FxPro's website
FBNQuest Securities in Nigeria — review, licence and costs
Score (3 of 6 axes scored)
shown, not ranked: only 40% of the weight has data, need 55%
Who actually onboards you
- Entity that onboards Nigeria residents
- FBNQuest Securities Limited (subsidiary of FBN Holdings Plc)
- Local standing
- SEC-regulated domestic; NGX member
- Licence as the register states it
- SEC Nigeria licensed broker/dealer; member of NGX (Nigerian Exchange dealing member)
- Leverage for this entity
- no retail forex/leverage; long-only NGX equities and fixed income
- The firm behind it
- FBNQuest Securities Limited (formerly Premium Securities Limited, established 1991); part of the FBNQuest investment-banking and asset-management arm of FBN Holdings Plc; comprises Securities, Capital, Asset Management, Funds and Trustees businesses
- What we hold against it
- Established bank-backed firm; more institutional/HNW focus, less retail-tailored; 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; long-only NGX equities and fixed income
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youSEC-regulated domestic; NGX member
- 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: brokerage/securities trading account, skews institutional, high-net-worth. 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(1 method)
| Method | Deposit, h | Withdrawal, h | Fee, USD | Min, USD |
|---|---|---|---|---|
| Bank transfer | 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://fbnquest.com/securities/
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (1 methods · 0 local rails)
bank transfer
- Bank transfer
- Account currency
- NGN
- Fee declared
- 1 of 1 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(1 platform)
- FBNQuest Securities brokerage/online trading (web)
| Class | Count | Min spread | Leverage |
|---|---|---|---|
| FBNQuest Securities brokerage/online trading (web) | — | — | —NG |
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.
Pros and cons(2 for and 4 against, each tied to a figure on this page)
- Authorised by the Nigeria regulator in its own register
- Safety 100 of 100, its strongest of 3 scored axes
- Round-turn cost not priced: the pair of spread and commission is not published
- Withdrawal time not published
- Platforms 0 of 100, its weakest of 3 scored axes
- Not scored on reviews, round-turn cost, payouts: the broker publishes no figure we could read
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 4NG
- Min deposit, USD
- 20NG
- Leverage
- 200NG
- Rank in this country
- #20
- Round turn, USD
- 7NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #31
- Round turn, USD
- 9NG
- Min deposit, USD
- 0 groupNG
- Rank in this country
- #47
- Round turn, USD
- 10NG
- Min deposit, USD
- 10 groupNG
- Rank in this country
- #48
- Round turn, USD
- 6NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 500NG
- Rank in this country
- #1
- Round turn, USD
- 6NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 500NG
- Rank in this country
- #17
"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 | FBNQuest Securities |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | — |
| 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 | — |
| 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 | 0 |
— the broker does not publish this figure; it is not read as a zero and it is not scored.
Where FBNQuest Securities 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 FBNQuest Securities accept residents of Nigeria?
- Yes. SEC-regulated domestic; NGX member Onboarding entity: FBNQuest Securities Limited (subsidiary of FBN Holdings Plc)
- Is FBNQuest Securities licensed to serve clients in Nigeria?
- SEC Nigeria licensed broker/dealer; member of NGX (Nigerian Exchange dealing member) Checked on 11.07.2026.
- Which trading platforms does FBNQuest Securities support?
- FBNQuest Securities brokerage/online trading (web). Instruments: NGX-listed equities and fixed income (bonds, treasury bills); investment research
- How can I withdraw money from FBNQuest Securities in Nigeria?
- bank transfer
- What account types does FBNQuest Securities offer?
- brokerage/securities trading account; skews institutional and high-net-worth
- Does FBNQuest Securities offer a swap-free (Islamic) account?
- No. FBNQuest Securities publishes no swap-free (Islamic) account for Nigeria.