Best Trading Platforms, Brokers & Apps in Nigeria 2022

We have combined data from hundreds of hours of research with reviews from 135,000+ customers to help you find the best online broker in Nigeria.

The Best Trading Platforms, Brokers & Apps in Nigeria:

• Best Trading App: AvaTrade
• Best Stock Broker: ARM Securities
• Best Forex Broker: AvaTrade

Which is the Best Trading App in Nigeria?

AvaTrade

◀ ▶

AvaTrade represents the top tier of online brokers.

With a combination of their own software and third-party platforms, you'll gain access to some of the best trading services and features.

What we like

✔ Easily integrated trading robots

✔ Commission-free trading

What we don't like

✔ A limited selection of assets

✔ Rather high spread on certain assets

✔ Easily integrated trading robots

✔ Commission-free trading

✗ A limited selection of assets

✗ Rather high spread on certain assets

Go to Avatrade ➤

Features

Fees: 0% commission but spread on each trade
Demo Account: Yes
Min Deposit: £100
Deposit Options: Debit & Credit Cards, Skrill, Neteller, Webmoney
Assets: 1,000 assets
License: Central Bank of Ireland, ASIC, FSCA, FSA

Ratings:

Rating by our editorial team

users gave the score of ERROR/5

437 users gave the score of 4.3 /5

8,061 users gave the score of ERROR/5

4 users gave the score of 4.8/5

Total score:

8,498 users gave the score of 2.2/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

AvaTrade’s trading app, AvaTradeGo, is widely considered to be one of the absolute best trading apps in the entire industry. The app was designed in-house with a strong focus on automated trading features and the highest standard analytic software available on mobile devices.

This broker is also one of the most prominent online cryptocurrency brokers in Nigeria and the rest of the world. With more than 10 different cryptocurrencies on offer, there is always an opportunity to trade on.

If you’re looking for an extensive selection of assets and a long list of different graphs and analytic tools, then AvaTrade might not be the best fit for you.

This is especially true if you’re only going to trade on your smartphone, considering that the app is down-scaled in comparison with the desktop platform.

Which is the Best Stock Broker in Nigeria?

ARM Securities

◀ ▶

ARM Securities has offered investment opportunities in Nigeria since 2004.

The broker provides access to both the Nigerian Stock Exchange as well as a number of international security exchanges.

What we like

✔ Well-established in Nigera

✔ Access to the Nigerian Stock Exchange

✔ Several accounts based on your needs

What we don't like

✗ Complicated fee system

✗ Expensive services

✗ Limited access to certain markets

✔ Well-established in Nigera

✔ Access to the Nigerian Stock Exchange

✔ Several accounts based on your needs

✗ Complicated fee system

✗ Expensive services

✗ Limited access to certain markets

Go to ARM Securities ➤

Features

Fees: Commission and fees
Demo account: No
Min deposit: N/A
Assets: Domestic and international securities
License: SEC

If your intentions are to invest in international stocks, as well as domestic stocks listed on the Nigerian Stock Exchange (NSE), then we highly recommend using ARM Securities.

ARM Securities is a Nigerian-based securities broker that has been offering investment services since 2004 and that currently offers a premium online platform for investments and trading.

This broker offers everything from great analytic tools and one-on-one help from professional investors, to local financial news, market trend reports, money management, and much more.

Besides a satisfying selection of company stocks, ARM Securities has a limited selection of securities to invest in. In other words, ARM is the best stockbroker in Nigeria, but for those looking for more variation, there are better-suited options.

Which is the Best Forex Broker in Nigeria?

AvaTrade

◀ ▶

AvaTrade represents the top tier of online brokers.

With a combination of their own software and third-party platforms, you'll gain access to some of the best trading services and features.

What we like

✔ Easily integrated trading robots

✔ Commission-free trading

What we don't like

✔ A limited selection of assets

✔ Rather high spread on certain assets

✔ Easily integrated trading robots

✔ Commission-free trading

✗ A limited selection of assets

✗ Rather high spread on certain assets

Go to Avatrade ➤

Features

Fees: 0% commission but spread on each trade
Demo Account: Yes
Min Deposit: £100
Deposit Options: Debit & Credit Cards, Skrill, Neteller, Webmoney
Assets: 1,000 assets
License: Central Bank of Ireland, ASIC, FSCA, FSA

Ratings:

Rating by our editorial team

users gave the score of ERROR/5

437 users gave the score of 4.3 /5

8,061 users gave the score of ERROR/5

4 users gave the score of 4.8/5

Total score:

8,498 users gave the score of 2.2/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

AvaTrade has played a big role in the normalization of forex trading in Nigeria. According to themselves, they are the number 1 forex broker in Nigeria.

With one of the most innovative trading apps in the business, a good selection of currency pairs, and a trading platform that’s praised by hobby traders of all backgrounds, it comes as no surprise why AvaTrade is the best forex broker in Nigeria.

As mentioned earlier in this guide, AvaTrade has a limited selection of assets, compared to a lot of other brokers. They’ve also made their trading software so easy to use that many expert day traders find it restricting to use it.

Guide for Traders in Nigeria

Before you engage in any type of trading or investing in Nigeria, you need to be aware of the laws that regulate the market, as well as one of the biggest risks to avoid.

You see, Nigeria has a thriving economy with a growing population of citizens who have spendable money to use for investments. In turn, that means that the Nigerian government is doing all they can to safe-keep and regulate the market.

This task falls on the Nigerian Securities and Exchange Commission (SEC), who oversees the financial market, including all brokers and the Nigerian Stock Exchange (NSE).

Subsequently, all legitimate brokers that want to operate in Nigeria have to be approved by the SEC.

However, unlike in some other jurisdictions, such as South Africa or Europe, the SEC doesn’t issue trading licenses to brokers.

Instead, it’s advised to only use brokers approved by the SEC, which have also been issued licenses by other regulatory bodies, such as the Financial Conduct Authority (FCA) in the UK.

In other words, you must ensure that any online broker in Nigeria that you use, is regulated and trustworthy.

Naturally, all the brokers that we have recommended fall into this category.

How to Choose the Best Platform, Broker and App in Nigeria

In addition to ensuring that a broker is licensed, as discussed above, there are a couple of factors that will have an effect on which broker you should use.

1. Assets and Securities

Maybe it goes without saying, but you have to find a broker that offers the securities and/or assets that you’re looking to trade.

By using our recommendations above, you can find the best stockbroker in Nigeria, the best forex broker in Nigeria, and so forth.

2. Consider Your Budget

You always need to have a trading budget and that budget will determine which brokers you can afford to use. Generally speaking, an online broker offering CFDs and forex trading is cheaper to use than a traditional securities investment broker.

Certain brokers also have minimum deposit amounts that you need to afford in order to activate your trading account.

3. Compare Brokers

After having considered these factors, it’s time to compare the brokers that fit your needs. This is best done by using our comprehensive broker reviews, in combination with free demo accounts with each broker.

How Do I Trade Stocks in Nigeria?

You can trade in stocks listed on the Nigerian Stock Exchange (NSE) by using the top stockbroker in Nigeria.

Moreover, several online brokers offer access to a huge range of international stocks listed on some of the world’s top stock exchanges, such as the NYSE or Euronext.

How Do I Become a Forex Trader in Nigeria?

In order to become a forex trader in Nigeria, you need to find a forex broker to trade with.

More importantly, you need to study forex trading, learning all the strategies and techniques used to profit off the foreign exchange market.

Do Forex Traders Pay Tax in Nigeria?

Yes, forex traders in Nigeria pay tax on all their profits.

Profits from forex trading are calculated as capital gains, which means it’s subject to 10% tax in accordance with Federal Inland Revenue Service (FIRS) regulation.

Is Forex Trading Illegal in Nigeria?

No, forex trading is legal and regulated in Nigeria. In the section Guide for Traders in Nigeria above, we go into detail about Nigeria trading laws and we encourage you to check it out before you start trading.

FAQs

Conclusion

Nigeria has a rather new yet thriving financial market with several great online brokers offering everything you need to invest and trade efficiently.

Our aim with this guide is to help you find the best broker in Nigeria while also educating you about the laws and regulation that’s in place.

By now, we hope that you have all the tools to start trading or investing on any market that you sit fit, and we wish you the best of luck!

Note: No information, nor financial advice related to online trading is offered through comment.

Our Author:

Adam Jarfjord is a Swedish day trader, investor, and copywriter. He works as head of content at BullMarketz.com and has been providing editorial content within the financial sector for more than 5 years.

Read more about him by visiting his LinkedIn profile or contact us directly to learn more about the team.