ECN and raw-spread brokers in Nigeria

Affiliate links: we earn a commission; it never changes scores or order. CFDs are high-risk and leverage can lose you money rapidly.

Key facts (48 of 81 counts · 75 brokers onboarding Nigerian residents)

48of 81

qualify for this ranking

59% of 81

39of 48

scored on all six axes

81% of 48

57of 81

publish a price

70% of 81

53of 81

publish a leverage figure for this country

65% of 81

Top 3 (of 3 ranked)

1FP Markets4.12highest score of the three · cheapest priced of the three · offshore/unregulated locally in nigeria;2OctaFX4.07not licensed by cbn or nigerian sec; ret · withdrawal in 3 h 3FxPro4.07unregulated locally; sec nigeria does no · withdrawal in 3 h

ECN and raw-spread brokers in Nigeria (48 of 81)

By slice score, formula v1.0. · 48 of 75 brokers in this ranking · all 48

#	Broker	Round turn, USDNG	Min deposit, USDNG	Leverage	Withdrawal, hNG	Score	Founded	Funding
1	FP Markets	6	100 group	500NG	24	4.12	2005	3 methods
2	OctaFX	9	25 group	1000 groupNG	3	4.07	2011	1 methods · local
3	FxPro	7	100 group	200NG	3	4.07	2006	4 methods · local
4	ActivTrades	4.2	0 group	200NG	24	4.03	2001	4 methods
5	Exinity	4	30	2000NG	24	4.02	1998	2 methods · local
6	BDSwiss	5	10 group	2000NG	24	4	2012	3 methods
7	AMarkets	5	100 group	3000NG	24	3.98	2007	7 methods · local
8	FXOpen	3	1 group	500NG	24	3.97	2005	7 methods
9	Traders Trust	3	50 group	3000NG	24	3.94	2009	4 methods
10	HFM	6	0 group	2000NG	24	3.92	2010	8 methods · local
11	MultiBank Group	6	50 group	500NG	48	3.91	2005	4 methods
12	Pepperstone	7	10 group	200NG	24	3.86	2010	5 methods
13	ThinkMarkets	7	50	500NG	24	3.84	2010	4 methods
14	Blueberry Markets	7	100 group	500NG	24	3.84	2016	7 methods
15	NordFX	7	10 group	1000NG	24	3.84	2008	3 methods
16	Errante	6	50	1000NG	24	3.81	2020	5 methods
17	FIBO Group	6	50 group	1000NG	48	3.8	1998	6 methods
18	FXChoice	7	100	200NG	24	3.8	2010	4 methods
19	TMGM	7	100 group	1000NG	24	3.77	2013	6 methods
20	Headway	3	1 group	—stated, not verified	0.5	3.77	2023	4 methods · local
21	Alpari	8	30	3000NG	24	3.76	1998	6 methods · local
22	Doo Prime	7	0 group	1000NG	24	3.73	2014	4 methods · local
23	Vantage	6	50	500NG	72	3.7	2020	6 methods · local
24	XM	7	5 group	1000NG	24	3.67	2009	5 methods
25	JustMarkets	6	10	3000NG	48	3.67	2012	3 methods · local
26	Axi	7	0 group	500NG	48	3.66	2007	5 methods · local
27	FreshForex	6	10	2000NG	0.17	3.66	2004	5 methods · local
28	Fusion Markets	4.8	0	500NG	120	3.64	2017	6 methods
29	FXGT	6	5	5000 groupNG	72	3.64	2019	5 methods · local
30	Eightcap	7	100 group	500NG	48	3.63	2009	4 methods
31	LiteFinance	—	50	500NG	24	3.63	2005	4 methods · local
32	Moneta Markets	7	50	1000NG	24	3.63	2019	5 methods
33	FXCM	7.5	50 group	400NG	72	3.6	1999	5 methods · local
34	XChief	5.5	10	1000NG	120	3.55	2014	6 methods
35	VT Markets	6	100 group	500NG	72	3.51	2015	3 methods
36	RoboForex	5	10 group	2000NG	24	3.49	2009	4 methods
37	Amana Capital	7	50	100NG	24	3.48	2010	2 methods
38	Scope Markets	9	10 group	1000NG	48	3.4	—	4 methods
39	CMTrading	8	100	200NG	72	3.35	2012	6 methods · local
40	FXTM	3.5	10 group	2000NG	24	3.33	2011	3 methods · local
41	Grand Capital	9	10 group	500NG	24	3.29	2006	3 methods
42	InstaForex	—	1	1000NG	7	3.28	2007	4 methods · local
43	IronFX	18	100	1000NG	240	3.25	2008	5 methods
44	IG Markets	13.6	0 group	200NG	120	3.14	1974	3 methods
45	Weltrade	3.1	1	2000NG	120	3.11	2006	4 methods · local
46	ForexMart	20	15 group	500NG	48	3.06	2015	6 methods · local
47	CMC Markets	—	0 group	200 groupNG	120	2.98	1989	—
48	IFC Markets	—	1 group	400NG	72	—	2006	5 methods

Ten are shown; the button opens the rest.

"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.

Eightcap publishes a retail leverage of 1:500 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.

Identical for every row, so it is stated once: Who onboards Local · SEC Nigeria · Swap-free fee none, no limit · NGN account Yes · Execution ECN/raw + standard.

1. FP Markets — highest score of the three · cheapest priced of the three · offshore/unregulated locally in nigeria; (score 4.12)

Round turn: 6 USD
Withdrawal: 1 business day
NGN account: USD/EUR/GBP/AUD and others; no NGN-denominated account.
Leverage: 500NG
Accepts residents: through an offshore entity
Onboarding entity: FP Markets LLC
Founded: 2005
Register: https://fpmarkets.com/regulation · 09.07.2026
Group leverage: offshoregroup
Instruments: 10,000+ CFDs: 60+ FX pairs, indices, commodities, shares, ETFs, bonds and crypto CFDs.
Platforms: MT5cTraderWebTradingView
Funding: Cards, bank wire and e-wallets; local NGN bank transfer availability not verified at review.
Not served: United States of America, Japan, North Korea, Iran, Iraq, Belgium, Canada

Reviews25%90
Round-turn cost20%95
Safety0
Payouts15%80
Track record10%100
Platforms70

Why it ranks here

Round turn 6 USD against the slice median 6.5 USD. strongest axis track record 100 of 100. total score 4.12.

Watch for

Payouts axis 58 of 100; e-wallet times not published.

Full review of FP Markets

2. OctaFX — not licensed by cbn or nigerian sec; ret · withdrawal in 3 h (score 4.07)

Round turn: 9 USD
Withdrawal: 1-3 hours
NGN account: USD/EUR; no NGN base account verified.
Leverage: 1000 groupNG
Accepts residents: through an offshore entity
Onboarding entity: Octa Markets Ltd
Founded: 2011
Register: https://octabroker.com · 09.07.2026
Group leverage: offshore
Instruments: FX, metals, indices, commodities, crypto & stock CFDs.
Platforms: MT5MT4Web
Funding: Naira local bank transfer commonly cited; verify at signup.
Not served: Russia, Cyprus, Belarus, Kazakhstan, Ukraine, Puerto Rico, United States, U.S. Virgin Islands, U.S. Outlying Islands, American Samoa, Northern Mariana Islands, Guam

Why it ranks here

Round turn 9 USD against the slice median 6.5 USD. strongest axis payouts 98 of 100. total score 4.07.

Watch for

Min deposit 200 USD, double the Nigeria median of 50; withdrawal time not published.

Full review of OctaFX

3. FxPro — unregulated locally; sec nigeria does no · withdrawal in 3 h (score 4.07)

Why it ranks here

Round turn 7 USD against the slice median 6.5 USD. strongest axis track record 100 of 100. total score 4.07.

Watch for

Onboards Nigerian residents through an offshore entity: no SEC Nigeria licence, no SEC Nigeria complaints route, no NGN account.

Full review of FxPro

What the data shows(48 of 81 distributions · 75 brokers)

Swap-free availability (48 of 81 brokers)

Offered30Not offered14

Admin fee after the free period (48 of 81 swap-free)

Never16After 3–30 days9not published5

Who onboards Nigerian residents (48 of 81 brokers)

Local SEC Nigeria entity20Offshore entity24

NGN account (48 of 81 brokers)

Yes16No23not published5

EUR/USD raw spread, pips (51 of 81 · median 0 pips)

44<0.2

40.4

20.6

00.8

1>0.8

Commission per round turn, USD (55 of 81 · median 5.5 USD)

13<2.5

105

307.5

110

1>10

Full list(48 of 81)

1FP Markets4.12
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100 group
Leverage
500NG
NGN
Yes
2OctaFX4.07
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25 group
Leverage
1000 groupNG
NGN
Yes
3FxPro4.07
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
200NG
NGN
Yes
4ActivTrades4.03
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
4.2
Min deposit, USD
0 group
Leverage
200NG
NGN
Yes
5Exinity4.02
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
4
Min deposit, USD
30
Leverage
2000NG
NGN
Yes
6BDSwiss4
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
10 group
Leverage
2000NG
NGN
Yes
7AMarkets3.98
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
100 group
Leverage
3000NG
NGN
Yes
8FXOpen3.97
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
1 group
Leverage
500NG
NGN
Yes
9Traders Trust3.94
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
50 group
Leverage
3000NG
NGN
Yes
10HFM3.92
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
2000NG
NGN
Yes
11MultiBank Group3.91
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
500NG
NGN
Yes
12Pepperstone3.86
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
10 group
Leverage
200NG
NGN
Yes
13ThinkMarkets3.84
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
500NG
NGN
Yes
14Blueberry Markets3.84
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500NG
NGN
Yes
15NordFX3.84
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
10 group
Leverage
1000NG
NGN
Yes
16Errante3.81
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50
Leverage
1000NG
NGN
Yes
17FIBO Group3.8
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50 group
Leverage
1000NG
NGN
Yes
18FXChoice3.8
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100
Leverage
200NG
NGN
Yes
19TMGM3.77
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
1000NG
NGN
Yes
20Headway3.77
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
1 group
NGN
Yes
21Alpari3.76
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
30
Leverage
3000NG
NGN
Yes
22Doo Prime3.73
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
1000NG
NGN
Yes
23Vantage3.7
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50
Leverage
500NG
NGN
Yes
24XM3.67
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
5 group
Leverage
1000NG
NGN
Yes
25JustMarkets3.67
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10
Leverage
3000NG
NGN
Yes
26Axi3.66
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
500NG
NGN
Yes
27FreshForex3.66
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10
Leverage
2000NG
NGN
Yes
28Fusion Markets3.64
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
4.8
Min deposit, USD
0
Leverage
500NG
NGN
Yes
29FXGT3.64
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
5
Leverage
5000 groupNG
NGN
Yes
30Eightcap3.63
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
500NG
NGN
Yes
31LiteFinance3.63
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Min deposit, USD
50
Leverage
500NG
NGN
Yes
32Moneta Markets3.63
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
1000NG
NGN
Yes
33FXCM3.6
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
50 group
Leverage
400NG
NGN
Yes
34XChief3.55
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
5.5
Min deposit, USD
10
Leverage
1000NG
NGN
Yes
35VT Markets3.51
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
100 group
Leverage
500NG
NGN
Yes
36RoboForex3.49
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
10 group
Leverage
2000NG
NGN
Yes
37Amana Capital3.48
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
50
Leverage
100NG
NGN
Yes
38Scope Markets3.4
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
10 group
Leverage
1000NG
NGN
Yes
39CMTrading3.35
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200NG
NGN
Yes
40FXTM3.33
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3.5
Min deposit, USD
10 group
Leverage
2000NG
NGN
Yes
41Grand Capital3.29
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
10 group
Leverage
500NG
NGN
Yes
42InstaForex3.28
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Min deposit, USD
1
Leverage
1000NG
NGN
Yes
43IronFX3.25
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
18
Min deposit, USD
100
Leverage
1000NG
NGN
Yes
44IG Markets3.14
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
13.6
Min deposit, USD
0 group
Leverage
200NG
NGN
Yes
45Weltrade3.11
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3.1
Min deposit, USD
1
Leverage
2000NG
NGN
Yes
46ForexMart3.06
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
20
Min deposit, USD
15 group
Leverage
500NG
NGN
Yes
47CMC Markets2.98
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Min deposit, USD
0 group
Leverage
200 groupNG
NGN
Yes

How to read this ranking

Start with the figure this page ranks on.
Every row here is ordered by computed score, highest first; unscored brokers follow. A broker that publishes no figure is shown without one rather than guessed at.
Check which company would onboard you.
The same brand can take a resident of Nigeria through a locally licensed entity or an offshore one, and the leverage cap, the complaint route and the protection all follow the entity, not the brand.
Read the cost beside the deposit.
The median round turn across this country is 6.5 USD and the median minimum deposit 20.0 USD; a low deposit beside a wide spread takes the difference back on every trade.

Neighbouring slices(6 rankings · 6 explainers)

Same country

Explained

FAQ

How many brokers qualify for this ranking in Nigeria?: 48 of 81 brokers measured for this country qualify.
Which broker leads it, and on what basis?: FP Markets leads it with a score of 4.12. The order is computed score, highest first; unscored brokers follow.
What does a trade typically cost here?: The median round turn - spread plus commission for one standard lot, in and out - is 6.5 USD across the brokers that publish both parts.
Why do some rows show a dash instead of a figure?: Because the broker does not publish that figure for this country. A dash is a statement about what is published, and a figure is never filled in from a group-wide page as if it applied locally.

How this slice is scored

Slice score = 2 + 3 × weighted mean of the six axes; the swap-free fee and availability feed price and reliability. A missing axis drops out and weights are renormalised; group-wide figures never enter. Full methodology

Verified · What changed · Sources(48 of 81 broker records)

Verified01.10.2026

data re-captured 28.09.2026

Risk warning and affiliate disclosure

CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A swap-free account removes overnight interest, not market risk. We earn a commission on some links; paid rows are marked and never ranked first.