Top 10 best prop firms forex in Nigeria 2024 (2024)

Forex trading has become increasingly popular in Nigeria, with more and more individuals looking to enter the market and make a profit. However, trading on your own can be risky and overwhelming, especially for beginners. This is where prop firms come in - they provide traders with the necessary tools, resources, and support to trade successfully. In this article, we will take a closer look at the top 10 best prop firms for Forex trading in Nigeria.

List best Forex Prop Firms in 2024

FTMO

FTMO is one of the leading prop firms globally, offering traders the opportunity to trade with a funded account. It has a reputation for high-quality education, rigorous evaluation process, and excellent customer support. In Nigeria, FTMO is a top choice for traders looking to take their trading to the next level.

Features

• Offers a variety of funding options, including a free trial account
• Provides traders with access to a wide range of educational resources, including webinars and trading courses
• Uses a unique evaluation process to assess traders' skills and determine fund allocation
• Offers a profit split of up to 70% for traders who pass the evaluation process

Pros

• High-quality education and support
• Flexible funding options
• Transparent evaluation process
• High profit split for successful traders

Cons

• Can be challenging to pass the evaluation process
• Limited funding options for traders who do not pass the evaluation process

Opinion

FTMO is a well-respected prop firm in the forex trading community, and for good reason. Its commitment to providing traders with top-notch education and support makes it a top choice for traders in Nigeria. However, the evaluation process can be challenging, so traders should be prepared to put in the work to prove their skills.

The5%ers

The5%ers is a prop firm that focuses on identifying and developing talented traders. It has a unique evaluation process that allows traders to prove their skills and earn a funded account. The5%ers is known for its supportive community and commitment to helping traders achieve their trading goals.

Features

• Offers a free trial account for traders to showcase their skills
• Uses a risk management system to protect traders' capital
• Provides traders with access to a supportive community of like-minded traders
• Offers a profit split of up to 50% for successful traders

Pros

• Supportive community
• Risk management system to protect capital
• Free trial account to showcase skills
• Profit split for successful traders

Cons

• Limited funding options for traders who do not pass the evaluation process
• Lower profit split compared to other prop firms

Opinion

The5%ers is a great option for traders who are looking for a supportive community and a risk management system to protect their capital. However, the lower profit split may not be as attractive to some traders. Overall, it is a reputable prop firm that can help traders develop their skills and potentially earn a funded account.

MyForexFunds

MyForexFunds is a prop firm that offers funded accounts to traders who pass its rigorous evaluation process. It has a reputation for being one of the most challenging prop firms to pass, but it also offers one of the highest profit splits in the industry. MyForexFunds is a top choice for experienced traders looking for a challenge and the opportunity to earn significant profits.

Features

• Offers a free trial account for traders to showcase their skills
• Uses a strict evaluation process to ensure only skilled traders are given access to funded accounts
• Provides traders with access to a supportive community and educational resources
• Offers a profit split of up to 80% for successful traders

Pros

• High profit split for successful traders
• Supportive community and educational resources
• Free trial account to showcase skills
• Strict evaluation process to maintain high-quality traders

Cons

• Challenging evaluation process
• Limited funding options for traders who do not pass the evaluation process

Opinion

MyForexFunds is a reputable prop firm that offers a high profit split for successful traders. However, the evaluation process can be challenging, so traders should be prepared to put in the work to prove their skills. Overall, it is a good option for experienced traders looking for a challenge and the potential to earn significant profits.

OneUp Trader

OneUp Trader is a prop firm that offers funded accounts to traders who pass its evaluation process. It is known for its transparent and straightforward approach, as well as its commitment to providing traders with the tools and resources they need to succeed. OneUp Trader is a good option for traders who are looking for a prop firm that is focused on helping them succeed.

Features

• Offers a free trial account for traders to showcase their skills
• Uses a transparent evaluation process with clear guidelines
• Provides traders with access to a variety of trading tools and resources
• Offers a profit split of up to 80% for successful traders

Pros

• Transparent evaluation process
• Access to trading tools and resources
• Free trial account to showcase skills
• High profit split for successful traders

Cons

• Limited funding options for traders who do not pass the evaluation process
• Not as well-known as other prop firms

Opinion

OneUp Trader may not be as well-known as some of the other prop firms on this list, but it offers a transparent evaluation process and access to valuable trading tools and resources. The high profit split for successful traders is also attractive. However, traders should keep in mind that there are limited funding options for those who do not pass the evaluation process.

Funded Trading Plus: Empowering Nigerian Traders

Funded Trading Plus is a leading prop firm that offers funded trading accounts to traders in Nigeria. They have a unique approach to funding traders, as they believe in empowering traders by providing them with the necessary tools and resources to succeed. Their program is designed to help traders develop their skills and strategies while trading with real money.

How it Works

Funded Trading Plus offers three different account levels - Mini, Standard, and Pro. Each account level has its own set of requirements and benefits, with the Pro account being the most advanced and lucrative option. To get started, traders must first pass a comprehensive evaluation process, which includes a written exam and a live trading assessment. Once approved, traders will receive a funded account with up to $100,000 in buying power, depending on the account level.

Traders are required to pay a one-time fee to cover the cost of the evaluation process, and there are no ongoing fees or commissions. The profit split varies depending on the account level, with traders receiving 70% to 90% of the profits. Funded Trading Plus also offers a risk management system to protect traders from significant losses, ensuring a sustainable trading experience.

Benefits of Funded Trading Plus

• No capital required: Funded Trading Plus provides traders with the capital they need to start trading, eliminating the need for personal funds.
• Educational resources: The prop firm offers a variety of educational resources, including webinars, trading courses, and one-on-one coaching sessions, to help traders improve their skills and strategies.
• Flexible trading: Traders have the freedom to trade at their own pace and from anywhere in the world, as long as they have an internet connection.
• Low risk: With a risk management system in place, traders can minimize their losses and focus on building their profits.

MFF: A Trusted Name in Prop Trading

MFF (Money Forex Fund) is a well-established prop firm that has been operating in Nigeria since 2012. They offer funded accounts to traders who pass their evaluation process, providing them with the opportunity to trade with real money and earn a share of the profits.

How it Works

MFF has a three-step evaluation process that includes a written exam, a demo trading assessment, and a live trading assessment. Once approved, traders will receive a funded account with up to $50,000 in buying power. Traders are required to pay a one-time fee to cover the cost of the evaluation process, and there are no ongoing fees or commissions. The profit split is 70%, with traders receiving 70% of the profits and the remaining 30% going to MFF.

Benefits of MFF

• No capital required: Like other prop firms, MFF provides traders with the necessary capital to start trading without having to use their own funds.
• Comprehensive evaluation process: The three-step evaluation process ensures that only skilled and dedicated traders are accepted into the program.
• Supportive community: MFF has a strong community of traders who support and learn from each other, creating a positive and collaborative environment.
• Regular payouts: Traders can expect to receive their share of the profits on a monthly basis, providing them with a steady income stream.

T4tCapital: A Global Prop Firm with Nigerian Roots

T4tCapital is a global prop firm that was founded by a Nigerian trader, making it a popular choice among traders in Nigeria. They offer funded accounts to traders who pass their evaluation process, allowing them to trade with real money and earn a share of the profits.

How it Works

T4tCapital has a two-step evaluation process that includes a written exam and a live trading assessment. Once approved, traders will receive a funded account with up to $100,000 in buying power. Traders are required to pay a one-time fee to cover the cost of the evaluation process, and there are no ongoing fees or commissions. The profit split is 80%, with traders receiving 80% of the profits and the remaining 20% going to T4tCapital.

Benefits of T4tCapital

• No capital required: Traders do not need to have their own funds to start trading with T4tCapital.
• Global reach: T4tCapital has a global presence, providing traders with access to various markets and opportunities.
• Advanced technology: The prop firm uses advanced trading technology, including the popular MetaTrader 4 platform, to ensure a seamless trading experience.
• Personalized coaching: Traders have access to personalized coaching sessions to help them improve their skills and strategies.

Blue Sky Prop: A Unique Approach to Prop Trading

Blue Sky Prop is a relatively new prop firm that offers a unique approach to prop trading. They provide traders with a funded account and access to their proprietary trading system, which uses artificial intelligence and machine learning to generate trading signals.

How it Works

Blue Sky Prop has a three-step evaluation process that includes a written exam, a demo trading assessment, and a live trading assessment. Once approved, traders will receive a funded account with up to $50,000 in buying power. Traders are required to pay a one-time fee to cover the cost of the evaluation process, and there are no ongoing fees or commissions. The profit split is 80%, with traders receiving 80% of the profits and the remaining 20% going to Blue Sky Prop.

Benefits of Blue Sky Prop

• Unique trading system: Blue Sky Prop's proprietary trading system uses advanced technology to generate trading signals, giving traders an edge in the market.
• Comprehensive evaluation process: The three-step evaluation process ensures that only skilled and dedicated traders are accepted into the program.
• No risk: With a risk management system in place, traders can minimize their losses and focus on building their profits.
• Supportive community: Blue Sky Prop has a strong community of traders who support and learn from each other, creating a positive and collaborative environment.

Apex Trading: A Trusted Name in Prop Trading

Apex Trading is a well-known prop firm that offers funded accounts to traders in Nigeria. They have been operating since 2012 and have a strong track record of success, making them a popular choice among traders.

How it Works

Apex Trading has a two-step evaluation process that includes a written exam and a live trading assessment. Once approved, traders will receive a funded account with up to $100,000 in buying power. Traders are required to pay a one-time fee to cover the cost of the evaluation process, and there are no ongoing fees or commissions. The profit split is 70%, with traders receiving 70% of the profits and the remaining 30% going to Apex Trading.

Benefits of Apex Trading

• No capital required: Traders do not need to have their own funds to start trading with Apex Trading.
• Experienced team: The prop firm has a team of experienced traders and coaches who provide guidance and support to traders.
• Regular payouts: Traders can expect to receive their share of the profits on a monthly basis, providing them with a steady income stream.
• Educational resources: Apex Trading offers a variety of educational resources, including webinars, trading courses, and one-on-one coaching sessions, to help traders improve their skills and strategies.

The Prop Trading Group: A Community of Successful Traders

The Prop Trading Group is a community of successful traders who have come together to offer funded accounts to aspiring traders. They have a unique approach to prop trading, as they believe in creating a supportive and collaborative environment for traders to thrive in.

How it Works

The Prop Trading Group has a three-step evaluation process that includes a written exam, a demo trading assessment, and a live trading assessment. Once approved, traders will receive a funded account with up to $50,000 in buying power. Traders are required to pay a one-time fee to cover the cost of the evaluation process, and there are no ongoing fees or commissions. The profit split is 80%, with traders receiving 80% of the profits and the remaining 20% going to The Prop Trading Group.

Benefits of The Prop Trading Group

• Supportive community: The Prop Trading Group has a strong community of traders who support and learn from each other, creating a positive and collaborative environment.
• Comprehensive evaluation process: The three-step evaluation process ensures that only skilled and dedicated traders are accepted into the program.
• Advanced technology: The prop firm uses advanced trading technology, including the popular MetaTrader 4 platform, to ensure a seamless trading experience.
• Personalized coaching: Traders have access to personalized coaching sessions to help them improve their skills and strategies.

How to Choose the Right Prop Firm In Nigeria?

With so many prop firms available in Nigeria, it can be challenging to choose the right one. Here are some factors to consider when selecting a prop firm:

1. Reputation and track record:

It is essential to research the reputation and track record of a prop firm before joining. Look for reviews and feedback from current and former traders to get an idea of their experience with the firm.

2. Capital requirements:

Different prop firms have different capital requirements, so it's crucial to choose one that aligns with your trading goals and budget.

3. Training and support:

As a beginner, it's essential to choose a prop firm that offers training and support to help you develop your trading skills.

4. Risk management rules:

Make sure to understand the risk management rules set by the firm and ensure they align with your risk tolerance.

5. Trading platform and tools:

A good trading platform and advanced tools can make a significant difference in your trading success. Choose a prop firm that offers a reliable and user-friendly platform.

FAQs

1. What is a prop firm?

A prop firm, short for proprietary trading firm, provides traders with the opportunity to trade with a funded account.

2. How does a prop firm differ from a traditional brokerage?

Unlike traditional brokerages, prop firms offer traders the opportunity to trade with a funded account and potentially earn a share of the profits.

3. Do I need to have experience to join a prop firm?

Most prop firms have strict evaluation processes to ensure that only skilled traders are given access to funded accounts. Some may require a certain level of experience, while others may provide educational resources to help traders develop their skills.

4. Are there any risks involved with trading with a prop firm?

As with any form of trading, there are always risks involved. It is important to thoroughly research and understand the evaluation process and profit split before joining a prop firm.

5. Can I withdraw my profits from a funded account with a prop firm?

Yes, most prop firms allow traders to withdraw their profits from a funded account, but there may be certain conditions or restrictions in place.

Conclusion

Prop firms can be a great option for traders looking to take their trading to the next level. In Nigeria, there are several reputable prop firms that offer traders the opportunity to trade with a funded account and potentially earn higher profits. Whether you are an experienced trader looking for a challenge or a beginner looking to develop your skills, there is a prop firm on this list that can help you achieve your trading goals. Remember to thoroughly research each firm and understand their evaluation process before making a decision.