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 | — | 24 | 3.87 | 2014 | 2 methods · local | |
| 5 | 1 | — | 3.66 | 2019 | 2 methods · local | |
| 6 | — | 48 | 3.39 | 1995 | 1 methods · local | |
| 7 | — | — | 3.36 | 1984 | 1 methods · local | |
| 8 | — | 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 NGN | — | — | 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 |
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
- 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
- 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
- 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 30.0 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.