eToro - Best Stock Broker

Start Trading
Best 9 Stockbrokers in Nigeria

Best 9 Stockbrokers in Nigeria

All products and services featured are independently selected by WikiJob. When you register or purchase through links on this page, we may earn a commission.

eToro - Best Stock Broker

The first step into trading, whether in shares, commodities, or any other asset, is to find the right stockbroker for you.

A stockbroker buys and sells trading assets on your behalf in return for a fee. It acts as an intermediary between you as an investor and the trading markets.

A broker may offer a fully managed service and make decisions for you, provide advice or carry out your transactions as instructed.

Generally, stockbrokers will operate under financial regulation in one or more countries.

Want to know if trading is the right option for you? Read Signs You Are Ready To Live Trade.

The 9 Best Stockbrokers in Nigeria

Now that you know about the different types of brokers and what to consider in your search, here are the best stockbrokers to use if you live in Nigeria.

1. eToro

Best for: Traders interested in social copy trading
Trading fees: Free for stock and ETF trading. Otherwise, low fees
Minimum deposit: $200
Assets traded: stocks, cryptocurrency, commodities, forex, ETFs, indices, CFDs

eToro is regulated by FCA, CySEC and ASIC, and is suitable for new and experienced traders.

eToro offers a News and Analysis feed that posts several articles each day, a Daily Market Review, and releases trading news emails several times a day.

Its educational resources include a financial markets guide, videos, podcasts, social trading resources, and the Trading School, which offers numerous online and classroom-based courses.

Customer service is 24/5 and can be contacted by live chat and a web-based ticketing system that responds by email.

For more information, read our eToro Review.

Visit eToro

67% 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.

2. Pepperstone

Best for: Traders interested in forex Trading fees: Low forex fees, but high CFD financing fees. Minimum deposit: $0 Assets traded: Forex CFDs, indices CFDs, commodity CFDs, cryptocurrency CFDs

Pepperstone is a CFD broker with a focus on forex, regulated by FCA, BaFin, CySEC, ASIC, DFSA, SCB, and CMA.

Pepperstone’s research provision includes daily articles, videos, weekly webinars, economic calendar, AutoChartist software, Smart Trader Tools, and Delkos risk management tools.

Educational resources include articles, trading guides, webinars, MetaTrader 4 course, forex trading course, and educational videos.

Pepperstone offers 24/5 customer service by telephone, email, or live chat.

To find out more, read our Pepperstone Review.

Visit Pepperstone

3. XTB

Best for: Traders wanting to keep their costs low
Trading fees: Low forex fees but high stock CFD fees
Minimum deposit: $0
Assets traded: Forex, stock CFDs, commodity CFDs, ETF CFDs, indices CFDs, cryptocurrencies

XTB is a forex and CFD broker regulated by FCA, CySEC, KNF, CNMV, and IFSC.

Its research offering includes analytical tools accessed through its platform, Market Newsfeed, forex price tables, and a market calendar.

The XTB ‘Learn to Trade’ section includes courses via the Trading Academy, live webinars, and articles.

For clients outside Europe, XTB customer service cover is 24/7, by telephone or email.

Visit XTB

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

4. Switch Markets

Founded in 2019, styles itself as 'the place traders come to trade', and with an enormous range of trading instruments available through MetaTrader 4 and a proprietary platform, has a lot to offer.

The parent company of (Royal ETP) is regulated by ASIC and CySEC as well as some other lower-tier jurisdictions, while client funds are segregated in Tier 1 banks – which makes it more secure.

With you can trade:

  • 62 Forex pairs
  • 8 metals
  • 21 indices
  • 86 share CFDs
  • 4 cryptocurrencies

There are just two account types available, which makes getting started a breeze – you can decide to go for a Standard account that offers zero commission and spreads as low as 0.6 pips, or a Pro account which has spreads from 0.0 pips and a $7 per lot round turn commission instead. Each account has a minimum deposit of just $50.

For international traders, and those that want flexibility in both deposits and withdrawals, there are multiple options – from the usual credit and debit card to PayPal and eWallets like Neteller and Skrill, for example. Deposits and withdrawals are simple, fast and free.

The education available on the platform is also simple – several ‘cheat sheets’ covering all you need to know about trading, from terms to strategy, all in downloadable PDF formats and all for free.

There are several tools available on the platform to improve your trading strategy, including a Market Heat Map, lot size and Forex profit calculators, and even EA tools.

As a relatively new broker, traders will find many offers to entice them to sign up – from a free VPS to a credit bonus.

This broker is not available in the US or Japan but offers several options for international traders without hidden costs.

Visit Switch Markets

Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.


Best for: Depositing Nigerian currency
Trading fees: Low to average fees
Minimum deposit: $10
Assets traded: Forex, commodity CFDs, indices CFDs, stock CFDs

FXTM is a global forex and CFD broker regulated by FCA and CySEC.

FXTM offers plenty of research resources under its Market Analysis section, including a Market Outlook newsfeed, podcast, economic calendar, Forex News Timeline, videos, and articles by the FXTM team of market analysts.

FXTM has a generous education offering that includes e-Books, seminars, webinars, educational guides, videos and articles.

Customer service is available Monday to Friday, from 6.00 a.m. to 6.00 p.m., by telephone, email or live chat, in a wide range of languages.

Visit FXTM

6. AvaTrade

Best for: Forex and CFD traders who want to use the MetaTrader platform
Trading fees: Low to average
Minimum deposit: $100
Assets traded: Forex, bond CFDs, stock CFDs, indices CFDs, commodity CFDs, ETF CFDs, cryptocurrency

AvaTrade is a global broker, multi-regulated by the Central Bank of Ireland, B.V.I Financial Services Commission on the British Virgin Islands, ASIC, FSCA, FSA, FFAJ, and ADGM – FSRA).

Beyond the research tools offered by the range of trading platforms that you can use through AvaTrade, you can also find an economic calendar, research tools offered by third-party provider Trade Central, and a trading calculator.

The AvaTrade educational offering is extensive and suitable for all levels of expertise, including videos, articles, and an e-Book.

Customer service is available 24/5 by telephone, email, or live chat, in a range of languages.

For more information on this broker, read our AvaTrade Review.

Visit AvaTrade

7. Saxo Bank

Best for: Traders with advanced trading expertise Trading fees: Mostly low to average fees, but high fees for bonds, options and futures. Minimum deposit: Varies depending on location. Assets traded: stocks, commodities, forex, ETFs, bonds, CFDs

Saxo Bank is regulated by FCA, FSA, the Swiss Federal Banking Commission and several other global regulatory bodies.

Its platform provides a range of technical analysis tools and interactive charts. Research resources are to a high standard, including real-time newsfeed, commentary by trading experts, market reports, and trading idea generators.

Saxo Bank's educational resources include courses, videos, events and webinars.

Saxo Bank customer service is 24/5 and can be reached by email or telephone.

To find out more, read our Saxo Bank Review.

Visit Saxo Bank

8. Interactive Brokers

Best for: Experienced active traders and institutional investors
Trading fees: Depends on the type of account you open. The basic account has low fees, but the Pro account has high fees. ETFs are available with no trading fees.
Minimum deposit: Varies depending on the type of account. $0 for a cash account. $110,000 for a Portfolio Margin account.
Assets traded: stocks, commodities, forex, ETFs, bonds, CFDs

Interactive Brokers is regulated by FCA, US SEC, and CFTC. Its range of research resources includes technical analysis tools, a newsfeed and a Traders Calendar.

Educational resources and courses are provided through IBKR Campus, including Traders Academy, webinars, Traders Insight, blog, and Student Trading Lab.

There are also videos and a trading glossary.

The customer service is 24/5 by telephone or live chat.

For more, read our Interactive Brokers Review.

Visit Interactive Brokers

Stockbrokers in Nigeria
Stockbrokers in Nigeria

9. OctaFX

Best for: Traders who want to open an Islamic account Trading fees: Vary depending on the type of account you open. Minimum deposit: $25 Assets traded: Forex, stock CFDs, commodity CFDs, cryptocurrency CFDs

Regulated by the tier-2 CySEC only, OctaFX is a forex and CFD broker. This single tier-2 regulation means that OctaFX is not as safe as the other brokers listed in this article. Clients trading in forex is especially at risk.

Its research offering is more limited than many of its competitors, including a daily market commentary, forex news, webinars, and access to AutoChartist.

OctaFX educational resources focus on forex and include webinars, videos, and a trading glossary.

Customer service is available 24/5 by email and telephone.

Visit OctaFX

What Are the Different Types of Stockbrokers?

There are three types of stockbrokers, each suitable for a different set of customer requirements.

Full-Service Brokers

This type of broker provides a complete portfolio management service, including any of the following:

  • Trading research and advice
  • Carrying out transactions for you
  • Portfolio building and analysis
  • Tax advice
  • Portfolio reports
  • Wealth management

You will generally be assigned a personal broker to handle your portfolio.

A full-service broker is the most expensive but generally provides access to an extensive research and analysis team.

Advantages: Handing over your portfolio to be managed by a full-service broker saves you the time that you would normally spend both on trading and building your expertise.

Disadvantages: This type of broker is the most expensive to use, and you have less control over your portfolio than with more limited service brokers.

Discount Brokers

This type of broker is less expensive than a full-service broker but provides a more limited service. A discount broker will carry out your trading transactions; however, it will not offer any trading advice.

Advantages: A discount broker is less expensive than a full-service broker and you retain control over your portfolio.

Disadvantages: You have to spend time on research and building your trading expertise as a discount broker does not offer trading advice.

Online Stockbrokers

This type of broker provides direct online access to its trading platform. Online stockbrokers are used by new traders but are most suitable for those with more experience.

Most online stockbrokers also provide research and educational resources.

Advantages: Not as expensive as a full-service stockbroker, using an online broker puts you in complete control.

Disadvantages: You generally have access to research and educational resources, but an online broker will not provide personalized advisory service.

How Do Stockbrokers Make Money?

All types of stockbroker earn money from the commission and fees they charge their customers. Beyond trading, this might include charges for:

  • Leverage
  • Deposit and withdrawal fees
  • Account inactivity

A stockbroker may also earn interest on uninvested client funds.

Are Stockbrokers in Nigeria Regulated?

To trade on the Nigerian stock exchanges, a stockbroker must have authority from the Central Bank of Nigeria.

However, any stockbroker you use must have tier-1 regulation, for instance, FCA (Financial Conduct Authority) and ASIC (Australian Securities & Investment Commission).

Such financial regulation provides you and your money with greater security.

Key Considerations Before You Choose a Stockbroker in Nigeria

When deciding which stockbroker to use, there are several crucial factors you should consider at the start.

What Service Do You Need?

What kind of service do you want a stockbroker to provide? The type of questions you should ask yourself include:

  • Do you want a fully managed service that will carry out the trading for you but also provide research and advice?
  • Do you have the confidence to make all the trading decisions yourself and, therefore, want a broker who will conduct your transactions without offering advice?
  • Would you like to trade online but also have access to research and education resources?
  • Would you prefer one-to-one advice and personalized service?
  • How much money do you want to spend on trading and fees?
  • What volume of trading do you intend to carry out?

Your answers will point to the best type of stockbroker for you.

Listen to Other Traders

Which stockbrokers are recommended and which have been reviewed in a less favorable light by other traders?

Find a wide range of reviews and recommendations to build a genuine picture. Remember that different traders have different stockbroker requirements, so look for reviews from traders who share your market preferences.

Is the Stockbroker Regulated?

Regulation, especially tier-1 regulation, is a crucial indicator that a stockbroker carries some level of security for clients and their money.

Any stockbroker should clearly state who it is regulated by on its website.

Do You Want to Deposit and Withdraw in Nigerian Currency (Ngn)?

Check whether the stockbroker permits account deposits and withdrawals in Nigerian currency.

If not, how will you handle this?

Does the Broker Keep Client Funds Separate For Safety?

Does the stockbroker keep client funds in a separate account to its own money?

A stockbroker who banks client money along with its own may accidentally or intentionally use client funds for its own purposes.

Separating client and broker money into different accounts provides more security for the client and an extra level of transparency.

What Assets Does It Trade?

If you are interested in trading forex or commodities, it makes no sense to use a stockbroker that does not offer either of these trading assets.

Before you sign up to use a broker, first find out what markets it trades in.

What Are the Trading and Non-Trading Fees?

Ask the stockbroker to provide a list of all the trading and non-trading fees you would be expected to pay.

For example, does the broker charge a flat fee or a percentage fee? Is there a maximum commission charge?

Non-trading or administrative charges might include deposit and withdrawal fees.

What Trading Platform Do You Want to Use and Why?

A trading platform is a software that can be downloaded or accessed online. A trading platform enables you to carry out trading transactions and analyze your portfolio performance.

What trading platform does the stockbroker provide? Some stockbrokers will offer third-party trading platforms like MetaTrader, while others will use its own in-house platform.

Further considerations might include:

  • What type of client access does the broker offer to that platform?
  • What analysis tools does the platform provide?
  • To what extent can you customize platform charts?
  • Does the platform suit your level of expertise?
  • Do you have free access to the platform, or does the broker charge a fee?

To find out more, read our MetaTrader Review.

Does It Provide Social Copy Trading?

Social copy trading is increasingly seen as a path into trading for individuals new to the process.

It combines copy trading, where a trader copies the transactions of more experienced traders, with building trading knowledge by learning from the trading community, conducting your research and taking advantage of trading educational resources.

If you are interested in social copy trading, look for brokers who provide all of the following:

  • Copy-trading
  • Research and educational resources
  • Access to a community of traders

For more information, read What Is Social Copy Trading?

How Good Are the Analytical Tools?

Technical analysis provides valuable information on what trading assets to buy or sell.

If you intend to personally decide what to trade, then the technical analysis tools offered by the broker’s trading platform can be an important factor in deciding which is the right broker for you.

For instance, does the platform provide a range of indicators such as moving averages or trading volume? Is it easy to customize the platform charts to find the exact information you need?

How Good Are the Educational Resources?

If you want to build your trading knowledge, your stockbroker can be a great place to start.

Educational resources they may provide include:

  • Articles
  • News-feed
  • Videos
  • Webinars
  • Courses

What Is Its Customer Service Like?

Whichever type of broker you use, check whether what it offers meets your individual needs.

For instance:

  • 24/7 coverage or 24 hours Monday to Friday
  • Multi-lingual
  • Contact by telephone, email or live chat

Final Thoughts

As a client in Nigeria, there is a wide range of stockbrokers available to you. Before choosing a broker, however, take the time to consider what type of service you require.

  • Do you want to carry out trading transactions personally, or would you, rather instruct a broker to do that for you?
  • What markets are you interested in, for instance, forex or stocks?
  • Do you want financial advice, and research and educational resources?
  • How much money do you have to spend?

When considering a broker, check how well regulated they are, what other traders think about them, and whether they bank client funds separately to their own.

How well are you and your funds protected?

WikiJob does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

eToro - Best Stock Broker

Read This Next

You might also be interested in these other WikiJob articles:

Or explore the Trading / Forex sections.