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75 brokers measured in Nigeriabroker data checked 27.08.2026
Written and checked by the Harmattan Desk editorial team · how we score · base recalculated 13.10.2026
Recalculated 13.10.2026 · 75 brokers · 43 accounts

Forex and CFD brokers for residents of Nigeria, measured

By formula v1.0, CardinalStone Securities ranks first at 4.38: a — round turn and a local SEC Nigeria licence. We measured 75 brokers and 43 accounts; 75 accept Nigerian residents, and 18 are authorised by the country's own regulator.

75of 81
onboarding residents
93% of 81
47of 75
scored on all six axes
63% of 75
57of 81
publish a price
70% of 81
53of 81
publish a leverage figure for this country
65% of 81

Compare all 75 brokers and 43 accounts (75 of 81 shown)

Filters
Instruments
Deposit and withdrawal
20 of 81 shown
By score, formula v1.0. No row here is paid or promoted: the order is the formula's alone. · Cost, leverage and withdrawal apply to the entity that onboards Nigerian residents, not the group.
2.0–5.0USD · NGUSD · or as statedNigeria entityhoursExecutionFoundedFunding
1
CardinalStone SecuritiesCardinalStone Securities Limited (subsidiary of CardinalStone Partners Limited)
 4.38 — — —stated, not verified — —20081 methods · local
2
Meristem StockbrokersMeristem Stockbrokers Limited
 4.18 — 10000 NGNadvertised —stated, not verified 24measured —20031 methods · local
3
FP MarketsFP Markets LLC
 4.12 6per lot · std 100 groupadvertised 500retail · NG 24measured ECN/raw + standard20053 methods
4
Cordros SecuritiesCordros Securities Limited
 4.11 — — —stated, not verified — —20071 methods · local
5
OctaFXOcta Markets Ltd
 4.07 9per lot · std 25 groupadvertised 1000 groupretail · NG 3measured ECN/raw + standard20111 methods · local
6
FxProFxPro Markets Direct Costa Rica Latam SRL
 4.07 7per lot · std 100 groupadvertised 200retail · NG 3measured ECN/raw + standard20064 methods · local
7
ActivTradesNigerian clients onboarded offshore under ActivTrades Corp (SCB Bahamas); no local entity.
 4.03 4.2per lot · std 0 groupadvertised 200retail · NG 24measured ECN/raw + standard20014 methods
8
ExinityExinity Limited
 4.02 4per lot · std 30advertised 2000retail · NG 24measured ECN/raw + standard19982 methods · local
9
BDSwissNigerian clients are onboarded under the offshore entity BDSwiss (Seychelles) Ltd (FSA) / BDS Markets (FSC Mauritius).
 4 5per lot · std 10 groupadvertised 2000retail · NG 24measured ECN/raw + standard20123 methods
10
AMarketsAMarkets Ltd
 3.98 5per lot · std 100 groupadvertised 3000retail · NG 24measured ECN/raw + standard20077 methods · local
11
FXOpenOffshore FXOpen Markets Ltd
 3.97 3per lot · std 1 groupadvertised 500retail · NG 24measured ECN/raw + standard20057 methods
12
Traders TrustOffshore TTCM Traders Trust Capital Markets Ltd
 3.94 3per lot · std 50 groupadvertised 3000retail · NG 24measured ECN/raw + standard20094 methods
13
Capital.comNigerian clients are served under the offshore international entity regulated by the Securities Commission of The Bahamas (SCB), not a local entity.
 3.92 6per lot · std 20advertised 200retail · NG 24measured Standard20163 methods
14
HFMHF Markets (SV) Ltd
 3.92 6per lot · std 0 groupadvertised 2000retail · NG 24measured ECN/raw + standard20108 methods · local
15
MultiBank GroupNigerian clients served via offshore entity; group announced a Lagos branch office to serve local investors.
 3.91 6per lot · std 50 groupadvertised 500retail · NG 48measured ECN/raw + standard20054 methods
16
RisevestRV Fund Management Limited (SEC fund manager); Naira offerings powered by Chaka Technologies Limited; US side via Risevest Financial Securities Limited (US broker-dealer)
 3.87 — 1 groupadvertised —stated, not verified 24measured —20142 methods · local
17
PepperstonePepperstone Markets Ltd
 3.86 7per lot · std 10 groupadvertised 200retail · NG 24measured ECN/raw + standard20105 methods
18
ThinkMarketsTF Global Markets Int Ltd
 3.84 7per lot · std 50advertised 500retail · NG 24measured ECN/raw + standard20104 methods
19
Blueberry MarketsServed via offshore Mauritius/Vanuatu entities; Nigeria listed as a supported country.
 3.84 7per lot · std 100 groupadvertised 500retail · NG 24measured ECN/raw + standard20167 methods
20
NordFXOffshore NordFX LTD (Saint Lucia); no Nigerian entity.
 3.84 7per lot · std 10 groupadvertised 1000retail · NG 24measured ECN/raw + standard20083 methods
21
ErranteServed under offshore Errante Securities (Seychelles) Ltd.
 3.81 6per lot · std 50advertised 1000retail · NG 24measured ECN/raw + standard20205 methods
22
AvaTradeAva Trade Markets Ltd
 3.81 9per lot · std 100 groupadvertised 400 groupretail · NG 24measured Standard20063 methods · local
23
FIBO GroupNigerian clients onboarded by offshore FIBO Group, Ltd (BVI).
 3.8 6per lot · std 50 groupadvertised 1000retail · NG 48measured ECN/raw + standard19986 methods
24
FXChoiceFX Choice Ltd
 3.8 7per lot · std 100advertised 200retail · NG 24measured ECN/raw + standard20104 methods
25
MitradeMitrade Holding Ltd
 3.79 4per lot · std 20advertised 200retail · NG 48measured Standard2011—
26
TMGMTrademax Global Ltd
 3.77 7per lot · std 100 groupadvertised 1000retail · NG 24measured ECN/raw + standard20136 methods
27
HeadwayServed offshore under Jarocel (Pty) Ltd; Africa is a core IB-driven market.
 3.77 3per lot · std 1 groupadvertised —stated, not verified 0.5measured ECN/raw + standard20234 methods · local
28
AlpariParlance Trading Ltd
 3.76 8per lot · std 30advertised 3000retail · NG 24measured ECN/raw + standard19986 methods · local
29
Doo PrimeNigerian retail served offshore via Doo Prime Vanuatu / Seychelles (dooprime.com).
 3.73 7per lot · std 0 groupadvertised 1000retail · NG 24measured ECN/raw + standard20144 methods · local
30
VantageVantage Global Limited
 3.7 6per lot · std 50advertised 500retail · NG 72measured ECN/raw + standard20206 methods · local
31
XMXM Global Limited
 3.67 7per lot · std 5 groupadvertised 1000retail · NG 24measured ECN/raw + standard20095 methods
32
JustMarketsJust Global Markets Ltd
 3.67 6per lot · std 10advertised 3000retail · NG 48measured ECN/raw + standard20123 methods · local
33
AxiOnboarded to offshore AxiTrader LLC / AxiTrader Ltd (SVG).
 3.66 7per lot · std 0 groupadvertised 500retail · NG 48measured ECN/raw + standard20075 methods · local
34
FreshForexRiston Capital Ltd
 3.66 6per lot · std 10advertised 2000retail · NG 0.17measured ECN/raw + standard20045 methods · local
35
BambooBamboo Systems Technology Limited (Nigeria); US securities via DriveWealth LLC (FINRA/SIPC member)
 3.66 — 1advertised —stated, not verified — —20192 methods · local
36
Fusion MarketsNigerian retail clients are onboarded under the offshore arms Gleneagle Securities Pty Limited (Vanuatu VFSC) and/or Fusion Markets International Ltd (Seychelles FSA).
 3.64 4.8per lot · std 0advertised 500retail · NG 120measured ECN/raw + standard20176 methods
37
FXGTGT Global Ltd
 3.64 6per lot · std 5advertised 5000 groupretail · NG 72measured ECN/raw + standard20195 methods · local
38
EightcapEightcap Global Limited
 3.63 7per lot · std 100 groupadvertised 500retail · NG 48measured ECN/raw + standard20094 methods
39
LiteFinanceLiteFinance Global LLC
 3.63 — 50advertised 500retail · NG 24measured ECN/raw + standard20054 methods · local
40
Moneta MarketsMoneta Markets Ltd
 3.63 7per lot · std 50advertised 1000retail · NG 24measured ECN/raw + standard20195 methods
41
FBSFBS Markets Inc
 3.63 13per lot · std 5 groupadvertised 3000retail · NG 24measured Standard20093 methods · local
42
Milton PrimeMilton Global Ltd
 3.61 — 300 groupadvertised 500retail · NG 1measured —20154 methods · local
43
FXCMStratos Global LLC
 3.6 7.5per lot · std 50 groupadvertised 400retail · NG 72measured ECN/raw + standard19995 methods · local
44
XChiefServes Nigeria via offshore xChief LTD (Comoros/Mwali); a representative office in Nigeria is referenced in reviews.
 3.55 5.5per lot · std 10advertised 1000retail · NG 120measured ECN/raw + standard20146 methods
45
VT MarketsServed via offshore VT Markets LLC (SVG) / VT Markets Ltd (Mauritius FSC).
 3.51 6per lot · std 100 groupadvertised 500retail · NG 72measured ECN/raw + standard20153 methods
46
RoboForexRoboForex Ltd
 3.49 5per lot · std 10 groupadvertised 2000retail · NG 24measured ECN/raw + standard20094 methods
47
Amana CapitalAFS Global Ltd
 3.48 7per lot · std 50advertised 100retail · NG 24measured ECN/raw + standard20102 methods
48
Trade NationTrade Nation Ltd
 3.41 6per lot · std 0advertised 200retail · NG 120measured Standard20143 methods · local
49
Scope MarketsRS Global Ltd
 3.4 9per lot · std 10 groupadvertised 1000retail · NG 48measured ECN/raw + standard—4 methods
50
Afrinvest SecuritiesAfrinvest Securities Limited
 3.39 — 10advertised —stated, not verified 48measured —19951 methods · local
51
EFG Hermes NigeriaEFG Hermes Nigeria Limited (Victoria Island, Lagos), part of EFG Holding (formerly EFG Hermes)
 3.36 — — —stated, not verified — —19841 methods · local
52
CMTradingGCMT Limited
 3.35 8per lot · std 100advertised 200retail · NG 72measured ECN/raw + standard20126 methods · local
53
FXTMExinity Ltd
 3.33 3.5per lot · std 10 groupadvertised 2000retail · NG 24measured ECN/raw + standard20113 methods · local
54
ChakaChaka Technologies (Chaka), owned by Risevest Technologies since Sept 2023; local trades cleared via Citi Investment Capital
 3.3 — 10advertised —stated, not verified 96measured —20192 methods · local
55
Grand CapitalGrand Capital Ltd
 3.29 9per lot · std 10 groupadvertised 500retail · NG 24measured ECN/raw + standard20063 methods
56
InstaForexInstant Trading Ltd
 3.28 — 1advertised 1000retail · NG 7measured ECN/raw + standard20074 methods · local
57
IronFXNotesco Ltd
 3.25 18per lot · std 100advertised 1000retail · NG 240measured ECN/raw + standard20085 methods
58
eToroNo Nigeria service
 3.19 10per lot · std 10 groupadvertised —stated, not verified 168measured Standard2007—
59
NAGAServed via NAGA Global (SV) Ltd (St Vincent) / offshore NAGA Capital Ltd (Seychelles).
 3.18 15per lot · std 250 groupadvertised 1000retail · NG 24measured Standard20158 methods · local
60
IG MarketsIG International Ltd
 3.14 13.6per lot · std 0 groupadvertised 200retail · NG 120measured ECN/raw + standard19743 methods
61
WeltradeWeltrade Ltd
 3.11 3.1per lot · std 1advertised 2000retail · NG 120measured ECN/raw + standard20064 methods · local
62
ForexMartOffshore Tradomart SV Ltd
 3.06 20per lot · std 15 groupadvertised 500retail · NG 48measured ECN/raw + standard20156 methods · local
63
T4TradeTradeco Ltd
 3.04 18per lot · std 50advertised 1000retail · NG 72measured Standard20215 methods
64
CMC MarketsCMC Markets does not list Nigeria among its accepted countries and does not appear to onboard Nigerian residents.
 2.98 — 0 groupadvertised 200 groupretail · NG 120measured ECN/raw + standard1989—
65
ZuluTradeCopy-trading/social-trading layer over connected partner brokers; not a direct broker. Accepts Nigerian residents (KYC: passport/national ID + proof of address).
 — — 300 groupadvertised —stated, not verified — —2007—
66
IFC MarketsIFCMARKETS CORP. (BVI) / Labuan entity — offshore, no Nigerian office.
 — — 1 groupadvertised 400retail · NG 72measured ECN/raw + standard20065 methods
67
CSL StockbrokersCSL Stockbrokers Limited (CSLS), member of FCMB Group Plc
 — — — —stated, not verified — —19791 methods · local
68
FBNQuest SecuritiesFBNQuest Securities Limited (subsidiary of FBN Holdings Plc)
 — — — —stated, not verified — —20061 methods · local
69
PiggyVestPiggyTech Global Limited (operator of PiggyVest); savings funds warehoused with PV Capital Limited and AIICO Capital
 — — — —stated, not verified 3measured —20163 methods · local
70
Stanbic IBTC StockbrokersStanbic IBTC Stockbrokers Limited
 — — 0advertised —stated, not verified — —19911 methods · local
71
TroveTrove Technologies Limited; Nigerian stock trading via Innova Securities Limited (SEC-licensed broker-dealer)
 — — 10advertised —stated, not verified 24measured —20182 methods · local
72
VetivaVetiva Securities Limited
 — — — —stated, not verified — —20031 methods · local
73
APT Securities and FundsAPT Securities and Funds Limited
 — — — —stated, not verified 24measured —19911 methods · local
74
ARM SecuritiesARM Securities Limited
 — — — —stated, not verified — —20081 methods · local
75
United Capital SecuritiesUnited Capital Securities Limited (UCSL), subsidiary of United Capital Plc (NGX: UCAP)
 — — — —stated, not verified 24measured —20121 methods · local
Unranked rows are shown with the reason; missing values stay blank (—), never estimated.

"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.

— the broker does not publish this figure; it is not read as a zero and it is not scored.

147 further account types are named by their brokers but publish none of these figures, so they are not in the comparison: Eightcap Standard, Eightcap Raw, Fusion Markets Classic account, Pepperstone Standard, Pepperstone no minimum deposit, Trade Nation Two live tiers - lower-leverage and 141 more.

Identical for every row, so it is stated once: Platforms MT5 cTrader +2 · Accepts residents Yes · local SEC Nigeria · Type ECN/raw · EURUSD spread 0.10 pips · avg · Currencies USD · NGN.

Pick by task (6 tasks · 81 brokers)

Best brokersFP Markets4.12 top score47 of 81 brokers qualifyRegulated—5.80 top score17 of 81 brokers qualifyNot authorisedFP Markets4.12 top score58 of 81 brokers qualifyIslamicFP Markets4.12 top score51 of 81 brokers qualifyMin depositCapital.com3.92 top score27 of 81 brokers qualifyLowest spreadsFP Markets4.12 top score56 of 81 brokers qualify

What the data shows (4 distributions · 81 brokers)

Round turn, USD (57 of 81 priced)

9<5
337.5
810
112.5
215
117.5
220
1>20

Median 6.5 USD · range 3-20 · 24 of 81 brokers do not publish it

Minimum deposit, USD (29 of 81 published)

13<20
440
760
080
0100
5>100

Median 20 USD · range 0-100 · 52 of 81 brokers do not publish it

Retail leverage for Nigerian residents (53 of 81 published)

28<1k
132k
73k
54k
0>4k

Median 1:500 · range 100-3000 · 28 of 81 brokers do not publish it

Withdrawal time, hours (71 of 81 published)

52<50
11100
6150
1200
1>200

Median 24 h · range 0.166667-240 · 10 of 81 brokers do not publish it

Ratings in Nigeria (17 slices · 81 brokers)

Best brokers47 of 81 brokers4.12 top scoreFP Markets leadsRegulated17 of 81 brokers4.38 top scoreCardinalStone Securities leadsNot authorised58 of 81 brokers4.12 top scoreFP Markets leadsIslamic51 of 81 brokers4.12 top scoreFP Markets leadsMin deposit27 of 81 brokers0.0 USDFusion Markets leadsLowest spreads56 of 81 brokers3.0 USDFXOpen leadsHigh leverage51 of 81 brokers3000.0 1:xAMarkets leadsLocal payments42 of 81 brokers4.38 top scoreCardinalStone Securities leadsECN / raw48 of 81 brokers3.0 USDFXOpen leadsMT455 of 81 brokers4.12 top scoreFP Markets leadsMT549 of 81 brokers4.12 top scoreFP Markets leadscTrader8 of 81 brokers4.12 top scoreFP Markets leadsGold37 of 81 brokers4.07 top scoreOctaFX leadsCrypto14 of 81 brokers4.07 top scoreFxPro leadsFast withdrawal65 of 81 brokers1.0 hFP Markets leadsNo commission10 of 81 brokers4.0 USDMitrade leadsMobile app15 of 81 brokers4.07 top scoreOctaFX leads

Guides

GuideWhat a spread is, and what it costs youA spread is the gap between the price you can buy at and the price you can sell at, quoted in pips.GuideWhat leverage means, and where the cap comes fromLeverage lets a position be larger than the money behind it: at 1:30, {cur}1,000 of your own holds a {cur}30,000…GuideWhat a minimum deposit really tells youThe minimum deposit is the smallest amount an account can be opened with.

All 6 guides

How we score (6 axes · v1.0)

Score = 2 + 3 × weighted mean of six axes, each measured on the entity that onboards Nigerian residents. A missing axis is shown as a dash and the broker stays unranked; nothing is estimated. Full methodology

Reviews 25%Price 20%Reliability 20%Payouts 15%Track record 10%Platforms 10%

Where these figures came from (6 sources)

Sources · precision
  • https://cardinalstonesecurities.com/about-us/
  • https://cardinalstone.com/securities-trading/
  • https://businessday.ng/companies/article/cardinalstone-becomes-first-stockbroking-firm-to-cross-n2trn-transaction-mark/
  • https://meritrade.com/
  • https://en.wikipedia.org/wiki/Meristem_Securities
  • https://ngxgroup.com/exchange/trade/licensed-trading-members/

Risk warning and affiliate disclosure

CFDs are complex instruments with a high risk of losing money rapidly due to leverage.

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