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Top 5 forex brokers in Nigeria in 2023
- Fusion Markets is the best forex broker in 2023 - One of the lowest commissions on the market. Wide range of currencies. Low withdrawal fee.
- Capital.com - Low forex fees. Wide range of currencies. Superb account opening process.
- IC Markets - $3.5 commission per lot plus 0 spread. Wide range of currencies. Low withdrawal fee.
- Tickmill - $2 commission per lot plus low spread. Rich selection of currency pairs. Low withdrawal fee.
- Axi - $3.5 commission per lot plus low spread. Wide selection of currency pairs. AI-based analytical tool called PsyQuation.
"Hi, I'm Christopher and I'm here to help you pick a forex broker. I have more than 15 years of experience as a proprietary forex trader. Risk management is my top priority and I aim to achieve 10% profit per year with low drawdown. When it comes to forex brokers, my primary concern is safety/regulation and I prefer to work with ECN brokers. Check out my recommendations about each broker at the end of this article."
How did Top5Brokers select the best FX brokers?
- We checked whether the broker is regulated by a trusted regulator,
- Compared fees (including spreads, withdrawal fee, commission),
- Compared the number of currency pairs,
- Checked minimum deposit requirements,
- Opened an account and tested the platform (charting, features, usability, customer service).
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Our expert team has done all the work for you, and reviewed brokers based on Top5Brokers' unique methodology.
Top5Brokers evaluates 9 key areas for all brokers including fees, safety, ease of account opening, education, and trading platforms. We check more than 500 criteria for each broker and finetune our methodology every year based on our own and our users' experiences. We have more than 100 brokers reviewed on our site and our team of analysts examines more than 50,000 data points overall.
If you're interested in more forex brokers, read 40+ forex broker reviews.
Best forex brokers
Overview of the best forex brokers
While many forex trading brokers offer an excellent service, the ones in our toplist go the extra mile.
| Broker | FX Commissions per lot | Minimum deposit | Account activated in | Number of curreny pairs | Credit/debit card deposit |
|---|---|---|---|---|---|
| Fusion Markets | $2.25 commission per lot per trade | $0 | 1 day | 85 | Yes |
| Capital.com | No commission is charged | $20 | 1 day | 138 | Yes |
| IC Markets | $3.50 commission per lot per trade | $200 | 1 day | 61 | Yes |
| Tickmill | $2.00 commission per lot per trade | $100 | 1 day | 62 | Yes |
| Axi | $3.50 commission per lot per trade | $0 | 1-3 days | 76 | Yes |
Brokers
Currency
Best forex brokers
Forex spreads' comparison
In most cases, the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important forex spreads in the table below to help with your calculations.
| Fusion Markets | Capital.com | IC Markets | Tickmill | Axi | |
|---|---|---|---|---|---|
| EURUSD spread | 0.0 | 0.6 | 0.0 | 0.2 | 0.1 |
| AUDUSD spread | 0.0 | 0.6 | 0.0 | 0.1 | 0.4 |
| GBPUSD spread | 0.2 | 1.3 | 0.0 | 0.5 | 0.1 |
| EURCHF spread | 0.6 | 2.3 | 0.0 | 0.9 | 0.4 |
| EURGBP spread | 0.3 | 1.5 | 0.0 | 0.4 | 0.4 |
We collect spreads regularly, please check the tooltip for the date of the data collection.
If you are unsure how brokerage fees work, check out this article on the various fees, charges and costs.
Best forex brokers
Other fees at forex brokers
Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.
| Fusion Markets | Capital.com | IC Markets | Tickmill | Axi | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | No | No | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
| Deposit fee | $0 | $0 | $0 | $0 | $0 |
Best forex brokers
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And now, let's see the top forex brokers in detail one by one, starting with the winner, Fusion Markets.
#1 Best forex broker
Fusion Markets
Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform
| Fusion Markets snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, PerfectMoney, Jaton, PayPal, Mifinity |
| Withdrawal fee | $0 |
| Currency pairs | 85 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Fusion Markets services, check out our review for 2023 |
#2 Best forex broker
Capital.com
Recommended for investors and cfd traders looking for a great trading platform and excellent customer service
| Capital.com snapshot | |
|---|---|
| Minimum deposit | $20 |
| Mobile app score | 4.9stars |
| Deposit method | Bank transfer, Credit/debit cards, Apple Pay, PayPal |
| Withdrawal method | Bank transfer, Credit/debit cards, Apple Pay, PayPal |
| Withdrawal fee | $0 |
| Currency pairs | 138 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Capital.com services, check out our review for 2023 |
#3 Best forex broker
IC Markets
Recommended for forex and cfd traders who value easy account opening and free deposit/withdrawal options
| IC Markets snapshot | |
|---|---|
| Minimum deposit | $200 |
| Mobile app score | 3.8stars |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, UnionPay, Bpay, FasaPay, POLI, Rapidpay, Klarna, Bitcoin wallet |
| Withdrawal fee | $0 |
| Currency pairs | 61 |
| Inactivity fee | No |
| Read review | For a detailed analysis of IC Markets services, check out our review for 2023 |
#4 Best forex broker
Tickmill
Recommended for forex traders looking for low fees who are familiar with the metatrader 4 platform
| Tickmill snapshot | |
|---|---|
| Minimum deposit | $100 |
| Mobile app score | 3.8stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, Skrill, dotpay, Paysafecard, Sofort, Rapid by Skrill, PayPal |
| Withdrawal fee | $0 |
| Currency pairs | 62 |
| Inactivity fee | No |
| Read review | For a detailed analysis of Tickmill services, check out our review for 2023 |
#5 Best forex broker
Axi
Recommended for forex traders familiar with the metatrader 4 platform
| Axi snapshot | |
|---|---|
| Minimum deposit | $0 |
| Mobile app score | 3.8stars |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, Skrill, Sofort, GiroPay, iDeal, Polish Internet Banking, Global Collect, China Unioin Pay |
| Withdrawal fee | $0 |
| Currency pairs | 76 |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of Axi services, check out our review for 2023 |
Best forex brokers
FAQ
Which are the top forex brokers in the world?
These are the best forex brokers in the world in 2023:
- Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- Capital.com - Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offer standard accounts and raw spread accounts.
- Tickmill - Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
- Axi - Low forex fees. No withdrawal/deposit fees. Fully digital account opening.
How to find the best forex brokers?
The key aspects to consider when choosing a forex brokers is safety and access. Makes sure you always select a broker that is licensed or overseen by a top-tier regulator, such as the SEC in the US, the FCA in the UK or BaFin Germany. As a next step, check to see if the broker accepts clients from your country of residence.
Save yourself hours of research and check out our broker finder tool and find the best broker for you.
Want to understand forex trading in more detail?
Check out these articles written by our broker and trading experts:
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