Compare 5 best online brokers & trading platforms in Nigeria for 2022
The Invezz team of expert traders, data analysts, and financial writers frequently test the best trading platforms. Amongst a range of features, we rank brokers according to their affordability, security, and available international markets.
In this article, we answer the question: what are the best online brokers in Nigeria for Nigerian users?
Best stock trading platforms in Nigeria 2022
Our rankings reveal that the best Nigerian stock broker is eToro .
Having assessed 100+ brokers, this list represents the five services that top our rankings as the overall best trading platforms in Nigeria.
How we chose the best Nigerian trading platforms
Our reviewing panel is made up of industry experts, including our Data Analyst, Dan Ashmore, CFA, our Senior Editor of News, Jayson Derrick, and expert trader Prash Raval. The panel also includes an independent fact checker, Richard Stutely.
Here are some of the key factors that played into the final ranking.
- Fees. We prioritised platforms that charge low trading fees, don’t charge for deposits or withdrawals, and don’t charge any hidden fees.
- Device availability. If a platform is available across all devices, that deserves a boost. In a mobile world, you need stock trading apps 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 reputable brokers 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. Stock brokers that allow you to invest in international markets, particularly popular ones like the United States, scored well in our reviews.
- Trading and analysis tools. Trading platforms that offer analysis tools make it easier to do all your research and trading in one place. Any broker that offered this convenience scored well.
- Third-party integrations. Many traders like to use software like MetaTrader 4 or cTrader to place trades. We gave special attention to brokers that integrate with these services.
- Customer reviews. Finally, we looked into customer reviews, to make sure that we only recommend platforms where the majority of 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 with an online broker in Nigeria.
- Nigerian stocks. One option is to simply invest in stocks that are listed in Nigeria. This is normally the most straightforward option, 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. Most Nigerian trading platforms also let you invest in stocks that are listed on the NYSE or the NASDAQ exchange in the United States, 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, but this is usually a more limited selection. If you want to buy equities from outside Nigeria or the US, be sure to check those stocks are available through your trading platform before you sign up.
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 the Nigeria’s top stock exchanges and indexes.
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.
How much does it cost to use a Nigerian trading platform?
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 brokers offer completely free trading, while others charge a flat fee or commission per trade.
Are stock brokers in Nigeria regulated?
Yes, online stock 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. Many firms are regulated internationally through institutions such as CySEC (Cyprus Securities and Exchange Commission).
How to start trading in Nigeria
- Find a Nigerian trading broker. Choose your favourite trading platform from the list at the top of this page.
- Create an account and deposit money. To set up an account you need to provide a form of photo ID. Have that to hand, and then transfer some money to the account via a card payment, bank transfer, or an alternative payment method like PayPal.
- Search for a stock and place your trade. Find the stocks you want to trade using their ticker symbol. Enter the details of our trade, and hit ‘buy’ to execute it.
eToro is the best beginner-friendly broker in Nigeria. It offers low fee trading, a top tier demo account, and industry-leading security.
The broker with the lowest fees in Nigeria is eToro .
The best demo account is available from eToro . It offers a realistic trading experience, where you can trade any stock that’s available on the platform using virtual money, and track your virtual profit and loss to see how you would have done.
eToro is the safest broker in Nigeria. It has a wide customer base, top-tier regulation, and account protection tools like two-factor authentication to keep your money safe.
Yes, it’s completely legal to invest in stocks from Nigeria. You don’t need to worry, as your broker will use your location to restrict access to any markets or stocks that aren’t allowed in Nigeria anyway.
More of the best brokers by country
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >