Is JustMarkets Legal in Nigeria? Everything You Need to Know

Yes, JustMarkets is legal to use in Nigeria. Nigerian traders can legally open and operate trading accounts with JustMarkets. However, the company is not regulated by Nigeria’s Securities and Exchange Commission (SEC). Instead, it operates under international regulation and serves Nigerian clients through offshore licenses. While this is not illegal, it raises certain risks that traders must understand before investing.

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Let’s break down what this means in practical terms.

What Is JustMarkets?

JustMarkets is a global online forex and CFD (Contract for Difference) broker that provides access to currency pairs, indices, commodities, stocks, and cryptocurrencies. It was formerly known as JustForex before rebranding. The platform offers trading services via MetaTrader 4 and MetaTrader 5, popular among retail traders.

JustMarkets caters to clients from around the world, including Nigeria, offering:

·         Low minimum deposits

·         Leverage up to 1:3000

·         Various account types (Standard, Raw Spread, Pro)

·         Multiple deposit and withdrawal methods including crypto, cards, and bank transfers

With a strong online presence and aggressive marketing in Africa, it has gained popularity among Nigerian traders looking for accessible trading platforms.

Is JustMarkets Regulated?

Yes, but not by Nigerian authorities.

JustMarkets is regulated by the Financial Services Authority (FSA) of Seychelles under license number SD088. While the FSA is a legitimate offshore regulator, it is not as strict or protective as Tier-1 regulators like the UK’s FCA or the US SEC.

For context:

·         Seychelles FSA regulation allows brokers to offer high leverage and flexible trading conditions.

·         However, it provides minimal investor protection.

·         In case of fraud or disputes, Nigerian traders have limited legal recourse.

Does This Make JustMarkets Illegal in Nigeria?

No, it does not. The fact that JustMarkets is not regulated by Nigeria’s SEC does not mean it is operating illegally.

In Nigeria, it is not illegal to trade with foreign brokers, even if they’re not locally licensed. The Central Bank of Nigeria (CBN) and SEC have issued warnings in the past about the risks of trading with offshore brokers, but there is no law prohibiting individuals from doing so.

Many Nigerians use platforms like JustMarkets, Exness, Octa, and Deriv, which are also not locally regulated. These platforms operate in a legal gray area – they’re not approved, but they’re not banned either.

Legal Considerations for Nigerian Traders

Although it is legal to use JustMarkets, there are several important legal and practical factors Nigerian traders should keep in mind:

1. Lack of Local Oversight

JustMarkets is not under the jurisdiction of Nigerian regulators. This means:

·         No legal protection under Nigerian law

·         You cannot file a complaint with the SEC or CBN if things go wrong

·         Disputes must be handled via offshore processes, which can be slow and difficult.

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2. Capital Control and Forex Regulations

The CBN monitors foreign exchange flows. If you’re sending or receiving large sums to and from offshore brokers:

·         Your bank may flag transactions

·         You might face delays or questioning

·         The use of cryptocurrency for funding can sometimes bypass these restrictions, but this carries its own risks

3. Tax Obligations

All profits from forex trading are technically taxable under Nigerian law. However, enforcement is weak. Still, you are legally required to report income from offshore trading activities.

Is It Safe to Trade With JustMarkets in Nigeria?

This is where legality and safety diverge.

Pros:

·         JustMarkets has been operating since 2012 with a good reputation among retail traders.

·         They offer strong trading conditions, fast execution, and multilingual support.

·         The platform is user-friendly for beginners.

·         It supports popular trading platforms like MT4 and MT5.

·         Many Nigerian traders have used it successfully.

Cons:

·         No local regulation or office in Nigeria

·         Offshore regulation offers limited protection

·         No investor compensation fund

·         High leverage can lead to large losses, especially for new traders

·         Customer support may be slower in crisis situations

Red Flags?

Currently, there are no major red flags or proven fraud accusations against JustMarkets. Most user complaints online relate to:

·         Withdrawal delays

·         Bonus conditions

·         Account verification

These are relatively common issues among global brokers and do not necessarily indicate scam behavior.

How to Trade Safely With JustMarkets in Nigeria

If you decide to trade with JustMarkets, here are practical steps to protect yourself:

1. Start Small

Only invest what you can afford to lose. Don’t start with large amounts until you’ve tested the platform and are familiar with how it works.

2. Understand Leverage

High leverage can magnify both profits and losses. Use leverage responsibly and understand margin requirements.

3. Read Terms and Conditions

Before accepting any bonuses or promotions, read the fine print. Some conditions may restrict withdrawals or profits.

4. Use Secure Payment Methods

Use trusted funding methods and avoid sending money through third parties. Cryptocurrency funding is fast but irreversible, so use caution.

5. Enable Two-Factor Authentication

Secure your trading account and personal information by enabling two-factor authentication (2FA).

6. Stay Informed

Follow updates from Nigerian regulators. If the SEC or CBN bans or blacklists a broker in the future, you’ll want to know early.

Alternatives: Nigerian-Regulated Brokers

If you're uncomfortable with using offshore brokers like JustMarkets, consider alternatives regulated by the Nigerian SEC or by top-tier regulators such as:

·         HotForex (HFM) – Regulated in South Africa and offers strong regional support

·         FXTM – Has a Nigerian office and is regulated in multiple jurisdictions

·         Scope Markets – Recently entered the Nigerian market with SEC registration

·         BDSwiss – Registered in Europe, with strong compliance policies

While some of these brokers may offer lower leverage and tighter restrictions, they provide better investor protection and regulatory oversight.

Conclusion: Is JustMarkets Legal in Nigeria?

Yes, JustMarkets is legal to use in Nigeria, even though it is not locally regulated. Nigerian traders are allowed to open accounts and trade with JustMarkets, but they do so at their own risk.

The broker is licensed in Seychelles and offers solid trading features, but it lacks direct oversight from Nigerian authorities. This means less protection in case of disputes or fraud.

If you’re comfortable with this risk and trade responsibly, JustMarkets can be a viable platform. However, if you want full regulatory protection, it’s better to consider brokers with local licenses or stronger international regulation.

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Read more:

• Is JustMarkets Regulated in Nigeria?

• Is JustMarkets A Book Broker?