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Best Paper Trading App in Nigeria for 2025

Updated: February 09, 2025

Mikhail Vnuchkov

Contributor

Reviewed by

Olga Shendetskaya

Editor

Fact-checked by

Mirjan Hipolito

Cryptocurrency and stock expert

1
Best Paper Apps in Nigeria - Revolut

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 in 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 in 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.

STUDY REVIEW

2
Best Paper Apps in Nigeria - ETrade

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 in 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 in 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.

STUDY REVIEW

3
Best Paper Apps in Nigeria - ChoiceTrade

ChoiceTrade is a stockbroker that began providing services in 2000 and has steadily introduced ground-breaking technologies into its work. ChoiceTrade is aimed at working with investors who value order execution speed, a minimalistic approach to trading, and reliability. The broker is regulated by two bodies: FINRA (CRD#: 104021/SEC#: 8-52511) and SIPC. The latter regulator guarantees clients financial payments in case of unforeseen circumstances.

👍 Advantages of trading with ChoiceTrade for traders in Nigeria:

•A vast array of trading accounts for clients with different needs.

•The broker sets the lowest fees for users, regardless of the type of account.

•The broker is focused on cooperation with clients from different countries, the site interface is presented in more than 30 languages.

•Clients' financial assets are protected up to $500,000 by an independent regulatory body.

•Lightning-quick speed of order execution.

👎 Disadvantages of ChoiceTrade for traders in Nigeria:

•The minimum deposit is $100, which is not always within the power of novice traders.

•The broker does not provide clients with training materials for development in the field of trading and investments.

•The company offers only two ways to replenish a trading account and withdraw earned funds; there are no electronic payment systems.

STUDY REVIEW

4
Best Paper Apps in Nigeria - J.P. Morgan

The J.P. Morgan Self-Directed Investing service is in the brokerage division of JPMorgan Chase & Co Financial Corporation, and it offers investment services through JP Morgan Securities LLC (JPMS). The broker is part of one of the largest and oldest financial services corporations in the United States, with a reputation for transparency, accountability, and reliability. The broker provides services of long-term and retirement investment in securities within the USA market, services of active trading, and portfolio algorithmic investing. Trading assets are stocks of companies, ETF-fund shares, options, securities of retirement and investment funds, treasury notes, bills, US, corporate, and municipal bonds, derivatives, secondary market assets, etc.

👍 Advantages of trading with J.P. Morgan for traders in Nigeria:

•Flexible and clear tariff policy. For private investing the deposit is from $1, for automatic portfolio investing the deposit amount is from $500.

•Strict regulation. The SEC regulates J.P. Morgan Self-Directed Investing, and it is a member of FINRA CRD#: 79/SEC#: 801-3702,8-35008 and SIPC (the investor compensation fund). The broker is also subject to an annual external audit and is controlled by an exchange auditor.

•Offers trading accounts and retirement accounts.

•Automated Investing is an investment option that ensures that an investment portfolio follows the criteria set by the investor. The brokers’ analysts manage the portfolio.

•Additional products. Every broker's client can take advantage of other investment and financial offers from concessional lending to the development of a personal financial plan and trust management services.

👎 Disadvantages of J.P. Morgan for traders in Nigeria:

•The services are only available to U.S. residents. Possible schemes to work through intermediary funds/companies lead to a significant increase in the trade cost.

•Emphasis on financial products. Technological trading tools go into the background.

STUDY REVIEW

5
Best Paper Apps in Nigeria - Easy Equities

Easy Equities (EasyEquities) is a US stock broker providing financial services in the international market. The company opens access to South African, American and Australian markets and provides an opportunity to trade fractional shares. Investors can choose an individual or corporate account and there are also accounts for children. EasyEquities is a part of two licensed financial services companies — First World Trader and Purple Group.

👍 Advantages of trading with Easy Equities for traders in Nigeria:

•Demo accounts with two base currencies to choose from: USA and ZAR.

•Low trading commissions and zero non-trading fees.

•An account for children under age.

•No required minimum deposit amount.

•A possibility to invest independently or use investment offers of the broker.

•Residents of the majority of countries can open an account with the broker.

•Fractional shares are among trading instruments available to traders.

👎 Disadvantages of Easy Equities for traders in Nigeria:

•Deposit and withdrawal take several days.

•The broker offers very few methods of contacting customer support.

•There is no information about the authorities regulating the operation of Easy Equities.

STUDY REVIEW

Best Paper Trading App in Nigeria 2025: Education for Investors

When choosing the app, it is important to consider educational tools offered by brokers. TU analysts prepared a comparison of educational programs.

Revolut - Education for Investors

Investment Education Online

Information

Revolut doesn't offer training programs on the basics of stock trading. But the company's site has a blog section, which contains articles and videos with investment tips from Revolut experts and a description of the nuances of stock trading.

Information provided in the blog section

Information not available on the Revolut website

Financial forecasting

Description of technical indicators

Principles of using the equation of total profit

Stock market terminology

Investment strategy webinars

Economic calendar

Calculation of the main coefficients of profitability

Instructions for cooperation with a broker

The information presented in the Blog section can be useful not only for beginners but also for professional investors.

ETrade - Education for Investors

Investment Education Online

Information

The broker offers a library on the site to introduce the basics of stock trading to novice traders. It provides reviews, analytics, news, expert opinions, and useful tips to improve your trading efficiency.

Information available in the Education Section

Information not available at the ETrade site

Market reviews and analytics

Forex Terminology

Economic calendar

Descriptions of trading strategies for the Forex and stock markets

News

Fundamentals of risk management

Expert advice and expert opinion

Trading psychology

The broker doesn’t have a demo account, but the knowledge gained academically can only be applied in practice using real assets.

ChoiceTrade - Education for Investors

Investment Education Online

Information

The ChoiceTrade company focuses on the development of trading platforms and favorable working conditions for traders and investors. Training materials are not provided by the broker. Answers to the most popular questions among customers can be found in the Support section, and in the FAQs subsection. The broker also enables users to conduct financial research.

Information available in the Education section

Information not available at the ChoiceTrade website

FAQs page with answers to popular questions

Investment and trading courses

Self-service market research tools

Articles about popular assets, their features, and rules for working with them

Glossary with key terms for traders and investors

The ability to follow the work of more experienced users, analyze their trading strategies

ChoiceTrade does not offer its clients a demo account, which would allow them to apply various trading strategies and test their knowledge of trading without financial risks. Transactions can be made exclusively on live trading accounts.

J.P. Morgan - Education for Investors

Investment Education Online

Information

J.P. Morgan Self-Directed Investing is the investment brokerage division of JPMorgan Chase & Co. Therefore, the Financial Education section applies to the entire corporation and contains information not only about trading and investing, but also about personal finance in general.

Information available in the Financial Education section

Information not available on the J.P. Morgan Self-Directed Investing website

Lots of information about personal finance, the use of credit cards, benefits of mortgages, investment rules, etc.

There is no separate section on investing and trading

Easy Equities - Education for Investors

Investment Education Online

Information

Easy Equities is a broker that provides investment opportunities to its clients regardless of whether they have experience or not. There is a section on the company’s website featuring educational materials that can help the beginners understand the basics of investing and provide additional information to the more experienced traders.

Information provided in the Learn section

Information lacking on the Easy Equities website

Video tutorials on investing basics

The broker doesn’t offer its own educational course

Research portal: features risk analysis and Easy Equities blog

Podcasts with useful information

A help center with answers to the most important questions of novice investors

Articles on the specifics of investing in different instruments

Users can test new trading strategies and their trading skills on free demo accounts. There are two virtual demo accounts: a USD account with a balance of $10,000, and ZAR account with ZAR 100,000.

How to choose Paper trading app in Nigeria

When first getting started in the stock market, it’s a good idea to utilize the best paper trading app to learn the ropes without risking any real money. Here are some pointers to consider when selecting the best paper trading app in Nigeria:

User friendly interface

Look for a paper trading program that has an easy-to-use UI. As a beginner, you want a platform that is simple to use and comprehend. Paper trading apps that are easy to use frequently include instructional resources and tutorials. You ought to focus on understanding trading tactics rather than working out the app UI.

Asset variety

Choose the best trading app in Nigeria that allows you to trade a wide variety of financial instruments, such as stocks, currency, cryptocurrencies, and commodities. Having access to multiple assets allows you to explore other markets and diversify your trading talents.

Real-time data

Check to see if the program delivers real-time market data. This function is critical because it allows you to practice trading in a genuine market setting, which improves the effectiveness of your learning experience.

Educational resources

Search for a platform that provides educational materials such as articles, videos, and lessons. These resources can assist you in understanding the fundamentals of trading, technical and fundamental analysis, and various trading methods.

Support and community

Consider platforms that provide support and a community of other traders. The ability to ask questions and learn from experienced traders can be quite beneficial as you continue through your trading career.

Pros and cons of Paper trading in Nigeria

Here are a few pros and cons of paper trading in Nigeria.

Pros:

Risk-free learning
Paper trading allows novices to practice trading without jeopardizing their capital, and it's an ideal method to learn the ropes and test trading tactics.

Real-time market experience
Paper trading apps deliver real-time market data, allowing you to experience what real trading is like.

Diversification
Paper trading lets you experiment with a wide range of assets and marketplaces, providing an excellent opportunity to find your trading niche. Experimenting with a variety of assets such as stocks, currencies, cryptocurrencies, commodities, and others can provide you with essential insights into which market best suits your trading style and objectives.

Cost efficient
The low cost of paper trading is one of its most enticing features. Unlike live trading, which involves actual money, paper trading is completely free. It provides ambitious traders and learners with a low-barrier entry point into the world of financial markets.

Cons:

Emotional disconnect
Because there is no actual money involved, you may not feel the emotional side of trading, which is essential for genuine trading.

Lack of slippage and execution issues
Slippage and execution delays occur in real trading, which paper trading could not precisely imitate.

Overconfidence
With paper trading success, some traders may become overconfident, leading to poor mistakes in live trading.

How to start Paper trading in Nigeria?

Here is a step-by-step guide to getting started in paper trading:

Step 1: Choose a Paper trading app

Choose a paper trading program that meets your needs and ambitions. Consider the preceding advice to make an informed decision.

Step 2: Sign up and create a demo account

Sign up and establish a demo account once you've decided on an app. This will provide you with virtual funds to begin trading with. Take your time exploring the platform and becoming acquainted with its features.

Step 3: Start trading

Begin trading on a simulated trading platform. Try out various assets, trading techniques, and periods. Pay attention to market data and create a trading strategy. Maintain a trading journal to keep track of your progress and to learn from your mistakes.

Who need to use Paper trading apps in Nigeria

Paper trading is extremely beneficial to many different types of traders. It provides a safe environment for new traders to study trading tactics and become comfortable with the trading process without putting their money in danger. Paper trading enables rookie traders to make mistakes and learn from them as their skills progress.

Anyone interested in learning how the stock market operates can profit from paper trading because it allows them to familiarize themselves in a low-pressure environment. Paper traders can see the real-world impact of news, earnings reports, and economic statistics on the market by simulating trades. Paper trading can be used efficiently by both rookie traders and those wishing to learn.

Paper trading is also useful for experienced traders to test new trading techniques, technical indicators, or trading styles before putting real money on the line. This creates a risk-free environment for testing. Even full-time professional traders might profit from paper trading outside of market hours to test hypothetical deals and examine "what if" scenarios in order to reduce downside risk in their strategy. Paper trading is a great tool for people of all levels of experience.

Summary

In this review, you had an opportunity to learn about the features of 5 brokers, which traders in Nigeria choose the most. However, now you need to choose the best of them. You can do it using the scores given by the Traders Union. Check out the score table that will help you choose the Best Paper Trading App in Nigeria 2025.

	Revolut	ETrade	ChoiceTrade	J.P. Morgan	Easy Equities
Overall score	9.5	8.3	7.7	5.05	5.65
Execution of orders	9.2	8	7.4	4.84	5.44
Investment instruments	9.8	8.6	8	5.26	5.86
Withdrawal speed	9.6	8.4	7.8	4.9	5.5
Customer Support work	9.4	8.2	7.6	5.2	5.8
Variety of instruments	9.1	7.9	7.3	4.68	5.28
Trading platform	9.9	8.7	8.1	5.42	6.02
	Study Review	Study Review	Study Review	Study Review	Study Review

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FAQ

What is the best online trading app in Nigeria?

The majority of paper trading platforms are entirely free to use because there is no actual money exchanged.

Can you make money paper trading?

No, paper trading doesn't use real money, so it's impossible to actually earn from it. It serves only as a learning and testing tool for trading techniques.

How do I start paper trading?

To start paper trading, select a paper trading program, sign up, create a demo account, and begin trading with virtual funds. For a more detailed procedure, refer to the step-by-step guide described before.

How much does it cost to paper trade?

Paper trading is usually free on most platforms. You are given virtual funds to practice trading with without the fear of losing real money.

Do all brokers offer mobile apps for iOS and Android?

Unfortunately no. Some companies focus only on one operating system. Before opening an account make sure that the broker offers the version for your operating system.

If a broker has several platforms, does it mean it offers several apps?

No. If a broker has several trading platforms, there is either an option to switch between them in the app, or only one trading platform is available (usually the proprietary one).

Do I need to pay for downloading the app?

Brokers do not charge a fee for downloading their mobile app. They are provided for free.

Does the functionality of apps differ from that of the web version?

It depends on the broker. A good quality mobile app replicates the functionality of the web version either fully or as much as possible.