10 Best Forex Brokers In Nigeria With Fast Naira Withdrawals

In this article, I will review the Best Forex Brokers for Nigerian Traders who make Naira withdrawals.

As a Nigerian trader, selecting the right broker for trading Naira is important so that you can fund your account without delays and at a low cost.

I will focus on brokers that have dependable NGN deposit and withdrawal services, affordable spreads, a safe trading environment, and a mix of features for novice and advanced traders in Nigeria.

Key Points & Best Forex Brokers for Nigerian Traders with Naira Withdrawals

Broker	Key International Point
Exness	Global regulation under FCA, CySEC, FSCA; instant Naira withdrawals via local banks
FXTM (ForexTime)	Strong African presence; regulated by FCA & CySEC; supports NGN accounts with fast withdrawals
HotForex (HF Markets)	Internationally licensed by FCA, DFSA, FSCA; offers NGN accounts and local transfers
OctaFX	Popular global broker with NGN deposits/withdrawals; strong presence in Asia & Africa
IC Markets	Australian regulation (ASIC); accepts Nigerian traders with international credibility
XM	Global reach with CySEC & ASIC regulation; supports Naira withdrawals via Nigerian banks
AvaTrade	International regulation (Ireland, ASIC, FSCA); NGN accounts available for Nigerians
Tickmill	UK & EU regulation; competitive spreads; NGN withdrawals supported
FXPro	Well-established globally; FCA & CySEC regulated; NGN account option for Nigerians
Deriv	International broker with multiple licenses; NGN deposits/withdrawals via local banks

10 Best Forex Brokers For Nigerian Traders with Naira Withdrawals

1. Exness

Nigerian traders have a preference for Exness because of quick local funding and swift withdrawals through Nigerian bank transfers, Flutterwave, and other fintech partners with no extra charges, as well as NGN deposits/withdrawals.

It features excelletnt conditions including spreads as low as 0.0 pips on major forex pairs and on some accounts, unlimited leverage.

caters to novice traders as well as volume scalpers with its diverse selection of account types (Standard, Raw, Cent) and both MT4/MT5 platforms.

Exness Features

• • Dedicated NGN support includes local bank and fintech transfers.
• • Low spreads and flexible up to unlimited on qualifying accounts.
• • Trade on MT4, MT5, and Exness Trade web, mobile, desktop.
• • 24/7 trading on crypto with instant/fast payouts for Nigerian traders.

Pros	Cons
Instant NGN deposits & withdrawals via Opay, Flutterwave, GTBank	No fixed-spread accounts, tricky for news traders
Ultra-tight spreads (EURUSD avg 0.10 pip)	Crypto trading limited to CFDs only
Unlimited leverage for small accounts	—

2. FXTM (ForexTime)

Traders in Nigeria appreciate FXTM’s local bank transfer and mobile money support for NGN funding, which allows deposits and withdrawals to be processed in a matter of minutes.

FXTM is regulated by the FCA, CySEC, and FSCA. They offer up to 1:2000 leverage and multiple account types, including Micro and Advantage.

They also offer extensive educational resources designed for African traders. FXTM’s local marketing, copy trading, and educational resources appeal to beginner and intermediate traders.

FXTM (ForexTime) Features

• • Nigerian clients get NGN accounts and funding via local bank transfer/mobile money.
• • Educational resources and webinars with analysis for African traders.
• • Competitive MT4 and MT5 with social/copy trading plus additional leverage.

Pros	Cons
Instant NGN deposits & withdrawals via Flutterwave, Opay, GTBank	Leverage capped at 1:2000, lower than Exness
ECN Zero spreads from 0 pip + $2/lot	Higher minimum deposit ($200 for ECN)
Copy trading (FXTM Invest) & free VPS	Crypto coverage limited (≈20 pairs)

3. HotForex (HF Markets)

HFM is accessible to Nigerian traders with a small capital due to its low minimum deposit (~$5) and NGN payment options through local partners.

It offers various account types including zero spread options and copy trading through HFcopy. HFM supports MetaTrader platforms and promotional bonuses like 100% deposit bonuses (conditions apply). HFM’s multilingual support is a strong asset to community oriented traders.

 HotForex (HF Markets) Features

• • Funding is easy with NGN deposits through local partners and a low minimum deposit (~$5).
• • Micro accounts and zero spread on MT4/MT5 multiple account types.
• • Active community traders can use the HFcopy feature for social/copy trading.
  • There are frequent promos and bonuses (terms vary) — e.g. 100% super-charged)

Pros	Cons
Instant NGN deposits & withdrawals via Opay, Flutterwave	Raw account requires $200 minimum
Raw spreads from 0.0 pip	Leverage capped at 1:1000
Strong regulation (FSCA, FCA)	No copy-trading marketplace

4. OctaFX

OctaFX has developed a strong reputation in Nigeria, owing to the integration of local payment systems, low spread offers, and cashback and deposit bonuses.

A minimum deposit of $25, and MT4/MT5 and mobile app support, OctaFX is focused on mobile trading. It is especially well-liked for its promotional offerings

Swap-free Islamic accounts, and easy funding/withdrawal in Naira through agents or fintech partners, which attracts traders looking for flexible trading costs.

OctaFX Features

• Payments are local for Nigerians, and there is fast processing for bank transfers and partners.
• There are competitive spreads and bonus programs that traders from all levels can appreciate.
• Flexible trading is offered through trading apps MT4, MT5, and mobile.
• Slack-free accounts (Islamic) and copy trading are offered for diversified strategies.

Pros	Cons
Swap-free accounts by default	No physical office in Nigeria
Tight spreads & zero commission	Leverage capped at 1:500
Copy trading available	—

5. IC Markets

Nigerian traders looking for true ECN execution, ultra-low spreads (from 0.0 pips), and deep liquidity, which is great for scalping and algorithms, prefer IC Markets.

While IC Markets does not offer NGN accounts, traders can deposit and withdraw via international bank transfer, crypto, and e-wallets.

IC Markets is regulated by ASIC, CySEC, and FSA and has a higher minimum deposit ($200). IC Markets also offers MT4, MT5, and cTrader.

 IC Markets Features

• Very low spreads are ideal for scalping and algorithmic trading. True ECN execution is what they are known for.
• Deep liquidity, fast execution, and support for all MT4, MT5, and cTrade.
• There is the flexibility to fund through bank transfer, crypto, and e-wallets. (NGN base is not standard.)
• Minimum deposits are higher at ~$200, which is more reflective of professional traders or those with higher volumes.

Pros	Cons
Tight spreads & reliable execution	No NGN accounts, only USD
Multiple platforms (MT4, MT5, cTrader)	Regulation offshore (Seychelles)
Strong liquidity & low latency	—

6. XM

XM Markets is a great broker for Nigerian traders. This is due to the super low minimum deposit amount, which is around $5 and the fact that the broker has local payment options in Naira.

This makes the broker super accessible for beginners. Nigerian traders can open either a micro account or a standard account. The broker is compatible with the MT4 and MT5 platforms.

New traders are awarded bonus credits, which is a promotion-dependent feature. XM provides fast deposit and withdrawal services in the Naira and also offers free educational webinars to traders so that they can learn the basics of Forex and a bit of Risk Management.

XM Features

• Entry to the market is easy for beginners because there is very low minimum deposit (~$5) and there is educational support.
• Copy trading is offered on MT4 or MT5. These can be accessed through web, mobile, and desktop.
• There are no or low extra fees on deposits and withdrawals (method dependent).
• There are advanced charting tools designed for learning, and they provide market coverage and signals.

Pros	Cons
Instant NGN deposits & withdrawals via Flutterwave, Opay	No ECN-style raw-spread account
Ultra-low minimum deposit ($5)	Leverage capped at 1:1000
Tight spreads (EURUSD avg 0.6 pip)	Crypto CFD list limited (≈35 pairs)

7. AvaTrade

AvaTrade stands out among the wealth of worldwide brokers for it’s reasoned risk-management mechanisms, variable and fixed spread offerings, and adjustable local support and payment systems fantastic for Nigerian traders.

AvaTrade’s deposit requirements are reasonable ($100), and they trade on a multitude of platforms (AvaTradeGO, MT4, MT5), offering not only forex but other instruments (CFDs) as well. For traders averse to risk, fixed spread offerings simplify the forecasting of trading costs.

AvaTrade Features

• • AvaTrade is a global broker with multiple regulations and multiple platforms, including MT4/MT5 and AvaTradeGO.
• • It provides risk management tools and a good range of asset classes outside of forex, like stocks, commodities, and options.
• • Variable and fixed spread options some traders find pricing to be more predictable. ough standard methods (cards, bank, e-wallets) but NGN accounts are subject to conversion.

Pros	Cons
Well-regulated globally (CBI, ASIC, FSCA, CySEC)	Leverage capped at 1:400
Supports NGN deposits & Islamic accounts	No ECN raw-spread option
Strong security, tier-one banks	—

8. Tickmill

Tickmill is an ECN-style broker which offers Nigerian traders competitive raw splits from 0.0 pips, lower commissions, and faster executions which is ideal for active and professional traders.

Nigerian instant banking, cards, crypto (BTC, USDT), and e-wallets (with instant or next-day processing, and no deposit/withdrawal fees) are all available for deposits/withdrawals.

They also offer an array of account options from Classic to Raw and even swap-free Islamic accounts, which provides flexibility for different strategies.

Tickmill Features

• • Tickmill is known for fast, fee-free deposits/withdrawals and ECN-style spreads from ~0 pips.
• • Tickmill supports MT4 and MT5 and has a full suite of educational resources like webinars and video tutorials.
• • Tickmill has balanced its accountsclassic, pro, and VIP offerings to cater to casual and serious traders.
• • Because base currencies are USD/EUR/GBP, NGN gets converted for funding/withdrawals.

Pros	Cons
Tight spreads (EURUSD avg 0.1 pip)	No Nigeria office, only South Africa regional
Strong regulation (FCA, CySEC, FSCA)	Minimum deposit $100
Supports NGN withdrawals via local banks	—

9. FXPro

FxPro is a well-known worldwide broker, being regulated by FCA and CySEC. They provide Nigerian traders with forex, stocks and CFDs trading with a total of 2100+ trading instruments.

They have support for wallet funding and Naira withdrawals, and as a rule there are no commission-free withdrawals and deposits (although it is possible there are some fees from intermediary brokerage companies).

For trading, there is MetaTrader and cTrader, where there are a lot of educational and analytical resources to explain how to use the platform, thus it is good for traders that need access to a variety of markets.

 FxPro Features

• • FxPro has a nice range of offerings in multiple high-quality platforms like MT4, MT5, cTrader, and even some proprietary options.
• • Enhanced safety features include Segregated client funds and negative balance protection.
• • Investors are able to finely tune their asset selection with options including forex, indices, shares, CFDs, crypto, etc.
• • FxPro offers the standard funding and withdrawal methods, but they have no NGN base accounts, so currency conversion is required.

Pros	Cons
NGN accounts available	No Nigeria office, nearest in Dubai
Low minimum deposit (₦5,000)	Leverage capped at 1:500
Multiple platforms (MT4, MT5, cTrader)	Inactivity fee after 6 months

10. Deriv

Deriv (Deriv.com) is a flexible platform highly favored by Nigerian traders because of its multiple trading options (Deriv MT5, DTrader, DBot) and different trading instruments like forex, commodities, and synthetic indices.

Committed to a seamless trading experience, Deriv focuses on user-friendly interfaces and automation tools which appeal to all trader levels.

For payments, Deriv offers a wide range of deposit and withdrawal methods, though users may not have access to direct NGN base accounts. For Naira trading, fintech proxies and currency conversion methods are commonly used.

Deriv Features

• • Clients have the opportunity to use any of the multiple platform choices including Deriv MT5, DTrader, DBot, and Deriv X.
• • Features trading in forex, CFDs, synthetic indices, and crypto markets.
• • Various ways to make deposits and withdrawals via cards, e-wallets, and transfers.sophisticated barriers to trading but no NGN trading account and tools that are less advanced than specialized brokers.

Pros	Cons
Wide range of instruments (forex, crypto, synthetic indices)	No NGN accounts
Multiple platforms (MT5, Deriv X, cTrader)	Spreads higher than competitors
Automated trading via Deriv Bot	Not beginner-friendly

How To Choose Best Forex Brokers for Nigerian Traders with Naira Withdrawals

• Withdrawal and Account Options in Naira – Check that the broker offers account deposit and withdrawal options in Naira with local banks and/or fintechs to help you save on transaction costs and withdrawal times.
• Regulation and Safety – Select brokers that are regulated by leading authorities such as the FCA, CySEC, and FSCA to keep your funds safe.
• Cost of Trading – Analyze the spread, commission, and conversion costs. When costs are lower, your profit potential is higher.
• Tools and Platform – Choose a broker that offers the MT4/MT5 trading platforms, or a mobile platform that includes charting, trading signals, and automation tools.
• Types of Accounts and Leverage – Check that the account types and the amount of leverage you can access are suited to your trading plan and your tolerance for risk.
• Support Services – Choose brokers that support local Nigeria business hours or round the clock for quicker problem resolution.
• Overall Reputation – Read the reviews and look for feedback in forums/community to steer clear of unreliable brokers.

Conclusion

To conclude, considering the right broker for Nigerian traders needing Naira withdrawals is crucial for safe, quick, and inexpensive trading.

Exness, FXTM, HotForex, OctaFX, and XM provide dependable NGN funding, low spreads, and easy-to-use platforms.

With a regulated broker and ample local support, traders can concentrate on earnings and avoid the funding problems and currency conversion hassle.

FAQ