Is XM regulated in Nigeria?
No licence from the Securities and Exchange Commission Nigeria among the 7 XM entities we confirmed. XM holds licences from FSC Belize (8557558), CySEC (120/10), DFSA (F003484), FSCA (FSP 49976), CMA Kenya (233), FSC Mauritius (GB23202700) and FSA Seychelles (SD190).
Facts checked 29 Oct 2026 on XM's own site and the regulators' registers. Information only, not advice.
The licence check, in one table
- Local regulator
- Securities and Exchange Commission Nigeria
- Licence valid in Nigeria
- None among the entities we confirmed
- Company that serves you
- XM Global Limited (FSC Belize, 8557558), which runs xm.com
- XM's licences
- FSC Belize 8557558CySEC 120/10DFSA F003484FSCA FSP 49976CMA Kenya 233FSC Mauritius GB23202700FSA Seychelles SD190
- Local rules
- The SEC Nigeria says the Investments and Securities Act 2025 makes it an offence for an unregistered entity to run online forex trading platforms or related services.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Most retail CFD accounts lose money. See the full XM review and our Nigeria page.
3 brokers to check in Nigeria
From the brokers we review that are open to traders in Nigeria, then by TFB Score.
FP Markets reviewTFB Score 92/100
IG reviewTFB Score 92/100
Pepperstone reviewTFB Score 92/100
Frequently asked questions
Short answers, from the facts shown on this page.
Is XM regulated in Nigeria?
No licence from the Securities and Exchange Commission Nigeria among the 7 XM entities we confirmed. XM holds licences from FSC Belize (8557558), CySEC (120/10), DFSA (F003484), FSCA (FSP 49976), CMA Kenya (233), FSC Mauritius (GB23202700) and FSA Seychelles (SD190).
Which regulator oversees forex brokers in Nigeria?
Securities and Exchange Commission Nigeria. The SEC Nigeria says the Investments and Securities Act 2025 makes it an offence for an unregistered entity to run online forex trading platforms or related services. You can check a firm on its register: https://sec.gov.ng.
Which XM company would open my account in Nigeria?
XM Global Limited (FSC Belize, 8557558), which runs xm.com.
Which brokers should I look at in Nigeria?
FP Markets, IG and Pepperstone, from the brokers we review that are open to traders in Nigeria, in order of licence and TFB Score.
Forex trading at these brokers is done through CFDs (contracts for difference): you trade on the price moving up or down, without owning the currency itself.Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you can afford to take the high risk of losing your money. Read the full risk warning