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Forex trading is legal, but not all forex brokers follow the letter of the law. ... While forex trading is legal, the industry is rife with scams and bad actors. Investors need to do their due diligence before venturing into what can be a Wild West version of global financial markets.
 

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Once you have doubts regarding some brokerage platform, you can easily check if it is legal. All reputable brokers show their licenses on the site. Moreover, they state license number and you can easily check it on the site of the relevant regulator. For example, here are the best forex brokers in Nigeria, https://tradersunion.com/. You can easily trace all their permissions.
 
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