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.
.webp "Hola Prime"){kind=logo}
- Hola Prime, The best prop firm for ultra-fast withdrawals.
- Funded Fast, .
- Axi Select, .
- DNA Funded, .
- Eightcap Challenges, .
Top Prop Trading Firms with NGN Accounts
| | | | | |
Year Established | 2024 | 2024 | 2023 | N/A | 2015 |
Minimum Deposit | |||||
Trading Platform(s) | Other, MetaTrader 5, cTrader, DX Trade+ | Other+ | MetaTrader 4, MetaTrader 5 | Other+ | Other, MetaTrader 4, MetaTrader 5+ |
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
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)
Funded Fast
In SummaryFirst-time prop traders can start by reading the content at FundedFast University. The Trader Success Team curates short videos with advice to improve the results of prop accounts. FundedFast offers six trading challenge accounts, ranging from $5,000 to $400,000. The minimum evaluation fee is $49 for the two-phase $5,000 account, with a maximum of $2,999 for the one-phase $400,000 account. A five-level scaling plan increases the balance by 25% each level. So, I rank FundedNext among the best prop firms in Nigeria.
The profit target is 10%, except for a 5% profit target for the second phase of the two-phase challenge. The profit share is 80% by default and 90% with an add-on. Affiliates can earn up to 30% on each referral and challenge. The daily loss limit is 5% with a maximum drawdown of 10%. The best trading day cannot exceed 50% of profits to qualify for payouts.
Pros & Cons
- Profit share 90%
- Free retry if rules are followed
- Low evaluation fees starting at $49
- Single-phase evaluation with no time limits
- Rewards are not always clear
Axi Select
In SummaryAxi launched its Axi Select in-house prop trading service, which sets itself apart from the industry by not requiring a fee-based evaluation, making it 100% free. Interested traders must open a live Axi trading account, fund it with at least $500, and start trading. The personalized Edge Score determines eligibility for a funded account, and Axi has a six-stage program that scales with the trader. For the initial stage, the $500 deposit grants access to a $5,000 account, and the profit share is 0%. It lasts for at least 30 trading days, has a 7% profit target, and requires 20 trades.
The second stage requires a minimum equity balance of $1,000, caps funding at $20,000, and increases the profit share to 40%. The maximum leverage is 1:100 with a maximum drawdown of 10%. The Axi Select structure is created highly professionally, making Axi one of the best prop firms.
Pros & Cons
- Unrestrictive Rules: There are no time limits to qualify; EAs are permitted.
- Scale up to $1 Million
- Backed by a Broker: Run by Axi (founded 2007)
- No Registration Fees: A unique model where you do not pay for an evaluation; the entry cost is zero.
- Regional Restrictions: Program is not available to the US, UK, EU, or Australia.
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
Eightcap Challenges
In SummaryDay traders get a unique offer: a 1-hour, 2-hour, 4-hour, and 8-hour challenge, a trading stake selection between $5 and $500, and payout ratios of 2, 5, and 10 times. The selection determines the drawdown and profit target, while all accounts start with a $10,000 balance. Traders can use MT4/MT5 and TradeLocker. This places Eightcap Challenges among the best prop firms. Qualifying traders can request payouts in Bitcoin, USDT (TRC20), or USDT (ERC20). KYC requirements are mandatory for withdrawals exceeding $1,000, in line with industry standards.
Eightcap Challenges also offers traditional one- and two-phase evaluations with five account sizes ranging from $5,000 to $200,000, with up to $600,000 in allocated capital per trader. The maximum leverage is 1:100, with a 80% profit share. The one-time evaluation fees range between $99 and $1,299. The profit target is 10% except for the second phase of the two-phase evaluation, where it decreases to 8%.
Pros & Cons
- No time limits on One-Phase and Two-Phase challenges
- Traders can complete challenges within hours and earn payouts on the same day.
- Day Trader Challenges offers a completely customizable trading experience – traders choose their own duration, stake and payout.
- Operated by the multi-regulated Eightcap Group
- Scalping is restricted; trades must be open for 60 seconds
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.
