Best Trading Platforms in Nigeria

Best Trading Platforms in Nigeria

Best Trading Platforms in Nigeria

What Is a Trading Platform?

A trading platform is a piece of software designed to allow users to buy and sell stocks, commodities and other assets.

Trading platforms allow users to manage their opening and closing positions on multiple markets, usually through an intermediary like an online broker.

Trading platforms range from basic to advanced, and most have accessible education and resources to make them suitable for beginners, as well as a wealth of trading tools designed to help professional traders.

There are two types of trading platforms available. Commercial platforms offer trading for day traders, and retail investors alike and are stand-alone entities for trading multiple assets.

Platforms like MetaTrader 4 and MetaTrader 5 are considered commercial platforms, and they often come with a wealth of built-in features, including research and news as well as expert advisers and social trading. Commercial platforms offer more choice in assets.

Prop platforms are proprietary created by brokers to offer bespoke trading styles and are limited to the assets that the broker offers.

Prop platforms are developed specifically for the broker, so they usually have extra tools, research, and education relating specifically to the instruments they trade.

Proprietary platforms might offer better prices on the spread.

Having the right trading platform will help you monitor your risk, protect your capital, and trade in the way that suits you best, as well as providing reliable access to the markets you want to trade.

There are several things to consider when you are looking for the best trading platform for Nigerian traders. Some people prefer a user-friendly interface, while beginner traders might be looking for educational resources.

Experienced traders want access to multiple trading instruments, while day traders need fast execution.

Every trader should be looking for a platform that offers competitive fees, high levels of security, and the features that will be most useful.

Key Points to Remember When Choosing a Trading Platform


When trading, you are putting your capital at risk. Trading of any kind is a financial risk; therefore, it is important to be sure that your trades are as safe as possible.

Trading platforms and brokers are safest when they are regulated by a recognized financial body. This could include the FSA in the UK, CySEC for the EU, and SEC in the USA.

Look for platforms that segregate accounts because that means your investments are held separately from the accounts of the platform and therefore cannot be used to fund their activities (or pay their debts).

Regulated platforms must comply with the anti-money laundering regulations and verify the ID of all traders, as well as have their financial activity regularly audited.

Access security is also important, and many mobile and web-based platforms ask for at least two-factor protocols, with many adopting biometrics, too.


There will be fees for trading no matter what platform you use, and these are usually down to the broker. Some of the fees you might have to pay to trade include:

  • Commission and spread fees: This is how the platform or broker makes money from offering the service.

  • Account fees: Monthly ‘subscription’ costs, inactivity fees

  • Transaction fees: Deposit and withdrawal costs – these might vary depending on the source of funds.

  • Currency conversion: Many platforms have only a small selection of base, usually USD, EUR and/or GBP, which means that you will be subject to currency conversion fees if you are depositing or withdrawing in another currency.

This can be avoided by choosing a platform or broker that accepts your currency as a base currency (such as FXTM, which accepts NGN as a base currency, which is perfect for Nigerian traders).

The fees charged by the platform you choose can vary; therefore, it is important to ensure you know what everything costs as part of your decision.

While going for the cheapest option might seem the best course of action, the platforms that charge the higher fees might have the most relevant tools and assets that you are looking for; therefore, price should not be the only criterion used in making that decision.

Types of Investment

The trading instruments that a platform provides access to will be important if you are looking to trade a particular asset type.

While prop platforms are tied to the instruments that the broker deals with (and therefore might be limited in terms of access to a wider portfolio), there are often extra tools and benefits to using the prop platform of your preferred broker.

Commercial platforms tend to have the widest offerings in terms of multiple asset types. The selection of trading instruments that you might find in your platform include:


Some trading platforms will provide extensive education options. One of the most useful resources to help you learn, especially as a beginner, is a demo account.

This helps users to understand how the platform works; however, it also allows you to try out new trading styles and techniques without risking your real capital.

Some platforms offer courses suitable for beginners and experienced traders to gain knowledge and insight, from the basics of trading right through to in-depth training on new trading styles.

Education can be in the form of articles, videos, webinars and eBooks.

Research can be provided in the form of news, market sentiment and trading insights, as well as charts and fundamental data.

Some platforms provide analytical tools that you might find useful in deciding how you want to trade, including charts, platform reports, third party reports, news feeds and economic calendars, as well as technical indicators.


Keeping on top of volatile markets can become a full-time job if you need to monitor price changes yourself.

However, with most platforms, you can set up alerts for the parameters that are important to you as a trader.

This might be pricing notifications or other more bespoke information.

Depending on the platform (and whether it is web-based or a desktop/mobile application, you can receive alerts through push notifications, emails and even SMS.

Ease of Use

Most platforms are designed to be straightforward and easy to use, and it is rare to find one without a detailed video tutorial to guide you through the features you might need.

For the easiest user experience, some platforms offer personalized layouts and adaptable charting, while others are seamless through the web trading platform, desktop software and mobile app.

Ease of use concerns the user experience and the way the platform looks and responds, as well as how easy it is to find the functionality that you are looking for.

Customer Support

The customer support offered by the platform comes in one of four main forms:

  • Email
  • Phone
  • Live Chat
  • Web Support Tickets

Some platforms offer a 24/7 service, while others are only available during normal trading hours.

Look for platforms that are fast and responsive at dealing with issues because time is of the essence in trading, and in some cases, web support tickets could take a few days for a response.

Trading Tools and Features

The way you trade is as individual as you are; therefore, ensuring that the trading platform you use has the functionality you need to be successful is important.

There are several tools and features that you might prefer, including:

  • Small trade sizes: The ability to purchase a fractional share of an asset, rather than multiples of one whole unit.

  • Different order types: The main order types that you are likely to come across include buy, sell, stop loss, take profit and trailing stop loss, but other order types relying on time, etc., can help you create an individual strategy.

  • Copy Trading: Sometimes known as social trading, this is a trading style based on the actions that other (successful) traders are taking.

  • Indicators and Robots: Automation and algorithmic trading allow hands-free trading, and for some traders, a platform that integrates with their preferred Expert Advisor is necessary.

  • Portfolio management tools: If you are investing in a range of different assets to trade, then tools that allow you to manage your portfolio are necessary, so you know where your money is at all times.

  • Mobile functionality: Make trades on the go – especially important if you do not want to be tied to the computer all day. Modern trading platform applications are native to iOS and Android, which allows for a seamless user experience and full trading functionality wherever you are.

The Top 6 Trading Platforms in Nigeria

There are potentially thousands of options for trading platforms and brokers available online, but not every platform is available in every country or location.

The below trading platforms and brokers allow account opening for traders in Nigeria.

1. eToro

Created in 2007 as an Israeli fintech company, eToro is one of the most popular online brokers and offers a wealth of trading opportunities globally.

eToro is regulated by CySEC, FCA and ASIC, making it one of the safer brokers available.

Known for its good value, the platform has low trading fees and no account fees.

Deposits are free, but withdrawals cost $5 with a £30 minimum. Inactivity fees are $10.

The base currency is USD, so Nigerian users will need to consider conversion fees in calculating the cost of trading.

Deposits can be made through bank transfer, credit/debit cards, and electronic wallets.

The eToro proprietary platform is available on the web and mobile.

The web platform is well designed and easy to use.

Although it is clean and functional, there is limited customization available; therefore, traders might not be able to get things exactly right in terms of the interface.

As a modern platform, it has an optional two-step login for security, and traders can use market, limit, stop-loss and trailing stop-loss order types.

Alerts and notifications are simple to organize.

The mobile app is native for iOS and Android, which means that users can enjoy a seamless experience built for the technology they have.

The mobile app offers the same functionality as the web trader.

With eToro, you can trade:

  • 47 Currency Pairs
  • 13 Stock Index CFDs
  • 2,000 Stock CFDs
  • 145 ETF CFDs
  • 14 Commodity CFDs
  • 16 Cryptocurrencies
  • 17 Stock Markets
  • 145 ETFs

eToro also offers CopyTrader that allows users to make the same trade as other (successful) traders, and CopyPortfolio, that does the same with all investments.

In terms of research, eToro offers recommendations based on market sentiment and analysis, fundamental data, and charting.

There is a news feed; however, it is presented as a market-themed Twitter feed, which might be confusing and have less detail than the more traditional market news.

eToro offers a demo account, a platform tutorial, and some basic introductory videos suitable for beginners. There are interactive webinars available.

The customer service from eToro is available through either live chat or web-based tickets, but it is not a 24/7 service.

There is also no phone support available; however, questions do tend to be answered quickly despite this.

Visit eToro

2. Olymp Trade

Founded in 2014, Olymp Trade is a relative newcomer as a trading platform but has more than 25 million users worldwide.

Traders can buy and sell stocks, commodities, forex, cryptocurrencies and ETFs with a minimum deposit of $10.

Based in St. Vincent and the Grenadines, Olymp Trade is regulated by the IFC.

All deposits and withdrawals are free, whether you use bank transfer, cards or e-wallets, but there is an inactivity fee after 180 days of $10 (or equivalent) per month.

Commission is about 8% of the trade on Olymp Trade, and the spreads are about average on currency pairs. There are no fees for deposits or withdrawals, with a minimum withdrawal amount of $10.

The trading platform is available on web, mobile and desktop and is straightforward to use with a seamless user experience. The interface is customisable, and you can use various indicators and analysis tools while making trades on options on forex.

The mobile app is native for both iOS and Android and is designed to have the full functionality of the web and desktop platform, with notifications and alerts.

If you want to use Olymp Trade for buying Bitcoin, it is worth noting that you can only trade cryptocurrency CFDs rather than buying and owning the altcoins.

Traders on the platform are designated different statuses, depending on the amount of deposit.

  • Starter is up to $499 deposit, which offers basic functionality.
  • For those that deposit $500 to $1,999, the Advanced status offers more open positions, faster withdrawal requests, monthly consultations with professionals, built-in trading strategies and private webinars. You can get a 10% discount on Forex fees too.

Advanced status comes from depositing more than $2,000, and includes risk-free trades, individual training and exclusive daily investment ideas as well as everything else that is available in the lower status groups.

There are lots of educational resources available on Olymp Trade, including a Learn How to Trade in 30 Minutes course and other articles, tutorials and videos all listed by theme and category.

Research is in-house and includes forecasts, technical analytics and a blog with lots of useful information, with analysis like charting, an economic calendar and fundamental data.

Customer service is available in multiple languages and can be accessed 24/7 via phone, email or live chat.

Visit Olymp Trade

3. was founded in 2016; therefore, it is a relative newcomer on the trading scene. It has offices in London, Cyprus and Belarus, regulated by the FCA, CySEC and NBRB.

CCSV (Capital Com SV Investments Limited) is the subsidiary of that servies clients outside of the UK. has no account, inactivity, or withdrawal fees; however, the base currencies are USD/GBP, EUR and PLN; therefore, Nigerian accounts will need to consider the currency conversion fees when depositing and withdrawing.

The minimum deposit through credit or debit card is just $20, but for bank transfers, it is $250.

The proprietary platform is available as a web platform, as a desktop platform, and as a mobile app, with full access to MetaTrader 4 available, too.

The prop platform is well-designed and sleek, with user-friendly functions that are simple to use.

The order types available are market, limit, stop, and guaranteed stop.

The web platform is not customizable, and there are no notification options available.

The mobile platform is better in some ways as notifications can be set up, and it offers the same order types and user experience.

The desktop trading is with MT4, which offers much more customization.

With you can trade the following assets which are either currency or CFDs:

  • 142 currency pairs
  • 34 stock index CFDs
  • 3,000 stock CFDs
  • 87 ETF CFDs
  • 53 commodity CFDs
  • 84 cryptocurrencies

Research is only available on the web platform; however, it includes fundamental data accessible through the economic calendar, charting tools, an interactive news feed and trading statistics.

Trading ideas are provided with details from Trading Central and TV provides market, events and asset analyses.

The education provided includes a demo account and general educational videos and webinars. Informative articles are grouped by asset type, and there is a glossary.

Beginners can learn in a structured way about all aspects of trading thanks to the learning courses provided.

Customer service is available 24/7 through the more traditional channels of phone and email.

The team can also be contacted through Live Chat, WhatsApp, FB Messenger and Telegram.


75.26% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

4. XTB

Headquartered in both London and Warsaw, XTB was founded in 2002.

This broker is well regulated, including FCA, CySEC, KNF, CNMV and IFSC.

XTB has low forex fees but relatively high CFD fees. Users do not need to pay an account fee or a deposit fee, and there is no minimum deposit.

Withdrawals over $100 are free; however, it can only be completed through bank transfer.

The base currencies at XTB are USD, GBP, EUR, HUF, and PLN; therefore, NGN deposits will be subject to currency conversion fees.

The proprietary trading platform of XTB is called xStation 5 and is available as a web platform, as a desktop download, and as a mobile app. The broker also offers access to the MetaTrader 4 suite.

The web version of xStation 5 is fully customizable and has a user-friendly interface. It looks professional and at first glance, might seem a bit too complex for the beginner trader; however, it is simple to navigate.

You can use stop, trailing stop, limit, and market orders on all versions of xStation 5, and there is a handy trader calculator that demonstrates all the parameters of each trade.

You can set up SMS, push, or email notifications for price movements.

The mobile platform is available on iOS and Android, with seamless integration with both the desktop and web trading platforms. It is simple and easy to use for trading on the go.

XTB offers the following trading instruments:

  • 49 currency pairs
  • 42 stock index CFDs
  • 1,800 stock CFDs
  • 114 ETF CFDs
  • 22 commodity CFDs
  • 25 cryptocurrencies
  • 17 stock markets
  • 220 ETFs

There is tremendous research available, from market analysis on the XTB website to trading ideas.

The news feed is curated by their research team, and the market sentiment is complemented by a ‘heatmap’ that highlights the highs and lows of performance.

There is limited fundamental data available, however. XTB shines in terms of education, in addition to a demo account and platform tutorials.

There are structured courses in the form of videos, articles and eBooks based on the level of experience that the user has.

The customer service at XTB is not 24/7, but it is responsive and fast and available via telephone, live chat and 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.


FXTM is the shorthand for Forextime, which was founded in 2011. This is a CFD and Forex broker known for its tremendous customer service, and crucially for traders in Nigeria, one of the base currencies used is NGN.

This broker does not have a proprietary platform but does offer access to MetaTrader 4 and MetaTrader 5 through a web trading service, desktop software, and a mobile app.

Deposits are accepted through bank transfer, credit and debit cards, as well as various electronic wallets.

There are no conversion fees for using NGN as it is one of the base currencies.

Fees are low for trading forex but high for CFDs, and there are no account fees. You can expect to pay the equivalent of $3 for a withdrawal fee.

FXTM offers the following trading instruments:

  • 62 currency pairs
  • 11 Stock Index CFDs
  • 172 Stock CFDs
  • 3 Commodity CFDs
  • 4 Cryptocurrencies
  • 3 Stock Markets

Analysis and research for FXTM are provided through MetaTrader, offering insights into trading ideas from trading signals, market analysis, a news timeline and economic calendar.

FXTM offers a demo account, full platform tutorials, educational videos, webinars, articles and a glossary.

Visit FXTM

6. Saxo Bank

Saxo Bank is a Danish investment bank that was founded in 1992. Regulated by the Danish Financial Services Authority and the FCA, it offers an excellent and well-designed trading platform.

The fees for Saxo Bank may be higher than some others, but the provision of trading assets, the proprietary platform, and the customer service is highly rated.

There are no account, withdrawal, or deposit fees, but if you do not trade for 180 consecutive days, there is a $150 inactivity fee for Nigerian accounts.

NGN is not a base currency offered by Saxo Bank; therefore, there will be currency conversion fees assigned to deposits and withdrawals, with a $10,000 minimum deposit that can be made through bank transfer or using credit/debit cards.

The Saxo Bank proprietary platform is available on the web, desktop and mobile. The SaxoTraderGo platform is modern-looking and easy to use.

It offers customization options for the interface and many different order types (including time-based), so it suits a large number of trading styles.

Traders can easily set up alerts and notifications on all variations of the platform, and the native iOS and Android apps offer seamless integration for trading on the go, although the smaller screen does make some of the functions less simple to use.

There are a huge range of trading instruments available to users, including:

  • 28 stock markets
  • 3,100 ETFs
  • 182 currency pairs
  • 40,000 bonds
  • 23 options markets
  • 23 futures markets
  • 29 stock index CFDs
  • 8,800 stock CFDs
  • 675 ETF CFDs
  • 19 commodity CFDs
  • Five bond CFDs
  • Two cryptocurrencies

Saxo Bank offers leading research and analysis from in-house sources, as well as a third party, including trading ideas, recommendations, and detailed fundamental data, both current and historical.

There are also daily podcasts alongside a news feed and economic calendar.

The education available includes a demo account, platform tutorials, videos, and webinars.

In terms of customer support, users can speak to someone via the phone or through email, although this is not available 24/7, and there is no live chat function.

Visit Saxo Bank

Final Thoughts

With local and regional restrictions in place, finding the best trading platform for your country of residence is not always straightforward.

All these platforms are available for Nigerian account holders; therefore, they offer access to the markets in a remarkably similar way.

The choice comes from what the fees are in comparison to what benefits they have.

When deciding on the best trading platform for you, think about what features you want to use now and what you might want to use in the future.

Make full use of the demo accounts to get comfortable with the structure of the platform and how the trading works.

It is important to remember that cheaper platforms do not always offer the best service.

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.

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