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TMGM 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
- Trademax Global Ltd
- Local standing
- Offshore (Vanuatu VFSC); Nigeria's SEC has publicly noted that leveraged online retail forex is unregulated - no local oversight or compensation.
- Licence as the register states it
- Trademax Global Ltd holds Vanuatu VFSC licence No. 40356; no Nigerian SEC authorisation.
- Leverage for this entity
- Up to 1:1000 on forex via the Vanuatu entity; not capped by a Nigerian regulator.
- The firm behind it
- Founded 2013, HQ Sydney; multi-asset CFD broker present in 150+ countries, expanding in Africa.
- What we hold against it
- WikiFX WikiScore ~8.58 but Trustpilot shows withdrawal-fee/blocking complaints; SEC Nigeria flags retail forex as unregulated; offshore, no local recourse.
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 (Vanuatu VFSC); Nigeria's SEC has publicly noted that leveraged online retail forex is unregulated - no local oversight or compensation.
- 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 (commission-free), Edge (raw-spread + commission), IRESS, min deposit USD 100 (IRESS USD 5, 000). 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 · 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://tmgm.com/en/about/why-choose-tmgm
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (7 methods · 0 local rails)
Cards (Visa/Mastercard/UnionPay), Skrill, Neteller, FasaPay, bank wire and USDT/USDC crypto;
- Cards
- Skrill
- Neteller
- FasaPay
- Bank wire
- USDT
- USDC crypto
- Account currency
- USD, AUD, NZD and others; no NGN-denominated account, so naira deposits convert.
- Fee declared
- 7 of 7 methods
- Withdrawal back to
- the funding method
Where it does not serve(3 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
- IRESS
- TMGM mobile app
Identical for every row: Min spread 1 · Leverage 1000 NG.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.4 | 5, 196 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(4 for and 6 against, each tied to a figure on this page)
- Withdrawal in 24 h, one of 71 of 81 brokers here that publish a time
- Swap-free account available
- Round-turn cost 90 of 100, its strongest of 6 scored axes
- 4 platforms: MT4, MT5, IRESS, TMGM mobile app
- Round turn 7 USD on the raw + commission basis, over the Nigeria median 6.5
- No Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- A regulator warning is on file against this broker
- Min deposit 100 USD, over the Nigeria median 20
- The published 1:1000 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
- 7NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #15
- Round turn, USD
- 6NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #37
- 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
- 100 groupNG
- Leverage
- 400 group
- Rank in this country
- #19
- Round turn, USD
- 7NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 200NG
- Rank in this country
- #13
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 | TMGM |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 70 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 90 |
| 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 | 65 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
Where TMGM sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 7 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 100 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 1:1000 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does TMGM accept residents of Nigeria?
- No. Offshore (Vanuatu VFSC); Nigeria's SEC has publicly noted that leveraged online retail forex is unregulated - no local oversight or compensation. Onboarding entity: Trademax Global Ltd
- Is TMGM licensed to serve clients in Nigeria?
- Trademax Global Ltd holds Vanuatu VFSC licence No. 40356; no Nigerian SEC authorisation. Checked on 09.07.2026.
- How much does one round turn cost at TMGM?
- About 7.0 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does TMGM offer to retail clients in Nigeria?
- Up to 1:1000. Up to 1:1000 on forex via the Vanuatu entity; not capped by a Nigerian regulator.
- Which trading platforms does TMGM support?
- MT4, MT5, IRESS, TMGM mobile app. Instruments: 12,000+ instruments: forex, share CFDs, precious metals, energies, indices and crypto CFDs.
- How can I withdraw money from TMGM in Nigeria?
- Cards (Visa/Mastercard/UnionPay), Skrill, Neteller, FasaPay, bank wire and USDT/USDC crypto; no verified NGN local rail at review.
- What account types does TMGM offer?
- Classic (commission-free), Edge (raw-spread + commission) and IRESS; min deposit USD 100 (IRESS USD 5,000).
- Does TMGM offer a swap-free (Islamic) account?
- Yes. TMGM offers a swap-free (Islamic) account to Nigeria residents.