In order to trade successfully, it is very important to choose the right broker. in Nigeria, a large number of companies provide access to trading and you will have to choose the one for you among them. It is important to work only with reliable brokers providing all the required instruments for trading based on your trading strategy. TU analysts have selected the best investment brokers for day trading in Nigeria 2024. You can compare their features and trading conditions.
1
Revolut - Best for day trading in Nigeria
Revolut is a British fintech company that has been providing investors with accounts for trading precious metals, cryptocurrencies, and stocks listed on U.S. exchanges since 2015. The broker offers its clients access to investing in stocks and ETFs on European stock exchanges. For organizations and private clients, the company offers a multi-currency account with the possibility of exchanging currencies at the current inter-bank exchange rate. Revolut is supervised by the Financial Services Authority (FSA).
👍 Advantages of trading with Revolut for traders from Nigeria:
•In addition to stock trades, customers can trade cryptocurrencies and precious metals.
•The broker offers commission-free trading plans.
•The minimum number of shares to buy is 0.00000001.
•There are no minimum deposit requirements.
•Social trading is available, which allows newcomers to the stock market to copy trades of successful traders.
•Communication with the support service via chat is available in the mobile application 24 hours a day.
•There is no fee for opening and maintaining a trading account.
👎 Disadvantages of Revolut for traders from Nigeria:
•Stock trading is currently only available to UK residents.
•Operations in precious metals and cryptocurrencies are not regulated by supervisory authorities.
•The company does not offer fiduciary management of its investment portfolio.
2
ETrade - Best for day trading in Nigeria
The Etrade broker is a subsidiary of Morgan Stanley, the financial conglomerate, which has been operating since 1982. Today, E*TRADE is the leading online platform for financial instruments trading on the world's major exchanges. It offers operations with stocks, options, futures, bonds, ETFs, as well as investments in mutual funds. The broker is a member of FINRA (CRD#: 29106/SEC#: 8-44112), SIPC, NFA (0401545), and the FDIC, and provides services according to its license with the SEC, the US Securities and Exchange Commission.
👍 Advantages of trading with ETrade for traders from Nigeria:
•Fully adaptable to e-commerce through its mobile applications.
•No commissions when working with stock options on American exchanges.
•Twenty-four/seven customer support via online chat.
👎 Disadvantages of ETrade for traders from Nigeria:
•The Forex market tools are not available for trading.
•Training is provided in English only,
•Leverage is limited and cannot exceed 50% of the trader's personal funds.
•You cannot open a demo account to test the broker's conditions.
•There is no support, the website is only in English.
3
TradeStation - Best for day trading in Nigeria
The TradeStation Group (TradeStation) was founded in 1987 as a trading software company then-named Omega Research. After being listed in the American market, Nasdaq launched an online version, and in 2001 it began providing brokerage services for the sale of securities under the TradeStation brand. Until 2021, inclusive, the broker's trading platform was recognized ten times in a row as the best in its class by StockBrokers.com. In 2020, TradeStation was named Broker of the Year at the First Annual TradingView Broker Awards. In the same year, according to Investor's Business Daily, the company was among the Top 4 of US online stock brokers.
👍 Advantages of trading with TradeStation for traders from Nigeria:
•Licensed by the US Securities and Exchange Commission (SEC) and insurance coverage from the Securities Investor Protection Corporation (SIPC).
•Has a wide range of trading instruments, including cryptocurrencies, IPOs, and ETFs.
•Does not charge commissions for trading US stocks and ETFs.
👎 Disadvantages of TradeStation for traders from Nigeria:
•You cannot trade currency pairs.
•Regulators do not oversee TradeStation Crypto, Inc., which maintains crypto trading accounts.
•The support service does not work around the clock and only answers questions that are asked in English.
•There are only a few ways to withdraw funds, the average time of receipt of funds to a bank account is 4-5 business days.
4
Wells Fargo - Best for day trading in Nigeria
Founded in 1852, the Wells Fargo broker is a subsidiary of Wells Fargo & Company, which is currently one of the "big four" US banks and serves more than 70 million customers. The company offers a diversified portfolio of banking, investment, and mortgage products, as well as insurance and financial planning services. Wells Fargo is regulated by FINRA (CRD#: 11025/SEC#: 801-57434,8-28721) and the NFA (0320678). Its clients have access to SIPC coverage, securities trading, and investment in managed portfolios.
👍 Advantages of trading with Wells Fargo for traders from Nigeria:
•Banking products, bank cards, trading, investment, and savings accounts are managed through a single application.
•A vast array of assets: stocks, options, ETFs, fixed income instruments, and mutual funds.
•Deposits start at $1.
•Control of activities by FINRA and NFA.
•Availability of segregated accounts and SIPC insurance coverage.
•No fees are charged for the online trading of stocks and ETFs.
•Humongous opportunities for Wells Fargo's clients, such as active trading and passive investing are allowed.
👎 Disadvantages of Wells Fargo for traders from Nigeria:
•In comparison with market competitors, Wells Fargo has pretty hefty fees for trading options.
•The absence of online chat on the official website.
•Investment accounts are not protected by the Federal Deposit Insurance Corporation (FDIC).
5
Passfolio - Best for day trading in Nigeria
Passfolio is an American stockbroker whose trading conditions are suitable for traders and investors of all skill levels. The company is regulated by two independent bodies: the US Financial Services Regulatory Authority (FINRA, CRD#: 299874/SEC#: 8-70262) and the SEC. The Securities Investor Protection Corporation (SIPC) is responsible for the safety of client funds and financial payments in case of unforeseen circumstances. The Passfolio broker gives you the ability to trade stocks, cryptocurrencies, ETFs, REITs and increase portfolio returns with the DRIP investment offer.
👍 Advantages of trading with Passfolio for traders from Nigeria:
•Low level of the minimum deposit - from $ 1.
•A wide range of payment systems for account replenishment and withdrawal of funds, including local ones.
•The broker offers clients DRIP - an investment program.
•There are no account maintenance fees.
•Passfolio works with traders from 170 countries.
•The company provides for the protection of client funds.
👎 Disadvantages of Passfolio for traders from Nigeria:
•You cannot test the trading conditions of the broker on a demo account.
•The company has few ways to contact support.
•There is little information about trading and the features of various trading instruments in the "Education" section.
Commissions & Fees
Brokerage fees are the amount of money that you pay for using the services that a brokerage offers in order to perform trading and manage investments. The brokerage fee structure and regulations vary from broker to broker, and there are two primary fee types which are:
Trading Fees: This type of fee is only charged when you perform a trade. It can be a conversion fee, margin rate, financing rate, spread, or commission.
Non-Trading Fees: This type of fee isn't directly related to your trading activity, and it can include inactivity fee, withdrawal fee, deposit fee, etcetera.
Revolut Commissions and Fees
During our analysis of trading conditions, it was found that Revolut limits the number of trades without commissions. Depending on the account type, 1-5 transactions per month are free. There is a monthly subscription fee of £2.99-£12.99 on different accounts, which can be reduced by 20% if you pay in advance for a year. The broker charges a fee of 1 USD for additional orders. Since stocks listed on American exchanges are offered for investment, the fees are calculated in USD and then the funds are converted to the account currency at the current exchange rate. For transactions in cryptocurrency, the commission is 1.5-2%, and for transactions in precious metals, it’s 0.5-1.5% of the transaction volume. The amount of interest depends on the selected trading account. No additional hidden commissions were revealed.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard |
From £2.99 |
No |
|
Plus |
From £2.99 |
No |
|
Premium |
From £2.99 |
No |
|
Metals |
From £2.99 |
No |
ETrade Commissions and Fees
The broker's terms analysis for the direct and hidden commissions proved the following: the trading fee amount depends on the assets traded. There are also extra fees for certain types of contracts (index-type options). When working with securities of foreign exchange companies, a tax on financial transactions is collected. It is 0.12-0.3% of the total value of the transaction depending on the specific country. Moreover, the custody of depositary receipts for American shares involves a fee of $0.005 to $0.05 per unit. All information about fees is freely available on the E*TRADE website.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
E*TRADE |
from $1 |
There is a bank commission |
TradeStation Commissions and Fees
The Traders Union analysts have studied in detail the conditions of TradeStation brokerage accounts and concluded that the company charges only trading commissions. The broker does not charge non-trading fees for withdrawing funds. Free trading is possible only in American stocks and ETFs. However, if the limit of 10,000 shares is exceeded, the broker will charge $0.005 per share, and when trading securities of international companies, the fee increases to $5 per trade. Additional commissions are also charged when trading through a desktop terminal if the account balance is less than $2,000.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
TS SELECT |
From $0.60 |
No |
|
TS GO |
From $0.50 |
No |
|
Crypto |
From $0.50 |
No |
Wells Fargo Commissions and Fees
After a thorough analysis of Wells Fargo's trading conditions, the experts at Traders Union identified both trading and non-trading fees. Below is the amount of fees for online trading and automated telephone trading. The fee for trades in stocks (excluding penny stocks) and exchange-traded funds (ETFs) is $0 per trade; penny stocks (stocks under $1) is $34.95 or 3.5% of the amount, with options of $5.95 + $0.75 per contract; with fixed income instruments it is $50 per transaction. The fee for mutual funds that are not listed without transaction fees is $35. For trades made through a live broker, the client pays $25 + an online fee is charged. Non-trading fees: for withdrawal of funds by internal bank transfer is $30; and for transfers outside the US, it is $40.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard Account |
From $6.7 |
Yes |
Passfolio Commissions and Fees
The Traders Union specialists checked the trading conditions of the Passfolio broker in order to find out if the company has hidden fees and what the size of the trading fees is. A trader will be charged a fee of $ 0.02 for trading assets that are worth more than $ 5. The cryptocurrency trading fee is 0.5% + commission: $ 0.99 for orders up to $ 10, $ 1.49 for orders up to $ 25, $ 1.99 for orders up to $ 50, $ 2.99 for orders up to $ 200. If orders exceed $ 200, the trader is charged a commission of 1.5%. Passfolio also indicates that a commission is charged for withdrawing funds, and its amount depends on the type of payment system through which the transaction is made. The exception is cryptocurrency transactions for which there is no fee. There is no commission for maintaining accounts.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Standard Plan |
USD 0,02 per share |
Withdrawal via TED - 1.45% + 0.38% + R $ 2, via Nigeria Bank Transfer - 0.5% + NGN 55, via ACH - USD 0.25, via internal transfer - USD 25, via SWIFT - USD 35 ... Withdrawal of cryptocurrency is free |
|
Passfolio Pro |
USD 0,02 per share |
Withdrawal via TED - 1.45% + 0.38% + R $ 2, via Nigeria Bank Transfer - 0.5% + NGN 55, via ACH - USD 0.25, via internal transfer - USD 25, via SWIFT - USD 35 ... Withdrawal of cryptocurrency is free |
Summary
Many brokers are available for traders from Nigeria, but not all of them offer good conditions. In this review, TU experts chose the Best investment brokers for day trading in Nigeria 2024. These are the most trusted companies that offer the best conditions for traders. You will also be able to review the general assessment of each broker.
Overall score of the best Investment Brokers For Day Trading in Nigeria
| Revolut | ETrade | TradeStation | Wells Fargo | Passfolio | |
|---|---|---|---|---|---|
|
Overall score |
7.69 |
6.97 |
6.79 |
6.13 |
5.14 |
|
Execution of orders |
9.2 |
8 |
7.7 |
7.09 |
6.04 |
|
Investment instruments |
9.8 |
8.6 |
8.3 |
7.51 |
6.46 |
|
Withdrawal speed |
9.6 |
8.4 |
8.1 |
7.15 |
6.1 |
|
Customer Support work |
9.4 |
8.2 |
7.9 |
7.45 |
6.4 |
|
Variety of instruments |
9.1 |
7.9 |
7.6 |
6.93 |
5.88 |
|
Trading platform |
9.9 |
8.7 |
8.4 |
7.67 |
6.62 |
|
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FAQ
Can you earn passive income in the financial markets?
Yes, the best brokers in Nigeria offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
Best Investment Brokers For Day Trading by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.