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