Opening an account and passing verification
What you learn in 3 minutesThis lesson shows what a regulated broker must ask for before an account is opened, and why the checks can take days. The cost of getting it wrong is time: a rejected application can delay a first trade by a week, and a first trade on EUR/USD at 1.0850 with one standard lot moves ₦10,850 for every pip at that rate. Knowing the documents in advance is the cheapest way to avoid that delay.
One standard lot on EUR/USD at 1.0850
| Step | Amount | Note |
|---|---|---|
| Pip value on one standard lot | ₦10,850 | 100,000 x 0.0001 = 10 units of the quote currency, converted at 1.0850 naira per unit |
| Documents usually requested | 2 to 3 | A government photo ID, a proof of address, and sometimes a second ID |
| Typical verification time | 1 to 5 working days | This varies between brokers and can be longer if a document is unclear |
| Cost of a rejected application | ₦0 in fees, days in time | Brokers do not usually charge for a rejection, but the delay is real |
A broker may ask for a clearer copy, a recent utility bill, or a selfie with the ID. Some also charge a small deposit fee, and that fee varies between brokers.
The mistake people make here
The common mistake is sending a photo of an ID that is expired, blurred, or cropped, and then waiting without checking the status. The broker cannot approve what it cannot read, so the application sits in a queue. Instead, take the photo in daylight, keep all four corners in the frame, and match the name on the ID to the name on the account exactly. If a document is rejected, replace it the same day rather than sending the same file again.Check yourself
If one standard lot of EUR/USD at 1.0850 gives ₦10,850 per pip, what does 3 pips cost in naira?
₦32,550, because 3 x 10,850 = 32,550.
A broker asks for two documents and takes 4 working days to verify. If the reader sends a blurred ID on day 1 and a clear one on day 4, how many working days are lost?
3 working days, because the clear document arrives on day 4 instead of day 1.
In Nigeria
- Regulator
- SEC Nigeria
- Money
- naira, written ₦ (NGN)
- Payment methods
- bank transfer, USSD and cards
- Instrument in examples
- EUR/USD, around 1.0850
- Pip value on one standard lot
- 10 units of the quote currency, converted at the current rate