5 Best Trading Apps in Nigeria for 2024

In this guide, our experts have rated the 5 best online brokers in Nigeria to buy, sell and trade stocks for beginners.
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Updated: Jun 4, 2024
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The Invezz team of expert traders, data analysts, and financial writers frequently test the best trading platforms & online brokers. Amongst a range of features, we ranked the top online brokers in Nigeria according to their affordability, security, and available international 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 app in Nigeria?

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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. 

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1
Min. Deposit
$ 100
Best offer
User Score
9.2
Choose over 100 popular stock CFDs
Buy and Sell Stock CFDs with as little as £100
Zero Commissions – no hidden fees
Start Trading
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
$ 200
Best offer
User Score
9.1
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
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
8.9
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
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

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1. AvaTrade. Best regulated broker for secure trading

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From 0.13%

Fees

$100

Minimum deposit

1,000

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 offers powerful trading software to anyone who wants to trade professionally. AvaTrade is a CFD broker where you can trade more than 600 stocks from major global exchanges and all stock trades are commission free. 

AvaTrade integrates with trading software like MetaTrader 4 and 5 and boasts its own bespoke and award-winning mobile app software, AvaTradeGo. AvaTrade has been around since 2006 and is extensively regulated in Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.

The fees: There are no fees on any stock trading. AvaTrade makes money from the Bid/Ask spread instead. Stock spreads start from 0.13%. An inactivity fee of £50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

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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pepperstone logo

0.20%

Fees

Minimum deposit

1,000

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’s a CFD broker with top tier regulatory protection. It’s regulated by the FCA in the UK and ASIC in Australia, two of the most respected financial bodies. You can safely trade 1000+ stock or ETF CFDs on Pepperstone, from the US, UK, German, and Australian markets.

Pepperstone’s high level of security makes it a good option for beginners, as does the fact it provides webinars to help you learn from the experts. For more experienced traders, you can access up to 5:1 leverage and integrate your trading account with four leading software platforms, including MetaTrader 4 and 5.

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

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

$10

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 it offers tight spread trading and a bespoke trading experience. Exness offers 80+ stocks from leading US exchanges, including the likes of Apple, Amazon, and Google.

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 Exness terminal or plug it into the MetaTrader software and trade from there.

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

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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fp markets logo

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 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

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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pacific union logo

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 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

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

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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

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What products can I trade with a Nigerian stock broker?

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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.

Product AvaTrade assets Pepperstone assets Exness assets
Stock CFDs 612
ETF CFDs 61
Forex CFDs 108
Crypto CFDs 20
Index CFDs 31
Commodity CFDs 19
View more > AvaTrade > Pepperstone > Exness >

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?

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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.

Asset AvaTrade fees Pepperstone fees Exness fees
Stock CFDs From 0.13%
ETF CFDs From 0.13%
Forex CFDs From 0.9 pips
Crypto CFDs From 0.15% over market
Index CFDs From 0.03 over market
Commodity CFDs From 0.0015 over market
View more > AvaTrade > Pepperstone > Exness >

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.

Product AvaTrade spreads Pepperstone spreads Exness spreads
Stock CFDs From 0.13%
ETF CFDs From 0.13%
Forex CFDs From 0.9 pips
Crypto CFDs From 0.15% over market
Index CFDs From 0.03 over market
Commodity CFDs From $0.0015 over market
View all tradable assets > AvaTrade > Pepperstone > Exness >

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.

Fee AvaTrade fees Pepperstone fees Exness fees
Trading fees No Yes Standard accounts: no Professional accounts: yes
Inactivity fees Yes No No
Rollover/overnight fees Yes Yes Standard accounts: Yes, on some assets Islamic accounts: no
Withdrawal fees No No No
Spreads Yes Yes Yes
Conversion fees No Yes No
View more > AvaTrade > Pepperstone > Exness >

Are stock brokers in Nigeria regulated?

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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.

Region AvaTrade regulators Pepperstone regulators Exness regulators
Africa FSCA CMA FSCA
Asia FSA SCB, DFSA
Australasia ASIC ASIC
Europe CBI, MiFID, CySEC FCA, CySEC, BaFin FCA, CySEC
International BVIFSC, FRSA
North America FSA, BVIFSC
South America
View more > AvaTrade > Pepperstone > Exness >

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

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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.

Product AvaTrade minimum trade Pepperstone minimum trade Exness minimum trade
Stock CFDs No limit
ETF CFDs No limit
Forex CFDs No limit
Crypto CFDs No limit
Index CFDs No limit
Commodity CFDs No limit
View more > AvaTrade > Pepperstone > Exness >

Which trading app in Nigeria has the best user reviews?

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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.

Review source AvaTrade rating Pepperstone rating Exness rating
Trustpilot 4.7
Google Play Store 4.0
App Store 4.4
View more > AvaTrade > Pepperstone > Exness >

How to buy stocks in Nigeria

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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.

1. Find a Nigerian trading app

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Compare the best online stock brokers in Nigeria and choose your favourite from the list at the top of this page.

2. Create an account

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Once you’ve chosen the best broker Nigeria, set up an account by supplying your email address and password. Fill in personal details like your name and address.

3. Verify the broker account

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Before you use an online trading platform in Nigeria you need to verify your identity. Upload a copy of your driving licence or passport to do this. The verification process can take up to 24 hours, but is often much quicker than that.

4. Deposit money into your trading account

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You can make your initial deposit via a card payment, bank transfer, or an alternative payment method. Many of the best online brokers in Nigeria accept PayPal and similar e-wallets, but you should check this ahead of time.

5. Search for a stock and place your trade

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Find the stocks you want to trade using their ticker symbol. Enter the details of your trade, and hit ‘buy’ to execute it.

6. Monitor your investment

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Check up on your investment regularly. Use the latest news and stock market research to help you decide when to sell your shares, and lock in a profit or loss.

Choose a broker

FAQs

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What’s the best broker for beginners in Nigeria?
What’s the best investment platform in Nigeria?
What’s the cheapest online broker Nigeria with the lowest fees?
Which trading app is best in Nigeria?
Which investment platform in Nigeria has the best demo account?
What’s the safest broker in Nigeria?
Is it legal to trade stocks in Nigeria?


Sources & references
Risk disclaimer
James Knight
Editor of Education
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.