In Nigeria's volatile financial landscape, day trading is a popular strategy for investors looking to profit from short-term market changes. To engage in efficient day trading, you need a dependable online broker who can meet your individual requirements.
In this article, we will look at how to find the best online broker for day trading in Nigeria 2025, the legality and tax consequences of day trading, the advantages and downsides of this trading method, and key starting recommendations.
1
RoboForex - Best for day trading in Nigeria
RoboForex is a well-established brokerage company offering a broad spectrum of trading opportunities for active traders and investors alike. With an impressive selection of over 12,000 financial instruments - including currency pairs, CFDs on stocks, indices, metals, energies, and futures - RoboForex provides a versatile trading environment.
The broker boasts competitive trading conditions: tight spreads starting from 0 pips, high leverage up to 1:2000, and fast execution speeds. The broker also offers the CopyFx investment program, which allows traders to copy the strategies of successful investors and earn passive income. Additional perks include instant fund withdrawals and some of the industry’s highest affiliate payments (up to 84%).
RoboForex prioritizes reliability and client satisfaction, establishing itself as a trusted partner for traders worldwide.
👍 Advantages of trading with RoboForex for traders from Nigeria:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from Nigeria:
•A small number of currency pairs - 28, for accounts: Pro, Pro-Cent, ECN
2
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.
3
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.
4
Advantage Futures - Best for day trading in Nigeria
The Advantage Futures broker (Advantage Futures) is an American brokerage that began its operations in 2003. The company is regulated by three independent bodies: the US National Futures Association (NFA 327359), the US Financial Industry Regulatory Authority (FINRA 39362), and the US Commodity Futures Trading Commission (CFTC). Advantage Futures specializes in futures trading and provides traders with direct access to seven exchanges for derivatives. Experience in trading in the futures market is not obligatory, the broker offers trading platforms for different clients’ needs, and the support service will help each client individually to choose the appropriate options.
👍 Advantages of trading with Advantage Futures for traders from Nigeria:
•The broker allows you to kick the tires and get acquainted with trading conditions using a demo account.
•A trader can choose accounts with different forms of ownership.
•The company offers a lightning-fast execution of transactions, so trading at Advantage Futures is suitable for scalpers.
•The company offers low fees, which decreases further with increasing trading volumes.
•Providing traders with direct access to derivatives exchanges.
•Keeping clients’ funds in segregated accounts.
•A vast array of trading platforms for different clients’ needs.
👎 Disadvantages of Advantage Futures for traders from Nigeria:
•Bonuses for trading in the company but contests are not provided.
•High level of minimum deposit.
•The company's clients do not have access to replenishment and withdrawal of funds through electronic payment systems.
5
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).
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.
RoboForex Commissions and Fees
Our experts have checked this company for trading and non-trading commissions. In the trading commission category, the broker's spread was considered, and as a non-trading commission, it charges an additional fee for withdrawing funds.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Pro |
$13 |
No |
|
Pro-Cent |
$13 |
No |
|
ECN |
$3 |
No |
|
Prime |
$1 |
No |
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 |
Advantage Futures Commissions and Fees
Experts at Traders Union specialists analyzed Advantage Futures LLC to find out what fees a broker charges for trading and non-trading actions of clients. It turned out that Advantage Futures charges a fee exclusively for the execution of trades, and the amount of the fee depends on the volume of trade. If the trading volume is from 0 to 100 contracts, the fee per contract is $0.99,; with a volume from 101 to 1000, the — a fee is $0.69,; with a volume from 1001 to 2000, the — a fee is $0.49,; with a volume from 2,001 to 5,000, the fee — a fee is $ 0.29,; with a volume from 5,001 to 10,000, the — a fee will be $0.19. If the trading volume exceeds 10,001 contracts, the fee will be $0.07.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Individual Account (U.S. Citizencitizens) |
From $0.99 per contract |
No |
|
Individual Account (Non U.S.non-U.S. Citizencitizens) |
From $0.99 per contract |
No |
|
Corporate Account (U.S. Citizencitizens) |
From $0.99 per contract |
No |
|
Corporate Account (Non U.S.non-U.S. Citizencitizens) |
From $0.99 per contract |
No |
|
LLC Account (U.S. Citizencitizens) |
From $0.99 per contract |
No |
|
LLC Account (Non U.S.non-U.S. Citizencitizens) |
From $0.99 per contract |
No |
|
Partnership Account (U.S. Citizencitizens) |
From $0.99 per contract |
No |
|
Partnership Account (Non U.S.non-U.S. Citizencitizens) |
From $0.7 per contract |
No |
|
Trust Account |
From $0.7 per contract |
No |
|
Introduced Account |
From $0.7 per contract |
No |
|
Managed Account |
From $0.7 per contract |
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 |
How to choose online broker For Day Trading in Nigeria
Choosing the best online broker is a vital step for Nigerian day traders. Here are some helpful hints to assist beginners in making an informed decision:
Tip 1: Trading platform
Select the top online broker for day trading who offers a powerful and user-friendly trading platform. In a fast-paced trading environment, the platform should give real-time data, comprehensive charting capabilities, and a flawless execution procedure, allowing you to make quick judgments.
Tip 2: Trading instruments
Choose a broker who provides a wide range of trading instruments, such as stocks, Forex, cryptocurrencies, commodities, and indices. A varied collection of solutions helps you to capitalize on a variety of market opportunities.
Tip 3: Cost and fees
Consider the broker's cost structure, which includes commission rates, spreads, and other expenses. Competitive pricing can have a big impact on your day trading profitability, especially if you execute multiple deals per day.
Tip 4: Customer support
Customer service that is dependable is vital. Check if the broker provides timely and helpful customer service. You might require assistance with technical concerns, account inquiries, or trading-related inquiries.
Tip 5: Educational resources
Choose a broker who offers instructional resources and trading tools. These materials can help newcomers comprehend market dynamics, trading methods, and risk management practices.
Is Day Trading legal in Nigeria?
Yes, day trading is allowed in Nigeria; there are no specific laws forbidding or restricting day trading activities. Nigerian traders are free to engage in day trading as long as they follow general financial regulations and tax obligations and utilize authorized brokers.
Do day traders pay taxes in Nigeria?
Yes, profits from day trading are subject to capital gains tax in Nigeria. Capital gains from the sale of shares or other securities are taxed at a 10% rate if held for less than five years. The tax authorities consider day traders to be business owners because this is their principal source of revenue. As a result, they must register their day trading operation as a business and pay taxes on net trading earnings every year. Day traders must maintain correct trading records and file capital gains tax filings.
Pros and cons of Day Trading
Pros:
Profit potential
Profit potential is one of the most appealing aspects of day trading. Day traders seek to profit from short-term market swings, which can result in large gains. Trading opportunities abound throughout the day, allowing competent day traders to profit swiftly. While the profit possibility is attractive, keep in mind that with high reward potential comes considerable risk.
Independence
Day traders have a considerable degree of autonomy in their business. They can create their own schedules, choose the assets they want to trade and make their own trading decisions. This level of independence can be appealing to those who like to work on their own terms and handle their own pursuits.
Market access
Day trading gives traders access to a wide range of markets and asset classes, providing abundant opportunities for diversification and flexibility in their trading methods. Day trading allows you to discover and engage in several markets, whether you are interested in stocks, currencies, cryptocurrencies, commodities, or indexes.
Quick feedback
Day traders get almost immediate feedback on their trades. The quick feedback loop allows traders to make changes and improvements quickly. This instant feedback on the effectiveness of their tactics and decisions encourages skill growth and adaptation to changing market conditions.
Cons:
High risk
One of the most obvious disadvantages of day trading is its high risk. The fast-paced nature of trading, as well as the pursuit of immediate profits, can result in large losses. Day traders frequently use leverage, which multiplies the risks and can result in severe financial losses.
Stress
Day trading may be a very demanding activity. The necessity for quick decisions, frequent market monitoring, and the need to execute trades precisely can all have an impact on a trader's mental and emotional health. The high-stress environment of day trading may not be ideal for everyone, and traders must acquire good stress-management strategies.
Capital requirements
To engage in numerous trades effectively, day traders require a considerable amount of funds. For some people, the financial requirements can be a barrier to admission, limiting their participation in day trading. Traders require sufficient capital to cover margin obligations, potential losses, and trading costs. The particular capital requirements may differ depending on the assets traded and the broker's policies.
Emotional discipline
Day trading success is dependent on strong emotional control and disciplined trading tactics. The rapid pace of day trading might lead to rash decisions motivated by fear or greed. Emotional control is essential for risk management, and a lack of it can result in large losses.
How to Day Trade in Nigeria?
Here are some pointers for beginners wishing to get started with day trading in Nigeria:
Education and preparation
Begin your day trading experience by learning everything you can about the financial markets. Discover the many asset types, such as stocks, currencies, cryptocurrencies, commodities, and indices. Understand the role of various assets, how economic factors affect them, and how their market dynamics differ.
Choose a reliable broker
Choosing a reliable online broker is a critical step for each day trader. Begin by carrying out extensive research on the various Nigerian internet brokers. Examine their reputation, trading platforms, fee structures, and customer service quality. Check if the broker has access to the assets you want to trade.
Develop a trading plan
A well-defined trading plan is required before you begin your day trading journey. Begin by establishing specific and attainable trading objectives. Specific goals will govern your trading approach, whether they involve earning a stable income, building wealth, or diversifying your investing portfolio.
Risk management
Implementing effective risk management is critical to your success as a day trader. Set stop-loss orders for each transaction to begin. These orders function as a safety net, limiting potential losses. By setting a stop-loss at a specific level, you can avoid riding out a losing trade in the hope that it will reverse.
Practice with a demo account
Before putting your money in danger, it's best to practice with a demo account or paper trading account supplied by your selected broker. This useful resource allows you to become familiar with the trading platform and fine-tune your approach without putting your money in danger.
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 online brokers for day trading in Nigeria 2025. 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 Online Brokers For Day Trading in Nigeria
| RoboForex | Revolut | ETrade | Advantage Futures | Wells Fargo | |
|---|---|---|---|---|---|
|
Overall score |
8.9 |
7.69 |
7.03 |
5.65 |
5.95 |
|
Execution of orders |
8.95 |
9.2 |
8 |
6.79 |
7.09 |
|
Investment instruments |
4.9 |
9.8 |
8.6 |
7.21 |
7.51 |
|
Withdrawal speed |
8 |
9.6 |
8.4 |
6.85 |
7.15 |
|
Customer Support work |
9.6 |
9.4 |
8.2 |
7.15 |
7.45 |
|
Variety of instruments |
9.02 |
9.1 |
7.9 |
6.63 |
6.93 |
|
Trading platform |
9.2 |
9.9 |
8.7 |
7.37 |
7.67 |
|
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FAQ
What brokerages are best for day trading?
FXTM, XM, AvaTrade, Pepperstone, and FP Markets are popular day trading platforms in Nigeria. Look for low-cost brokers who provide strong platforms, market access, and educational resources.
How to day trade with only $1,000?
With a small account, stick to stocks/ETFs under $10, trade smaller FX lots, and utilize tight stops. Limit each trade to 1-2% of total capital. Be patient and only engage in high-probability trades. Gaining experience is more essential than chasing riches.
What do most day traders use?
To identify patterns and trends, most day traders use price charts and technical indicators. MetaTrader 4, TradingView, and broker charting programs are all common tools. Scanners aid in the identification of probable trading setups.
Do you need 25k to day trade?
To day trade without limits in the United States, you must have a margin account with at least $25k in equity. Most brokers in Nigeria do not apply such restrictions, allowing you to day trade with any account size, but it is still risky with fewer funds. Begin slowly and practice risk management.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
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.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
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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.