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.
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- DNA Funded, .
- fundedprime, Portfolio scaling up to a maximum of $800,000 per trader.
- Hola Prime, The best prop firm for ultra-fast withdrawals.
- Profitex, A generous 7% daily loss limit with a 10% maximum drawdown.
- PipFarm, Industry-leading scalability up to $1.5M, 95% profit share, and crypto withdrawals.
Top Prop Trading Firms with NGN Accounts
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Year Established | N/A | 2023 | 2024 | 2023 | 2023 |
Minimum Deposit | |||||
Trading Platform(s) | Other+ | DX Trade | Other, MetaTrader 5, cTrader, DX Trade+ | DX Trade | cTrader |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
DNA Funded
In SummaryI rank DNA Funded among the best Forex prop firms for its low evaluation fees. Traders pay $49 to $1,209 for portfolios between $5,000 and $200,000. Traders can choose among 16 challenges and one-phase, two-phase, and 10-day rapid evaluations. DNA Funded offers add-ons to increase the profit share up to 90% and decrease the payout frequency to seven days.
Prop traders will trade via the TradeLocker platform. The maximum daily drawdown is 5% for the one-step evaluation, 6% for the two-step alternative, and 4% for the 10-day challenge, with a maximum drawdown of 6%, 10%, and 5%, respectively.
Pros & Cons
- Maximum profit share of 90%
- Max allocation of funded accounts up to $600K
- Transparent trading conditions with TradeLocker login details
- A well-balanced asset selection of 800+ assets
- 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
Hola Prime
In Summary The best prop firm for ultra-fast withdrawalsHola Prime is a transparent retail prop trading firm with four trading platforms and a maximum profit share of up to 95%. Traders can choose a one-step or a two-step evaluation for portfolios between $5,000 and $300,000, with an evaluation fee between $48 and $1,499. Alternatively, the Direct account is without evaluation and a one-time cost between $129 and $2,249. Therefore, I rank Hola Prime among the best prop firms.
Traders must trade for at least two days per challenge. The maximum daily drawdown is between 3% and 5%, with a maximum drawdown between 5% and 8%.
Pros & Cons
- A maximum profit share of 95%
- Four trading platforms
- Scalable accounts up to $4M
- One hour payouts
- Reletively newer firm (around one year old)
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
PipFarm
In Summary Industry-leading scalability up to $1.5M, 95% profit share, and crypto withdrawalsPipFarm offers all its accounts in partnership with TopFX and supports 20+ payment processors, including cryptocurrencies. The five-tier rank promotions slash trading fees and improve trading conditions. Prop traders can scale their profit share from 75% to 95% and the maximum funds under management to $1.5M. So, I rank PipFarm among the best prop firms.
Prop traders can choose a one-phase evaluation with a trailing maximum drawdown of 12% and a profit target of 12% or opt for the two-phase alternative with a static maximum drawdown of 9% and a 6%-6% profit target. The daily loss limit is 3%.
Pros & Cons
- Maximum funded accounts of up to $1.5 million
- Challenges provided on the popular cTrader platform.
- Low minimum evaluation fee starting from $50
- Profit share of up to 95%
- Does not offer stock trading
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.
