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best nasdaq forex brokers in nigeria review

10 Best Nasdaq 100 Forex Brokers in Nigeria

The 10 Best Nasdaq 100 index Forex Brokers in Nigeria revealed. We tested and verified the best Nas100 Brokers for Nigerian Traders.

This is a complete list of Nasdaq 100 forex brokers in Nigeria.

In this in-depth guide you’ll learn:

  • What is Nasdaq 100?
  • Why you should invest with a broker on the Nasdaq 100?
  • Our recommended Nas100 brokers for Nigerian Beginner Traders.
  • How to compare INDEXNASDAQ: NDX forex trading brokers against each other.
  • How and can I trade on the Nas100?
  • Which brokers offer a sign-up bonus on the NDX100 index? 
  • Which Nas100 brokers offer low minimum deposits?


And lots more…

So if you’re ready to go “all in” with the best-tested Nasdaq 100 forex brokers for Nigerians…

Let’s dive right in…

Updated : July 5, 2022

Best Nasdaq 100 Forex Brokers in Nigeria – Comparison

🥇 Broker✔️ Nasdaq 100 Broker?💸 Minimum Deposit (₦)✔️ Nigerian Naira-based Account?💰 NGN Deposits Allowed?👉 Open An Account
1. eToroYes$200 (83,000 NGN) NoNo👉 Open Account
2. AvaTradeYes$100 (41,500 NGN)NoYes👉 Open Account
3. Fidelity InvestmentsYes$1 (400 NGN)NoNo👉 Open Account
4. Plus500Yes$100 (41,000 NGN)NoNo👉 Open Account
5. XMYes$5 (2,000 NGN)NoYes👉 Open Account
6. IC MarketsYes$250 (104,000 NGN)NoYes👉 Open Account
7. Capital.comYes$20 (8,000 NGN)NoYes👉 Open Account

10 Best Nasdaq 100 Forex Brokers in Nigeria (2022)

  1. eToro – Overall, Best Nasdaq 100 Forex Broker
  2. AvaTrade – Largest selection of stocks to trade Nas100
  3. Fidelity Investments – Best USA Investment trading Accounts offered
  4. Plus500 – Best Nasdaq 100 CFD Broker
  5. XM – Best Selection of Trading Accounts
  6. IG Group – Best Regulated Broker operating in Nigeria
  7. Capital.com – Most Competitive Trading Costs and Spreads
  8. OctaFX – Best Trading Tools and Minimum Deposit
  9. Exness – Best MetaTrader 4 Naira Broker
  10. FXTM – Best Local NGN / Nigerian-Based Broker

1. eToro

Overall Rating

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

👉 eToro is a well-regulated CFD and forex trading broker in addition to being the best online social trading platform in the trading industry. eToro is suited to Nigerian traders who want to participate in social copy trading and be a part of a large online community.

 

👉 eToro offers comprehensive News and Market Analysis tools, Daily Market Reviews, and several other advanced, helpful features to aid Nigerian experienced traders to add a competitive edge to their stock trading.

 

Features

FeatureInformation
⚖️ RegulationCySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA
🏛 CBN Regulation?No
💻 Trading AccountsRetail, Professional
📲 Trading PlatformeToro trading app and web-based platform
💸 Minimum Deposit (₦)83,000 NGN equivalent to $200
📊 Trading AssetsForex minor, exotic, and major currency pairs, Commodities, Exchange-Traded Funds (ETFs), Indices, Stocks, Crypto trading, Stocks
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?Yes
💳 Minimum spread1 pip EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedYes

 

✔️ Pros❌ Cons
Free stock and ETF trading offered with no commissions on tradesThere are high non-trading fees charged
Seamless and fast account registrationCustomer support needs some attention
Social trading opportunities are offeredThere are limited account options and account base currencies

 

Trust Score and Nigeria Market Share

👉 eToro has a trust score of 91% and a market share of less than 5% in Nigeria.

 

Our unbiased Rating

🥇 Our overall rating of eToro is 7/10.

2. AvaTrade

Overall Rating

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

👉 AvaTrade is the best market maker broker in the world, providing some of the best and most advanced trading tools, trading platforms, and educational material for beginner traders. AvaTrade offers one of the largest selections of stocks for trading, spread across several stock exchanges in the world.

 

👉 In addition, AvaTrade offers advanced proprietary trading platforms that can be used across devices, making it easy for Nigerian traders to synchronize their accounts and keep updated with exchange rates, interest rates, market volatility, and other market conditions that could affect their trading.

 

Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
🏛 CBN Regulation?No
💻 Trading AccountsRetail Investor Account, Professional Account Option
📲 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💸 Minimum Deposit (₦)83,000 NGN equivalent to $200
📊 Trading AssetsForeign currencies, 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 spread0.9 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedYes

 

✔️ Pros❌ Cons
AvaTrade offers some of the best educational materialsThere are inactivity fees charged
The account registration is quick and hassle-freeThere are no variable spreads offered
There is no deposit fee or withdrawal fee chargedFixed spreads are not the tightest
There are a plethora of trading tools that can be usedCurrency conversion fees are applied
There is a diverse range of stocks that can be tradedThere is a limited selection of base currency options on the retail investor accounts

 

Trust Score and Nigeria Market Share

🥇 AvaTrade has a trust score of 96% and a market share of less than 5% in Nigeria.

 

Our unbiased Rating

🥇 Our overall rating for AvaTrade is 9/10.

3. Fidelity Investments

Fidelity Investments

Overview

👉 Fidelity Investments is a US-based brokerage that specializes in providing commission-free stock, options, and exchange-traded fund (ETF) trading to traders from around the world. With Fidelity Investments, Nigerian traders also have access to a range of mutual funds, IPOs, and several other financial instruments.

 

Features

FeatureInformation
⚖️ RegulationFINRA, SEC
🏛 CBN Regulation?No
💻 Trading AccountsBrokerage Account, Cash Management Account, Brokerage and Cash Management Account, Fidelity Account for Businesses, Fidelity Go, Fidelity Personalized Planning and Advice, Portfolio Advisory Services Accounts, Fidelity Tax-Managed US Equity Index Strategy, and several more.
📲 Trading PlatformActive Trader Pro, Fidelity Mobile
💸 Minimum Deposit (₦)400 Nigerian Naira equivalent to $1
📊 Trading AssetsShares, Commodities, Exchange-Traded Funds (ETFs), Mutual Funds, Investment Funds, Options, Futures, Bonds, Annuities, Fractional Shares, CDs, Fixed Income, IRAs and Retirement, Initial Public Offerings (IPOs)
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?No
💳 Minimum spreadNone
💻 Demo AccountYes
☪️ Islamic AccountNo
📱 Social Trading OfferedYes

 

✔️ Pros❌ Cons
Well-regulated investment broker and trading providedThere is no forex trading, CFD trading, or Crypto trading offered
Fidelity Investments is a member of the FDIC and the Securities Investor Protection Corporation or SIPCThere are limited funding methods supported
There are several tailored retail investor accounts available and several investment optionsThere is a time-consuming account registration
The broker offers a wide range of advanced trading tools on the website, the trading platform, and mobile appThere is a management fee and a contract fee charged
There is a powerful proprietary platform offered
There is advanced research offered alongside comprehensive educational material

 

Trust Score and Nigeria Market Share

🥇 Fidelity Investments has a 95% trust score and a market share of less than 2% in Nigeria.

 

Our unbiased Rating

🥇 Our unbiased rating on Fidelity Investments is 8/10.

4. Plus500

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA

Trading Desk

WebTrader

Total Pairs

70

Crypto

Yes (Availability subject to regulations)

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Plus500 has been in operation since 2008 and is one of the best CFD trading providers in the trading industry. Plus500 offers the use of its proprietary platform through which traders can participate in the stock market, carry out comprehensive technical analysis, fundamental analysis, and several other functions.

 

Features

FeatureInformation
⚖️ RegulationASIC, FMA, FSCA, FCA, CySEC, FSA, MAS
🏛 CBN Regulation?No
💻 Trading AccountsStandard trading account
📲 Trading PlatformProprietary mobile trading app mobile devices and web-based trading
💸 Minimum Deposit (₦)41,000 Nigerian Naira equivalent to $100
📊 Trading AssetsForex, Indices, Commodities, Cryptocurrencies, Shares, Options, Exchange-Traded Funds (ETFs)
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?No
💳 Minimum spread0.8 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedNo

 

✔️ Pros❌ Cons
Plus500 is a multi-regulated broker with a high trust scoreGuaranteed stops are available at an additional cost
Traders have access to 24/7 customer supportThe maximum leverage is restricted
Plus500 offers competitive trading conditionsInactivity fees are applied
Client funds are kept in segregated accounts with top-tier banks and trusted financial institutionsThe broker does not accept trading strategies such as expert advisors, automated trading, hedging, scalping, and others
Nigerian traders have access to a wide range of shares from Nasdaq that can be tradedThere is no desktop platform offered
Plus500 offers competitive spreads and reasonable transaction costs
Negative balance protection is added to the trading account

 

Trust Score and Nigeria Market Share

🥇 Plus500 has a trust score of 99% and a market share of below 5%.

 

Our unbiased Rating

🥇 Our overall rating for Plus500 is 9/10.

5. XM

Xm.com Logo 1 1024x514 1

Overall Rating

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

Overview

👉 XM is another trusted brand name in the trading industry that has been in operation since 2009. XM is also popularly known for its guarantee of no-requotes and no rejections. Nigerian traders have access to several stock trading options across several stock exchanges.

 

Features

FeatureInformation
⚖️ RegulationFSCA, IFSC, ASIC/AFSL, CySEC, DFSA
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
📲 Trading PlatformMetaTrader 4, MetaTrader 5, XM Trading Point
💸 Minimum Deposit (₦)2,000 Nigerian Naira (equivalent to $5)
📊 Trading AssetsForex major, minor, and exotic currency pairs, Commodities, Stock CFDs, Equity Indices, Precious Metals, Energies, Shares
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
💳 Minimum spread0.6 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedNo

 

✔️ Pros❌ Cons
Traders can expect tight spreads and commission-free tradesFixed spreads are not offered
XM already has over 5 million active traders, which instils investor confidence in this brokerThere is an inactivity fee applied
Negative balance protection is applied to all retail accountsThere may be some regulatory restrictions to some regions
There are several convenient deposit methods and withdrawal options offered
XM is known for offering competitive trading conditions

 

Trust Score and Nigeria Market Share

🥇 XM has a trust score of 84% and a market share of between 5% and 10% in Nigeria.

 

Our unbiased Rating

🥇 The overall rating for XM is 9/10.

6. IG Group

Overall Rating

Min Deposit

USD 0 / 0 NGN

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 IG Group is one of the largest online brokers in the world, with regulations and authorizations from several reputable market regulators including the Financial Conduct Authority in the United Kingdom. IG Group also offers its services to Nigerian traders and while the Central Bank of Nigeria (CBN) does not regulate the broker, it has regulations through the FSCA, the market regulator for Africa overall.

 

Features

FeatureInformation
⚖️ RegulationFCA, BaFin, CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, FINRA, NFA, BMA
🏛 CBN Regulation?No
💻 Trading AccountsIG Trading Account, IG Professional Account, IG Options Trading Account, IG Turbo24 Account, Limited Risk Account, Share Dealing Account, Exchange Account (NADEX)
📲 Trading PlatformMetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API
💸 Minimum Deposit (₦)104,000 Nigerian Naira equivalent to $250
📊 Trading AssetsForex, Shares, Indices, Commodities, Cryptocurrencies, Interest Rates, Bonds, ETFs, Futures, Options
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?No
💳 Minimum spread0.1 pips (DMA) on EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedYes

 

✔️ Pros❌ Cons
There is a diverse range of trading instruments offered to beginner traders and professional investorsThere is a high initial deposit required with account registration
IG Group offers free trading signalsThere is an inactivity fee charged on a dormant account
There are competitive trading conditions offered
IG Group offers its proprietary IG Academy for beginner traders
There are convenient funding options offered
The broker provides FIX API Direct Market Access trading

 

Trust Score and Nigeria Market Share

🥇 IG Group has a high trust score of 99% and a market share of less than 5% in Nigeria.

 

Our unbiased Rating

🥇 The overall rating for IG Group is 9/10.

7. Capital.com

logobig-768x148

Overall Rating

Min Deposit

USD 20 / 8292 NGN

Regulators

CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon

Trading Desk

Market maker

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Capital.com is a popular market maker broker with regulations through reputable entities such as FCA, ASIC, NBRB, and CySEC, offering Nigerian traders some of the most comprehensive trading solutions.

 

👉 Capital.com is known for its high trading volumes, reliable liquidity, and competitive trading conditions that are offered to beginner and professional traders alike.

 

Features

FeatureInformation
⚖️ RegulationASIC, FCA, NBRB, and CySEC
🏛 CBN Regulation?No
💻 Trading AccountsRetail Account, Professional Account
📲 Trading PlatformCapital.com Web, Capital.com Mobile, MetaTrader 4, TradingView
💸 Minimum Deposit (₦)8,000 Nigerian Naira equivalent to $20
📊 Trading AssetsIndices, Forex, Shares, Cryptocurrencies, Commodities
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?No
💳 Minimum spread0.6 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedNo

 

✔️ Pros❌ Cons
Well-regulated broker that has a transparent fee structure, tight spreads, and commission-free tradingThere are restrictions on the maximum leverage offered
Captial.com accepts all types of trading including algorithmic trading, mobile trading, scalping, and othersSpreads are marked-up
The broker offers thematic investments as well as Capital.com TVClients from the United States are not accepted
There is a decent selection of funding options including credit card, debit card, bank wire transfer, bank transfer, and electronic payment processors
There is a comprehensive selection of educational material
Regulatory protection is guaranteed

 

Trust Score and Nigeria Market Share

🥇 Capital.com has a trust score of 76% and a market share of less than 5% in Nigeria.

 

Our unbiased Rating

🥇 Our rating for Capital.com is 9/10.

8. OctaFX

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 OctaFX has been in operation since 2011 and is an offshore broker that provides a range of forex and CFD trading instruments, including access to several stock exchanges. With OctaFX, Nigerian traders have access to valuable trading tools, instructional material, and a dedicated customer support team that is always eager to help with questions, queries, or issues.

 

Features

FeatureInformation
⚖️ RegulationCySEC, SVG FSA
🏛 CBN Regulation?No
💻 Trading AccountsOctaFX MetaTrader 4 Habitual Trader, OctaFX MetaTrader 5 Smart Trader
📲 Trading PlatformMetaTrader 4, MetaTrader 5, OctaFX App
💸 Minimum Deposit (₦)41,000 Nigerian Naira equivalent to $100
📊 Trading AssetsForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies.
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?No
💵 Bonuses for Nigerian traders?Yes
💳 Minimum spread0.6 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedYes

 

✔️ Pros❌ Cons
Instant deposits and withdrawals are offeredOctaFX only has tier-2 regulation, which is a concern for some traders as it is not as safe as regulations through the Financial Conduct Authority, or other market regulators
Copy-trading accounts are available through the proprietary appThere is a limited selection of tradable instruments
OctaFX welcomes all types of tradersThere are only two retail investor accounts
The broker is perfect for active traders, high-frequency traders, and algorithmic traders
Commissions-free trading is offered
The broker provides an unlimited virtual trading platform and account, perfect for beginners before they start trading using real money

 

Trust Score and Nigeria Market Share

🥇 OctaFX has a trust score of 61% and a market share of 3% in Nigeria.

 

Our unbiased Rating

🥇 Our overall rating for OctaFX is 7/10.

9. Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA

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

Overview

👉 Exness is one of the best forex and CFD brokers for Nigerians. Exness offers the use of MetaTrader 4 and MetaTrader 5 through a desktop platform, web-based platform, and a mobile trading app, with perfect account synchronization across devices, allowing Nigerian stock traders to access several stock exchanges.

 

Features

FeatureInformation
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
🏛 CBN Regulation?No
💻 Trading AccountsStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
📲 Trading PlatformMetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app
💸 Minimum Deposit (₦)41,000 NGN (or equivalent to $10)
📊 Trading AssetsForex minor pairs, forex major pairs, forex exotic currency pairs, Metals, Crypto, Energies, Indices, Stocks
✔️ Nigerian Naira-based Account?No
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
💳 Minimum spread0.0 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedNo

 

✔️ Pros❌ Cons
Exness is a trusted international broker that is highly recommended for Nigerian tradersLimited tradable instruments across a few financial markets
Exness charges some of the tightest spreads as a zero-spread forex brokerLimited funding options offered
There are several retail investor accounts to choose from, each catering to traders with different trading experiences, skills, and styles
Offers the perfect solution to inexperienced traders and institutional traders alike

 

Trust Score and Nigeria Market Share

🥇 Exness has a trust score of 97% and a market share of less than 5%.

 

Our unbiased Rating

🥇 Our overall rating for Exness is 8/10.

10. FXTM

Overall Rating

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 rated one of the best Nigerian-based brokers that offer local customer support, NGN-based trading accounts, and local funding and withdrawal methods. FXTM is a reliable broker that has won several industry awards since it was founded in 2011.

 

Features

FeatureInformation
⚖️ RegulationCySEC, FSCA, FCA, FSC Mauritius
🏛 CBN Regulation?No
💻 Trading AccountsMicro Account, Advantage Account, Advantage Plus Account
📲 Trading PlatformMetaTrader 4, MetaTrader 5, FXTM Trader
💸 Minimum Deposit (₦)4,100 Nigerian Naira equivalent to $10
📊 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets
✔️ Nigerian Naira-based Account?Yes
💰 NGN Deposits Allowed?Yes
💵 Bonuses for Nigerian traders?Yes
💳 Minimum spread0.0 pips EUR/USD
💻 Demo AccountYes
☪️ Islamic AccountYes
📱 Social Trading OfferedYes

 

✔️ Pros❌ Cons
FXTM is regulated and authorized by several reputable entities across the worldInactivity fees are applied
There is dedicated customer service offered
There are several deposit and withdrawal options provided
There is an ultra-low minimum deposit requirement
There is commission-free trading

 

Trust Score and Nigeria Market Share

🥇 FXTM has a trust score of 93% and a market share of over 9% in Nigeria.

 

Our unbiased Rating

🥇 Our overall rating for FXTM is 9/10.

Overview

👉 The National Association of Stocks Dealers Automated Quotations, more usually known simply as Nasdaq, was created in 1971 and is a global electronic exchange for the buying and selling of securities.

 

👉 Nasdaq was once a subsidiary of the National Association of Securities Dealers (NASD). It is now more commonly known as the Financial Industry Regulatory Authority, or FINRA. In terms of its goal, Nasdaq was formed to give investors a computerized, rapid, and transparent way of trading stocks.

 

👉 Nasdaq is an index that includes 3,000 of the top technology and biotech titans. In 2006, Nasdaq withdrew from NASD, and it began its journey as an independent national securities exchange.

 

👉 In 2007, Nasdaq and the Scandinavian exchange firm OMX joined to establish the Nasdaq OMG Group, recognized as the biggest exchange group, today, responsible for powering ten of the largest securities transactions in the world.

 

Top 10 Brokers in Nigeria

Broker

Rating

Regulators

Min Deposit

Leverage

Sign Up Bonus

Spreads

Website

1

9/10

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC

$10

1:Unlimited

10%

0.1 pips

2

8/10

ASIC, FSA

$100

1:400

40 USD

0.91 pips

3

8/10

FSA, FCA, CySEC, FSCA

$100

1:20

30 USD

0.07 pips

4

8.7/10

CySEC, FSC, CFTC

$5

1:500

30 USD

1 pips

5

8.5/10

FSA, FSCA

$100

1:200

20 USD

0.9 pips

6

8.4/10

FSA, CySec

$1

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

 

👉 Nigerian traders can trade shares on Nasdaq through a broker that offers access to it, and these are the best brokers for the job:

➡️ Best Proprietary Trading Platform – eToro

➡️ Largest selection of stocks from Nasdaq – AvaTrade

➡️ Best Investment Accounts offered – Fidelity Investments

➡️ Best Stock CFD Broker – Plus500

➡️ Best Selection of Accounts – XM

➡️ Best Regulated Broker – IG Group

➡️ Most Competitive Trading Costs – Capital.com

➡️ Best Trading Tools – OctaFX

➡️ Best MetaTrader Broker – Exness

➡️ Best Nigerian-Based Broker – FXTM

What exactly are Margin and Leverage?

👉 Margin accounts are given to investors by brokerage companies and are updated in real-time when currency values vary. To begin trading forex, traders must create an account with a forex broker or an online forex broker.

 

👉 After an investor creates and funds the account, the investor establishes a margin account and trading can commence. Leverage is the process of using borrowed money (referred to as capital) to invest in a currency, stock, or another financial instrument.

 

👉 Leverage is a prevalent idea in forex trading and when using it, Nigerian traders can trade greater positions in a currency by borrowing money from a broker.

 

👉 Another critical idea to grasp is the distinction between forex margin and leverage. While forex margin and leverage are synonymous, they have distinct definitions. While margin refers to the deposit required to initiate a trade and maintain an open position, leverage allows you to trade higher position sizes with lesser initial capital expenditure.

How To Choose a Stockbroker in Nigeria

👉 When Nigerian traders start investing, they will need to work through a stockbroker. This is a crucial step in any beginner investor’s journey, and it can make a very large difference when investors choose the right broker.

 

Evaluate the broker’s background, reputation, and regulation

👉 Traders can do this by carrying out a Google search on the broker, viewing online broker reviews, customer reviews, and all other unbiased information on the broker. Nigerians must also evaluate what the reputation of the broker is and check that the broker is well-regulated to offer services in Nigeria.

 

👉 While there are no restrictions on brokers that can offer trading services and solutions in Nigeria, client fund security and investor protection are two critical components that regulated brokers are legally required to safeguard.

 

👉 Regulations that can be trusted include:

➡️ Financial Conduct Authority (FCA) in the United Kingdom

➡️ The Australian Securities and Investments Commission (ASIC) in Australia

➡️ The Cyprus Securities and Exchange Commission (CySEC) in Cyprus

➡️ The Financial Sector Conduct Authority (FSCA) in South Africa, and several others.

 

👉 When Nigerians see that the broker claims that it has the necessary regulations, the next step is to verify that the licenses and regulations are valid. Nigerians can go to the official website of the regulator and either consult a comprehensive list of providers covered or search the license number provided.

 

Evaluate Trading and Non-Trading Fees

👉 Typical trading costs that Nigerians can expect include:

➡️ Spreads – Variable and/or fixed

➡️ Commissions – Flat rate or tiered per instrument or trading volume

➡️ Overnight fees, Rollover fees, or Swaps

➡️ Currency Conversion Fees

➡️ Inactivity Fees

➡️ Account Management Fees

➡️ Contract Fees

➡️ Administration Fees

➡️ Minimum Deposit Requirements

➡️ Deposit Fee

➡️ Withdrawal Fee

 

👉 These fees are not all charged by foreign exchange brokers, but most are included in the broker’s offer and Nigerians must verify the type of fees and how much is charged. This will help them determine whether the broker’s offer is according to their trading plan and any financial situation they may have.

 

Evaluate and Test the Trading Platform

👉 Every broker will offer trading software of some kind and while many have proprietary trading platforms, most will offer MetaTrader 4, MetaTrader 5, cTrader, or even all three in addition to others.

 

👉 The trading platform is important because it connects traders to their brokers and the financial markets. Nigerians must ensure that they choose a trading platform that caters to their trading needs and objectives.

 

Range of Markets

👉 The range of financial markets involves checking how many tradable financial instruments the broker offers. Investors and traders are taught to ensure that their investment portfolio and trading is diversified to avoid significant loss of capital. The broker must have a decent selection of markets, albeit forex major currency pairs, minor pairs, exotics, different indices, shares, and so on.

 

Deposits and Withdrawals

👉 Every regulated and reputable broker will have certain deposit and withdrawal policies. Some brokers will offer a wide range of deposit methods and withdrawal options while others will only have a few.

 

👉 Nigerians must evaluate whether the broker offers a convenient and easy deposit/withdrawal method, considering the cost of using such methods and the processing times on deposits and withdrawal requests.

 

View the Account Types

👉 The retail investor account functions as a conventional bank account where traders can fund their account, use it towards trading activities, and withdraw funds at any given time. Different account types will have certain perks that are offered by forex brokers. The features that are offered on trading accounts will differ between brokers, which is why traders must thoroughly evaluate the broker’s overall offering.

 

👉 Typical Account types that traders can expect include:

➡️ Nano Accounts – These accounts offer the smallest position sizes possible of 100 base currency units.

➡️ Micro Accounts are known for offering micro-lots of 1,000 base currency units.

➡️ Mini Accounts offer position sizes of 10,000 units of the base currency.

➡️ Standard Accounts are the most common account type where traders must trade 1 standard lot which consists of 100,000 units of the base currency.

 

👉 In addition, forex brokers give account types of different names as per their discretion. In addition, multi-asset brokers can offer certain designated accounts such as Stock Trading Accounts, Crypto Trading Accounts, Copy Trading Accounts, and so on. Once Nigerians start exploring different brokers, they will find a plethora of possibilities at their fingertips.

 

Test Customer Support

👉 Customer Support is another critical component, especially when Nigerians run into difficulties either with their account, trading, or deposit and withdrawal, to only name a few. The promptness and the level of feedback that customer support provides on a matter must be evaluated.

 

👉 Nigerians should consider the customer support hours as some brokers work 24/7 while others only operate during market hours, which are 24 hours a day, 5 days a week from Monday to Friday.

 

View the Educational Material and Research Tools

👉 Regardless of trading experience, Nigerians need trading tools, educational resources, and other research tools and materials. These will depend on the level of experience of the trader, their trading style, and their trading objectives as every level will require different tools and materials.

 

👉 Beginners must consider a broker that has a wide range of helpful training tools and materials, while advanced and professional traders can consider advanced trading tools, additional features, discounts, and so on.

 

👉 Brokers often provide certain guides, risk warnings, and several other strategies and tools that can help retail traders navigate complex instruments and leveraged trading, make improved trading decisions, and mitigate their overall risk of loss.

FAQ

Is Nasdaq 100 trading available in Nigeria?

Yes, Nigerians can trade forex with these Nas 100 forex brokers

Is KYC still needed when registering an account with a stockbroker?

Yes, when Nigerians register a trading or investment account with a regulated broker, they must complete the Know Your Client process. This involves verifying contact details, identity, and residential address.

What is stock trading in Nigeria?

Stock trading refers to buying and/or selling shares in the stock market either for a profit or as a long-term investment, in which case the term becomes a stock investment instead of trading, depending on the strategies the trader uses.

How are stocks traded?

Stocks are traded across exchanges and because traders cannot purchase directly from these exchanges, the stockbroker is the intermediary that facilitates the trade and buys/sells stocks on behalf of the trader.

Are Nigerians limited to only trade shares on the Nigerian Exchange Group?

No, Nigerians are not only limited to the Nigerian Exchange Group. Nigerians can register an account with an international stockbroker that offers access to worldwide stock exchanges where they can buy, sell, or hold shares.

Can I day trade stocks in Nigeria?

Yes, you can use day trading strategies in the stock market in the same way that you would use them in the currency market.

Which brokers are based in Nigeria?

From this list, FXTM is one of a few brokers with offices in Lagos, Nigeria.

How can I diversify my investment portfolio?

By selecting several stocks across different industries and stock types, or by investing in Exchange-Traded Funds (ETFs), which are baskets of different stocks.

Beginner traders may find it difficult to select the right stocks when they start their investment journey while professionals know what to look for. Beginners are therefore urged to start with ETF trading.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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