FxPro's websiteChaka in Nigeria — review, licence and costs
Score (5 of 6 axes scored)
shown, not ranked: no cost
Who actually onboards you
- Entity that onboards Nigeria residents
- Chaka Technologies (Chaka), owned by Risevest Technologies since Sept 2023; local trades cleared via Citi Investment Capital
- Local standing
- SEC-regulated domestic digital sub-broker
- Licence as the register states it
- SEC Nigeria digital sub-broker licence (first platform to receive it)
- Leverage for this entity
- no retail forex/leverage; long-only equities & ETFs
- The firm behind it
- Nigerian fintech; first to receive SEC digital sub-broker licence; local equities executed through Citi Investment Capital; acquired by Risevest (Sept 2023) and being merged/rebranded with Kenyan sister platform as Hisa; enables Nigerians to invest in US and NGX stocks
- What we hold against it
- not 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 equities & ETFs
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youSEC-regulated domestic digital sub-broker
- 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: Digital brokerage/investment account (app-based). 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(2 methods)
| Method | Deposit, h | Fee, USD | Min, USD |
|---|---|---|---|
| Bank transfer | 24 | 0 | 50 |
| Cards | 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://techcabal.com/2025/07/04/stock-investing-apps-nigerians-are-using-to-trade-in-2025/
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (2 methods · 0 local rails)
Bank transfer, cards (naira funding);
- Bank transfer
- Cards
- Account currency
- NGN
- Fee declared
- 2 of 2 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(2 platforms)
- Chaka mobile app
- web
| Class | Leverage |
|---|---|
| Chaka mobile app | —NG |
| web | —NG |
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
- Min deposit 10 USD, under the Nigeria median 20
- Safety 90 of 100, its strongest of 5 scored axes
- Round-turn cost not priced: the pair of spread and commission is not published
- Withdrawal in 96 h, over the Nigeria median 24
- Platforms 15 of 100, its weakest of 5 scored axes
- Not scored on round-turn cost: 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
- 6NG
- Min deposit, USD
- 20NG
- Leverage
- 200NG
- Rank in this country
- #10
- Round turn, USD
- 6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 500NG
- Rank in this country
- #17
- Round turn, USD
- 3NG
- Min deposit, USD
- 1 groupNG
- Leverage
- unlimited group
- Rank in this country
- #22
- Round turn, USD
- 7NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 1000NG
- Rank in this country
- #23
- Round turn, USD
- 6NG
- Min deposit, USD
- 5NG
- Leverage
- 5000 group
- Rank in this country
- #30
"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 | Chaka |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 35 |
| 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 | 90 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 20 |
| Track record | 10% | Years since the firm was founded, from its own filings | 35 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 15 |
— the broker does not publish this figure; it is not read as a zero and it is not scored.
Where Chaka 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 · this broker 10 USD · 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 Chaka accept residents of Nigeria?
- Yes. SEC-regulated domestic digital sub-broker Onboarding entity: Chaka Technologies (Chaka), owned by Risevest Technologies since Sept 2023; local trades cleared via Citi Investment Capital
- Is Chaka licensed to serve clients in Nigeria?
- SEC Nigeria digital sub-broker licence (first platform to receive it)
- Which trading platforms does Chaka support?
- Chaka mobile app, web. Instruments: NGX-listed Nigerian equities, US equities, global ETFs, Nigerian treasury bills
- How can I withdraw money from Chaka in Nigeria?
- Bank transfer, cards (naira funding); USD for US assets
- What account types does Chaka offer?
- Digital brokerage/investment account (app-based)
- Does Chaka offer a swap-free (Islamic) account?
- No. Chaka publishes no swap-free (Islamic) account for Nigeria.