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The 9 Best Prop Firms in Nigeria for 2024
Swen Keller
Best for Overnight and Weekend Trading
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This article lists the best proprietary trading firms in Nigeria by taking into consideration each prop firm’s pros and cons, security measures, and unique features.
We created our list of the best Forex prop firms in Nigeria by diving deep into user reviews of all Forex prop firms, analyzed expert opinions, and got first-hand experience of each platform.
Best Prop Firms in Nigeria: Our Take
That said, our hands-on experience with the prop trading firms in Nigeria revealed that Instant Funding is the top choice for Forex prop firms in the country.
The prop firm offers instant funds to traders in the country, this eliminates the need to undergo evaluation phases for access to real capital and offers quick payouts on its profit splits.
Partnered with ThinkMarkets broker, Instant Funding, unlike regular prop trading firms in Nigeria, does not require challenge or verification phases before giving traders access to real funds.
From day one, the prop firm gives traders trading capital though with low-profit splits of up to 70%. However, these low-profit splits can be scaled up to 90% as you achieve consistent profits.
Aside from its no verification phases, Instant Funding when compared to other prop trading firms offers quick payouts that can be requested in 7 days of schedule achieving profit.
Key Features of Instant Funding
Smart Drawdown 2.0
Unlike some Forex prop firms that use the regular trailing drawdown, Instant Funding uses a smart drawdown that employs a -10% threshold and does not move from there till the trader has made a significant profit.
At that point, the drawdown will shift just once.
Instant Funding Security
Instant Funding is not a regulated financial institution so the prop firm does not hold users’ funds.
It also encrypts all user data and requires all traders to undergo KYC verification.
User accounts are secured with two-factor authentication and strong passwords.
Pros
- Offers funding without challenge phases
- Weekly payouts
- Smart drawdown
Cons
- Low initial profit split
- High fee for access to the largest funding account
SurgeTrader - Best Prop Firm in Nigeria for One-Phase Evaluation
This is a prop trading firm that stands out from most prop trading firms in Nigeria for offering a one-phase evaluation process rather than 2 phases as is the common practice.
This resonates with the prop firm’s mission of accelerating trader funding.
The profit split of the prop firm starts at 75% for the trader but can be increased up to 90% with an add-on fee.
That said, SurgeTrader offers up to $1,000,000 in trading capital and leverage that gets up to 20:1 but starts at 10:1.
Key Features of SurgeTrader
No Time Limit
Our in-depth analysis of this prop firm, SurgeTrader, revealed that the funding platform does not require traders to complete the one-step evaluation phase within a specified timeframe.
This gives forex and crypto traders a more relaxed trading environment for hitting the mandated profit target.
SurgeTrader Security
SurgeTrader is partnered with ThinkMarkets, a regulated broker, and all trading accounts are managed via the financial services company.
The prop firm also does not store users’ data as such information is only retained as long as it is necessary.
User data that isn’t needed is deleted.
Pros
- Only one evaluation stage
- Partnered with a regulated broker
- Does not store users' data longer than required
Cons
- Low leverage
- Low initial profit split
Blue Guardian - Best Prop Firm in Nigeria for Relaxed Trading Rules
Founded in 2019 and headquartered in England, Blue Guardian is one of the best Forex prop firms in Nigeria. It’s on this list for the free hand it gives traders.
Blue Guardian supports several trading strategies that most prop firms do not support; this includes news trading, overnight/ weekend trading, the use of expert advisors, trade copiers, etc.
Blue Guardian supports the trading of Forex, gold, Forex exotics, crypto, indices, and commodities.
The Blue Guardian evaluation fees range from $87 to $947.
This fee is refundable after the trader becomes a funded trader on the prop firm. Blue Guardian offers an industry average profit split of 85% with a maximum leverage of 1:1000.
It offers 2 challenge phases with varying profit targets. The profit target for Phase 1 is 8% while that of Phase 2 is 4%.
Key Features of Blue Guardian
Guardian Protector
This is Blue Guardian’s built-in equity protector that helps to protect the equity of traders and also manages risk. Guardian Protector is a risk management tool.
It closes all your trades once your daily loss amount reaches the set percentage.
Guardian Protector is available to all Blue Guardian traders free of charge.
Blue Guardian Security
Our detailed research and testing of this Prop trading firm indicate that Blue Guardian is a legitimate prop firm in Nigeria with several security measures in place to ensure a secure trading environment and the protection of traders’ data.
Blue Guardian does not hold users’ money and does not receive any investment from traders.
Users’ accounts are protected with password and identification code and private information are securely stored to prevent unauthorized access and misuse.
Pros
- Supports the use of Expert Advisors and trade copiers
- Relaxed trading rules
- High-profit splits
Cons
- Limited support channels
Fidelcrest - Best Prop Firm For High Trading Capital
Fidelcrest is a prop trading firm available to users across the globe including Nigerians. It is one of the top prop firms that offer large trading capital to prop traders. It offers trading capital up to €2,000,000 with high-profit splits of 80% to 90%. The percentage of the split is dependent on the trading strategy used.
Fidelcrest offers 2 challenge phases with a profit target of 10%.
The prop firm’s evaluation fees range from €999 to €3,499.
Fidelcrest is not suitable for beginners as it has stricter trading rules than most of the other prop firms. It frowns at automated trading, the use of Expert advisors, news trading, etc.
Key Features of Fidelcrest
Demo Trading
Prop traders in the country have access to demo trading on Fidelcrest which enables them to trade using predefined rules during the evaluation phase.
With the demo account, you can trade all available instruments and perform all supported transactions.
Fidelcrest offers different types of demo accounts, this is often determined by the trading conditions of the trading platform that you selected.
All the trading rules on Fidelcrest must be adhered to during demo trading.
Once you pass the challenge within the specified trading period, you will get funded and start trading on the actual prop trading account.
Fidelcrest Security
Our detailed first-hand scrutiny of this prop firm showed that it is legit and safe to use. Aside from being a registered prop firm, Fidelcrest has also won several awards in the industry.
The Prop Firm has a robust security system that includes the storage of users’ data in an encrypted database, a strict KYC verification process, to prevent the use of the platform for money laundering services, and the safe destruction of any user information that is no longer needed.
Pros
- Good customer support
- Suitable for advanced traders
- High maximum trading capital
- It offers demo trading
Cons
- Strict trading rules
- Customer dissatisfaction with payouts
FTMO - Best Prop Firm with a Large Selection of Trading Apps
FTMO is headquartered in the Czech Republic but is available to prop traders in Nigeria. It is one of the few Forex prop firms in Nigeria with loose trading restrictions.
You can trade several instruments on FTMO. Available trading instruments include Forex, Indices, Stocks, Commodities, Crypto, Metals CFD, Futures, Cash CFD, Equities CFD, Cash CFD, and custom instruments.
The maximum Funded Capital on FTMO is $400,000 while the evaluation fees range from €155 to €1,080.
FTMO offers 2 challenges; Step 1 which is the evaluation phase and Step 2, the verification stage.
That said the profit target is $1,000 for Step 1 and $500 for Step 2, this is unlike the percentage-based profit target used by other prop firms.
As already stated, FTMO has loose trading restrictions, it supports news trading for acceptable trading strategies.
Key Features of FTMO
FTMO Trading Apps
FTMO offers several trading apps and tools that you can use to enhance your trading experience on the platform.
Available trading apps on FTMO include Account MetriX for monitoring your progress, a statistical app for viewing number-based possibilities of market behavior, an account analysis tool, an equity simulator, a Mentor App, and a trading journal.
FTMO Security
FTMO is an award-winning prop trading firm registered by the municipal court in Prague, Czech Republic.
Just like most prop firms, it is not regulated by any financial regulatory body because it does not hold clients’ funds.
The prop firm has organizational and technical measures in place to ensure that users’ data are protected from unauthorized access, alteration, and disclosure.
Pros
- High-profit splits
- Low-profit targets
- Loose trading restrictions
Cons
- Challenging evaluation process
The Funded Trader - Best Prop Firm For Simulated Trading
Funded Trader is a US-based prop firm available to prop traders in Nigeria and several other countries worldwide.
You can trade on this proprietary trading platform. Available instruments include Forex, commodities, indices, and crypto (BTC, BCH, ETH, & LTC).
The Funded Trader offers a maximum funding capital of $400,000, but you can scale up to $1,500,000.
The prop firm offers 2 challenge phases, Phase 1 and Phase 2. The profit target for Phase 1 is $32,000 while the profit target for Phase 2 is $20,000. With a high-profit split of 90%.
The evaluation fee is $1,869.
While The Funded Trader stands out for its limited trading restrictions, it is not a prop trading firm for beginners.
It also allows the use of EAs with certain restrictions for some challenges.
Key Feature of The Funded Trader
Simulated Trading
The Funded Trader has a demo account that allows prop traders to trade with virtual funds using real market quotes from liquidity providers.
The Prop Firm supports simulated trading for all available instruments.
The Funded Trader Security
The Funded Trader is a registered prop trading firm that complies with all applicable laws.
It is not regulated by any financial regulatory body because it is just a demo trading evaluation company, not a broker.
The Funded Trader protects users’ data and personal information using security measures like the encryption of stored data to prevent unauthorized access and the protection of users’ accounts with passwords.
Pros
- High-profit splits
- It offers up to $1,500,000 in trading capital through scaling
- Limited trading restrictions
Cons
- No educational resources
- Slow customer service
FundedNext - Best Prop Firm For Overnight and Weekend Trading
FundedNext is a UAE-based prop trading firm that gives traders in the country a lot of freedom and reasonable trading conditions.
It is one of the best forex prop firms for overnight trading, weekend trading, and the use of Expert advisors on all funding models.
With FundedNext, you can access a maximum of $200,000 in trading capital.
It supports the trading of Forex currencies, commodities, and Indices.
Unlike most prop firms, FundedNext does not support crypto trading instruments.
FundedNext offers an initial profit share of 15% during assessment, this can be increased to 90% depending on your performance.
Evaluation Fees cost between $49 to $999.
Key Features of FundedNext
FundedNext Economic Calendar
The economic Calendar is a collection of previous and upcoming global announcements, impactful events, and world news that can impact the financial market.
The economic Calendar makes it easy for you to determine the profitable time to trade certain assets and prevent loss due to unfavorable events.
FundedNext Security
FundedNext is a registered prop trading firm that has several security measures in place to prevent fraud and trading malpractices.
The firm uses sophisticated algorithms and machine learning techniques to identify and flag potential signs of fraud or tampering.
It also stores users’ data in an encrypted database and has several technical and organizational safeguards in place to protect users’ data from unauthorized access, disclosure, modification, or destruction.
Pros
- Good customer service
- Supports the use of Expert Advisors
- Relaxed trading rules
Cons
- No crypto trading instruments
- High slippage
Funded Trading Plus - Best Prop Firm in Nigeria for Low Minimum Withdrawals
This proprietary trading firm made it on our list of the best forex prop trading firms in Nigeria for its low minimum withdrawals.
The proprietary trading firm allows traders to request a payout after hitting $50 in profit.
It also does not have waiting days for requesting a withdrawal rather you can request for one from the first day you join the funding program.
That said, Funded Trading Plus offers funding of up to $250,000 and profit splits starting from 80%.
Key Features of Funded Trading Plus
Copy Trading
One of the outstanding features of Funding Trading Plus is that it allows users to copy their accounts to another Funded Trader Plus account belonging to them.
This makes it easy for traders to execute winning strategies quickly without having to manually set it up.
Funded Trading Plus Security
Funded Trader Plus is partnered with Australian-regulated broker EightCap.
It is also registered in the United Kingdom as a prop firm and secures user data via encryption to prevent unauthorized access.
Pros
- Low minimum withdrawal amount
- Supports copy trading
- Allows hedging techniques on the same account
Cons
- Low maximum funding capital
- Tight trading conditions
TopTier Trader - Best Prop Firm in Nigeria for Convenient Payouts
TopTier Trader made it on this list of the best prop trading firms in Nigeria for its convenient payout methods, which include cryptocurrencies like Ethereum, USDC, and Bitcoin as well as support for Wise payments.
That said, the proprietary trading firm offers up to $300,000 in virtual funds and allows users to scale up their profit splits from 80% to 90%.
TopTier Trader also has no time limits and virtual profit targets.
Key Features of TopTier Trader
Scalable Profit Splits
TopTier offers scalable funding plans that allow you to increase your profit split and funding amount by gaining consistent profit.
Traders can increase their profit splits to up to 90% and get up to $300,000 in trading capital. That said, this initial maximum can be increased to $2,000,000.
TopTier Trader Security
This prop firm uses the Secure Socket Layer (SSL) to encrypt the personal data of customers and prevent bad actors from gaining access to user data.
Pros
- Supports cryptocurrency withdrawals
- Scalable profit splits
- No time limits for passing evacuation
Cons
- The low initial maximum capital
- Limited trading platforms
| PROP FIRM | PROFIT SPLITS | MAX. FUNDED CAPITAL | ACCOUNT FEES | TRADING PLATFORMS | N.OF CHALLENGES | TRADABLE INSTRUMENTS | EA ALLOWED | MAX. LEVERAGE | PROFIT TARGET |
|---|---|---|---|---|---|---|---|---|---|
| Instant Funding | Up to 90/10% | $2,500,000 | From $79 to $3,460 | MT4, MT5 | N/A | Forex, cryptocurrency, Metals, and Indices | Yes | 1:100 | Up to 10% |
| SurgeTrader | Up to 90% | Up to $1,000,000 | $250 to $6,500 | MT4, MT5 | 1 per audition | Forex, select equity indices, stocks, oil, metals and crypto | Yes, but with limited use | 1:20 | 10% |
| Fidelcrest | Between 80% to 90% | Up to €2,000,000 | €999 to €3,499 | Fidelcrest trading platform | 2 | Forex, indices, metals, commodities, and stocks | No | 1:100 | 10% |
| Funded Trading Plus | From 70% to 90% | Up to $250,000 | $119 to $4,500 | MT4, MT5 | 2 | Forex, indices, commodities, and crypto | Yes | 1:100 | N/A |
| TopTier Trader | Up to 90% | Up to €2,000,000 | $130 to $1,399 | MT4, MT5 | 2 | Forex, indices, commodities, and crypto | Yes, but with limited use | 1:100 | Up to 10% (tier 1) |
| Blue Guardian | 85% | $200,000 | $87 to $947 refundable fee | MT4, MT5 | 2 | Forex, Forex exotics, gold and commodities, cryptocurrency, and indices | Yes | 1:100 | 8% (phase 1) and 4% (phase 2) |
| FTMO | 90% | $400,000 | From €155 to €1080 | MT4, MT5, cTrader | 2 FTMO challenges (Step 1 evaluation and Step 2 Verification) | Forex, indices, stocks, commodities, crypto, metals CFD, futures, cash CFD, equities CFD, and custom instruments | Yes | 1:100 | $1000 (Step 1) and $500 (Step 2) |
| FundedNext | 15% for assessment but can be scaled to 90% | $200,000 | $49 to $999 | MT4, MT5 | 2 | Forex currencies, commodities, and indices | Yes | 1:100 | 15% for 2 phases |
| The Funded Trader | 90% | $400,000 (scale up to $1,500,000) | $1,869 | MT4, MT5 | 2 | Forex, commodities, indices, and crypto (BTC, BCH, ETH, & LTC). | Yes | 1:100 | $32,000 for phase 1 and $20,000 for phase 2 |
What is a Proprietary Trading Firm?
A prop firm is a financial company that gives traders access to trading capital in exchange for a profit split.
Advantages and Disadvantages of Trading with Prop Trading Firms
The advantages of trading with prop trading firms include access to larger trader capital for increased profit. On the other hand, the disadvantage is that prop trading firms may have tight trading rules and slow payouts.
How to Choose the Right Prop Firm?
To choose the right prop firm you need to consider the following parameters:
- Maximum profit split
- Evaluation fees if applicable
- Tradable instruments
- Maximum leverage
- Profit target
Final Thoughts
In wrapping up our exploration of the top prop firms in Nigeria, it’s clear that Instant Funding stands out as our premier choice. Its model of quick payouts and the potential to scale profit splits up to 90% presents a compelling case for both novice and seasoned traders seeking a streamlined path to trading success. While other firms offer their unique strengths, Instant Funding’s blend of efficiency, security measures, and trader-friendly policies positions it as the go-to option for those looking to maximize their trading potential in Nigeria’s dynamic Forex market.
For traders seeking additional autonomy and a broader selection of trading tools, diving into our page listing the top 10 Trading Platforms in Nigeria may prove beneficial. This guide is tailored for those contemplating alternatives to prop firms, offering a glimpse into platforms that provide enhanced freedom, direct market access, and a suite of features to independently navigate the Forex landscape.
FAQ
Most frequent questions and answers
The best proprietary firm depends on what you’re looking for.
For example, if you’re searching for high trading capital then you’d want to go for a prop firm that offers that. Alternatively, if you want instant funding then you need to choose a no-evaluation firm like Instant Funding.
Both Instant Funding and The Funded Trading Plus offer fast withdrawals.
Instant Funding is the best proprietary trading firm with no time limit.
Depending on the service and account size you wish to trade, you will need on average anywhere from $40 to $5,000.
We always try to provide the most accurate information available, and make sure our team follow through.
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