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ForexMart in Nigeria — review, licence and costs
Cost calculator (median of 57 priced of 81)
Score (5 of 6 axes scored)
shown, not ranked: no reviews
Who actually onboards you
- Entity that onboards Nigeria residents
- Offshore Tradomart SV Ltd
- Local standing
- Unregulated locally; offshore SVG FSA only. SEC Nigeria warns on unlicensed schemes generally; no ForexMart-specific alert verified at review.
- Licence as the register states it
- No Nigerian licence; neither CBN nor SEC licenses retail FX/CFD brokers.
- Leverage for this entity
- Offshore up to 1:500 (1:200 Zero Spread); marketed up to 1:3000. No local cap.
- The firm behind it
- Founded 2015; Tradomart SV Ltd, Saint Vincent; EU arm under CySEC 266/15; InstaForex-family lineage.
- What we hold against it
- Offshore SVG; withdrawal complaints; broker-favourable T&C; medium/low trust scores.
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.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youUnregulated locally; offshore SVG FSA only. SEC Nigeria warns on unlicensed schemes generally; no ForexMart-specific alert verified at review.
- 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.
Price against Nigeria market median(priced from 57 of 81)
Medians run over the 57 of 81 brokers that publish a price for Nigeria, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Classic/Standard, Cent, Zero Spread, Swap-Free, demo. 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
Identical for every row: Deposit, h 24 · Withdrawal, h 48 · Fee, USD 0 · Min, USD 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://forexmart.com/about-us
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (6 methods · 0 local rails)
Cards, wire, local bank transfer, Skrill, Neteller, crypto;
- Cards
- Wire
- Local bank transfer
- Skrill
- Neteller
- Crypto
- Account currency
- USD, EUR, GBP. No NGN.
- Fee declared
- 6 of 6 methods
- Withdrawal back to
- the funding method
Where it does not serve(4 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(2 platforms)
- MT4
- MT5
| Class | Min spread | Leverage |
|---|---|---|
| MT4 | 2 | 500NG |
| MT5 | 2 | 500NG |
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.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 2.3 | 5, 9 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(3 for and 6 against, each tied to a figure on this page)
- Min deposit 15 USD, under the Nigeria median 20
- Swap-free account available
- Payouts 60 of 100, its strongest of 5 scored axes
- Round turn 20 USD on the standard basis, over the Nigeria median 6.5
- No Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- Withdrawal in 48 h, over the Nigeria median 24
- The published 1:500 comes from the group's offshore entity, not from the Nigeria one
- Safety 10 of 100, its weakest of 5 scored axes
- Not scored on reviews: the broker publishes no figure we could read
Alternatives in Nigeria(5 of 81 scored in Nigeria)
- Round turn, USD
- 15NG
- Min deposit, USD
- 250 groupNG
- Leverage
- 1000NG
- Rank in this country
- #49
- Round turn, USD
- 18NG
- Min deposit, USD
- 100NG
- Leverage
- 1000NG
- Rank in this country
- #46
- Round turn, USD
- 13NG
- Min deposit, USD
- 5 groupNG
- Leverage
- 3000NG
- Rank in this country
- #33
- Round turn, USD
- 9NG
- Min deposit, USD
- 25 groupNG
- Leverage
- 1000 group
- Rank in this country
- #2
- Round turn, USD
- 5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #5
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 | ForexMart |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | — |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 25 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 10 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 60 |
| Track record | 10% | Years since the firm was founded, from its own filings | 55 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
Where ForexMart sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 20 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 15 USD · 52 of 81 brokers do not publish it
Retail leverage (53 of 81 with a Nigeria figure)
Median 1:500 · range 100-3000 · this broker 1:500 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does ForexMart accept residents of Nigeria?
- No. Unregulated locally; offshore SVG FSA only. SEC Nigeria warns on unlicensed schemes generally; no ForexMart-specific alert verified at review. Onboarding entity: Offshore Tradomart SV Ltd
- Is ForexMart licensed to serve clients in Nigeria?
- No Nigerian licence; neither CBN nor SEC licenses retail FX/CFD brokers. Checked on 09.07.2026.
- How much does one round turn cost at ForexMart?
- About 20.0 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does ForexMart offer to retail clients in Nigeria?
- Up to 1:500. Offshore up to 1:500 (1:200 Zero Spread); marketed up to 1:3000. No local cap.
- Which trading platforms does ForexMart support?
- MT4, MT5. Instruments: FX, metals, indices, commodities, crypto CFDs, shares.
- How can I withdraw money from ForexMart in Nigeria?
- Cards, wire, local bank transfer, Skrill, Neteller, crypto; Naira-specific rails not verified at review. Typical withdrawal time: 48.0 hours.
- What account types does ForexMart offer?
- Classic/Standard, Cent, Zero Spread, Swap-Free; demo.
- Does ForexMart offer a swap-free (Islamic) account?
- Yes. ForexMart offers a swap-free (Islamic) account to Nigeria residents.