5 Best Stock Trading Platforms and Brokers in Nigeria
The 5 Best Online Stock Trading Platforms and Investment Brokers in Nigeria revealed. We tested and verified the best stock trading platforms for Nigerian Traders.
This is a complete list of the best stock trading brokers in Nigeria.
In this in-depth guide you’ll learn:
- What is a stock trading platform?
- Our recommended Five stock trading platforms for Nigerian Beginner Traders.
- How to compare stock trading platforms against each other?
- Can I trade Forex with $5 (2 096 NGN)?
- Which stock brokers offer a signup bonus on a $5 deposit?
- Investment Brokers vs Trading Platforms (DIY)
- A guide to stock investment in Nigeria and which legitimate investment platforms in Nigeria you can trust.
And lots more…
So if you’re ready to go “all in” with the best-tested stock trading platforms for Nigerians…
Let’s dive right in…
CySEC, FCA, FSA, FSCA, Labuan FSA
FSA, Cysec, FSCA, FSC,
ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA
CySEC, ASIC, FSCA
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
5 Best Stock Trading Platforms adn Brokers in Nigeria – Comparison
|🥇 Broker||✔️ Offers a Stock Trading Platform?||✔️ Nigerian Naira-based Account?||💰 NGN Deposits Allowed?||👉 Open An Account|
|1. TD Ameritrade||Yes||No||No||👉 Open Account|
|2. E*TRADE||Yes||No||No||👉 Open Account|
|3. Bamboo||Yes||No||No||👉 Open Account|
|4. Fidelity Investments||Yes||Yes||Yes||👉 Open Account|
|5. Interactive Brokers||Yes||Yes||Yes||👉 Open Account|
5 Best Stock Trading Platforms & Brokers in Nigeria (2023)
What are the functions of a trading platform?
A trading platform is a software system that facilitates the trading of securities. It enables investors to open, cancel, and maintain market positions through an online broker or another financial intermediary. Pro Tip: Always look for a legit investment broker by always looking at the brokerage reviews on the web.
Brokers commonly provide online trading platforms for free or at a discount in return for maintaining a funded account and/or executing a certain number of deals per month. The most effective trading platforms combine extensive functionality with cheap expenses.
Frequently, trading platforms contain additional functions that aid investors in making investing choices. This could include real-time quotations, interactive charts, a variety of charting tools, live news feeds, and premium research.
Platforms could also be customized for certain markets, such as equities, currencies, options, and futures.
1. TD Ameritrade
$0 / 0 NGN
SEC, FINRA, CFTC, MAS
Account Activation Time
👉 Despite its reputation as an online broker, TD Ameritrade’s history extends back to the 1970s, and the company has been a pioneer in the brokerage industry for decades.
👉 For instance, the company (then known as Ameritrade) launched the first system that permitted order entry via telephones with push-button controls.
👉 The company’s contemporary era began in 1996 when it combined with the operator of an electronic trading platform, TransTerra.
👉 The succeeding years of the dot-com boom witnessed a significant increase in internet trading, and Ameritrade was a major benefactor of technological advancements. Over the next decade or so, the corporation expanded rapidly, both organically and through a series of mergers and acquisitions.
👉 Ameritrade bought TD Bank’s U.S. brokerage division in 2006, giving TD a 40% share in the company and changed its name to TD Ameritrade. In 2009, TD Ameritrade bought the thinkorswim trading software startup, which served as the foundation for its current trading platform for active investors.
👉 In recent years, two noteworthy events have occurred. First, TD Ameritrade purchased key rival Scottrade in 2017. And in 2020, Charles Schwab acquired TD Ameritrade itself.
👉 TD Ameritrade’s platform operates independently for the time being, but Charles Schwab aims to incorporate it into its own platform within the next few years.
➡️ Commission-free online stock and ETF trading.
➡️ Investors esteem the broker’s mobile application. The mobile software is genuinely feature-rich and is available on iOS, Android, and Windows devices. Clients may get streaming data, invest in mutual funds, trade equities and sophisticated options contracts using a mobile device (smartphone or tablet).
➡️ TD Ameritrade is a one-stop shop for your investment and cash management requirements. In addition to regular taxable accounts, traditional IRAs, and Roth IRAs, TD Ameritrade provides a variety of education and managed account choices.
➡️ Free stock, option, and mutual fund screeners are available via TD Ameritrade. In addition, clients have access to research and ratings from other parties, such as Morningstar and CFRA, as well as stock analysis from a variety of investing companies.
Pros and Cons
|✔️ Pros||❌ Cons|
|TD Ameritrade is a trusted online brokerage that accepts all types of investors and traders||TD Ameritrade does not offer any fractional shares
|There is no minimum investment required when registering for an account||There are high margin rates
|The broker offers a wide range of guides and training for educational purposes|
|There is a powerful web-based platform and mobile version with a customizable dashboard, custom alerts, real-time data, and advanced charting tools|
|There are several retail investor accounts to choose from|
|TD Ameritrade is one of the most reputable brokerage firms with strict regulation in the US|
|In addition to a wide range of investment options, TD Ameritrade also offers crypto trading|
👉 E*TRADE was one of the earliest online brokers created in the United States, and in October 2019, it joined a growing number of online brokers that have moved to commission-free stock, ETF, and options trading.
👉 E*TRADE’s diverse offerings, including three web-based/downloadable platforms and two mobile apps, make it an excellent alternative for both passive investors and casual traders.
👉 E*TRADE is straightforward and user-friendly despite its extensive capabilities, which include news, research, and screeners. Due to its extensive teaching materials, E*TRADE is one of the top choices for novice investors.
👉 As an industry pioneer, E*TRADE has positioned itself as one of the top online brokers for trading options. It is a strong, well-rounded choice for every investor, from novices to professionals.
👉 E*TRADE has tried to attract active Nigerian traders by providing two high-quality trading platforms, a fully featured mobile application, a variety of investment alternatives, and comprehensive options trading tools.
👉 The Force, which is an E*TRADE platform, is loaded with straightforward, user-friendly features for trading stocks, options, and futures.
👉 If you have a love for market monitoring and trading, this platform is for you. Its main website provides an abundance of educational and research resources, as well as a vast selection of no-fee funds.
👉 Like many other prominent online brokers, E*TRADE can provide value to investors of all levels.
➡️ All transactions involving stocks, ETFs, and options that are publicly traded in the United States are executed at no additional cost to the investor. Options transactions have a flat fee of $0.65 per contract.
➡️ To make investing easier for passive investors, E*TRADE provides tools such as ETF research, screening, and prebuilt portfolios.
➡️ There are four distinct types of managed portfolios available to clients, each of which is expertly crafted for a certain investment goal or life stage.
➡️ Standard brokerage accounts at E*TRADE do not need a minimum opening deposit.
Pros and Cons
|✔️ Pros||❌ Cons|
|Options trading using the E*TRADE platform||Among the top online stock trading sites, E*TRADE has some of the highest margin interest rates.|
|There are two distinct investment applications on the market.||A lower volume of trades results in higher costs when trading options.|
|The online brokerage platform now has an automated portfolio builder.||Your only options for buying fractional shares are via a dividend reinvestment plan (DRIP) or a Robo-advisory portfolio.|
|Commission-free stock and ETF trading online|
|When Nigerians register an account, they need not put down a specific amount to activate their account and start trading.|
👉 Bamboo is an investment platform that allows Nigerians to invest in the 3,000 equities that are listed on the US Stock Exchange and the Nigerian Stock Exchange using just their mobile phones. Any Nigerian may use Bamboo to invest in and trade American and Nigerian equities.
👉 In addition, the Bamboo app has an innovative function that enables users to give shares as a gift to someone else. You can also easily spread your risk by investing in a basket of stocks on Bamboo, also known as ETFs.
👉 The Bamboo app is a great starting point for those who are new to the world of the stock market investment. Even more, seasoned investors can also benefit much from it. The minimalistic layout and straightforward navigation of Bamboo make it a fantastic choice for all Nigerian traders.
➡️ Several of the firms they work with are members of the Nigerian Securities and Exchange Commission’s registry of corporations. That it is real is confirmed by the registration.
➡️ For security and openness, all accounts are kept by their partners.
➡️ DriveWealth LLC, a FINRA/SIPC-member firm, oversees all US-based trading accounts on the Bamboo platform. Lambeth capital, a company registered with the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission of Nigeria, holds all trading accounts in Nigeria (SEC).
Pros and Cons
|✔️ Pros||❌ Cons|
|• Invest Bamboo is a legitimate business with which to work. They have joined forces with other businesses that follow the Nigerian Securities and Exchange Commission’s rules.||• There is only a mobile app available and no web or desktop platform.|
|• Lambeth Capital is the custodian for all Nigerian trading accounts and is subject to oversight by the NSE and the Nigerian Securities and Exchange Commission (SEC).|
|• The Bamboo app on Google Play has garnered several favourable reviews and a rating of 4.4/5.|
|• In addition to its high degree of protection, the Bamboo app also claims to be bank-level safe.|
|• There is a low minimum deposit of $20 when Nigerians register.|
4. Fidelity Investments
👉 Anyone from a novice investor just starting to a seasoned day trader will find Fidelity to be an excellent option.
👉 This platform has everything fundamental and technical traders need to do in-depth research on stocks, ETFs, and fixed-income instruments. Fidelity Investments is among the top online brokers because of its distinctive features.
👉 While Fidelity’s built-in screeners, third-party research resources, and portfolio analysis tools are all robust, the downloadable Active Trader Pro contains everything stock and options traders could need.
👉 Because of the substantial savings on order execution costs, Fidelity is a fantastic option for active traders.
👉 Investors who are looking for both self-directed resources and professional advice will appreciate the wide variety of managed portfolios available, along with associated coaching and financial adviser help.
👉 Fidelity is unique among brokerage platforms in that not only do they not charge commissions when trading stocks or ETFs, but they will also not charge you anything when trading over-the-counter (OTC) equities. Options transactions incur a $0.65 fee per contract and are otherwise free.
👉 Fidelity is in direct competition with Vanguard, an early adopter of low-cost mutual fund models. The organization provides access to four index funds with no initial investment requirement and no cost ratio.
👉 It also provides access to a variety of mutual funds, including every single one offered by Fidelity, which may be traded with no transaction fees or minimum holding periods of less than 60 days.
👉 Fidelity offers one of the most comprehensive selections of accounts for individuals, families, corporations, and managed accounts.
👉 The organization provides every form of account a person or business may want, including non-standard options like education savings accounts and health savings accounts, in addition to the more common taxable brokerage accounts and retirement accounts.
➡️ Fidelity, like all the greatest stock brokers, does not tack on any fees to the price of buying or selling stocks or exchange-traded funds.
➡️ Fidelity’s popular mutual funds are well-liked because of their reliable performance histories and reasonable prices. Fidelity’s own well-regarded funds may be purchased online without paying a commission.
➡️ It is typical practice for brokers to demand additional fees for things like withdrawals, wire transfers, insufficient money, and more, in addition to the standard trading commission. Fidelity, unlike several competitors, does not impose any fees for any of these.
➡️ Only a select few brokerages, including Fidelity, provide investors with access to foreign markets. Trading on 25 marketplaces and 16 different currencies is possible, albeit certain exchanges may have greater fees than others.
➡️ Fidelity is one of the few major brokers to provide “Stocks by the Slice,” the ability to purchase and sell fractional shares of stock.
➡️ Investors like the flexibility of the Fidelity iOS and Android applications, which enable them to take care of a wide variety of account requirements while on the road. Look through these reviews to see how popular an app currently is.
Pros and Cons
|✔️ Pros||❌ Cons|
|Fidelity Investments is well-regulated and has a good trust score||MetaTrader platforms are not supported|
|Member of the FDIC and the Securities Investor Protection Corporation (SIPC)||There is no Forex, CFD, or crypto trading offered|
|There is a wide range of investment options offered across several financial markets||There are limited funding options|
|There are several account types to choose from, each suiting different investors and traders||The account opening process can be time-consuming|
|There are many advanced trading tools offered on the website, trading platform, and mobile app||To get the best account benefits, traders must make larger deposits
|Powerful proprietary trading platform offered||Management fees and a contract fee applied|
|Competitive trading conditions for cost-effective trading and investing|
|Offers advanced research options and some educational material|
5. Interactive Brokers
👉 The low charges and costs, a massive selection of tradable instruments, and robust platform and tools that Interactive Brokers provides have made it a perennial favourite among active traders and investment experts.
👉 Active traders may feel especially vulnerable when it comes to commissions and fees. Now since cheap brokers often charge no fee, it is more difficult to determine who provides the greatest deal.
👉 The commissions and costs charged by Interactive Brokers are among the lowest in the industry. One area in which the company continues to distinguish out is in margin interest rates, where it offers much lower rates than its competitors.
👉 This broker’s access to international marketplaces is a further plus. Interactive Brokers enables you to day trade stocks on the Hong Kong stock market or bet on futures options on the Mexican Derivatives Exchange. There are 135 marketplaces to choose from, spread over 33 nations.
👉 Level II market data, complex charting, technical analysis tools, scanners, alarms, and streaming of Bloomberg TV are just some of the features available on the desktop platform known as Trader Workstation (TWS) from Interactive Brokers. Moreover, “hot keys” and other features used by skilled day traders are accessible.
➡️ Its pricing is aimed at investors and traders who wish to decrease the cost of trading by offering zero-commission trading via its IBKR Lite platform and a regular fee charge of half a penny per share ($1.00 minimum per deal).
➡️ Interactive Brokers’ margin rates were much lower than those of the other brokers. Margin loans from Interactive Brokers cost a third as much as they would from other brokers, while many others charge over 10% interest on the first dollar of margin. That disparity becomes significant over time, especially for investors who maintain large margin balances over extended stretches.
➡️ Every broker will let you invest in a foreign company that is listed on a U.S. exchange, but only a select handful will let you trade directly on international markets. More than any other bargain brokerage service, Interactive Brokers provides access to more than 135 markets throughout the world.
➡️ Despite its low price, Trader WorkStation is a robust trading platform. You can trade stocks, ETFs, options, futures, or currencies, so there is something for everyone.
Pros and Cons
|✔️ Pros||❌ Cons|
|Interactive Brokers is known for its ultra-low commissions and fees.||There have been complaints regarding its customer support.|
|There is a superior trading platform offered and innovative trading technology.||The complexity of the platform might not be suited to Nigerian beginner traders.|
|Interactive Brokers has an unrivalled range of investment and trading instruments.||The client portal is limited and could be improved.|
How to choose the Right Share Broker in Nigeria
👉 Traders could not have picked a more favourable time to enter the investment market than the present. Competition among online brokers is high, which means costs are dropping down and features are being boosted.
👉 Those interested in trading global financial instruments could choose from a wide variety of online Share and CFD brokers. However, there are several factors to consider when choosing a broker and we will go through them here.
👉 Individual stocks, options, mutual funds, exchange-traded funds, and bonds are the main investment types offered by brokers. Some will also provide exposure to the Share market, futures trading, and cryptocurrency exchanges.
👉 Both the suitability of the broker’s offerings to your investment requirements and the fees you must pay is dependent on the investments the broker has available. You should pay close attention to the commissions that are involved with the investments you like.
👉 There is a diverse selection of brokers available. Several have been popular for many years, while others have just recently emerged.
👉 That does not imply they cannot be trusted, but if they are managing transactions for clients, they are members of a self-regulatory organization like the Financial Industry Regulatory Authority (FINRA), the Financial Conduct Authority (FCA), and other regulators, or subject to additional oversight.
👉 While it could be impossible to eliminate account fees, they may be kept to a minimum. To withdraw funds or investments, or to close your account, most brokers will assess a fee. When switching brokers, your new firm could pay some or all your transfer expenses.
👉 If a broker does not charge them, or if you do not use their optional services, you could avoid paying most additional costs.
👉 Annual costs, inactivity fees, trading platform subscriptions, and additional charges for research or data are all examples of the kind of expenses you should be aware of.
Pricing and Execution on Trades
👉 Cost is less of a factor today, leading to commission-free transactions becoming the norm at most brokerages.
👉 However, you should consider the brokerage’s position on the controversial practice of paying for order flow and how much it costs before making a final decision.
👉 This is especially true if you are an active trader who wants their deal completed at the best price possible, even if it means a difference of a few cents.
Additional Tools, Educational Materials, and Features
👉 Look for a brokerage that provides free educational tools like live webinars, detailed how-to instructions, video tutorials, glossaries, and more if you are just starting in the investment world.
👉 You should also look at the broker’s commitment to educating its customers about the inherent hazards of more complex trading tactics like options.
The Best Share Brokers in Nigeria
👉 In this article, we have listed the best brokers that offer share trading to traders in Nigeria. We have further identified the brokers that offer additional services and solutions to Nigerian traders.
Best Share Broker for beginners in Nigeria
$0 / 0 NGN
SEC, FINRA, CFTC, MAS
Account Activation Time
👉 Overall, TD Ameritrade is the best Share broker for beginners in Nigeria. TD Ameritrade features several trading platforms for customers of all skill levels and every sort of brokerage account imaginable.
Best Low Minimum Deposit Share Broker in Nigeria
👉 Overall, Exness is the best Low Minimum Deposit Share Broker in Nigeria. Exness has a low minimum deposit requirement of 4,100 NGN, giving Nigerians access to all trading instruments and innovative trading technology through MT4, and MT5.
Best ECN Share Broker in Nigeria
👉 Overall, IC Markets is the best ECN Share Broker in Nigeria. Although IC Markets has a higher required initial deposit than some of its competitors, in Nigeria’s burgeoning electronic communications network (ECN) broker market, it is still well within the budgets of most traders.
👉 IC Markets cares about its clients and offers them a wide range of trading resources to help them succeed.
Best Islamic / Swap-Free Share Broker in Nigeria
USD 100 / 41450 NGN
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Account Activation Time
👉 Overall, AvaTrade is the best Islamic / Swap-Free Share Broker in Nigeria. AvaTrade is the best Islamic account broker since it allows halal trading on Gold and Silver Trading as well as Oil, Indices, and Forex.
Best Share Trading App in Nigeria
👉 Overall, SoFi is the best Share trading app in Nigeria. SoFi is a wonderful option for investors seeking simple stock trading software that also provides other financial goods and services.
👉 SoFi provides many distinctive features, including cryptocurrency trading, fractional share investing, and IPO investment access for smaller investors.
Best Nasdaq 100 Share Broker in Nigeria
👉 Overall, Tickmill is the best Nasdaq 100 Share Broker in Nigeria. Tickmill, a prominent ECN and STP broker, lets clients use MetaTrader 4 and MetaTrader 5 to trade a wide range of assets, including the Nasdaq 100.
👉 Competitive trading conditions, such as zero-pip spreads, no commissions, and more, might be expected on this and other instruments.
Best Volatility 75 / VIX 75 Share Broker in Nigeria
👉 Overall, HF Markets is the best Volatility 75 / VIX 75 Share Broker in Nigeria. Trading on the VIX 75 and other markets is now possible in Nigeria thanks to HF Markets, a reputable broker with a worldwide clientele.
👉 When trading on the go, HF Markets’ mobile traders may access the platform through a specialized in-house app.
Best NDD Share Broker in Nigeria
👉 Overall, FP Markets is the best NDD Share Broker in Nigeria. FP Markets, an NDD broker, offers clients access to market execution and liquidity from BNP Paribas, Commerzbank, Barclays, and other financial institutions.
👉 Zero-pip spreads are to be expected across a broad variety of key financial marketplaces for traders.
Best STP Share Broker in Nigeria
USD 1 / 430 NGN
FSA, CySec, FSCA, FSC
MT4, MT5, MT4/5 WebTrader, mobile (iOS & Android)
Account Activation Time
👉 Overall, JustMarkets is the best STP Share Broker in Nigeria. JustMarkets provides high maximum leverage of 1:3000 and an unbelievably cheap initial deposit. JustMarkets provides Nigerian traders with a selection of incentives and promotions to help them get started in share trading.
Best Sign-up Bonus Share Broker in Nigeria
USD 1 / 415 NGN
Account Activation Time
👉 Overall, InstaForex is the best sign-up bonus share broker in Nigeria. Traders may take advantage of InstaForex’s adaptability thanks to the broker’s user-friendly interface and transparent platform. InstaForex welcomes traders from Nigeria with a bonus and a penny account.
👉 Choosing the finest brokerage platform depends on who you are as an investor today and who you aim to be in the future.
👉 The nicest thing about the high degree of competition in the brokerage and stock trading industry is the number of platforms that have solutions to meet your changing demands.
How do I trade stocks in Nigeria?
If you want to trade stocks on the NGX, you must register an account with a stockbroker that is authorized to offer this option. If you want to trade international shares and CFDs, you can register an account with an offshore or international share broker.
Can I trade US Stocks from Nigeria?
You cannot buy individual shares, but you can trade US Share CFDs through international brokers that offer access to US stock exchanges such as S&P 500, Nasdaq, and others.
How much will I need to start investing in stocks in Nigeria?
You can start investing from 500 NGN, depending on your broker’s minimum deposit, margin requirements (for CFDs), and other fees.
How do I open a stock account in Nigeria?
You must find a share broker or platform that suits your investment requirements and needs, register an account, and fund your account.
Which stocks can I buy in Nigeria?
In Nigeria, you can buy local shares from the NGX when you register through an approved stockbroker. You can also buy, sell, and trade international share CFDs through brokers such as Exness, AvaTrade, HF Markets, and many other options.