Review Main Banner Review

Overall, is a well-known worldwide online broker for retail FX and CFD traders. In February 2020, StoneX Group Inc. bought GAIN Capital Holdings, a holding company that includes the popular City Index, an online CFD and spread betting provider, along with Daniels Trading, a futures advice trading business. is currently not regulated by the CBN.

Updated : June 3, 2023

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005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

002 candlestick

Range of Markets

007 fees


001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question


Overall Rating

Min Deposit

USD 100 / 41450 NGN



Trading Desk



Total Pairs


Islamic Account


Trading Fees


Account Activation Time

24 Hours at a Glance

🏛️ HeadquarteredSouth Africa
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2012
📱 Nigerian Office Contact NumberNone
⚖️ RegulationFSA, FSCA
🔎 License NumberSeychelles – SD070
South Africa – 2013/045335/07 and FSP 38782
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States, Hong Kong, Israel, EU regions
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts4
📊 PAMM AccountsNo
📊 Liquidity ProvidersAnonymous
💰 Affiliate ProgramYes
📊 Crypto trading offered?Yes
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:200
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)41,700 Nigerian Naira (equivalent to $100)
💳 Nigerian Naira Deposits Allowed?Yes
💰 Active Nigerian Trader Stats1.3 million
📈 Active Nigerian-based CM Trading customersUnknown
💰 Nigeria Daily Forex Turnover370,000+
💳 Deposit and Withdrawal OptionsBank Wire Transfer
Bank Transfer
Electronic Fund Transfer (EFT)
Credit Card
Debit Card
Local Mobile Money Cryptocurrencies
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsMetaTrader 4, CM Trading Web, CopyKat, Expert Advisors, Trading apps
💰 Tradable AssetsCurrency trading
• Stocks
• Indices
• Cryptocurrencies
• Commodities
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNone
👨‍💼 Languages supported on WebsiteEnglish, Arabic
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansNone
✴️ Education for Nigerian beginnersYes
📊 Proprietary trading softwareYes
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is CM Trading a safe broker for Nigerians?Yes
✔️ Rating for CM Trading Nigeria8/10
✔️ Trust score for CM Trading Nigeria91%
👉 Open an account👉 Open Account Overview Review Overview

👉 According to research in Nigeria, GAIN Capital Holdings’, launched in 2001, is a well-known worldwide online broker for retail FX and CFD traders.


👉 In February 2020, StoneX Group Inc. bought GAIN Capital Holdings, a holding company that includes the popular City Index, an online CFD and spread betting provider, along with Daniels Trading, a futures advice trading business.


👉 Traders throughout the world can rely on to provide them with an exceptional trading experience. Even though does not have a local office in Lagos, Nigeria, or regulation through the Central Bank of Nigerian (CBN), the broker has a high level of trustworthiness.


👉 An extensive selection of markets is available, as well as access to MetaTrader through a restricted number of proprietary platforms. has created its own trading platform via the use of advanced technologies, and it is currently one of the greatest alternatives for customers seeking access to the most popular currencies and other trading products in the world.


👉 Gain Capital and one of its subsidiaries,, have achieved enormous success and worldwide recognition during their successful business and global expansion. This review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.


Distribution of Traders

👉 The global distribution of traders for is as follows:

➡️️​ United States – 48%

➡️️​ Canada – 6.5%

➡️️​ Japan – 4.7%

➡️️​ United Kingdom – 4%

➡️️​ Turkey – 3.1%


Popularity among traders who choose

🥇 does not have a significant market share in Nigeria but the broker still forms part of the Top 100 brokers that accept Nigerian traders.


Regulation and Safety of Funds Review Regualtion

👉 Per the Cayman Islands Monetary Authority’s Securities Investment Business Law of the Cayman Islands (as updated), is the trading name of GAIN Global Markets Inc. The Forex market is the world’s biggest and most liquid. Because of its scale and extent, the market’s regulation faces difficulties.


👉 Market regulators are responsible for overseeing forex by creating criteria to which all brokers within their authority are held accountable.


👉 is fully compliant with the norms of its regulatory organizations and be financially honest and safe. We are licensed in seven jurisdictions throughout the globe, and the broker assists over 200,000 traders in over 180 countries via a network of offices.


👉 As a publicly listed corporation satisfying the highest standards of corporate governance, financial reporting and transparency, StoneX Group Inc. is the official parent company of


👉 Subsequently, is regulated as follows:

➡️ The United States – by the National Futures Association (NFA), as well as the Commodities Future Trading Commission (CFTC).

➡️ The United Kingdom – the Financial Conduct Authority (FCA)

➡️ Australia – The Australian Securities and Investments Commission (ASIC)

➡️ Japan – The Financial Services Agency (FSA)

➡️ Canada – The Investment Industry Regulatory Organization of Canada (IIROC)

➡️ The Cayman Islands – Cayman Islands Monetary Authority (CIMA)

➡️ Hong Kong – The Securities and Futures Commission (SFC)

➡️ Singapore – The Monetary Authority of Singapore (MAS)

Account Types and Features Review Account Types

👉 offers Nigerian traders a choice between three retail investor accounts, each catering for different types of traders according to their trading styles and level of experience. The live trading accounts offered are:

➡️ Standard Account

➡️ Commission Account

➡️ Direct Market Access (DMA) Account Review Live Trading Accounts


Live Trading Accounts

Standard Account

👉 This account is a basic and traditional account that offers average spread pricing and a conventional currency trading experience.


Account FeatureValue
💳 Initial Minimum Deposit (₦)41,000 NGN equivalent to $100
📊 Average Spreads on Major Forex PairsFrom 0.2 pips EUR/USD
💸 Typical Spreads1.3 pips EUR/USD
💰 Forex Commissions per round turnNone
💵 Commissions on Indices per round turnNone
🔨 Trading Tools offered?Yes, integrated trading tools
🚀 Market CommentaryYes
📊 Market AnalysisYes
⚙️ Advanced Charting Tools offered?Yes, and more than 80 technical indicators
📈 Fast Trade Execution?

Yes, Execution Scorecard
💵 Price Improvement?Yes, with limit orders
💸 Cash Rebates?Yes, 15%
🚦 Forex Trading SignalsYes
📲 Market Strategist AccessYes
📊 Active Trader ProgramNo
📈 Top-Tier LiquidityNo
💵 Spread splitsNo


Commission Account

👉 This account offers some of the tightest spreads and fixed commissions, allowing traders to calculate their profits and/or losses more accurately.


Account FeatureValue
💳 Initial Minimum Deposit (₦)41,000 NGN equivalent to $100
📊 Average Spreads on Major Forex PairsFrom 0.2 pips EUR/USD
💸 Typical Spreads
💰 Forex Commissions per round turnNone
💵 Commissions on Indices per round turn$5 per 100,000 traded (standard lot)
🔨 Trading Tools offered?Yes, integrated trading tools
🚀 Market CommentaryYes
📊 Market AnalysisYes
⚙️ Advanced Charting Tools offered?Yes, and more than 80 technical indicators
📈 Fast Trade Execution?

Yes, Execution Scorecard
💵 Price Improvement?Yes, with limit orders
💸 Cash Rebates?Yes, 15%
🚦 Forex Trading SignalsYes
📲 Market Strategist AccessYes
📊 Active Trader ProgramYes, 15% with the chance to earn $10 per million Forex traded in monthly trading volume
📈 Top-Tier LiquidityNo
💵 Spread splitsNo


DMA Account

👉 This account type is specifically designed to serve high-volume forex traders who need more control over their trading conditions. 


Account FeatureValue
💳 Initial Minimum Deposit (₦)41,000 NGN equivalent to $100 (with a recommended balance of 10,400,000 NGN equivalent to $25,000)
📊 Average Spreads on Major Forex PairsFrom 0.3 pips EUR/USD
💸 Typical Spreads1.3 pips EUR/USD
💰 Commissions chargesDepends on trading volume
🔨 Trading Tools offered?Yes, integrated trading tools
🚀 Market CommentaryYes
📊 Market AnalysisYes
⚙️ Advanced Charting Tools offered?Yes, and more than 80 technical indicators
📈 Fast Trade Execution?

Yes, Execution Scorecard
💵 Price Improvement?Yes, with limit orders
💸 Cash Rebates?Yes
🚦 Forex Trading SignalsYes
📲 Market Strategist AccessYes
📊 Active Trader ProgramYes
📈 Top-Tier LiquidityYes
💵 Spread splitsYes


Demo Account Review Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 


👉 There is a certain degree of risk involved when trading financial markets and offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.


👉 Demo accounts are available to traders for a wide range of uses, from using it as a practice account to a risk-free platform for testing trading strategies. In addition to the standard account, traders may establish a demo account on MetaTrader 4, MetaTrader 5, or both.


👉 Nigerian traders must note that the demo account is only offered for 90 days, after which it will expire. After a demo account has expired, it cannot be reactivated.


Islamic Account Review Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.


👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.


👉 There is an option to convert any of’s active trading accounts to an Islamic Account. Aside from not incurring any extra costs when switching to an Islamic Account, Nigerian traders can anticipate a wide range of perks depending on the account type.

Account Registration Review Account Registration

👉 accepts online applications for new accounts. During the online application, Nigerian traders must provide their name, address, birth date, and tax ID number, allowing to validate the trader’s identification.


👉 Traders must note that will always try to verify the trader’s identity right away, but if the broker is unsuccessful, customer support let the trader know and ask for further information.


👉 As part of registration, customers’ source of funds must be verified as part of’s Customer Due Diligence (‘CDD’) procedure. To comply with anti-money laundering and fraud prevention legislation, traders cannot skip this step.


👉 Subsequently, the broker may ask for a copy of the trader’s most recent bank or credit card statement. At least 100 units of the trader’s chosen base currency must be deposited once account registration is complete.


👉 To properly control trading account risk and provide traders more freedom, suggest that traders deposit at least $1,000 with the initial deposit.


👉 As part of the “Know Your Customer,” identity verification papers include, but are not limited to, the following:

➡️ Valid and updated passports (national or international)

➡️ Motor vehicle registration certificate

➡️ National ID Card that is valid and up to date


👉 After a thorough evaluation, other forms of identification could be requested by Internal periodic checks may need extra documentation in compliance with the broker’s overall regulatory requirements.


👉 When Nigerian traders provide proof of their residential address, they can upload any of the following documents:

➡️ Utility bill

➡️ A bank or building society, credit card statement

➡️ A council taxation bill

➡️ A local government address registration certificate Vs OANDAVs BDSwiss – Broker Comparison


📱 Trading Platform• MetaTrader 4
• MetaTrader 5
• Platform
• MetaTrader 4
• MetaTrader 5
• OANDA Mobile
• MetaTrader 4
• MetaTrader 5
• BDSwiss Mobile
• BDSwiss Web
💰 Withdrawal FeeNoNone41,000 NGN ($100)
📈 Demo AccountYesYesUp to 1:1000
📊 Min Deposit41,000 NGN0 NGNYes, <100 EUR withdrawals
💰 LeverageUp to 1:4001:200
💳 SpreadFrom 0.3 EUR/USDVariable, from 0.1 pipsFrom 0.3 pips
✴️ Commissions$5 per $100k traded16,680 NGN$2 to $5
💳 Margin Call/Stop-OutNone indicatedStop-out from 50%50%/20%
📊 Order ExecutionMarketMarketInstant/Market
💰 No-Deposit BonusNoNoNo
💰 Cent AccountsNoNoIn Progress
📊 Account Types• Standard Account
• Commission Account
• DMA Account
• Standard Account
• Core Account
• Swap-Free Account
• Classic Account
• Premium Account
• VIP Account
• RAW Account
⚖️ CBN RegulationNoNoNo
💵 NGN DepositsNoYesNo
💳 Nigerian Naira AccountNoNoNo
👥 Customer Service Hours24/524/524/5
🛍 Retail Investor Accounts334
☪️ Islamic AccountYesYesYes

Trading Platforms Review Trading Platforms

👉 offers the following trading platforms:

➡️ Platform

➡️ MetaTrader 4

➡️ MetaTrader 5


👉 Professional trading platforms offered by are tailored to fulfill the requirements of traders of all skill levels. Nigerian traders can choose a trading platform that meets their unique trading needs, trading strategy, or objectives.


👉 Each platform is intended to give great speed and performance while ensuring that traders have complete control over their overall trading experience. To ensure maximum performance, versatility, and speed, the sophisticated desktop trading platform has been designed.


👉 To suit the demands of active traders, it offers a wide range of capabilities, including completely customizable layouts, trade preferences and one-click trading as well as comprehensive charting features and the ability to develop proprietary indicators.


👉 An intuitive user interface with complete trading capabilities, sophisticated charting, smart trade tickets, extensive risk management choices, pre-defined and customizable layouts, impressive charts, and integrated trading tools are all part of the robust web-based platform offered by


👉 There is no need to miss any market movement while using the mobile trading platforms.


👉 Using an iPhone or Android smartphone, traders can access all TradingView’s extensive trading capabilities, risk management choices, comprehensive charting and real-time analysis, integrated fund management, and more. This gives Nigerian traders a complete trading experience right at their fingertips.


👉 In is the biggest MT4 broker in the world, providing traders with access to specialized customer service and exclusive trading tools.


👉 MT4 is recognized by many as one of the most popular and user-friendly online trading platforms, therefore making it a good platform for beginner traders. It also contains enough additional features to please the most seasoned traders.


👉 MetaTrader 4’s successor, MetaTrader 5 preserves all the core features and functions that made MT4 so successful, with expanded capabilities. There are additional time frames, order types, indicators, tools, and easy market searches in this updated and improved edition of MetaTrader.


👉 Subsequently, Nigerian traders have unlimited access to a wide range of markets that consist of stocks, FX, cryptos, commodities, indices, and others.

Range of Markets

👉 offers a wide range of markets that are spread across these asset classes:

➡️ Forex

➡️ Indices

➡️ Stocks

➡️ Commodities

➡️ Precious Metals

➡️ Cryptocurrencies

➡️ Energies


Broker Comparison for Range of Markets

ACY SecuritiesCM TradingRoboForex
🔨 Precious MetalsYesYesNo
💰 ETFsNoNoNo
📊 CFDsYesYesYes
📈 IndicesYesYesYes
💵 StocksYesYesYes
💳 CryptocurrencyYesYesYes
💰 OptionsNoNoNo
💸 BondsNoYesNo
🔋 EnergiesYesYesYes

Trading and Non-Trading Fees Review Trading Fees



👉 The spreads that traders can expect when they trade through are as follows:

➡️ Standard Account – Average spreads from 0.2 pips EUR/USD and typical spreads from 1.3 pips EUR/USD

➡️ Commission Account – from 0.2 pips EUR/USD

➡️ DMA Account – Average spreads from 0.3 pips EUR/USD and typical spreads from 1.3 pips EUR/USD



👉 The commissions that Nigerian traders can expect will depend on the trading account that they use.

➡️ Standard Account – None

➡️ Commission Account – $5 per 100,000 traded


👉 The DMA Account charges standard commissions with the option of earning discounts according to the trading volume. For instance, if $350 million is traded in a single month, traders will pay $50 in the following month. If the trader executes trades to the value of $550 million in the second month, they will pay $50 per million traded in the third month.


👉 If the trader trades $600 million in the third month, their commission charges will be reduced to $40 for the fourth month, according to the 3-month rolling average of the trading volume.


Overnight Fees, Rollovers, or Swaps Review Rollover Fees

👉 charges currency conversion fees of 0.5% in addition to applying an inactivity fee when a live trading account becomes dormant after 12 consecutive months. The fee that will be deducted from the account is $15 per month until the account balance reaches zero.


Deposit and Withdrawal Fees

👉 AvaTrade does not charge any deposit fees or withdrawal fees. However, Nigerian traders may be subject to processing fees that are charged by their bank or financial institution depending on the deposit method they use, for which AvaTrade cannot be held liable.


👉 In addition, because AvaTrade does not natively offer the Nigerian Naira as a base currency, Nigerian traders may be subject to currency conversion fees on deposits and trading activities.

Deposits and Withdrawals Review Deposits And Withdrawals

👉 offers the following deposit and withdrawal methods:

➡️ Credit Card

➡️ Debit Card

➡️ Bank Wire Transfer

➡️ Neteller

➡️ Skrill Education and Research Review Education and Research

👉 The Educational Materials offered by include:

➡️ Trading Concepts

➡️ Risk Management Guides

➡️ Technical Analysis

➡️ Fundamental Analysis

➡️ Trading Strategies

➡️ Trading Topics

➡️ Glossary

➡️ Trading Courses (Beginner, intermediate, advanced)

➡️ What is Forex?

➡️ Chart Basics

➡️ Developing a Trading Plan


👉 The Research Topics and tools offered by include:

➡️ The Latest Research

➡️ Market Insights

➡️ Trade Ideas

➡️ Pivot Points

➡️ Economic Calendar

➡️ Week Ahead Reports

➡️ Webinars

➡️ Popular Topics Section

How To Minimize Risk While Trading? 

How To Minimize Risk While Trading? 

1. Use Stop Losses

👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.


👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.


👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.


2. Use Proper Lot Sizes

👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.


👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.


3. Control Your Losses

👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.


👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.


4. Use Leverage Carefully

👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.


5. Choose The Time Of Day That You Trade

👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.


👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.


👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.


6. Buy The Rumor, Sell The News

👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.


👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.

Alternative Brokers to

Alternative Brokers to

➡️ TD Ameritrade

➡️ AvaTrade 

➡️ ACY Securities


➡️ Pepperstone

➡️ Webull

All About’s Rebate System

All About's Rebate System

👉 As an Active Trader client, you can earn cash rebates on your monthly trade volume. Our new and improved scheme means you automatically receive monthly cash rebates when you trade a minimum of $50M in a calendar month.


👉 We’ll also consider bespoke rebate schemes for Active Trader clients on a case-by-case basis – contact your dedicated Relationship Manager for more details. Affiliate Program Review Affiliate Program


👉 The affiliate program that offers is provided through GAIN Capital. Nigerians can earn up to $650 through the CPA and benefit from:

➡️ Great commission rates

➡️ Working with a regulated brand

➡️ Accessing strong conversion journeys


👉 Nigerians who register to become an affiliate will have access to a dedicated affiliate support team, some of the best creative material, innovative affiliate software, and more.

Verdict on

👉 Because of its focus on rapid, dependable execution, is well-suited for high-volume traders looking to save money on their trades by earning rebates.


👉 It provides a wide range of financial instruments and commissions that are competitive with the industry, as well as many account kinds, a variety of user interfaces, and a wealth of information and tools for investors. While customer assistance is readily accessible and sufficient, the website’s poor upkeep reveals a distinct lack of focus.


👉 The fact that is a globally recognized online broker since it is regulated by the NFA, CFTC, and FCA gives credence to this statement.


👉 However, the lack of negative balance protection and guaranteed stop losses in the United States is a little worrying, considering that the former provides customers with peace of mind while the latter provides a practical risk management tool in unpredictable market circumstances.


👉 Overall, meets all the criteria for being a good broker. However, the overall feeling is that it might be so much better if the key income producer, the traders, and investors, were given more attention. Pros and Cons

✔️ Pros❌ Cons is regulated in several regions globally, including the United StatesInactivity fees apply to dormant accounts
There are user-friendly platforms offeredThere is a currency conversion fee charged has an execution scorecardNigerian traders do not have local deposit or withdrawal methods
There are commission-free trading accounts offeredNigerian traders cannot deposit in Naira
Direct Market Access (DMA) Account offeredThere is no Naira-denominated account offered
There is a range of trading tools and educational materials
There is a dedicated market strategist provided
An active trader program is offered

Frequently Asked Questions


Is a fake or scam?

No, is not a fake or scam broker as it regulated by the NFA, CFTC, FCA, ASIC, FSA, IIROC, CIMA, SFC, and MAS.

Does offer leverage and what is the maximum ratio offered?

Yes, offers leverage up to 1:400.

Does charge commissions per trade?

Yes, charges commissions from $5 per 100,000 traded.

What is the overall rating for out of 10?

The overall rating for is 8/10

Is suitable for beginner and professional traders?

Yes, is ideal for both beginners and professional traders.

9.6/10 - (12 votes)