The Central Bank of Nigeria (CBN) is the major regulatory body for all financial services and financial policies in Nigeria. The CBN in partnership with the SEC (The Securities and Exchange Commission) of Nigeria provides a legal framework for forex trading. However, due to the fact that online Forex trading is relatively still nascent in Nigeria, there is hardly any Forex broker certified as registered with the CBN. Often such brokers are regulated outside Nigeria by other countries. In Nigeria every broker is often expected to get registered as a financial body with the Nigerian Corporate Affairs Commission (CAC) and to abide by the existing laws governing foreign exchange in the country to get more information about this, simply visit the Nigerian Foreign Exchange Act of 1995 as well as the foreign exchange manual, which was penned in November of 2006.
Nevertheless, the only registered foreign exchange firms in Nigeria regulated by the CBN are the Bureau de change (BDC). This bodies have been set to conform with the general rules and regulations guiding Forex trading in Nigeria.
Similarly, Wikifx has extended it's services to Nigeria as an independent global Forex regulator.
The following are a list of some brokers operating in Nigeria regulated by Foreign bodies together with Wikifx ranking on them.
Pepperstone
Pepperstone is a regulated ECN forex broker that accepts traders from Nigeria. This forex broker is regulated by the Tier 1 financial market regulators such as: British FCA, Australian ASIC and German BaFiN. This broker has a solid track record among traders. Pepperstone is a forex broker with overall great reviews from traders in Nigeria. Wikifx has approved this broker and awarded them 7.92/10.
IC Markets
IC Markets was founded in 2007 in Sydney, Australia and is the leading brokerage owned and operated by international capital markets. It specializes in CDFs over Forex, commodities, stock indices and bonds and is available for traders in most regions including Nigeria. This broker is regulated by: CySEC, ASIC and FSA. Wikifx has highly approved this broker and awarded them 9.12/10. This is a very good broker according to Wikifx ranking.
CM Trading
CM Trading broker is one of the popular brokers in Nigeria providing services to both beginners and intermediate traders. This broker was stablished in 2009 and regulated by FSCA. At present CM markets offers up to $100 welcome bonus for new traders. Wikifx has slightly approved this broker and awarded them 5.17/10.
ForexTime (FXTM)
This is one of the fastest-growing international broker having more than 18 million traders. It is moderately safe for Nigerian traders as it is fully regulated by FCA and CySEC. Wikifx has approved this broker and awarded them 6.96/10.
OANDA
This is another remarkable broker operating in Nigeria with over 15 years of existence. This Forex broker is regulated by ASIC, FCA, FSA, NFA and IIROC. Wikifx has not approved this broker as a lot of complaints have been reported on them. Hence they were awarded a very low score of 2.5 3/10 by Wikifx.
Alpari
Alpari is one of the Forex brokers with known offices in Nigeria located in Abuja. This broker has existed for over 20 years as a brokerage firm outside Nigeria. Alpari is regulated by FSC and NBRB. Wikifx has fairly approved this broker and awarded them 5.62/10
OctaFX
OctaFX was founded in 2010 and it offers several trading instruments, including 28 currency pairs, CDFs on indices & metals. It is a very good Forex brokerage company for Islamic traders based in Nigeria looking for swap-free accounts. This broker is regulated by CYSEC. Wikifx has fairly approved this broker and awarded them 5.82/10
HotForex
HotForex was founded in 2009. Hotforex is very popular forex broker in Nigeria with offices and customer support located in Lagos. This forex company has entered Nigerian forex market in 2016. This broker is regulated by CYSEC, FCA, DFSA, and CNMV.Wikifx has approved this broker and awarded them 6.94/10.
Ava Trade
Ava Trade is another broker operating in Nigeria Regulated by Tier 1 regulators: ASIC Australia, FSA Japan, FSCA South Africa. Wikifx has strongly approved this broker and awarded them 8.03/10.