The 5 Best Stock Brokers in Nigeria

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With stock trading in Nigeria, shares in firms are bought and sold in an attempt to profit from the fluctuation in their prices on a daily basis. When it comes to the stock market, short-term trading is what sets traders apart from long-term investors.

Whichever investment approach you take, stock trading is made easy and secure when conducted through a reputable online stockbroker in Nigeria. In this article, we have listed the 5 best Nigerian stockbrokers which provide competitive trading conditions and sound regulation.

1. Exness

Overview
First founded in 2008, Exness has since gained momentum in the industry and today has almost 60,000 active client accounts from around the world, according to this Exness review.
Aside from its FCA- and CySEC-licensed regulation, Exness has a wide range of account types and financial instruments to accommodate a wide range of trading techniques.

Pros and Cons

Pros Cons
Well-regulated  
Tight spreads  
Over 130 currency pairs  

 

Features

Feature Information
Regulation CySEC, FCA
Minimum deposit from $1
Average spread from 1.3 pips
Commissions from 3 USD and 10 USD per 1 lot for CFDs
Deposit/Withdrawal Fees None
Maximum Leverage 1:2000
Bonuses Standard +10% Bonus Programme
Customer Support 24/5 – multilingual

 

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2. Pepperstone

Overview
CFD broker Pepperstone specializes in forex trading and is regulated by the FCA, BaFin, CySEC, ASIC, DFSA, SCB, and the Competition and Markets Authority (CMA).
Among the research resources available from Pepperstone are daily articles, videos, weekly webinars, an economic calendar, AutoChartist software, Smart Trader Tools, and Delkos risk management tools, among other things.

Pros and Cons

Pros Cons
No minimum deposit Limited number of instruments
Low trading fees for forex No additional research tools
No added costs for withdrawals or deposits

 

Features

Feature Information
Regulation FCA, ASIC
Minimum deposit from AUD200
Average spread from 0.4 pips 
Commissions from ‎$3.76 commission per lot per trade
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses None
Customer Support 24/5

 

3. AvaTrade

Overview
AvaTrade is a global broker that is multi-regulated by the Central Bank of Ireland, the B.V.I Financial Services Commission in the British Virgin Islands, the ASIC, the FSCA, the FSA, the FFAJ, and the ADGM – FSRA (Financial Services Regulatory Authority of Ireland).
Customer service is available 24 hours a day, seven days a week via telephone, email, or live chat in a variety of languages.

Pros and Cons

PROS CONS
Broad range of tradable instruments High EURUSD and inactivity fees
MetaTrader 4 and 5 available  
Excellent educational resources  

 

Features

Feature Information
Regulation Central Bank of Ireland, MiFID, ASiC, BVI
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from No commission on Forex
Deposit/Withdrawal Fees None
Maximum Leverage 1:400
Bonuses First Deposit Bonus
Customer Support 24/5 – multilingual

 

4. XTB

Overview
A forex and CFD broker, XTB is overseen by the FCA, CySEC, the KNF, the CNMV, and the International Financial Services Commission (IFSC).
Market Newsfeed, currency pricing tables, and a market calendar are a few of the analytical tools available through the broker’s website.

Pros and Cons

PROS CONS
Award-winning trading platform Limited product portfolio
Negative Balance Protection 
Well regulated

 

Features

Feature Information
Regulation KNF, FCA, CySEC and IFSC
Minimum deposit from $250
Average spread from 1.02 pips 
Commissions from 0.08% of trade value with $8 minimum
Deposit/Withdrawal Fees $30 on withdrawals of less than $50
Maximum Leverage 1:500
Bonuses $40 No Deposit Bonus
Customer Support 24/5

 

5. OctaFX

Overview
OctaFX is a forex and CFD broker that is regulated by the tier-2 CySEC. OctaFX provides a variety of market analysis, such as a daily market commentary and forex news as well as webinars and AutoChartist access.

Pros and Cons

PROS CONS
Ultra-fast execution No VPS available
More than 30 forex pairs available No Forex educational tools
Well-regulated

 

Features

Feature Information
Regulation CySEC
Minimum deposit from $100
Average spread from 0.7 pips
Commissions from None
Deposit/Withdrawal Fees None
Maximum Leverage 1:500
Bonuses 50% Deposit Bonus
Customer Support 24/5

 

Read more: FXTM Nigeria – Minimum Deposit – How to Get Started

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