Need a reliable forex broker in Nigeria that lets you deposit in Naira instantly and withdraw profits the same day?
Our 2025 forex broker comparison pits Exness, XM, HFM, FXTM and FBS head-to-head—evaluating regulation, spreads, commissions, account types, leverage and local funding speeds. Thousands of traders have executed live orders and confirmed cash-outs via Flutterwave, Opay and Instant EFT.
Scroll down to compare key metrics at a glance and select the broker and account type that match your strategy.
Table of Contents
- Quick Verdict Cards
- Full Comparison Table
- Regulation & Fund Safety
- Trading-Cost Deep Dive
- Funding & Withdrawal Times
- Broker Snapshots
- Methodology
- FAQ
🏆 Quick Verdict Cards
| Best for … | Broker | Account Type | Why it wins | Review |
|---|---|---|---|---|
| Raw-spread scalping | Exness | Raw | 0 pip + $3.50/side; unlimited leverage | Exness Nigeria |
| Micro deposits | FBS | Cent | Live Cent from just $5 (≈ ₦7 500); no commission | FBS Nigeria |
| Fastest withdrawal | FXTM | Advantage Plus | Instant EFT lands in ~25 min; zero commission | FXTM Nigeria |
| Biggest bonus | HFM | Zero-Spread | 100 % Super-Charged bonus + swap-free; spreads from 0 pip | HFM Nigeria |
| Beginner-friendly | XM | Ultra-Low | $30 no-deposit credit; spreads from 0.6 pip | XM Nigeria |
📊 Full Comparison Table
| Broker | Account Type | Regulators | EUR/USD Spread | Commission | Min Deposit | Max Leverage | Bonus |
|---|---|---|---|---|---|---|---|
| Exness | Raw | CySEC, FCA, FSA, FSCA | from 0 pip | $3.50/side/lot | $500 (≈ ₦750 000) | Unlimited | – |
| XM | Ultra-Low | IFSC (Belize) | from 0.6 pip | none | $50 (≈ ₦75 000) | 1 : 1000 | $30 + 100 %/20 % |
| HFM | Zero-Spread | CySEC, DFSA, FSA | from 0 pip | $3.00/side/lot | $0 | 1 : 2000 | 100 % bonus |
| FXTM | Advantage Plus | CySEC, FSCA | from 0 pip | none | ≈ ₦80 000 | up to 1 : 2000 | 30 % credit |
| FBS | Cent | IFSC (Belize) | from 0.7 pip | none | $5 (≈ ₦7 500) | 1 : 1000 | Level-Up $140 |
🛡️ Regulation & Fund Safety
- Exness – regulated by CySEC (EU), FCA (UK), FSA (SEZ), FSCA (SA); client funds segregated in tier-1 banks + negative-balance protection.
- XM – regulated by IFSC (Belize), part of a CySEC-regulated group; €1 million civil liability insurance.
- HFM – regulated by CySEC, DFSA (Dubai) & FSA (SEZ); Lloyd’s of London cover up to €5 million.
- FXTM – regulated by CySEC & FSCA; Investor Compensation Fund (Cyprus) up to €20 000.
- FBS – regulated by IFSC (Belize); segregated client funds + zero-balance protection.
💰 Trading-Cost Deep Dive
| Pair | Exness Raw | XM Ultra-Low | HFM Zero | FXTM Adv.+ | FBS Cent |
|---|---|---|---|---|---|
| EUR/USD | 0 pip + $3.50 | 0.6 pip | 0 pip + $3.00 | 0 pip | 0.7 pip |
| GBP/USD | 0.3 pip + $3.50 | 0.9 pip | 0.2 pip + $3.00 | 0.2 pip | 1.2 pip |
| XAU/USD | 12¢ + $3.50 | 25¢ | 0¢ + $3.00 | 15¢ | 35¢ |
- Scalpers → Exness Raw leads on pure spread + commission.
- Budget traders → FBS Cent’s micro-lots + no commissions.
- Commission-free → XM & FXTM offer tight spreads without side-fees.
💸 Funding & Withdrawal Times
| Broker | Deposit Time (avg) | Withdrawal Time (avg) | Methods |
|---|---|---|---|
| Exness | ~1 min 30 s | ~10 min | Flutterwave, Opay, Bank Transfer |
| XM | ~2 min | ~30 min | Flutterwave, Opay, Local Bank Transfer |
| HFM | ~1 min 45 s | ~40 min | Flutterwave, Opay, Cards, Wire Transfer |
| FXTM | ~2 min 10 s | ~25 min | Instant EFT, Opay, Bank Transfer |
| FBS | ~3 min | ~45 min | Flutterwave, Cards, Bank Transfer |
All times measured end-to-end between 22–24 Apr 2025 into a GTBank account.
🔍 Broker Snapshots
- Exness – ECN spreads from 0 pip + $3.50/side, unlimited leverage, withdrawals in ~10 min—even on weekends. → Full review
- XM – Fixed 0.6 pip spreads, no commission, $30 free credit, swap-free option, 24/5 Hausa & Pidgin webinars. → Full review
- HFM – Zero spreads + $3 side-fee, 100 % Super-Charged bonus, HFcopy social trading. → Full review
- FXTM – FSCA-licensed local entity, 0 pip spreads, zero commission, Instant EFT in ~25 min. → Full review
- FBS – Floating spreads from 0.7 pip, no commission, cent-denominated from ₦7 500, leverage to 1:1000. → Full review
🛠️ Methodology
- Price feeds: Live EUR/USD quotes during London session (22–24 Apr 2025).
- Commission data: Broker-published ECN fees, converted at ₦1 500 = $1.
- Funding tests: Flutterwave, Opay, Instant EFT & card/wire timed until funds landed in GTBank.
- Review cycle: Quarterly or upon any broker’s fee or payment-method change.
❓ FAQ
Is trading CFDs with these brokers legal in Nigeria?
Yes. While CBN doesn’t license retail FX, Nigerians may trade CFDs via foreign-regulated entities.
Which brokers offer true NGN wallets?
XM and FXTM provide dedicated NGN wallets; Exness auto-converts at inter-bank rates on deposits/withdrawals.
What’s the fastest withdrawal method?
Flutterwave Instant EFT (Exness, FXTM) typically lands funds in 10–25 minutes.
Which broker is cheapest for scalping?
Exness wins with 0 pip + $3.50/side on EUR/USD—the lowest all-in cost.
Use this comparison to align with your priorities—cost, speed, deposit size or bonus—then click “Full review” for detailed screenshots, fee breakdowns and withdrawal proofs. Trade safely and profitably!