7 Best CBN regulated Forex Brokers in Nigeria

 

The 7 Best CBN Regulated Forex Brokers in Nigeria – Rated and Reviewed. We have listed the best CBN Regulated Forex Brokers in Nigeria in 2025*.

 

In this in-depth write-up you will learn:

 

• A List of the Best CBN Regulated Forex Broker
• Pros and Cons of Forex Trading
• What is a CBN Regulated Forex Broker?

 

and much, much more!

 

🔍Forex Broker	🎁Sign Up Here	💵Minimum Deposit	💴Minimum Deposit (NGN)
🥇Exness	👉 Click Here	10 USD	16,362.80 NGN
🥈AvaTrade	👉 Click Here	100 USD	163,628.80 NGN
🥉FXTM	👉 Click Here	200 USD	327,356.00 NGN
🏅HFM	👉 Click Here	100 USD	163,628.80 NGN
🏆Tickmill	👉 Click Here	100 USD	163,628.80 NGN
🥇OctaFX	👉 Click Here	25 USD	40, 907.00 NGN
🥈OANDA	👉 Click Here	0 USD	0 NGN

 

7 Best CBN Regulated Forex Brokers in Nigeria (2025):

 

1. ☑️Exness – Overall, The Best CBN Regulated Broker in Nigeria
2. ☑️AvaTrade  – Best Forex Broker for Beginners
3. ☑️FXTM – Best Low Spreads Forex Broker
4. ☑️HFM – Best Affiliate Program
5. ☑️Tickmill – Best Trading Spreads
6. ☑️OctaFX – Excellent Customer Service
7. ☑️OANDA – Best Low Cost Forex Broker

 

 

1. Exness

Exness is known for its transparent pricing, low spreads, and excellent trading conditions, including high-leverage options. The broker is regulated by reputable authorities such as the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).

Exness provides a user-friendly trading experience with platforms like MetaTrader 4 and MetaTrader 5. It offers flexible account types, including standard and professional accounts, catering to traders of all experience levels. Additionally, Exness supports Islamic (swap-free) accounts and provides 24/7 customer support in multiple languages.

 

🔍Broker	🥇Exness
🔢Year Founded	2008
👤Amount of Staff	1,200+
👥Amount of Active Traders	Over 400,000
📌Publicly Traded	None
📈Regulation	FSA CBCS FSC FSC BVI FSCA CySEC FCA CMA
🌎Country of Regulation	UK Cyprus South Africa Seychelles Curaçao
🗂️Account Segregation	✅Yes
🌟Negative Balance Protection	✅Yes
💙Investor Protection Schemes	✅Yes as per regulatory requirements
➡️Institutional Accounts	None
🫴🏻Managed Accounts	None
💴Minor Account Currencies	✅Yes
💵Minimum Deposit	$10
⏰Average Deposit/Withdrawal Processing Time	Instant for most payment methods
💳Fund Withdrawal Fee	None
✏️Spreads from	0.0 pips on Raw Spread accounts
💶Commissions	From $3.5 per lot on Raw Spread accounts
🔢Number of Base Currencies Supported	Over 80
💷Swap Fees	✅Yes, swap-free options available for certain accounts
⬆️Leverage	Up to 1:2000 (unlimited for certain conditions)
📉Margin Requirements	Variable based on leverage and instruments
☪️Islamic Account (Swap-Free)	✅Yes, available upon request
🆓Demo Account	✅Yes
⏰Order Execution Time	0.01 seconds on average
🖥️VPS Hosting	✅Yes available for free on meeting certain criteria
📈CFDs-Total Offered	Over 100
👉CFD Stock Indices	✅Yes
📉CFD Commodities	✅Yes
📊CFD Shares	✅Yes
💴Deposit Options	Bank transfer Credit/debit cards e-wallets Cryptocurrencies
💳Withdrawal Options	Bank transfer Credit/debit cards e-wallets Cryptocurrencies
📊Trading Platforms	MetaTrader 4 MetaTrader 5 Exness Web Terminal
🍎OS Compatibility	Windows Mac iOS Android
🔩Forex Trading Tools	Technical analysis tools Trading calculators VPS
🫴🏻Customer Support	✅Yes
🗣️Live Chat Availability	✅Yes, 24/7
💻Customer Support Email Address	support@exness.com
☎️Customer Support Contact Number	Varies by region, generally available on their website
📱Social Media Platforms	Facebook Twitter Instagram YouTube
⚙️Languages Supported on Website	Multiple, including English Chinese Arabic Russian, etc.
🎓Education and Research	✅Yes
✏️Forex Course	✅Yes online courses available
🖥️Webinars	✅Yes
📖Educational Resources	Articles videos e-books trading guides
🤝Affiliate Program	✅Yes
👤Amount of Partners	Thousands
🫰🏻IB Program	✅Yes
🎁Sponsorships	None
🎀Rebate Program	✅Yes
💰Cent or Micro Accounts	✅Yes Cent accounts available
🚀Open an Account	👉 Click Here

 

 

Pros and Cons

✅Pros	❌Cons
Low spreads	No US Clients
High leverage options	Limited asset offerings
User-friendly MT4 and MT5	No proprietary trading platform
Offers free VPS	Limited promotions and bonuses

 

Frequently Asked Questions

 

Does Exness offer Islamic (swap-free) accounts?

Yes, Exness offers swap-free accounts for traders following Islamic principles.

 

Does Exness support MetaTrader platforms?

Yes, Exness supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms.

 

Does Exness offer leverage, and what are the limits?

Yes, Exness offers leverage, with maximum leverage going up to 1:2000 or even unlimited depending on account type and region.

 

Does Exness offer a demo account?

Yes, Exness provides a free demo account for traders to practice without risking real money.

 

 

Our Verdict

Exness is a well-regulated and established broker offering a wide range of financial instruments, including forex, commodities, and cryptocurrencies. It is known for its user-friendly platforms, including MetaTrader 4 and 5, and features like instant withdrawals and flexible leverage. With support for Islamic (swap-free) accounts, low minimum deposits, and a free demo account, Exness is suitable for both beginner and experienced traders.

 

 

2. AvaTrade

AvaTrade is a globally recognized forex and CFD broker, established in 2006, offering a wide range of financial instruments, including forex, stocks, commodities, cryptocurrencies, and indices. AvaTrade provides access to popular trading platforms such as MetaTrader 4, MetaTrader 5, and its proprietary AvaTradeGO app.

 

🔍Broker	🥇AvaTrade
🔢Year Founded	2006
👤Amount of staff	200+
👥Amount of active traders	Over 300,000
📌Publicly Traded	None
📈Regulation	Central Bank of Ireland (CBI) Australian Securities and Investments Commission (ASIC) Financial Sector Conduct Authority (FSCA) Financial Services Agency (FSA) Japan Abu Dhabi Global Markets (ADGM) Financial Services Regulatory Authority (FSRA), and more.
🌎Country of regulation	Ireland Australia Japan UAE South Africa British Virgin Islands
🗂️Account Segregation	✅Yes
🌟Negative balance protection	✅Yes
💙Investor Protection Schemes	Compensation scheme for eligible clients under certain jurisdictions
➡️Institutional Accounts	✅Yes
🫴🏻Managed Accounts	None
💴Minor account currencies	USD EUR GBP AUD JPY CHF ZAR, and more
💵Minimum Deposit	$100
⏰Average deposit/withdrawal processing time	Deposits: Instant Withdrawals: 1-3 business days
💳Fund Withdrawal Fee	No fees on most payment methods, but some charges may apply depending on the method used
✏️Spreads from	0.9 pips (EUR/USD)
💷Commissions	No commissions on most trades; spreads apply
🔟Number of base currencies supported	10+
💶Swap Fees	✅Yes Swap-free accounts available for Islamic traders
⬆️Leverage	Up to 1:400 depending on jurisdiction
📉Margin requirements	Varies based on asset and leverage used
☪️Islamic account (swap-free)	✅Yes
🆓Demo Account	✅Yes
⏱️Order Execution Time	Fast execution generally less than 1 second
🖥️VPS Hosting	✅Yes for qualifying accounts
👉CFDs-Total Offered	1000+
📈CFD Stock Indices	30+
📉CFD Commodities	20+
📊CFD Shares	600+
💵Deposit Options	Credit/Debit Card Bank Transfer PayPal Skrill Neteller WebMoney, and more
💳Withdrawal Options	Credit/Debit Card Bank Transfer PayPal Skrill Neteller WebMoney, and more
📊Trading Platforms	MetaTrader 4 (MT4) MetaTrader 5 (MT5) AvaTradeGO WebTrader AvaOptions
🍎OS Compatibility	Windows MacOS iOS Android
🔩Forex trading tools	Autochartist Trading Central Economic Calendar AvaProtect, and more
🫴🏻Customer Support	✅Yes
🗣️Live chat availability	✅Yes
💻Customer Support Email address	support@avatrade.com
☎️Customer Support Contact Number	Varies by region accessible through the website
📱Social media Platforms	Facebook Twitter LinkedIn YouTube
⚙️Languages supported on FBS Website	Multiple languages including English Spanish French Italian Arabic, and more
🎓Education and Research	✅Yes
✏️Forex course	✅Yes (AvaAcademy)
💻Webinars	✅Yes
📖Educational Resources	eBooks Videos Tutorials Blog Market Analysis
🤝Affiliate program	✅Yes
👥Amount of partners	Thousands globally
🫰🏻IB Program	✅Yes
🎁Sponsorships	✅Yes Various sponsorships including the Manchester City Football Club)
🎀Rebate program	✅Yes
💰Cent or Micro Accounts	None Offers Standard and Professional Accounts
🚀Open an Account	👉 Click Here

 

 

Pros and Cons

✅Pros	❌Cons
Supports multiple trading platforms	Inactivity fees
Wide range of assets	High minimum deposit
User-friendly	Spreads can be higher on some assets
Free demo account	Limited customer support

 

Frequently Asked Questions

 

Does AvaTrade offer a demo account?

Yes, AvaTrade provides a free demo account for traders to practice and test strategies without using real money.

 

What is the minimum deposit required to open an account with AvaTrade?

The minimum deposit required to open an account with AvaTrade is $100.

 

Does AvaTrade offer Islamic (swap-free) accounts?

Yes, AvaTrade offers swap-free Islamic accounts, suitable for traders who follow Sharia law.

 

What platforms can I use with AvaTrade?

AvaTrade supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), AvaTradeGO (its proprietary platform), and platforms for automated trading like ZuluTrade and DupliTrade.

 

 

Our Verdict

AvaTrade is beginner-friendly with a low minimum deposit, a demo account, and access to multiple account types, including Islamic accounts. AvaTrade also offers leverage options and provides customer support in multiple languages, making it a well-rounded broker for traders at all experience levels.

 

 

3. FXTM

FXTM is regulated by several authorities including the FCA (UK), CySEC (Cyprus), and FSCA (South Africa), ensuring compliance with strict financial standards. The broker offers the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms and provides additional features like copy trading through its FXTM Invest program.

FXTM is known for its user-friendly platforms, competitive spreads, and multiple account types tailored to different levels of traders, from beginners to professionals.

 

🔍Broker	🥇FXTM
🔢Year Founded	2011
👤Amount of Staff	Over 800
👥Amount of Active Traders	Over 4 million
📌Publicly Traded	None
📈Regulation	FCA CySEC FSC
🌎Country of Regulation	UK Cyprus South Africa Mauritius
🗂️Account Segregation	✅Yes
🌟Negative Balance Protection	✅Yes
💙Investor Protection Schemes	✅Yes (varies by regulatory entity)
➡️Institutional Accounts	✅Yes
🫴🏻Managed Accounts	None
💴Minor Account Currencies	USD EUR GBP NGN
💵Minimum Deposit	$10 for Cent Accounts
⏰Average Deposit/Withdrawal Processing Time	Instant - 24 hours
💳Fund Withdrawal Fee	None (but third-party fees may apply)
✏️Spreads from	0.0 pips
💶Commissions	$0 - $4 per lot depending on account type
4️⃣Number of Base Currencies Supported	4
💷Swap Fees	✅Yes
⬆️Leverage	Up to 1:2000
📉Margin Requirements	Based on leverage
☪️Islamic Account (Swap-Free)	✅Yes
🆓Demo Account	✅Yes
⏰Order Execution Time	0.05 seconds (Average)
🖥️VPS Hosting	✅Yes (Free with conditions)
📈CFDs-Total Offered	Over 250
👉CFD Stock Indices	✅Yes
📉CFD Commodities	✅Yes
📊CFD Shares	✅Yes
💴Deposit Options	Bank transfer Credit/debit cards e-wallets (Skrill Neteller, etc.)
💳Withdrawal Options	Bank transfer Credit/debit cards e-wallets (Skrill Neteller, etc.)
📊Trading Platforms	MetaTrader 4 MetaTrader 5 FXTM Trader App
🍎OS Compatibility	Windows macOS iOS Android
🔩Forex Trading Tools	Forex calculators VPS Trading signals Market analysis tools
🫴🏻Customer Support	✅Yes
🗣️Live Chat Availability	✅Yes
💻Customer Support Email Address	support@fxtm.com
☎️Customer Support Contact Number	+44 203 734 1098
📱Social Media Platforms	Facebook Twitter Instagram LinkedIn YouTube
⚙️Languages Supported on Website	16+
🎓Education and Research	✅Yes
✏️Forex Course	✅Yes
💻Webinars	✅Yes
📖Educational Resources	Articles tutorials eBooks Video tutorials
🤝Affiliate Program	✅Yes
👤Amount of Partners	Over 1,000
🫰🏻IB Program	✅Yes
🎁Sponsorships	No notable current sponsorships
🎀Rebate Program	✅Yes
💰Cent or Micro Accounts	✅Yes (Cent Account)
🚀Open an Account	👉 Click Here

 

 

Pros and Cons

✅Pros	❌Cons
Multiple account types	Limited range of CFDs
Competitive spreads	High fees on some withdrawal methods
Excellent educational resources for beginners	Inactivity fees
Supports copy trading	Customer support not available 24/7

 

Frequently Asked Questions

 

Does FXTM offer Islamic (swap-free) accounts?

Yes, FXTM provides Islamic (swap-free) accounts for traders who follow Islamic principles, ensuring no overnight interest is charged.

 

Does FXTM offer a demo account?

Yes, FXTM offers a free demo account that allows traders to practice their strategies without risking real money.

 

What types of accounts does FXTM offer?

FXTM offers several account types, including Standard, Cent, ECN, and FXTM Pro accounts, catering to different levels of traders from beginners to professionals.

 

Does FXTM offer bonuses or promotions?

FXTM occasionally offers bonuses and promotions, depending on the region and regulatory requirements. Traders should check the promotions page for current offers.

 

 

Our Verdict

While FXTM provides numerous advantages, potential traders should consider factors such as regional regulations and specific trading conditions that may apply. Overall, FXTM presents a solid option for traders looking to enter the forex market with a reliable and resourceful broker.

 

 

4. HFM

HFM is a global forex and commodities broker that offers a range of trading instruments, including forex pairs, commodities, indices, and cryptocurrencies. The broker is regulated by several financial authorities, ensuring a level of security and trust for its clients. HFM provides access to popular trading platforms like MetaTrader 4 and MetaTrader 5, along with mobile trading options.

 

🔍Broker	🥇HFM
🔢Year Founded	2010
👤Amount of Staff	200+
👥Amount of Active Traders	2.5 million+
📌Publicly Traded	None
📈Regulation	FSCA DFSA FSA FCA FSC CMA
🌎Country of Regulation	UK South Africa UAE Seychelles
🗂️Account Segregation	✅Yes
➡️Negative Balance Protection	✅Yes
📌Investor Protection Schemes	✅Yes
🎉Institutional Accounts	✅Yes
👤Managed Accounts	✅Yes (PAMM/MAM accounts)
💵Minor Account Currencies	USD EUR GBP JPY AUD ZAR
💶Minimum Deposit	0 USD
⏱️Average Deposit/Withdrawal Processing Time	1 - 3 business days
💴Fund Withdrawal Fee	None, but third-party fees may apply
✏️Spreads	0.0 pips
💷Commissions	From $6 per lot (round turn)
🔢Number of Base Currencies Supported	12
💵Swap Fees	✅Yes
⬆️Leverage	Up to 1:1000
📉Margin Requirements	Varies by instrument
☪️Islamic Account (Swap-Free)	✅Yes
🆓Demo Account	✅Yes
⏰Order Execution Time	< 30ms
🖥️VPS Hosting	✅Yes
📈CFDs - Total Offered	1,200+
📊CFD Stock Indices	20+
✏️CFD Commodities	20+
👉CFD Shares	950+
💳Deposit Options	Bank transfer Credit/Debit cards Skrill Neteller PayPal Cryptocurrencies Local Payment Methods
💴Withdrawal Options	Bank transfer Credit/Debit cards Skrill Neteller PayPal Cryptocurrencies Local Payment Methods
📊Trading Platforms	MetaTrader 4 MetaTrader 5 HF App
🍎OS Compatibility	Windows macOS iOS Android
🔩Forex Trading Tools	Autochartist Trading Central VPS HFcopy
🫴🏻Customer Support	✅Yes
🗣️Live Chat Availability	✅Yes
💻Customer Support Email Address	support@hfm.com
☎️Customer Support Contact Number	+44 203 097 5796
📱Social Media Platforms	Facebook Twitter Instagram LinkedIn YouTube
⚙️Languages Supported on Website	Multiple languages, including English, Chinese, Spanish, Arabic
🎓Education and Research	✅Yes
✏️Forex Course	✅Yes
🖥️Webinars	✅Yes
📖Educational Resources	Articles Video Tutorials eBooks Market Analysis
🤝Affiliate Program	✅Yes
🫶IB Program	✅Yes
🎁Sponsorships	✅Yes
🎀Rebate Program	✅Yes
💰Cent or Micro Accounts	✅Yes
🚀Open an Account	👉 Click Here

 

 

Pros and Cons

✅Pros	❌Cons
Regulated	Limited US Access
Variety of Account Types	Withdrawal Fees
Competitive Spreads	Limited Research Tools
User-Friendly Platforms	Inactivity Fee

 

Frequently Asked Questions

 

Is there an inactivity fee with HFM?

Yes, HFM may charge an inactivity fee if an account remains dormant for a specified period, typically around 3 months.

 

Does HFM have customer support?

Yes, HFM offers customer support through various channels, including live chat, email, and phone support.

 

What is the leverage offered by HFM?

HFM offers leverage of up to 1:1000, depending on the account type and regulatory jurisdiction.

 

Does HFM offer a demo account?

Yes, HFM provides a demo account that allows traders to practice their strategies without risking real money.

 

 

Our Verdict

HFM is a well-regarded online forex and commodities broker that offers a diverse range of trading instruments and account types to cater to various traders’ needs. With its regulatory oversight, competitive leverage, and user-friendly trading platforms like MetaTrader 4 and 5, HFM provides a robust trading environment.

 

 

5. Tickmill

Tickmill is a global forex and CFD broker founded in 2014, known for its commitment to providing a transparent trading environment and competitive trading conditions. Based in Seychelles and regulated by the Financial Services Authority (FSA), Tickmill operates under strict regulatory standards to ensure the safety of client funds.

 

🔍Broker	🥇Tickmill
🔢Year Founded	2014
👤Amount of Staff	100+
👥Amount of Active Traders	100,000+
📌Publicly Traded	None
📉Regulation	CySEC FCA FSA FSCA Labuan FSA
🌎Country of Regulation	UK Cyprus Seychelles
🗂️Account Segregation	✅Yes
📍Negative Balance Protection	✅Yes
🌟Investor Protection Schemes	✅Yes(up to €50,000 under FCA regulation)
➡️Institutional Accounts	✅Yes
🫴🏻Managed Accounts	✅Yes (PAMM accounts available)
💵Minor Account Currencies	USD EUR GBP JPY AUD CAD
💴Minimum Deposit	$100
⏱️Average Deposit/Withdrawal Processing Time	1 - 3 business days
💷Fund Withdrawal Fee	None, but third-party fees may apply
✏️Spreads	0.0 pips
💶Commissions	From $2 per lot (round turn)
5️⃣Number of Base Currencies Supported	5
💴Swap Fees	✅Yes
⬆️Leverage	Up to 1:500
📉Margin Requirements	Varies by instrument
☪️Islamic Account (Swap-Free)	✅Yes
🆓Demo Account	✅Yes
⏰Order Execution Time	< 1 ms
🖥️VPS Hosting	✅Yes (free for eligible accounts)
✏️CFDs - Total Offered	300+
📊CFD Stock Indices	15+
📈CFD Commodities	20+
🖋️CFD Shares	100+
💳Deposit Options	Bank transfer Credit/Debit cards Skrill Neteller PayPal Cryptocurrencies
💶Withdrawal Options	Bank transfer Credit/Debit cards Skrill Neteller PayPal Cryptocurrencies
👉Trading Platforms	MetaTrader 4 MetaTrader 5
🍎OS Compatibility	Windows macOS iOS Android
🔩Forex Trading Tools	Autochartist Trading Central VPS
🌟Customer Support	✅Yes
🗣️Live Chat Availability	✅Yes
💻Customer Support Email Address	support@tickmill.com
☎️Customer Support Contact Number	+44 20 8089 0375
📱Social Media Platforms	Facebook Twitter LinkedIn
⚙️Languages Supported on Website	Multiple languages, including English, Chinese, Spanish
🎓Education and Research	✅Yes
✏️Forex Course	✅Yes
💻Webinars	✅Yes
📖Educational Resources	Articles Video Tutorials Market Analysis
🤝Affiliate Program	✅Yes
👍Amount of Partners	Not publicly disclosed
🫶IB Program	✅Yes
🎁Sponsorships	✅Yes (various sporting events and teams)
🎀Rebate Program	✅Yes
💰Cent or Micro Accounts	✅Yes
🚀Open an Account	👉 Click Here

 

 

Pros and Cons

✅Pros	❌Cons
Low Spreads	Limited Educational Resources
Regulated Broker	Withdrawal Fees
Flexible Leverage	No Proprietary Platform
User-Friendly Platform	No Negative Balance Protection

 

Frequently Asked Questions

 

What types of accounts does Tickmill offer?

Tickmill provides several account types, including the Classic account (commission-free), Pro account (with tighter spreads and commission), and Islamic accounts for traders who require swap-free options.

 

Does Tickmill offer a demo account?

Yes, Tickmill offers a free demo account that allows traders to practice their strategies without risking real money.

 

Can I use Tickmill for scalping?

Yes, Tickmill allows scalping, and its low spreads and fast execution speeds make it suitable for scalpers.

 

Does Tickmill offer negative balance protection?

Tickmill does not offer negative balance protection on all account types. Traders should review the terms associated with their chosen account.

 

 

Our Verdict

Tickmill is a reputable forex and CFD broker that caters to a diverse range of traders, from beginners to experienced professionals. With competitive spreads, multiple account types, and access to various trading instruments, it provides a flexible trading environment. Its use of popular platforms like MetaTrader 4 and MetaTrader 5 enhances the trading experience, while the availability of educational resources supports traders in developing their skills.

 

 

6. Octa

Octa is a well-established forex and CFD broker founded in 2011, known for providing a user-friendly trading environment. The broker offers a variety of trading instruments, including forex pairs, commodities, cryptocurrencies, and indices, catering to both beginner and experienced traders.

 

🔍Broker	🥇OctaFX
🔢Year Founded	2011
👤Amount of Staff	300+
👥Amount of Active Traders	Over 1.5 million
📌Publicly Traded	None
📈Regulation	Unregulated
🌎Country of Regulation	N/A
🗂️Account Segregation	✅Yes
❌Negative Balance Protection	✅Yes
💙Investor Protection Schemes	None
➡️Institutional Accounts	None
🫴🏻Managed Accounts	None
💴Minor Account Currencies	EUR USD
💵Minimum Deposit	$25
⏰Average Deposit/Withdrawal Processing Time	Within 1-3 hours
💳Fund Withdrawal Fee	No fees
✏️Spreads from	0.6 pips
💶Commissions	Zero commissions
2️⃣Number of Base Currencies Supported	2 (USD, EUR)
💷Swap Fees	✅Yes
⬆️Leverage	Up to 1:500
📉Margin Requirements	Varies by account type and leverage
☪️Islamic Account (Swap-Free)	✅Yes
🆓Demo Account	✅Yes
⏱️Order Execution Time	0.1 seconds
🖥️VPS Hosting	✅Yes (free upon meeting conditions)
➡️CFDs-Total Offered	200+
📈CFD Stock Indices	✅Yes
👉CFD Commodities	✅Yes
📊CFD Shares	✅Yes
💴Deposit Options	Bank Transfer Credit/Debit Card E-Wallets Crypto
💳Withdrawal Options	Bank Transfer Credit/Debit Card E-Wallets Crypto
📊Trading Platforms	MetaTrader 4 (MT4) MetaTrader 5 (MT5) OctaFX WebTrader
🍎OS Compatibility	Windows MacOS Android iOS
🔩Forex Trading Tools	Economic Calendar Trading Calculators CopyTrading
🫴🏻Customer Support	✅Yes
🗣️Live Chat Availability	✅Yes
💻Customer Support Email Address	support@octafx.com
☎️Customer Support Contact Number	Not publicly listed
📱Social Media Platforms	Facebook Twitter Instagram YouTube
⚙️Languages Supported on Website	English Spanish Portuguese Indonesian Hindi Urdu Chinese, and more
🎓Education and Research	✅Yes
✏️Forex Course	✅Yes
🖥️Webinars	✅Yes
📖Educational Resources	Articles Video Tutorials Market Analysis
🤝Affiliate Program	✅Yes
👤Amount of Partners	Not disclosed
🫰🏻IB Program	✅Yes
🎁Sponsorships	✅Yes, sponsored motorsports and esports events
🎀Rebate Program	✅Yes
💰Cent or Micro Accounts	✅Yes
🚀Open an Account	👉 Click Here

 

 

Pros and Cons

✅Pros	❌Cons
Low Spreads	Limited Regulation
Multiple Account Types	Limited Asset Range
User-Friendly Platforms	Withdrawal Fees
Copy Trading Feature	No US Clients

 

Frequently Asked Questions

 

Does Octa offer a demo account?

Yes, Octa provides a free demo account that allows users to practice trading without using real money.

 

Can I trade cryptocurrencies on Octa?

Yes, Octa offers trading on a range of cryptocurrencies, including Bitcoin, Ethereum, and others.

 

Is there a mobile trading app available?

Yes, Octa offers a mobile trading app compatible with both iOS and Android devices.

 

Can I use Octa if I live in the United States?

No, Octa does not accept clients from the United States.

 

 

Our Verdict

Octa provides educational resources, a demo account for practice, and responsive customer support, making it a suitable choice for those looking to enhance their trading skills. Octa’s combination of features, competitive pricing, and user-friendly tools make it an attractive option for forex and cryptocurrency traders globally.

 

 

7. OANDA

OANDA is regulated by several financial authorities, including the Commodity Futures Trading Commission (CFTC) in the United States and the Financial Conduct Authority (FCA) in the UK, ensuring a high standard of security and compliance for its clients. Traders can utilize the OANDA trading platform, which is available both as a web-based application and mobile app, offering features like real-time data and customizable charts.

 

🔍Broker	🥇OANDA
🔢Year Founded	1996
👤Amount of Staff	Approximately 1,000
👥Amount of Active Traders	Over 1 million users
📌Publicly Traded	None
📉Regulation	ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
🗂️Account Segregation	✅Yes
🌟Negative Balance Protection	✅Yes
💙Investor Protection Schemes	✅Yes, through regulatory bodies
➡️Institutional Accounts	✅Yes
🫴🏻Managed Accounts	✅Yes
💴Minor Account Currencies	✅Yes, supports multiple currencies
💵Minimum Deposit	No minimum deposit for standard accounts
⏰Average Deposit/Withdrawal Processing Time	1-3 business days
💳Fund Withdrawal Fee	No withdrawal fees for most methods
✏️Spreads From	From 0.0 pips (variable spreads)
💷Commissions	Commission-free trading on standard accounts
🔢Number of Base Currencies Supported	50+
💸Swap Fees	Varies based on the asset and position
⬆️Leverage	Up to 1:200, varies by jurisdiction
📈Margin Requirements	Varies based on account type
☪️Islamic Account (Swap-Free)	✅Yes
🆓Demo Account	✅Yes
⏱️Order Execution Time	Typically within milliseconds
🖥️VPS Hosting	Available upon request
🫴🏻CFDs - Total Offered	100+
📈CFD Stock Indices	✅Yes
📉CFD Commodities	✅Yes
📊CFD Shares	✅Yes
💶Deposit Options	Credit/Debit cards, Bank transfers, PayPal, etc.
💳Withdrawal Options	Bank transfers, PayPal, and other e-wallets
📊Trading Platforms	OANDA Trading Platform, MetaTrader 4
🍎OS Compatibility	Web-based, Windows, Mac, Mobile apps
✏️Forex Trading Tools	Economic calendar, technical analysis tools
🫴🏻Customer Support	✅Yes
🗣️Live Chat Availability	✅Yes
💻Customer Support Email Address	frontdesk@oanda.com
☎️Customer Support Contact Number	Varies by region
📱Social Media Platforms	Facebook, Twitter, LinkedIn
⚙️Languages Supported on OANDA Website	Multiple languages
🎓Education and Research	✅Yes
✏️Forex Course	✅Yes
💻Webinars	✅Yes
📖Educational Resources	Articles, tutorials, and market analysis
🤝Affiliate Program	✅Yes
👥Amount of Partners	Varies
🫰🏻IB Program	✅Yes
🎁Sponsorships	✅Yes, often involved in trading expos and events
🎀Rebate Program	✅Yes, depending on account types
💰Cent or Micro Accounts	None
🚀Open an Account	👉 Click Here

 

 

Pros and Cons

✅Pros	❌Cons
User-friendly trading platform	Limited leverage
24/7 customer support	Higher spreads
Wide range of trading instruments	Limited educational resources

 

Frequently Asked Questions

 

Does OANDA offer a demo account?

Yes, OANDA provides a free demo account that allows traders to practice and test their strategies using virtual funds.

 

What is the maximum leverage available at OANDA?

OANDA offers leverage of up to 50:1 for major currency pairs, depending on the jurisdiction and account type.

 

Does OANDA offer negative balance protection?

Yes, OANDA provides negative balance protection, ensuring that traders cannot lose more than their account balance.

 

Are there any commissions or fees for trading with OANDA?

OANDA typically does not charge commissions on trades but operates with variable spreads. Fees may apply for certain account types and services.

 

 

Our Verdict

With no minimum deposit requirement and the availability of a demo account, it is accessible for traders of all experience levels. OANDA’s provision of negative balance protection and competitive spreads enhances its appeal, especially for those looking to manage risk effectively.

 

 

What is a CBN-Regulated Forex Broker?

A CBN (Central Bank of Nigeria) regulated forex broker is a financial institution that operates under the supervision and regulatory framework established by the Central Bank of Nigeria. The CBN is responsible for the country’s monetary policy and financial stability, which includes overseeing the forex market and ensuring that forex brokers adhere to specific regulations aimed at protecting traders and maintaining market integrity.

 

Key Features of CBN Regulated Forex Brokers:

 

• Brokers must comply with CBN laws, including licensing, reporting, and risk management standards.
• CBN regulation protects traders from fraud by ensuring transparency, fair practices, and adequate information disclosure.
• CBN-regulated brokers must maintain capital reserves and provide reliable trading platforms.
• The CBN oversees currency exchange rates and forex transactions to stabilize the Naira and reduce volatility.
• The CBN prevents money laundering and forex scams by enforcing compliance among brokers.

 

Overall, trading with a CBN-regulated forex broker offers traders in Nigeria a safer trading environment, adhering to national standards and regulations designed to protect their interests.

 

 

Pros and Cons

✅Pros	❌Cons
Regulatory Oversight	Limited Broker Options
Consumer Protection	Potential for Stricter Regulations
Transparency	Currency Control Restrictions
Market Stability	Limited Leverage Options

 

In Conclusion

Now it is your turn to participate:

 

• Which CBN Regulated broker from this list do you intend to test out?
• What was the determining factor in your decision to engage with a certain broker?
• Was it because of the Broker’s Features or the Pros and Cons?

 

Regardless, please share your thoughts in the comments below.

 

You Might Also Like:

 

• Best FSCA-regulated Forex Brokers
• Best Cryptocurrency Exchange Platforms
• Best Crypto Day Trading Platforms
• Best Bitcoin Trading Apps

 

Frequently Asked Questions

 

Is customer support available at Exness?

Yes, Exness offers multilingual customer support 24/5, with limited support on weekends.

 

Does AvaTrade charge an inactivity fee?

Yes, if your account is inactive for 3 months, AvaTrade charges an inactivity fee of $50 per quarter.

 

Does FXTM support copy trading?

Yes, FXTM offers copy trading through its FXTM Invest program, allowing investors to follow and copy the strategies of more experienced traders.

 

What account types does HFM offer?

HFM offers various account types, including Micro, Premium, Zero Spread, and ECN accounts, catering to different trading styles and experience levels.

 

Is Tickmill suitable for beginners?

Yes, Tickmill is suitable for beginners due to its user-friendly platforms, demo accounts, and educational resources.

 

What is the leverage offered by OctaFX?

OctaFX offers leverage up to 1:500, but this may vary based on the trader’s location and regulatory requirements.

 

How can I contact OANDA’s customer support?

OANDA offers 24/7 customer support via live chat, email, and phone.

 

Why is it important to trade with a CBN-regulated broker?

Trading with a CBN-regulated broker provides a level of security and trust. These brokers are required to follow strict regulations, which help protect traders from fraud and malpractice.

 

What are the benefits of using a CBN-regulated broker?

Benefits include enhanced consumer protection, regulatory oversight, legal recourse for disputes, and a safer trading environment due to the broker’s adherence to CBN regulations.

 

Do CBN-regulated brokers provide educational resources for traders?

Many CBN-regulated brokers offer educational materials such as webinars, tutorials, and articles to help traders improve their skills and knowledge.