FxPro's websiteA local licence or an offshore one: the difference
A broker can take clients in Nigeria in two ways: through a company licensed by the SEC here, or through a company licensed somewhere else. Both happen, and the second is not the same as being unregulated.
What changes is where you stand if something goes wrong. A locally licensed entity is answerable to the SEC and to the complaint route that comes with it; an offshore entity is answerable to its own regulator, in its own jurisdiction, under its own compensation rules - which may be generous, limited, or absent.
The ten below hold a local licence. The brokers that do not are not hidden: they have their own page, because the question a reader asks is usually about one named firm.
Licensed in Nigeria, or not (81 of 81)
Affiliate links: we earn a commission; it never changes scores or order. CFDs are high-risk and leverage can lose you money rapidly.
Key facts (17 of 81 counts · 75 brokers onboarding Nigerian residents)
Top 3
A local licence or an offshore one: the difference (17 of 81)
| # | Broker | Min deposit, USDNG | Withdrawal, hNG | Score | Founded | Funding |
|---|---|---|---|---|---|---|
| 1 | — | — | 4.38 | 2008 | 1 methods · local | |
| 2 | 10000 NGN | 24 | 4.18 | 2003 | 1 methods · local | |
| 3 | — | — | 4.11 | 2007 | 1 methods · local | |
| 4 | 1 group | 24 | 3.87 | 2014 | 2 methods · local | |
| 5 | 1 | — | 3.66 | 2019 | 2 methods · local | |
| 6 | 10 | 48 | 3.39 | 1995 | 1 methods · local | |
| 7 | — | — | 3.36 | 1984 | 1 methods · local | |
| 8 | 10 | 96 | 3.3 | 2019 | 2 methods · local | |
| 9 | — | — | — | 1979 | 1 methods · local | |
| 10 | — | — | — | 2006 | 1 methods · local | |
| 11 | — | 3 | — | 2016 | 3 methods · local | |
| 12 | 0 | — | — | 1991 | 1 methods · local | |
| 13 | 10 | 24 | — | 2018 | 2 methods · local | |
| 14 | — | — | — | 2003 | 1 methods · local | |
| 15 | — | 24 | — | 1991 | 1 methods · local | |
| 16 | — | — | — | 2008 | 1 methods · local | |
| 17 | — | 24 | — | 2012 | 1 methods · local |
"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.
The ten above illustrate the term. SEC-regulated brokers in Nigeria lists every broker that qualifies, with the figure each one publishes.
Identical for every row, so it is stated once: Who onboards Local · SEC Nigeria · Swap-free fee none, no limit · NGN account Yes · Execution —.
What the data shows(17 of 81 distributions · 75 brokers)
Swap-free availability (17 of 81 brokers)
Admin fee after the free period (17 of 81 swap-free)
Who onboards Nigerian residents (17 of 81 brokers)
NGN account (17 of 81 brokers)
Who grants the leverage figure (59 of 81)
Full list(17 of 81)
- 1CardinalStone Securities4.38
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- NGN
- Yes
- 2Meristem Stockbrokers4.18
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- Min deposit, USD
- 10000 NGN
- NGN
- Yes
- 3Cordros Securities4.11
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- NGN
- Yes
- 4Risevest3.87
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- Min deposit, USD
- 1 group
- NGN
- Yes
- 5Bamboo3.66
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- Min deposit, USD
- 1
- NGN
- Yes
- 6Afrinvest Securities3.39
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- Min deposit, USD
- 10
- NGN
- Yes
- 7EFG Hermes Nigeria3.36
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- NGN
- Yes
- 8Chaka3.3
- Onboards
- Local · SEC Nigeria
- Swap-free
- none, no limit
- Min deposit, USD
- 10
- NGN
- Yes
How to read the ten below
- Start with the figure this page ranks on.
Every row here is ordered by computed score, highest first; unscored brokers follow. A broker that publishes no figure is shown without one rather than guessed at.
- Check which company would onboard you.
The same brand can take a resident of Nigeria through a locally licensed entity or an offshore one, and the leverage cap, the complaint route and the protection all follow the entity, not the brand.
- Read the cost beside the deposit.
The median round turn across this country is 6.5 USD and the median minimum deposit 20.0 USD; a low deposit beside a wide spread takes the difference back on every trade.
Neighbouring slices(6 rankings · 5 explainers)
FAQ
- How many brokers qualify for this ranking in Nigeria?
- 17 of 81 brokers measured for this country qualify.
- What does a trade typically cost here?
- The median round turn - spread plus commission for one standard lot, in and out - is 6.5 USD across the brokers that publish both parts.
- Why do some rows show a dash instead of a figure?
- Because the broker does not publish that figure for this country. A dash is a statement about what is published, and a figure is never filled in from a group-wide page as if it applied locally.
- Why are only ten brokers shown here?
- This page explains the term; the ten illustrate it. The full ranking lists 17 of 81 and is one click away.
How this slice is scored
Slice score = 2 + 3 × weighted mean of the six axes; the swap-free fee and availability feed price and reliability. A missing axis drops out and weights are renormalised; group-wide figures never enter. Full methodology
Verified · What changed · Sources(17 of 81 broker records)
Risk warning and affiliate disclosure
CFDs are complex instruments with a high risk of losing money rapidly due to leverage. A swap-free account removes overnight interest, not market risk. We earn a commission on some links; paid rows are marked and never ranked first.