Top 5 Best Trading Platforms in Nigeria 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

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10 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.

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The Invezz team of expert traders, data analysts, and financial writers frequently test the best trading platforms & online brokers in Ireland. Amongst a range of features, we ranked the top online brokers in Nigeria according to their affordability, security, and available international stock markets.

Once we came up with a preliminary list, we surveyed our Nigerian users to gather their thoughts and feedback on each of the top trading apps in Nigeria.

Armed with that information we created a final ranking to answer the question: what are the best online brokers in Nigeria for Nigerian users?

What is the best stock trading platform in Nigeria?

Our rankings reveal that the best online broker in Nigeria is AvaTrade .

Having assessed 100+ brokers, this list represents the three services that top our rankings as the overall best online trading platforms in Nigeria. 

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 5 online brokers in Nigeria, reviewed & compared

1. AvaTrade. Best regulated broker for secure trading

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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 stock markets without owning the underlying assets. AvaTrade is a multi asset brokerage firm and includes CFDs on hundreds of global stocks including Google, Apple, Microsoft, and more. 

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. 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

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0.20%

Fees

$...

Minimum deposit

60

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 wide selection of stocks from several of the world’s largest markets. 

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: US stock trades are charged a $0.02 commission per share. UK and German stock trades are charged a 0.1% commission, while for Australian stocks, it’s 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.

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From $0.2 per lot

Fees

$...

Minimum deposit

300

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 markets like stocks. Excess offers 80+ stocks via CFDs from some of the worlds largest companies.

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. 

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. 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

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...

Fees

$...

Minimum deposit

60

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 stock trades are executed at lightning fast speed. It’s an award-winning broker and offers over 10,000 Australian and international share CFDs and stock CFDs across 4 continents. 

FP Markets has zero restrictions and allows all trading styles, including scalping and running expert advisors. Stock CFDs can be traded directly from its Metatrader 5 platform or via Iress, which gives direct market access to multiple global exchanges such as the Nasdaq, NYSE, and London stock exchange. 

The fees:  FP Market charges commission for all stock trades. For Australian stocks, its 0.05%, Hong Kong stocks, 0.20%, UK 0.10%, European 0.10%, and USA stocks are 2 cents per share. 

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

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...

Fees

$...

Minimum deposit

200

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 stock CFDs for some of the world’s biggest companies.  

It’s an award-winning broker and has 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: Commission starting at 0.1 points is charged on select stock CFDs across all account types. Spread starts at 0.5 points and applies to all stocks. 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.

How we chose the best online trading platform in Nigeria

Our reviewing panel is made up of industry experts, including Data Analyst, Dan Ashmore, CFA, our Editor of News, Harsh Vardhan, journalist Katya Stead, and expert trader, Prash Raval. The panel also includes an independent fact checker, Richard Stutely.

Here are the key factors that played into our final ranking of the best stock brokers in Nigeria.

• Fees. We prioritised Nigerian brokers that offer commission-free trading, charge low trading fees, don’t charge deposit or withdrawal fees, and don’t charge any hidden fees.
• Device availability. An online trading platform that is available across all devices as a mobile app deserves a boost. In a mobile world, you need the best stock trading app in Nigeria to work across mobile, tablet, and desktop. 
• Platform security. All services we recommend are regulated by respected financial institutions and provide investor protection in the event that anything goes wrong.
• Free demo accounts. All the best stockbrokers in Nigeria should offer the chance to test their service before you pay for it. We gave the brokers with the best demo accounts a boost in our rankings.
• Access to global markets. International stock brokers in Nigeria that allow you to invest in global markets, particularly popular ones like the United States, scored well in our reviews.
• Trading and analysis tools. An online stock broker that offers analysis tools makes it easier to do all your research and trading in one place. Any online broker that offered this convenience scored well.
• Third-party integrations. You might want to use a piece of downloadable, third-party software like MetaTrader 4, MT5, or cTrader to place your trades. The best trading software in Nigeria should integrate with these services and those that did so received a higher ranking. 
• Customer reviews. Finally, we looked into customer reviews, to make sure that we only recommend the best investment platforms in Nigeria where the majority of Nigerian customers had a positive experience.

Find out more about how we rate, rank, and review platforms.

More about stock trading platforms in Nigeria

What products can I trade with a Nigerian stock broker?

You can trade stocks from Nigeria, or invest in leading companies from around the world. Here’s a breakdown of what (and how) you can trade financial markets with the best online brokers Nigeria.

Stocks

• Nigerian stocks. One investment option is to simply buy and sell stocks that are listed in Nigeria. Investing in the Nigerian market is normally the most straightforward option for Nigerian residents, as you can buy shares in any company that’s listed on a Nigerian stock exchange.
• US stocks. Some of the best known companies in the world are listed in the United States. The best online broker in Nigeria will also let you invest in stocks that are listed on the NYSE or the NASDAQ exchange in the US, but it depends on the legal restrictions in Nigeria.
• International stocks. You may also be able to buy shares in companies that are based in the rest of the world. The best international brokers in Nigeria offer global stocks, but it may be a limited selection. If you want to buy equities from outside Nigeria or the US, be sure to check those stocks are available through your online broker before you sign up.

ETFs

ETFs (exchange traded funds) are investment funds that pool money together from lots of different investors and use it to track a particular index, like the S&P 500. Even if you can’t invest in every stock from every country, you can usually find an alternative in an ETF that tracks the performance of Nigeria’s top stock exchanges and indexes. 

Mutual funds

Mutual funds are professionally managed investments. You buy shares in the fund through an investment platform and the manager decides what to invest it in. Typically, a fund manager chooses a mixture of global stocks, local Nigerian stocks, and ETFs that track global indices from across the world.

Mutual funds and ETFs are similar, but the former are managed by a professional who tries to beat the market, while the latter buy and sell stocks automatically based on a set of fixed criteria. Typically a mutual fund charges higher management fees every year because of the extra work involved. The best stock broker in Nigeria should allow you to invest in stocks from Nigeria, as well as ETFs and mutual funds.

Futures and options

Futures and options contracts involve making an agreement to purchase a stock in the future at an agreed price. They’re favoured by stock traders and can be used as a way of speculating on how you think a company’s price might change in the future.

Other assets

Most trading platforms in Nigeria offer a variety of assets alongside stocks, funds, and ETFs. With the best Nigerian brokers you can create a diversified portfolio made up of leading global stocks, ETFs, cryptocurrencies, and dabble with trading currency pairs and commodities as well.

Compare the assets available with each of the top Nigerian brokers below.

You should keep in mind, however, that to invest in other financial products from Nigeria, you may be better off using a different type of trading platform.

For example, for trading currency pairs you want one of the best forex brokers in Nigeria, for cryptocurrencies like Bitcoin, the best crypto exchanges in Nigeria. The best CFD brokers in Nigeria offer a range of financial assets, including many of the options above.

How much does it cost to use the best online trading platforms in Nigeria?

It is normally free to sign up to a stock trading platform in Nigeria. The main cost comes in the form of trading fees, which depend on the platform and on what you want to trade. Some of the best stock trading apps in Nigeria offer completely free trading, while others charge a flat fee or commission per trade.

Here’s a comparison of the trading fees across our highest rated Nigerian brokers.

Another way an online broker in Nigeria might charge you is via the spread. The spread is the difference between the buy and sell price of an asset, and effectively serves as a commission the broker is charging you on top of the market price. The smaller the spread, the better value you’re getting from your broker.

Here’s a comparison of the spreads across the top Nigerian trading platforms.

On top of the trading fees and spreads, there may be other charges for using your online broker account. These can include inactivity fees, where you’re charged if you don’t use your account for a period of time (usually 3-6 months), as well as overnight fees, which only apply if the broker is also a CFD platform, or even an account maintenance fee.

Here’s a look at the types of fees different brokers in Nigeria charge, to give you a complete picture of the cost of trading with the top brokers in Nigeria.

Are stock brokers in Nigeria regulated?

Yes, online brokers have to be regulated in order to offer share dealing services. Ideally, you want to find a broker that offers top-tier regulatory protection either through your local regulator, or through an internationally recognised institution. 

The best brokers in Nigeria are regulated by the Central Bank of Nigeria (CBN), which provides a license for these firms to operate and governs their actions in order to protect investors. Use the Central Bank of Nigeria (CBN) database to check if your favourite online broker is regulated to operate in Nigeria.

On top of that, many online brokers in Nigeria are based elsewhere but regulated to operate internationally through institutions such as CySEC (the Cyprus Securities and Exchange Commission). Here are the best online brokers in Nigeria and where they’re regulated across the world.

How much money do I need to start using an online broker in Nigeria?

Typically, the minimum deposit for each Nigerian broker is the equivalent of $10. This is a manageable amount for most users, though you should also consider the minimum trade size on each platform. This governs the smallest investment you can make, so if you plan to invest small amounts then it is a crucial number to think about.

Compare the minimum and maximum trade sizes for each top broker in Nigeria right here.

Which trading app in Nigeria has the best user reviews?

As part of our research process we gathered up reviews and feedback from Nigerian users to help us finalise the rankings. Below is a summary of the feedback and ratings we received about each platform.

How to buy stocks in Nigeria

Every stock trading app in Nigeria is designed to help you invest with the minimum of fuss. 

Follow this six step guide to learn how to buy shares online in Nigeria for the first time.

FAQs