The 7 best CBN Regulated Brokers revealed. We have explored and tested several prominent brokers to identify the list of the best CBN regulated brokers.
In this in-depth guide, you’ll learn:
- What is a CBN-regulated broker?
- Who are the best SEC-regulated brokers in Nigeria?
- Who are the best international Forex brokers in Nigeria?
- List of regulated and registered forex brokers.
- The best Forex brokers in Nigeria have minimum deposits.
- SEC Regulated Forex Brokers.
- Popular FAQs about the regulated Forex brokers in Nigeria.
And lots more…
So, if you’re ready to go “all in” with the best-regulated brokers…
Let’s dive right in…
Best CBN and SEC Regulated Forex Brokers (2024*)
- ☑️Exness – Overall, Best CBN-Regulated Forex Broker in Nigeria.
- ☑️AvaTrade – Top Trading Platform for Nigerians.
- ☑️FXTM – Verified Mobile App for Scalping.
- ☑️HFM – Top Forex Copy Trading Platform.
- ☑️Tickmill – Excellent option for MetaTrader traders.
- ☑️ARM Stocktrade – Prioritizes Security and Transparency.
- ☑️ Atlass Portfolios LTD – Expertise lies in portfolio management.
🏆 10 Best Forex Brokers
What is a CBN-regulated Forex broker?
Forex brokers are not directly regulated by the Central Bank of Nigeria (CBN) in Nigeria. Instead, the CBN’s primary role in the Forex markets revolves around maintaining stability in the country’s foreign exchange market and overseeing the regulation of authorized dealers, including commercial banks and financial institutions, who are licensed to participate in foreign exchange transactions.
While the CBN sets policies and regulations governing the overall Forex market landscape in Nigeria, including foreign exchange controls and monetary policies, direct oversight of Forex brokers is primarily handled by self-regulatory bodies and international regulatory authorities.
Here, we explore two Nigerian Forex brokers regulated by the SEC in Nigeria and go on to explore the 5 best internationally regulated Forex brokers that accept traders from Nigeria.
The 2 Best SEC Regulated Brokers in Nigeria
ARM Stocktrade
ARM Stocktrade in Nigeria is a reputable online trading platform offering a range of investment opportunities in stocks and other securities. With user-friendly interfaces, real-time market data, and personalized portfolio management tools, it enables seamless trading experiences for investors. ARM Stocktrade prioritizes security and transparency, fostering trust among its users.
Unique Features
ARM Stocktrade Pros and Cons
Trust Score
ARM stock trade has a trust score of 75%.
Atlass Portfolios Ltd
Atlass Portfolios Ltd in Nigeria is a reputable brokerage firm offering various investment services. With a focus on wealth management and financial advisory, it provides personalized solutions to clients. Their expertise lies in portfolio management, investment research, and tailored investment strategies, fostering long-term financial growth.
Unique Features
Atlass Portfolios Ltd Pros and Cons
Trust Score
Atlass Portfolios Ltd has a trust score of 75%.
The 5 Best International Forex Brokers in Nigeria
Exness
Exness is an ideal choice for novice traders in Nigeria seeking cost-effective entry into the Forex markets for several reasons.
They offer low minimum deposit requirements, making it accessible to beginners with limited capital.
Provides a user-friendly trading platform with intuitive interfaces and educational resources tailored for beginners, facilitating a smooth learning curve.
Additionally, the broker offers competitive spreads and minimal trading fees, reducing trading costs for novice investors.
Exness provides demo accounts that allow beginners to practice trading strategies risk-free before transitioning to live trading.
With its strong regulatory compliance and reputation for reliability, Exness instills trust and confidence in novice traders, ensuring a secure trading environment.
Overall, Exness offers a combination of affordability, user-friendliness, and reliability, making it an excellent choice for beginner traders venturing into the Forex markets in Nigeria.
Unique Features
Exness Pros and Cons
✔️ Pros | ❌ Cons |
Any trader can modify the leverage to suit their trading style and risk tolerance. | Exness operates in multiple regions, each with its own set of restrictions. |
Traders can gain experience with virtual funds by demoing an account before investing in the live market. | Certain expert traders may believe that the platform's highly adjustable trading tools and capabilities are inferior to those of other specialty platforms. However, this represents a relatively small proportion of dealers. |
Exness has been recognized for its practice of fully disclosing trading conditions, spreads, and fees. | While customer service representatives make every attempt to be always available, there may be variations in the timing and quality of their responses. |
Exness does not impose any fees for withdrawals or deposits. | The possible intricacy and sophistication of the user interface may dissuade some traders from using it in comparison to their competitors. |
There are options for depositing and withdrawing money locally. | Exness's sole focus on FX and CFDs may turn off potential investors searching for a more diverse range of investing opportunities. |
Exness offers trading automation options to MetaTrader users, including Expert Advisors (EAs) designed specifically for Taiwanese clients. | Furthermore, having a lot of leverage increases the likelihood of substantial losses. |
A diverse set of platforms and account types enable traders to trade across multiple markets. | Regardless of how deep the insights and market analysis are, some traders may consider they are inadequate. |
Exness trades a variety of assets for its clients, including FX pairings, indices, cryptocurrencies, and commodities. | |
Trust Score
Exness has a trust score of 97%.
AvaTrade
AvaTrade stands out as a popular choice for social traders in Nigeria due to its comprehensive suite of social trading features and user-friendly platforms.
With AvaTrade’s integration of social trading tools like AvaSocial and DupliTrade, Nigerian traders can effortlessly connect with a community of seasoned investors, follow their strategies, and even replicate their trades in real time.
This social aspect not only fosters learning and collaboration but also provides opportunities for beginners to benefit from the expertise of experienced traders. Additionally, AvaTrade offers a diverse range of assets, including forex, stocks, commodities, and cryptocurrencies, allowing social traders in Nigeria to diversify their portfolios easily.
Combined with its robust regulatory framework, competitive trading conditions, and excellent customer support, AvaTrade emerges as a top choice for social traders seeking a dynamic and supportive trading environment in Nigeria.
Unique Features
Feature | Information |
🏛️ Regulation | IIROC, Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, CySEC, ISA |
📲 Social Media Platforms | Instagram
Facebook
X
You Tube
LinkedIn
Telegram
|
💻 Trading Accounts | Retail Account, Professional Account |
📊 Trading Platforms | AvaTradeGO
AvaOptions
AvaSocial
MetaTrader 4
MetaTrader 5
DupliTrade
ZuluTrade |
Minimum Deposit in NGN | NGN 155,850 or $100 |
📉 Trading Assets | Forex
Stocks
Commodities
Cryptocurrencies
Treasuries
Bonds
Indices
Exchange-Traded Funds (ETFs)
Options
Contracts for Difference (CFDs)
Precious Metals |
NGN-based Account? | No |
NGN Deposits Allowed? | No |
➕ Bonuses for traders? | ✔️ Yes |
📈 Minimum spread | From 0.0 pips |
💻 Demo Account | ✔️ Yes |
☪️ Islamic Account | ✔️ Yes |
👉 Open Account | 👉 Open Account |
Ava Trade Pros and Cons
Trust Score
AvaTrade has a high trust score of 96%.
FXTM
FXTM stands out as an excellent choice for scalpers and day traders in Nigeria.
They offer tight spreads across various currency pairs, ensuring cost-effective trading for high-frequency strategies.
Provides fast order execution, minimizing slippage and latency issues often encountered by scalpers and day traders.
Additionally, the availability of multiple account types, including ECN accounts, allows traders to access institutional-grade liquidity and enjoy ultra-fast trade execution.
FXTM’s range of advanced trading platforms, such as MetaTrader 4 and MetaTrader 5, offer customizable features and advanced charting tools tailored to the needs of scalpers and day traders.
Lastly, their regulatory compliance and reputation for reliability provide Nigerian traders with confidence in the security and integrity of their trading activities, further enhancing its appeal as a preferred option for scalping and day trading strategies.
Unique Features
FXTM Pros and Cons
Trust Score
FXTM has a trust score of 93%.
HFM
HFM emerges as an optimal choice for mobile traders in Nigeria for several reasons. HFM’s mobile trading app offers a seamless and intuitive interface, ensuring ease of use and efficient trade execution on the go.
The app provides access to a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies, allowing mobile traders to diversify their portfolios.
Additionally, HFM’s mobile app incorporates advanced charting tools, real-time market analysis, and customizable alerts, empowering traders to make informed decisions from anywhere.
Furthermore, the app’s secure and reliable connectivity ensures uninterrupted access to the markets, crucial for traders in Nigeria where internet connectivity can vary.
Lastly, HFM’s regulatory compliance and reputation for reliability instill confidence in mobile traders, ensuring a safe and secure trading environment while on the move.
Unique Features
HFM Pros and Cons
Trust Score
HFM has a trust score of 85%.
Tickmill
Tickmill presents an excellent option for MetaTrader traders in Nigeria due to several compelling reasons.
It offers access to the popular MT 4 and MT 5 platforms, known for their advanced charting tools, customizable indicators, and automated trading capabilities, catering to the needs of both novice and experienced traders.
They provide competitive pricing with tight spreads, low commissions, and fast execution speeds, which are essential for MetaTrader traders executing high-frequency or algorithmic trading strategies.
Their regulatory compliance and reputation for reliability ensure a secure trading environment, crucial for traders in Nigeria.
Furthermore, the broker offers a range of trading instruments, including forex, indices, commodities, and cryptocurrencies, allowing MetaTrader traders to diversify their portfolios.
A combination of advanced trading platforms, competitive pricing, and regulatory adherence makes it a compelling choice for MT traders in Nigeria.
Unique Features
Tickmill Pros and Cons
Trust Score
Tickmill has a trust score of 82%.
Conclusion
Overall, while the CBN does not regulate Forex brokers in Nigeria, there is a strong selection of internationally regulated Forex brokers that accept traders from Nigeria.