7 Best Social Trading Platforms in Nigeria
The 7 Best Social Trading Platforms in Nigeria revealed. We tested and verified the best Social and Copy Trading Platforms in Nigeria.
This is a complete guide to social trading platforms in Nigeria.
In this in-depth guide you’ll learn:
- What is a social trading platform?
- What are the best social trading platforms?
- What to consider before social trading?
- How to choose the ideal social trading platform – Compare them side by side against each other?
- Which broker offers the best Copy Trading Platform?
- What is the difference between copy trading and social trading platforms?
- Which brokers offer a sign-up bonus for first-time traders?
- Which broker offers a low minimum deposit of $5 (2 076 NGN)?
And lots more…
So if you’re ready to go “all in” with the top social trading and copy trading brokers’ platforms…
Let’s dive right in…
- Louis Schoeman
Best Social Trading Forex Brokers in Nigeria – Comparison
| 🏛️ Broker | 📱Social Trading? | 📊 Naira Account | 💳 NGN Deposits | 💰 Bonuses | 👉 Open An Account |
| 1. Exness | ✔️ Yes | Yes | Yes | Yes | 👉 Open Account |
| 2. eToro | ✔️ Yes | No | No | Yes | 👉 Open Account |
| 3. FBS | ✔️ Yes | Yes | Yes | Yes | 👉 Open Account |
| 4. AvaTrade | ✔️ Yes | No | No | Yes | 👉 Open Account |
| 5. FXTM | ✔️ Yes | Yes | Yes | Yes | 👉 Open Account |
| 6. NAGA | ✔️ Yes | No | Yes | Yes | 👉 Open Account |
| 7. Pepperstone | ✔️ Yes | No | No | No | 👉 Open Account |
What is a Social Trading Platform?
👉 Social trading gives you access to a community of traders who share ideas and give advice on trades. The tool can be extremely useful for getting information on upcoming events and the market sentiment surrounding particular assets.
7 Best Social Trading Platforms in Nigeria (2023)
- Exness – Overall, Best Social Trading Platform in Nigeria
- eToro – Top Proprietary Social Trading App
- FBS – Best Mobile App for Nigerian Traders
- AvaTrade – Best International Forex Broker
- FXTM – Largest NGN Market Share Broker
- NAGA – Best Social Trading Accounts for Nigerians
- Pepperstone – Best MetaTrader 4/MT4 Forex Broker
1. Exness
Overall Rating
- 4.9/5
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Exness was established in 2008 and has grown to be one of the most well-known names in the FX and CFD markets throughout that time. Traders in Nigeria may choose from a variety of trading accounts at Exness, each with its own set of advantages and disadvantages.
👉 Exness offers dedicated social trading solutions by offering a Social Standard and Social Pro account, dedicated specifically to Nigerians who want to participate in this innovative way of trading.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💵 Minimum Deposit (₦) | 41,000 Naira |
| 💳 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| ✔️ Nigerian Naira-based Account? | Yes |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Regulated by a variety of severe and demanding bodies, ensuring the safety of client funds | The spreads on social trading are not the tightest |
| Nigerian traders may choose from several different accounts | There is a high minimum deposit involved when Nigerians participate in social trading |
| Mobile money solutions allow Nigerians to make and withdraw money instantly | There are limited markets available to trade through Exness |
| Customer service is available around the clock | |
| There are dedicated social trading accounts offered to Nigerian traders |
Trust Score and Nigerian Market Share
👉 Exness has a trust score of 97% and a Nigerian Market Share of <5%.
2. eToro
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 There is little question that eToro is one of the most popular social trading networks in the world. Nigerian traders who want to experience social trading through a well-regulated leader in social trading need not look further than eToro.
👉 eToro provides access to over 2,400 equities and 250 exchange-traded funds (ETFs) from 17 different international markets. In addition to cryptocurrencies, commodities, currency, and other financial instruments, the platform also provides these services. Every market offered by eToro has a “social aspect” to it.
👉 eToro’s Copy Trading tool is the company’s most popular and unique social feature. You may now replicate an eToro trader like-for-like, taking things to a whole new level. In the Copy Trading program, there are thousands of certified eToro users, so you can select an investor who fits your financial objectives and risk tolerance.
👉 There is a wealth of data to pull from, including prior performance, historical transactions, risk profile, average trade length, and favored assets.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA |
| 📲 Social Media Platforms | • Twitter • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | eToro proprietary trading app and web platform |
| 💵 Minimum Deposit (₦) | 83,000 Naira |
| 💳 Trading Assets | Forex Pairs, Commodities, Exchange-traded funds (ETFs), Indices, Crypto Assets, Stocks |
| ✔️ Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | 1 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Online broker and trading platform that is very easy to use | eToro is not suitable for advanced Nigerian traders who want to perform their own technical analysis |
| With low spreads, you may trade a wide range of assets | |
| Free of any kind of commissions | |
| In addition, you may trade stocks, indices, ETFs, cryptocurrencies, and a slew of other financial instruments on the platform | |
| Use a credit/debit card, an e-wallet, or a bank account to make a deposit | |
| Trading in a social environment and trading through copying |
Trust Score and Nigerian Market Share
👉 eToro has a trust score of 91% and a Nigerian Market Share of <5%.
3. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
Overview
👉 Copy trading is only accessible for iOS and Android mobile devices on the FBS online platform. Unlike other trading platforms, the one used for copy trading is unique. You may duplicate trades from more than 600 strategy providers on the site.
👉 In addition to Bitcoin, Ethereum, Litecoin, and Ripple, the platform will also provide auto-copy trading for Dash and another five cryptocurrencies. Short-selling, scalping, risk management, leverage, and other topics are all covered in brokers’ trading guides and information.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| 📲 Social Media Platforms | • Facebook • Telegram • YouTube |
| ⚖️ CBN Regulation? | None |
| 💻 Trading Accounts | FBS Cent Account, FBS Micro Account, FBS Standard Account, FBS Zero Account, FBS ECN Account, FBS Crypto Account |
| 📱 Trading Platform | FBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform |
| 💵 Minimum Deposit (₦) | 400 Naira |
| 💳 Trading Assets | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| ✔️ Nigerian Naira-based Account? | Yes |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| FBS is regulated and provides tailored solutions for Nigerian traders | Some accounts have large spreads |
| There are a variety of account kinds and strong trading platforms to choose from | After 40 days, the demo account will expire |
| FBS provides instructional resources and 24-hour customer assistance for Nigerians | Nigerian traders are subject to inactivity fees on dormant trading accounts |
| Several promotions and incentives are offered by FBS | The costs for both deposits and withdrawals are included in this |
| Low commission fees and attractive spreads are available | Currency conversion costs are imposed |
Trust Score and Nigerian Market Share
👉 FBS has an overall trust score of 75% and a market share of more than 6.6% in Nigeria.
4. AvaTrade
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
Overview
👉 Global brand AvaTrade has a remarkable array of trading platforms and great instructional material, as well as a reasonable price and research. AvaSocial, ZuluTrade, and DupliTrade are all excellent options for copy trading at AvaTrade.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| 📲 Social Media Platforms | • Instagram • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Retail Account, Professional Account |
| 📱 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💵 Minimum Deposit (₦) | 41,500 Naira |
| 💳 Trading Assets | Forex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| ✔️ Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.9 pips EUR/USD |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| The AvaOptions app is a great way to trade FX options on the go | While retail prices are reasonable, they fall short of those offered by industry leaders |
| Provides 44 currency alternatives and over 1,200 CFDs | The desktop platform is sluggish and visually antiquated. |
| AvaTrade welcomes Nigerian traders and offers competitive trading conditions to beginners and professional traders | |
| There is a low minimum deposit required to start trading | |
| AvaTrade is reputable and offers a safe trading environment to its clients |
Trust Score and Nigerian Market Share
👉 AvaTrade has a high trust score of 96% and a Nigerian Market Share of <5%.
5. FXTM
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 FXTM is an online forex and CFD trading platform. Stocks, indexes, and commodities are all examples of the latter. FXTM, on the other hand, is a top-rated trading platform with social trading features.
👉 Like the other social trading platforms, FXTM lets you choose a trader based on your expected investment selections and your financial objectives. As an example, if you want to trade currencies passively, FXTM lets you narrow your search by asset class – in this instance, forex.
Unique Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💵 Minimum Deposit (₦) | 10,000 Naira |
| 💳 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| ✔️ Nigerian Naira-based Account? | Yes |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| There are a plethora of instructional tools available through FXTM | FXTM’s copy trading is not as advanced as that of other brokers |
| FXTM offers a great resource for market research and market information | |
| Support for several different kinds of accounts for Nigerians | |
| An extensive foreign exchange division is provided | |
| A well-known and highly controlled reputation throughout the industry |
Trust Score and Nigerian Market Share
👉 FXTM has a trust score of 93% and an overall Nigerian Market Share of over 9.6%.
6. NAGA
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySEC, FCA
Trading Desk
Dealing Desk with DMA and STP
Crypto
Yes
Total Pairs
45+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Social trading platform NAGA includes more than 750 different asset classes. CFDs, stocks, FX, and cryptocurrencies are all included in this category of financial instruments that may be traded. This top-rated social trading platform is like eToro where you can discuss and exchange ideas with other traders in Nigeria and around the globe.
👉 On NAGA, you have access to a wealth of information that may help you determine whether a trader is worth imitating. If you are interested in a particular Nigerian trader’s profitability or loss since joining NAGA, for example, you may see this information.
Unique Features
| Feature | Information |
| ⚖️ Regulation | The Cyprus Securities and Exchange Commission (CySEC) |
| 📲 Social Media Platforms | • Facebook • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Iron Account, Bronze Account, Silver Account, Gold Account, Diamond Account, Crystal Account |
| 📱 Trading Platform | NAGA Trading Platform, MetaTrader 4, MetaTrader 5 |
| 💵 Minimum Deposit (₦) | 103,000 Naira |
| 💳 Trading Assets | Forex, Stock CFDs, Indices, Commodities, Futures, ETFs, Cryptocurrencies |
| ✔️ Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | Yes |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.7 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| A platform for social trading that is simple to use | Withdrawal fees are charged on the trading accounts |
| Like-for-like replication of your chosen trader | There is no Naira-denominated account |
| Trade ideas, as well as trading system ideas, can be exchanged here | |
| Use a debit/credit card or an e-wallet to make a deposit | |
| There are no commissions on most financial instruments | |
| NAGA is one of the safest platforms for Nigerians |
Trust Score and Nigerian Market Share
👉 NAGA has a trust score of 95% and a Nigerian Market Share of <5%.
7. Pepperstone
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
Overview
👉 Tradeable marketplaces are expanding, and Pepperstone is supporting several social copy trading platforms. MetaTrader and cTrader are both available, as are a wide range of third-party tools and plugins that add even more functionality to this already impressive set of trading platforms.
👉 With spreads as low as 0.0 pips on EUR/USD, Pepperstone Markets is a licensed broker with good liquidity and quick transaction execution. Besides that, Pepperstone utilizes innovative trading technology to meet all its customers’ trading requirements and aims.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| ⚖️ CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Razor Account |
| 📱 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💵 Minimum Deposit (₦) | 60,700 Naira |
| 💳 Trading Assets | Forex, Cryptocurrencies, Shares, ETFs, Indices, Commodities, Currency Indices |
| ✔️ Nigerian Naira-based Account? | No |
| 💸 NGN Deposits Allowed? | No |
| 💰 Bonuses for Nigerian traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| ✔️ Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Pros | ❌ Cons |
| Any trader from anywhere in the world can join Pepperstone, regardless of their level of trading expertise | Some leverage restrictions may apply |
| A wide range of resources for learning and trading are available | There are additional fees applied to the Islamic account |
| There are no fees for depositing or withdrawing money from approved payment methods | There is no Naira account for Nigerian traders |
| Traders in Nigeria may take advantage of some of the most competitive spreads | |
| In terms of reputation, Pepperstone has a great deal of credibility and a high trust rating |
Trust Score and Nigerian Market Share
👉 The trust score for Pepperstone is 92% and the broker has a Nigerian Market Share of <5%.
Overview
👉 Social trading has gained popularity in Nigeria because it allows traders to copy and execute the trading strategies of other traders, especially more experienced traders. While most traders carry out their own fundamental and technical analysis to create trading strategies, a different class of traders prefer to observe and replicate the analysis done by others.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 This is extremely beneficial for beginner traders who are still learning to trade, and in this article, we will explore the best social trading platforms available to Nigerian traders.
Exploring Social Trading
👉 This capability allows traders to communicate with one other, witness each other’s deals, and learn about other people’s decision-making processes via social trading. Traders of all skill levels can benefit from social trading since it allows them to learn from others and duplicate their trades.
👉 When it comes to being a social trader in Nigeria, modern technologies and innovative platforms have made it more accessible than ever before. An all-encompassing social trading platform is one option, but the practice may also be implemented piecemeal.
👉 Subsequently, some traders can choose to utilize a social trading platform that allows them to duplicate or mirror other traders’ techniques. Social traders can subscribe to other traders’ channels, where their positions are shown on a real-time stream, and they can duplicate their transactions.
👉 In this case, if Trader A takes a position, Trader B would follow suit if they copied the trades of Trader A. Social trading networks sometimes contain a leader board based on popularity and success rate, which gives experienced traders an incentive to share their techniques.
👉 Traders can also use the ideas of another through social trading, but they must still retain control over their transactions via the use of various signals and indicators. In addition, another useful function is that social trading can be used as a sort of validation for other types of analysis.
Considerations before Nigerian traders start using Social Trading
👉 The first consideration is that social trading is not meant for all types of traders. Although it has been commended for breaking down some of the obstacles to financial inclusion, it has also been criticized for downplaying a lot of the information required to successfully navigate financial markets.
👉 To believe that any social trading strategy eliminates all risk is a huge mistake. There is a chance that a trader can suffer a loss at some time. If you are planning to use social trading, you must understand that you are placing your faith in someone else’s judgment while still taking on risks.
👉 While social trading can allow you to skip a few stages in the learning process, it does so at the price of gaining valuable experience in the financial markets. Make sure that you know precisely what you are doing and have a risk management plan in place before you copy the strategies and trades of another trader believing that it will be successful.
👉 To begin social trading, you are going to use another person’s strategy. However, you must remember that every person’s strategy is different according to their unique trading needs and objectives. Therefore, a trading strategy must be tailored to your own goals. Using other people’s tactics may provide some direction for your own trades, but their plans will be tailored to their own purposes.
👉 Because everyone’s risk tolerance and financial resources vary, following the lead of someone else is not always the best course of action when it comes to trading.
How to Choose a Forex Broker
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
Best Social Trading Brokers in Nigeria
Best Proprietary Social Trading App
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose eToro as the best proprietary social trading app because of its innovative, robust, and unique social trading platform. eToro is a market leader in social trading and its mobile app opens the world of copy-trading to Nigerian traders, regardless of their trading experience.
Best Social Trading Accounts for Nigerians
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
👉 We chose Exness because, apart from its conventional trading accounts, the broker offers social trading accounts that are specifically geared to Nigerians who want to copy trading signals and provide them.
Social Trading Platform with the largest Nigerian Market Share
Overall Rating
- 4.6/5
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 We chose FXTM because the broker holds a market share of more than 9% in Nigeria. In addition, FXTM has offices in the region and provides a Naira account, local customer support, and a range of local funding methods.
Best International Forex Broker for Nigerians
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
👉 AvaTrade is one of the most popular international brokers for Nigerians, offering a range of comprehensive trading solutions and competitive trading conditions. AvaTrade offers some of the best social trading opportunities and platforms, such as AvaSocial.
Best Mobile Trading App for Nigerian Retail Traders
Overall Rating
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
👉 FBS not only offers the most powerful third-party apps for retail traders but also offers its proprietary trading platform, providing Nigerian retail traders additional flexibility and the best social trading opportunities and functions.
Nigerian Social Trading Platform with the Best Trading Accounts
Overall Rating
- 4.7/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySEC, FCA
Trading Desk
Dealing Desk with DMA and STP
Crypto
Yes
Total Pairs
45+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 NAGA offers a comprehensive and powerful social trading platform that can be used with the range of retail trading accounts offered by the broker, featuring competitive trading conditions and a range of advantages and additional features.
Largest Range of Tradable Markets through Social Trading
Overall Rating
- 4.8/5
Min Deposit
USD 50 / 20725 NGN
Regulators
CySec, FCA
Trading Desk
None
Crypto
Yes
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 eToro offers the largest range of tradable financial instruments and markets to Nigerian traders consisting of over 2,400 equities, 250 ETFs, and more.
Social Trading Platform with a 90%+ Trust Score 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
👉 Pepperstone is not only one of the most prominent CFD and forex brokers in the world, with some of the highest trading volumes and liquidity, but the broker is also one of the few brokers with a 90%+ trust score.
Social Trading Platform with the most Strategy Providers in Nigeria
Overall Rating
- 4.7/5
Min Deposit
USD 1 (415 NGN)
Regulators
IFSC, FSCA (south africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
250
Islamic Account
Yes
Trading Fees
Low
Welcome Bonus
$140 (58 116 NGNFind out More)
Account Activation Time
Instant
👉 FBS is a trusted and versatile trading broker and social trading provider that offers more than 600 strategy providers, providing Nigerian traders with a plethora of options.
Best Expert Advisors Platform for Nigerian traders
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
👉 Exness offers both MetaTrader 4 and MetaTrader 5 that are critically acclaimed for their Expert Advisors, Social Trading, and several other useful functions.
Frequently Asked Questions
What is a Social Trading Platform in Nigeria?
In social trading, you duplicate other people’s investment methods by employing copy trading or mirror trading techniques. It is perfect for those who do not have the time or patience to spend hours researching trading possibilities and tactics that could work for them.
A social trading platform is a service that allows you to imitate other people’s transactions in addition to your own.
Is Social Trading Legal in Nigeria?
Yes, social trading enables you to trade in the financial markets passively, in a manner like Robo advisers. This is a wonderful option for novice traders or those who lack the time to do extensive research.
Are Social Trading Platforms regulated?
In most cases, the social trading platforms that users use are online brokerages. As a result, a respected financial institution is normally in charge of overseeing them.
What Social Trading Platform fees can I expect?
It all depends on the social trading platform you choose. For example, eToro’s Copy Trading feature does not incur any additional fees from its users, while most transactions with a profit of more than €5 are subject to a 5% fee on NAGA.
How much does it cost to copy a Social Trader?
Most social trading platforms need a minimum investment when traders register a trading account. Each social trading platform has a different minimum deposit, and you can review our features table for each platform to determine the required minimum deposit.
Is Social Trading a good idea?
Copy-trading, even though it may seem like a smart idea to automate your trading technique by copying the trades and strategies of other traders, is not a fast remedy or an efficient way to generate money. However, not everyone can benefit from copy trading, and the top copy-trade brokers will include features to make managing your account easier.
Can I Make Money from Social Trading?
As with any investment, you have the potential to profit or loss when you engage in copy trading. Choosing which traders to follow and when to mimic their trades may have a significant impact on your earnings or losses.
How do I participate in Social Trading by Copy-Trading?
Social trading is a term that refers to the ‘social’ aspect of trading, which means that you may debate, share, and ‘Like’ trading ideas publicly. When you copy trades as a part of social trading, it refers to the practice of ’emulating’ another trader.
