Best 7 Stockbrokers in Nigeria in 2025
Our top picks:
What Is a Stockbroker?
A stockbroker is a financial professional who works on a client’s behalf to buy and sell orders on the stock market.
Also known as investment advisors, stock broking firms in Nigeria manage these transactions while working for a brokerage or wealth-management firm. They typically work with wealthy people or institutions and are paid on a commission basis.
As technology and the internet have developed, Nigerian stockbrokers are providing online services sometimes referred to as discount brokers. This is an opportunity for a trader to access the markets to make their own trades, and brokers typically charge much less for this.
Some online brokers offer a similar level of advice and support that wealthy individuals get from their personal broker firms, but there is a premium charge for this.
In most cases, the wealthiest investors are more likely to stay with full-service brokerages who can advise, manage portfolios, and in some cases make trades completely independently on behalf of the client.
For the average person wanting to start trading stocks, one of the biggest barriers is getting access to the markets.
To buy and sell stocks, you need to be a member of the exchange or belong to a member firm (so, you would need to be a stockbroker or work through a stockbroker). This used to be very expensive and only cost-effective for the high-net-worth individual or company.
Via a simple online account, the discount brokers can offer fast, cheap access to the markets, making it more affordable for traders to buy and sell shares (even fractional ones).
Which Are the Best Stockbrokers in Nigeria?
There are hundreds of active online stockbrokers in Nigeria, so plenty of choice for both beginner and more experienced traders who want access to the Nigerian stock exchange.
Here are our top 7:
1. XTB
Pros
No minimum deposit
Fast account opening
Cons
NGN is not a base currency
XTB is a well-regulated online broker that operates globally, offering simple access to the markets to trade both forex and CFDs, including stock and commodity CFDs. It was established in 2002, with headquarters in London and Warsaw.
Opening an account with XTB is fast and easy, and there are no account fees or minimum deposit to contend with.
Beginners can get to grips with the markets easily thanks to the education on offer. There is a full Trading Academy course as well as live webinars and articles.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.
2. Capital.com
Pros
Lots of education including courses and a demo account
Excellent customer support through live chat, email, and phone
Cons
Only basic order types are supported
Capital.com was founded in 2016 and is a global CFD broker. Alongside CFDs and forex, traders can also access commission-free real stocks in the US and most of Europe, including the UK.
Account opening is completely online, and the minimum deposit to open an account will depend on how you are funding it. If you deposit using a credit card, debit card, or eWallet, the minimum deposit is $20, but if you use a bank account, it is $250.
Capital.com has a proprietary platform to access the markets, or you can choose to use the popular MetaTrader 4 platform.
3. AvaTrade
Pros
Low trading fees
Proprietary platform available, as well as MetaTrader 4 and MetaTrader 5
Cons
Minimum deposit is $100
Established in 2006, AvaTrade has a huge range of CFDs available for traders.
You can open an account almost instantly online, and there are no deposit or withdrawal fees. However, there is an inactivity fee which can be a problem for traders not trading regularly (usually less than monthly).
AvaTrade also offers social trading, so beginners can get a good idea of some trades to make. More experienced or professional traders can use the corporate account or a professional trading account with better leverage.
4. Tickmill
Benefits
Advanced Trading Toolkit available as a free add-on
Lots of education, including webinars and articles as well as a demo account
Drawbacks
Only five base currencies and NGN is not one of them
Although the minimum deposit is $100, the other costs associated with trading at Tickmill are relatively low.
Tickmill was established in 2014, offering access to the global forex and CFD markets.
Experts give trading advice as part of the research and analysis on offer at Tickmill, and traders can access MetaTrader 4 through a desktop or web app, as well as a well-designed mobile application.
5. Pepperstone
Pros
Lots of research and analytical tools for the experienced trader
Education includes trading guides, webinars and educational videos
Cons
Trading styles offered are aimed more at traders who want to focus on currency
Pepperstone was established in 2010, and it is a well-regulated, trusted broker for trading forex or CFDs.
Pepperstone offers more options for experienced traders, including a Razor account with tighter spreads and an Active Trader scheme that offers rebates based on the number of trades made monthly.
There are no account, deposit or withdrawal fees, and although NGN is not a base currency, there are nine other currencies to choose from. You can deposit through bank transfer, credit card, debit card or an eWallet.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.6% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
6. Switch Markets
Pros
New traders can have a 100% deposit bonus
Lots of research and analysis resources available
The Cheat Sheet Library is a great educational resource
Cons
NGN is not a base currency
Withdrawals carry a 2% charge
This relatively new broker was only established in 2019, so is not as well regulated as some of the older options – but there are still a lot of positives.
The Switch Markets proprietary platform is simple and easy to use, especially the mobile app, and there are multiple deposit and withdrawal options.
Switch Markets is a great option for traders who want to use expert advisors, and it offers traders access to a free virtual private server (VPS) to run their robots on.
Risk warning: Trading OTC derivatives is risky; please read our PDS and disclaimer before trading with us. We encourage you to seek your own independent advice and to consider your own financial situation, needs and objectives prior to making any decisions.
7. Saxo Bank
Pros
Lots of trading instruments available
It’s possible to have several accounts using one of the 26 available base currencies
Lots of order types available
Drawbacks
Minimum deposit is $500
Fees are complicated and include a custody fee for stocks and bonds
Saxo Bank earns a place on this list because of its excellent discount broker offering, but it started as a Danish investment bank in 1992.
Its online trading style is designed for the experienced trader, and it offers a brilliantly thought-out trading platform available on the web, as a desktop app and via mobile.
Saxo Bank offers one of the biggest ranges of trading instruments, including stocks, bonds, ETFs, CFDs, forex, options and futures, as well as commodities. Traders can make decisions based on detailed analysis and fundamental data.
How to Choose a Stockbroker
Whether you are a high-net-worth investor or a beginner trader looking to build an investment portfolio, finding the right stockbroker is essential to your success. There are many considerations before making a decision that suits you best.
Let’s take a look at some of these.
Your Investment Goals
Firstly, consider your trading goals. Are you looking to create a long-term investment portfolio to support your retirement plans, or do you want to be a day trader and make quick orders on the forex market?
Some brokers cover a wide range of trading instruments, which allows for excellent diversification of your portfolio and the opportunity to trade in new ways. Others have more focus on a particular set of trading instruments with focused trading styles.
The broker you choose, whether a physical brokerage firm or an online discount broker, should match your needs and the way you want to trade to reach your investment goals.
Costs
Online discount brokers remove many of the financial barriers that you would otherwise face getting access to the market, but there are still fees involved that you need to be aware of.
High-net-worth investors get value for money because they pay extra for a stockbroker’s expertise, whether receiving advice about what to invest in, or having the stockbroker manage their portfolio and make trades on their behalf.
In most cases, you get what you pay for – in terms of service, at least. Some of the fees to be aware of when looking at a discount broker include:
Account fees like inactivity fees, monthly management costs or custody fees
Deposit or withdrawal fees
Trading fees (usually built into the spread, but sometimes charged as a separate commission)
When comparing brokers, costs should be a consideration, but try not to immediately go for the cheapest option as they might not be able to match your needs.
Extra Services on Offer
Online brokers offer access to the markets at a cheaper rate than a physical brokerage firm, but that doesn’t mean there are no extra services available.
Some brokers will offer different account types to suit different types of investors; usually a standard account (suitable for most traders) and a commission-based account (aimed at more experienced or professional traders).
Brokers might offer a demo account so you can practice trading on the platform or try out a new trading method. They might also allow you to copy trades made by successful professionals with a social trading option, and they may have their own trading platform with exclusive pricing.
Look out for expert advice, webinars and opportunities for discussion with other users, which can be especially helpful for a beginner.
Minimum Deposit
This is another important consideration. Unless you are opening an account with a hefty sum, you will want to know what the minimum deposit is – and this can vary widely.
Physical stockbrokers usually look for a high initial investment, which allows for instant diversification of funds and a wider portfolio, but most traders using a discount broker won’t have access to that amount of money to start with.
Look for brokers that allow you to open an account with no minimum deposit. As a beginner, this allows you to get started with the demo account to understand how the market and the trading platform work before you start investing real money.
If you are more confident about the trades you want to make, just look for an affordable option for an initial deposit.
Reputation
Reputation is everything when it comes to investing. You are entrusting your money to the broker, and you want to make sure it is safe. You’ll want to find the best stockbroker platform in Nigeria.
Brokers should be regulated, and there are several regulatory bodies that are considered top-tier, including the FCA in the UK and ASIC in Australia. Brokers will display their regulatory status on their website, usually in the footer, so you can check that they are adhering to the strict rules and regulations regarding your investments.
Another aspect to check are customer reviews of a broker. Don’t rely on the ones on their websites, though, as they will only show the positive ones. A quick Google search will help you find independent descriptions of aspects like their customer service and how user-friendly the platform is.
Ease of Use
Getting to grips with a platform can be tricky, so look for an interface that is intuitive, smooth and designed to be simple.
This is important for beginners, of course, but even experienced traders will want to make their buy and sell orders without having to navigate a confusing platform.
The brokers that offer access to the MetaTrader suite will have the benefit of familiarity on their side; MetaTrader is the same whichever broker you use. However, if they have a proprietary platform, some sort of tutorial should be available so you can navigate it properly.
Research and Education
This is an important feature of any broker, whether physical brokerage services or an online discount broker.
Traders should feel comfortable and confident about their trades, and this comes from knowledge and familiarity. Physical brokerage services provide this knowledge through personal advice, but a discount broker needs to give traders the tools to do their own research and due diligence.
Research can include offerings like fundamental and analytical data about assets and companies, as well as news feeds, economic calendars and charting.
For the beginner trader, confidence in trading comes from education, and the more educational resources that a broker has, the better.
Some brokers provide complete trading courses, while others might only offer a glossary and some basic videos. However, most brokers provide webinars, articles and workbooks.
Promotions and Bonuses
Brokers want you to sign up for a trading account with them, so they tend to offer promotions or bonuses for new customers.
This might be related to the amount you initially deposit, or a special offer for a limited time for discounted commissions.
Don’t be swayed by the offers alone, but keep an eye out in case you can make more of your account with a particular broker.
Why You Want to Invest
What you are investing for is important when it comes to finding the right broker for you.
There are many investment profiles available, but most people invest for the following reasons:
Retirement – Using long-term investment strategies for retirement funds is a popular reason that people start building a portfolio, and this can be achieved by using a discount broker or going to a brokerage that will manage a retirement fund for you
Future plans – Some people use their investments to save for something in the future, like a child going to college
Fun – Trading can be fun and exciting, and for some people, an investment portfolio is nothing more than a way to learn something new, with the possibility of making a profit
Biggest Mistakes in Investing and How to Avoid Them
Not Investing in the First Place
If you don’t invest your money, you might lose out on the opportunity to make more.
Investors can earn more on their funds through long-term investing than they would by placing their money into a savings account, even with a decent interest rate. Ten-year returns on investments tend to hover around the 10% mark, which is considerably more than most savings accounts.
However, there is always risk involved in investing, so do plenty of research and due diligence before you make any decisions.
Not Understanding Your Investments
New traders tend to gravitate toward the latest ‘hot’ business or trend when they start out, but failing to do due diligence and really understand the different businesses in which they are investing can lead to problems.
If you lack the knowledge of a business that would help you understand its financial viability, you risk making poor investment decisions. This can be mitigated using your online broker’s research tools or by seeking proper financial advice from a physical stockbroker.
Not Having a Long-Term Plan
Impatience is not a great trait when it comes to buying stocks – returns tend to be better over the long term, and traders cashing out when they notice their stock dropping hugely will miss out when it bounces back again.
By waiting it out with a long-term plan, short-term negative returns are often balanced out.
Allowing Your Emotions to Make Decisions
Fear and greed are two emotions that can be devastating to an investment portfolio, so traders must maintain emotional distance.
It is extremely hard not to get emotionally attached to a specific business, whether because the business means something specific to you or because the market performance has netted you some good results. Similarly, becoming disillusioned with a company because its stock prices have dropped is also difficult to avoid.
Fear of losing money (or greed because you are making a profit and want to make more) can affect your trading decisions. This can lead to making the wrong call and sticking with the wrong stock or panic selling.
Lack of Diversification of Investments
Whether you are investing $20 or $200,000, putting all your eggs in one basket has the biggest potential for making a loss.
The importance of a diversified portfolio is that if one stock is underperforming, you have a better chance of still making a profit from the other stocks or trading instruments you have invested in.
Try and have stocks in different industries, or in several companies in one industry. It is also a good idea to have different asset classes in your portfolio – for example, even if stock prices are struggling, commodities like gold tend to do well.
Learning From the Wrong Sources
Everywhere you look on the internet, there are so-called experts offering stock tips. However, it is important to remember they might not have the knowledge and experience that they claim, let alone some sort of specialist insider information. Even well-trained professional stockbrokers sometimes get it wrong!
If you are looking for advice and guidance, check that a broker is from trained financial advisors or government sources. Stay away from those who charge an eye-watering amount for guaranteed returns – that is a definite red flag for bad investment advice.
Do your own research and due diligence, and make sure that you really understand the industries and companies you are investing in.
Trying to Time the Market
Timing the market to make trades when they will be most profitable can have devastating effects on your portfolio.
Trying to react to the market using predictive methods is difficult even for professional investors, so for the average trader, it can be a tough way to trade. Used mostly in short-term trading as a day-trading strategy, it can work with algorithmic trading (like a forex robot or expert advisor).
Investing Money You Can’t Afford to Lose
Investing should be a considered dispersal of funds. If your trading is taking over your budget and you are buying stocks with the money you should be spending on your rent or other bills, then you are making a mistake.
Investing too much money will make you more emotional as an investor, and it will raise your stress levels and could make you ill.
You should be able to deal with the risk that you could lose all the money you have invested, which is why you should never use money you cannot afford to throw away.
Fun Investments
While you might be a serious investor with a well-thought-out and planned diversified portfolio, having some funds aside for ‘fun’ investments can be a good idea.
Fun investments might include supporting a company that means a lot to you or getting hold of some cryptocurrency.
It could be trying out a new investment strategy or using an expert advisor on the forex market.
For most investors, about 5% of the total funds you are going to use is sufficient for fun investments.
Frequently Asked Questions
What is the most secure online stockbroker in Nigeria?
The most secure online stockbrokers in Nigeria are those that are well regulated, especially by one or more of the regulators considered ‘top tier,’ such as the FCA, CySEC or ASIC.
Always favor registered stockbrokers in Nigeria.
How much do stockbrokers charge in Nigeria?
Stockbroker charges depend on the services offered, but they generally make a commission based on the value of the trade; somewhere between 0.5% and 1% as a rule. Online discount brokers might charge a commission to make trades, but the trading fees tend to be built into the trade itself.
Where can I buy stocks online in Nigeria?
You can buy stocks online in Nigeria using an online broker like XTB, Pepperstone, Tickmill or many others.
What is the minimum deposit to open an account on stock trading platforms in Nigeria?
The minimum deposit to open an account on stock trading platforms in Nigeria depends on the broker you are using. Some brokers do not have a minimum deposit; others can charge anywhere from $1 to $500 or more.
Is trading stock online tax-free in Nigeria?
Trading stock is tax-free in Nigeria, but any profit is subject to Capital Gains Tax under a new ruling from January 2022.
How much, on average, does a stockbroker in Nigeria make?
On average, a stockbroker in Nigeria makes three million naira per year.
Do you need a bank account to start trading stocks online in Nigeria?
To open a trading account with an online broker in Nigeria, you will need a bank account. You might not want to fund your trading from that account, but it is needed to prove your identity for safety and security purposes.
What is the age requirement to start trading stocks in Nigeria?
You must be 18 years old to legally start trading stocks in Nigeria.
Is online stock trading a gamble?
Online stock trading carries risks, like gambling. Traders need to do their research and due diligence before investing in stocks and be prepared to lose their investments as there are no guarantees.
What kinds of stockbrokers charge the lowest fees?
Online discount stockbrokers tend to charge the lowest fees, while physical stockbrokers in brokerage firms charge the highest fees (but tend to provide a full-service offering including advice and portfolio management).
Final Thoughts
Choosing the best online stockbroker in Nigeria is a personal choice that should be based on your investment goals, what you want to invest in and how much you want to spend.
This article lists the top 7 stockbrokers in Nigeria and should assist you when making your choice, but ultimately your choice is unique to you.
There are hundreds of brokers available to traders in Nigeria, but not all are regulated.
Whichever broker you choose, make sure you have a long-term plan, know the businesses well that you are investing in and avoid the common investing mistakes that could affect your profits.
Don’t forget that any form of trading is a risk, and whenever you invest, you need to be prepared to lose it.