, Greek, Dutch, Swedish | CySEC, FSCA South Africa | yes | yes | 1 | 1 | 1 | 0 | 0 | 0 | ||||||||||
| Orbex | 0 | https://forexexplore.com/forex-brokers/orbex-review/ | 500 | 1.6 | https://forexexplore.com/forex-brokers/orbex-review/ | MetaTrader 4 | no | yes | Skrill, Neteller, Wire Transfer, Credit Cards, CashU, Webmoney | 1:500 | English, Arabic, Bengali, Spanish, German, Russian, Chinese, Bulgarian, Urdu, Greek | no | no | CySEC | yes | yes | no | 1 | 1 | 0 | 0 | 0 | 1 | ||||||||
| CMTrading | 4 | https://forexexplore.com/forex-brokers/cmtrading-review/ | 200 | 2 | 15% match | https://forexexplore.com/forex-brokers/cmtrading-review/ה | MetaTrader 4, Sirix | yes | yes | credit/debit cards, Wire transfer, CashU ,Skrill | 1:400 | Financial Services Board (FSB) South Africa | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||||||
| Accent Forex | 0 | https://forexexplore.com/forex-brokers/accentforex-review/ | 10 | 3 | 50% | no | https://forexexplore.com/forex-brokers/accentforex-review/ | MetaTrader 4 | no | yes | WebMoney, OkPay, Skrill, Wire Transfer, Credit Cards | 1:500 | English | 0 | 0 | 0 | 0 | 0 | 1 | ||||||||||||
| Grand Capital | 0 | https://forexexplore.com/forex-brokers/grandcapital-review/ | 10 | 2 | $500 no deposit | https://forexexplore.com/forex-brokers/grandcapital-review/ | MetaTrader 4, WebTrader | yes | yes | Credit card, Neteller, Webmoney, CashU, Fasapay, Scrill, Webmoney | 500:1 | English, Russian, Chinese, Indonesian | yes | no | Financial Commission FinaCom, EDR Hong Kong external dispute resolution organization | yes | no | no | 1 | 0 | 1 | 0 | 0 | 1 | |||||||
| Simplefx | 1 | https://forexexplore.com/forex-brokers/simplefx-reviews/ | 1 | 1 | https://forexexplore.com/forex-brokers/simplefx-reviews/ | MetaTrader 4 and in-house web-based platform | yes | yes | Wire transfer, Credit/debit cards, Skrill, Neteller, Astropay, Webmoney, FasaPay, Qiwi, Moneta, ru, Yandex, China UnionPay, Bitcoin and litecoin | 1:100 | no | no | no | no | no | no | yes | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Alvexo | 0 | https://forexexplore.com/forex-brokers/alvexo-review/ | 5000 | 3.3 | - | https://forexexplore.com/forex-brokers/alvexo-review/ | MetaTrader 4, WebTrader, Mobile | yes | yes | Cash-U, Credit Card, Webmoney, Wire Transfer | 400:1 | English, French | no | no | CySEC | yes | yes | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||
| NSFX | 0 | https://forexexplore.com/forex-brokers/nsfx-review/ | 300 | 3 | https://forexexplore.com/forex-brokers/nsfx-review/ | Metatrader 4, Webtrader, NSFX Jforex platform | yes | yes | credit cards, Skrill, CashU and wire transfer | 200:1 | English, Arabic, German, Turkish and Italian | no | no | MFSA | yes | yes | no | 1 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Synergy FX | 1 | https://forexexplore.com/forex-brokers/synergyfx-reviews/ | 500 | 2 | https://forexexplore.com/forex-brokers/synergyfx-reviews/ | MetaTrader 4 | no | yes | credit cards, skrill, wire transfer | 1:500 | no | yes | ASIC, AFSL | yes | yes | yes | yes | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||
| FXGrow | 0 | https://forexexplore.com/forex-brokers/fxgrow-review/ | 100 | 0.8 | - | https://forexexplore.com/forex-brokers/fxgrow-review/ | MetaTrader 4, NetStation | yes | yes | Credit/Debit cards, Skrill, Neteller, OkPay, CashU, WireTransfer | 200:1 | English | 0 | 0 | 1 | 0 | 0 | 0 | |||||||||||||
| Juno Markets | 0 | https://forexexplore.com/forex-brokers/juno-markets-review/ | 500 | 3 | - | https://forexexplore.com/forex-brokers/juno-markets-review/ | MetaTrader 4 | no | yes | neteller, skrill, credit cards, wire transfer | 1:400 | English | no | no | FinaCom | no | yes | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||
| Tickmill | 3 | https://forexexplore.com/forex-brokers/tickmill-review/ | 100 | 1.2 | - | https://forexexplore.com/forex-brokers/tickmill-review/ | MetaTrader 4, Webtrader | yes | yes | wire transfer (commission are charged), credit/debit cards, Skrill, Neteller, FasaPay, UnionPay and WebMoney | 1:500 | no | yes | FCA UK, FSA Seychelles | yes | yes | no | yes | 1 | 1 | 1 | 0 | 1 | 1 | |||||||
| TeleTrade | 0 | https://forexexplore.com/forex-brokers/teletrade-review/ | 2000 | 5 | 24% | https://forexexplore.com/forex-brokers/teletrade-review/ | MetaTrader 4, Mobile | no | yes | credit cards, Wire transfer, Neteller, Skrill | 1:200 | English, Russian | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| Financika | 1 | https://forexexplore.com/forex-brokers/financika-reviews/ | 250 | 2 | https://forexexplore.com/forex-brokers/financika-reviews/ | Profit, WebProfit, MetaTrader 4 | yes | yes | credit cards, wire transfer | 200:1 | no | no | no | no | no | no | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| TenkoFX | 3 | https://forexexplore.com/forex-brokers/tenkofx-review/ | 10 | 3 | https://forexexplore.com/forex-brokers/tenkofx-review/ | MetaTrader 4, Webtrader | yes | yes | Skrill, Neteller, FasaPay, Webmoney, Yandex Money, Qiwi | 1:500 | English | no | no | International Financial Services Commission of Belize | yes | yes | no | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||
| KGIeworld | 0 | https://www.forexexplore.com/forex-brokers/kgieworld-review | 1000 | 3 | - | https://www.forexexplore.com/forex-brokers/kgieworld-review | MetaTrader 4 | no | yes | Wire Transfer, Check | 1:50 | English | no | no | MAS | no | yes | no | 1 | 0 | 0 | 0 | 0 | 0 | |||||||
| Abshire-Smith | 0 | http://www.abshire-smith.com/ | 500 | 1.8 | https://www.forexexplore.com/forex-brokers/abshire-smith-reviews | Vertex fx, Metatrader 4, straticator | no | yes | CashU, Neteller, Skrill, Wire Transfer | 1:200 | no | no | FCA | yes | 1 | 0 | 1 | 0 | 0 | 0 | |||||||||||
| Alfa Financial | 0 | http://www.alfafinancials.com | 10000 | $1 plus $15 commissions | https://www.forexexplore.com/forex-brokers/alfa-financial-review | MetaTrader 4, AX1Trader | yes | yes | 1:100 | English | no | no | Central Bank UAE | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||||
| Blueberry Markets | 4 | https://www.blueberrymarkets.com | 100 | 1.5 | https://www.forexexplore.com/forex-brokers/blueberry-markets-reviews | MetaTrader 4 | no | yes | credit cards, wire transfer, POLi, Skrill | 1:500 | no | no | ASIC | yes | yes | yes | yes | 1 | 1 | 0 | 0 | 0 | 1 | ||||||||
| CIBfx | 0 | http://www.cibfx.com | 100 | 1 | https://www.forexexplore.com/forex-brokers/cibfx-review | MetaTrader 4 | yes | yes | Paypal, Skill, Credit Cards, Neteller | 1:200 | no | no | VSFC | no | yes | no | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| BlackBull Markets | 6 | https://go.blackbullmarkets.com/visit/?bta=39396&brand=blackbull | 200 | 0.8 | yes | https://www.forexexplore.com/forex-brokers/blackbull-markets-review | Metatrader 4, Metatrader 5 | yes | yes | Bank Transfer, Credit Card Payments (Visa, MasterCard), Skrill, Neteller, China Union Pay, FasaPay | 1:500 | yes | no | Financial Services Provider | yes | yes | yes | no | yes | yes | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||
| Darwinex | 0 | https://www.darwinex.com/ | 500 | 1 | https://www.forexexplore.com/forex-brokers/darwinex-review | MetaTrader 4, cTrader | yes | yes | Bank Wire, Credit Cards, UnionPay | 1:200 | no | yes | FCA | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||||
| Eightcup | 0 | https://www.eightcap.com/ | 100 | 1 | https://www.forexexplore.com/forex-brokers/eightcap-review | Metatrader 4 | no | yes | 1:500 | no | no | ASIC | yes | yes | no | yes | 1 | 1 | 0 | 0 | 1 | 1 | |||||||||
| ETX Capital | 0 | https://www.etxcapital.com/ | 100 | 1 | https://www.forexexplore.com/forex-brokers/etxcapital-review | ETX Trader Pro, Metatrader 4, ETX binary | yes | yes | credit cards, wire transfer, firopay, neteller, skrill, sofort, china unionpay | 1:200 | no | no | FCA | no | no | no | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||
| FCI Markets | 1 | http://www.fci-markets.co.uk/ | 250 | 0.2 | https://www.forexexplore.com/forex-brokers/fci-markets-reviews | Currenex, FCI NetStation, MetaTrader 4 | yes | yes | credit cards, neteller, skrill, wire transfer | 1:100 | no | yes | FCA | yes | yes | no | 1 | 1 | 0 | 0 | 0 | 0 | |||||||||
| Fortrade | 1 | https://www.fortrade.com/ | 500 | 3 | https://www.forexexplore.com/forex-brokers/fortrade-reviews | Fortrader | yes | yes | wire transfer, credit cards, skrill, neteller | 1:200 | no | no | FCA | no | no | no | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||||||
| FX Giants | 1 | https://forexexplore.com/forex-brokers/fxgiants-reviews/ | 500 | 2.2 | https://forexexplore.com/forex-brokers/fxgiants-reviews/ | MetaTrader 4 | no | yes | credit cards, neteller, paypal, skrill, unionpay, Webmoney, Wire Transfer | 1:500 | no | no | FCA | no | no | yes | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| FXGlobe | 1 | https://forexexplore.com/forex-brokers/fxglobe-reviews/ | 250 | 0.7 | https://forexexplore.com/forex-brokers/fxglobe-reviews/ | MetaTrader 4 | no | yes | Credit cards, Neteller, Skrill, Wire transfer | 1:500 | no | no | CySEC | yes | no | yes | 1 | 1 | 0 | 0 | 0 | 1 | |||||||||
| FXonus | 1 | https://forexexplore.com/forex-brokers/fxonus/ | 500 | 3 | https://forexexplore.com/forex-brokers/fxonus/ | MetaTrader 4 | yes | yes | Credit Cards, Skrill, Neteller, Wire Transfer, China Union Pay | 1:500 | no | no | no | yes | no | no | 0 | 1 | 0 | 0 | 0 | 1 | |||||||||
| FXoro | 1 | https://forexexplore.com/forex-brokers/fxoro-reviews/ | 200 | 3 | https://forexexplore.com/forex-brokers/fxoro-reviews/ | Metatrader 4 | no | yes | credit cards, wire transfer, skrill, neteller, ecoPayz, CashU | 1:400 | no | no | CySEC | yes | no | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| FXprimus | 1 | https://forexexplore.com/forex-brokers/fxprimus-reviews/ | 100 | 0.3 | https://forexexplore.com/forex-brokers/fxprimus-reviews/ | Metatrader 4 | no | yes | Bitcoin, China UnionPay, FasaPay, Neteller, Skrill, Wire Transfer | 1:500 | no | no | Cysec | yes | yes | yes | 1 | 1 | 0 | 0 | 0 | 1 | |||||||||
| Infinox | 1 | https://forexexplore.com/forex-brokers/infinox-reviews/ | 100 | 1.5 | https://forexexplore.com/forex-brokers/infinox-reviews/ | Metatrader 4 | no | yes | credit cards, wire transfer, skrill, neteller, china unionpay | 1:300 | no | bo | FCA UK | yes | yes | no | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||||||
| JCMFX | 1 | https://forexexplore.com/forex-brokers/jcmfx-review/ | 10 | 1.8 | https://forexexplore.com/forex-brokers/jcmfx-review/ | MetaTrader 4 | no | yes | credit cards, FasaPay, Wire Transfer, Neteller, Skrill | 1:1,000 | no | no | FSA | no | no | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| Larson&Holz | 1 | https://forexexplore.com/forex-brokers/larson-holz-review/ | 100 | 0 | https://forexexplore.com/forex-brokers/larson-holz-review/ | Metatrader 4, Web Trader | yes | yes | credit cards, wire transfer, neteller, paypal, Yandex, liqpay, alfa click, beeline, mtc, perfect money | 1:500 | no | no | FMRRC, NAFD | yes | yes | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| LCG | 1 | https://forexexplore.com/forex-brokers/lcg-reviews/ | 1 | 1.6 | https://forexexplore.com/forex-brokers/lcg-reviews/ | MetaTrader 4, LCG Trader (web-based, ECN accounts only) | yes | yes | wire transfer, debit/credit cards, Skrill | 1:500 | no | no | FCA UK | yes | yes | no | yes | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||
| LMFX | 1 | https://www.lmfx.com/ | 50 | 1.8 | 100% match bonus, 15% recovery | https://www.forexexplore.com/forex-brokers/lmfx-review | Metatrader 4, Webtrader | yes | yes | credit cards, Fasapay, neteller, okpay, skrill, wire transfer | 1:1,000 | yes | no | no | yes | no | yes | yes | 0 | 0 | 0 | 0 | 0 | 1 | |||||||
| LQDFX | 1 | https://www.lqdfx.com/ | 20 | 1 | https://www.forexexplore.com/forex-brokers/lqdfx-review | MetaTrader 4, xStation | yes | yes | Wire transfer, Credit cards, Skrill, Neteller, Unipay, FasaPay, SoFort, iDeal | 1:500 | no | no | no | yes | yes | no | 0 | 0 | 0 | 0 | 0 | 1 | |||||||||
| Mahi FX | 1 | https://mahifx.com/ | 1 | 1 | https://www.forexexplore.com/forex-brokers/mahifx-reviews | Metatrader 4, MahiFX | yes | yes | wire transfer, credit cards | 1:100 | no | no | FCA UK, ASIC, FMA | no | no | no | yes | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||
| Paxforex | 1 | https://paxforex.com/ | 10 | No deposit $7 bonus – cannot withdraw | https://www.forexexplore.com/forex-brokers/paxforex-reviews | MetaTrader 4 | no | yes | Credit cards, FasaPay, Neteller, OKPAY, Perfect Money, QIWI, Skrill, UnionPay, WebMoney, Wire Transfer | 1:500 | no | no | no | no | no | yes | 0 | 0 | 0 | 0 | 0 | 1 | |||||||||
| Pricemarkets | 1 | https://pricemarkets.com | 500 | 2.5 | https://www.forexexplore.com/forex-brokers/pricemarkets-review | MetaTrader 4 ECN, Currenex ECN, Integral FX, Liquid-x, Hotspot FX | yes | yes | wire transfer, credit cards | 1:400 | yes | no | FCA UK | yes | yes | yes | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| Rallytade | 1 | https://www.forexexplore.com/forex-brokers/rallytrade-review | 100 | 1.6 | https://www.forexexplore.com/forex-brokers/rallytrade-review | Metatrader 4, xStation (web-based), xSocial, xOptions | yes | yes | credit cards, neteller, skrill, Interswitch, Pocketmoni, etraszact, perfectMoney, WebMoney, VoguePay | 1;1,000 | yes | yes | FinaCOM | no | no | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| Range Markets | 1 | https://www.rangeforex.com/ | 100 | 3 | https://www.forexexplore.com/forex-brokers/range-markets-reviews | Metatrader 4 | no | yes | Neteller, Credit Cards, wire transfer | 1:500 | no | no | FSA of St. Vincent and the Grenadines | no | no | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| Rekuten Securities | 1 | https://www.forexexplore.com/forex-brokers/rakuten-reviews | 1 | 0.7 | https://www.forexexplore.com/forex-brokers/rakuten-reviews | MarketSpeed FX, Trading Station (inherited from FXCM) | yes | yes | wire transfer, checks, ATM (only for local residents) | 1:50 | no | no | SFC | no | yes | no | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Roboforex | 1 | http://www.roboforex.com/ | 1 | 2 | https://www.forexexplore.com/forex-brokers/roboforex-review | MetaTrader 4, cTrader | yes | yes | credit cards, QIWI wallet, webmoney, Yandex.money, RBK money, Skrill, FasaPay, CashU, Payoneer, China UnionPay, Neteller, Perfect Money | 1:500 | no | no | Cysec, IFSC, FSP, FSCL | yes | yes | no | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||
| Swissmarkets | 0 | https://www.swissmarkets.com/?campaign=1341&p1=&p2=334&p3=6m8j8j7w#signup | 200 | 1.2 | https://www.forexexplore.com/forex-brokers/swissmarkets-review | Metatrader 4, Webtrader | yes | yes | credit cards, wire transfer, neteller, skrill, iDEAL, giropay | 1:500 | no | no | CySEC, MiFID | no | yes | no | 1 | 0 | 0 | 1 | 0 | 1 | |||||||||
| Trade360 | 0 | https://www.trade360.com/ | 100 | 1.8 | 35%, $60 no deposit for real account | https://www.forexexplore.com/forex-brokers/trade360-review | Trade360 | yes | no | credit cards, skrill, neteller, wire transfer | 1:1,000 | no | no | CySEC | no | no | no | yes | yes | 1 | 0 | 0 | 0 | 0 | 1 | ||||||
| Tradersway | 1 | https://forexexplore.com/forex-brokers/traders-way-reviews/ | 0 | 1 | https://forexexplore.com/forex-brokers/traders-way-reviews/ | Metatrader 4, ctrader | yes | yes | Skrill, Neteller, Perfect Money, Webmoney, QIWI, MonetaRu, EasyPay, Boletto, CashU | 1:1,000 | no | no | no | yes | yes | no | 0 | 1 | 0 | 0 | 0 | 1 | |||||||||
| Trading212 | 1 | https://forexexplore.com/forex-brokers/trading212-review/ | 100 | 2.5 | https://forexexplore.com/forex-brokers/trading212-review/ | Trading212 | yes | no | wire transfers, credit and debit cards, PayPal, Dotpay, Giropay, SafetyPay, Carte Bleue, Mister Cash, Direct eBanking, CashU and UnionPay | 1:200 | no | no | FCA UK | no | yes | no | yes | 1 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Turnkey | 1 | https://forexexplore.com/forex-brokers/turnkey-forex-reviews/ | 5 | 2 | 100% deposit bonus; 30 days of commission-free trading; 30% rescue bonus | https://forexexplore.com/forex-brokers/turnkey-forex-reviews/ | MetaTrader 4, Trade Station | yes | yes | credit cards, wire transfer, neteller | 1:200 | yes | yes | no | yes | yes | yes | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Whaleclub | 1 | https://forexexplore.com/forex-brokers/whaleclub-reviews/ | 1 | 1 | https://forexexplore.com/forex-brokers/whaleclub-reviews/ | in-house whaleclub web platform | yes | no | bitcoin | 1:100 | no | no | no | no | no | no | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Z.com Trade | 3 | https://forexexplore.com/forex-brokers/z-com-trade-reviews/ | 1 | 1.4 | https://forexexplore.com/forex-brokers/z-com-trade-reviews/ | Z.com trader web, Z.com trader pro (demo account only) | yes | yes | credit cards, wire transfer, china unionpay, skrill | 1:200 | no | no | FCA UK | yes | yes | no | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||
| Freshforex | 3 | https://forexexplore.com/forex-brokers/freshforex-review/ | 1 | 3 | +5% to each cryptocurrency deposit; get 300% for each deposit | https://forexexplore.com/forex-brokers/freshforex-review/ | Metatrader 4 | yes | yes | WebMoney, ePayService, Skrill , FasaPay, ADVCash, Perfect Money, Neteller, OnlineNaira NGN/USD, E-wallets for the Philippines, Visa/Mastercard/Maestro USD/EUR, Local Depositors, Bitcoin, Internet Banking | 1:1000 | no | yes | KROUFR | yes | yes | yes | yes | yes | yes | yes | yes | yes | 1 | 1 | 0 | 0 | 1 | 1 | ||
| ForexMart | 0 | https://forexexplore.com/forex-brokers/forexmart-review/ | 1 | 0.0 | $150 no deposit needed | https://forexexplore.com/forex-brokers/forexmart-review/ | Metatrader 4 | yes | yes | credit cards, Neteller, Skrill, Paypal, Paxum? Bitcoin | 1:1,000 | no | no | CySEC | no | yes | yes | yes | yes | yes | yes | yes | 1 | 0 | 0 | 0 | 0 | 1 | |||
| Pepperstone | 3 | https://forexexplore.com/forex-brokers/pepperstone-review/ | 200 | 1.2 | 100% Match Bonus | https://forexexplore.com/forex-brokers/pepperstone-review/ | Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror | yes | yes | bPay, credit cards, Paypal | 1:500 | English | yes | yes | ASIC, FCA UK | yes | yes | yes | yes | yes | yes | yes | yes | 1 | 1 | 1 | 0 | 0 | 1 | ||
| Forexee | 0 | https://forexexplore.com/forex-brokers/forexee-review/ | 50 | 0.5 plus commissions | Special trading commission $1, Welcome Bonus $15 for STP, 0% commission for deposits | https://forexexplore.com/forex-brokers/forexee-review/ | MetaTrader 4 | no | yes | Credit Cards, Webmoney, Wire Transfer, Skrill, Neteller, Bitcoin, Bitcoin Cash, litecoin, Fasapay, etherium, Payza, Perfect Money | 1:500 | English | no | no | no | yes | yes | no | yes | 0 | 1 | 0 | 0 | 0 | 1 | ||||||
| AETOS | 0 | https://forexexplore.com/forex-brokers/aetos-review/ | 250 | 2 | https://forexexplore.com/forex-brokers/aetos-review/ | MetaTrader 4 | yes | yes | Bank wire transfer, Credit cards, Debit cards, Skrill, ZOTAPAY | 1:200 | no | no | FCA UK | no | no | no | yes | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||
| TradeFW | 3 | https://forexexplore.com/forex-brokers/tradefw-review/ | 0 | 250 | https://forexexplore.com/forex-brokers/tradefw-review/ | yes | yes | Bank wire, Credit/Debit Card. | 1:30 | no | no | Cysec | yes | yes | no | yes | 1 | 1 | 0 | 0 | 0 | 0 | |||||||||
| 1Market | 0 | https://forexexplore.com/forex-brokers/1market-review/ | 250 | 3 | https://forexexplore.com/forex-brokers/1market-review/ | Webtrader, Metatrader 5 | yes | yes | credit cards, bank wire transfers, Neteller, Skrill, Sofort, Rapid, PaySafe Card and Volt | 1:400 | no | no | Cysec | no | no | no | no | yes | 1 | 0 | 0 | 0 | 0 | 1 | |||||||
| Trade Nation | 4 | https://forexexplore.com/forex-brokers/tradenation-review/ | 1 | 0.6 | https://forexexplore.com/forex-brokers/tradenation-review/ | in-house web-based platform, Metatrader 4 MT4 | yes | yes | Credit Card, Srill | 1:30; 1:200 | English | yes | yes | FCA in the UK, the ASIC in Australia, the FSCA in South Africa and the SCB in the Bahamas | yes | 1 | 1 | 0 | 0 | 0 | 0 | ||||||||||
| PlusMarkets | 0 | https://forexexplore.com/forex-brokers/plusmarkets-review/ | 0 | 0.1 | https://forexexplore.com/forex-brokers/plusmarkets-review/ | Metatrader 4, PlusMarkets Trader | yes | yes | cards, wire transfers, and some alternative payment methods, which aren’t specified | 1:30 | no | no | CySec | no | yes | no | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||
| HonorFX | 0 | https://forexexplore.com/forex-brokers/honorfx-review/ | 100 | 0.2 | https://forexexplore.com/forex-brokers/honorfx-review/ | Metatrader 5 | no | yes | Credit Cards, Neteller, Skrill, Paypal, Bitpay, Fasapay, Perfect Money | 1:500 | FSA | yes | 1 | 0 | 1 | 0 | 0 | 1 | |||||||||||||
| Tiger Brokers | 0 | https://forexexplore.com/forex-brokers/tiger-brokers-review/ | 0 | https://forexexplore.com/forex-brokers/tiger-brokers-review/ | Tiger Trade | no | yes | Bank Wire Transfer, FAST, DDA, PayNow | Up to 4x (day trade), Up to 2x (next day) | yes | US Securities and Exchange Commission, Australian Securities & Investments Commission (ASIC) | yes | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||||||
| MarketBull | 0 | https://forexexplore.com/forex-brokers/marketbull-review/ | 1000 | 1.8 | 100% match the deposit | https://forexexplore.com/forex-brokers/marketbull-review/ | Metatrader 4 | yes | yes | Credit Cards, Neteller, Skrill, Bank Wire Transfer | 1:1000 | jurisdiction of the UK | yes | yes | yes | yes | yes | 1 | 1 | 0 | 0 | 0 | 1 | ||||||||
| CedarFX | 0 | https://forexexplore.com/forex-brokers/cedarfx-review/ | 50 | 3 | https://forexexplore.com/forex-brokers/cedarfx-review/ | MetaTrader 4 | yes | Credit Card, Bank Wire, Bitcoin | 1:500 | yes | 1 | 0 | 0 | 0 | 0 | 1 | |||||||||||||||
| GCI Trading | 0 | https://forexexplore.com/forex-brokers/gci-trading-review/ | 500 | 1 | 50% on deposit | https://forexexplore.com/forex-brokers/gci-trading-review/ | MetaTrader 4, ActTrader | yes | yes | Bank Wire Transfer, Credit Card, Neteller, Skrill | 1:400 | IFSC | yes | yes | 1 | 1 | 0 | 0 | 0 | 1 | |||||||||||
| Axi | 0 | https://forexexplore.com/forex-brokers/axitrader-review/ | 200 | 1.2 | https://forexexplore.com/forex-brokers/axitrader-review | Metatrader 4 | yes | yes | Debit and Credit Cards (Visa, Master, Maestro, JCB) Neteller Skrill/Moneybookers Global Collect (only for Australian clients) BPAY (only for Australian Clients) China Union Pay (only for Chinese residents) Bank Transfer Broker to Broker Transfer | 1:400 | no | no | ASIC, FCA, Financial Services Authority in Saint Vincent and the Grenadines | no | no | yes | 1 | 0 | 0 | 0 | 0 | 1 |
How do we rate the best Forex Brokers in Nigeria
Our team of traders review various brokers only after we sign up and try out their platforms, trading conditions, deposit and withdrawal methods and customer support. Without this test drive, you can never figure out what happens once you have registered and deposited. There are lots of hidden terms and policies of which you find out only later, and which can cause lots of issues to you.
Below are the main 5 rating characteristics which must be considered during a review of any broker.
1. Regulation
There are many regulatory bodies that ensure financial security to traders. Regulated brokers must follow strict checklist and stay away from fraud and manipulation. These regulations are the safe net of your invested money. In our best forex brokers list, we only add brokers that are regulated & compliant with one of more of these Top Tier regulators: Financial Conduct Authority (UK) or CySEC (Cyprus).
Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. Further, you need to check the broker’s past track record in terms of being banned or fined. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors.
2. Trading Platforms
Another important factor of any broker is obviously the offered trading platforms. Today, it is almost impossible to find a broker that does not offer Metatrader 4 as it’s primary trading platform available both in desktop and online version.
Most of the brokers listed and reviewed here allow you to trade on the most popular trading platforms i.e. MT4 & MetaTrader 5. Metatrader includes numerous tools & features like charting, technical analysis tools, news feed, Expert Advisors & multi device support.
3. Trading Fees and Spreads
Broker fee is another crucial factor to keep an eye on. There are many brokers that will charge a high amount of fees in form of hidden commissions on trades, rollover fees, high fees on deposit/withdrawals etc.
It is really important that you carefully consider the various fees a broker might charge you before signing up.
You should only choose a broker that offers the lowest spread & funding fees. Spread is basically the difference between the bid price and the ask price of a currency. The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade.
4. Range of Trading Instruments Offered
Most forex brokers now offer wide range of CFD trading instruments like US & EU stocks CFDs, metals, commodities, cryptos etc. other then range of major, minor & exotic currency pairs.
5. Customer Support
you must be able to get in touch with the support in a quick and easy manner. We always recommend brokers with online support and competent assistance.
You never know when you might need help while executing/closing any trade, or with withdrawals. A good broker will offer you excellent round the clock phone, email & live chat support during the week.
Also, the customer service provided by the broker should be efficient & helpful as well. You don’t want promises, you need actual problem solving & quick resolution of all queries. The Best brokers that we have recommended offer good multi language support via phone, live chat & emails.
6. Payment Methods
We think that various payment options allows all types of traders to access forex market. The easier deposit and withdrawal process is, the higher our grading for a broker would be. Personally, we favor brokers that work with Skrill, Paypal and other online wallets with instant deposits and fast withdrawals, with no limitations in the amount you want to withdraw and time of the month. You will be surprised how this is commonly manipulated among some brokers who either demand minimum amount to withdraw, or request to make withdrawal request until certain day of the month.
Also check if your broker has tools for risk management including: negative balance protection, guaranteed stop-loss feature, deal cancellation (some brokers may offer this for extra fees).
Does the broker’s app support these features, and the popular indicators like MACD, RSI etc. or any other tool that you usually use in your trading. It is best to test this out on their platform with the broker’s demo account before depositing any real money.
More About Forex Trading In Nigeria
Forex trading is legal in Nigeria and is regulated by the Central Bank Of Nigeria (CBN). After spending some time viewing the CBN website, the team could not find a CBN regulated broker list. Based on this until the Central Bank Of Nigeria publishes regulated forex brokers, it’s recommended you consider one regulated by:
- ASIC – Australian Securities and Investments Commission
- FCA – Financial Conduct Authority
- CYSEC – Cyprus Securities and Exchange Commission
- FSCA – Financial Sector Conduct Authority
Other less known regulators include the IFSC, Belize, CIMA, CFTC and the SFSA (Dubai Financial Services Authority). The list above is a shortlist with other brokers considered including HotForex, AvaTrade, FxPro and Alpari, eToro and easyMarkets.
Disclaimer: If you sign up for a broker’s UK branch regulated by the FCA, you will not be able to trade cryptocurrencies. The FCA recently banned retail traders from trading cryptos.
7. Broker’s Reputation and Reviews
Another critical aspect to monitor is the reputation and reviews of the broker. There are numerous broker review websites (including us) available online that can provide you with editorial as well as user reviews regarding the brokers.
How can you open account for forex trading in Nigeria?
To open your trading account you need to follow these 3 steps.
- First you need to choose a good broker. You should look for a broker that is regulated with at-least 1 top tier regulator, has low minimum deposit, and offers good trading conditions like low spread, fast order execution & good support. For this you can check our list of best forex brokers for trading in Nigeria.
- Second, once you have decided on the broker that you want to choose, you should go ahead & start with a demo account with that broker. Octafx, Litefinance & XM offer free demo accounts for beginners, so you can look into their demo accounts.
- After you have practised on the demo account & are comfortable with trading, then you can go ahead & open live account with the broker that you have finally decided on.
Summary
Never attempt to deposit in such a forex broker platform that is not licensed or certified. Before you start trading, please make sure to check and validate if there are any associated trading fees. All safe, legal, and licensed forex broker platform will upfront declare their trading fees, and there won’t be any hidden charge at all. Please make sure to choose such a platform that offers lower spread and funding fees. If the spread is lower, it will be better as you will have to pay less for broking. The final metric of a good and reputed forex broker platform is customer support availability. If you face any struggle and difficulty, the platform should give you an option to contact their customer support for a prompt resolution.
As a Nigerian, your attention will be related to your funds’ security while choosing a broker. So make sure you have the flexibility to withdraw your profits.
