Best Trading Platform in Nigeria - Cheapest Platform Revealed 2023 - Trading Platforms Nigeria (2023)

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5. Skilling – Best Broker in Nigeria for Mobile Trading

Skilling is an online CFD and forex trading platform that is very popular in Nigeria. In particular, this top-rated broker offers one of the best mobile trading apps that we have come across. Available on both iOS and Android - Skilling makes the process of buying and selling CFD instruments on the move a seamless one.

The Skilling trading app gives you access to 800 highly liquid markets. This includes hundreds of shares - most of which are listed on the NYSE and NASDAQ. You can also access energy markets on oil and natural gas, hard metals, forex, and indices. Each and every financial market offered by Skilling can be traded commission-free and with super-tight spreads. In fact, this starts at just 0.1 pips - which is industry-leading.

Although many traders in Nigeria opt to use the Skilling mobile app - the broker also offers support for third-party platforms. This includes MT4 and cTrader. Both of these platforms allow you to deploy forex EAs and robots - so Skilling is also suitable if you're looking to incorporated an automated trading strategy. We should also note that Skilling offers high levels of leverage. Depending on your account type and the respective asset class - this goes as high as 1:500.

This means that for every $100 you stake - you could have access to up to $50,000 in trading capital. When it comes to safety, although Skilling was launched as recently as 2019, the platform is authorized and regulated by European regulator CySEC - so you will benefit from a range of water-tight investor protections. Getting started at Skilling takes minutes and you can easily deposit funds with a debit/credit card, e-wallet, or bank wire. The minimum deposit is $100.

Your capital is at risk when trading CFDs with this provider.

6. IG – Best Trading Platform in Nigeria for Forex

If you are looking to access the multi-trillion-dollar forex trading scene from the comfort of your home - it's well worth considering IG. This top-rated broker - which was first launched in 1974 and is now a publicly-listed company - gives you access to over 80 currency pairs. Naturally, this is inclusive of all major and minor currency pairs and a huge selection of exotics, too.

When trading forex with this provider, you will have two account types to choose from. If you are a casual trader then you will be best suited for the CFD account. This allows you to trade with small stakes and you won't pay any trading commissions to enter or exit your chosen market. Instead, all fees are built into the spread. The spreads offered by IG are really competitive - even on the standard CFD account.

For example, the minimum spread on EUR/USD and AUD/USD is just 0.6 pips, while USD/JPY starts at 0.7 pips. GBP/USD and EUR/GBP can be traded at a minimum of just 0.9 pips. If you are a professional trader you might prefer to open a DMA (Direct Market Account) with IG. This will allow you to trade with other market participants on a peer-to-peer basis - meaning you will get the best spread available.

When it comes to margin trading, IG offers leverage of up to 1:30 on major currency pairs and 1:20 on minors and exotics. If, however, you are a professional client and open a forex DMA account - you'll be offered leverage levels at a significantly higher amount. Nevertheless, irrespective of whether you are a professional or retail client - IG also offers markets on stocks, ETFs, commodities, cryptocurrencies, indices, bonds, interest rates, and more.

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7. Pepperstone - Best Broker in Nigeria for Raw Spread Accounts

Raw spread accounts are super popular with those that wish to trade directly with other market participants. In a similar nature to the previously discussed DMA account at IG, Pepperstone's Razor Account will get you access to the best spreads available in the market. In fact, on major markets like forex - you will often have the luxury of paying no spreads.

Instead, Pepperstone will charge you a small commission of $3.50. This makes the broker ideal for those that seek to trade larger volumes. You should also expect super-fast execution times at this broker - with Pepperstone averaging just 30 ms (Milliseconds) per position. This is because the provider uses multiple Tier 1 banks for liquidity purposes. We should note that Pepperstone is also suitable for casual traders.

This is because it offers a Standard Account that comes with commission-free trading. This will, however, attract higher spreads (starting from 1 pip). Either way, you will have access to 180 liquid marketplaces at Pepperstone. This covers a great variety of stocks, indices, currencies, hard metals, and energies. When it comes to trading platforms, Pepperstone is compatible with cTrader, MT4, and MT5. Once again, these platforms are great for experienced pros and those looking to deploy a robot.

Although Pepperstone is arguably more geared towards professional traders - the platform does not have a minimum deposit policy in place. This means that you can trade with any amount that you like. Plus, Pepperstone also offers demo trading facilities. All you need to do to gain access is open an account with Pepperstone and then log into your chosen third-party trading platform. Finally, Pepperstone is heavily regulated - which includes a license with the FCA.

71% of retail investors lose money trading CFDs at this site

8. FXCM – Best Trading Platform in Nigeria for Education and Market Insights

Launched in 1999, FXCM is a trusted online broker that covers forex and CFD trading services. Regarding the latter, this is inclusive of stocks, hard metals, energies, cryptocurrencies, and indices. What we really like about FXCM is that it offers a huge suite of educational and research tools.

For example, there are extensive guides on how to become a better trader, explainers on leverage and margin, and even step-by-step videos.FXCM is also strong when it comes to market insights. For example, there is information on forex indicators, monetary policy and supply, currencies unions, and OPEC. All in all, FXCM is a great choice if you want to trade and learn at the same time. When it comes to the fundamentals, FXCM allows you to trade on a commission-free basis.

On most of its supported markets, you will find that spreads are tight during standard market hours. FXCM is also popular with traders in Nigeria as it offers high leverage limits. The platform notes that all new account holders are offered leverage of up to 1:400 by default on forex and 1:200 on CFDs. When it comes to supported trading platforms - this is where FXCM really stands out. For example, the provider is compatible with MT4, NinjaTrader, ZuluTrade, and TradingView.

Alternatively, FXCM also offers its own proprietary trading platform. In what it calls 'Trading Station' - this comes packed with advanced tools, technical indicators, market insights, and more. Trading Station is available online or via the FXCM app - which is compatible with iOS and Android devices. If you like the sound of FXCM, the minimum deposit is a very reasonable $50. The broker supports debit/credit card payments, Skrill, Neteller, and bank account transfers.

71% of retail investors lose money trading CFDs at this site

9. Saxo Bank – Best Trading Platform in Nigeria for Asset Diversity

If you are the type of investor or trader that seeks access to thousands of markets via a single platform - look no further than Saxo Bank. This popular online brokerage firm offers access to no less than 40,000 financial instruments. This covers a great blend between CFD markets and traditional investment products - making Saxo Bank ideal for both short-term and long-term traders.

Regarding the latter, this is inclusive of over 19,000 shares from 37 global stock exchanges. Saxo Bank charges just $3 when buying US shares and £5 on UK stocks. Other exchanges come with various commission rates. If you're seeking fixed-income products - Saxo Bond offers over 5,000 bond instruments. This covers both government and corporate bonds from a variety of markets - including Europe, the US, Asia, Africa, and more.

Other traditional investment products include ETFs, index funds, and fully managed portfolios. At the other end of the spectrum, short-term day traders will also have access to thousands of markets. This includes everything from stock CFDs, precious metals, and oil to forex, interest rates, and indices. Although trading fees will vary depending on what marketplace you wish to access - this is generally very competitive at Saxo Bank.

Saxo Bank offers one of the best proprietary trading platforms in the market. This consists of SaxoTraderGO and SaxoTraderPRO. Both come with heaps of technical indicators, charting tools, and other advanced features. If you prefer to use MT4 - this is also supported. MultiCharts and TradingView can also be linked up with your Saxo Bank account. Perhaps the main drawback with Saxo Bank is that the minimum deposit is £500 (about $700).

62% of retail investors lose money trading CFDs at this site

How to Choose the Best Trading Platform in Nigeria for You

This page has reviewed 10 of the best trading platforms Nigeria to consider in 2023. If you read through all of our reviews - you will now know that no two trading platforms are the same. As such, in finding the best trading platform in Nigeria for your needs - you need to do some research of your own.

To help you fast-track the process - below we discuss the most important considerations to make in your search for the best trading platform in Nigeria.

Regulation

Put simply, the biggest mistake that you can make is choosing a Nigerian brokerage site that is not regulated. In fact, we would go further by adding that the platform should be regulated by a reputable licensing body that has a solid reputation in the trading scene. This is why the best brokers in Nigeria are regulated by top-tier bodies located overseas.

For example, the providers discussed on this page are typically regulated by the likes of the:

• Financial Conduct Authority (FCA)
• Cyprus Securities and Exchange Commission (CySEC)
• Australian Securities and Investments Commission (ASIC)

The best trading platform in Nigeria that we came across - eToro, is regulated by all three of the aforementioned financial bodies. Ultimately, this ensures that you are able to trade in a safe and secure environment and that your capital is protected at all times.

Assets

There are tens of thousands of financial markets active in the investment arena. This can generally be broken down into short-term markets - such as forex and CFDs, and long-term investment products - like stocks, ETFs, or index funds. Irrespective of which financial instrument interests you - make sure that your chosen broker offers it.

This is once again why we think that eToro is the best trading platform in Nigeria - as the broker offers thousands of short-term and long-term markets. Regarding the former, this is inclusive of forex, commodities, indices, and cryptocurrencies. If you are a long-term investor - eToro covers 2,400+ stocks, 250+ ETFs, and 16 digital coins.

Fees

Fees will vary considerably from broker to broker and market to market. It is imperative that you know what fees you will need to pay before signing up to a trading platform - as this will directly eat into your profits.

Below we discuss the main trading fees that you need to look out for in your search for the best broker in Nigeria.

Commissions

Perhaps the most important fee that you need to assess is the commission on each position that you enter. For example, some brokers in Nigeria charge a variable commission - such as 0.1%. In this instance, you would pay 0.1% to enter the market and another 0.1% when you close the position.

eToro, on the other hand, doesn't charge any trading commissions - as all fees are built into the spread. This is also the case with AvaTrade, Libertex.

Spreads

Other than Libertex - all brokers in Nigeria charge a spread. This is the difference between the buy and sell price of the market that you wish to trade.

• For example, let's say that you are trading EUR/USD
• The buy price on the market is 1.1780
• The sell price on the market is 1.1782
• This means that the spread on EUR/USD is 2 pips

If you're an experienced forex trader - then you will know that a spread of 2 pips on EUR/USD is costly. At trading platforms like eToro, Libertex - the spread on major pairs rarely exceeds 1 pip.

FX Fees

Don't forget that the best brokers in Nigeria are located overseas and thus - there is every likelihood that you will need to pay an FX fee when you make a deposit. At eToro, this will cost you just 0.5% - which is very competitive. After all, many brokers in this industry charge in excesses of 1% when payment methods are denominated in Nigerian naira.

Trading Tools & Features

In our search for the best trading platforms Nigeria for 2023 - we came across some very notable features that you might be interested in. For example, eToro offers a Copy Trading tool - which essentially allows you to buy and sell assets in a 100% passive manner.

This is because once you select an experienced trader that you wish to copy - all ongoing positions that they enter will be reflected in your own eToro account. There are thousands of successful traders at eToro that you can copy - and the feature attracts no additional fees.

If you are more interested in trading yourself - then you will need to ensure that your chosen platform offers an abundance of technical indicators, chart drawing tools, and market insights. The latter should include access to real-time data feed and financial news.

User Experience

You will be trading with real money at your chosen broker - so you'll want to ensure that the platform offers a great user experience. For example, you should assess how seamless it is to open an account and deposit funds, search for your preferred financial markets, understand the fee structure, and of course - enter and exit positions.

Most of the best trading platforms in Nigeria that we discussed today allow you to search for an asset with ease. You can then set up a buy or sell order at the click of a button - alongside risk-management tools like stop-losses and take-profits. The user experience should also extend to the provider's mobile app - if one is offered.

Demo Account

Regardless of whether you are an experienced pro or a complete trading novice - you should choose a platform that offers a free demo account feature. This should mirror live market conditions and not require you to make a deposit. Instead, platforms like eToro give you access to $100k in paper funds as soon as you register.

This is ideal for beginners - as you can practice trade before risking your own capital. The demo account feature at eToro is also great for seasoned traders - as you have the opportunity to test out new investment strategies in a risk-free environment.

Mobile App

Most traders in Nigeria will use a desktop device when buying and selling assets online. This is because the process of performing technical and fundamental analysis is a lot more seamless on a bigger device.

• With that said, having access to a mobile trading app is crucial - as you will be able to enter and exit the market at any given time - irrespective of where you are.
• All of the best trading platforms in Nigeria discussed today offer a mobile app that is compatible with Android and iOS.
• Both your online and mobile accounts will be synced together - which ensures that you will never miss a trading opportunity again.

Plus, most account features will still be available at your fingertips - including the ability to deposit and withdraw funds, enter new positions, close outstanding trades, and perform research and analysis.

Payment Methods

Although the best brokers in Nigeria are headquartered overseas - you will still be able to deposit funds with your usual debit or credit card. This will be the case as long as it is backed by a major issuer - such as Visa, MasterCard, American Express, or Maestro.

With that said, the best trading platforms in Nigeria also support e-wallets. For example, eToro allows you to deposit and withdraw funds with Paypal, Skrill, and Neteller. All of the brokers discussed today also support traditional bank wire transfers - but this will often take a few days before the cash arrives in your trading account.

Customer Support

The best brokers in Nigeria offer an extensive FAQ/Help section - so you should be able to find the information you need without having to speak with a support agent. However, there might come a time where you need help in real-time, and thus - you'll need to speak to a member of the customer service team.

The trading platforms in Nigeria that we came across offer a live chat feature - which is ideal. We did, however, also come across several providers that only offer support via email. As such, be sure to check this before opening an account.

How to Start with the Best Trading Platform in Nigeria

Ready to start investing and trading online today but don't quite know where to start? If so, we are now going to walk you through the process of getting started with the best broker in Nigeria - eToro.

Step 1: Open an Account and Upload ID

Opening an account at eToro should take you no more than a few minutes. Simply visit the broker's website and click on the 'Join Now' button.

All you need to do is provide your personal information, alongside your email address and mobile number.

Step 2: Confirm Identity

All traders at eToro must verify their identity - as per anti-money laundering and KYC rules. Simply upload a copy of government-issued ID and proof of residency, such as a recently issued bank account statement.

Step 3: Deposit Funds

eToro supports a wide range of convenient payment methods - which is inclusive of debit/credit cards, e-wallets, and a bank wire. As soon as you make a deposit - the amount will be converted into US dollars at a competitive FX fee of 0.5%.

Step 4: Search for a Trading Market

You should now have an eToro account that is funded in US dollars. Now, it's just a case of finding the market you wish to trade and placing your first order.

If you know which market you wish to access - use the search box at the top of the page. As you can see from our example - we are looking to speculate on the future value of natural gas.

Step 5: Place a Trade

Now you need to set up a trading order. This will require you to select from a buy or sell position and enter your stake into the 'Amount' box.

Although not compulsory - you might also decide to apply leverage and deploy stop-loss and take-profit orders.

To execute you're trading position - click on the 'Set Order' button. And that's it - you've just placed your first commission-free trade at eToro!

Conclusion

There are dozens of trading platforms offering services to those based in Nigeria. As such, it's best that you spend some time researching the credentials of a broker before opening an account. In doing so, you can be sure that the provider is right for your trading goals.

If you're strapped for time and want to start buying and selling assets right now without paying any commission - we found that eToro is the best trading platform in Nigeria. You will be able to trade everything from stocks and forex to commodities and cryptocurrencies with ease - as the minimum stake size starts from just $25.

eToro - Best Trading Platform in Nigeria with 0% Commission

Your capital is at risk.

67% of retail investor accounts lose money when trading CFDs with this provider.

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