Best Trading Platforms, Brokers & Apps in Nigeria 2020

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:

You can either go straight to a specific broker using the links above, or get started with our Nigerian trading guide below.

Which is the Best Trading Platform in Nigeria?

eToro

No online broker does copy trading like eToro.

You can choose to trade on your own or copy other traders, and the social trading network is the perfect place to share experiences and learn new skills from other traders from all over the world.

What we like

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

What we don't like

Commission of CFD stocks.

High minimum deposit

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

Commission of CFD stocks.

High minimum deposit

Features

Fees: 0% commission on stocks, although not on stock CFDs.
Demo Account: Yes
Min Deposit: £200
Assets: Hundreds of stocks.
Deposit Options: Credit/Debit Cards, Skrill, Neteller, PayPal, Wire, Rapid Transfer
License: FCA, CySEC, ASIC

Ratings:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

Rating by our editorial team

10 users gave the score of 4.7/5
Total score:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

44,884 users gave the score of 3.63/5

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

More than 12,000,000 active users swear by the innovation that eToro represents.. Ease of use, combined with efficient tools that help you perform at your very best, is what makes eToro the first-hand choice for so many traders.

Better yet, the copy trading feature makes trading and analytic work easier than ever before.

Unfortunately, the selection of assets is quite limited still. Also, since eToro’s platform was designed to be easy to use, experienced traders tend to feel restricted when using the broker in the long term.

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

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:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

Rating by our editorial team

4 users gave the score of 4.8/5
Total score:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

5,656 users gave the score of 3.28/5

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

Features

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

Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

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

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:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

Rating by our editorial team

4 users gave the score of 4.8/5
Total score:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

5,656 users gave the score of 3.28/5

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.

Which is the Best Trading Platform for Beginners in Nigeria?

eToro

No online broker does copy trading like eToro.

You can choose to trade on your own or copy other traders, and the social trading network is the perfect place to share experiences and learn new skills from other traders from all over the world.

What we like

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

What we don't like

Commission of CFD stocks.

High minimum deposit

Copy trading for convenience.

Fantastic app that runs smoothly on Android and iOS.

Commission of CFD stocks.

High minimum deposit

Features

Fees: 0% commission on stocks, although not on stock CFDs.
Demo Account: Yes
Min Deposit: £200
Assets: Hundreds of stocks.
Deposit Options: Credit/Debit Cards, Skrill, Neteller, PayPal, Wire, Rapid Transfer
License: FCA, CySEC, ASIC

Ratings:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

Rating by our editorial team

10 users gave the score of 4.7/5
Total score:
Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5 Which Are The Best Trading Platforms, Brokers & Apps in Nigeria 2020? Top 5

44,884 users gave the score of 3.63/5

75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

eToro is a broker that belongs to a category of its own. Their flagship service is the award-winning eToro Copy Trading Platform and they also run the leading social trading network in the world.

Recently, eToro added real stock investments (off the exchanges), taking their already impressive trading services to the next level.

The reason why eToro is the best trading platform for beginners in Nigeria is because copy trading makes it easier to get started by eliminating some of the analytic work that’s normally needed to excel at trading.

Unfortunately, eToro is also one of the most expensive brokers on this list with a spread that is considerably higher than most other brokers. Also, the copy trading feature can give some traders false hope, making it seem easier to succeed than it actually is. So be careful.

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:

Is Iron Trade Legal in Nigeria?

Yes, it is legal to trade commodities in Nigeria. One popular method used to trade iron is derivatives trading, using an online CFD broker.

Can I Use Expert Option in Nigeria?

Expert Option is a binary options broker that operates in Nigeria. So yes, you can use Expert Option in the country.

How Can I Make Money with Forex in Nigeria?

In forex trading, you make money by buying and selling currency rates with the intention of making a profit from the difference between the open and close price.

Learning how to make money with forex in Nigeria is not easy and it requires a lot of hard work and dedication. With that being said, it is NOT impossible to master the art of forex trading.

How Do I Open a Brokerage Account in Nigeria?

By using this guide, you can find the best online broker in Nigeria for your specific needs, which you then register an account with.

To open a brokerage account in Nigeria, you need to provide the broker with personal information, such as your name, address, and email. You also need to verify your identity by providing a copy of your ID (passport, driver’s license, etc.) and potentially other documentation.

All brokers that we recommend provide clear guidelines about how you open an account with them.

Is Olymp Trade Legal in Nigeria?

Yes, Olymp Trade is an online broker that is allowed to offer their services in Nigeria.

What Should I Invest in Nigeria?

We cannot tell you what to invest in Nigeria and neither can anyone else. Instead, you will have to learn the skills needed to accurately analyse a market and locate opportunities on your own.

There are many ways to study forex trading. For example, all the best online brokers in Nigeria for beginners offer a range of educational material and there is an endless number of trading and investment books, courses, websites, and movies to use.

When Can I Trade Forex in Nigeria?

You need to be at least 18 years of age to start trading forex in Nigeria.

Who Is the Richest Forex Trader in Nigeria?

With an estimated net worth of €16,000,000, Uche Paragon is widely considered to be the richest forex trader in Nigeria in recent times.

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: Don’t hesitate to leave a comment below in case you have any questions regarding trading apps, safety, day trading, investments, financial systems, or anything else that might come to mind while spending time on our website. We promise to answer you as soon as possible.

Trading Platforms, Brokers & Apps That We Tested:

  • eToro
  • Markets.com
  • 24Option
  • IQ Option
  • BDSwiss
  • HotForex
  • Trade.com
  • Libertex
  • Plus500
  • XTB
  • InstaForex
  • IG Markets
  • GKFX
  • LionsFX
  • Valutrades
  • XM
  • IronFX
  • Blackwellglobal
  • FPMarkets
  • AmanaCapital
  • Admiralmarkets
  • Alvexo
  • Bizintra
  • Pepperstone
  • Windsorbrokers
  • FXPro
  • ForexTime
  • HYCM
  • FXGrow
  • TeleTrade
  • Trader.online
  • Marketscube
  • Finmaxbo
  • FXCC
  • Oanda
  • Forex.com
  • LCG
  • CMC Markets
  • FXCM
  • iForex
  • IFC Markets
  • Aaatrade

Is Trading Allowed In My Country?

CFD Regulation Country by Country. The CFD trading services we are listing in this article are available in the following countries.

Europe:

  • Albania
  • Bosnia & Herzegovina
  • Bulgaria
  • Croatia
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Kosovo
  • Latvia
  • Lithuania
  • Macedonia
  • Malta
  • Moldova
  • Montenegro
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • Ukraine
  • United Kingdom

Excluded: Belgium

North America

  • Belize
  • Canada
  • Costa Rica
  • Cuba
  • Guatemala
  • Honduras
  • Jamaica
  • Mexico
  • Nicaragua
  • Panama
  • Puerto Rico
  • The Bahamas

Excluded: United States

South America

  • Argentina
  • Bolivia
  • Chile
  • Colombia
  • Dominican Republic
  • Ecuador
  • Guyana
  • Paraguay
  • Peru
  • Suriname
  • Uruguay
  • Venezuela

Excluded: Brazil

Africa

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burkina Faso
  • Burundi
  • Cameroon
  • Central African Republic
  • Chad
  • Democratic Republic of Congo
  • Egypt
  • Eritrea
  • Ethiopia
  • Gabon
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Kenya
  • Lesotho
  • Liberia
  • Libya
  • Madagascar
  • Malawi
  • Mali
  • Mauritania
  • Morocco
  • Mozambique
  • Namibia
  • Niger
  • Nigeria
  • Republic of the Congo
  • Rwanda
  • Sierra Leone
  • Somalia
  • South Africa
  • South Sudan
  • Sudan
  • Swaziland
  • Tanzania
  • The Ivory Coast
  • Togo
  • Tunisia
  • Tunisia
  • Uganda
  • Western Sahara
  • Zambia
  • Zimbabwe

Middle East

  • Georgia
  • Armenia
  • Azerbaijan
  • Iran
  • Iraq
  • Syria
  • Lebanon
  • Cyprus
  • Israel
  • Jordan
  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Qatar
  • United Arab Emirates
  • Oman
  • Yemen

Asia

  • Afghanistan
  • Bangladesh
  • Cambodia
  • China
  • China
  • India
  • Indonesia
  • Japan
  • Kazakstan
  • Kirgizistan
  • Laos
  • Malaysia
  • Mongolia
  • Myanmar
  • North Korea
  • Pakistan
  • Papua New Guinea
  • Philippines
  • Singapore
  • South Korea
  • Sri Lanka
  • Thailand
  • Turkmenistan
  • Uzbekistan
  • Vietnam

Excluded: Hong Kong

Oceania:

Our Author:

Our editorAdam 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.

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