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FXOpen in Nigeria — review, licence and costs
Cost calculator (median of 57 priced of 81)
Score (6 of 6 axes scored)
ranked against full-basis brokers
Who actually onboards you
- Entity that onboards Nigeria residents
- Offshore FXOpen Markets Ltd
- Local standing
- Offshore only; not locally regulated in Nigeria.
- Licence as the register states it
- No Nigerian SEC licence. Group holds FCA UK and CySEC only.
- Leverage for this entity
- Up to 1:500 (TickTrader up to 1:1000 FX/metals) offshore.
- The firm behind it
- Founded 2005; UK/EU/offshore group; ECN pioneer.
- What we hold against it
- ASIC cancelled AU licence Sep 2024; Nigerian clients rely on offshore Nevis entity; naira funding is indirect via e-wallet/exchangers.
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 youOffshore only; not locally regulated in Nigeria.
- 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: Micro/cent (from USD 1), STP, ECN (from USD 100), Crypto (from USD 10). 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 24 · 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://fxopen.com
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (5 methods · 0 local rails)
Cards, wire, Skrill, Neteller, BTC, USDT;
- Cards
- Wire
- Skrill
- Neteller
- USDT
- Account currency
- USD, EUR, GBP, others; NGN base account not verified at review.
- Fee declared
- 5 of 5 methods
- Withdrawal back to
- the funding method
Where it does not serve(15 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)
- MT4
- MT5
- TickTrader
| Class | Count | Min spread |
|---|---|---|
| MT4 | — | 1.1 |
| MT5 | — | 1.1 |
| TickTrader | — | 1.1 |
| All instruments | 700+ | — |
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: Leverage 500 NG.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.5 | 458 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(6 for and 4 against, each tied to a figure on this page)
- Round turn 3 USD on the raw + commission basis, under the Nigeria median 6.5
- Min deposit 1 USD, under the Nigeria median 20
- Withdrawal in 24 h, one of 71 of 81 brokers here that publish a time
- Swap-free account available
- Round-turn cost 100 of 100, its strongest of 6 scored axes
- 3 platforms: MT4, MT5, TickTrader
- No Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- A regulator warning is on file against this broker
- The published 1:500 comes from the group's offshore entity, not from the Nigeria one
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 3.1NG
- Min deposit, USD
- 1NG
- Leverage
- 2000NG
- Rank in this country
- #51
- Round turn, USD
- 3NG
- Min deposit, USD
- 1 groupNG
- Leverage
- unlimited group
- Rank in this country
- #22
- Round turn, USD
- 3.5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #44
- Round turn, USD
- 4.2NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 200NG
- Rank in this country
- #4
- Round turn, USD
- 6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 2000NG
- Rank in this country
- #11
- Round turn, USD
- 5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #38
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 | FXOpen |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 75 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 100 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 0 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 80 |
| Track record | 10% | Years since the firm was founded, from its own filings | 100 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
Where FXOpen sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 3 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 1 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 FXOpen accept residents of Nigeria?
- No. Offshore only; not locally regulated in Nigeria. Onboarding entity: Offshore FXOpen Markets Ltd
- Is FXOpen licensed to serve clients in Nigeria?
- No Nigerian SEC licence. Group holds FCA UK and CySEC only. Checked on 09.07.2026.
- How much does one round turn cost at FXOpen?
- About 3.0 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does FXOpen offer to retail clients in Nigeria?
- Up to 1:500. Up to 1:500 (TickTrader up to 1:1000 FX/metals) offshore.
- Which trading platforms does FXOpen support?
- MT4, MT5, TickTrader. Instruments: FX, metals, indices, share CFDs, crypto CFDs.
- How can I withdraw money from FXOpen in Nigeria?
- Cards, wire, Skrill, Neteller, BTC, USDT; Volet (ex-Advcash) usable, with third-party naira on/off-ramp (e.g. exchangers). No direct NGN bank rail verified at review. Typical withdrawal time: 24.0 hours.
- What account types does FXOpen offer?
- Micro/cent (from USD 1), STP, ECN (from USD 100), Crypto (from USD 10).
- Does FXOpen offer a swap-free (Islamic) account?
- Yes. FXOpen offers a swap-free (Islamic) account to Nigeria residents.