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Top 10 Trading Platforms & Online Brokers in Nigeria

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Exness Logo - 134x75

Best Overall

$ Sign Up Bonus

T&Cs apply

OQtima Logo - 134x75

Best for Tight Spread

$ Sign Up Bonus

T&Cs apply

OctaFX Logo 134x75

Best for Copy Trading

$8 Sign Up Bonus

T&Cs apply

FP Markets Logo - 134x75

Best for Low Fees

$30 Sign Up Bonus

T&Cs apply

Pepperstone Logo - 134x75

Best for Beginners

$ Sign Up Bonus

T&Cs apply

IG Logo - 134x75

Best for Trading Tools

$ Sign Up Bonus

T&Cs apply

XM Logo 134x75

Best for Order Execution

50% Deposit Bonus

T&Cs apply

XS Logo 134x75

Best for Easy Start

$ Sign Up Bonus

T&Cs apply

BDSwiss Logo 134x75

Best for Corporate Accounts

30% Deposit Bonus

T&Cs apply

Deriv Logo 134x75

Best for Low Initial Deposit

$ Sign Up Bonus

T&Cs apply

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.

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    Exness - Top Trading Platform and Online Broker in Nigeria for Unlimited Leverage

    Exness Home Page

    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.



    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 Home Page

    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. 



    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

    OctaFx Home Page

    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. 



    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 Home Page

    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.



    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 Home Page

    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.



    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

    IG Home Page

    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.



    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

    XM Home Page

    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.



    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 Home Page

    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.



    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 Home Page

    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.



    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

    Derov Home Page

    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.



    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.

    Top 10 Trading Platforms in Nigeria Comparison Table

    Exness$101:unlimitedOccasional deposit bonusSpread from 0.0 for pro accounts and 0.3 pips for standard accounts, up to $3.50 commission each side per lot for pro accounts26+Exness Trade app, Exness Terminal, Multiterminal, Web Terminal, MetaTrader 4 and 5
    OQtima$201:500N/ASpread from 0.0 pips, commission of $3.5 Per Lot Traded ($7 Round Turn), Swap rollover fees40+WebTrader, cTrader, MetaTrader 4 and 5 (depends on location)
    OctaFX$251:500$8 welcome bonusUp to 140.0 in stocks spread, up to 12.0 in crypto CFD trading, Commissions are included as spread markups30MetaTrader 4, MetaTrader 5, and OctaTrader
    FP Markets$1001:500$30 welcome bonus0 commissions with fees included in spreads, $60 platform fees4+MetaTrader, MetaTrader 5, Iress Mobile, Iress TradingView
    PepperstoneN/A1:500Referral bonus ($100)Up to 1 pip spread markup, $3.50 in commissions per 7 round USD turn20+MetaTrader 4, MetaTrader 5, cTrader, and TradingView
    IG$50 for credit card or debit card deposit and no minimum initial deposit for bank transfer1:200Welcome bonusOvernight 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 Charge11IG Online Platform, IG mobile Trading App, MetaTrader 4, ProRealTime
    XM$51:100050% deposit bonusVariable spreads from 0 pips and commissions of USD 7 on $100,000, Rollover/swap fee, account dormant fee30+MetaTrader 4, MetaTrader 5, and WebTrader
    XS$2001:500N/ASpread from 0.0 pips, inactivity fees, $6 commission per round lot turn, swap/rollover charges9+MetaTrader 4, MetaTrader 5, XS Web Trader
    BDSwiss$1001:100030% deposit bonusUp to 72.9 in cryptocurrency CFD spreads, overnight charges, currency conversion, inactivity fee26MetaTrader 4, MetaTrader 5, BDSwiss mobile, and WebTrader
    Deriv$51:1000N/ACommission-free trading with spreads starting from 0.1 pips6Deriv 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.


    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.

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