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Harmattan Desk
82 brokers measured47 pricedmedian 6.0 USDformula v1.0Data captured 03.10.2026Some links are partner links. They never change a score or a position.
Kwame OtienoKwame Otieno AuthorLerato MensahLerato Mensah EditorTebogo AchebeTebogo Achebe Fact-checkerScore recalculated 03.10.2026

How to verify a broker licence in Nigeria

Licence numbers on file
13
Brokers in base
82
Without a local licence
64
Checked
2026-10-03

Four checks, in this order

1. Find the number, not the badge. A logo is not a licence. The broker pages here print the licence number we found, or say plainly that none is published for this country.2. Read it in the register. Open the regulator's own register and search the number. The regulator for Nigeria and its register are named on every broker page we publish.3. Check the name on the licence against the name on the contract. This is where most of the confusion lives: the brand you signed up with and the entity on the client agreement are often different companies in different countries. Our entity column exists for this reason.4. Check the permissions, not just the presence. A firm can be on a register for one activity and not for the one it is selling you.

What goes wrong locally

Common scam patterns: unregistered 'forex/investment' platforms and Ponzi schemes promising guaranteed returns, promoted via WhatsApp, Telegram, TikTok, Instagram, Facebook, plus fake 'account manager'/copy-trade solicitations; SEC repeatedly warns to verify operators on its register. KYC documents: National Identification Number (NIN) and/or government photo ID (national ID card, passport or driver's licence), Bank Verification Number (BVN), and proof of address (recent utility bill or bank statement).

Brokers here without a local licence

Showing 25 of 82 brokers that onboard Nigeria residents.
BrokerOnboarding entityMax leverage
BlackBull MarketsBBG Limited500.0geo
EightcapEightcap Global Limited500.0geo
Fusion MarketsNigerian retail clients are onboarded under 500.0geo
PepperstonePepperstone Markets Ltd200.0geo
Trade NationTrade Nation Ltd200.0geo
AlpariParlance Trading Ltd3000.0geo
BDSwissNigerian clients are onboarded under the off2000.0geo
CMC MarketsCMC Markets does not list Nigeria among its no data
Capital.comNigerian clients are served under the offsho200.0geo
FP MarketsFP Markets LLC500.0geo
FXGTGT Global Ltdno data
LiteFinanceLiteFinance Global LLC500.0geo
Moneta MarketsMoneta Markets Ltd1000.0geo
Plus500Not applicable - Plus500 does not accept Nigno data
TMGMTrademax Global Ltd1000.0geo
ThinkMarketsTF Global Markets Int Ltd500.0geo
VantageVantage Global Limited500.0geo
XMXM Global Limited1000.0geo
XTBXTB does NOT serve Nigeria - Nigeria is not no data
ActivTradesNigerian clients onboarded offshore under Ac200.0geo
FBSFBS Markets Inc3000.0geo
HFMHF Markets (SV) Ltd2000.0geo
IG MarketsIG International Ltd200.0geo
JustMarketsJust Global Markets Ltd3000.0geo
MitradeMitrade Holding Ltd200.0geo

FAQ (2)

How do I check a broker licence in Nigeria?

Common scam patterns: unregistered 'forex/investment' platforms and Ponzi schemes promising guaranteed returns, promoted via WhatsApp, Telegram, TikTok, Instagram, Facebook, plus fake 'account manager'/copy-trade solicitations; SEC repeatedly warns to verify operators on its regi

The broker shows a licence from another country. Does it count?

It means a foreign entity regulates that company, not that it is authorised to serve Nigeria residents. The two are different questions and the broker page names which entity signs the client.