Fake Forex Brokers List in Nigeria 2023

It is well known that the forex market is highly volatile, and because of that, scammers are always active in forex to scam investors. And African countries such as Nigeria are known for their scamming activities and scam brokers in Nigeria are growing. Nevertheless, people are aware of this situation, but forex scams in Nigeria are always innovative when it comes to scamming. That is why sometimes traders find it difficult to know if a broker is legit or a scam. And during that time, knowing about the fake forex brokers list in Nigeria will be helpful. Nevertheless, knowing the list of scammers will help the traders to avoid forex trading scams in Nigeria. That’s why we have made a comprehensive list of forex scams in Nigeria, which will help investors stay away from those brokers. Read on to know the fake forex brokers list in Nigeria.

Is Forex Trading Legal in Nigeria?

Trading forex is legal in Nigeria, and brokers operating in Nigeria are required to follow the regulations and guidelines imposed by the government. However, unlike other countries in the world, such as the UK or the USA, forex in Nigeria is not highly regulated. But the fact is that forex is getting popular amongst the citizens of Nigeria.

The Central Bank of Nigeria usually regulates the forex in Nigeria, and forex brokers need to maintain some specific criteria to operate there. However, scam brokers in Nigeria don’t follow any regulatory rules. So, if you know about such forex scams in Nigeria, which are provided on this page, you can easily save yourself from scammers.

How to Identify the Forex Trading Scams in Nigeria?

To identify the scammers in Nigeria, you may need to go through a lot of validation processes via list of forex scams in Nigeria which is eventually time-consuming. But there is a good and easy way to get to know the Nigerian forex scammers, and it is looking at the fake forex brokers list in Nigeria, which we have enlisted here in this article. Nonetheless, scammers follow a pattern through which you can recognize a scam broker.

Forex Scam in Nigeria Provide a Guarantee to Success

Scam brokers across the world tend to offer unrealistic success, perhaps high returns. Logically, providing a guarantee of earning from forex is impossible as the forex industry is volatile, and price can move in every second. Hence, providing a guarantee to success should not be possible. So, any Nigerian broker offering such a guarantee should be counted as a scam even if they are regulated.

Don’t have Any History

Normally a legit best forex broker has credible background info, which can impress any investors. On the other hand, the scam brokers in Nigeria cannot provide any background data of the company as they don’t have any. When it comes to proving their claims, they tend to provide fake statements or screenshots of their earning. So, when you ask them to provide any live trading info with a huge return, they might not be able to show any. Therefore, if you come across any broker with no background info, you may consider that as a scam broker.

Fake Forex Brokers List in Nigeria: Unwanted Marketing

If any forex broker does any sort of aggressive marketing, there is a huge possibility that the broker is a scam. The scammers often tend to push the traders to take their offer. Sometimes they remain in a hurry and don’t provide any time to think about the offer, which represents a sign of a scammer. So, any such urgency should be avoided.

Scam Brokers List

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Best Forex Brokers List 2023

RANK	VISIT BROKER	REGULATION We only list licensed brokers that comply with the requirements of prominent regulatory agencies.	MIN DEPOSIT The minimum amount you need to deposit in order to start trading.	DEPOSIT BONUS	RATING	MAX LEVERAGE Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.	PAYMENT SYSTEM	SUPPORT	START TRADING
1		ASIC, CySEC, FSP	$100	No Bonus	99 Read Review	1:500		Telephone: +44 28 2544 7780	Open an Account More Information
Pros Excellent education tools Low forex fees Fast account opening Easy funding methods Cons No bonuses Platforms & Devices READ FULL REVIEW
2		ASIC, CySEC, FSA, SCB	$200	No Bonus	94 Read Review	1:500		Telephone: +248 467 19 76	Open an Account More Information
Pros Low forex fees Fast order execution Analytical training materials 90+ instruments Cons Slow live chat support Non-EU traders don’t get investor protection Platforms & Devices READ FULL REVIEW
3		FSA	$0	No Bonus	92 Read Review	1:500		Telephone:	Open an Account More Information
Pros 9 base currencies 24/7 technical service Direct market access VPS, FIX API, copy trading Superior trading conditions Cons No negative balance protection Withdrawal fees Platforms & Devices READ FULL REVIEW
4		FCA, CySEC, FSCA, SCB	$100	No Bonus	91 Read Review	1:100		Telephone: +44 (0) 203 151 5550	Open an Account More Information
Pros Excellent customer service Free deposit and withdrawal Negative balance protection Wide range of platform Cons Inactivity fee High Trading Fees for some CFDs Platforms & Devices READ FULL REVIEW
5		ASIC, FCA, CySEC, SCB	$100	No Bonus	90 Read Review	1:500		Telephone:	Open an Account More Information
Pros Fully digital account opening Low forex fees Research tools Free Education Resources Cons No bonuses Platforms & Devices READ FULL REVIEW
6		ASIC, CySEC	$1	100%	90 Read Review	1:3000		Telephone: +35 7251 23212	Open an Account More Information
Pros No withdrawal fee Low stock and stock index CFD fees Negative balance protection No inactivity fee Cons Average forex CFD fees No PAMM accounts Platforms & Devices READ FULL REVIEW
7		ASIC, CySEC, FSC	$5	Up to $5000	88 Read Review	1:1000		Telephone: +501 223-6696	Open an Account More Information
Pros Low withdrawal fees Great educational tools Wide range of leverage Multilingual customer support Cons Non-EU traders don’t get investor protection Lack of weekend customer support Platforms & Devices READ FULL REVIEW
8		FCA, DFSA, FSCA, FSA, CMA	$5	100%	85 Read Review	1:1000		Telephone: +44-2030978571	Open an Account More Information
Pros Low spread Controlled by several regulators Numerous deposit and withdrawal Favorable trading conditions Cons Few account currencies Only USD or EUR as base currencies Platforms & Devices READ FULL REVIEW
9		ASIC, FCA	$0	No Bonus	78 Read Review	1:500		Telephone: +61 2 9965 5830	Open an Account More Information
Pros Automatic insurance coverage Low entry threshold Fully digital account opening Low forex fees Cons Limited research tools Only forex and CFD trading Platforms & Devices READ FULL REVIEW
10		FCA, ASIC, DFSA	$200	No Bonus	75 Read Review	1:500		Telephone: +1786 628 1209	Open an Account More Information
Pros Digital account opening process Seamless deposit and withdrawal Attractive trading conditions No inactivity fee Cons No cent account Few analytical materials Platforms & Devices READ FULL REVIEW

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How to Avoid Scam Brokers in Nigeria?

Anyone who knows the forex trading scams in Nigeria, can avoid them without losing the investment. So, can first check the intended broker with the list of forex scams in Nigeria. We have listed all the fake brokers here on this page, so you should see if your selected broker is available in the list, and if it is listed, you should avoid that.

Alternatively, as a prospective trader, you should also see if the broker offers a huge return, push you to register with them, and has no background data. Broker having all of these or at least one problem, you should avoid it.

Final Words

If you really want to stay away from the scam broker, you should check the fake forex brokers list in Nigeria before jumping into forex trading. On top of that, verifying the broker via the fake broker identifying method will be another great way to save yourself from forex trading scams in Nigeria. Additionally, you will also find reviews and discussions on the broker in our forex broker reviews section. Last but not the least, you should avoid any unknown or new brokers unless they are regulated and provide enough proof.