Funding in NGN: why the local method matters

A broker that accepts NGN by a local method takes the currency conversion out of the deposit and usually out of the withdrawal too. Where it does not, every deposit and every withdrawal pays a conversion, and that cost never appears in a spread table.

The method also sets the speed. A local bank transfer or instant EFT settles in hours; a card refund to a foreign acquirer and an international wire are measured in days, and the delay lands on the withdrawal, which is when it is felt.

The ten below publish a local funding method for Nigeria.

How brokers take money in Nigeria (75 of 81)

74Bank transfer

60Cards

28Crypto

25Skrill

23E-wallets

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 (42 of 81 counts · 75 brokers onboarding Nigerian residents)

42of 81

qualify for this ranking

52% of 81

19of 42

scored on all six axes

45% of 42

57of 81

publish a price

70% of 81

53of 81

publish a leverage figure for this country

65% of 81

Top 3 (of 3 ranked)

1OctaFX4.07highest score of the three · not licensed by cbn or nigerian sec; ret · withdrawal in 3 h 2FxPro4.07unregulated locally; sec nigeria does no · withdrawal in 3 h 3AMarkets3.98cheapest priced of the three · unregulated locally; offshore only · withdrawal in 24 h

Funding in NGN: why the local method matters (42 of 81)

By slice score, formula v1.0. · 42 of 75 brokers in this ranking · all 42

#	Broker	Round turn, USDNG	Min deposit, USDNG	Leverage	Withdrawal, hNG	Score	Execution	Founded	Funding
1	CardinalStone Securities	—	—	—stated, not verified	—	4.38	—	2008	1 methods · local
2	Meristem Stockbrokers	—	10000 NGN	—stated, not verified	24	4.18	—	2003	1 methods · local
3	Cordros Securities	—	—	—stated, not verified	—	4.11	—	2007	1 methods · local
4	OctaFX	9	25 group	1000 groupNG	3	4.07	ECN/raw + standard	2011	1 methods · local
5	FxPro	7	100 group	200NG	3	4.07	ECN/raw + standard	2006	4 methods · local
6	Exinity	4	30	2000NG	24	4.02	ECN/raw + standard	1998	2 methods · local
7	AMarkets	5	100 group	3000NG	24	3.98	ECN/raw + standard	2007	7 methods · local
8	HFM	6	0 group	2000NG	24	3.92	ECN/raw + standard	2010	8 methods · local
9	Risevest	—	—	—stated, not verified	24	3.87	—	2014	2 methods · local
10	AvaTrade	9	100 group	400 groupNG	24	3.81	Standard	2006	3 methods · local
11	Headway	3	1 group	—stated, not verified	0.5	3.77	ECN/raw + standard	2023	4 methods · local
12	Alpari	8	30	3000NG	24	3.76	ECN/raw + standard	1998	6 methods · local
13	Doo Prime	7	0 group	1000NG	24	3.73	ECN/raw + standard	2014	4 methods · local
14	Vantage	6	50	500NG	72	3.7	ECN/raw + standard	2020	6 methods · local
15	JustMarkets	6	10	3000NG	48	3.67	ECN/raw + standard	2012	3 methods · local
16	Axi	7	0 group	500NG	48	3.66	ECN/raw + standard	2007	5 methods · local
17	FreshForex	6	10	2000NG	0.17	3.66	ECN/raw + standard	2004	5 methods · local
18	Bamboo	—	1	—stated, not verified	—	3.66	—	2019	2 methods · local
19	FXGT	6	5	5000 groupNG	72	3.64	ECN/raw + standard	2019	5 methods · local
20	LiteFinance	—	50	500NG	24	3.63	ECN/raw + standard	2005	4 methods · local
21	FBS	13	5 group	3000NG	24	3.63	Standard	2009	3 methods · local
22	Milton Prime	—	300 group	500NG	1	3.61	—	2015	4 methods · local
23	FXCM	7.5	50 group	400NG	72	3.6	ECN/raw + standard	1999	5 methods · local
24	Trade Nation	6	0	200NG	120	3.41	Standard	2014	3 methods · local
25	Afrinvest Securities	—	—	—stated, not verified	48	3.39	—	1995	1 methods · local
26	EFG Hermes Nigeria	—	—	—stated, not verified	—	3.36	—	1984	1 methods · local
27	CMTrading	8	100	200NG	72	3.35	ECN/raw + standard	2012	6 methods · local
28	FXTM	3.5	10 group	2000NG	24	3.33	ECN/raw + standard	2011	3 methods · local
29	Chaka	—	—	—stated, not verified	96	3.3	—	2019	2 methods · local
30	InstaForex	—	1	1000NG	7	3.28	ECN/raw + standard	2007	4 methods · local
31	NAGA	15	250 group	1000NG	24	3.18	Standard	2015	8 methods · local
32	Weltrade	3.1	1	2000NG	120	3.11	ECN/raw + standard	2006	4 methods · local
33	ForexMart	20	15 group	500NG	48	3.06	ECN/raw + standard	2015	6 methods · local
34	CSL Stockbrokers	—	—	—stated, not verified	—	—	—	1979	1 methods · local
35	FBNQuest Securities	—	—	—stated, not verified	—	—	—	2006	1 methods · local
36	PiggyVest	—	—	—stated, not verified	3	—	—	2016	3 methods · local
37	Stanbic IBTC Stockbrokers	—	0 NGN	—stated, not verified	—	—	—	1991	1 methods · local
38	Trove	—	10	—stated, not verified	24	—	—	2018	2 methods · local
39	Vetiva	—	—	—stated, not verified	—	—	—	2003	1 methods · local
40	APT Securities and Funds	—	—	—stated, not verified	24	—	—	1991	1 methods · local
41	ARM Securities	—	—	—stated, not verified	—	—	—	2008	1 methods · local
42	United Capital Securities	—	—	—stated, not verified	24	—	—	2012	1 methods · local

Ten are shown; the button opens the rest.

"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 broker does not publish this figure; it is not read as a zero and it is not scored.

Trade Nation publishes a retail leverage of 1:200 without naming the entity that grants it, so the figure is marked group and left out of the leverage ranking and median.

The ten above illustrate the term. Brokers with local payment methods 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.

1. OctaFX — highest score of the three · not licensed by cbn or nigerian sec; ret · withdrawal in 3 h (score 4.07)

Round turn: 9 USD
Withdrawal: 1-3 hours
NGN account: USD/EUR; no NGN base account verified.
Leverage: 1000 groupNG
Accepts residents: through an offshore entity
Onboarding entity: Octa Markets Ltd
Founded: 2011
Register: https://octabroker.com · 09.07.2026
Group leverage: offshoregroup
Instruments: FX, metals, indices, commodities, crypto & stock CFDs.
Platforms: MT5cTraderWebTradingView
Funding: Naira local bank transfer commonly cited; verify at signup.
Not served: Russia, Cyprus, Belarus, Kazakhstan, Ukraine, Puerto Rico, United States, U.S. Virgin Islands, U.S. Outlying Islands, American Samoa, Northern Mariana Islands, Guam

Reviews25%90
Round-turn cost20%80
Safety10
Payouts15%98
Track record10%75
Platforms65

Why it ranks here

Round turn 9 USD against the slice median 6.5 USD. strongest axis payouts 98 of 100. total score 4.07.

Watch for

Payouts axis 58 of 100; e-wallet times not published.

Full review of OctaFX

2. FxPro — unregulated locally; sec nigeria does no · withdrawal in 3 h (score 4.07)

Round turn: 7 USD
Withdrawal: within a few hours
NGN account: NGN-denominated accounts reported; also USD, EUR, GBP.
Leverage: 200NG
Accepts residents: through an offshore entity
Onboarding entity: FxPro Markets Direct Costa Rica Latam SRL
Founded: 2006
Register: https://fxscouts.ng/broker/fxpro · 09.07.2026
Group leverage: offshore
Instruments: FX, indices, shares, metals, energies, crypto CFDs.
Platforms: MT5MT4Web
Funding: Local NGN bank transfers, Visa/Mastercard debit cards, e-payments, crypto.
Not served: United States of America, Iran

Why it ranks here

Round turn 7 USD against the slice median 6.5 USD. strongest axis track record 100 of 100. total score 4.07.

Watch for

Min deposit 200 USD, double the Nigeria median of 50; withdrawal time not published.

Full review of FxPro

3. AMarkets — cheapest priced of the three · unregulated locally; offshore only · withdrawal in 24 h (score 3.98)

Why it ranks here

Round turn 5 USD against the slice median 6.5 USD. strongest axis round-turn cost 100 of 100. total score 3.98.

Watch for

Onboards Nigerian residents through an offshore entity: no SEC Nigeria licence, no SEC Nigeria complaints route, no NGN account.

Full review of AMarkets

What the data shows(42 of 81 distributions · 75 brokers)

Swap-free availability (42 of 81 brokers)

Offered30Not offered14

Admin fee after the free period (42 of 81 swap-free)

Never16After 3–30 days9not published5

Who onboards Nigerian residents (42 of 81 brokers)

Local SEC Nigeria entity20Offshore entity24

NGN account (42 of 81 brokers)

Yes16No23not published5

Minimum deposit, USD (60 of 81 · median 20 USD)

45<100

13100-200

1200-300

1300-400

0400+

Full list(42 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
4OctaFX4.07
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
25 group
Leverage
1000 groupNG
NGN
Yes
5FxPro4.07
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
100 group
Leverage
200NG
NGN
Yes
6Exinity4.02
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
4
Min deposit, USD
30
Leverage
2000NG
NGN
Yes
7AMarkets3.98
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
5
Min deposit, USD
100 group
Leverage
3000NG
NGN
Yes
8HFM3.92
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0 group
Leverage
2000NG
NGN
Yes
9Risevest3.87
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
NGN
Yes
10AvaTrade3.81
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
9
Min deposit, USD
100 group
Leverage
400 groupNG
NGN
Yes
11Headway3.77
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3
Min deposit, USD
1 group
NGN
Yes
12Alpari3.76
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
30
Leverage
3000NG
NGN
Yes
13Doo Prime3.73
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
1000NG
NGN
Yes
14Vantage3.7
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
50
Leverage
500NG
NGN
Yes
15JustMarkets3.67
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10
Leverage
3000NG
NGN
Yes
16Axi3.66
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7
Min deposit, USD
0 group
Leverage
500NG
NGN
Yes
17FreshForex3.66
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
10
Leverage
2000NG
NGN
Yes
18Bamboo3.66
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Min deposit, USD
1
NGN
Yes
19FXGT3.64
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
5
Leverage
5000 groupNG
NGN
Yes
20LiteFinance3.63
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Min deposit, USD
50
Leverage
500NG
NGN
Yes
21FBS3.63
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
13
Min deposit, USD
5 group
Leverage
3000NG
NGN
Yes
22Milton Prime3.61
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Min deposit, USD
300 group
Leverage
500NG
NGN
Yes
23FXCM3.6
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
7.5
Min deposit, USD
50 group
Leverage
400NG
NGN
Yes
24Trade Nation3.41
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
6
Min deposit, USD
0
Leverage
200NG
NGN
Yes
25Afrinvest Securities3.39
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
NGN
Yes
26EFG Hermes Nigeria3.36
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
NGN
Yes
27CMTrading3.35
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
8
Min deposit, USD
100
Leverage
200NG
NGN
Yes
28FXTM3.33
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3.5
Min deposit, USD
10 group
Leverage
2000NG
NGN
Yes
29Chaka3.3
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
NGN
Yes
30InstaForex3.28
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Min deposit, USD
1
Leverage
1000NG
NGN
Yes
31NAGA3.18
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
15
Min deposit, USD
250 group
Leverage
1000NG
NGN
Yes
32Weltrade3.11
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
3.1
Min deposit, USD
1
Leverage
2000NG
NGN
Yes
33ForexMart3.06
Onboards
Local · SEC Nigeria
Swap-free
none, no limit
Round turn, USD
20
Min deposit, USD
15 group
Leverage
500NG
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)

Same country

Explained

FAQ

How many brokers qualify for this ranking in Nigeria?: 42 of 81 brokers measured for this country qualify.
Which broker leads it, and on what basis?: OctaFX leads it with a score of 4.07. The order is computed score, highest first; unscored brokers follow.
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 42 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(42 of 81 broker records)

Verified01.10.2026

data re-captured 28.09.2026

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.