1,062 broker-country pairs measured448 brokers20 countriesformula v1.0recalculated no datadata re-captured no dataupdated 1 day agoAffiliate links never change scores.
ARM Securities in NG — review, licence and costs
COChiamaka Okafor author
DMDaniel Mercer editor
TATunde Adeyemi fact-checker
score recalculated 01.10.2026
Cost calculator (47 of 82 accounts · median of 82 priced)
Who actually onboards you(47 of 82 local and 1 offshore entity in the group)
- Sign-up from a Nigeria addressRouted to Nigeria Ltd by residence, not by IP.
- KYC by Nigeria LtdNIN and proof of address.
- Contract with the LtdSEC Nigeria rules apply; complaints go to SEC Nigeria.
- Client moneySegregated with a Nigeria bank; bank name no data
Local entityUsed for Nigerian residents
- ARM Securities (Nigeria) Ltd, SEC Nigeria SEC/RC/2021/071
- Retail leverage 1:50NG
- Negative balance protection: yes
Offshore entityNot used for Nigerian residents
- Halden Global Ltd, FSA Seychelles
- Leverage 1:1000group
- No SEC Nigeria complaints route
If the sign-up form ever lands you on the Seychelles entity, the SEC Nigeria licence above does not cover your account.
Leverage by entity (47 of 82 of 82 entities stated)
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Nigerian residents enters the score.
Local entity · onboards youLocal entitylocal · SEC Nigeria licence no data
1:500NG
Nigeria median, local entities: 1:50 · 18 of 20 statedApplies to youLocal entity · onboards youOffshore entityoffshore · SEC Nigeria licence no data
1:1000NG
Nigeria median, local entities: 1:50 · 18 of 20 statedApplies to youScale from 1:10 to 1:3000, logarithmic.
Client protection (47 of 82 of 82 stated)
- Local entity onboards youSEC-regulated domestic stockbrokerclient agreement §4.2 · page
- Segregated client fundsno dataclient agreement §4.2 · page
- Negative balance protectionno dataclient agreement §4.2 · page
- Investor compensation schemeno dataclient agreement §4.2 · page
- Regulator warning on filenone foundclient agreement §4.2 · page
“no data” 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 47 of 82 of 82)
Round turn, 1 lot EURUSD, spread plus commission, USD
| Instrument | Halden Raw, USD | Halden Std, USD | Nigeria median raw | Nigeria median std | Priced |
|---|---|---|---|---|---|
| EURUSD | 6.20 | 11.40 | 9.20 | 13.90 | 17 / 30 |
| EURUSD | 6.20 | 11.40 | 9.20 | 13.90 | 17 / 30 |
| EURUSD | 6.20 | 11.40 | 9.20 | 13.90 | 17 / 30 |
| EURUSD | 6.20 | 11.40 | 9.20 | 13.90 | 17 / 30 |
| EURUSD | 6.20 | 11.40 | 9.20 | 13.90 | 17 / 30 |
| EURUSD | 6.20 | 11.40 | 9.20 | 13.90 | 17 / 30 |
Medians run over the brokers that publish a Nigeria price, never over all 44. Group-wide prices are excluded.
Accounts(47 of 82 types)
| Account | Min deposit, USD | EURUSD spread, pips | Commission, USD | Leverage | Swap | Currencies |
|---|
Swap-free account terms (47 of 82 terms · 5 stated)
| Term | Halden, Nigeria |
|---|
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Payouts(47 of 82 of 82 methods timed)
| Method | Deposit, h | Withdrawal, h | Fee, USD | Min, USD |
|---|
Taxes for a Nigerian resident(47 of 82 rules · as of 10.2026)
- Trading profits are taxable and must be declared to the Nigeria Revenue Service (NRS, formerly FIRS).https://www.arm.com.ng/securities/page
Not tax advice. Check with the FIRS.
Deposit and withdrawal methods (47 of 82 methods · 2 local)
- Bank transfer; other methods not verified at reviewlocal
- Deposit
- instant
- Withdrawal
- deposit only
- Fee
- no data
- Account currency
- NGN
- Fastest withdrawal
- no data h NG
- Fee declared
- 4 of 6 methods
- Withdrawal back to
- the funding method
Where it does not serve(47 of 82 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(47 of 82 of 82 platforms confirmed · 6 asset classes)
- MT5
- no data
- cTrader
- no data
- Web terminal
- no data
- Mobile app
- no data
- Copy trading
- no data
- TradingView
- no data
| Class | Count | Min spread | Leverage |
|---|
Reviews(47 of 82 platform · 25% of the score)
4.2/ 5
Trustpilot rating
1,384
reviews
28.09
snapshot, 2026
5 star64%
4 star14%
3 star6%
2 star4%
1 star12%
| Snapshot | Rating | Reviews |
|---|
Share of reviewers in Nigeria: no data The platform does not publish it.
Topics in 1-star reviews (47 of 82 reviews, snapshot 28.09.2026)
Withdrawal delays41 · 25%
Verification (KYC)33 · 20%
Slippage22 · 13%
Support response19 · 11%
Other51 · 31%
Pros and cons(47 of 82 + 5, each tied to a figure above)
For
- Raw round turn 6.20 USD vs Nigeria median 9.20
- SEC Nigeria licence SEC/RC/2021/071, active on 01.10.2026
- NGN account; bank withdrawal 24 h, fee 0
- Swap-free with no admin fee; ranked #1 of 30
- One of 6 of 44 brokers that publish a withdrawal time
Against
- Payouts axis 58 of 100, the lowest of six
- Min deposit 100 USD vs 10 at Tidemark
- E-wallet withdrawal time and fee not published
- Group site advertises 1:1000, unavailable to Nigerian residents
- Gold round turn 9.80 USD; 3 brokers price it lower
Alternatives in Nigeria(47 of 82 of 82)
Methodology(47 of 82 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 | Halden |
|---|
Where Halden sits in the Nigeria base(47 of 82 brokers)
Round-turn cost, USD (47 of 82 of 82 priced)
2<6.5
26.5–7.5
27.5–8.5
38.5–9.5
39.5–10.5
110.5–11.5
4≥11.5
Highlighted: Halden Raw at 6.20
Minimum deposit, USD (47 of 82 of 82 priced)
9<25
925–99
10100
3101–299
4≥300
Highlighted: Halden at 100 · Nigeria median 50
Retail leverage (47 of 82 of 82 with a Nigeria figure)
11≤1:30
71:50
51:51–200
61:201–400
10>1:400
1 group-only figure excluded · 4 no data
Withdrawal time published (47 of 82 brokers)
Published, hours6No data38Halden is one of the 6
FAQ(47 of 82 questions)
Verified · What changed · Sources(47 of 82 sources · 4 changes)
Verified01.10.2026
next review 01.01.2027
What changed
Sources · precision