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Mitrade 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
- Mitrade Holding Ltd
- Local standing
- Not SEC-Nigeria registered; local law requires SEC registration to operate.
- Licence as the register states it
- No SEC Nigeria registration; offshore only.
- Leverage for this entity
- Up to 1:200 on FX (offshore).
- The firm behind it
- CFD broker founded 2011; proprietary platform; FSCA licence targets emerging markets incl. Africa.
- What we hold against it
- No specific SEC-Nigeria alert found at review; withdrawal-complaint pattern noted.
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 youNot SEC-Nigeria registered; local law requires SEC registration to operate.
- 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, min ~USD 20-50. 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 |
|---|---|---|---|
| Card | 24 | 0 | 50 |
| Wire offshore | 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://sec.gov.ng
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (2 methods · 0 local rails)
Local NGN bank/card rails not verified at review;
- Card
- Wire offshore
- Account currency
- USD, AUD, EUR; no NGN account.
- Fee declared
- 2 of 2 methods
- Withdrawal back to
- the funding method
Where it does not serve(8 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)
- Proprietary Mitrade app/web
| Class | Count | Min spread | Leverage |
|---|---|---|---|
| Proprietary Mitrade app/web | — | 0.4 | 200NG |
| All instruments | 400 | — | 200NG |
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 | 4.7 | 644 |
Share of reviewers in Nigeria: — The platform does not publish it.
Pros and cons(2 for and 4 against, each tied to a figure on this page)
- Round turn 4 USD on the standard basis, under the Nigeria median 6.5
- 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
- Withdrawal in 48 h, over the Nigeria median 24
- The published 1:200 comes from the group's offshore entity, not from the Nigeria one
- Platforms 0 of 100, its weakest of 6 scored axes
Alternatives in Nigeria(6 of 81 scored in Nigeria)
- Round turn, USD
- 5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #5
- Round turn, USD
- 5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #38
- Round turn, USD
- 3.5NG
- Min deposit, USD
- 10 groupNG
- Leverage
- 2000NG
- Rank in this country
- #44
- 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
- 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 | Mitrade |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 85 |
| 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 | 10 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 60 |
| 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 | 0 |
Where Mitrade sits in the Nigeria base(81 brokers)
Round-turn cost, USD (57 of 81 priced)
Median 6.5 USD · range 3-20 · this broker 4 USD · 24 of 81 brokers do not publish it
Minimum deposit, USD (29 of 81 priced)
Median 20 USD · range 0-100 · this broker 20 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 1:200 · 28 of 81 brokers do not publish it
Withdrawal time published (81 brokers)
FAQ
- Does Mitrade accept residents of Nigeria?
- No. Not SEC-Nigeria registered; local law requires SEC registration to operate. Onboarding entity: Mitrade Holding Ltd
- Is Mitrade licensed to serve clients in Nigeria?
- No SEC Nigeria registration; offshore only. Checked on 09.07.2026.
- How much does one round turn cost at Mitrade?
- About 4.0 USD per standard lot on EUR/USD. The median across brokers measured for Nigeria is 6.5 USD.
- What leverage does Mitrade offer to retail clients in Nigeria?
- Up to 1:200. Up to 1:200 on FX (offshore).
- Which trading platforms does Mitrade support?
- Proprietary Mitrade app/web. Instruments: 400+ CFDs: FX, indices, commodities, shares, ETFs, crypto.
- How can I withdraw money from Mitrade in Nigeria?
- Local NGN bank/card rails not verified at review; card/wire offshore.
- What account types does Mitrade offer?
- Standard; min ~USD 20-50.
- Does Mitrade offer a swap-free (Islamic) account?
- No. Mitrade publishes no swap-free (Islamic) account for Nigeria.