Top 6 Best Investment Platforms in Nigeria for Beginners in 2024

By:

Prash Raval

Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.

 & 

James Knight

James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.

Reviewed by:

Richard Stutely

Richard is a Fact Checker for Invezz who ensures all our reviews and guides are accurate and unbiased. He is a best-selling international business author whose... read more.

Updated:  Aug 30, 2024

Listen

---

---

0:00 / 13:10

Ad disclosure

Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who may pay to be displayed in certain positions on certain pages, or may compensate us for referring users to their services. While our reviews and assessments of each product are independent and unbiased, the order in which brands are presented and the placement of offers may be impacted and some of the links on this page may be affiliate links from which we earn a commission. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >

14 min read

Trade your favourite markets with our top-rated broker, AvaTrade.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Visit site

Ready to take the plunge into investing but overwhelmed by all the choices? Finding the right investment platform is the crucial first step towards building your wealth.

With so many options out there, it’s easy to feel lost – but don’t worry! This guide makes the process straightforward and help you choose the best investment platform in Nigeria that best fits your goals.

We’ve thoroughly researched, tested, and ranked the top investment platforms available. Our rankings consider factors like the fees and cost of investing, ease of use, range of investment options, and the results of our user survey.

This guide will equip you with the knowledge you need to make an informed decision. We’ll explain the key features to compare, break down the pros and cons of different platforms, and guide you towards the best investment platform in 2024 that’s right for you.

Best investment platforms in Nigeria for 2024

What are the best investment platforms in Nigeria?

The best investment platform in Nigeria is AvaTrade . It’s by far the most popular choice among our readers, boasting low fees, a simple and straightforward platform, and a wide range of investment options.

Below are three more top investing platforms, which you can filter and sort according to the features that are most important to you.

Most popular

1

Min. Deposit

-

Best offer

User Score

9.4

Choose over 100 popular stock CFDs

Buy and Sell Stock CFDs with as little as £100

Zero Commissions - no hidden fees

Start Trading more info

Payment Methods:

Bank Transfer, Debit Card, PayPal, neteller, Credit Card, Wire Transfer, WebMoney, Visa, Mastercard, American Express, MoneyBookers, Rapid Transfer, Discover, Bank Transfer: SEPA, Bank Transfer: FPS, skrill

Full Regulations:

ASIC, FSA, FSCA, MiFID

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

2

Min. Deposit

-

Best offer

User Score

9.2

One of the only Brokers to have after-market hours trading

Over 1000+ top-quality stocks, including Facebook, IBM and Boeing

Fast executions and no data fees on share CFDs, with 5:1 leverage

Start Trading more info

Payment Methods:

Bank Transfer, Debit Card, PayPal, neteller, Credit Card, Wire Transfer, UnionPay, Visa, Mastercard, American Express, Discover, Bank Transfer: SEPA, skrill

Full Regulations:

ASIC, FCA

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7%of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Refer to our RDN and other legal documents. Pepperstone Markets Limited, SCB no. SIAF217.

3

Min. Deposit

-

Best offer

User Score

9.0

Trade with Exness to enjoy better-than-market conditions and a friction-free online trading experience

The Exness Group is an international award-winning broker, with licenses in Seychelles, Cyprus, UK, South Africa and Kenya

Flexible funding- Choose from multiple currency funding options

Start Trading more info

Payment Methods:

Bank Transfer, Debit Card, neteller, Credit Card, Visa, Mastercard, American Express, Perfect Money, Apple Pay, Google Pay, Discover, Electron, Sticpay, Bank Transfer: EPS, skrill

Full Regulations:

CMA Lebanon, CySEC, FCA, FSA, FSC, FSCA

Exness does not offer services to residents of certain jurisdictions including the USA, Iran, North Korea and others. The content of the website including translations should not be construed as means for solicitation. Investors make their own and independent decisions. Trading in CFDs and generally leveraged products involves substantial risk of loss and you may lose all of your invested capital.

Top 6 online Nigerian investment platforms, reviewed

1. AvaTrade. Best regulated broker for secure trading

Copy link to section

Visit site

From 0.13%

Fees

$...

Minimum deposit

500

No. assets

Yes

Demo/virtual account

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform

Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Overview

We love AvaTrade because it is a reliable CFD broker, that gives users access to a wide range of markets. As a CFD broker, AvaTrade lets you speculate on the price movements of various financial instruments without owning the underlying assets. AvaTrade is a multi-asset brokerage firm and includes CFDs for forex, commodities, stocks, indices, cryptocurrencies, and bonds.

AvaTrade is also highly regarded for its strong regulatory framework and commitment to security. AvaTrade is regulated in multiple jurisdictions, including Europe, Australia, Japan, South Africa, and the British Virgin Islands, which means it must adhere to stringent regulatory standards across the world. 

AvaTrade isn’t just well-regulated, it also employs advanced security measures to protect client funds and personal information, including segregated accounts and robust encryption technology. 

The fees: There is no commission on any trading. AvaTrade makes money from the Bid/Ask spread instead. Stock spreads start from 0.13 and forex spreads start at 0.7 pips. Positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £/€/$50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

Features	AvaTrade summary
No. of tradable assets	1250+
Min. Deposit	$100
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Commodity CFDs, Index CFDs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, FSA, ASIC, CBI, MiFID, CySEC, BVIFSC, FRSA
View more >	AvaTrade >

Visit AvaTrade AvaTrade Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

2. Pepperstone. Best low spread & no commission broker

Copy link to section

Visit site

0.20%

Fees

$...

Minimum deposit

1,200

No. assets

Yes

Demo/virtual account

Pros & Cons

Zero commission on trades Hedging, scalping, and crypto CFD trading available Lots of deposit and withdrawal options, including PayPal

No guaranteed negative balance protection in some jurisdictions No option to purchase stocks or bonds directly, only CFDs and spread betting available

Overview

We love Pepperstone because it is a low fee and low commission CFD brokerage, making it an excellent choice for traders looking to keep trading costs down. Pepperstone offers some of the most competitive spreads in the industry, with no commission on its Standard account and low commissions on its Razor account. 

Pepperstone is also well known for its top tier regulatory protection. The broker is regulated by both the Financial Conduct Authority (FCA) in the UK and the Australian Securities and Investments Commission (ASIC), which means it follows stringent rules. Pepperstone also offers a good selection of markets, including forex, commodities, indices, cryptocurrencies, and shares, offering various trading opportunities.

One of the features we found most useful when using Pepperstone is the variety of trading platforms. You can choose from TradingView, MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, each providing a unique set of features and tools. 

The fees: Forex trades are commission free, as Pepperstone makes money from the Bid/Ask spread. The spreads vary depending on the asset you want to trade. Razor (pro) account customers get significant discounts on the spreads. US stock trades are charged a $0.02 commission, for other stocks the commission starts at 0.07%.

Highlights

Features	Pepperstone summary
No. of tradable assets	1200+
Min. Deposit	No minimum
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Cryptocurrencies, Commodities, Currencies, Indices, ETFs
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	CMA, SCB, DFSA, ASIC, FCA, CySEC, BaFin
View more >	Pepperstone >

All supported assets are CFDs.

Visit Pepperstone Pepperstone Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.7%of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Refer to our RDN and other legal documents. Pepperstone Markets Limited, SCB no. SIAF217.

3. Exness. Best for tight spreads and a pro-style trading experience.

Copy link to section

Visit site

From $0.2 per lot

Fees

$...

Minimum deposit

60

No. assets

No

Demo/virtual account

Pros & Cons

Trade all major asset classes with zero commission Competitive spreads starting from 0.3 pips on standard accounts Highly flexible trading terminal available on mobile app, desktop, and web browser Top-tier regulation and negative balance protection

Restricted access in the US and UK

Overview

We love Exness because of its tight spreads, which make it a top choice for traders looking to minimize trading costs and maximize profitability. The brokerage offers some of the most competitive spreads in the industry, especially on larger markets like foreign exchange.

Its focus on low trading costs is ideal for both newbies and experienced traders looking to trade with minimal overheads. Exness also stands out for its range of trading terminals. It offers MetaTrader 4, MetaTrader 5, and the Exness web terminal. There’s also a dedicated mobile app meaning you’ll be able to always access your account. 

Exness offers 250+ trading instruments, including 100+ forex pairs, 80+ stocks, 35+ cryptocurrencies, 15+ indices and 15+ commodities. Exness offers a great range of pro-style trading tools and a variety of account types to suit all experience levels. 

Beginners can take advantage of a free demo account or micro-lots for low minimum trades, while more experienced traders can use the hundreds of pre built indicators available on the MetaTrader suite. 

The fees: Standard accounts aren’t charged a commission but are charged through the spread. Spreads start from 0.3 pips on stocks, 1 pip on forex trades, and 7 pips on cryptocurrencies. Overnight fees apply on some assets (exc. swap-free accounts).

Highlights

Features	Exness summary
No. of tradable assets	250+
Min. Deposit	From $10
ID verification required	Yes
Free demo account	Yes
Supported assets	Stocks, Cryptocurrencies, Commodities, Currencies
Mobile trading app	Yes
Web trading platform	Yes
Regulatory bodies	FSCA, FCA, CySEC, FSA, BVIFSC
View more >	Exness >

Visit Exness Exness Review

Exness does not offer services to residents of certain jurisdictions including the USA, Iran, North Korea and others. The content of the website including translations should not be construed as means for solicitation. Investors make their own and independent decisions. Trading in CFDs and generally leveraged products involves substantial risk of loss and you may lose all of your invested capital.

4. FP Markets. Best for low spread & 0-pip trading

Copy link to section

Visit site

...

Fees

$...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Trade 10,000+ CFDs across multiple asset classes Highly regulated and reliable platform Copy and social trading features

Not available in the US, Japan & New Zealand IRESS platform is expensive

Overview

We love FP Markets because it uses cutting-edge technology to ensure all trades are executed at lightning fast speed. It’s an award-winning broker and offers over 1000 CFDs on forex, stocks, commodities, and indices.

FP Markets has zero restrictions and allows all trading styles, including scalping and running expert advisors. It integrates with the popular MetaTrader 4 platform and has its own technology-driven charting package. For beginners, FP Markets offers a free copy trading service where you can mirror profitable users’ trades directly in your own account. 

The fees:  FP Markets’ fees are determined by your account type. Its standard account has zero commission for all markets other than stocks, which start at 0.05% per side. Standard accounts are charged the Bid/Ask spread which starts at 1.3 pips. Raw accounts have a commission of $3 per side for forex and metals. Stocks start at $2 per transaction.  

Highlights

Features	summary
No. of tradable assets
Min. Deposit
ID verification required	No
Free demo account	No
Supported assets
Mobile trading app	No
Web trading platform	No
Regulatory bodies
View more >	>

Visit Review

CFDs are derivatives and can be risky; losses can exceed your initial payment and you must be able to meet all margin calls as soon as they are made. When trading CFDs you do not own or have any rights to the CFDs underlying assets.

5. Pacific Union. Best for social trading & customer support

Copy link to section

Visit site

...

Fees

$...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

70+ forex pairs and 200+ financial assets available to trade Extremely low minimum trade sizes Multilingual support in 18+ languages

Minimum withdrawal of $100 Fewer assets than many competitors

Overview

We love Pacific Union because its beginner friendly platform comes loaded with lots of educational content, including how-to guides and video learning. Pacific Union offers over 200 assets across global markets and includes forex, stocks, indices, commodities, and cryptocurrencies.

It’s an award-winning broker with a proprietary social trading application that makes it easy for beginners to follow the strategies and positions of the platform’s top traders. Pacific Union uses the popular Metatrader 4 software alongside its mobile and web based apps. Traders can choose the amount of leverage they want to use, all the way up to 500:1.

The fees: There are fees with Pacific Union, but it depends on your account type. Its standard account is commission free, but Bid/Ask spreads start at 1.3 pips. Pro accounts are charged a $3.5 RT per lot commission and have spreads starting from 0 pips. Swap charges for holding a trade overnight vary depending on size.  

Highlights

Features	summary
No. of tradable assets
Min. Deposit
ID verification required	No
Free demo account	No
Supported assets
Mobile trading app	No
Web trading platform	No
Regulatory bodies
View more >	>

Visit Review

Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage it.

What is a Nigeria investment platform?

An investment account is a specialised platform for your invested funds, enabling you to buy and sell various financial instruments like stocks, ETFs, mutual funds, and even complex options. Unlike traditional bank accounts, these accounts unlock many ways to create wealth by participating in financial markets. 

Brokerage firms like Fidelity Investments and Morgan Stanley Self-Directed Investing offer online brokerage accounts giving access to many investment opportunities. Opening an online brokerage account is often a quick process for individual investors. 

There are several investment account types available including stock trading platforms for options trading or commission-free stock purchases. It’s important to remember that taxable accounts incur tax implications for gains. Many Nigerian online brokerage platforms also offer paper trading features, allowing you to simulate trades without risking real capital.

How do investment platforms work in Nigeria?

They work in a similar way to bank accounts. Users can create an account with an investment platform and gain access to all the services it offers. Once registered, investors can buy and sell thousands of financial products across various markets. Stocks, forex, commodities, crypto, exchange-traded funds (ETFs), and investment funds are most commonly found on investment platforms. 

As large sums of money pass through investment platforms every day, security and regulation are at the forefront of most of them. The best platforms are regulated in premier jurisdictions and by regulators, such as the Central Bank of Nigeria.

The different types of Nigerian investment platforms

There are a range of investment platforms in Nigeria available today, catering to different investors’ needs. Choosing the right platform is crucial to accessing financial markets and managing your investments.

The best investment platforms for beginners prioritise educational resources and paper trading, while active traders may value low costs and advanced trading platforms to sell stocks, futures, or options contracts online. Here are some of the investment platforms available:

• General investment accounts. These online brokers offer access to a wide range of assets like stocks, ETFs, options, and mutual funds, making them ideal for active traders who want control over their portfolios. It’s important to remember that trading platforms often come as a taxable brokerage account, so be mindful of tax implications.
• Self-directed investment platforms. Self-directed platforms like eToro or Interactive Brokers let you build your own portfolio, sell stocks, and utilise advanced features like futures trading or margin accounts.
• Robo-advisors. Robo advisors like Wealthify and Nutmeg use algorithms to manage your portfolio based on your risk tolerance and goals. Robo advisors are excellent for beginners or those seeking a hands-off approach. 
• Retirement accounts. The best retirement investment accounts allow you to save for retirement while benefitting from certain tax breaks. The most common variations are Individual Retirement Accounts (IRAs), where you can invest up to $6,000 or $7,000 if 50+ tax-free, Roth IRAs, where contributions have no tax deductions, and 401(k)s, employer-sponsored investment plans.
• Real estate investment platforms. REITs let you invest in real estate, which means you can invest in property from your investment account without needing hefty sums. The best real estate investment platforms are available to all types of investors. 
• Education investment accounts. You can use an education investment account to save for your child’s education. For example, the 529 college savings plan is designed to help families save for educational expenses. The plan is a tax-advantaged account with money invested into mutual funds. There are no annual limits on contributions and withdrawals are tax-free. 
• Alternative investment platforms. You can use these platforms to invest beyond traditional assets. Some of the most popular alternative investment platforms offer assets like wine, whisky, and farmland. 
• Investment research platforms. Research platforms don’t actually let you invest in anything, but do help with analysis. Platforms like Bloomberg or Morningstar offer in-depth stock reports, analyst ratings, and educational resources.  
• P2P lending platforms. You can lend money directly to individuals or businesses and earn potential returns. The best p2p investment platforms cater to various risk appetites and loan types.
• AI investment platforms. Artificial intelligence investment platforms are similar to robo advisors and use advanced technology and AI to help build your portfolio.

How much do investment platforms in Nigiera cost?

You may have to pay a small percentage fee to manage your investments or buy or sell a stock, but typically it won’t cost you very much. Investment accounts may cost around 0.5% of your total invested amount every year, while the cost of investing in individual stocks may cost a couple of dollars at most each time.

Some platforms charge zero commissions, but make their money in other ways, such as through higher spreads (the difference between the buy and sell price). Other platform fees may include a charge for deposits and withdrawals. 

Here’s a look at the different types of fees you may encounter when using an online investment platform:

How should I choose an investment platform in Nigeria?

It depends on your goals. Do you want to invest regularly with your spare change, or do you want to put aside money to invest lump sums into big investment funds?

Use these questions to help you decide what type of investment platform is best for you.

1. How much do you want to invest?

If you’re just starting out and only have a small amount to invest, then an investing platform that lets you invest your spare change is the best option. 

You can set it to automatically round up your daily purchases and put the spare money into an investment fund.

On the other hand, if you have a lump sum to start with, then consider a platform that lets you choose your own investments and charges low trading fees. That way you don’t lose too much of your capital by paying fees.

2. What do you want to invest in?

Choose an investment platform that allows you to invest in everything you want to. Stocks and shares are the most common asset to invest in, but they aren’t the only option. You can choose from a range of investment options, like cryptocurrencies, like Bitcoin, and commodities, like gold. 

The best investment portfolios often have a combination of lots of different assets. Balanced portfolios are well-positioned to cope with economic cycles. If you want to create your own balanced investment portfolio, then it’s important to choose an investment platform that allows you to do so.

3. Do you want to choose your own investments?

There are a few different types of online trading platform; ones where you choose what to invest in, ones where your money is managed by finance professionals, and ones that use algorithms to decide what to invest in for you.

Most new investors are better off either trusting their money to a fund manager or using an automated investing platform to buy stocks for them. Or you can use a copy trading platform to follow the advice of more experienced traders.

You also need to think about the type of account you’re going to use to do this. You can set up a simple trading account to buy and sell your own shares, but this may not be the most cost-effective way to go. Many countries offer some form of tax break for investing through specific accounts.

This links in with your ultimate goals for investing, and whether may need to access the money at short notice or if you’re prepared to put it away for the long haul. Spend some time researching the options available where you live, as it could safe you a lot of money in the long run.

4. What is your risk tolerance?

If you choose a managed, or automated, investment platform, you get to decide how much risk is built into the investment strategy. Generally, the options are lower, medium, or higher risk. It offers less flexibility than a DIY investment platform, but it takes less time

The right investment approach depends on your circumstances. Younger investors can take a more risky approach than older ones, because you have longer to build your wealth. If you’re planning to use the money for a big life purchase, like a house, then a lower risk option is better.

5. Do you want to buy individual stocks, or invest in large funds?

Beginner investors looking to buy stocks in individual companies should look for a platform with low fees and a large range of stocks from around the world. The more regularly you plan to invest, the more important it is to find a platform with low fees.

Those beginner Nigerian investors looking to put a lump sum into a big, diversified fund should focus on low annual management fees. Each fund charges a flat fee, either in the form of a maintenance fee or an annual management fee. A small percentage change in fees can make a big difference to the charge if you have a lot of money in the account.

More advanced traders might prefer to pick their own stocks and buy and sell them more regularly as part of their investment strategy. Fees are still important, and it may be better to pick an investment platform that charges fees through the spread, rather than a flat fee.

More things to look out for

There are some features that you should look for from every service. You want a cost-effective, secure investment platform that you can trust to keep your money safe for a long time. Here are some more features to look out for:

• A low cost Nigeria investment platform. Every investment platform charges fees and they are an unavoidable cost for investors. Platform fees either come from commissions or spreads so it’s a good idea to make sure to check your platform’s fee schedule prior to registering. But note that the cheapest investment platform isn’t necessarily the best, you should look for the best balance between low cost or commission free trading and useful features. 

• Top tier security. If you’re going to be investing your money through an investment platform, you’ll want to be sure it’s a secure service. The best platforms offer extra layers of security such as 2-Factor Authentication (2FA) when logging in. 
• A reliable investment platform. Investment platforms experience downtime from time to time, but you want to avoid the ones that crash regularly. You can check out online customer reviews to compare investment platforms before registering with a new platform so you can get an idea of how reliable it is. 
• A well-regulated service. When it comes to choosing an investment account, you want to make sure that the service you’re using is well regulated. The best investment platforms in Nigiera are regulated by the Central Bank of Nigeria.

User reviews: rating the best investment platforms in Nigeria

It can be useful to see how other people rate each platform, so you can use their experiences to shape your own decision. We regularly conduct user surveys and gather feedback from individual users about how each service performed.

Below you can find user verdicts on each of the top investment platforms.

If you would like to comment or offer feedback on any specific service, contact our reviews team at [email protected].

Methodology – how we choose the best online investment platforms in Nigeria

Helping people make better financial decisions is at the heart of our mission at Invezz. 

We periodically test more than 69 investment platforms to provide our users with clear, accessible guidance on the investing options available. All testing is carried out by our panel of wealth-building experts, analysts, and active traders who sign up to each platform, conduct research, and score each investing service.

Our tests are designed to find investment services that offer a beginner-friendly, secure investing experience at a fair price. To supplement our practical testing and experience, we research each service to gather any further relevant information. We read online customer reviews, app reviews on the Play Store and App Store, and conduct user surveys to get feedback from real people about what works, and what doesn’t.

Each investment platform is awarded a final score based on 130+ data points across 8 ranking categories: cost, reliability, user experience, deposit & withdrawals, investing options, range of products/markets, research & analysis tools, and the availability of educational & learning resources.

We work closely with personal investing brands to ensure all factual information displayed here is accurate. All data is then fact-checked by an independent reviewer. You can learn more about our expert panel and how we test, rate, and review platforms in our review process. 

FAQs