How to Get Free Forex Funding in Nigeria in 2024
Best Forex Funded Account in Nigeria - Topstep
Top Forex Funded Accounts in Nigeria:
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Topstep - 90% profit split;
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Fidelcrest - up to 90% profit split;
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SurgeTrader - 75% profit split;
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The 5%ers - 50% profit split with by-stage increase to 100%;
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FTMO - profit split up to 90%.
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5.7
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5.28
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6.68
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The Forex market in Nigeria has witnessed a surge in popularity and participation in recent years, attracting traders seeking opportunities to profit from currency fluctuations. In this dynamic landscape, Forex proprietary trading companies have emerged as key players, offering unique platforms and resources to traders. Through this article, the experts at TU will explore some of the best Forex funded accounts in Nigeria, highlighting their features, benefits, and the value they provide to Nigerian traders.
Is Forex funded trading a good idea in Nigeria?
Forex funded trading, also known as proprietary trading, can be a beneficial option for traders in Nigeria. Instead of using their own funds, traders have the opportunity to trade with a funded account provided by a proprietary trading firm. This arrangement offers several advantages for Nigerian traders looking to enhance their trading skills and potentially increase their profitability.
By participating in Forex funded trading programs in Nigeria, traders gain access to a broader range of financial products and instruments. This expanded market exposure allows them to explore various currency pairs, commodities, and other assets, enabling them to diversify their trading portfolio. Unlike traditional trading methods that may have limitations on available products, funded trading provides traders with a wider spectrum of opportunities to capitalize on market movements and potentially achieve trading success.
One of the primary benefits of Forex funded trading is the reduction of personal financial risk. Traders do not need to invest their own capital, minimizing the potential loss that comes with using personal funds for trading. Instead, they can utilize the capital provided by the funding program, which serves as a safety net for their finances. This risk-free approach enables traders to focus on implementing effective trading strategies without the fear of significant financial setbacks.
Furthermore, funded trading programs in Nigeria offer traders the opportunity to secure funding based on their trading performance. Successful traders who consistently demonstrate skillful execution and proper risk management principles can earn larger-sized trading accounts.
👍 Pros
• Access to a wide range of products:
By engaging with Forex prop firms in Nigeria, traders gain access to a diverse selection of financial products. This allows them to explore different currency pairs and expand their trading opportunities beyond the conventional options
• No risk to your personal capital:
One of the primary advantages of Forex prop trading is the absence of personal financial risk. Traders are not required to invest their own capital, mitigating the potential loss that comes with using personal funds. Instead, they trade with the firm's capital, which provides a safety net for their finances
• Opportunity for funding:
Traders have the chance to earn funding through their trading performance. By showcasing their skills and consistently following proper risk management principles, traders can secure big-sized accounts. This eliminates the need to overleverage or take excessive risks with their own smaller accounts, offering a more stable and sustainable trading environment
• Association with established international players:
Many Forex prop firms operating in Nigeria have established themselves as reputable international players in the industry. This association offers traders the assurance of dealing with trusted and well-known firms, enhancing their credibility and potentially opening doors to further opportunities in the global trading arena
👎 Cons
• Qualification challenges:
One of the main drawbacks of participating in prop trading programs in Nigeria is the difficulty associated with qualifying for these opportunities. The selection process can be rigorous and demanding, requiring traders to meet certain criteria and demonstrate their proficiency in trading. This can pose a hurdle for aspiring traders looking to join these programs
• Stringent rules and regulations:
Nigeria prop firms enforce strict rules and regulations to ensure proper risk management. While this is beneficial in terms of maintaining discipline and preserving the firm's capital, it can also limit the freedom and flexibility traders may have enjoyed when trading with their own funds. Adhering to these rules may require adjustment and adaptation for traders who are used to more lenient approaches
• Profit sharing with the firm:
Another disadvantage is that prop firms typically retain a portion of the profits generated by traders. While this is a common practice aimed at sustaining the firm's operations and compensating for the resources provided, it means that traders do not fully retain the entirety of their earnings. The profit-sharing arrangement can impact the overall financial returns for traders
Top 5 funded Forex accounts in Nigeria
Topstep Forex
As a broker, Topstep has always had an outstanding reputation, fantastic trader support, and very generous payouts. As a result of their current promotion, they're one of the best bargains in the industry for forex trading.
You keep 100% of your first $5,000-$10,000 profit when you first get started (depending on which account you choose). In addition to that, you get 90% of your profits going forward, which is the industry's highest payout ratio.
Furthermore, Topstep has streamlined its two-step evaluation process, known as Trader Combine. The minimum trading requirement in Step 2 has been eliminated, so both steps can be completed in less than two weeks.
To pass the Trader Combine, Topstep gives traders unlimited time to hit their profit targets. No matter how long it takes, just make sure you don't reach your loss limit or trailing maximum drawdown. While you're in the Trader Combine, you'll be charged a monthly fee, but once you're confirmed as a funded trader, those fees will disappear.
Fidelcrest
With more than 6,000 traders worldwide, Fidelcrest has a strong reputation. The company offers performance coaching, million dollar account sizes, and up to a 90% profit split. During a limited time, Fidelcrest is also offering three bonuses, including a second chance challenge, fast track qualification, and double assets.
With Fidelcrest, you can trade real capital, with the industry’s highest profit split. Fidelcrest will invest real money after your two phases of evaluation.
In terms of tradeable assets, Fidelcrest also stands out. In addition to forex, you can also trade, commodities, indices, and stock shares.
Fidelcrest is one of the prop firms that pays you a commission during the evaluation process. You can receive up to 50% of your earnings after you pass the second evaluation stage. As a funded Findelcrest trader, you’ll make an additional 80-90%.
The number of account options Fidelcrest offers is unmatched by any other company. There is an account that will meet your needs regardless of your risk tolerance, trading strategy, level of experience, or budget. There are three types of accounts: Pro Accounts, Aggressive Accounts, and Micro Accounts. You can open an account with funding of $10,000, all the way up to an account worth $1 million.
SurgeTrader
SurgeTrader offers 75% profit splits to funded traders who meet their trading criteria. It's a perfect prop firm to diversify your investment portfolio with a variety of tradeable assets.
SurgeTrader has a one-step evaluation process, unlike many other prop trading firms. Traders of all skill levels can choose from six packages. With its Starter Package, you get $25,000 in instant funding and a 10% profit target. There’s a maximum trailing drawdown of 5% allowed. The Starter Package is ideal for beginners who prefer using less aggressive trading strategies.
With a $1 million funding size and 75% profit split, the Master Package is the highest-tier account. A 10% target is set, along with a four-percent daily loss limit and a five-percent maximum drawdown allowance. If you have a lot of confidence in your abilities, this package may be for you.
Additionally, this prop firm offers a wide variety of tradable securities, including cryptocurrencies and gold, as well as popular stock indices. It’s possible to trade with up to 10:1 leverage.
A top proprietary trading firm, SurgeTrader requires all of its clients to undergo evaluation. You need to pass a one-step evaluation with SurgeTrader. It’s not necessary to earn over 10% of your account balance in order to pass the audition.
Audition fees range from $200 to $6,500 per account. There’s no limit to how many times you can take the audition. You can use credit/debit cards and PayPal to make payments and withdrawals.
The 5%ers
Proprietary trading firm The 5%ers offers great trader support, instant funding, and quick account scaling.
The 5%ers pay out on time and accurately, and also provide trader education resources. The 5%ers give you immediate access to real capital.
As a prop trading firm, The 5%ers has one of the most effective evaluation processes in the business. Even though they offer instant funding upon qualification, The 5%ers still have an evaluation stage, called Level 1. But during your evaluation, you can still earn real profits and trade real money.
Real money is immediately available for trading. Depending on the account size you choose, you can have an account funded with up to $20,000. If you achieve your profit goals within 180 days, you split the profits and become a fully funded trader. When you become a fully funded trader, your initial balance will be multiplied by four times.
Although the 5%ers offer generous funding, they don't make it difficult for traders to achieve profit objectives.
A 6% profit is all you need to move on from Low Risk accounts. The best part is that there is no minimum trading day requirement. A profit of 6% on your first day will qualify you for full funding.
In theory, you could start trading with up to $80,000 just a few days after opening an account.
While The 5%ers offer only forex trading, they aren't too restrictive when it comes to trading strategies. Positions can be held overnight and over the weekend.
Aside from offering a great scaling program, The 5%ers also offer a great mentoring program. The company will double your capital every time you reach a 10% profit goal, up to $2.56 million.
A majority of online reviews mention The 5%ers' trader assistance, community, and customer service as advantages. It has only taken The 5%ers a short time to build a community of loyal traders who appreciate their overall support.
Furthermore, funded traders can withdraw profits at any time, as often as they like, and as much or as little as they like.
FTMO
In addition to offering the best profit splits in the business, FTMO lets you trade almost all financial instruments. Probably the largest prop trading firm in the world, they have more than 10,000 traders worldwide.
There is a good reason why FTMO has a great reputation. Their payments are always on time and they don't make accounting errors.
The industry's highest rate of profit splitting is 90%, which is based on a sliding scale that begins at 80%.
As well as offering great scaling opportunities, they are also very affordable. The FTMO Challenge, one of the two stages of the evaluation process, allows traders to access up to $400,000. The FTMO will incrementally raise your funding to a maximum of $2 million if you generate a 10% net profit over a certain period of time. Funding their traders accordingly is a key factor for FTMO since they recognize that it takes money to make money.
Trading at FTMO is also possible in almost every financial market you can think of. You can trade forex, futures, metals, and equities if you've mastered a particular market. In contrast to many prop trading firms that are only focused on very specific markets, FTMO allows you to trade anything you like.
Along with excellent trading platforms, they also offer excellent educational resources. This is due in large part to their investment in new trade tracking technology. You can track your trading performance and receive real-time feedback using FTMO's apps.
FTMO employs trained psychologists as part of their commitment to helping their traders. Even though psychological aspects of trading are widely recognized as being important factors in trading success, FTMO is one of the few prop firms that offer such support.
The parameters of the evaluation are pretty standard, but they’ve made some concessions recently to make things easier. The maximum allowable losses on a $10,000 account are $1,000, and your profit targets are 10% over 10 trading days for Step 1, but they've cut the Step 2 profit target to 5%, which eliminates much of the trading pressure.
FTMO is one of the most affordable reputable prop firms. For a $10,000 funded account, prices start at just €155. In the event you pass the two-step evaluation process, this one-time fee will be fully refunded.
Are international prop trading firms legit in Nigeria?
International prop trading firms are indeed legitimate and operate within Nigeria. These firms provide traders with the opportunity to access well-funded trading accounts, enabling them to engage in the foreign exchange market. With the increasing prevalence of remote work, many prop trading firms allow traders to operate from anywhere, including Nigeria. However, it is important to note that not all prop firms accept traders from every region or country.
The Central Bank of Nigeria (CBN) oversees foreign exchange trading in the country and has implemented a regulatory framework to safeguard Nigerian traders. This framework ensures that certain criteria and requirements are met by prop trading firms, aiming to protect the interests and investments of Nigerian traders.
While not all prop trading firms are registered directly in Nigeria, they are legitimate entities that offer real trading opportunities. These firms may operate from other jurisdictions but extend their services to Nigerian citizens, allowing them to access funded trading accounts and participate in the global Forex market.
How to withdraw money from a Funded trading account?
The process of withdrawing funds from a prop trading account may vary depending on the specific firm and account type. However, here are some typical options and general steps to follow when initiating a withdrawal:
Access your trading account:
Log in to your prop trading account using the firm's designated platform or website.
Locate the withdrawal section:
Navigate to the withdrawal section or page within your account interface.
Determine the withdrawal amount:
Select the desired amount of money you wish to withdraw from your trading account.
Choose a withdrawal method:
Choose a withdrawal method that suits your preferences. Common options include bank transfers, wire transfers, credit/debit cards, and online payment platforms like PayPal or Skrill.
Confirm the withdrawal request:
Confirm your withdrawal request and submit it to the prop trading firm. Take note that processing times can vary, typically ranging from 1 to 2 business days.
Receive the funds:
Once the withdrawal request is processed, the funds will be transferred to the account or payment method you specified.
It's essential to keep in mind that prop trading firms may have specific withdrawal policies in place. Familiarize yourself with these policies before initiating a withdrawal. For instance, some firms may require traders to meet certain profit thresholds or adhere to waiting periods before being eligible to withdraw profits. Additionally, there may be fees associated with withdrawals, so carefully review the terms and conditions of your account to understand any applicable charges.
Consider the following tips when withdrawing funds from a prop trading account:
Understand firm policies:
Gain a clear understanding of the withdrawal policies of your specific prop trading firm and the account type you hold.
Select the preferred method:
Choose a withdrawal method that aligns with your preferences and take into account any associated fees.
Meet requirements or conditions:
Ensure that you have met any requirements or conditions set by the firm for withdrawing funds, such as reaching minimum profit thresholds or waiting periods.
Account for fees and expenses:
Confirm that you have sufficient funds available in your account to cover any fees or expenses related to the withdrawal.
Overall, withdrawing funds from a prop trading account is typically a straightforward process. By familiarizing yourself with the specific policies and requirements of your prop trading firm, you can navigate the withdrawal process smoothly and successfully.
How to choose a prop trading account in Nigeria?
When selecting a prop trading account in Nigeria, it is important to consider several key factors. Here are some tips to help you make an informed decision:
Reputation of the firm:
Consider the reputation of the prop trading organization. Beware of firms with a bad reputation that are associated with inconveniences such as slippage, non-market price jumps, or communication interruptions. Such firms may pose a higher risk of withholding profits or preventing withdrawals, so it is crucial to avoid them.
Are Prop Firms Risky? Can I Lose Money in Prop Trading?Customer support:
Assess the speed and reliability of the prop firm's customer support in addressing your concerns and answering your questions. Responsive and efficient customer support can significantly enhance your overall trading experience.
Profit sharing:
Understand the profit-sharing arrangement offered by the prop trading firm. Determine how much of the profits you will receive as a trader. Consider firms that offer fair and competitive profit splits.
It is also beneficial to consider additional regional issues specific to Nigeria, such as language support. Look for prop trading firms that provide customer support and educational materials in languages spoken in Nigeria, such as Malay, to ensure effective communication and access to resources.
Are Funded Forex accounts free in Nigeria?
While prop trading in Nigeria provides an opportunity to trade with funded accounts, it is important to note that participation in prop trading programs typically incurs certain fees. Proprietary trading firms may require traders to pay a subscription or enrollment fee, which grants access to their trading platforms and resources. Here are a few examples of prop trading firms and their associated fees:
Fidelcrest:
Fidelcrest offers prop trading programs starting at €649. This fee grants traders access to their platform and the opportunity to trade with a funded account.
The 5%ers:
The 5%ers is another prop trading firm that requires an enrollment fee. Their programs start at €235, providing traders with access to funded accounts and trading resources.
SurgeTrader:
SurgeTrader sets a minimum cost of $250.00 for opening an account, specifically for a $25,000 account audition. This fee allows traders to showcase their skills and potentially secure a funded trading account.
Topstep Forex:
Topstep Forex offers prop trading programs starting at $165 per month. Traders can access their platform and trade with a funded account by paying this monthly subscription fee.
These examples demonstrate that prop trading firms in Nigeria typically have specific costs associated with their programs. The fees mentioned above may vary depending on the account size, program features, and additional services provided by the prop trading firm.
It is essential for traders to carefully review the pricing structures and terms of each prop trading firm they consider. By understanding the associated costs, traders can make informed decisions and select the prop trading program that aligns with their financial goals and trading preferences.
FAQs
What are the best Forex prop firms in Nigeria?
The best Forex prop firms in Nigeria include Fidelcrest, The 5%ers, SurgeTrader, and Topstep Forex.
Is prop trading legit in Nigeria?
Yes, prop trading is legitimate in Nigeria. There are legitimate international prop trading firms operating in Nigeria, and the Central Bank of Nigeria (CBN) has regulations in place to protect Nigerian traders.
Do prop traders make a lot of money?
Prop traders have the potential to make significant profits, but the amount of money they make depends on their trading skills, market conditions, and the profit-sharing arrangement with the prop trading firm.
How do I become a prop trader?
To become a prop trader, you typically need to apply to a prop trading firm and go through their selection process. This process may involve demonstrating your trading skills, passing evaluation stages, and meeting any specific requirements set by the firm.
Methodology for compiling our ratings of prop firms
Traders Union applies a rigorous methodology to evaluate prop companies using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
Trader Testimonials and Reviews. Collecting and analyzing feedback from existing and past traders to understand their experiences with the firm.
Trading instruments. Companies are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Challenges and Evaluation Process. Analyzing the firm's challenge system, account types, evaluation criteria, and the process for granting funding.
Profit Split. Reviewing the profit split structure and terms, scaling plans, and how the firm handles profit distributions.
Trading Conditions. Examining leverage, execution speeds, commissions, and other trading costs associated with the firm.
Platform and Technology. Assessing the firm's proprietary trading platform or third-party platforms it supports, including ease of use, functionality, and stability.
Education and Support. Quality and availability of training materials, webinars, and one-on-one coaching.
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Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).