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FXTM 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
- Exinity Ltd
- Local standing
- Offshore-regulated only; SEC Nigeria does not license retail FX/CFD brokers. (Note: one 2026 review flagged Nigeria as not-available — conflicts with FXTM's Nigeria page; verify current onboarding.)
- Licence as the register states it
- No Nigerian SEC/CBN licence for retail FX (none exists for CFD brokers); served under FSC Mauritius C113012295.
- Leverage for this entity
- Up to 1:2000 on the Mauritius entity.
- The firm behind it
- FXTM founded 2011 Cyprus, Exinity group; long marketing presence in Nigeria.
- What we hold against it
- Popular in Nigeria but no local licence; NGN accounts a plus. Conflicting served-status report — confirm before relying.
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-regulated only; SEC Nigeria does not license retail FX/CFD brokers. (Note: one 2026 review flagged Nigeria as not-available — conflicts with FXTM's Nigeria page; verify current onboarding.)
- 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: Standard/Cent/ECN range + Advantage, Islamic available. 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 |
|---|---|---|---|
| Local Nigerian 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://register.fxtm.info/fxtm-nigeria
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (2 methods · 0 local rails)
Local Nigerian bank transfer, cards;
- Local Nigerian bank transfer
- Cards
- Account currency
- USD, EUR, GBP and NGN (naira accounts offered to Nigerian clients).
- 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(2 platforms)
- MT4
- MT5
| Class | Min spread | Leverage |
|---|---|---|
| MT4 | 1.5 | 2000NG |
| MT5 | 1.5 | 2000NG |
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.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 2.8 | 92 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(5 for and 3 against, each tied to a figure on this page)
- Round turn 3.5 USD on the raw + commission basis, under the Nigeria median 6.5
- Min deposit 10 USD, under the Nigeria median 20
- Withdrawal in 24 h, one of 71 of 81 brokers here that publish a time
- Swap-free account available
- Round-turn cost 100 of 100, its strongest of 6 scored axes
- No Nigeria authorisation on file: the entity that onboards you is licensed elsewhere
- The published 1:2000 comes from the group's offshore entity, not from the Nigeria one
- Reviews 0 of 100, its weakest of 6 scored axes
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 3.1NG
- Min deposit, USD
- 1NG
- Leverage
- 2000NG
- Rank in this country
- #51
- Round turn, USD
- 4.2NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 200NG
- Rank in this country
- #4
- Round turn, USD
- 3NG
- Min deposit, USD
- 1 groupNG
- Leverage
- 500NG
- Rank in this country
- #7
- Round turn, USD
- 3NG
- Min deposit, USD
- 1 groupNG
- Leverage
- unlimited group
- Rank in this country
- #22
- Round turn, USD
- 5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #5
- Round turn, USD
- 6NG
- Min deposit, USD
- 50NG
- Leverage
- 500NG
- Rank in this country
- #24
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 | FXTM |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 0 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 100 |
| 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 | 75 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
Where FXTM sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 3.5 USD · 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 · this broker 1:2000 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does FXTM accept residents of Nigeria?
- No. Offshore-regulated only; SEC Nigeria does not license retail FX/CFD brokers. (Note: one 2026 review flagged Nigeria as not-available — conflicts with FXTM's Nigeria page; verify current onboarding.) Onboarding entity: Exinity Ltd
- Is FXTM licensed to serve clients in Nigeria?
- No Nigerian SEC/CBN licence for retail FX (none exists for CFD brokers); served under FSC Mauritius C113012295. Checked on 09.07.2026.
- How much does one round turn cost at FXTM?
- About 3.5 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does FXTM offer to retail clients in Nigeria?
- Up to 1:2000. Up to 1:2000 on the Mauritius entity.
- Which trading platforms does FXTM support?
- MT4, MT5. Instruments: FX, indices, commodities, stock CFDs, limited crypto CFDs.
- How can I withdraw money from FXTM in Nigeria?
- Local Nigerian bank transfer, cards; local processors for naira deposits.
- What account types does FXTM offer?
- Standard/Cent/ECN range + Advantage; Islamic available.
- Does FXTM offer a swap-free (Islamic) account?
- Yes. FXTM offers a swap-free (Islamic) account to Nigeria residents.