Best platform for trading in Nigeria
Best Trading Platform in Nigeria is RoboForex
Top 7 best trading platforms in Nigeria are:
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RoboForex - Best stock trading platform
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IC Markets - Best for algorithmic traders
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XM - Best for beginners Forex traders
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Pocket Options - Best for Binary Option traders
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InstaForex - Best for active and passive traders i
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eToro - Best for ETF traders
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Interactive Brokers - Best for day traders
Finding the right trading platform is so important for anyone starting their forex journey in Nigeria. This will be your main tool for navigating the markets each day. You want a broker that provides a reliable and user-friendly platform packed with useful features.
In this article, we'll review some of the top options available to traders locally. We'll evaluate each platform based on key factors like regulation, account types, trading conditions, technology and costs. Beginner friendly features and specialized tools also factor in, since experience levels vary.
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Can I trade US/foreign stocks from Nigeria?
Yes, many international brokers offered access to assets on global exchanges like NYSE and NASDAQ. Some focus specifically on foreign securities.
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How is trading taxed in Nigeria?
Capital gains tax of 10% applies on profits from trading activity in Nigeria. Stamp duties also apply on share purchases. Always consult a tax expert for advice.
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Can I trade using my phone?
Yes, most trading platforms these days offer intuitive apps and mobile-friendly interfaces that allow trading via iOS and Android smartphones. An internet connection with speeds of at least 4G/LTE standard is recommended.
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Is trading allowed under Sharia law?
Islamic accounts are available that avoid interest and comply with Sharia law.
Top 7 Best Platforms for Trading in Nigeria
The best trading platform in Nigeria ensures its services meet the investment objective of traders, which is a passive income stream. However, the best platform to buy shares should be user-friendly so users can easily place orders and terminate positions. It also ensures traders' access to charts and tools is straightforward, with the ability to view multiple graphs simultaneously. Below are the 7 best trading platforms in Nigeria.
Best Forex Brokers In NigeriaRoboForex - Best stock trading platform in Nigeria
RoboForex is among the best trading platforms in Nigeria, which is why most traders in Nigeria trade with it. It is among the trading platforms you rely on for Forex, stocks, indices, precious metals, and equity trading. And you can trade on multiple platforms on different account types with this broker. On RoboForex you can trade over 8,000 СFDs and over 3,000 US stocks.
RoboForex, which started its operations in 2009, provides everything you need for online trading on a single interface. While RoboForex integrates the best trading platforms like MT4, MT5, and R StocksTrader, it is a top-three broker. And it is the ideal trading platform for beginners and experienced investors.
Extra features
Traders can monitor the market using highly defined technical analysis and charting tools on RoboForex.
Trade automation is possible with expert advisors.
Over 12.000 stocks and CFDs.
RoboForex offers Nigerian traders copy trading services.
Higher leverage, excellent rebate programs, bonuses, and reward options.
VPS with a proprietary trading platform.
👍 Pros
•While being a powerful trading platform for iOS, Android, and Windows, RoboForex is easy to navigate because of its intuitive interface.
•The robust security features prevent unauthorized access to trader and account information.
•Traders have the luxury of modifying indicators, scripts, and trading strategies to meet unique requirements and preferences.
•Using free demo accounts, traders can practice day trading, and Islamic accounts are also an option.
•RoboForex offers Nigerian traders competitive trading costs and high leverage.
•Swap-free account.
👎 Cons
•RoboForex might have a limited cryptocurrency selection.
IC Markets - Best for algorithmic traders in Nigeria
The IC Markets trading platform, which provides brokers with a Forex trading solution, is among the best trading platforms in Nigeria. It is user-friendly and integrates advanced features that make trading in stocks and currencies stunning. This is why traders who demand high-performance trading tools use them often.
The IC Markets trading platform has hosted over a million traders' activities worldwide since its launch in 2007. And with tier-1, tier-2, and tier-3 licenses, you can be sure of the security of your investment.
Extra features
IC Market integrates top trading platforms like MT4, MT5, and cTrader.
Again, traders can automate their trading processes with cTrader automation.
Additionally, Ic Market supports user-created technical analysis indicators with advanced time frames and zoom levels.
On the IC Markets platform, you can develop robots and indicators and copy the trades of experts.
There is an option for a demo account.
👍 Pros
•The IC Markets interface is user-friendly and has a clear layout, making it easy for novice traders.
•IC Market puts traders in charge of order input and execution, level II pricing, and immediate order cancellation.
•Again, it offers Nigerian traders flexible trading conditions, especially for those desiring automated trading strategies.
•Users can access data from cTrader that shows their trading performance.
•Accounting opening with IC Markets is swift, and Forex fees are low.
👎 Cons
•Users of IC Market complain about the slow live chat support, the lack of investor protection for non-EU clients, and the lack of additional bonuses and trader competitions.
XM - Best for beginners Forex traders in Nigeria
XM is among the best trading platforms in Nigeria because of its rich features. And you can rely on it for Forex and crypto trading, as it gets the nod of approval from professional investors and traders. While XM is the ideal trading platform in Nigeria for beginners and seasoned traders, it is more of an established international investment firm.
The 2009-founded forex trading platform ensures that Nigerian traders have the best possible trading experience. They rank among the best trading platforms in Nigeria, with over 1,000 available assets and spreads starting at 0.0 pips.
Extra features
It integrates the best platform to buy stocks in Nigeria with a demo account for traders to perfect trading traits and strategies.
Nigerian traders can trade stocks, securities, indices, cryptocurrencies, and currency pairs with XM.
It includes a high-end dashboard, user-friendly management tools, prompt charts display, and the ability to zoom in for more clarity.
👍 Pros
•XM integrates MetaTrader4 (MT4) and MetaTrader5 (MT5), two highly regarded trading platforms.
•XM operates under a strict "no hidden fees or commissions" policy and uses variable spreads that begin at 0.0 pip.
•XM provides its clients with a flexible leverage range from 1:2 to 1:30, allowing them to control their own leverage risk.
•Additionally, it offers convenient tools for research and education for new traders.
👎 Cons
• There might be no investor protection for non-EU clients
Pocket Options - Best for Binary Option traders in Nigeria
The Pocket Options trading platform, introduced in 2017, consistently ranks among the top trading platforms in Nigeria. It first gives traders access to the most cutting-edge trading platform, which is perfect for investors who close deals quickly. Additionally, the broker works hard to make trading as easy, transparent, and convenient as possible.
Pocket Option integrates a unique trading platform to ensure stable trading for traders and investors and help beginners master the trading industry. As a broker specializing in binary options trading, Pocket Option has relatively low fees, which is why it is among the best trading platforms in Nigeria.
Extra features
Pocket Option integrates top commercial trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5)
Pocket Options doesn't levy a commission when a customer trades on a live account.
Both iOS and APK (Android)-compatible mobile devices can use Pocket Option's helpful app.
👍 Pros
•It is a trustworthy broker with excellent client feedback, safe deposits, and withdrawals.
•There are also no fees associated with deposits, withdrawals, or inactivity.
•With the Pocket Option, processing takes a reasonable amount of time, typically one to two business days.
•It incorporates a social trading platform that offers numerous promotions and bonuses and generates passive income.
👎 Cons
•The response time of the customer service team and the absence of any reliable regulatory approval for Pocket Options are both drawbacks.
InstaForex - Best for active and passive traders in Nigeria
Founded in 2007 and already among the best trading platforms in Nigeria and other countries, InstaForex is what investors need to know about. InstaForex, a prominent name in online FX trading, offers the best trading environment with European regulation.
Even though InstaForex is regarded as a lower-risk Forex broker, it ensures the security of Nigerian traders' funds with transparent investment practices. InstaForex's service integrity earned them the UK Forex Best Social Broker Award in 2016. And they went on to win the prize for the best Forex trading platform for cryptocurrencies in 2018.
Extra features
InstaForex offers traders access to 300 trading instruments, such as PAMM Investment.
InstaForex integrates a ForexCopy system to copy the trading of successful traders.
Technical indicators, trading strategies, and drawing tools can all be quickly and easily added to the chart using MT4.
Traders can practice their trading techniques and strategies on a demo account.
👍 Pros
•The InstaForex platform has a clean interface that makes it easy for novice traders to comprehend.
•There are also free webinars and a long video to help with learning.
•Top financial instruments are available for trading, along with the option of PAMM accounts and the copy trading system used by ForexCopy.
•InstaForex offers Nigerian traders a wide selection of deposit and withdrawal methods.
👎 Cons
•The customer service response rate is below par, and some users complain of the sudden freezing of trading terminals.
eToro - Best for ETF traders in Nigeria
Another top trading platform in Nigeria is eToro. It is among the best trading platforms in Nigeria for stock traders and facilitates the purchase and sale of virtual currencies.
eToro, founded in Israel in 2007, is on the list of the best stock platforms to use for different trading endeavors in Nigeria. CySec and the FCA are in charge of regulating this platform. And users of eToro have the option to make trades based on the volatility of specific assets.
With more than 3,000 tradable symbols, eToro is a market-leading social trading platform with a sizable international cryptocurrency exchange.
Extra features
eToro supports advanced social trading.
In addition to supporting an Islamic Account, algorithmic trading, and margin trading, eToro also provides a demo account.
You can examine an asset's history using eToro's charting features. And you can copy trades on this platform.
👍 Pros
•The eToro website has a simple interface and allows trading in different languages.
•You can set up your eToro watchlist, notifications, and price alerts in just a few minutes.
•Users and eToro's strict and reliable regulatory framework ensure the security of users' funds.
•Free commission trading is available on eToro.
•There are popular investor programs and a thorough portfolio management service available.
👎 Cons
•Retail traders are subject to restrictions on leverage, and fixed spreads are unavailable.
•Trading techniques like scalping, hedging, automated trading, expert advisors, and others are restricted.
Interactive Brokers - Best for day traders in Nigeria
Since its debut in 1978, Interactive Brokers has continued to be the most popular Forex trading platform. They are on the list of the best trading platforms in Nigeria. Traders can trade Forex, CFDs, futures, cryptocurrencies, and bonds from a single integrated account. While it is among the best trading platforms in Nigeria, it has many trading capabilities and features you might not find in other trading platforms in Nigeria.
Extra features
Interactive Brokers offers the best assets, research reports, global market tools, calculators, and educational materials.
The Impact Dashboard and app, which enable you to assess assets through a socially responsible investing (SRI) lens, will please sustainable investors.
Again, it features an Agent Manager that enables remote optimization.
In-built technical indicators and different charting tools are available in Interactive Brokers' sophisticated technical analysis tools.
👍 Pros
•Interactive Brokers have a mouthwatering range of investment assets. These include:
- Stocks
- ETFs
- Options
- Futures
- Spot currency pairs
- Cryptocurrencies
- Bonds
- Mutual funds
- Hedge funds
- Robo-advisor
- Managed portfolios
•Interactive Brokers integrates an economic calendar that shows news release schedules, impact levels, previous data, and market consensus.
•As the best platform to buy stocks in Nigeria, they offer traders low commission and margin rates.
•Additionally, interactive brokers offer a wide range of technical and fundamental trading tools in addition to back-testing for multiple currencies.
👎 Cons
•Even though the web- and mobile-based options are great alternatives and are simplified, the IBKR Pro platform can be a little intimidating for new users.
Rules and Regulation
Licensing in Nigeria
Nigeria's regulation of Forex falls under the purview of the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN):
- Forex trading itself is legal for Nigerian residents.
- Unlike Malaysia, Nigeria doesn't have a central body solely dedicated to Forex regulation.
- There's some debate on the involvement of regulatory bodies like the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN) in overseeing Forex brokers.
- Requirements and process for obtaining a Forex broker license in Nigeria are unclear. Information about "ready-made licenses" you might find online should be approached with caution.
Investor protection in Nigeria
Investors in Nigeria are protected by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). Forex investor protection is a complex issue due to the absence of a well-defined regulatory framework.
Taxation in Nigeria
Forex traders are required to report their trading income to FIRS (The Federal Inland Revenue Service) and pay income tax on their profits at the applicable tax rates. Nigeria operates a progressive income tax system, with tax rates ranging from 7% to 24% for individuals, depending on their total taxable income.
How to choose a trading platform in Nigeria?
Here are five steps you must take to choose the best trading platform in Nigeria:
How to Choose a Forex Broker - Select the Most ReliableRegulation and reliability
You should avoid trading on platforms with a questionable or poor reputation. Instead, select a broker that has financial licenses from top regulators. It's best to select a broker that has regulations in Australia, European Union, the UK, and developed countries.
Network scale
The scale of the trading network determines the extent of your profitability. The larger the network, the more trade opportunities you'll have. Plus, you'll be able to make money through a large number of instruments.
Trading conditions
The trading conditions of a platform are determined by the number of trading instruments available, commissions, and order execution quality. Some platforms will charge you an extra amount in the spread. Others may have a small membership fee or high minimum deposits. You should consider all these factors, based on your preferences, before making a decision.
Transparency
If a broker is transparent about the managers' statistical data, it's deemed reliable. The data should be publicly accessible. It should also be auditable independently.
Technology finesses
A technologically effective platform will give you more information about risk management and trader selection. Thus, it will allow you to be more profitable and make better financial decisions.
What Trading Platform do Traders ChooseHow to start trading in Nigeria?
There are a series of platforms offering different investment opportunities in Nigeria. Citizens are encouraged to take advantage of these investment opportunities to create a passive income stream. But before you start trading in Nigeria, you must understand what you need and what trading in Nigeria requires.
Here is what you need, or better yet, how to start trading in Nigeria.
First, you need to understand the functions of a broker and why you need the best trading platform in Nigeria.
To comprehend how Forex trading works better, learn more about the movements of currency pairs.
As a beginner, you need the best platform to buy stocks in Nigeria. So research the different brokers and the best trading platform in Nigeria.
Choose and open an account with a Forex broker integrating the best trading platform in Nigeria. Ensure the broker you select is authorized to do business in your nation or any other respectable nation that controls Forex trading platforms.
Use a demo account to start learning the fundamentals of trading. Using a demo account, you can learn how to set up various technical analysis chart types, choose the best margin for each leverage option, and place orders.
Before using them on your real account, you can test automated trading strategies and risk management techniques on a demo account. Stick to basic trading strategies such as grid trading, day trading, scalping, breakout, range trading, and retracement trading.
Consider using copy trading if you are having trouble understanding how to trade using the previous strategies. This enables you to copy the trading strategies of more experienced traders. Alternatively, you can give a trader with experience money to manage your account via a PAMM account.
What are the best trading platforms for beginners in Nigeria
Stocks, options, and futures are just a few of the investment products that the best trading platform in Nigeria should provide. They offer traders options for copy trading, PAMM trading, low minimum deposits, and forex bonuses. Therefore, you may be looking for brokers who integrate Forex trading platforms like MT4 and MT5, cTrade, etc.
Before choosing a Forex broker, it's important to research the fees, investment products, trading platforms, and educational resources available.
Best Forex brokers for beginners in NigeriaCan I trade without investments in Nigeria?
Yes, you can trade without investments in Nigeria. Some brokers offer complimentary services like Best Forex No Deposit Bonus in Nigeria and trader demo competitions. A broker will let you take your profit if you trade profitably. The best investment platforms typically make this offer to encourage more Nigerians to participate in investment opportunities.
Trading Without Investment
Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).