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CardinalStone Securities in Nigeria — review, licence and costs
Score (4 of 6 axes scored)
shown, not ranked: no cost
Who actually onboards you
- Entity that onboards Nigeria residents
- CardinalStone Securities Limited (subsidiary of CardinalStone Partners Limited)
- Local standing
- SEC-regulated domestic; NGX dealing member (also FMDQ / NASD)
- Licence as the register states it
- SEC Nigeria registered broker/dealer; full dealing member of NGX; also FMDQ dealing member and NASD OTC participating institution
- Leverage for this entity
- no retail forex/leverage; long-only NGX equities and fixed income (FX/currency products for eligible clients)
- The firm behind it
- CardinalStone Securities Limited, wholly owned securities-trading subsidiary of CardinalStone Partners Limited; ranked #1 broker on NGX in 2025 (over NGN 2 trillion transaction value, ~18.3% of value traded); Euromoney Africa's Best Broker recognition
- What we hold against it
- Top-ranked, award-winning NGX broker; no SEC enforcement action verified at review
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Nigerian residents enters the score.
no retail forex/leverage; long-only NGX equities and fixed income (FX/currency products for eligible clients)
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youSEC-regulated domestic; NGX dealing member (also FMDQ / NASD)
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Accounts
Account types the broker names for this country: brokerage/securities trading account (retail, local, international, institutional). The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Payouts(1 method)
| Method | Deposit, h | Withdrawal, h | Fee, USD | Min, USD |
|---|---|---|---|---|
| Bank transfer | 24 | — | 0 | 50 |
Taxes for a Nigerian resident(1 rule)
- Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS).https://cardinalstonesecurities.com/about-us/
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (1 methods · 0 local rails)
bank transfer
- Bank transfer
- Account currency
- NGN
- Fee declared
- 1 of 1 methods
- Withdrawal back to
- the funding method
Where it does not serve(1 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(4 platforms)
- CardinalStone online trading platform
- brokerage desk
- web
- mobile
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.8 | 342 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(3 for and 4 against, each tied to a figure on this page)
- Authorised by the Nigeria regulator in its own register
- Safety 100 of 100, its strongest of 4 scored axes
- 4 platforms: CardinalStone online trading platform, brokerage desk, web, mobile
- Round-turn cost not priced: the pair of spread and commission is not published
- Withdrawal time not published
- Platforms 0 of 100, its weakest of 4 scored axes
- Not scored on round-turn cost, payouts: the broker publishes no figure we could read
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 10NG
- Min deposit, USD
- 10 groupNG
- Rank in this country
- #48
- Round turn, USD
- 4NG
- Min deposit, USD
- 20NG
- Leverage
- 200NG
- Rank in this country
- #20
- Round turn, USD
- 7NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #31
- Round turn, USD
- 6NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #1
- Round turn, USD
- 9NG
- Min deposit, USD
- 25 groupNG
- Leverage
- 1000 group
- Rank in this country
- #2
- Round turn, USD
- 6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 500NG
- Rank in this country
- #17
"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.
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a Nigeria score. Full methodology
| Axis | Weight | What is measured | CardinalStone Securities |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 90 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | — |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 100 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | — |
| Track record | 10% | Years since the firm was founded, from its own filings | 90 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 0 |
Where CardinalStone Securities sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · 52 of 81 brokers do not publish it
Retail leverage (53 of 81 with a Nigeria figure)
Median 1:500 · range 100-3000 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does CardinalStone Securities accept residents of Nigeria?
- Yes. SEC-regulated domestic; NGX dealing member (also FMDQ / NASD) Onboarding entity: CardinalStone Securities Limited (subsidiary of CardinalStone Partners Limited)
- Is CardinalStone Securities licensed to serve clients in Nigeria?
- SEC Nigeria registered broker/dealer; full dealing member of NGX; also FMDQ dealing member and NASD OTC participating institution Checked on 11.07.2026.
- Which trading platforms does CardinalStone Securities support?
- CardinalStone online trading platform, brokerage desk, web, mobile. Instruments: NGX-listed equities; fixed income; international currency products; FMDQ/NASD-traded securities
- How can I withdraw money from CardinalStone Securities in Nigeria?
- bank transfer
- What account types does CardinalStone Securities offer?
- brokerage/securities trading account (retail, local and international, and institutional)
- Does CardinalStone Securities offer a swap-free (Islamic) account?
- No. CardinalStone Securities publishes no swap-free (Islamic) account for Nigeria.