Tradingplatforms.com
Search TradingPlatforms
Home » testng

More and more people in Nigeria are turning to online trading platforms to buy and sell assets like forex, gold, stocks, and indices. The most important thing is that you choose a platform that offers great fees, lots of supported markets, and top-rated customer support.

In this guide, we review the Best Trading Platforms in Nigeria for 2021 and walk you through the step-by-step process of getting started with an investment account today.

67% of retail investors lose money trading CFDs at this site.

Best Trading Platform in Nigeria 2021 List

The best trading platforms in Nigeria for 2021 can be found below. Scroll down to read our comprehensive review of each broker.

  1. eToro – Overall Best Trading Platform in Nigeria 2021 (0% Commission)
  2. Capital.com – Best Trading Platform in Nigeria for Small Deposits ($20)
  3. Libertex – Best Broker in Nigeria with ZERO Spread CFDs
  4. AvaTrade – Best Broker in Nigeria for Automated Trading
  5. Trading 212 – Best Trading Platform in Nigeria for Long-Term Investments
  6. Skilling – Best Broker in Nigeria for Mobile Trading
  7. IG – Best Trading Platform in Nigeria for Forex
  8. Pepperstone – Best Broker in Nigeria for Raw Spread Accounts
  9. FXCM – Best Trading Platform in Nigeria for Education and Market Insights
  10. Saxo Bank – Best Trading Platform in Nigeria for Asset Diversity

Best Trading Platforms Nigeria Reviewed

There are a variety of core factors that you need to check in finding the best trading platform in Nigeria for your needs. This should center on metrics like commissions and spreads, payments, supported instruments, customer support, and of course – regulation.

Taking these key factors into account – below we review the best trading platforms in Nigeria.

1. eToro – Overall Best Trading Platform in Nigeria 2021 (0% Commission)

eToro Logo We found that eToro wins the award for the best trading platform in Nigeria. First and foremost, the broker is heavily regulated – so your funds are safe at all times. This is inclusive of licenses with the FCA (UK), CySEC (Cyprus), and ASIC (Australia). Once you have opened an account with eToro (which takes less than 10 minutes), you will have access to lots of asset classes.

This includes dozens of forex trading pairs – with the platform offering a good combination of majors, minors, and exotics. You can also buy shares in more than 2,400 companies from 17 marketplaces. This includes stock exchanges based in the US (NASDAQ and NYSE), the UK, Germany, Hong Kong, and more. eToro also supports ETFs that are backed by Vanguard, iShares, and SPDR.

etoro nigeria

If you are a day trader – the broker also gives you access to precious metals like gold and silver, energies such as oil and natural gas, and lots of agricultural products. Crucially – irrespective of which asset class you decide to invest in or trade – eToro is a 100% commission-free broker. There are no ongoing platform fees either – which is particularly useful for long-term buy and hold investors. In terms of minimums, you can buy and trade cryptocurrencies from $25 and other assets from $50.

An additional stand-out feature on the eToro platform is its Copy Trading tool. This allows you to copy other traders that use the platform – allowing you to trade in a completely passive nature. There are also Social Trading tools – which allowed you to share investment ideas with other eToro users. In terms of payments, eToro supports debit and credit cards, bank transfers, and several e-wallets (including Paypal). Finally, eToro also offers a mobile trading app – which is available on iOS and Android devices.

Pros:

  • Super user-friendly trading platform with 20 million+ clients
  • Buy stocks without paying any commission or brokerage charges
  • 2,400+ stocks and 250+ ETFs listed on 17 international markets
  • Trade cryptocurrencies, commodities, and forex
  • Deposit funds with a debit/credit card, e-wallet, or bank account
  • Ability to copy the trades of other stock trading pros
  • Regulated by the FCA, CySEC, ASIC and registered with FINRA

/ What we don’t like:

  • Not suitable for advanced traders that like to perform technical analysis

67% of retail investors lose money trading CFDs at this site.

 

2. Capital.com – Best Trading Platform in Nigeria for Small Deposits ($20)

new capital.com logo While a lot of online trading platforms require you to deposit at least $100 or more to get started – this isn’t the case with Capital.com. Instead, this top-rated brokerage site allows you to get started with a minimum deposit of just $20. This is ideal if you are trading online for the first time or you simply don’t have a large amount of capital.

In fact, once you have opened an account, you trade for free via the Capital.com demo facility. This mirrors live trading conditions – so you can get a feel for how the platform works without risking any money. Capital.com supports thousands of CFD trading markets – meaning that you won’t own the asset that you are trading. This does, however, come with the benefit of being able to apply leverage.

capital.com best commodity broker

Additionally, all financial instruments at Capital.com can be accessed on a long or short basis – meaning you can profit from both rising and falling markets. Taking a closer look at its asset library, you can trade stocks from 18 different exchanges around the world. You can also trade forex, hard metals, energies, and cryptocurrencies. Capital.com is also strong when it comes to index funds – with the platform offering markets on the FTSE 100, Dow Jones, S&P 500, NASDAQ 100, and more.

Most traders at Capital.com are newbies – so they opt to use the broker’s native web-trading platform. This can be accessed directly through your web browser and via the Capital.com mobile app. The latter is available on Android and iOS devices and gives you access to all of the same markets as found online. This top-rated trading platform is also compatible with MT4 – which is more suitable for experienced traders. Finally, this regulated broker supports debit/credit cards, e-wallets, and bank transfers.

Pros:

  • 0% commission on all markets
  • Low spreads
  • Thousands of CFD instruments
  • Spread betting for UK clients
  • Perfect for newbies
  • Minimum deposit of just $20

/ What we don’t like:

  • No traditional investments – CFD trading only
  • Not suitable for experienced traders

71.2% of retail investors lose money trading CFDs at this site.

 

3. Libertex – Best Broker in Nigeria with ZERO Spread CFDs

If you’re an experienced day trader or scaper – then you will know the importance of choosing a broker that offers tight spreads and low commissions. After all, you will likely be entering and exiting lots of positions throughout the day – looking to target modest but regular profits. In this respect, Libertex is the best broker in Nigeria for this purpose.

Crucially, this is because Libertex is one of the only online trading platforms that does not charge any spreads. Additionally, many of the markets offered by this CFD broker are commission-free. Although some financial instruments come with a small commission that is payable per slide – this is rarely above 0.1%.

libertex commodities

Libertex covers a broad range of markets – with the platform covering stocks from a variety of exchanges. You can also speculate on the future value of ETFs, indices, commodities, digital currencies, and forex. This top-rated broker offers three trading platforms to choose from. If you’re an experienced pro you might elect to trade via MT4 or MT5. Alternatively, you can trade via the Libertex online platform or mobile app.

If you are relatively new to the world of online trading, Libertex offers a great selection of free educational materials. This is inclusive of guides and trading explainers, economic calendars, and a glossary of key investment terms. All markets on the Libertex platform can be traded with leverage and you can choose from a long or short position. The minimum initial deposit is $100 – but this goes down to $10 once you have funded your account for the first time.

Pros:

  • Zero spread CFD trading
  • Very competitive commissions
  • Good educational resources
  • Long established broker
  • Trade stocks and indices like the Dow Jones
  • Compatible with MT4
  • Great choice of markets

Cons:

  • Only offers CFDs

83% of retail investor accounts lose money trading CFDs at this site.

 

4. AvaTrade – Best Broker in Nigeria for Automated Trading

Many traders in Nigeria are turning to automated trading solutions. This typically comes in the form of a forex EA (Expert Advisors) or robot. Either way, we found that AvaTrade is one of the best brokers in Nigeria for automated trading. This is because the provider is fully compatible with MT4 and MT5.

In fact, AvaTrade goes one step further by also offering support for ZuluTrade, MQL5, and Duplitrade. These third-party platforms and tools offer everything you need to deploy a fully automated trading system. When it comes to supported markets, AvaTrader covers dozens of currency pairs, indices, bonds, stocks, ETFs, and cryptocurrencies.

avatrde automated trading

These markets are all offered in the form of CFD instruments – meaning that short-selling and leverage can be achieved at the click of a button. A crucial stand-out selling-point of AvaTrade is that broker is regulated in six different jurisdictions. This ensures that your trading capital is protected at all times. AvaTrade is also popular with traders in Nigeria for its low fee structure. The platform builds all trading fees into the spread – meaning that you can trade commission-free.

AvaTrade is also popular with traders that are followers of the Islamic faith. This is because it offers an Islamic trading account – which ensures that no swaps are charged on positions carried over to the next day. This account type is also inclusive of Halal oil trading and Halah indices trading. Getting started at AvaTrade should take you no more than a few minutes. The broker supports debit/credit cards and bank transfers – and the minimum deposit is just $100.

Pros:

  • Zero commissions and tight spreads
  • Supports MT4/MT5
  • A great trading platform for automated trading
  • Regulated in several jurisdictions
  • No deposit or withdrawal fees
  • Low deposit requirement of just $100

/ What we don’t like:

  • No traditional investments
  • Charges inactivity fee

71% of retail investors lose money trading CFDs at this site

 

5. Trading 212 – Best Trading Platform in Nigeria for Long-Term Investments

Trading 212 stock trading review

While many traders in Nigeria opt for a short-term trading strategy – some of you will likely want to build a long-term investment portfolio. If this is the case – Trading 212 is well worth considering. This user-friendly broker gives you access to over 10,000 shares and ETFs from a number of global markets.

This has a strong focus on shares listed on the London Stock Exchange (LSE) and Alternative Investment Market (AIM) – which is perfect if you want to invest in the wider UK economy. Other markets at Trading 212 are inclusive of the NYSE and NASDAQ in the US, as well as exchanges in Germany, Spain, Switzerland, and Frankfurt. What we really like about Trading 212 is that you can invest in stocks from just $1.

what is trading 212

This is particularly useful for those of you that wish to invest in US-listed companies like Apple, Tesla, or Microsoft – many of which cost hundreds of dollars per share. But, by opting for Trading 212 – you can purchase fractional shares of your chosen stock. We should also mention that Trading 212 is a 100% commission-free broker. This means that you can invest in any stock of your choosing without needing to pay any share dealing fees.

On top of a huge stock library, Trading 212 is also popular in Nigeria as it offers CFD financial services. This covers a wide range of financial markets – such as stocks, forex, hard metals, and energies. You will pay a small trading fee of 0.5% when accessing CFDs at this platform. As such, if CFD trading is what you are after – the likes of eToro, Capital.com, and Libertex are more competitive. Nevertheless, there is no minimum deposit and you can use a debit/credit card, e-wallet, and bank wire.

Pros:

  • Buy more than 10,000 shares and ETFs commission-free
  • No deposit or withdrawal fees
  • Very user-friendly
  • Regulated by the FCA
  • Trade CFDs with leverage
  • Mobile app supported on iOS and Android devices
  • Minimum investment just $1

/ What we don’t like:

  • 0.5% FX fee on CFD instruments not priced in your primary currency
  • Too basic for experienced trading pros

Your capital is at risk.

 

6. Skilling – Best Broker in Nigeria for Mobile Trading

Skilling logo Skilling is an online CFD and forex trading platform that is very popular in Nigeria. In particular, this top-rated broker offers one of the best mobile trading apps that we have come across. Available on both iOS and Android – Skilling makes the process of buying and selling CFD instruments on the move a seamless one.

The Skilling trading app gives you access to 800 highly liquid markets. This includes hundreds of shares – most of which are listed on the NYSE and NASDAQ. You can also access energy markets on oil and natural gas, hard metals, forex, and indices. Each and every financial market offered by Skilling can be traded commission-free and with super-tight spreads. In fact, this starts at just 0.1 pips – which is industry-leading.

skilling review

Although many traders in Nigeria opt to use the Skilling mobile app – the broker also offers support for third-party platforms. This includes MT4 and cTrader. Both of these platforms allow you to deploy forex EAs and robots – so Skilling is also suitable if you’re looking to incorporated an automated trading strategy. We should also note that Skilling offers high levels of leverage. Depending on your account type and the respective asset class – this goes as high as 1:500.

This means that for every $100 you stake – you could have access to up to $50,000 in trading capital. When it comes to safety, although Skilling was launched as recently as 2019, the platform is authorized and regulated by European regulator CySEC – so you will benefit from a range of water-tight investor protections. Getting started at Skilling takes minutes and you can easily deposit funds with a debit/credit card, e-wallet, or bank wire. The minimum deposit is $100.

Pros:

  • More than 800 financial instruments
  • Commission-free share trading with tight spreads
  • Great for newbies
  • Supports algorithmic trading
  • Compatible with MT4 and cTrader
  • User-friendly mobile app for iOS and Android

/ What we don’t like:

  • Does not support ETF trading

Your capital is at risk when trading CFDs with this provider.

 

7. IG – Best Trading Platform in Nigeria for Forex

If you are looking to access the multi-trillion-dollar forex trading scene from the comfort of your home – it’s well worth considering IG. This top-rated broker – which was first launched in 1974 and is now a publicly-listed company – gives you access to over 80 currency pairs. Naturally, this is inclusive of all major and minor currency pairs and a huge selection of exotics, too.

When trading forex with this provider, you will have two account types to choose from. If you are a casual trader then you will be best suited for the CFD account. This allows you to trade with small stakes and you won’t pay any trading commissions to enter or exit your chosen market. Instead, all fees are built into the spread. The spreads offered by IG are really competitive – even on the standard CFD account.

ig forex trading

For example, the minimum spread on EUR/USD and AUD/USD is just 0.6 pips, while USD/JPY starts at 0.7 pips. GBP/USD and EUR/GBP can be traded at a minimum of just 0.9 pips. If you are a professional trader you might prefer to open a DMA (Direct Market Account) with IG. This will allow you to trade with other market participants on a peer-to-peer basis – meaning you will get the best spread available.

When it comes to margin trading, IG offers leverage of up to 1:30 on major currency pairs and 1:20 on minors and exotics. If, however, you are a professional client and open a forex DMA account – you’ll be offered leverage levels at a significantly higher amount. Nevertheless, irrespective of whether you are a professional or retail client – IG also offers markets on stocks, ETFs, commodities, cryptocurrencies, indices, bonds, interest rates, and more.

Pros:

  • Best trading platform for forex
  • More than 80 currency pairs offered
  • 17,000 markets supported
  • Spreads start at just 0.6 pips and no commissions charged
  • Trade on the IG website or via the app
  • MT4 is supported
  • More than four decades in the brokerage space
  • Easily fund your account with a debit card or bank transfer

/ What we don’t like:

  • A minimum deposit of $250
  • No traditional stocks or ETFs for US traders

Your capital is at risk.

 

8. Pepperstone – Best Broker in Nigeria for Raw Spread Accounts

peppERSTONE SPREAD BETTING Raw spread accounts are super popular with those that wish to trade directly with other market participants. In a similar nature to the previously discussed DMA account at IG, Pepperstone’s Razor Account will get you access to the best spreads available in the market. In fact, on major markets like forex – you will often have the luxury of paying no spreads.

Instead, Pepperstone will charge you a small commission of $3.50. This makes the broker ideal for those that seek to trade larger volumes. You should also expect super-fast execution times at this broker – with Pepperstone averaging just 30 ms (Milliseconds) per position. This is because the provider uses multiple Tier 1 banks for liquidity purposes. We should note that Pepperstone is also suitable for casual traders.

pepperstone nigeria

This is because it offers a Standard Account that comes with commission-free trading. This will, however, attract higher spreads (starting from 1 pip). Either way, you will have access to 180 liquid marketplaces at Pepperstone. This covers a great variety of stocks, indices, currencies, hard metals, and energies. When it comes to trading platforms, Pepperstone is compatible with cTrader, MT4, and MT5. Once again, these platforms are great for experienced pros and those looking to deploy a robot.

Although Pepperstone is arguably more geared towards professional traders – the platform does not have a minimum deposit policy in place. This means that you can trade with any amount that you like. Plus, Pepperstone also offers demo trading facilities. All you need to do to gain access is open an account with Pepperstone and then log into your chosen third-party trading platform. Finally, Pepperstone is heavily regulated – which includes a license with the FCA.

Pros:

  • Compatible with numerous platforms
  • 0% commission accounts
  • Raw accounts for zero spreads
  • FCA licensed
  • Accepts PayPal

/ What we don’t like:

  • No proprietary platform
  • Doesn’t offer ETFs

71% of retail investors lose money trading CFDs at this site

 

9. FXCM – Best Trading Platform in Nigeria for Education and Market Insights

Launched in 1999, FXCM is a trusted online broker that covers forex and CFD trading services. Regarding the latter, this is inclusive of stocks, hard metals, energies, cryptocurrencies, and indices. What we really like about FXCM is that it offers a huge suite of educational and research tools.

For example, there are extensive guides on how to become a better trader, explainers on leverage and margin, and even step-by-step videos.FXCM is also strong when it comes to market insights. For example, there is information on forex indicators, monetary policy and supply, currencies unions, and OPEC. All in all, FXCM is a great choice if you want to trade and learn at the same time. When it comes to the fundamentals, FXCM allows you to trade on a commission-free basis.

FXCM nigeria

On most of its supported markets, you will find that spreads are tight during standard market hours. FXCM is also popular with traders in Nigeria as it offers high leverage limits. The platform notes that all new account holders are offered leverage of up to 1:400 by default on forex and 1:200 on CFDs. When it comes to supported trading platforms – this is where FXCM really stands out. For example, the provider is compatible with MT4, NinjaTrader, ZuluTrade, and TradingView.

Alternatively, FXCM also offers its own proprietary trading platform. In what it calls ‘Trading Station’ – this comes packed with advanced tools, technical indicators, market insights, and more. Trading Station is available online or via the FXCM app – which is compatible with iOS and Android devices. If you like the sound of FXCM, the minimum deposit is a very reasonable $50. The broker supports debit/credit card payments, Skrill, Neteller, and bank account transfers.

Pros:

  • FCA-regulated
  • Lots of currency pairs to trade
  • Choose from several trading platforms – including MT4
  • Supports EAs and forex robots
  • 0% commission on all assets
  • Tight spreads
  • You can also trade stock, crypto, oil, and gold via CFDs

/ What we don’t like:

  • No traditional investments supported

71% of retail investors lose money trading CFDs at this site

 

10. Saxo Bank – Best Trading Platform in Nigeria for Asset Diversity

Saxo Bank review

If you are the type of investor or trader that seeks access to thousands of markets via a single platform – look no further than Saxo Bank. This popular online brokerage firm offers access to no less than 40,000 financial instruments. This covers a great blend between CFD markets and traditional investment products – making Saxo Bank ideal for both short-term and long-term traders.

Regarding the latter, this is inclusive of over 19,000 shares from 37 global stock exchanges. Saxo Bank charges just $3 when buying US shares and £5 on UK stocks. Other exchanges come with various commission rates. If you’re seeking fixed-income products – Saxo Bond offers over 5,000 bond instruments. This covers both government and corporate bonds from a variety of markets – including Europe, the US, Asia, Africa, and more.

Saxo Bank review

Other traditional investment products include ETFs, index funds, and fully managed portfolios. At the other end of the spectrum, short-term day traders will also have access to thousands of markets. This includes everything from stock CFDs, precious metals, and oil to forex, interest rates, and indices. Although trading fees will vary depending on what marketplace you wish to access – this is generally very competitive at Saxo Bank.

Saxo Bank offers one of the best proprietary trading platforms in the market. This consists of SaxoTraderGO and SaxoTraderPRO. Both come with heaps of technical indicators, charting tools, and other advanced features. If you prefer to use MT4 – this is also supported. MultiCharts and TradingView can also be linked up with your Saxo Bank account. Perhaps the main drawback with Saxo Bank is that the minimum deposit is £500 (about $700).

Pros:

  • More than 40,000 financial instruments supported
  • Very competitive fees and spreads
  • Award-winning proprietary trading platform
  • Supported for MT4 and TradingView
  • Offers traditional investment products and CFD markets
  • Heavily regulated

/ What we don’t like:

  • Minimum deposit is £500 (about $700)

 

62% of retail investors lose money trading CFDs at this site

 

How to Choose the Best Trading Platform in Nigeria for You

This page has reviewed 10 of the best trading platforms Nigeria to consider in 2021. If you read through all of our reviews – you will now know that no two trading platforms are the same. As such, in finding the best trading platform in Nigeria for your needs – you need to do some research of your own.

To help you fast-track the process – below we discuss the most important considerations to make in your search for the best trading platform in Nigeria.

Regulation

Put simply, the biggest mistake that you can make is choosing a Nigerian brokerage site that is not regulated. In fact, we would go further by adding that the platform should be regulated by a reputable licensing body that has a solid reputation in the trading scene. This is why the best brokers in Nigeria are regulated by top-tier bodies located overseas.

For example, the providers discussed on this page are typically regulated by the likes of the:

  • Financial Conduct Authority (FCA)
  • Cyprus Securities and Exchange Commission (CySEC)
  • Australian Securities and Investments Commission (ASIC)

The best trading platform in Nigeria that we came across – eToro, is regulated by all three of the aforementioned financial bodies. Ultimately, this ensures that you are able to trade in a safe and secure environment and that your capital is protected at all times.

Assets

There are tens of thousands of financial markets active in the investment arena. This can generally be broken down into short-term markets – such as forex and CFDs, and long-term investment products – like stocks, ETFs, or index funds. Irrespective of which financial instrument interests you – make sure that your chosen broker offers it.

etoro commodities

This is once again why we think that eToro is the best trading platform in Nigeria – as the broker offers thousands of short-term and long-term markets. Regarding the former, this is inclusive of forex, commodities, indices, and cryptocurrencies. If you are a long-term investor – eToro covers 2,400+ stocks, 250+ ETFs, and 16 digital coins.

Fees

Fees will vary considerably from broker to broker and market to market. It is imperative that you know what fees you will need to pay before signing up to a trading platform – as this will directly eat into your profits.

Below we discuss the main trading fees that you need to look out for in your search for the best broker in Nigeria.

Commissions

Perhaps the most important fee that you need to assess is the commission on each position that you enter. For example, some brokers in Nigeria charge a variable commission – such as 0.1%. In this instance, you would pay 0.1% to enter the market and another 0.1% when you close the position.

eToro, on the other hand, doesn’t charge any trading commissions – as all fees are built into the spread. This is also the case with AvaTrade, Libertex, and Capital.com.

Spreads

Other than Libertex – all brokers in Nigeria charge a spread. This is the difference between the buy and sell price of the market that you wish to trade.

  • For example, let’s say that you are trading EUR/USD
  • The buy price on the market is 1.1780
  • The sell price on the market is 1.1782
  • This means that the spread on EUR/USD is 2 pips

If you’re an experienced forex trader – then you will know that a spread of 2 pips on EUR/USD is costly. At trading platforms like eToro, Libertex, and Capital.com – the spread on major pairs rarely exceeds 1 pip.

FX Fees

Don’t forget that the best brokers in Nigeria are located overseas and thus – there is every likelihood that you will need to pay an FX fee when you make a deposit. At eToro, this will cost you just 0.5% – which is very competitive. After all, many brokers in this industry charge in excesses of 1% when payment methods are denominated in Nigerian naira.

Trading Tools & Features

In our search for the best trading platforms Nigeria for 2021 – we came across some very notable features that you might be interested in. For example, eToro offers a Copy Trading tool – which essentially allows you to buy and sell assets in a 100% passive manner.

etoro copy trading nigeria

This is because once you select an experienced trader that you wish to copy – all ongoing positions that they enter will be reflected in your own eToro account. There are thousands of successful traders at eToro that you can copy – and the feature attracts no additional fees.

If you are more interested in trading yourself – then you will need to ensure that your chosen platform offers an abundance of technical indicators, chart drawing tools, and market insights. The latter should include access to real-time data feed and financial news.

User Experience

You will be trading with real money at your chosen broker – so you’ll want to ensure that the platform offers a great user experience. For example, you should assess how seamless it is to open an account and deposit funds, search for your preferred financial markets, understand the fee structure, and of course – enter and exit positions.

etoro nigeria

Most of the best trading platforms in Nigeria that we discussed today allow you to search for an asset with ease. You can then set up a buy or sell order at the click of a button – alongside risk-management tools like stop-losses and take-profits. The user experience should also extend to the provider’s mobile app – if one is offered.

Demo Account

Regardless of whether you are an experienced pro or a complete trading novice – you should choose a platform that offers a free demo account feature. This should mirror live market conditions and not require you to make a deposit. Instead, platforms like eToro give you access to $100k in paper funds as soon as you register.

This is ideal for beginners – as you can practice trade before risking your own capital. The demo account feature at eToro is also great for seasoned traders – as you have the opportunity to test out new investment strategies in a risk-free environment.

Mobile App

Most traders in Nigeria will use a desktop device when buying and selling assets online. This is because the process of performing technical and fundamental analysis is a lot more seamless on a bigger device.

  • With that said, having access to a mobile trading app is crucial – as you will be able to enter and exit the market at any given time – irrespective of where you are.
  • All of the best trading platforms in Nigeria discussed today offer a mobile app that is compatible with Android and iOS.
  • Both your online and mobile accounts will be synced together – which ensures that you will never miss a trading opportunity again.

Plus, most account features will still be available at your fingertips – including the ability to deposit and withdraw funds, enter new positions, close outstanding trades, and perform research and analysis.

Payment Methods

Although the best brokers in Nigeria are headquartered overseas – you will still be able to deposit funds with your usual debit or credit card. This will be the case as long as it is backed by a major issuer – such as Visa, MasterCard, American Express, or Maestro.

With that said, the best trading platforms in Nigeria also support e-wallets. For example, eToro allows you to deposit and withdraw funds with Paypal, Skrill, and Neteller. All of the brokers discussed today also support traditional bank wire transfers – but this will often take a few days before the cash arrives in your trading account.

Customer Support

The best brokers in Nigeria offer an extensive FAQ/Help section – so you should be able to find the information you need without having to speak with a support agent. However, there might come a time where you need help in real-time, and thus – you’ll need to speak to a member of the customer service team.

etoro customer support

The trading platforms in Nigeria that we came across offer a live chat feature – which is ideal. We did, however, also come across several providers that only offer support via email. As such, be sure to check this before opening an account.

How to Start with the Best Trading Platform in Nigeria

Ready to start investing and trading online today but don’t quite know where to start? If so, we are now going to walk you through the process of getting started with the best broker in Nigeria – eToro.

Step 1: Open an Account and Upload ID

Opening an account at eToro should take you no more than a few minutes. Simply visit the broker’s website and click on the ‘Join Now’ button.

eToro sign up

All you need to do is provide your personal information, alongside your email address and mobile number.

Step 2: Confirm Identity

All traders at eToro must verify their identity – as per anti-money laundering and KYC rules. Simply upload a copy of government-issued ID and proof of residency, such as a recently issued bank account statement.

Step 3: Deposit Funds

eToro supports a wide range of convenient payment methods – which is inclusive of debit/credit cards, e-wallets, and a bank wire. As soon as you make a deposit – the amount will be converted into US dollars at a competitive FX fee of 0.5%.

Step 4: Search for a Trading Market

You should now have an eToro account that is funded in US dollars. Now, it’s just a case of finding the market you wish to trade and placing your first order.

trade commodities etoro

If you know which market you wish to access – use the search box at the top of the page. As you can see from our example – we are looking to speculate on the future value of natural gas.

Step 5: Place a Trade

Now you need to set up a trading order. This will require you to select from a buy or sell position and enter your stake into the ‘Amount’ box.

trade commodities etoro

Although not compulsory – you might also decide to apply leverage and deploy stop-loss and take-profit orders.

To execute you’re trading position – click on the ‘Set Order’ button. And that’s it – you’ve just placed your first commission-free trade at eToro!

Conclusion

There are dozens of trading platforms offering services to those based in Nigeria. As such, it’s best that you spend some time researching the credentials of a broker before opening an account. In doing so, you can be sure that the provider is right for your trading goals.

If you’re strapped for time and want to start buying and selling assets right now without paying any commission – we found that eToro is the best trading platform in Nigeria. You will be able to trade everything from stocks and forex to commodities and cryptocurrencies with ease – as the minimum stake size starts from just $25.

eToro – Best Trading Platform in Nigeria with 0% Commission

Your capital is at risk.

67% of retail investor accounts lose money when trading CFDs with this provider.

 

FAQs

What is the best trading platform in Nigeria?

The best trading platform in Nigeria is eToro - which allows you to trade thousands of markets commission-free. The broker is regulated by three reputable bodies and supports a wide variety of convenient payment methods - including Paypal.

Is forex trading legal in Nigeria?

Forex trading - and all forms of trading for that matter, is legal in Nigeria. You do, however, need to ensure that you use a regulated brokerage firm.

What is the best broker in Nigeria for stocks?

If you are looking to invest in stocks - consider eToro. This top-rated stock broker gives you access to over 2,400 shares from 17 stock markets. This includes stocks listed in the US, UK, Europe, and more.

How do you trade commodities in Nigeria?

If you want to speculate on the future value of commodities like gold, oil, or natural gas - there are many brokers that allow you to do this from the comfort of your home. In fact, platforms like eToro, Capital.com, and Libertex allow you to trade commodities on a commission-free basis.

What payment methods do the best brokers in Nigeria accept?

In reviewing the best trading platforms in Nigeria - we found that you can usually deposit funds with a debit/credit card or bank wire. Many brokers also support e-wallets like Paypal.

How do you trade the Nigerian naira?

Very few active brokers offer a market on the Nigerian naira - as this currency is super volatile and suffers from low levels of liquidity.

Can you trade cryptocurrencies in Nigeria?

Yes - due to the volatility of the Nigerian naira - many traders are now turning to cryptocurrencies like Bitcoin. All you need is a trusted online crypto broker like eToro.

 

 

About Kane Pepi
About Kane Pepi

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Kane has also written for websites such as MoneyCheck, InsideBitcoins, Blockonomi, Learnbonds, Buysharesand the Malta Association of Compliance Officers.

Find The Best Broker For You

Best UK Stock, Forex, CFD, Crypto, Social or Day Trading Platform that meets your needs.

Scroll Up