Stock & Forex Brokers in Nigeria

Over the last couple of years, more and more people have started wondering which are the best forex brokers in Nigeria and which are the best stock brokers in Nigeria.

Because of this, we decided to research the market, test all the available brokers, and then list them all in the following article.

Here Are the Best Stock and Forex Brokers in Nigeria:

Risk Warning:

Your capital will be at risk when using any of the recommended platforms in this article. Never invest money you can’t afford to lose. Using a high leverage can result in losses of capital.  65-89% of retail investors lose money when trading contracts for difference (CFD). Bullmarketz may be compensated by some of the brokers listed on our website.

Is CFD Trading allowed in your country?

CFD Regulation Country by Country. The CFD trading services we are listing in this article is 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:

Tested Trading Platforms:

  • 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

Our Writer:

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.

Here Are the Best Forex Brokers in Nigeria

The number of top forex brokers in Nigeria is steadily increasing and there are several great options to choose from. The following three brokers are listed in no particular order.

1. AvaTrade – A Well-Established International Forex Broker

AvaTrade is one of the biggest names in the business. And since currencies making up a large part of their extensive selection of assets, it’s obvious that this is one of the top forex brokers in Nigeria.

What’s more is that this broker is regulated by the Central Bank of Ireland and the FSC, confirming that safety is a priority to them.

As a trader, you gain access to 50+ currency pairs and several platforms to suit your needs, as well as mobile trading opportunities. In addition, AvaTrade’s spread is highly competitive and they have both a demo account and great educational material to help beginners get started.

And let’s not forget their automatic trading tools for easy trading as well as their exclusive selection of options.

All in all, using AvaTrade to trade forex in Nigeria is an excellent choice regardless of your previous knowledge and skill, ie. this is a forex broker for both beginners with limited funds and experienced day traders.

Platforms: MetaTrader 4, WebTrader
Mobile Trading: Yes
Assets: 50+ currency pairs
License: Central Bank of Ireland
Demo Account: Yes

Read More in Our AvaTrade Review

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Find the best trading platform. You capital is at risk when trading. Be careful.

2. eToro – Forex Copy Trading in Nigeria

eToro is an international brand that is established as one of the best forex brokers in Nigeria and abroad. Their main product is an award-winning copy trading platform that lets traders copy other successful traders, making it easier to find value on the market.

eToro also has a social trading network where one can interact with and learn tips and tricks from other traders, thus further improving one’s ability to make a profit.

This broker’s selection of forex consists of 50 currency pairs, including the biggest majors and several exotic ones. Better yet, forex trading with eToro is always commission-free.

Naturally, as one of the biggest online brokers in the world, eToro has done everything they can to provide a service that is as safe as possible. This effort includes licenses from all the top regulatory bodies in the world, including the CySEC (the EU), the FCA (the UK), and the ASIC (Australia).

Platforms: eToro Copy Trader
Mobile Trading: Yes
Assets: 45+ currency pairs
License: CySEC, FCA, ASIC
Demo Account: Yes

Learn More – eToro Review

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Find the best trading platform. You capital is at risk when trading. Be careful.

3. FXTM – World-Class Forex Trading

Forex Time or FXTM for short is one of our favorite brokers as well as one of the most active forex brokers in Nigeria. Similar to most brokers, FXTM is a forex and CFD broker, however, as the name entails, their main focus is forex trading.

This broker is regulated and licensed both in Europe as well as in South Africa meaning you never have to worry about if it’s serious or not.

In our opinion, the best feature offered by FXTM is a unique setup of accounts that have been designed for different types of traders. For example, the main account gives you complete access to both MetaTrader 4 and MetaTrader 5 while another one was designed for professional forex traders.

In other words, you can customize your experience with this top Nigerian forex broker to get the best experience possible.

Platforms: MetaTrader 4, MetaTrader 5
Mobile Trading: Yes
Assets: 250 assets in total (forex + CFDs)
License: Several top licenses
Demo Account: Yes

Check out our FXTM guide for more information

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Find the best trading platform. You capital is at risk when trading. Be careful.

Here Are the Best Stock Brokers in Nigeria

Due to strict trading regulation in Nigeria and a rather small national stock exchange, the best way to trade stocks is by using online stock brokers in Nigeria. These brokers offer stocks and other assets as Contract for Difference (CFDs) which are derivatives that you speculate on, meaning you never own the underlying asset.

There are many benefits to trading stocks in Nigeria this way, mainly simplicity.

1. eToro – Top Stock Broker in Nigeria

Trading stocks with eToro is a true pleasure. Not only does this broker offer hundreds of stocks and exchange-traded funds (ETFs) from all over the world, but all assets are available on their copy trading platform.

This means that traders can skip the tedious work of analyzing several markets at once and instead rely on other more experienced traders analytic work.

eToror is literally one of the easiest to use investment platforms in Nigeria.

Regardless of which market or exchange you’re interested in – from the NYSE to the Nasdaq Stockholm – this broker has it all.

As mentioned earlier, eToro is tightly regulated so that you don’t have to worry about the safety of your personal information and funds.

Platforms: eToro Copy Trader
Mobile Trading: Yes
Assets: Hundreds of international stocks
License: CySEC, FCA, ASIC
Demo Account: Yes

Read more in our extensive eToro review

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Find the best trading platform. You capital is at risk when trading. Be careful.

2. AvaTrade – Award-winning Stock Trading Platform in Nigeria

If you open an account with AvaTrade, you’ll instantly gain access to 100+ stocks from the world’s biggest stock exchanges. For your convenience, these stocks can be traded as CFDs and options, in both long and short positions.

Regardless of whether you trade on a PC, a Mac or a mobile device (iOS & Android), AvaTrade has a stock platform that suits you. And if you ever need help with anything, you can contact their professional customer support.

The best part with this world-renowned stock broker in Nigeria is that they are actively marketing their products on the Nigerian market, making them the perfect choice for stock traders in the West Africa.

Platforms: MetaTrader 4, WebTrader
Mobile Trading: Yes
Assets: 100+ stocks and ETFs
License: Central Bank of Ireland
Demo Account: Yes

Learn more – AvaTrade Review

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Find the best trading platform. You capital is at risk when trading. Be careful.

Best Overall Trading Platform in Nigeria

Not all traders want to limit themselves to one market such as the stock or forex market in Nigeria. Luckily, one of the benefits of using an online derivatives broker, is that you gain access to multiple markets from the same platform.

FXTM

The one broker that’s really managed to master all of this is FXTM, which is why they’re considered the best trading platform in Nigeria. So much so that Nigeria is FXTM’s number one market, and that says a lot for a broker that’s available in all of Europe and most of Asia.

It doesn’t matter if you want to trade forex and cryptocurrencies, or if you wonder which is the best stock broker in Nigeria – FXTM has it all.

Besides, FXTM’s trading platform features everything you need to properly analyze markets, plan investments, and execute successful trades on all of the world’s most popular markets. All for a minimum cost and on a platform that is highly intuitive and easy to understand.

Do you think this sounds exciting? We understand! To learn more about FXTM’s trading platform in Nigeria, we recommend visiting our extensive FXTM review.

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Find the best trading platform. You capital is at risk when trading. Be careful.

Best Trading App in Nigeria

Mobile trading is hugely popular in Nigeria since more people in the country have smartphones than desktop computers. Fortunately, mobile trading with stock and forex brokers in Nigeria has never been easier.

In the last couple of years, the mobile trading industry has exploded and, today, every top broker provides great mobile investment platforms in Nigeria and abroad.

AvaTrade

Out of all the trading apps in Nigeria, AvaTrade has the absolute best one. The AvaTradeGo app – which was designed in-house – provides all the tools and features you need to effectively analyze and research markets as well as open and close positions.

The interface is very easy to understand and it won’t take long before you feel like you’re in complete control.

Using a trading app such as the AvaTradeGo has many benefits, for example, you can continue trading wherever you are and if you normally trade on a desktop, the app will make sure that you never lose an opportunity when you’re out and about.

To learn more about AvaTradeGo and how you can use it, we suggest you read our complete AvaTrade review.

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Find the best trading platform. You capital is at risk when trading. Be careful.

Forex Trading in Nigeria

Forex trading in Nigeria has experienced an incredible upswing in the last couple of years. Mostly due to technological advances in the region but also due to increased economic stability.

As a result, the number of forex brokers in Nigeria has also increased and, today, the market is flourishing. According to some sources, the daily trading volume on the foreign exchange market in Nigeria reaches somewhere between 10 – 15 million dollar (300-450 million nairas), and that number is steadily growing.

And yes, forex trading is legal in Nigeria. However, the market is not regulated in the same way as in other parts of the world. The reason being that Nigeria lacks a local regulatory body for this type of trading.

With that said, you always need to be careful when trading and should never rely on unregulated brokers. Therefore, we only recommend forex brokers that are regulated elsewhere. For example, the FCA in the UK, the CySEC in the EU, the ASIC in Australia, and the FSCA in South Africa, are considered trustworthy and legitimate regulatory bodies.

As seen above, every forex brokers in Nigeria that we recommend to our readers are regulated by one or several of these agencies.

Stock Trading in Nigeria

Stock Trading in Nigeria is different and considerably more established than forex trading. In fact, Nigeria has had its own stock exchange – the Nigerian Stock Exchange (NSE) (previously known as the Lagos Stock Exchange) – since 1961.

Even though the NSE is privately owned and operated, the exchange is regulated by the Nigerian Securities and Exchange Commission (SEC). However, the SEC’s responsibility does not include online stock brokers in Nigeria.

Therefore, the same rules apply to online stock trading in Nigeria as it does to forex trading, ie. traders should only rely on brokers that are regulated in other jurisdictons such as the UK, Europe, or South Africa.

We would never recommend unregulated brokers to our readers and all the brokers mentioned above are, in fact, tightly regulated and therefore also safe to use.

How We Did This Research

We take a lot of pride in our work and never approach a market that’s considered unsafe. Due to that, we spend countless hours researching a market and its regulation before we even start looking at potential brokers.

When we’ve confirmed that a market is open, legal, and safe (which is the case with Nigeria), we shift our research and start focusing on the brokers operating within that market. Unsurprisingly, most markets – including Europe, Nigeria, etc. – are littered with unserious brokers that cannot be trusted.

Reviewing Process – Is It Legal to Trade in Nigeria?

As you can imagine, figuring out which brokers are safe or not, is, therefore, our main priority. This is done by checking the brokers’ licenses and confirming which regulatory bodies are overseeing their services.

When that’s done and we have a shortlist of available and regulated brokers, we start running our very specific tests. This involves checking their platforms, services, and overall product as well as comparing it with other brokers.

Our team of trading experts spend hours upon hours trading with these brokers, both with real money and demo accounts, with the aim of figuring out which of the brokers can be considered the best.

Naturally, all of this was done with the Nigerian market and, based on this extensive reviewing process, we are confident that the brokers recommended above, are the best of the best for Nigerian traders.

But the work doesn’t end there. After we’ve published our recommendations, our team continues to oversee the market and the recommended brokers to ensure that our recommendations remain as accurate and up to date as possible.

And with all that said, all we can do is which you good luck!

More Trading Guides

Are you interested in the best brokers in other jurisdictions? Check out the following guides:

COMMENTS

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