Finally, earnings from forex trading are taxable, but not subject to any specific withholding tax deductions. However, every Nigerian is expected to file an annual Personal Income Tax Return.

Online forex trading carries a high degree of risk to your capital and it is possible to lose your entire investment. Only speculate with money you can afford to lose. Forex trading may not be suitable for all investors, therefore ensure you fully understand the risks involved and seek independent advice if necessary.

Home Forex Brokers in Nigeria How to Trade Forex Live Naira Charts Forex Signals Economic Calendar Blog About Me. Is forex trading in Nigeria legal? Yes, it is. As long as you are doing it for yourself only and using a properly licensed broker. Risk Warning. Nigeria has a mixed, lower-middle-income economy and the country is known for its abundant supply of natural resources, its well-developed financial, legal, communications plus transport sectors, and the Nigerian Stock Exchange.

Aside from standard forex trading , Islamic forex trading is also legal and available in the country. Nigeria is a religiously diverse society, with Islam being followed by roughly Local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance with Sharia Law. Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Nigeria.

OctaFX is an online broker which was founded in , offering Forex trading. As OctaFX is regulated by the Financial Conduct Authority FCA , each new client must pass a few basic compliance checks when signing up for an account. OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading. Exness is authorised by the Financial Services Authority FSA of Seychelles and was founded in Traders have the ability to trade on Forex and CFDs on Crypto , Metals, Energies, Stocks and Indices on the MetaTrader4 and MetaTrader5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal. Exness offers traders 5 different trading accounts to choose from and over different instruments to trade, including over currency pairs.

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email. FXTM or ForexTime was founded in and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.

Three accounts are offered under the Standard category. Forex Time FXTM is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts. Customer Service is available via phone, email, online chat options — WhatsApp, live chat, Viber, Telegram or Messenger.

XM Group XM is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission. XM offers traders more than financial instruments to trade on both the MT4 and MT5 platforms , including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.

Traders must take note that XM does not offer binary options or futures. HotForex was established in is well regulated by FCA, CySEC, DFSA , FSCA and SFSA. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Forex Trading is indeed legal in Nigeria with laws and rules in regards to the local financial markets determined by the countries regulatory authority.

Yes, Forex Trading is legal , popular and well-regulated in Nigeria. There is no set age for local investors to trade in Forex. However, the legal age for gambling in the country is set at 18 years of age and this can be seen as an accurate, legal age for Forex Trading.

The Federal Inland Revenue Service FIRS is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria. There is no one Forex Brokerage Firm which is suited to all investors.

Forex Traders must consider factors such as Regulation, Account Types and Customer Service before making a final brokerage choice. It is indeed possible to be profitable when trading Forex. However, there are steps to follow such as self-education, making use of a demo account and more. JP Markets offers a welcome bonus to all new traders who choose to register for a real account. JP Markets is considered a low-risk and can be summarized as trustworthy and reliable. JP Markets is regulated by the top-tier Financial Services Board, Based.

Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds. IW Bank clients may experience different fee structures according. com does not offer a sign-up bonus for first-time sign-ups or beginner traders. No sign-up bonus, deposit bonus, or welcome bonus is offered to traders.

The Minimum Deposit for 1st-time traders might vary based on. com offers Spreads and commissions vary according to the account type that the trader is using. RSS Feed. Top 4 Brokers. Read Review. Open a Free Trading Account. Tiếng Việt. Czech Republic. Open a FREE Trading Account. New York Stock Exchange.

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Forex Traders on Social Media. Forex Brokers Payment Gateways. Broker Reviews. Top 10 Best Rated Brokers. Top 10 African Brokers. Top 10 European Brokers. Recent tightening in the banking policy in Nigeria has affected online Forex trading.

There are no specific rules governing online foreign exchange trading in Nigeria. It is not illegal, and to strengthen and protect its operation, the Association of Online Forex Trading Agents, an assemblage of online Forex brokerage firms in Nigeria has engaged government to design a working regulatory framework for the business. This will be a big confidence boost for local Forex traders.

Such activities are already yielding results. It is likely that regulation will attract more institutional investors into the Forex industry in Nigeria. Finally, earnings from Forex trading are taxable, but not subject to any specific withholding tax deductions. However, every Nigerian is expected to file an annual Personal Income Tax Return. Online Forex trading is a great way to put money in your pocket. You can trade locally or you can trade on the World Wide Web.

Either way, you can increase your bottom line when you are aware of the online trading regulations for Forex trading in Nigeria. The regulations for Nigeria Forex trading are important to know. You want to make sure that all of the decisions you make are legal and you can do that when you are aware of the regulations. While you may not want to call them out, you can avoid that person or company to keep yourself safe.

The CBN allows people to participate freely in Forex activities as long as they do so formally and proper documentation is kept and declared by banks where necessary. Trading Forex is sweet when you know how to approach it. We have comprehensive and easy to learn online professional training for existing and intending Forex traders.

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Forex Brokers Accepting Mobile Money Forex Brokers Accepting PayPal Forex Brokers Accepting Credit Cards Forex Brokers Accepting Cheques Forex Brokers Accepting Bitcoin. Avatrade 2. Exness 3. JustMarkets 4. Oanda 5. BDSwiss 6. Tickmill 7. Pepperstone 8. FBS 9. OctaFX FP Markets. Exness 2. Avatrade 3. HFM 4. Forextime 6. CM Trading 7. Go Markets 8. Alpari Easy Markets. OctaFX 2. Bdswiss 3. Axiory 4. Pepperstone 5. Plus 6. Exness 8. Go Markets 9. com Oanda 2. com 4.

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Yes, Forex Trading is legal in Nigeria and the country has a population of roughly million potential Forex Traders. The Securities and Exchange Commission SEC is the main regulatory institution of the Nigerian capital market whereas Forex Brokers in the country fall under the regulation and supervision of the Central Bank of Nigeria.

Nigeria has a mixed, lower-middle-income economy and the country is known for its abundant supply of natural resources, its well-developed financial, legal, communications plus transport sectors, and the Nigerian Stock Exchange.

Aside from standard forex trading , Islamic forex trading is also legal and available in the country. Nigeria is a religiously diverse society, with Islam being followed by roughly Local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance with Sharia Law.

Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Nigeria. OctaFX is an online broker which was founded in , offering Forex trading. As OctaFX is regulated by the Financial Conduct Authority FCA , each new client must pass a few basic compliance checks when signing up for an account. OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading. Exness is authorised by the Financial Services Authority FSA of Seychelles and was founded in Traders have the ability to trade on Forex and CFDs on Crypto , Metals, Energies, Stocks and Indices on the MetaTrader4 and MetaTrader5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.

Exness offers traders 5 different trading accounts to choose from and over different instruments to trade, including over currency pairs. Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email. FXTM or ForexTime was founded in and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.

Three accounts are offered under the Standard category. Forex Time FXTM is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms. FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

Customer Service is available via phone, email, online chat options — WhatsApp, live chat, Viber, Telegram or Messenger. XM Group XM is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission. XM offers traders more than financial instruments to trade on both the MT4 and MT5 platforms , including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs.

Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.

HotForex was established in is well regulated by FCA, CySEC, DFSA , FSCA and SFSA. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators. Forex Trading is indeed legal in Nigeria with laws and rules in regards to the local financial markets determined by the countries regulatory authority. Yes, Forex Trading is legal , popular and well-regulated in Nigeria.

There is no set age for local investors to trade in Forex. However, the legal age for gambling in the country is set at 18 years of age and this can be seen as an accurate, legal age for Forex Trading. The Federal Inland Revenue Service FIRS is the agency responsible for assessing, collecting and accounting for tax and other revenues accruing to the Federal Government of Nigeria. There is no one Forex Brokerage Firm which is suited to all investors. Forex Traders must consider factors such as Regulation, Account Types and Customer Service before making a final brokerage choice.

It is indeed possible to be profitable when trading Forex. However, there are steps to follow such as self-education, making use of a demo account and more. JP Markets offers a welcome bonus to all new traders who choose to register for a real account. JP Markets is considered a low-risk and can be summarized as trustworthy and reliable.

JP Markets is regulated by the top-tier Financial Services Board, Based. Overall IW Bank offers numerous investment prospects for their clients, and allows them to invest in equities and bonds. IW Bank clients may experience different fee structures according. com does not offer a sign-up bonus for first-time sign-ups or beginner traders.

No sign-up bonus, deposit bonus, or welcome bonus is offered to traders. The Minimum Deposit for 1st-time traders might vary based on.

com offers Spreads and commissions vary according to the account type that the trader is using.

This body which is recognized by the government is working with the CBN and other regulatory agencies to come up with a working framework for the trade. Rachel Roche LL. August 26, at pm. Louis Schoeman. Forex Brokers Accepting Mobile Money Forex Brokers Accepting PayPal Forex Brokers Accepting Credit Cards Forex Brokers Accepting Cheques Forex Brokers Accepting Bitcoin. By Jeffrey Cammack.

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