FxPro's websiteCowrywise 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
- Cowrywise Financial Technology Limited
- Local standing
- SEC-regulated domestic (fund/portfolio manager)
- Licence as the register states it
- SEC Nigeria Fund/Portfolio Management license (first fintech issued this category). Not an NGX dealing member; mutual funds sourced from SEC-licensed asset managers.
- Leverage for this entity
- no retail forex/leverage; savings, mutual funds and long-only holdings
- The firm behind it
- Founded 2017 by Razaq Ahmed and Edward Popoola; Lagos-based; described as the largest aggregator of mutual funds in Nigeria; first fintech granted SEC fund/portfolio-management license
- What we hold against it
- Positive reputation; no SEC enforcement action 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; savings, mutual funds and long-only holdings
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youSEC-regulated domestic (fund/portfolio manager)
- 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: savings, investment account (regular savings, life goals/plans, mutual fund investing, stash/circle). 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 |
| Debit 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://cowrywise.com/blog/cowrywise-sec-license/
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (2 methods · 0 local rails)
bank transfer, debit cards, USSD
- Bank transfer
- Debit cards
- Account currency
- NGN
- Fee declared
- 2 of 2 methods
- Withdrawal back to
- the funding method
Where it does not serve(18 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(3 platforms)
- Cowrywise mobile app (iOS/Android)
- web
| Class | Count |
|---|---|
| Cowrywise mobile app (iOS/Android) | — |
| web | — |
| Shares | 140+ |
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 04.10.2026 | 4.6 | — |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(4 for and 3 against, each tied to a figure on this page)
- Authorised by the Nigeria regulator in its own register
- Withdrawal in 24 h, one of 71 of 81 brokers here that publish a time
- Swap-free account available
- Safety 100 of 100, its strongest of 5 scored axes
- Round-turn cost not priced: the pair of spread and commission is not published
- Platforms 0 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
- 8NG
- Min deposit, USD
- 100NG
- Leverage
- 200NG
- Rank in this country
- #43
- Round turn, USD
- 6NG
- Min deposit, USD
- 20NG
- Leverage
- 200NG
- Rank in this country
- #10
- Round turn, USD
- 7NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #15
- Round turn, USD
- 6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 500NG
- Rank in this country
- #17
- 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 | Cowrywise |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 80 |
| 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 | 100 |
| 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 | 45 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 0 |
Where Cowrywise 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 · 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 Cowrywise accept residents of Nigeria?
- No. SEC-regulated domestic (fund/portfolio manager) Onboarding entity: Cowrywise Financial Technology Limited
- Is Cowrywise licensed to serve clients in Nigeria?
- SEC Nigeria Fund/Portfolio Management license (first fintech issued this category). Not an NGX dealing member; mutual funds sourced from SEC-licensed asset managers. Checked on 11.07.2026.
- Which trading platforms does Cowrywise support?
- Cowrywise mobile app (iOS/Android), web. Instruments: Naira and USD savings; 30+ aggregated mutual funds (money market, fixed income, equity, dollar funds) from SEC-licensed managers
- How can I withdraw money from Cowrywise in Nigeria?
- bank transfer, debit cards, USSD
- What account types does Cowrywise offer?
- savings and investment account (regular savings, life goals/plans, mutual fund investing, stash/circle)
- Does Cowrywise offer a swap-free (Islamic) account?
- Conditional.