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Top 10 Trading Platforms & Online Brokers in Nigeria
Swen Keller
This article lists the top ten trading platforms and online brokers in Nigeria. We covered each trading platform’s unique features, pros and cons, and security measures.
To come up with our list we considered user reviews, got first-hand experience, and analyzed expert opinion.
Best Trading Platform in Nigeria: Our Opinion
That said, from our extensive testing of trading platforms in Nigeria and online brokers Exness is our pick as the best option for its fast execution speeds, a large selection of trading platforms, unlimited leverage, and low trading fees.
Launched in 2008, Exness is our pick for the best online broker in Nigeria.
The trading platform made it to our list of the top online trading platforms in Nigeria for its low spreads starting from 0.0 pips and its unlimited leverage.
Exness also supports a large selection of local deposit and withdrawal methods along with a sizable number of crypto CFDs.
Plus, like Deriv, Exness offers a low minimum initial deposit amount ($10).
Key Features of Exness
Unlimited Leverage
Exness offers unlimited leverage to experienced traders on the online trading platform. It isn’t available by default as it is not recommended for beginners. You need to be an experienced trader to use this feature.
Plus, the option for unlimited leverage will show in any qualifying trading account once a trader meets the criteria.
Financial instruments unavailable for unlimited leverage include:
- Exotic (currency pairs)
- Cryptocurrencies
- Commodities (Energies)
- Stocks
- Indices
- XPD (currency pairs)
- XPT (currency pairs)
Traders using unlimited leverage do not have stop-out protection to strike a balance between trader risks and benefits.
Exness Security
Exness is regulated in more than 4 regions by different regulatory bodies and it is independently audited by Deloitte.
Concerning account security, Exness sends verification codes to your registered phone number when you carry out transactions or make a request.
Exness also features regular account security measures such as password login and email authentication.
Exness Reserve Fees
Exness charges spread starting from 0.0 pips for professional trading accounts. For standard accounts, Exness charges spread from 0.3 pips.
In addition, Exness charges up to $3.5 commission on each side per lot for pro accounts as well.
Pros
- Unlimited leverage
- Low spreads
- Consistently audited
Cons
- High commissions
- Strict restrictions for accessing unlimited leverage
Review from Our team (Direct Feedback from Our Employee who Personally Uses Exness)
Exness is best for advanced traders and the trading platform offers ample selection of cryptocurrencies and stocks.
OQtima - Best Online Broker with Low Trading Fees and Large Selection of Tradable Instruments
OQtima is a user-friendly forex broker with a low barrier of entry and an ample selection of financial products.
It stands out for its low trading fees starting at 0.0 pips and fast execution speed.
The account minimum initial deposit for OQtimama is $20 and the maximum leverage of 1:500.
OQtima supports Forex, metals, oil, indices, stocks and crypto CFDs , and ETF trades. It offers several deposit and withdrawal methods including Bank Transfer, debit card, Netteler, Skrill, Wise, crypto, etc.
Key Features of OQtima
Demo Account
OQtima offers users 2 types of demo accounts Demo ECM+ and Demo One. Users can test their trading strategies on the demo accounts before trading in the platform.
The demo account simulates actual market movements which creates a realistic trading experience.
OQtima Security
OQtima is a regulated forex broker that complies with Anti-Money Laundering regulations.
It holds clients’ funds in segregated bank accounts and offers Negative Balance Protection.
OQtima conducts regular internal and external audits to ensure the protection of clients’ funds.
OQtima Fees
OQtima stands out for its low trading fees. Spreads start from 0.0 pips.
The platform does not charge any deposit or withdrawal fees.
Pros
- Over 1,000 tradable instruments
- Low spreads
- Low minimum initial deposit
Cons
- Limited educational tools
Review from Our team (Direct Feedback from Our Employee who Personally Uses OQtima)
Through my direct experience and analysis, I have determined that OQtima is arguably one of the top Forex and CFD providers in the industry. It offers an easy onboarding experience and exceptional retail CFD accounts.
Discover OQtima’s world-class trading environment in our exclusive review. Learn about its robust trading tools, low spreads, and unbeatable customer service.
OctaFX - Best Online Broker for Copy Trading in Nigeria
Founded in 2011, OctaFX is an online broker that is available in over 180 countries including Nigeria.
It supports the trading of Forex and crypto CFDs.
OctaFx is one of the top online brokers in Nigeria.
It stands out for its copy-trading features.
This makes it the perfect platform for beginners and intermediate traders looking for a user-friendly platform to make stock and ETF trades.
OctaFx supports several payment methods including Bank transfers, Skrill, Neteller, credit card, debit card, Bitcoin, etc. It also supports Dogecoin, Tether, Ethereum, etc.
OctaFx supports the deposit of any currency including the Nigerian Naira. Any deposited currency can be converted to USD.
The account minimum initial deposit for OctaFX is $25. The broker also offers an $8 welcome bonus and allows up to 1:500 maximum leverage.
While some advanced traders may find OctaFx basic, the platform offers a wide array of technical analysis tools and charting options.
Key Features of OctaFX
Copy Trading
With OctaFX copy/social trading, inexperienced traders (Copiers) can maximize profit by copying the trading strategies of experienced traders (Master Traders).
The copy trading feature is only available to verified OctaFX users with a funded wallet.
Copy trading is only available on MetaTrader 4.
An outstanding feature of OctaFX copy trading is that it allows copiers to choose the proportion they wish to copy the trade orders of the Master traders.
The copier’s leverage ratio can also be adjusted.
OctaFX Security
OctaFX is registered and licensed by the Cyprus Securities and Exchange Commission and is compliant with several international legislation and regulation standards.
The platform has several measures in place to ensure the security of user’s funds, this include negative balance protection, segregation of customer funds, email confirmation for withdrawals, etc.
OctaFX Fees
Unlike most brokers, OctaFX does not charge commissions on trades, it adds a markup to the spreads being charged. Deposits and withdrawals are also free.
That said, all OctaFX fees are charged via spreads on forex and crypto CFD instruments.
Pros
- Offers copy trading
- Offers a demo account
- Beginner-friendly
Cons
- Limited tradable assets
Review from Our team (Direct Feedback from Our Employee who Personally Uses OctaFX)
Based on my firsthand experience using OctaFX, I can confirm that the broker is one of the best for beginners in Nigeria. The platform has a user-friendly interface and good customer support.
To gain a deeper understanding of OctaFX’s features and how they can benefit your trading strategy, our OctaFX full review offers detailed insights. It covers everything from user interface to customer support, helping you make an informed decision.
FP Markets - Best Online Broker for Low Spreads and Zero Commissions
FP Markets is a major Forex and CFD provider in Nigeria that stands out for its zero commissions and low spreads (tight raw spreads from 0.0 pips).
FP Markets offers a vast selection of payment methods including Google Pay, Neteller, Skrill, Credit card, debit card, etc. It also supports several fiat currencies including the Nigerian Naira.
This forex broker supports 5 trading platforms: MetaTrader 4, MetaTrader 5, cTrader, Iress, and WebTrader.
Key Features of FP Markets
Forex Trading Calculator
The Forex trading calculator enables Forex traders to calculate the risks around their next trades before the trades are executed.
With the calculator, you can calculate important parameters of each trade including pip value, potential profit, contract size/ rade size, and required value.
FP Markets Security
FP Markets is regulated and has several security measures in place to ensure the security of user’s funds.
It offers Negative Balance Protection, segregates customer funds from company funds, and conducts regular audits.
FP Markets Fees
FP Markets charges zero commissions with fees included in spreads.
It offers a wide range of fees that vary based on which financial product is being traded.
That said, FP Markets charges platform fees.
This fee is determined by the trading platform you decide to use. MetaTrader 4, MetaTrader 5, and Iress Mobile platforms are free to use, but the Trader/ViewPoint trading platform costs $60 monthly.
Pros
- Low spreads and zero commissions
- Multiple payment methods
- Supports scalping and the use of Expert Advisors
Cons
- A limited number of cryptocurrencies
Review from Our team (Direct Feedback from Our Employee who Personally Uses FP Markets)
With my first-hand exploration of FP Markets, I discovered that FP Markets is best for advanced users. FP Markets offers a no-restriction trading system, which means you can use trading strategies that are prohibited on other platforms.
Pepperstone - Best Forex Broker in Nigeria for No Minimum Deposit
Pepperstone is one of the best online brokers.
It supports over 20 crypto CFDs and several payment and withdrawal methods.
Pepperstone does not have an account minimum deposit. Users can deposit any amount they wish.
Like all the Forex brokers on this list, Pepperstone supports several fiat currencies including Nigerian Naira. Nigerian traders can fund their accounts with different payment methods like PayPal, debit cards, and bank transfers.
With its trading services, FTX helps retail and institutional traders diversify their crypto trading portfolios. Multiple trading products are available on the platform. FTX services are specifically designed in a way to cater to the needs of professional traders in the market.
Key Features of Pepperstone
Active Trader Program
The Active Trader Program offers traders in Pepperstone Forex cash rebates based on their trading volumes and helps them save in trading commissions.
The rebates earned are dependent on the number of standard lots a trader trades each month.
Pepperstone pays forex rebates into the trader’s trading account the day after a position is closed.
Pepperstone Security
Pepperstone is an award-winning forex broker with licenses in several countries. It stores customers’ funds in a segregated account and conducts regular audits to ensure financial transparency.
Pepperstone Fees
Pepperstone charges up to 1 pip spread markup and $3.50 in commissions per 7-round USD turn.
Pros
- Large selection of trading instruments
- No account minimum deposit
- Beginner-friendly
Cons
- High spreads
Review from the Team (Direct Feedback from Our Employee who Personally Uses Pepperstone)
My first-hand experience with Pepperstone showed that it is best for beginners. It offers great pricing to high-volume traders on the Pepperstone Razor Account.
Our full review of Pepperstone discusses its approach to catering to traders at different experience levels. It highlights the platform’s blend of technology and personalized service, offering a clearer picture of what to expect.
IG - Best Forex Broker in Nigeria with Advanced Trading Indicators and Tools
Founded in 1974, IG Markets is one of the oldest online trading services.
It stands out for being credible and reputable and offers traders access to lots of trading indicators and tools.
IG supports over 85 fiat currencies including the Nigerian Naira.
It has an account minimum initial bonus of $50 for credit cards and debit cards and no account minimum initial deposit requirement for bank transfers.
Key Feature of IG
IG Charts
IG charts give users access to intuitive currency trading charts which feature customizable annotations, customizable indicators, and multiple timeframes in a single trading chart.
The trading charts offer several indicators and tools including Bollinger Bands, Ichimoku, RSI, etc.
IG Security
IG is licensed and regulated by several regulators. It holds clients’ funds in segregated accounts in several regulated banks.
Users’ accounts are also protected with several security features including touch ID authentication, two-factor authentication, and password protection.
IG Fees
When compared to other top brokers, IG charges high trading fees.
Spreads are 0.1 points on commodities, 0.6 points on key FX pairs, and 0.8 points on major indices.
Other fees charged by IG include Direct Market Access Charge, Inactivity fee, Overnight funding, Account documentation fee, Currency Conversion Charge, Overnight funding, and ProRealTime Charts fee.
Pros
- Credible and reputable
- Offers welcome bonus
- No minimum deposit for bank transfers
Cons
- High fees
- No copy trading
Review from the Team (Direct Feedback from Our Employee who Personally Uses IG)
Our extensive use of IG revealed that the platform is best for advanced Forex traders. It offers excellent customer support to users. That said IG has high fees when compared to other brokers.
Learn more about IG’s trading tools, educational resources, and customer service in our detailed review. It offers valuable insights into how this platform can suit traders of various skill levels.
XM Broker - Best Forex Broker For Quick Order Execution
Founded in 2009, XM is a reputable broker that stands out for its quick order executions. Another reason why we chose XM is its support for popular forex and CFD trading platforms MetaTrader 4 and 5.
XM Broker supports over 30 cryptocurrencies and several payment methods including credit cards debit cards, Skrill, Neteller, etc.
XM Broker has a low minimum initial deposit of $5 and a maximum leverage of 1000:1.
Key Features of XM
Demo Account
The XM demo account allows traders to test their trading strategies before trading in the live market.
XM offers free unlimited access to the demo account and allows users to keep their demo account parallel to the live trading account.
XM Security
XM is a licensed Securities Service Provider that holds customers’ funds in segregated bank accounts.
XM offers Negative Balance Protection and secures users’ accounts with various security features including two-factor authentication and password protection.
XM Fees
XM Broker charges variable spreads from 0 pips and commissions of $7 in a $100,000 round-turn trade.
It also charges rollover/ swap fees and account dormant fees.
Pros
- Fast order execution
- Low minimum initial deposit
- 50% welcome bonus
Cons
- Poor customer support
- System glitches
Review from the Team (Direct Feedback from Our Employee who Personally Uses XM)
I noticed that while XM stands out for its fast order executions, occasional glitches in the system can affect trades. XM also offers poor customer service.
Our full review of XM explores its lows and highs. It’s a helpful guide to have a better understanding of this platform.
XS Broker - Best Forex Broker In Nigeria For Easy Sign-Up
XS is a CFD trading and Forex trading provider that stands out for the ease of sign-up and transparent pricing.
XS offers over 100 instruments on MetaTrader 4 and MetaTrader 5. It also has a proprietary mobile app.
The minimum initial deposit for XS is $200.
Key Features of XS
XS Web Trader Platform
This is an advanced web trading platform that allows users to trade from any operating system.
No installation or download is required to use the XS Web Trader Platform.
It offers users access to several chart types, real-time quotes, and timeframes.
XS Security
XS is a regulated Forex broker with licenses in several countries.
It holds clients’ funds in segregated bank accounts and offers Negative Balance Protection.
XS has adheres to AML and KYC regulations to ensure that the platform is not used for unauthorized activities.
XS Fees
XS Broker charges a $6 commission per round lot turn and spreads from 0.0 pips. Furthermore, XS charges inactivity fees and swap/rollover charges.
Pros
- Easy sign-up
- It offers an advanced web platform
- Transparent pricing
Cons
- Limited features
- No educational resources
Review from the Team (Direct Feedback from Our Employee who Personally Uses XS)
My detailed use of the XS platform showed me that it does offer proper trading tools, but on the negative side, there is little information about the broker online.
BDSwiss - Best Forex Broker For Corporate Accounts In Nigeria
BDSwiss made it to our list of the best online brokers in Nigeria for offering corporate accounts that cater to legally registered corporations. It is best for businesses and organizations interested in Forex, metals, oil, indices, stocks, and ETF trades.
BDSwiss offers industry average spreads and supports the trading of over 26 crypto CFDs including major cryptocurrency pairs like Bitcoin Cash and Ripple for CFD trading.
The minimum initial deposit for BDSwiss is $100 while the maximum leverage is 1:1000.
Key Features of BDSwiss
BDSwiss Corporate Accounts
BDSwiss Corporate Accounts are for corporations that wish to trade on BDSwiss.
The accounts give businesses access to over 240 underlying instruments and optimized liquidity.
BDSwiss Security
BDSwiss is a regulated CFD broker that complies with statutory security standards. To become an account holder on the platform, you must complete the KYC process by providing all required documents.
Like most brokers on this list, BDSwiss offers Negative Balance Protection.
BDSwiss Fees
BDSwiss charges up to 72.9 in crypto CFD spreads.
It also charges currency conversion fees, Overnight fees, and inactivity fees.
Pros
- Industry average spreads
- High maximum leverage
- Well regulated
Cons
- It charges overnight and inactivity fees
Review from the Team (Direct Feedback from Our Employee who Personally Uses BDSwiss)
My personal use of the BDSwiss platform shows that the Forex broker is best for both individual and corporate customers. It has an intuitive user interface and a mobile that allows you to trade on the go.
Deriv - Best Trading Platform in Nigeria for Low Initial Deposit
Founded in 1999 and headquartered in Birkirkara, Malta, Deriv is one of the leading brokers in Nigeria, with over 2.5 million customers.
As with most online trading platforms on this list, Deriv offers cryptocurrency CFDs and other derivatives in Forex, stocks, and ETFs trades, indices, and commodities.
However, it made it to our list of the top 10 best online trading platforms for its low initial minimum deposit and ample selection of payment methods.
Deriv just requires a $5 initial deposit making it simple for beginners to get started.
Key Features of Deriv
Deriv Trading Bot (DBot)
The Deriv Trading Bot is a tool from the online trading platform that allows both beginners and advanced traders to automate their crypto, stock and ETFs trades, etc. without coding.
Deriv trading bot or DBot comes with 3 prebuilt trading strategies. You can also trade over 50 crypto assets.
Deriv Security
Deriv is regulated by the Malta Financial Services Authority, the Vanuatu Financial Services Commission, the British Virgin Islands Financial Services Commission, and the Labuan Financial Services Authority.
In addition, Deriv holds users’ assets in secure financial institutions and does not use customer funds for business.
Deriv Fees
Deriv charges different fees depending on the financial instrument you want to trade. However, its spreads start from 0.1 pips and it doesn’t charge commissions.
Pros
- Low minimum initial deposit
- Large selection of payment methods
- Supports automated trading
Cons
- Low selection of cryptocurrencies
Review from the Team (Direct Feedback from Our Employee who Personally Uses Deriv)
My experience with this online trading platform revealed that Deriv offers great customer support. I think it is best for beginners and has a user-friendly user interface that's seamless to navigate.
| TRADING APP | MIN. INITIAL DEPOSIT | MAXIMUM LEVERAGE | PROMOTION | TRADING FEES | CRYPTOS AVAILABLE | TRADING PLATFORMS |
|---|---|---|---|---|---|---|
| Exness | $10 | 1:unlimited | Occasional deposit bonus | Spread from 0.0 for pro accounts and 0.3 pips for standard accounts, up to $3.50 commission each side per lot for pro accounts | 26+ | Exness Trade app, Exness Terminal, Multiterminal, Web Terminal, MetaTrader 4 and 5 |
| OQtima | $20 | 1:500 | N/A | Spread from 0.0 pips, commission of $3.5 Per Lot Traded ($7 Round Turn), Swap rollover fees | 40+ | WebTrader, cTrader, MetaTrader 4 and 5 (depends on location) |
| OctaFX | $25 | 1:500 | $8 welcome bonus | Up to 140.0 in stocks spread, up to 12.0 in crypto CFD trading, Commissions are included as spread markups | 30 | MetaTrader 4, MetaTrader 5, and OctaTrader |
| FP Markets | $100 | 1:500 | $30 welcome bonus | 0 commissions with fees included in spreads, $60 platform fees | 4+ | MetaTrader, MetaTrader 5, Iress Mobile, Iress TradingView |
| Pepperstone | N/A | 1:500 | Referral bonus ($100) | Up to 1 pip spread markup, $3.50 in commissions per 7 round USD turn | 20+ | MetaTrader 4, MetaTrader 5, cTrader, and TradingView |
| IG | $50 for credit card or debit card deposit and no minimum initial deposit for bank transfer | 1:200 | Welcome bonus | Overnight funding, Inactivity fee, ProRealTime Charts fee, Account documentation fee, currency conversion charge, Spreads (0.6 points on key FX pairs, 0.8 points on major indices, and 0.1 points on commodities), and Direct Market Access Charge | 11 | IG Online Platform, IG mobile Trading App, MetaTrader 4, ProRealTime |
| XM | $5 | 1:1000 | 50% deposit bonus | Variable spreads from 0 pips and commissions of USD 7 on $100,000, Rollover/swap fee, account dormant fee | 30+ | MetaTrader 4, MetaTrader 5, and WebTrader |
| XS | $200 | 1:500 | N/A | Spread from 0.0 pips, inactivity fees, $6 commission per round lot turn, swap/rollover charges | 9+ | MetaTrader 4, MetaTrader 5, XS Web Trader |
| BDSwiss | $100 | 1:1000 | 30% deposit bonus | Up to 72.9 in cryptocurrency CFD spreads, overnight charges, currency conversion, inactivity fee | 26 | MetaTrader 4, MetaTrader 5, BDSwiss mobile, and WebTrader |
| Deriv | $5 | 1:1000 | N/A | Commission-free trading with spreads starting from 0.1 pips | 6 | Deriv Go, Deriv MetaTrader 5, Deriv Trader, Deriv X, Deriv Ez |
What is an Online Brokerage Account and How Does It Work?
An online brokerage is a web-based company that allows you to buy and sell investments via the broker’s website.
It works by allowing users to trade assets via financial instruments like ETFs, stocks, indices, etc.
Which is the Best Online Broker to Trade with Naira?
Exness is the best online broker to trade with in naira. The broker supports local deposit methods. The low initial minimum deposit is another reason why we believe it is the best option.
What to Consider when Choosing an Online Broker?
Before choosing an online broker you need to consider the following:
- Trading fees (commissions and spreads)
- Account types available (ECN, professional, standard)
- Platforms supported
- Maximum leverage
- Initial deposit
What is the Difference between Trading and Investing?
Trading involves buying and selling supported assets like cryptocurrencies, stocks, ETFs, etc. for short-term profit. Investing, on the other hand, focuses on long-term profits when buying or selling an asset.
Final Thoughts
Concluding our exploration of Nigeria’s best online brokers, it’s clear that the landscape offers a diverse array of options tailored to meet the varied needs of traders and investors alike. Each platform we’ve discussed brings its unique strengths to the table, from advanced trading tools to user-friendly interfaces. As you consider embarking on or enhancing your trading journey, remember that the right broker can significantly impact your trading success.
For those also interested in trading on the go, we’ve compiled a separate guide highlighting the best trading apps in Nigeria, ensuring you have the tools to make informed decisions whether at your desk or on the move. Choosing the ideal broker is a crucial step towards achieving your investment objectives, and we hope our insights assist you in navigating this important decision.
FAQ
Most frequent questions and answers
OQtima and Exness offer the lowest trading fees with spreads starting from 0.0 pips for certain trading accounts.
Exness is the largest broker in the world with a monthly trading volume of $4 trillion and a customer base of more than 600,000 traders.
The best trading platform for you depends on your individual needs. If you’re looking for low trading fees, for example, OQtima is the best trading platform.
You can open an online brokerage account for as low as $1.
Mutual funds are financial vehicle that pools assets from shareholders to invest in securities like stocks, bonds, money market instruments, and other assets. Mutual funds make money by investing in securities on your behalf.
Mutual funds are not traded freely on the open market as stocks and ETFs are. You can purchase Mutual funds directly from the financial company that manages the fund. You can also buy Mutual Funds through any online discount brokerage or a full-service broker. Mutual funds are priced at the end of each trading day based on their net asset value, or NAV.
TD Ameritrade has been acquired by Charles Schwab.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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