Where to invest money in Nigeria in 2024
Best investment platform in Nigeria - RoboForex
Top investment opportunities in Nigeria are:
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RoboForex – Best Investment App in Nigeria 2023
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IC Markets – Best Forex Broker for Low Costs
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Exness – Best Overall Broker in Nigeria
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ByBit – Best for those who understand classic cryptocurrency and want to trade complex derivatives
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XM – best for professional Forex trading
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eToro – best copy trading platform in Nigeria
As a Nigerian who wants to be financially free, you can achieve this if you can find various investment opportunities in Nigeria. Learning about the providers of these opportunities is crucial if you want to make headway. Here is a list duly selected to show the best investment platforms in Nigeria if you're ready to invest.
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Is Forex legal in Nigeria?
Yes, Forex trading and investing is perfectly legal in Nigeria as long as it is conducted through properly licensed and regulated brokers. However, the Central Bank of Nigeria (CBN) does not currently regulate any forex brokers. Traders must check broker regulations themselves.
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What is the minimum deposit required to start?
The minimum deposit ranges from as low as $1 to $100, depending on the broker. Most brokers allow trading accounts to be opened with as little as $5-10.
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Are there any taxes on Forex profits in Nigeria?
Yes, profits are taxable in Nigeria based on an individual's income tax bracket. Profits could attract personal income tax (range from 7% to 24%) or capital gains tax (usually 10%) depending on the investor's status. It is advisable to consult a tax expert to know your exact tax liabilities on forex income.
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Can I invest in international stocks from Nigeria?
Yes, described platforms allow you to invest in international stocks from Nigeria.
What to invest in Nigeria 2024 - top 12 options
Finding the best way to earn passively in today’s world can be the stroke you need to swim your way to financial stability. Offline, there are many things you can invest in Nigeria; real estate is among the top options.
But because the world has gone digital, you should consider investing where the world is concentrated. And this includes stocks, bonds, futures, crypto, treasury bills, ETFs, mutual funds, etc.
In the digital space, a potential investor must be aware of the best brokerages, trading platforms, and assets for investment in Nigeria. If you choose the wrong investment opportunity in Nigeria, you will not be able to make profits and might lose your capital or even get scammed.
So, when it comes to what to invest in Nigeria, Forex, cryptocurrencies, bonds, stocks, futures, mutual funds, and treasures are top options. But you must ensure that you do this on the best investment platforms in Nigeria.
Here are the top 12 of the best investment platforms offering citizens the top investment opportunities in Nigeria:
Best Brokers for Forex Investments in NigeriaRoboForex - Best Investment App in Nigeria 2024
If you are looking for where to invest money in Nigeria, RoboForex is among the options you can trust. RoboForex is a top investment app that offers investment opportunities in Nigeria and other countries.
Broker RoboForex provides its customers with a trading platform to access many financial markets. These include those for currency, equities, commodities, and cryptocurrencies through its trading platform. As a broker, RoboForex facilitates trades on behalf of its clients. The company also provides its clients with a range of trading tools and services to help them make informed trading decisions.
RoboForex, founded in 2009, is now a multi-award-winning market maker, STP, and ECN online broker. It enables traders worldwide to trade over 9,400 trading instruments across different asset types. RoboForex has over 3000 US stock options with only 0.025 USD per share and 0.009 USD per share for deposits over $10.000.
The CBN does not currently regulate RoboForex, but it is one of the 100 foreign brokers that accept Nigerian traders. The International Financial Services Commission (IFSC) vigorously regulates it, and it adheres to stringent anti-money laundering (AML) and know-your-customer (KYC) guidelines.
In addition, Muslim traders have the choice of opening an Islamic account. Finally, RoboForex provides a demo account that can be used for different purposes and gives traders a risk-free setting funded with fictitious money.
IC Markets - Best Forex Broker for Low Costs
Understanding how to invest in Nigeria is easier if you can find the best investment platforms in Nigeria. Online brokers in Nigeria understand this, which is why the IC Market ensures users get the best trading experience.
IC Markets kicked off its trading services in 2007, and since then, they have been offering outstanding services to online forex traders worldwide. This online broker is regulated by:
Australian Securities and Investments Commission (ASIC)
Cyprus Securities and Exchange Commission (CySEC)
Financial Services Authority (FSA)
Securities Commission Bahamas (SCB)
IC Markets allows Nigerian residents to open accounts to manage their investments more quickly and simply. These and many more make it a top platform offering citizens investment opportunities in Nigeria.
While you can trade currencies, stocks, commodities, futures, bonds, and digital assets at IC Markets, it also provides social copy trading platforms. In addition, they also have a growing selection of research and educational materials for beginners.
Although you can deposit less than $200, IC Markets requires that you open an account with a minimum deposit requirement of 200 USD. Tight spreads are available from 0.0 to 0.6 at IC Markets, and commissions range from $0 on their standard account to $3.50. Leverage is from 1:1 to 1:500; IC Markets offers a PAMM Forex account, which is the best option for busy investors.
Exness – Best Overall Broker in Nigeria
The best investment platforms in Nigeria will help you get started. Exness is among the brands offering investors financial services and investment solutions. It offers both corporate and retail customers a wide range of opportunities.
After its 2008 launch, Exness has become a well-known, internationally-recognized Forex and CFD broker. It is Among the platforms with the best options for investment in Nigeria and is regulated by CBCS, CySEC, FCA, FSA, FSC, FSCA, and CMA. Additionally, this makes it a more secure platform and among the best investment platforms in Nigeria.
Exness offers investors tight spreads and low commission charges with unlimited leverage ratios. While there are no charges or commissions on any deposits or withdrawals, trading with Exness involves fees of $3.50 and spreads of 0.01 to 0.3 pips.
There is an ultra-low minimum deposit with several flexible funding options offered, and you can deposit in Nigerian Naira. Exness trading instruments include currencies, stock and commodity markets, cryptocurrencies with over 120 currency pairs, energy, and metals. And it integrates the best trading platforms, like MT4, MT5, and MT4 Web Terminal.
ByBit - Best for those who understand classic cryptocurrency and want to trade complex derivatives
Even with mouthwatering investment opportunities in Nigeria, you still need to know where to invest your money. ByBit is another fantastic option for those seeking where to invest money in Nigeria. You can trade, invest in cryptos, and get involved in spot and derivatives trading.
ByBit was founded in 2018 but is already listed among the fastest-growing crypto derivatives exchanges. Furthermore, the broker is well-set up legally to prevent their services from being terminated by any governmental body.
The many incentives offered by ByBit make it belong to the category of platforms with the most investment opportunities in Nigeria. These include numerous bonuses for deposits, substantial referral rewards, and crypto bonuses for following ByBit on social media and being an active trader.
By depositing cryptocurrencies over a fixed or flexible term, you can generate passive income, much like when saving money at a bank. ByBit offers high liquidity, competitive trading fees, and up to 100x leverage. Additionally, there is a minimal withdrawal charge, and trading costs are between 0.7% deducted from taker orders and 0.5% added to maker orders.
Again, there is an order book that enables you to evaluate the market's depth and current trading volumes. Opening long and short positions is possible with a subsequent mutual recalculation.
XM - best for professional Forex trading
If you seek investment opportunities in Nigeria with a low-risk level, consider investing with XM. With a trust score of 89% and a 9/10 rating, XM is currently among the best investment platforms in Nigeria.
Since its founding in 2009, XM has grown into a sizable and reputable global investment firm. XM is regarded as a low-risk investment broker, despite not being under the Central Bank of Nigeria's regulation. XM is licensed by two top-tier regulators while being governed by the top-tier DFSA, FCA, and ASIC. To reiterate, XM Global (IFSC) is a top Forex broker in 2023 for Nigerian traders because it accepts traders from that country.
XM has multiple deposit and withdrawal methods for traders in Nigeria. But there is no local bank transfer option and no fees on deposits or withdrawals. The minimum deposit is $5, but there is no limit on the maximum amount of deposits.
Because of its well-known quick order execution, competitive spread, quick and fee-free withdrawals, and variety of trading instruments, XM is well-liked in Nigeria. You can trade CFDs on commodities, stocks, Forex, equity indices, precious metals, cryptocurrencies, and energies.
The leverage at XM is up to 1:1,000, and the spread varies depending on the account:
Micro, Standard — from 1 pip
XM Ultra Low — from 0.6 pip
XM Zero — $3.5
XM Broker guarantees 100% execution of orders for over 1,000 trading instruments.
eToro - best copy trading platform in Nigeria
Another platform offering investment opportunities in Nigeria is eToro. If your question is about what to invest in Nigeria, this platform has profitable options. eToro is among the best investment platforms in Nigeria, where investors can trade currencies and invest in stocks, ETFs, crypto, and commodities.
eToro originally entered the digital space as RetailFX in 2007. But towards 2010, the eToro OpenBook social investment platform added a copy trader feature. Investors without any trading experience can copy the trading strategies of the top traders on the network using this copy-trade function.
So even as an inexperienced investor looking for where to invest money in Nigeria, eToro is a great place to start. You can imagine how security-conscious a platform whose license credibility depends on how it protects the interests of its customers is. Given that the Financial Conduct Authority (FCA) has authorized and regulated eToro, it is a secure place to invest.
eToro charges a 1% fee for buying or selling crypto-assets on its platforms, while there is no commission for stock or ETF trades. Leverages are between 1:1 and 1:30, and the spread starts at 0.1 pips.
AvaTrade – Great Range of Tradable Instruments
With many online brokers offering citizens investment opportunities in Nigeria, the challenge is knowing which ones are the best. When considering trading CFDs, you must verify the broker's track record, regulatory status, and reputation. AvaTrade emerges as a pioneering broker and is among the best options for those seeking where to invest money in Nigeria.
Avatrade, founded in 2006, is a safe broker for Nigerians with lower fees, better support, a good bonus, and security. The FSCA, the Bank of Ireland, and other leading regulators oversee AvaTrade. AvaTrade provides several cost-free deposit and withdrawal methods.
With a $100 minimum deposit, AvaTrade offers new customers a 20% deposit bonus. Additionally, you can trade instruments like Forex and CFDs on commodities, shares, indices, metals, and more. Avatrade offers leverage of 1:30 to 1:400 and spreads ranging from 0.9 to 3 p.
AvaTrade offers traders the option of automated trading using trading advisors, indicators, and other analysis tools with no restrictions on trading or scalping.
FxPro - Best Pamm account
While seeking investment opportunities in Nigeria, you need to conduct intense research on the investment platform. Therefore, before investing in Nigeria, it's crucial to weigh the risks involved and then pick the option with the lower risk level. And only the best investment platforms in Nigeria, like FxPro, can assure traders of that.
FXPro, founded in 2006, is among the online brokers offering investment opportunities in Nigeria. FXPro has the best options for citizens seeking where to invest money in Nigeria. And with an FXPro PAMM account, trading risks are reduced.
FXPro PAMM offers the option to open managed trading portfolio accounts, which lessens the trader's stress. Trading is quick, even though you have a choice of multiple PAMM accounts. You can invest in Forex, indices, metals, shares, crypto, and energies. You can benefit from profits with minimal involvement.
FXPro ranks among the best investment platforms in Nigeria due to its regulation by the FCA, CySEC, and other organizations. FXPro offers competitive spreads with no commissions, so traders should anticipate a cost-effective trading strategy. They integrate MT4, MT5, and cTrader, offer high leverage of up to 1:500, and 0.01 micro-lot trading.
Trading novices can take online trading courses, attend webinars and seminars for interactive learning, or learn from experts on the platform.
Pocket Option – Best Nigerian Naira Account
Another online broker offering the best investment opportunities in Nigeria is PocketOption. And they are among the brokers you can trust for binary options trading.
Since its founding in 2017, Pocket Options has met and exceeded the demands of traders worldwide. You can use its sophisticated trading tools to trade multiple financial instruments and open an account for as little as $50.
Pocket Options omits commission on deposits or withdrawals. And you can trade on stocks, commodities, indices, Forex, and crypto. The pocket option has tight spreads that start at 0.0 pips.
Both experienced and inexperienced traders can trade comfortably with the Pocket Option. New investors can practice trading using the free demo account. They can experiment with different trading strategies before trading on a real account.
With the various educational materials, courses, analysis tools, and trading instruments, it is among the brokers offering investment opportunities in Nigeria.
Pepperstone – Best Bonus Offer in Nigeria
Pepperstone is among the platforms with the best offers for investment opportunities in Nigeria. While they are known for their exceptional client service, Pepperstone adheres to top financial rules with offices globally, even in Nigeria.
Founded in 2010, Pepperstone is very competitive in terms of its trading fees and spreads. Pepperstone provides more than 1200 instruments across markets, including Forex, commodities, indices, shares, ETFs, cryptocurrency, and currency indices. And they are regulated by ASIC, BaFin, CMA, CySEC, DFSA, FCA, and SCB and are not currently regulated by the CBN.
With a license to conduct business from the Capital Markets Authority (CMA), Pepperstone Markets is a well-known CFD and Forex broker in Nigeria. Additionally, customers can access a variety of cutting-edge trading platforms through Pepperstone Markets, which processes an average of $8.3 billion in transactions daily. These include:
cTrader
Metatrader 4 and 5
Pepperstone offers leverage up to 1:500 and spreads starting at 0.0 pips. Again, users of Pepperstone have access to the following:
Islamic Account
Demo Account
Retail Investor Account
PAMM Accounts
Furthermore, Pepperstone gives consistent Nigerian traders with an outstanding track record additional privileges and benefits. On the trading platforms, these options include a close-out level of 20% and a leverage range of up to 1:400.
FBS – Best Investment App With Highest Maximum Leverage
If you are looking for where to invest in Nigeria, then FBS is among the licensed brokers whose services are available to Nigerian traders and investors.
FBS, founded in 2009, provides applications that are trustworthy and transparent to markets all over the world. It is a fantastic option for Nigerian traders because it has the support of top trading regulators but is not governed by the Central Bank of Nigeria (CBN).
FBS allows traders to trade in indices, stocks, metals, currencies, and cryptocurrencies using trading platforms like MetaTrader. With FBS, you have the freedom to select the type of account that best fits your trading approach. And trade commissions are set at 0.7% of the order value for stocks, with spreads ranging from 0.05 to 3 pips. Fees for trades start at $6.
Depending on the account that a trader chooses, there is commission-free trading. But although FBS offers incredible investment opportunities in Nigeria, traders may have unlimited access to different financial markets. Interestingly, you can start trading on FBS in no time as a beginner since it provides educational materials, videos, webinars, and articles for starters.
OctaFX - Best for Forex investors
Investment in Nigeria can only be better with investment brands that allow you to invest without daunting processes. OctaFX offers traders of all experience levels the opportunity to trade with little experience by copying experienced traders. It is a great option if you're looking for a platform to trade Forex in Nigeria.
Founded in 2011, OctaFX includes Octa Markets, Inc. (based in Saint Vincent and the Grenadines) and Octa Markets, Cyprus. OctaFX is among the best investment platforms in Nigeria because it has a low minimum deposit and no deposit or withdrawal fees. On Octafx, which is overseen by the tier-2 CySEC, you can trade Forex, stocks, commodities, and cryptocurrency CFDs. OctaFX is not regulated by the Central Bank of Nigeria (CBN), even though the broker has a local office in the region.
Additionally, traders have access to videos, webinars, and a glossary of trading terms if they want to learn how to trade forex.
Octafx integrates MetaTrader 4 (MT4), MetaTrader 5 (MT5), and a demo account to help novice traders learn the ropes. It is the best option for traders who want to open an Islamic account that accepts different payment methods. Leverage is available up to 1:500, and the spread is 0.6 pips.
Best Forex Brokers In NigeriaBasic tips for investing in Nigeria
Due to the economic situation in Nigeria, living without any plans for investing can come back to haunt you at later stages of your life, especially during retirement. To be able to take care of the numerous responsibilities living in Nigeria accumulates, you need to start seeking investment opportunities in Nigeria. Here are some tips for investing in Nigeria:
Think carefully before allocating a portion of your income
Conduct personal research before beginning your investment journey. Focus on the broker's financial standing, rivalry, and connections to regulatory bodies while conducting your research
To develop a healthy appetite for risk and the opportunity to build more robust portfolios that result in gains over time, make a long-term investment plan and start investing early
To lessen the risk of market volatility, consider diversifying your investment by purchasing various investment types
While considering various options, aim for profitability but do not anticipate huge profits
Markets will fluctuate occasionally but focus on the long term and ignore the present
To buy excellent stocks at rock-bottom prices, adhere to the principle of buying low and selling high, and develop patience
How to start investing in Nigeria?
How to invest in Nigeria is a popular question on the lips of many Nigerians seeking a way to double their income stream. While looking for the best investment platforms in Nigeria, decide what to invest in. However, make sure to do the following:
Define your investment objective or goal early enough
Make the necessary inquiries about the instruments offered by various online brokers
Begin saving before selecting a preferred broke
Register with the stockbroker of your choice by submitting the required KYC (know your customer) documentation
As soon as it has been verified, fund your account and start trading. Some brokers provide online trading platforms that enable you to conduct your trades
How much should I invest?
You can start trading with NGN 1,000 if you are trading with the best investment platforms in Nigeria. This is because they have low minimum deposits and high leverage options. But make sure to limit your capital risk to 5% per trade.
For instance, if you open an account with a broker and deposit $100, you should keep your risk per trade to $1. You can increase your risk per trade to $5 when you deposit a minimum of $500. Remember, the above logic or statement is not financial advice.
Best Ways to Make Money Online in NigeriaHow much can I earn?
How much you earn from your investment in Nigeria depends on the degree of risk and the tools you are using. Profits range from 3% to 10% per month, depending on the amount of capital invested and your strategy. A proficient forex trader in Nigeria can make between $50 and $500 per day.
How Much Can You Make Trading ForexCan I trade without investments in Nigeria?
Yes, you can trade without investments in Nigeria. But this is only possible if you select brokers offering options such as no deposit bonuses and trader demo competitions. With this, a trader can make money at Forex without spending any money while gaining trading experience.
Importantly, this option provides Nigerians with a risk-free means of evaluating the platform's functionality. But these offers may be subject to a set of terms and conditions that must be satisfied. So ensure you read and comprehend the terms and conditions before enrolling in any promotional offer.
This offer is mostly provided by the best investment platforms to ensure more citizens take advantage of investment opportunities in Nigeria.
Forex Trading in Nigeria - A Full Guide for BeginnersRelated Articles
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).