Nigeria is experiencing tremendous growth in its online trading environment, as mobile adoption and internet penetration connect more Nigerians to international trading platforms. Nigerian traders face similar obstacles and challenges to their global counterparts, with a lack of capital commonly hindering progress. However, the best prop firms in Nigeria can help skilled traders unlock their potential.
Learn about the pros and cons and how to choose a prop trading account in Nigeria by reading my comprehensive review before you pay for an evaluation challenge.
- Rocket21, A community of 50M+ traders with payouts of $4M+.
- fundedprime, Portfolio scaling up to a maximum of $800,000 per trader.
- Lionheart Funding, A three-phase evaluation with a 6%-5%-4% profit target.
- Profitex, A generous 7% daily loss limit with a 10% maximum drawdown.
Top Prop Trading Firms with NGN Accounts
Rocket21
In Summary A community of 50M+ traders with payouts of $4M+Rocket21 is one of the most active prop trading firms and caters to a community of 50K+ traders with $4M+ in profit share payouts. Prop traders can choose from seven funded accounts from $5,000 for a $59 evaluation fee. In addition, there are three distinct account configurations, placing Rocket21 among the best prop firms in Nigeria.
Traders can scale their portfolios after three consecutive profitable months with an upper limit of $2M. All accounts are with Eightcap, which ensures competitive trading conditions, including Forex commissions of $7.00 per 1.0 standard lot, $3 for metals, and commission-free costs for indices, cryptocurrencies, and oil.
Pros & Cons
- Innovative product offering including its Revive feature, Scaling plan and various add-on options
- There is no time limit during the evaluation process.
- A reasonable minimum evaluation fee of $59
- Maximum profit share up to 90%
- Limited operational history
fundedprime
In Summary Portfolio scaling up to a maximum of $800,000 per traderProp traders can choose from five funded accounts from $10,000 for a $65 evaluation fee with an $800,000 maximum portfolio. All accounts are with well-known global brokerage Eightcap, where traders get a well-balanced asset selection of 800+ assets, deep liquidity, fast order execution, and low fees. Therefore, I rank Fundedprime among the best prop firms in Nigeria.
Fundedprime has a two-step verification process with a 10%-5% profit target, a maximum daily drawdown of 5%, and a maximum drawdown of 10%. Prop traders must trade at least three days per evaluation stage to pass the challenge without an upper limit.
Pros & Cons
- Cryptocurrency withdrawals
- There is no time limit during the evaluation process.
- Maximum profit share up to 80%
- Trading via the platforms of trusted Australian brokerage Eightcap
- Limited operational history
Lionheart Funding
In Summary A three-phase evaluation with a 6%-5%-4% profit targetLionheart maintains the most competitive evaluation challenge rules with a 6% profit target, a 4% daily drawdown limit, an 8% maximum drawdown, and no minimum trading day requirements. It places Lionheart highly among the best prop firms in Nigeria. Prop traders can choose from seven funded account options from $5,000 for a $49 evaluation fee, which remains the cheapest paid-for evaluation.
Lionheart partnered with Eightcap to ensure prop traders have competitive trading conditions and features four distinct challenge types. While Lionheart allows traders to use algorithmic trading solutions to pass evaluation challenges, they cannot use them in funded accounts.
Pros & Cons
- Trading via the platforms of trusted Australian brokerage Eightcap
- Low minimum evaluation fee
- Fast payouts, usually within 24 hours
- Profit share of 90%
- Limited operational history
Profitex
In Summary A generous 7% daily loss limit with a 10% maximum drawdown100K+ funded traders managed 1.2M+ simulated capital at Profitex. Traders must trade at least three days during the challenge and ten days to qualify for a payout. The profit target is 10%, with a 5% daily drawdown limit and a 10% maximum drawdown. Therefore, I rank Profitex among the best prop firms in Nigeria for conservative traders, as it restricts or bans many popular trading strategies.
Prop traders can choose from five funded accounts from $15,000 for a $129 evaluation fee and manage a maximum of $600,000. Profitex has a one-step verification challenge, and all accounts are with Eightcap.
Pros & Cons
- Offers trusted Australian broker, Eightcap's trading platform
- Cryptocurrency withdrawals
- There is no time limit during the evaluation process
- Maximum profit share up to 80%
- Limited operational history
How to Choose a Prop Trading Account in Nigeria
Prop traders should evaluate the trading environment at the best prop firms in Nigeria to ensure they receive a competitive edge.
Prop traders should look for the following:
1. Reputation - I recommend traders avoid newly established prop firms, as prop firms are unregulated but duly registered businesses. Reviews may help, but traders should approach them cautiously and avoid reviewers without a history.
2. Trading Costs—Trading fees depend on the prop firm’s partner broker and need to be competitive. Traders must consider the recurring monthly subscription fees at US-based prop firms. Non-US prop firms have one-time evaluation fees, making them significantly more cost-effective.
3. Trading Platform - The most available platforms are MT4, MT5, TradeLocker, and DXtrade. Some offer proprietary trading platforms or alternative third-party providers.
4. Profit Share - Traders should ignore all prop firms with a profit split below 80% and favor 90%+.
5. Asset Selection - The prop firms and their partner broker determine the asset selection.
6. Trading Strategies - Some prop firms have no restrictions, while others restrict or prefer select strategies.
7. Support - Since trading with a prop firm involves a contract and receiving payouts, I only recommend prop firms with fast, responsive customer support available 24/5.
8. Payouts - The best prop firms in Nigeria allow cryptocurrency transactions with fast internal processing times and low minimum payout amounts.
Do the SEC and CBN Oversee Prop Trading Companies in Nigeria?
Neither the SEC nor the CBN oversees prop trading in Nigeria. Prop trading is an unregulated business, but the best prop firms in Nigeria are duly registered companies. The expected rise in prop trading in Nigeria, some estimates claim up to 30% of traders will consider prop trading in 2025, could prompt the SEC and the CBN to take a more proactive stance, given the rising fraud claims by prop traders concerning payouts.
What Can You Trade with a Prop Firm in Nigeria?
While the asset selection depends on the prop firms and their partner brokers, the best prop firms in Nigeria allow a combination of Forex, cryptocurrencies, commodities, metals, equities, ETFs, and futures.
Which Trading Platforms are Available in Nigeria for Prop Trading?
The trading platform choices at the best prop firms in Nigeria are MT4, MT5, TradeLocker, and DXtrade. A few prop firms feature alternative third-party providers or deploy proprietary solutions.
Pros and Cons of Prop Trading in Nigeria
Prop traders should consider the pros and cons of prop trading in Nigeria before paying for an evaluation or subscribing to a monthly fee with the best prop firms in Nigeria.
The Pros of Prop Trading
- Well-established prop firm partnerships with trusted brokers
- Access to trading capital
- A generous profit split
The Cons of Prop Trading
- Unregulated business
- Tight risk management rules
- Some consistency rules make select trading strategies uncompetitive
- Not all prop firms allow algorithmic trading
- Performance pressure
- Inexperienced traders chase lofty profit goals
How Do Payments Work with Prop Accounts?
The availability of payment processors depends on the prop firm, but the best prop firms in Nigeria support cryptocurrency deposits and withdrawals. Minimum withdrawal amounts may apply, and prop traders should consider third-party follow-on costs.
Prop traders must have an account with a supported payment processor, and besides cryptocurrencies, the name on the payment processor’s account must match the name on the prop trading account. Some prop firms have requirements to qualify for payouts, which prop traders must consider and understand.
Bottom Line
Most prop firms present themselves as an excellent choice, and the best prop firms in Nigeria can elevate traders with a profitable trading strategy but insufficient capital. Still, the trading conditions must support a prop trader’s strategy and sustained profitability. Prop traders must understand the rules as they can restrict trading strategies.
Another fact to consider is that despite the best marketing offers, most prop firms rely on evaluation fees or monthly subscriptions for their income and not on trading.
