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Is FxPro Legal in Nigeria? What the SEC Says

What Nigeria’s Securities and Exchange Commission says about offshore forex brokers, which FxPro companies are regulated where, and what that changes for you.

FXBrokerNigeria editorial teamUpdated 3 min read

FxPro’s regulators and licence numbers: FCA 509956, CySEC 078/07, SCB SIA-F184, FSA SD120; not registered with Nigeria’s SEC
Contents
  1. The short answer
  2. Who regulates FxPro
  3. What the SEC has said
  4. The September 2026 draft rules
  5. What this means for you
  6. How to check any broker
  7. Sources

The short answer

FxPro is a regulated broker, but not in Nigeria. Its companies hold licences in the United Kingdom, Cyprus, the Bahamas and the Seychelles. None is registered with Nigeria’s Securities and Exchange Commission (SEC). The SEC has said that operating an online forex platform without registration is an offence under the Investments and Securities Act 2025 (ISA 2025), and in September 2026 it published draft rules aimed squarely at online forex and CFD trading, including offshore brokers.

Timeline: Investments and Securities Act 2025; SEC draft online forex and CFD rules published 1 September 2026; final rules not yet dated; then 3 months to apply and 6 months to comply
The draft rules as reported in September 2026. They are not yet in force.

Who regulates FxPro

CompanyRegulatorReference
FxPro UK LimitedFinancial Conduct Authority, UK509956
FxPro Financial Services LtdCySEC, Cyprus078/07
FxPro Global Markets LtdSecurities Commission of the BahamasSIA-F184
Invemonde Trading Ltd, with FxPro Global MarketsFSA, SeychellesSD120
From FxPro’s licence pages, checked October 2026.

The client agreement you accept at sign-up names the company that will hold your account. That company’s regulator, not a Nigerian one, decides your protections and where complaints go.

What the SEC has said

  • Under the ISA 2025, the SEC says running an online forex platform without registration is an offence.
  • Section 196(3) of the ISA 2025, as the SEC describes it, criminalises promoting and operating unregistered investment schemes, with a fine of at least N20 million or imprisonment.
  • The SEC regularly warns the public about unregistered online investment schemes promoted on WhatsApp, Telegram, Instagram and other social media.

The September 2026 draft rules

On 1 September 2026 the SEC published draft Rules on Online Forex Trading and Contracts for Difference. According to reports of the draft:

  • They would apply to offshore brokers that target Nigerian residents, for example by listing Nigeria as a supported country, accepting Nigerian clients or marketing locally.
  • Brokers, platform providers and introducing brokers would need SEC registration, with minimum capital from N30 million (individual introducing broker) to N5 billion (technology platform provider).
  • All advertising and influencer promotion would need SEC approval; bonuses, trading contests, referral incentives and PAMM would be banned, as would binary options for retail clients.
  • Existing operators would get three months to apply and six months to comply once the rules take effect.

These are proposals, not law yet. We will update this page when the final rules are published.

What this means for you

  • Your FxPro account is not covered by Nigerian investor-protection rules; disputes go through the overseas FxPro company and its regulator.
  • FxPro says client money is kept in segregated accounts and offers negative balance protection, so you cannot lose more than you deposit.
  • Whether and how you may trade with an offshore broker is a legal question for your situation. If in doubt, ask a Nigerian lawyer.
  • Be wary of anyone who offers to “manage” your FxPro account or promises fixed returns; that is how many Nigerian forex scams start.

How to check any broker

  1. Find the company named in the client agreement.
  2. Search that name or licence number on its regulator’s public register.
  3. For a broker that claims Nigerian registration, check the SEC Nigeria website directly, not a social media post.
  4. Keep a copy of what you agreed to.
Open an FxPro account

Sources

Checked in October 2026. Found something out of date? Tell us and we will fix it.