10 Best Cryptocurrency Stocks to Buy in Nigeria
The 10 Best Cryptocurrency Stocks to Buy in Nigeria revealed. We tested the best cryptocurrency stocks for Nigerian Traders.
This is a complete guide to cryptocurrency stocks in Nigeria.
In this in-depth guide you’ll learn:
- What is a cryptocurrency stock?
- Which forex traders offer the best trading platforms to trade cryptocurrency stocks?
- How to compare the best cryptocurrency stocks against each other.
- Which cryptocurrency stocks are best for beginner Nigerian Traders?
- Which brokers offer a sign-up bonus for first-time traders in Nigeria?
- Which brokers offer a low minimum deposit of $5 (2 149 NGN) to start trading?
- Which trading platforms offer a mobile app on IOS and Android for Nigerian Traders?
And lots more…
So if you’re ready to go “all in” with the best-tested cryptocurrency stocks…
Let’s dive right in…
- Louis Schoeman
10 Best Cryptocurrency Stocks to Buy in Nigeria (2023)
- Block, Inc (NYSE: SQ) – Overall, Best Cryptocurrency Stocks to Buy
- Coinbase Global, Inc. (NASDAQ: COIN) – Leading Cryptocurrency Exchange in Nigeria
- Silvergate Capital Corporation (NYSE: SI) – Best Crypto Stock for Beginner Traders
- ProShares Bitcoin Strategy ETF (BITO) – Top Share for Capital Growth
- CME Group, Inc. (NASDAQ: CME) – Best Bitcoin Features Options
- NVIDIA Corporation (NASDAQ: NVDA) – Premium Graphics and Video Games for Traders
- Riot Blockchain, Inc. (NASDAQ: RIOT) – Best Growth Potential Stock in Nigeria
- Advanced Micro Devices, Inc. (NASDAQ: AMD) – Top Encryption Methods
- PayPal Holdings, Inc. (NASDAQ: PYPL) – Most Lucrative Stock for Nigerian Traders
- Marathon Digital Holdings, Inc. (NASDAQ: MARA) – Best Stock for Experienced Traders
What is a Crypto Stock?
👉 On Wall Street, cryptocurrencies are not traded similarly to equities. Nonetheless, several publicly listed corporations have extensive ties to the realm of cryptocurrencies and other digital assets.
👉 Cryptocurrency stocks are shares of these firms, which often run crypto exchanges, invest in cryptocurrencies directly, or manufacture computer equipment required to mine cryptocurrencies like Bitcoin.
👉 Any investment contains inherent risks, and crypto equities may also be susceptible to market declines in the volatile cryptocurrency space. However, investors who are experienced with equities and want exposure to digital assets might examine crypto stocks.
1. Block, Inc (NYSE: SQ)
👉 Block, Inc., previously known as Square, offers solutions that allow merchants to take credit card payments, reporting and analytics and next-day settlement.
👉 It includes hardware items such as Magstripe reader and Contactless and chip reader, as well as software products such as Square Point of Sale, Square Appointments, and Square for Retail
👉 It has many business lines relating to blockchain technology and Bitcoin, and its Cash App application enables users to invest in equities and Bitcoin. By the end of 2021, Block reported holding digital assets worth $317 million.
👉 Several strengths noticeable from Block, Inc.’s fundamental analysis include:
➡️ The low PEG Ratio, which adjusts the Price/Earnings for growth, suggests that the firm is well undervalued.
➡️ When comparing the current price of SQ to its book value, analysts infer that it is accurately priced. Its market value is 2.56 times its book value.
➡️ Earnings-per-share at SQ has increased over the last five years, and the EPS has increased annually by 122.32%.
➡️ Based on projections, SQ’s earnings per share will increase significantly over the next five years. The EPS will increase by an annual average of 32.59%.
➡️ Over the last five years, SQ’s revenue has grown significantly. Annually, the Revenue has increased by an average of 59.54%.
➡️ Based on projections, SQ’s revenue will increase significantly over the next five years. Revenue will increase by an annual average of 15.69%.
2. Coinbase Global, Inc. (NASDAQ: COIN)
👉 Coinbase (COIN) operates as one of the leading cryptocurrency exchanges in the United States. It was the first pure-play cryptocurrency trading platform to go public on Wall Street in April 2021. Coinbase generates revenue by purchasing and selling several digital assets on its platform.
👉 Coinbase went public in 2021, with its shares debuting at $381 on the Nasdaq stock market with the ticker code COIN. Coinbase is the first pure-play cryptocurrency trading business to list on a U.S. exchange, marking a significant milestone in the world of cryptocurrencies.
👉 Since its IPO, the share price of COIN has depreciated, and cryptocurrencies, in general, have suffered in 2023.
👉 However, on August 4, Coinbase’s stock price increased by 40% after the announcement of an agreement to provide institutional customers of BlackRock with access to cryptocurrency trading.
👉 Some key strengths noticeable from Coinbase’s fundamental analysis are:
➡️ Revenue for COIN is increasing rapidly. Over the last five years, the revenue has increased annually by 283.26%.
➡️ The Current Ratio for COIN is 1.06. This is a typical number, indicating that COIN is financially sound and does not anticipate difficulties paying its short-term commitments.
3. Silvergate Capital Corporation (NYSE: SI)
👉 Silvergate Capital is a significant supplier of cryptocurrency solutions to institutional and commercial clients via its financial infrastructure.
👉 Introducing cryptocurrency and the Modern Monetary Theory’s decentralisation will result in a new economic boom. The value of cryptocurrencies derives from the blockchain, a network that developers maintain.
👉 The range of financial engineering on these platforms enables the creation of stablecoins with high yields and other DeFi assets with high yields. These provide investors with steady rates 3-4% higher than T-bonds.
👉 This topic will accelerate the widespread acceptance of cryptocurrencies overall. Thus far, the President of El Salvador has implemented the only important decentralization initiative.
👉 He has purchased the plunge and continues to buy Bitcoin (BTC-USD) for the sovereign wealth fund of his nation. All these indicators indicate widespread worldwide acceptance soon.
👉 According to Wells Fargo, Silvergate offers a regulated and FDIC-insured platform for investors seeking to on-ramp and off-ramp U.S. cash into the crypto ecosystem while the sector is still in the early phases of crypto and blockchain adoption.
👉 The Federal Deposit Insurance Corporation (FDIC) is a federal body charged with preserving the stability and trust of the United States financial system.
👉 It insures deposits and oversees big financial institutions. While the significance of crypto in the financial ecosystem is still up for dispute, the widespread adoption of crypto and blockchain technologies by some of the world’s foremost institutions cannot be ignored.
👉 These are some of the strengths that can be derived from a fundamental analysis done on Silvergate:
➡️ SI’s Profit Margin of 46.07% is among the highest in the business. SI exceeds 96% of its rivals in the industry. The average industry Profit Margin is 30.64%.
➡️ The low PEG Ratio, which adjusts the Price/Earnings for growth, suggests that the firm is well undervalued.
➡️ Over the previous five years, Earnings Per Share have increased by an average of 51.94% annually.
➡️ SI’s Earnings Per Share have grown significantly. The EPS has increased by 57.99% over the last year, which is extraordinary.
➡️ Revenue at SI demonstrates a robust rise. In the last year, revenue has increased by 95.34%.
➡️ SI’s debt-to-equity ratio is much superior to industry standards. SI is rated higher than 88% of its industry rivals.
4. ProShares Bitcoin Strategy ETF (BITO)
👉 In June, the ProShares Short Bitcoin Strategy ETF debuted, becoming the first inverse exchange-traded fund tied to the biggest cryptocurrency in the United States.
👉 By reversing the performance of a Bitcoin futures index, the strategy promises to provide an inexpensive and straightforward means to benefit from any subsequent losses.
👉 The investment objective of ProShares is capital growth and the fund’s advisor targets wealth appreciation primarily through managed exposure to Bitcoin futures contracts. The fund does not make direct investments in Bitcoin.
👉 Overall, the fund manager will keep its Bitcoin futures contracts when the value of Bitcoin or Bitcoin futures is flat or dropping, as well as when the value of Bitcoin or Bitcoin futures is growing.
👉 To retain exposure to Bitcoin futures contracts, the company must sell existing contracts as their expiry dates approach and replace them with new futures contracts with a later expiration date. It lacks diversity.
👉 BITO came when the virtual-currency complex was in upheaval, with a digital-asset selloff amid skyrocketing inflation gaining momentum in the wake of recent super-sized Federal Reserve rate rises.
👉 This spiral has seen even long-term investors start selling, culminating in Bitcoin falling almost 70% from its high in November 2021.
👉 This increased the possibility that the new fund missed most of the downturn. ProShares is betting that making it easy to short Bitcoin would inspire investors to voice unfavourable opinions on cryptocurrencies.
5. CME Group, Inc. (NASDAQ: CME)
👉 CME Group is the biggest derivatives marketplace in the world. CME Group aspires to provide innovative risk management and performance enhancement approaches. The organisation enables the trading of futures and a variety of assets across several sectors, including equities, energy, and even currencies. Here comes cryptocurrency into play.
👉 In 2017, CME Group launched a market for “micro” Bitcoin futures options. Micro ether futures were made accessible on the market by February 2021. Thus, companies and individuals can limit the risk of volatile cryptocurrency price fluctuations.
👉 While crypto derivatives remain a small market for CME, the exchange is poised to add additional crypto assets.
👉 Some critical strengths extracted from the fundamental analysis done on CME Group, Inc. are:
➡️ Twenty-two experts assessed CME. The consensus purchase percentage is 74. Thus, analysts have a bullish outlook on CME.
➡️ The Profit Margin of CME is 60.45%. This is one of the highest returns in the market. The average in the industry is 22.15%. CME beats 84% of its rivals in the industry.
➡️ Comparing the Debt-to-Equity Ratio of 0.13 to the average Debt to Equity Ratio of 0.56 for the business, CME is much less reliant on finance than its industry rivals.
➡️ With an annual growth rate of 8.74%, CME’s dividend is rising steadily.
➡️ Since CME has paid dividends for at least ten years, it has a solid record of accomplishment.
➡️ Earnings-per-share at CME is proliferating. In the last year, the EPS has increased by 18.39%, which is impressive.
6. NVIDIA Corporation (NASDAQ: NVDA)
👉 Nvidia is a maker of graphics processing units that creates chips for everyday devices. However, the firm is primarily recognized for its premium graphics cards for video games.
👉 The CMP HX card from Nvidia was developed for professional mining. First, because of supply chain problems, and more recently, because a decrease in cryptocurrency prices has lowered demand for mining equipment, the business has been erratic.
👉 Nvidia recently consented to a $5.5 million punishment for failing to disclose the consequences of mining on its company — notably, miners worsened the graphics card scarcity and increased demand by snatching up the cards.
👉 This highlights the risks of investing in relatively new technology. A mining limitation has been put to a recently launched card to prohibit further mining-related runs on the product.
👉 As the developer of technology that facilitates cryptocurrency mining and a key player in the PC graphics card sector, Nvidia is an excellent crypto investment.
👉 Some highlighted key strengths from a fundamental analysis of Nvidia are as follows:
➡️ Return on Assets for NVDA is among the highest in the business at 20.92%. NVDA exceeds 86% of its rivals in its industry. The average Return on Assets for the sector is 7.86%.
➡️ Return on Equity for NVDA is 35.94%. This is above the industry average of 20.33%.
➡️ NVDA’s Profit Margin of 32.02% is among the highest in the business. NVDA beats 92% of its rivals in its industry. The average industry Profit Margin is 12.59%.
➡️ NVDA has a Piotroski-F score of 7.00. This number is indicative of NVDA’s high health and profitability.
➡️ Earnings-per-share for NVDA are multiplying. The EPS has increased by 65.06% over the last year, which is extraordinary.
➡️ NVDA’s dividend is increasing, but so are profits; therefore, the dividend rise is sustainable.
➡️ NVDA pays dividends worth 4.23% of profits. This pay-out ratio is modest and reasonable.
7. Riot Blockchain, Inc. (NASDAQ: RIOT)
👉 Riot Blockchain, Inc. is a cryptocurrency mining startup established in Colorado, focusing on Bitcoin mining in North America. The firm is divided into four divisions: engineering, data centre hosting, electrical products, and Bitcoin mining.
👉 As of December 31, 2021, the firm has around 31,000 miners in operation. As of Q1 2023, 14 hedge funds had $28.58 million worth of Riot Blockchain, Inc. shares. During the previous quarter, 18 hedge funds had positions totalling $37.12 million.
👉 Riot Blockchain, Inc. released its financial results for the first fiscal quarter of 2023 on May 10. The company’s earnings per share of $0.30 above the consensus forecast of $0.29 on Wall Street.
👉 The company’s quarterly sales were $79.80 million, increasing 244.01% year-over-year, but $1.98 million below the average estimate.
👉 Riot Blockchain, Inc. reported a 186% increase in Bitcoin production volume along with its financial report. It mined a record 1,405 Bitcoins in the first quarter of 2023, compared to 486 Bitcoins in the same quarter of the previous year.
👉 In addition, as of June 4, the stock’s future P/E ratio of 8.61 makes it an inexpensive pure play in the cryptocurrency market and rates it sixth among the best cryptocurrency companies to purchase today.
👉 In June of this year, BTIG analyst Gregory Lewis lowered his price objective on Riot Blockchain, Inc. shares from $50 to $15 while maintaining a Buy rating. The analyst’s price decrease reflects the 35% year-to-date decline in Bitcoin’s value, which is now trading at $30,000.
👉 However, Lewis remains optimistic about significant mining companies and thinks they will continue to have access to finance at the cost of developing mining companies.
8. Advanced Micro Devices, Inc. (NASDAQ: AMD)
👉 AMD, like Nvidia, is a prominent designer of crypto mining graphics and central processing units. Although it does not directly deal with cryptocurrency, it is responsible for the high-end graphics cards that enable programs to generate crypto assets.
👉 The development of encryption and blockchain takes a significant amount of computing power. In this situation, GPUs are ideal. They are a fundamental piece of hardware that enables the creation and administration of crypto assets.
👉 AMD has confidently established itself as the market leader in chip technology. The company’s continued development of technology such as blockchain makes it a worthwhile investment for now and in the future.
👉 The following are some critical strengths extracted from the fundamental analysis done on AMD:
➡️ AMD’s Return on Assets of 4.64% is comparable to the industry average. The average Return on Assets for the industry is 7.86%.
➡️ The low PEG Ratio, which adjusts the Price/Earnings for growth, suggests that the firm is well undervalued.
➡️ AMD’s Earnings-Per-Share increased significantly. The EPS has risen by 84.13% over the last year, which is extraordinary.
➡️ Over the previous five years, Earnings Every Share have increased by an average of 104.53% per year. This is a highly robust expansion.
➡️ With a Current Ratio of 2.44, AMD has no difficulty meeting its short-term commitments.
➡️ Over the previous five years, AMD’s revenue has grown significantly. Annually, the Revenue has increased by an average of 30.92%.
➡️ Revenue growth is anticipated to be robust for AMD. In the next five years, annual revenue growth will average 21.84%.
9. PayPal Holdings, Inc. (NASDAQ: PYPL)
👉 Paypal Holdings, Inc. has been a significant supplier of financial services for decades and was also an early innovator of digital payments systems.
👉 The firm handles cryptocurrency transactions on its digital payment app and enables users to purchase and sell Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
👉 Paypal is also establishing its own stablecoin and is on its way to be an industry leader in cryptocurrency.
👉 The analyst cites multiple factors, including the imminent debut of Venmo as a payment option on Amazon and robust demand growth for Braintree, BNPL, Crypto, and personal finance, as fuelling the company’s expansion.
👉 At the end of the first quarter of 2023, 100 hedge funds held $6.21 billion worth of Paypal, Inc. shares. This compares to 110 hedge funds with $9.93 billion in holdings in the fourth quarter of 2021.
👉 Some key strengths in the fundamental analysis of PayPal are as follows:
➡️ Return on Assets of 2.64% is among the highest in the business. PYPL has a higher Return on Assets than the industry average of -0.51%.
➡️ PYPL’s 7.79% Profit Margin is among the highest in the business. PYPL’s Profit Margin is greater than the industry average of -0.25%.
➡️ PYPL’s low PEG Ratio, which adjusts the Price/Earnings for growth, suggests that the firm is undervalued.
➡️ Measured over the previous five years, PYPL’s Earnings Per Share have increased significantly. The EPS has been growing by an average of 25.07% every year.
➡️ Based on projections over the next five years, PYPL’s Earnings Per Share will increase significantly. The EPS will increase by 14.15% annually on average.
10. Marathon Digital Holdings, Inc. (NASDAQ: MARA)
👉 Marathon Digital Holdings, Inc. focuses on the blockchain ecosystem and the development of digital assets in the United States while mining cryptocurrencies.
👉 The corporation owned around 8,100 Bitcoins as of December 31, 2021, of which approximately 4,800 Bitcoins were kept in its investment fund.
👉 On May 4, Marathon Digital announced its financial results for the first quarter of fiscal 2023. The firm posted a loss per share of $0.13, $0.23 below the average estimate of Wall Street analysts.
👉 The firm earned $51.72 million in sales, an increase of 465.05% year-over-year that fell short of estimates by $1.83 million.
👉 Along with its results, Marathon Digital announced a 15% rise in Bitcoin output compared to Q4 2021 and mined 1,259 Bitcoins, an increase of 556% compared to the same quarter in 2021.
👉 In addition, the firm announced a 449% year-over-year rise in its hash rate, with the total number of deployed miners climbing to over 36,000 and generating about 3.9 EH/s in the first quarter of 2023.
👉 The firm is fifth on the list of the top cryptocurrency stocks to purchase, attributable to its impressive Bitcoin and crypto mining production.
How to choose the Right Broker for Crypto in Nigeria
👉 The need for Bitcoin brokers has grown because of the thousands of individuals interested in investing in cryptocurrencies globally.
👉 Numerous Bitcoin brokers will be offering their services on the market, but you will also run across reports of frauds involving Bitcoin brokers.
👉 Not all Bitcoin brokers can be trusted since many of them have turned into frauds. Even if they are, they lack adequate security measures or are deficient in certain key areas, which may cause a lot of issues for Bitcoin traders.
👉 You must thus carefully choose a crypto broker, and we have provided key features that you must verify before you deal with a crypto broker.
Background and Financial Backing
👉 A good Bitcoin broker has robust financial support, which necessitates a substantial capital basis. This ensures that your Bitcoin is secure and that the broker will not go bankrupt.
Experience and Credibility
👉 The crypto market is young compared to other markets. However, this does not imply that all brokers are unskilled. There are reputable and professional Bitcoin brokers available for usage.
👉 Bitcoin brokers must possess the necessary qualifications, such as licenses from famous and respectable regulatory authorities and specialists on their staff. You can read reviews of the broker and get insight into their services to assess whether they are a good match for you.
Responsive Customer Support
👉 Since Bitcoin trading is available 24 hours a day, seven days a week, you could have a problem or query at any moment.
👉 Therefore, it is important to seek a broker who is accessible 24/7. Regardless of your time zone, they should have a competent support crew that can respond to inquiries and concerns in a timely and professional way.
Crypto Trading Fees and Commissions
👉 You must investigate the commissions and other costs that Bitcoin brokers impose. Ensure the broker outlines the fees they charge, and any other dangers associated so that you may make an informed choice.
Trading Platform
👉 No Bitcoin broker is complete without a user-friendly web, desktop, or mobile platform, often all three. These platforms are required for an assortment of reasons.
👉 They give customers a great degree of simplicity in Bitcoin trading, and a well-designed platform provides them with a variety of possibilities.
👉 These choices make things easier and more comfortable for novice and seasoned Bitcoin traders alike. Ensure that your preferred dealer has a modern platform or a selection of platforms.
Longevity of brokerage
👉 There may be a small number of trustworthy Bitcoin brokers that have just started up, but they are quite rare. If a Bitcoin broker has been in existence for an extended length of time, it has been doing something right, as shown by the fact that customers continue to depend on it.
Account Registration Process
👉 Very few traders realize that the registration procedures of Bitcoin brokers reveal a great deal about their character. Veteran traders in this industry can rapidly determine if a broker is excellent or terrible based just on the sign-up procedure.
👉 You may initially have some problems with spotting the legit Bitcoin brokers. However, as time goes by, you will have a better time distinguishing between excellent and unfavourable brokers. A vast number of depositing fees is a frequent indicator of a fraudulent sign-up procedure.
👉 Most instances in which Bitcoin brokers urge their customers to deposit a big sum of money to join up are probable scams. This is made apparent by the fact that many reputable Bitcoin brokers now accept little or no deposits from prospective clients.
👉 You should opt for these Bitcoin brokers instead of those that want vast quantities of money for crypto transactions.
👉 Additionally, investigate the process’s security. You can do this by examining the search bar’s top-left corner for an SSL certificate. This certificate ensures that a website is secure and will not expose your data to hackers.
Technical Support for Cryptocurrencies
👉 The distinction between customer service and technical assistance cannot be overstated. Most firms have technical support teams to assist clients with issues that need assistance from experts in that field.
👉 A significant majority of Bitcoin brokers lack any form of technical support personnel. They believe that their customer service professionals are sufficient for the task and depend only on them.
👉 The team should comprise Bitcoin industry veterans with decades of expertise. They should have a thorough understanding of how things operate and be able to deliver rapid answers within minutes.
👉 Determining whether a Bitcoin broker has a competent technical support staff might consume considerable time. In most instances, a substantial bit of trial and error is required.
Overall Convenience
👉 If a Bitcoin broker does not provide any convenience, they are not worth your time. As the environment changes, this sector is undergoing tremendous change. To make the appropriate judgments at the right time, you must be current on many matters.
👉 This is only achievable if your broker provides you with features that enhance your entire experience. Your broker’s platform should be compatible with a range of devices.
👉 Using your smartphone or tablet, you should be able to access your account and see all your trades and other crypto-related actions.
👉 Easy accessibility enables you to trade on the move while guaranteeing that you do not miss anything crucial and aside from that, the broker should utilize straightforward language.
Demo Account
👉 Today, one just cannot do without a reliable demo trading solution. There are several complex circumstances involved in Bitcoin trading. If you are just beginning in this sector, you will not know how to make timely judgments.
👉 You will lose a substantial amount of money as a result, and Bitcoin demo trading might help you avoid these errors.
👉 It will instruct you on trading in the actual world while guaranteeing that your selections do not negatively affect your funds. With this option, you will neither gain nor lose money. Nonetheless, you will get knowledge about how cryptocurrency trading is conducted.
The Best Crypto Brokers in Nigeria
👉 In this article, we have listed the best brokers that offer trading solutions and opportunities to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSA, FCA, ASIC, DFSA
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
66
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Axi is the best MT4 Broker in Nigeria. More than 130 different items from Axi are available for trading on MetaTrader 4. Axi offers some of the greatest trading conditions to Nigerian traders, including minimal opening spreads on all account types.
Best MetaTrader 5 / MT5 Broker in Nigeria
Overall Rating
- 4.7/5
Total Pairs
32
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, RoboForex is the best MetaTrader 5 broker in Nigeria. RoboForex provides traders with a selection of 12,000 tradable instruments that may be traded on MetaTrader 5 in addition to a few more potent trading platforms.
Best Broker for beginners in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is the best Broker for beginners in Nigeria. For new traders in Nigeria, AvaTrade provides some of the greatest teaching resources. Along with webinars, seminars, and other events, there are several manuals and videos.
Best Low Minimum Deposit Broker in Nigeria
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HF Markets is the best Low Minimum Deposit Broker in Nigeria. With a minimum investment of 2,000 Naira, HF Markets provides live trading accounts to Nigerian traders.
👉 Popular MetaTrader cryptocurrency broker HF Markets also has an in-house trading app for iOS and Android users.
Best ECN Broker in Nigeria
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Overall, Pepperstone is the best ECN Broker in Nigeria. One of the biggest forex and CFD brokers in the world, Pepperstone provides services in more than 170 nations.
👉 Nigerian traders should anticipate among of the quickest transaction execution times with little to no slippage and no requotes.
Best Islamic / Swap-Free Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 NGN
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OANDA is the best Islamic / Swap-Free Broker in Nigeria. Three different retail accounts are available from OANDA. This includes a specific Islamic account that is provided to Muslim traders in Nigeria who adhere to Sharia law.
Best Trading App in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 5
Regulators
FSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, WebTrader, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
100% Deposit Bonus
Account Activation Time
Instant
👉 Overall, FBS is the best trading app in Nigeria. FBS provides its cryptocurrency account through the FBS Trader. Many features and some of the greatest market analyses are available to Nigerians.
Best Nigerian Naira Trading Account Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best Nigerian Naira trading account Broker in Nigeria. One of the top multi-currency brokers that provide accounts in NGN is Exness. Exness is a broker that only works with MetaTrader and has a limited selection of trading options.
Best Lowest Spread Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 200 / 82900 NGN
Regulators
ASIC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IC Markets is the best lowest spread Broker in Nigeria. IC Markets provides some of the narrowest spreads in the market because of its pure ECN execution mechanism.
👉 Nigerian traders can choose from a variety of crypto CFDs at IC Markets, which offers services to traders all over the world.
Best NDD Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 Overall, XM is the best NDD Broker in Nigeria. XM is a well-known No-Dealing Desk broker that offers services to over 2.5 million traders worldwide. A portion of XM’s broad selection of more than 1,000 financial products includes cryptocurrency CFDs.
Best STP Broker in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Tickmill is the best STP Broker in Nigeria. One of the finest brokers for new traders in Nigeria is Tickmill, which provides outstanding STP and ECN execution along with clear trading costs.
Best Sign-up Bonus Broker in Nigeria
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, SuperForex is the best sign-up bonus Broker in Nigeria. One of the brokers with the broadest selection of promos and incentives is SuperForex, which provides customers with a choice of 11 trading accounts.
Conclusion
👉 Nigerian traders are often scared of the volatility and risk associated with cryptocurrencies. However, when combined with the more stable investment option of stocks, Nigerians are given a less risky opportunity to participate in the crypto movement.
👉 More businesses are embracing blockchain technology and cryptocurrency’s potential, which creates more investment opportunities in these companies’ stocks.
FAQ
Can you buy cryptocurrency stocks on the Nigerian stock exchange?
No, there are no cryptocurrency stocks to buy on the Nigerian Stock Exchange (NGX), but hundreds are listed on US stock exchanges such as the New York Stock Exchange (NYSE) and Nasdaq.
Which crypto stocks on the NYSE are the best to buy in Nigeria?
Crypto stocks available in Nigeria worth considering are Block, Inc (NYSE: SQ) and Silvergate Capital Corporation (NYSE: SI)
Is it worth buying cryptocurrency stocks in Nigeria?
Nigerian traders should be aware that buying crypto stocks carries a certain degree of risk. However crypto stocks are less volatile than trading cryptocurrencies on exchanges or CFDs through brokers.
Which companies offer crypto stocks to buy that are stable and have growth potential?
Companies such as AMD, Nvidia, and even Paypal have crypto stocks to buy that show stable performance and growth potential.
Is buying cryptocurrency stocks a good investment in 2023?
Crypto has seen a significant devaluation in 2023 due to record-high inflation. However, analysts forecast some recovery in the sector as economic factors ease.
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