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 stock 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
Ninjatrader - Best for day trading in Nigeria
Ninja Trader is a Forex broker that has been providing brokerage services in the derivatives and foreign exchange markets since 2003. The main specialization of the company is in the futures and futures options markets. The broker is a licensed company with domicile in the United States. Ninja Trader also has offices in Germany and the Netherlands, but these are more representative functions.
👍 Advantages of trading with Ninjatrader for traders from Nigeria:
•availability of algorithmic trading using proprietary systems; there are more than 850;
•proprietary trading platform, which is one of the best products for trading in the derivatives markets (like MetaTrader 4 for Forex).
👎 Disadvantages of Ninjatrader for traders from Nigeria:
•high trading costs. In addition to the commission for the contract, there are exchange and regulatory fees, a fee to the trade provider (intermediary broker);
•the initial deposit is from USD 400. But that amount has nothing to do with fees associated with the US stock market;
•the broker is tailored exclusively for the US futures and options markets;
•a deep understanding of the principles of the derivatives market and the rules for working with exchanges is required;
•chat and phones contacts are missing;
•there are cases of neglect of client risks. Ninja Trader was fined in 2014 by its regulator for irregularities under its rules.
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
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.
5
Moomoo - Best for day trading in Nigeria
Moomoo (moomoo.com) is a California-based broker-dealer and a member of FINRA, SIPC, DTCC, OSS, and NASDAQ. Moomoo Inc. was established in 2018 and is a subsidiary of Futu Holdings Ltd., which is registered with the SEC (0001667858). Moomoo is a member of the LSE and SGX, and is licensed by MAS. The broker offers an intuitive trading platform with professional fundamental and technical analysis tools, as well as interest-free trading in US stocks, ADRs, ETFs, and options. For experienced traders, the platform provides a customizable news feed with audible alerts that allow you to quickly respond to market changes. Users have access to quotations on the exchanges of the USA, China, Hong Kong, and Forex markets. They also have enhanced possibilities for building both standard charts (bars, hollow, full candlesticks, and lines) and multi-charts, including VWAP with different time frames.
👍 Advantages of trading with Moomoo for traders from Nigeria:
•No commission when trading stocks, ETFs, options, and US ADRs.
•Analytical tools include third-party analyst ratings, graphical financial reports, and various charts with over 50 technical indicators.
•No minimum deposit required to open an account.
•All accounts open through a mobile application.
•Active trading community with over 100,000 users.
👎 Disadvantages of Moomoo for traders from Nigeria:
•No chat and phone support.
•Limited investment opportunities. You cannot use cryptocurrency, mutual funds, or bonds.
•Withdrawal of funds only via bank transfer and АСН.
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 |
Ninjatrader Commissions and Fees
Experts at Traders Union have analyzed NinjaTrader conditions for explicit and implicit fees. There are no hidden fees. Since the broker is an intermediary on the US and European stock exchanges, it is not responsible for the level of the spread and there is no data on the site. There are additional commissions of exchanges, banks, partners, and brokers-partners.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Futures |
$50 for ‘mini’ contracts |
Yes |
|
Options |
From $0,59 |
No |
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 |
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 |
Moomoo Commissions and Fees
The Moomoo platform does not charge US residents a brokerage fee to open an account, for a margin account, maintenance, or the transfer of funds to an account. When trading Hong Kong and Chinese A-shares, the broker will charge a platform fee of 15 HKD or CGD, respectively, as well as a commission of 0.03% or 3 HKD/CGD. The long-term margin for US and Hong Kong stocks is 6.8%, and for Chinese A-shares, it’s 8.8%. There is a trading and clearing fee from $0.01 to $0.045 per transaction or contract from the SEC, FINRA, and OCC regulators. For non-US residents, fees are $0.0049 for shares and ADR. The platform fee is $0.005. The broker has several non-trading commissions such as internal wire transfer fees that cost $10 for deposits and $20 for withdrawals if the account balance is less than $2,500. Under the same conditions, the international transfer fee is $25. Transfers via ACH are free.
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
|
Individual Margin Account |
6.8% |
Yes |
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 stock 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 Stock Brokers For Day Trading in Nigeria
| Revolut | Ninjatrader | TradeStation | Passfolio | Moomoo | |
|---|---|---|---|---|---|
|
Overall score |
7.69 |
7.03 |
6.79 |
5.14 |
5.71 |
|
Execution of orders |
9.2 |
8.1 |
7.7 |
6.04 |
6.74 |
|
Investment instruments |
9.8 |
8.7 |
8.3 |
6.46 |
7.16 |
|
Withdrawal speed |
9.6 |
8.5 |
8.1 |
6.1 |
6.8 |
|
Customer Support work |
9.4 |
8.3 |
7.9 |
6.4 |
7.1 |
|
Variety of instruments |
9.1 |
8 |
7.6 |
5.88 |
6.58 |
|
Trading platform |
9.9 |
8.8 |
8.4 |
6.62 |
7.32 |
|
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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 is a demo account and why is it important?
On a demo account, you trade by using virtual funds. It is important to choose a broker offering a demo account both for beginners, who are only learning, and for experienced traders, who can use this account type to test new strategies or EAs risk-free.
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.
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.
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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.