Meristem Stockbrokers 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
- Meristem Stockbrokers Limited
- Local standing
- SEC-regulated domestic; active NGX dealing member
- Licence as the register states it
- SEC Nigeria licensed broker/dealer and issuing house; Active NGX dealing/trading member
- Leverage for this entity
- no retail forex; long-only NGX equities; margin trading offered via MeriTrade (per NGX/SEC margin rules)
- The firm behind it
- Meristem Stockbrokers Limited, subsidiary of Meristem Securities/Meristem group; pioneered online stock trading in Nigeria with MeriTrade (2014); established Lagos-based broker
- What we hold against it
- Established, reputable; 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; long-only NGX equities; margin trading offered via MeriTrade (per NGX/SEC margin rules)
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youSEC-regulated domestic; active NGX dealing 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, online (MeriTrade), advisory, margin trading account. 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://meritrade.com/
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)
- MeriTrade
| Class | Count | Min spread | Leverage |
|---|---|---|---|
| MeriTrade | — | — | —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.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.3 | — |
Share of reviewers in Nigeria: — The platform does not publish it.
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
- Withdrawal in 24 h, one of 71 of 81 brokers here that publish a time
- Safety 100 of 100, its strongest of 5 scored axes
- Round-turn cost not priced: the pair of spread and commission is not published
- Min deposit 10000 USD, over the Nigeria median 20
- 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
- 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
- 7NG
- Min deposit, USD
- 100 groupNG
- Leverage
- 200NG
- Rank in this country
- #3
- Round turn, USD
- 4.2NG
- Min deposit, USD
- 0 groupNG
- Leverage
- 200NG
- Rank in this country
- #4
- 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 | Meristem Stockbrokers |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 65 |
| 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 | 100 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 0 |
Where Meristem Stockbrokers 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 10000 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 Meristem Stockbrokers accept residents of Nigeria?
- Yes. SEC-regulated domestic; active NGX dealing member Onboarding entity: Meristem Stockbrokers Limited
- Is Meristem Stockbrokers licensed to serve clients in Nigeria?
- SEC Nigeria licensed broker/dealer and issuing house; Active NGX dealing/trading member Checked on 11.07.2026.
- Which trading platforms does Meristem Stockbrokers support?
- MeriTrade. Instruments: NGX-listed equities and ETFs; fixed income; mutual funds within Meristem group
- How can I withdraw money from Meristem Stockbrokers in Nigeria?
- bank transfer
- What account types does Meristem Stockbrokers offer?
- brokerage/securities trading account; online (MeriTrade) and advisory; margin trading account
- Does Meristem Stockbrokers offer a swap-free (Islamic) account?
- No. Meristem Stockbrokers publishes no swap-free (Islamic) account for Nigeria.