5 Best Stock Trading Apps in Nigeria
The 5 Best Stock Trading Apps in Nigeria revealed. We tested and verified the best stock trading apps for Nigerian Traders.
This is a complete list of stock trading apps in Nigeria.
In this in-depth guide you’ll learn:
- What are stock trading apps?
- Who are the best stock trading app forex brokers for Nigerians?
- How to buy stocks online in Nigeria – step by step
- Our recommended stock trading apps for Beginner Traders.
- How to choose a stock trading app – Compare them side by side by best leverage, low minimum deposits, and much more.
- Which broker offers CFD trading?
- #1 Best Online investing app in Nigeria
- Which is the #1 best low bandwidth trading app for Nigerians?
- Which stock trading app offers a sign-up bonus for first-time traders?
- Best Naira stock investment app and strategy in Nigeria.
- And lastly: How to trade with 100, 500, and 1000 Naira.
And lots more…
So if you’re ready to go “all in” with the best-tested stock trading apps for Nigerians…
Let’s dive right in…
- Louis Schoeman
Best Stock Trading Apps in Nigeria – Comparison
| 🥇 App | ✔️ IOS Trading App? | ✔️ Android Trading App? | 💳 Payment Options | 🔒 Security | 👉 Open An Account |
| 1. Chaka | No | Yes | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer | Accounts are protected by AES encryption | 👉 Open Account |
| 2. Bamboo | Yes | Yes | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer | Every account has bank-level security measures, including data encryption and two-factor authentication (2FA). A SIPC-insured brokerage business in the United States and the United Kingdom holds all of Bamboo’s accounts, and each account is insured for up to $500,000 | 👉 Open Account |
| 3. Trove | No | Yes | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer | 256-bit encryption, DriveWealth LLC holds all US trading accounts on the app and securities holdings are protected. Sigma Securities holds Nigerian accounts and is regulated by NGX and SEC | 👉 Open Account |
| 4. Rise | Yes | Yes | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer | SIPC protection and robust encryption technology | 👉 Open Account |
| 5. TD Ameritrade | Yes | Yes | ACH, Wire Transfer, Cheque, Broker Transfer, Stock Certificates | FINRA, CFTC, SEC, SFC, encryption and segregated accounts | 👉 Open Account |
5 Best Stock Trading Apps in Nigeria (2023)
- Chaka – Overall, Best Stock Trading App
- Bamboo – Best IOS Stock Trading App
- Trove – Best SEC-Regulated Stock Trading Broker
- Rise – Best Managed Stock Trading App
- TD Ameritrade – Best Beginner Stock Trading App in Nigeriac
How Stock Trading Apps Work
👉 A stock trading app is a mobile software application that you can use on your phone or tablet to connect you to your broker and stock exchanges like the Nigerian Exchange Group. Investing applications allow you to accomplish the same things you would on a desktop or laptop computer.
👉 Stock trading apps offer you access to your trading account and the financial markets from the palm of your hand. This is an excellent option for those who prefer to be involved in maintaining their portfolios and making regular investments.
1. Chaka
Overview
➡️ Rating: 4/5
➡️ Starting Fees: 0.5% or ₦100
➡️ Nigerian Exchange Group Fee: 0.3% when you sell a stock
➡️ CSCS Fee: 0.378% when you sell a stock and 0.063% for trade alerts
➡️ Stamp Duties: 0.075% on every share that is either bought or sold
👉 According to the Corporate Affairs Commission, the firm behind Chaka is Chaka Technologies Limited. The corporation is governed by both Nigerian and foreign agencies, both of which have jurisdiction over the business.
👉 Chaka is offered to over 40 countries worldwide and provides Nigerian investors access to US stocks along with blue-chip companies from around the world.
How to get started with Chaka
👉 You must establish an account on Chaka’s website or Android app to use the service. If you have all your personal information on hand, it just takes a few minutes to create an account on this site.
👉 Your BVN number, government-issued photo identification, and a document proving your current residence are all necessities. Basic questions you will be able to answer will complete the rest of the information you will need.
👉 A CSCS number will be issued to you after you have opened an account. For the Nigerian capital market, the clearing and settlement house is known as CSCS (Central Securities Clearing System). The Nigerian Stock Exchange is under their watchful eye.
👉 Chaka does not charge any fees for creating an account, maintaining an account, wire transactions, or for foreign exchange expenses.
👉 There are two wallets associated with each Chaka account. As a global and local wallet Stocks traded in the global wallet are traded outside the United States. As a result, your profits are also sent straight into your bank account.
Features
| Feature | Value |
| 💳 Payment Options | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer |
| ⏰ Withdrawal Processing | Between 12 hours up to 3 days |
| 🔒 Security | Accounts are protected by AES encryption |
| 📱 Supported Platforms | Android Mobile Devices, Web browsers |
| 📑 Required Documents to Register | Government-Issued ID and a Utility Bill |
| ✔️ Pros | ❌ Cons |
| Nigerians can invest in domestic and foreign stocks | Customer service can be sluggish |
| There is a low commission fee charged | There are automated responses which are not very informative |
| The withdrawal process is quick | The app has some operational issues which lead to it crashing |
| There is a low minimum deposit requirement | |
| There are frequent webinars and an online community to help investors |
2. Bamboo
Overview
➡️ Rating: 4/5
➡️ Starting Fees: 1.5% commission
👉 Online investing platform Bamboo, also known as “BamBoo Investment” or “invest bamboo,” enables Nigerians to invest in over 3,000 securities listed on the US stock markets and Nigerian stock exchanges using an app, without any restrictions.
👉 Any Nigerian may purchase, hold, or sell U.S. and Nigerian equities using Bamboo. You may also give equities from the Bamboo app to a friend or family member. In addition, you can also diversify your investments on Bamboo by purchasing a group of stocks (called an ETF).
How to get started with Bamboo
➡️ Create an account on Bamboo by installing the app and entering your information there.
➡️ Enter your BVN number into the app to confirm your identity.
➡️ Stocks from both the United States and Nigeria are available for your perusal.
➡️ With just a few clicks, you may quickly purchase and sell shares by funding your Naira and Dollar accounts on the app.
➡️ You can manage your account and investment from the app.
Features
| Feature | Value |
| 💳 Payment Options | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer |
| ⏰ Withdrawal Processing | From 1 to 3 business days |
| 🔒 Security | Every account has bank-level security measures, including data encryption and two-factor authentication (2FA). A SIPC-insured brokerage business in the United States and the United Kingdom holds all of Bamboo’s accounts, and each account is insured for up to $500,000 |
| 📱 Supported Platforms | Android, iOS |
| 📑 Required Documents to Register | Government-Issued ID and a Utility Bill |
| ✔️ Pros | ❌ Cons |
| All investments are insured by the SIPC and FINRA for up to $500,000 | The app does not have real-time pricing |
| Dedicated customer service offered | There is no web platform |
| The app is user-friendly and has an intuitive interface | There is only a dollar wallet and no naira wallet |
| Low commission charges |
3. Trove
Overview
➡️ Rating: 4/5
➡️ Starting Fees: 1% trading fee
➡️ SEC Fee: 0.30%
➡️ CSCS Trade Alert Fee: ₦4.20
➡️ NGX Fees: 5%
➡️ Stamp Duty Fee: 0.075%
➡️ Brokerage Fee: 1.35%
➡️ Platform Fees: 0.5%
👉 Trove, or the “Trove app,” is an online investing platform that allows Nigerians to engage in both domestic and foreign financial markets. Such as stocks in the United States, China, and Nigeria. A ₦1,000 investment may be made through the Trove app or website.
👉 Trove’s investing services are made possible by a network of partners. Paystack, Verve, 213 Capital, Visa, and MasterCard are just a few of the companies that may help you get your product to market. Sigma Securities Limited is one of their partners. SEC-registered firm and NGX member to facilitate securities trading.
How to get started with Trove
➡️ Download the app from the Google Play store on any Android device
➡️ Complete the electronic form and enter your email address, first name, and phone number in the appropriate fields, and then click the Sign-Up button
➡️ Indicate your financial objectives and state whether you have any previous investing experience that can be added to your investment profile
➡️ Ensure that the financing and liquidity area has been completed, indicating your source of funds and overall liquidity
➡️ Indicate your risk tolerance
➡️ Indicate your political exposure and state whether your immediate family occupies a political office
➡️ Complete your profile by filling the required fields under your personal information
Features
| Feature | Value |
| 💳 Payment Options | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer |
| ⏰ Withdrawal Processing | Up to 3 business days |
| 🔒 Security | 256-bit encryption, DriveWealth LLC holds all US trading accounts on the app and securities holdings are protected. Sigma Securities holds Nigerian accounts and is regulated by NGX and SEC |
| 📱 Supported Platforms | Android |
| 📑 Required Documents to Register | Government-Issued ID and a Utility Bill |
| ✔️ Pros | ❌ Cons |
| Low commission charges | The account verification is extremely time-consuming |
| Nigerians can purchase US, Chinese, and Nigerian stocks | The app is only offered for Android devices |
| Crypto trading is a supported feature | |
| The user interface is intuitive and user-friendly | |
| There are Naira and Dollar wallets offered for local and foreign trades |
4. Rise
Overview
➡️ Rating: 4/5
➡️ Starting Fees: 2%
👉 Initially, Rise Vest was a free investing club for Nigerians who wanted to engage in US equities and real estate.
👉 As the club developed, it became clear that comprehensive financial management software and community were needed, one that helps thousands of individuals secure their financial future by providing financial advice and long-term investment assistance.
👉 On a year-to-date basis, this business achieved up to 23.78% returns on equities (its defensive portfolio earned less than the larger US market, but significantly greater than virtually all dollar assets available locally) and 17.48% returns on real estate.
👉 Today, the firm has half a million dollars in assets under management, and that number is expected to rise rapidly.
How to get started with Rise
➡️ Create an account on Rise vest and complete your profile.
➡️ Decide on your dollar investing strategy. By investing in a combination of US equities, US real estate, and Eurobonds, you can ensure that your portfolio is well-diversified.
➡️ Determine the timeframe of your strategy and get funding. You can choose between three, six, or twelve months.
➡️ Fund your plan either through one-time or recurring payments using a Nigerian currency card or bank account.
👉 Rise vest takes little to no prior investment expertise. Everything is taken care of by its skilled staff. To finance their plan at any moment, customers may add their bank and credit cards to the app’s user-friendly wallet.
👉 Additionally, it simplifies the process of learning about investing and meeting other investors via its free investment club. Members of this club include novices, ordinary people, and financial professionals who are eager to help new members learn about money and find the finest investment opportunities.
Features
| Feature | Value |
| 💳 Payment Options | Mastercard, VISA and Verve cards issued by Nigerian Banks, and Bank Transfer |
| ⏰ Withdrawal Processing | 1 working day |
| 🔒 Security | SIPC protection and robust encryption technology |
| 📱 Supported Platforms | Android, iOS |
| 📑 Required Documents to Register | Government-Issued ID and a Utility Bill |
| ✔️ Pros | ❌ Cons |
| Professional fund managers manage the investments of Nigerian investors | The withdrawal process can be very long |
| There are diversified portfolio options offered | You do not have the freedom to build your own investment portfolio |
| There is an excellent online community offered | |
| There is a low management fee |
5. TD Ameritrade
Overview
➡️ Rating: 4.5/5
➡️ Starting Fees: 1.35%
➡️ Margin interest: 9.5%
➡️ Futures Transaction Fees: $2.25
👉 As an all-inclusive brokerage firm that provides a complete range of services to both novice and seasoned investors and day traders, including zero-cost transactions, innovative trading platforms, and a mobile app that is easy to use, TD Ameritrade is an excellent choice for investors of all skill levels.
How to get started with TD Ameritrade
➡️ Download the TD Ameritrade app on iOS or Android
➡️ Register a new investment account
➡️ Verify the trading account
➡️ Deposit funds
➡️ Start investing
Features
| Feature | Value |
| 💳 Payment Options | ACH, Wire Transfer, Cheque, Broker Transfer, Stock Certificates |
| ⏰ Withdrawal Processing | Between 5 minutes and 7 working days |
| 🔒 Security | FINRA, CFTC, SEC, SFC, encryption and segregated accounts |
| 📱 Supported Platforms | Android, iOS, Web |
| 📑 Required Documents to Register | Government-Issued ID and a Utility Bill |
| ✔️ Pros | ❌ Cons |
| TD Ameritrade is well-regulated | High margin rates |
| There is a wide range of investment opportunities offered | Fractional shares are not offered |
| There are no minimum deposit requirements and Nigerians can invest any amount that they wish | The account fees are high |
| There are powerful tools offered | Naira deposits and withdrawals are not accepted |
| Crypto trading is offered along with a demo account |
How to get started with investing in Nigeria
Choose a Regulated Broker or Trading App
👉 Stockbrokers act as agents for their clients when making purchases or sales of their clients’ shares. A Nigerian Stock Exchange (NSE) member who is a registered broker-dealer with the SEC is referred to as a stockbroker.
👉 Easy access, cost (some brokerages charge a minimum deposit for establishing an account), ethics and reputation, and their status with the Securities and Exchange Commission are all significant considerations when selecting a stockbroker.
Open an account with the app or broker
👉 You become an investor the minute you begin trading on the Nigerian stock market. Because of this, you will require a brokerage account. An investor’s account is linked to their name and can only be associated with that investor.
👉 A CSCS account, into which your equities would be transferred, is often required to start this account. Brokers and stockbrokers give online choices for you. An online broker is a tool that allows you to trade stocks, bonds, and other investments through the internet.
👉 Your broker purchases shares on behalf of your investor each time you instruct him to do so. The account may also be used to purchase bonds.
Secure your trading capital
👉 Once you become an investor and you have capital invested with a stock trading app, you must ensure that you protect your capital while you grow your wealth. Make sure that you explore all risk management options and that you keep your risk-reward ratio between 1:2 or 1:3, where your reward is twice or thrice the risk that you take.
👉 Keep updated with the latest trends and ensure that you have a working knowledge of the market. This will help you identify investment opportunities and identify any trends in the market.
Make sure that you keep learning and growing
👉 Investing in Nigerian equities is an art, not a science. If you want to become a better trader, you should keep studying the market and trading as much as you can. It is essential to improve analytical abilities for long-term success.
Benefits of Stock Trading Apps
👉 The words “comfort” and “convenience” have become interchangeable when describing mobile apps. People from many levels of society are becoming investors as they have spread across the personal finance arena. People who could afford a stockbroker and were aware of the advantages of building wealth no longer had exclusive access to trading stocks, bonds, and other financial instruments.
👉 As the number of individuals with access to smartphones grows and the internet’s scope expands, everyone is now a potential trader. The digitization of stock trading has made it more accessible and simpler. The following are seven advantages of using an internet trading app for trading:
➡️ Cost-effectiveness: Trading stocks using an app may save you more money than going through a broker.
➡️ Convenience: The trading mobile app makes it simple and quick to open an online trading account. A mobile internet connection is all you need to set up an account and keep an eye on your assets whenever and wherever you like. Apps for online trading enable you to trade while on the move and save time.
➡️ All your assets and their progress can be monitored on a single screen, a feature that most stock trading apps today have. Furthermore, you have complete control over when and how you purchase and sell your shares, allowing you to keep track of your gains and losses at any moment.
➡️ There is no need for an intermediary like a broker. With a trading app, brokers’ costs are decreased as well as the amount of time you spend interacting with them. Investors may choose from a selection of portfolio recommendations offered via the app by the brokerage firm that provides the app.
➡️ Orders for buying and selling shares can be placed quickly on trading applications, and payments and receipts for these transactions are processed quickly as well. Apps like this allow users to send money between bank accounts in real-time using a variety of different online payment options.
➡️ With the power to trade at your fingertips, you do not have to rely on the availability of your broker to make or break your trades. It is no longer necessary for investors to wait for a broker to inform them what their best plan of action is. Investors have greater power over their assets since they are not subject to outside influence while making investment selections.
➡️ You can learn more about the stock market in an efficient way using this software since it provides a hands-on approach.
How to select the right stock trading app for you
Regulation, Safety, and Trust
👉 You must ensure that your capital is safe, and this means looking for a stock trading app in Nigeria that is well-regulated and is overseen by SEC, NGX, SIPC, CSCS, and other reputable entities. This ensures that your funds are safe and that you can report any issues to the regulator.
Supported Markets
👉 While the point is to trade stocks featured on NGX, having access to international markets such as the United States exchanges is a benefit as it allows you to diversify your trading portfolio. Look for a stock trading app that allows you to diversify your investment.
Commissions and Fees
👉 There are several fees to consider when you choose a trading app and you must evaluate the starting fees, commissions, and any additional fees such as NGX fees, stamp duties, and so on. Make sure that you can cover these fees before you register an account with a stock trading app.
Account and Investment Types
👉 Different apps and brokers will offer a range of account types and investment types. You must understand what you need from your app or broker before you start investing. Explore the app using a demo account to see if the app suits your unique objectives.
Mobile Experience
👉 Make sure that the stock trading app is compatible with your mobile device before you register an account. While many stock trading apps are offered for both iOS and Android, some apps are available for only one of these two operating systems.
Trading Tools
👉 Trading tools are extremely important as it helps you make more informed investment decisions, and it allows you to refine and perfect your trading strategies.
Minimum Deposit
👉 This refers to the initial amount that you must deposit when you register an account on the stock trading app. Make sure that you can pay the minimum deposit in addition to any other fees that you may come across.
Demo Account
👉 This is an important tool for both beginner investors and professionals as it allows for practice trading and the testing of trading strategies in a risk-free environment before you risk real funds.
Deposit and withdrawal Options
👉 Make sure that you know which deposit and withdrawal options the app, broker, or platform offers, the fees involved, and the overall processing times.
Customer Service
👉 Sometimes you might need guidance from your trading app or broker, making this a very crucial component to check before you choose an app. Make sure that you test the response time and the level of information you get when you ask a question or query something.
Best Stock Trading Platform in Nigeria
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA, CFTC, MAS
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, TD Ameritrade is considered the overall best trading platform for stocks in Nigeria. TD Ameritrade has a <5% market share in Nigeria but offers a wide range of investment options, portfolio compositions, and a secure trading environment for Nigerians.
Best Stock Trading App in Nigeria with Crypto Trading
👉 Overall, Trove is the best stock trading app that also offers Nigerians the option of crypto trading, making this an extremely versatile stock trading app.
Best Stock Trading App in Nigeria for Beginners
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA, CFTC, MAS
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 In terms of the best stock trading app for beginner investors in Nigeria, TD Ameritrade offers a plethora of educational materials. Not only this, but Nigerians can get guidance on their portfolio, and they can use a demo or paper account to practice trading before they risk real money.
Best iOS Stock Trading App for Nigerians
👉 In terms of the Best iOS stock trading app for Nigerians, Bamboo Investment, or just Bamboo, is the best pick. Bamboo allows Nigerians to buy, sell, and hold both US and Nigerian equities, regardless of whether it involves fractional shares or ETFs.
Best Android Stock Trading App in Nigeria
👉 Overall, Chaka is the best Android and Web stock trading app available in Nigeria today. Not only is account registration easy with Chaka, but Nigerians are not charged any fees on account creation, maintenance, or wire transactions.
Best SEC-Regulated Stock Trading App
👉 In terms of SEC regulation, Trove is the best stock trading app in Nigeria. Trove operates in Nigeria and has a long list of reputable partners which makes this one of the safest mobile stock apps for Nigerian professionals and newbie investors alike.
Fastest Account Registration Stock Trading App in Nigeria
👉 Regarding the fastest account registration process, Bamboo is our overall best choice. All Nigerian investors need to do to get started with Bamboo is to download the app, complete the online application, provide a copy of their Government-Issued ID and Utility Bill, and start trading.
Lowest Commission Fee Stock Trading App for Nigerians
👉 In terms of the lowest commission fee stock trading app, Chaka is the best choice as its start fees are from 0.5%, making it the cheapest choice. In addition, Chaka also has a very low minimum deposit requirement of N1,000 and all funds are secured.
Best Managed Stock Trading App for Nigerian Beginners
👉 Overall, Rise is the best stock trading app that is ideal for beginners because fund managers take care of your investment. This ensures that the process is simplified and ensures that beginners can start investing in a controlled, safe environment.
Best Stock Trading App in Nigeria for US Shares
👉 Overall, Bamboo is the best choice as a stock trading app that offers US Shares. Bamboo offers more than 3,000 securities that can be bought, sold, and held on the stock trading app.
Stock Trading App with the Best Naira Wallet
👉 In terms of the Stock Trading App that features the Best Naira Wallet, Trove is the best choice. The Trove app allows Nigerian investors to buy US, Chinese, and Nigerian shares and allows for Naira deposits and withdrawals from a Naira-dedicated wallet.
Stock Trading App with the highest returns
👉 Overall, Rise is the best stock trading app that shows the highest returns on equities of up to 23.78% in 2021, with further increases expected for 2023. This ensures that Nigerians can grow their wealth using passive investment strategies.
FAQ
How can I buy stocks online in Nigeria?
To buy shares in Nigeria, you must find a stock trading app or broker, register an account, fund your trading account, and find and purchase shares of companies in which you are interested.
How do I trade on the Nigerian stock exchange?
A stock trading business or broker opens your online options for you. One may trade securities or any other financial product online with the use of an online broker. Each time your broker wishes to purchase shares on your behalf, he does it via your investor’s account. Additionally, you may use the account to purchase bonds.
Can I day trade stocks from Nigeria?
Yes, Nigerian day traders may choose from a wide variety of instruments. However, only regulated stockbrokers should be used by Nigerian day traders who are interested in investing in securities.
How to sell my stock in Nigeria?
To purchase and sell public sector business shares listed on the NSE, you must create a stock trading account with an NSE-registered dealing broker. The procedure is straightforward and may be finished in as little as 48 hours by giving basic information and submitting the needed papers.
What is the minimum amount to buy shares in Nigeria?
While most stock trading apps require a low investment minimum of 400 NGN, Nigerian investors are urged to deposit more, from at least ₦1,000.
Top 3 Brokers
