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Best forex brokers for beginners in Nigeria in 2022

Capital.com Logo
1st place
Capital.com
Visit broker
81.40% of retail CFD accounts lose money
XTB Logo
2nd place
XTB
Visit broker
76% of retail CFD accounts lose money
ActivTrades Logo
3rd place
ActivTrades
Visit broker
73-85% of retail CFD accounts lose money

To help you find the best forex brokers for beginners in Nigeria in 2022, we first looked at 102 online brokers; then we checked and compared their fees, currency pair selection, charting tools and educational materials.

Our top 5 picks for the best forex brokers for beginners in Nigeria in 2022:

  1. Capital.com is the winner, the best forex broker for beginners in Nigeria in 2022. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
  2. XTB takes second place. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  3. ActivTrades rounds out the top three. Low trading fees. Excellent account opening. Free deposit and withdrawal.
  4. AvaTrade is ranked fourth. Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
  5. OvalX just made it on the list, taking the number five spot. Multiple, free deposit and withdrawal options. Easy and fast account opening. Great educational tools.
Best forex brokers for beginners in 2022 for Nigerian citizens
Broker Info Minimum deposit Forex fee score
#1 Capital.com Global CFD broker $20 3.7 stars
#2 XTB Global CFD broker $0 4.0 stars
#3 ActivTrades Global CFD and forex broker $500 4.2 stars
#4 AvaTrade Global CFD and forex broker $100 3.1 stars
#5 OvalX Global CFD and forex broker $100 2.5 stars

What makes a top forex broker for beginners?

  • First of all, fair forex fees.
  • A lot of currency pairs.
  • A great platform with advanced charting.
  • Educational tools to guide you through the basics of trading.


If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.

If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.

And now, let's see the top forex brokers for beginners in 2022 for Nigerian citizens one by one, starting with the winner, Capital.com.

Capital.com Logo

#1 Best forex brokers for beginners
Capital.com

Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar, where each is authorized and regulated locally by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA), respectively.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.40% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for investors and cfd traders looking for a great trading platform and excellent customer service

Visit broker
81.40% of retail CFD accounts lose money

#1 Capital.com
Fees

Capital.com has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Capital.com trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
EURUSD benchmark fee $8.7 $8.0 $6.9 $10.3 $13.9
GBPUSD benchmark fee $6.6 $5.8 $4.9 $8.9 $12.0
AUDUSD benchmark fee $6.1 $6.5 $6.7 $10.0 $8.2
EURCHF benchmark fee $10.5 $5.8 $5.1 $10.2 $9.5
EURGBP benchmark fee $10.9 $9.0 $8.7 $12.1 $12.0

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Capital.com non-trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
81.40% of retail CFD accounts lose money

#1 Capital.com
Markets and products

Capital.com gives access to 138 currency pairs.
Capital.com currency pairs
Capital.com XTB ActivTrades AvaTrade OvalX
Currency pairs (#) 138 56 49 55 62

Visit broker More
81.40% of retail CFD accounts lose money

XTB Logo

#2 Best forex brokers for beginners
XTB

XTB is a global CFD broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to regularly disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange and publishes its financial statements transparently.

HEADS UP: Recent feedback about deposit and withdrawal – The details of depositing by wire transfer might be unclear for some of our users according to recent feedback we received. If you have problems, head to the 'Deposit and withdrawal' section of the review, where we explain how to make a free wire deposit to your XTB account under the section's 'Deposit and fees and options' heading.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

Visit broker
76% of retail CFD accounts lose money

#2 XTB
Fees

XTB has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

XTB trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
EURUSD benchmark fee $8.7 $8.0 $6.9 $10.3 $13.9
GBPUSD benchmark fee $6.6 $5.8 $4.9 $8.9 $12.0
AUDUSD benchmark fee $6.1 $6.5 $6.7 $10.0 $8.2
EURCHF benchmark fee $10.5 $5.8 $5.1 $10.2 $9.5
EURGBP benchmark fee $10.9 $9.0 $8.7 $12.1 $12.0

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

XTB non-trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
76% of retail CFD accounts lose money

#2 XTB
Markets and products

XTB gives access to 56 currency pairs.
XTB currency pairs
Capital.com XTB ActivTrades AvaTrade OvalX
Currency pairs (#) 138 56 49 55 62

Visit broker More
76% of retail CFD accounts lose money

ActivTrades Logo

#3 Best forex brokers for beginners
ActivTrades

ActivTrades is a global forex broker founded in 2001. It is regulated among others by the UK's Financial Conduct Authority (FCA) and the Commission de Surveillance du Secteur Financier (CSSF) of Luxembourg.

ActivTrades having a long track record and being regulated by the FCA, a top-tier financial authority, are all good signs for its safety.

ActivTrades operates both UK and EU websites (under the co.uk and .eu domains), as well as an international one (.com). Some products, fees and conditions may differ depending on the entity concerned.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73-85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal conditions

Visit broker
73-85% of retail CFD accounts lose money

#3 ActivTrades
Fees

ActivTrades has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

ActivTrades trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
EURUSD benchmark fee $8.7 $8.0 $6.9 $10.3 $13.9
GBPUSD benchmark fee $6.6 $5.8 $4.9 $8.9 $12.0
AUDUSD benchmark fee $6.1 $6.5 $6.7 $10.0 $8.2
EURCHF benchmark fee $10.5 $5.8 $5.1 $10.2 $9.5
EURGBP benchmark fee $10.9 $9.0 $8.7 $12.1 $12.0

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

ActivTrades non-trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
73-85% of retail CFD accounts lose money

#3 ActivTrades
Markets and products

ActivTrades gives access to 49 currency pairs.
ActivTrades currency pairs
Capital.com XTB ActivTrades AvaTrade OvalX
Currency pairs (#) 138 56 49 55 62

Visit broker More
73-85% of retail CFD accounts lose money

AvaTrade Logo

#4 Best forex brokers for beginners
AvaTrade

AvaTrade is a global CFD and forex broker founded in 2006. It is regulated by several top-tier financial authorities, including the Central Bank of Ireland.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for an option to use metatrader platforms

Visit broker
71% of retail CFD accounts lose money

#4 AvaTrade
Fees

AvaTrade has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

AvaTrade trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
EURUSD benchmark fee $8.7 $8.0 $6.9 $10.3 $13.9
GBPUSD benchmark fee $6.6 $5.8 $4.9 $8.9 $12.0
AUDUSD benchmark fee $6.1 $6.5 $6.7 $10.0 $8.2
EURCHF benchmark fee $10.5 $5.8 $5.1 $10.2 $9.5
EURGBP benchmark fee $10.9 $9.0 $8.7 $12.1 $12.0

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

AvaTrade non-trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
71% of retail CFD accounts lose money

#4 AvaTrade
Markets and products

AvaTrade gives access to 55 currency pairs.
AvaTrade currency pairs
Capital.com XTB ActivTrades AvaTrade OvalX
Currency pairs (#) 138 56 49 55 62

Visit broker More
71% of retail CFD accounts lose money

OvalX Logo

#5 Best forex brokers for beginners
OvalX

OvalX is a global CFD and FX broker. Its parent company Monecor (London) Ltd. was established in 1965 and is regulated by the UK's Financial Conduct Authority (FCA). Monecor (Europe) Ltd., the entity that handles EU accounts, is regulated by the Cyprus Securities and Exchange Commission (CySEC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73.85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex, spread and cfd traders looking for great funding and withdrawal options and an easy-to-use platform

Visit broker
73.85% of retail CFD accounts lose money

#5 OvalX
Fees

OvalX has high fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

OvalX trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
EURUSD benchmark fee $8.7 $8.0 $6.9 $10.3 $13.9
GBPUSD benchmark fee $6.6 $5.8 $4.9 $8.9 $12.0
AUDUSD benchmark fee $6.1 $6.5 $6.7 $10.0 $8.2
EURCHF benchmark fee $10.5 $5.8 $5.1 $10.2 $9.5
EURGBP benchmark fee $10.9 $9.0 $8.7 $12.1 $12.0

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

OvalX non-trading fees
Capital.com XTB ActivTrades AvaTrade OvalX
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
73.85% of retail CFD accounts lose money

#5 OvalX
Markets and products

OvalX gives access to 62 currency pairs.
OvalX currency pairs
Capital.com XTB ActivTrades AvaTrade OvalX
Currency pairs (#) 138 56 49 55 62

Visit broker More
73.85% of retail CFD accounts lose money

Best forex brokers for beginners
Forex broker fees

Forex brokers can charge commissions, spreads and financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't always mean it's more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.

Best forex brokers for beginners
Bottom line

You saw the details, now let's zoom out. Here are the top forex brokers for beginners in 2022 for citizens in Nigeria:

Top forex brokers for beginners in 2022 for Nigerian citizens
Capital.com XTB ActivTrades AvaTrade OvalX
Fees score 4.4 stars 4.3 stars 4.5 stars 3.7 stars 3.5 stars
Markets and products score 3.1 stars 2.9 stars 2.0 stars 2.3 stars 2.2 stars
Education score 5.0 stars 5.0 stars 5.0 stars 5.0 stars 5.0 stars
Charting quality High High High High High
Visit broker
81.40% of retail CFD accounts lose money
Visit broker
76% of retail CFD accounts lose money
Visit broker
73-85% of retail CFD accounts lose money
Visit broker
71% of retail CFD accounts lose money
Visit broker
73.85% of retail CFD accounts lose money

Capital.com is our winner, the best forex broker for beginners for Nigerian citizens in 2022. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.

If you know enough about forex trading and are comfortable with possible risks, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use our broker finder to pick the best broker for you.

Author of this article

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

Visit Capital.com
81.40% of retail CFD accounts lose money
Visit XTB
76% of retail CFD accounts lose money
Visit ActivTrades
73-85% of retail CFD accounts lose money
Visit AvaTrade
71% of retail CFD accounts lose money
Visit OvalX
73.85% of retail CFD accounts lose money

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