Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best Mutual Fund Brokers in Nigeria for 2024. Five companies that enjoy huge popularity in Nigeria were selected and compared between each other.
1
ETrade - Best in Nigeria for 2024
E-Trade terms are great for traders who prefer to work in the American stock and options market. There is no brokerage fee for trading this type of asset. But, you need to pay $25 for a partial withdrawal of capital from portfolios and $75 for a full transfer of funds. A commission is also levied on the client for the transfer of money between accounts. Trading is carried out through Etrade's proprietary terminals. Mobile versions are available. The broker delivers analytics with stock quotes and technical analysis.
2
TradeStation - Best in Nigeria for 2024
TradeStation offers clients 14 types of accounts, including three types of brokerage trading accounts (individual and corporate) with a minimum deposit of $500. The company also provides an opportunity to trade cryptocurrencies with low commissions. Margin trading is available for deposits from $2,000.
3
Cobra Trading - Best in Nigeria for 2024
Cobra Trading offers its clients investment accounts for individual work as well as shared accounts. The size of the deposit starts at $30,000, and the trader's balance must be at least $25,000 for comfortable work. The main trading instruments are stocks and options. Futures and currency pairs are available on the Venom Trading broker website, which is owned by Cobra Trading. Margin trading is available to traders, as well as four trading platforms that allow you to customize the workflow to your liking. News, charts, and instruments for market analysis are built into the platforms.
4
Wells Fargo - Best in Nigeria for 2024
The Wells Fargo broker offers favorable conditions for traders who trade stocks and ETFs. There is no brokerage fee for these assets, but it is charged for cent shares. The minimum deposit to start active trading is $0; for passive investment, it is from $5,000. When replenishing a standard account, it is from $2,000, and access to margin trading opens. Wells Fargo does not offer a bonus to customers who have opened an account to trade and invest in stock market assets. The broker also does not have an affiliate program.
5
Collective2 - Best in Nigeria for 2024
Collective2’s trading terms are some of the most attractive among the securities offered on the market. But several profitable packages depend on the instrument or function selected. There is a 15% discount if you pay for the annual plan all at once. Subscription prices for copy strategies range from $20 to $200 per month. A lot of strategies offer free trial periods. Monthly plans are priced at $19, $39, or $99 per month.
TU Expert Review for the best Mutual Fund Brokers in Nigeria
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best Mutual Fund Brokers in Nigeria is posted below.
ETrade - TU Expert Review
After analyzing all the main services of this broker, I concluded that E*TRADE is perfect for both active trading and medium-term investments in investment programs. However, the company is still focused on independent work within the stock market, because it was originally initiated as an online trading service. The mobile versions of both platforms offered by E*TRADE fully provide access to the entire range of services. Training is highlighted in a separate website section. There are also information blocks, which may seem unusual to some users. News is divided into thematic subsections such as general overview, major shares dynamics, market statistics, and calendar. E*TRADE provides analysis of instruments within a particular field, but it is available only after registration. Also, a special press release section has been created to review the main trading events in the financial markets. There are no commissions when trading stocks and options on American stock exchanges. That inspires clients to invest in this particular area of trading. However, E*TRADE offers banking services and pension insurance, which additionally stimulates interest in the company. The registration process is intuitive and simple.
TradeStation - TU Expert Review
Throughout its activities, TradeStation strives to allow traders of any experience to unleash their trading and investment potential. To this end, the company provides a suite of powerful trading technologies, quality brokerage services, and comprehensive training. Clients can quickly and efficiently place orders, monitor positions, balances, and orders on accounts, and generate hot observation lists. The TradeStation broker ensures fast and reliable fulfillment of clients' orders using a combination of advanced order routing technology, regular and thorough speed checks, better execution quality, and better prices. The company streams both historical and real-time market data and provides access to the latest news. TradeStation offers Simulated Trading, which is a simulated trading account for real-time strategy testing without financial risk. It has access to one of the largest market history databases in the industry for stocks, options, and futures. Clients can use a simple programming language EasyLanguage to create individual indicators and trading strategies on live and demo accounts.
Cobra Trading - TU Expert Review
Cobra Trading is a stockbroker for professional investors in America. The broker is licensed and regulated by three independent bodies: SIPC, NFA, and FINRA, which guarantee maximum protection for traders and investors in case of unforeseen circumstances. Also, the regulation guarantees the financial protection of clients. In case of bankruptcy of Cobra Trading, investors have the opportunity to receive financial compensation up to $500,000. The company provides investors with a vast array of accounts and trading platforms, which allows them to choose the appropriate investment method and get the maximum benefit from using all the opportunities offered by the broker. In particular, both independent investment and corporate work are available to users. Only residents of America may open a trading account, where the minimum deposit on any of the accounts is $30,000. Non-trading fees are paid separately. Cobra TraderPro, Sterling Trader Pro, and DAS Trader Pro trading platforms are available only on a personal computer or laptop. But on the RealTick® EMS and RealTick Express platform, you can also work from a mobile device. All platforms include free access to investment instruments, analytics, news, and Level 2 quotes. DAS Trader Pro offers advanced functionality, while RealTick is used to manage a large number of accounts and work with complex assets.
Wells Fargo - TU Expert Review
The Wells Fargo brokerage company offers clients trading and investment accounts. Active traders can trade stocks and ETFs on favorable terms, such as no brokerage fees are charged for these assets. The company has canceled the minimum deposit requirements, so even a half-baked trader and no stock of free funds can trade with a broker. More experienced clients can expand their opportunities through margin trading. The Wells Fargo broker is not focused only on active traders who practice firsthand trading. The company offers has two types of services for generating passive income via automated investment and regular investment in portfolios managed by a financial advisor. The required minimum for participation in the programs varies from 5 to 100 thousand dollars and depends on the type of investment chosen. Wells Fargo has its drawbacks. The main ones are the lack of high-quality training on trading stock market instruments and online chat on the site, as well as high commissions for transactions with options and cent stocks. Also, the broker does not have a desktop trading terminal. The web platform is rather slow.
Collective2 - TU Expert Review
Since beginning its operations in the stock market, Collective2 has proven itself to be the best platform for both novice and professionals traders. If you wish, you can link your trading account to another broker and trade from the other broker’s platform. This is an undoubted advantage for some. Collective2 offers favorable terms for professional traders who are willing to broadcast their successful strategies for use by copy traders, active traders, and passive investors. Collective2 cooperates with 16 well-known stock and Forex brokers, including Interactive Brokers, Gain Capital, AMP Clearing, and eOption. If you opened an account here, you can use the popular trading platforms MetaTrader 4 and 5, WebTrader, NinjaTrader, and TradeStation. The brokerage company Collective2 has been operating for over 20 years, and during this time there have been no claims from regulatory authorities or significant complaints from customers. The broker remains at the top of the ratings for its specialized genre thanks to its well-focused team of employees who have mastered the concept of mutually beneficial cooperation.
Summary
Many brokers operate in Nigeria, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best Mutual Fund Brokers in Nigeria 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best Mutual Fund Brokers in Nigeria
| ETrade | TradeStation | Cobra Trading | Wells Fargo | Collective2 | |
|---|---|---|---|---|---|
|
Overall score |
8.3 |
8 |
7.35 |
7.3 |
7.2 |
|
Execution of orders |
8 |
7.7 |
7.14 |
7.09 |
6.99 |
|
Investment instruments |
8.6 |
8.3 |
7.56 |
7.51 |
7.41 |
|
Withdrawal speed |
8.4 |
8.1 |
7.2 |
7.15 |
7.05 |
|
Customer Support work |
8.2 |
7.9 |
7.5 |
7.45 |
7.35 |
|
Variety of instruments |
7.9 |
7.6 |
6.98 |
6.93 |
6.83 |
|
Trading platform |
8.7 |
8.4 |
7.72 |
7.67 |
7.57 |
|
|
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|
|
FAQ
Why is a license important for a broker?
License is the key document testifying to the broker’s reliability. It means that the company complies with the requirements of the financial regulatory authority that issued it. It is recommended that you choose brokers with licenses from top financial regulators: the USA, European Union, the UK, as these jurisdictions have the strictest licensing requirements.
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.
What commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
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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.