In Nigeria, trading has grown in popularity as a profitable endeavor. Both new and seasoned traders have entered the market due to the appeal of possible gains and the simplicity of digital platforms. Although the dangers involved in trading can be intimidating, it is crucial for potential traders to hone their skills before investing actual money.This is where paper trading apps come into play.
Revolut provides its clients access to shares of international and American companies, cryptocurrencies, and metals. For investors, Revolut offers a social trading program. Revolut's copy trading platform is trendy among investors because it has a forum for traders to communicate with each other in real-time. Also, various charts and indicators are available in the Revolut trading platform for technical analysis. Revolut is a company actively developing and plans to make all of its services available to foreign citizens. Fractional share trading offered by the broker allows beginners to learn trading without high financial risks.
E-Trade specializes in e-trading and is primarily focused on working with the American stock market.
The ChoiceTrade broker is aimed at cooperating with users who already have experience in trading on Forex and other exchanges and does not offer the most favorable conditions for beginners. The company is agog to cooperate with clients from any country, there are no restrictions on trading opportunities or opening accounts.
Passfolio is a broker for active traders who choose to trade stocks, cryptocurrencies and ETFs, as well as for investors who choose long-term trading strategies.
The TradeZero broker has its strengths and weaknesses, like any platform. However, TradeZero is a simple and reliable solution for entering the global stock market.
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.
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.
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.
4
Best Paper Apps in Nigeria - Passfolio
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 in 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 in 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
Best Paper Apps in Nigeria - TradeZero
TradeZero is a Bahamian broker that provides its clients with access to the interbank market for stock trading. The platform allows you to trade limit orders for NYSE, Amex, and Nasdaq securities for free. Leverage, depending on the parameters of the order, ranges from 1:2 to 1:6. There are no templates for day trading. The broker has developed four trading platforms - ZeroPro, ZeroWeb, ZeroFree, and ZeroMobile, which make it possible to trade with maximum comfort, regardless of the level of the trader and his preferences. The platforms integrate technical analysis tools, news, and analytics.
👍 Advantages of trading with TradeZero for traders in Nigeria:
•The broker allows you to trade all stocks that are listed on the NYSE, Amex, and Nasdaq exchanges.
•In addition to shares, trading in ETFs and options is available on objectively favorable terms.
•Limit orders greater than $1 and containing up to 200 shares are not subject to commission.
•The broker has proprietary software for working from a desktop, in a browser, and on a mobile device.
•Transparent pricing policy, fixed deposit/withdrawal commissions.
•No commissions on the first deposit.
•The broker provides an extensive pool of educational materials for traders of different levels.
•Fast technical support in live chat, and there is a multi-channel call center and email.
👎 Disadvantages of TradeZero for traders in Nigeria:
•The minimum deposit is $500. It does not charge a commission, but this is a significant amount, which sometimes repels beginners.
•Use of the ZeroPro and ZeroWeb software with professional functions $59 per month.
•Technical support is not around the clock or on weekends.
•Service priority is given to premium accounts.
Best Paper Trading App in Nigeria 2024: 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
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.
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
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.
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
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.
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.
Passfolio - Education for Investors
Investment Education Online
The broker's website contains the "Education" section, which contains information useful for beginners and experienced traders.
The broker does not provide a virtual account where a trader can test his trading skills or check the trading conditions of Passfolio.
TradeZero - Education for Investors
Investment Education Online
The broker’s website has a section with training materials, videos, and a detailed manual that can be downloaded in pdf format. There is also a FAQs section with basic information. Thus, the broker provides its clients with all the necessary information so that they can successfully invest in securities.
Some sources write that TradeZero provides a demo account, but it does not.
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 2024.
| Revolut | ETrade | ChoiceTrade | Passfolio | TradeZero | |
|---|---|---|---|---|---|
|
Overall score |
9.5 |
8.3 |
7.7 |
6.25 |
5 |
|
Execution of orders |
9.2 |
8 |
7.4 |
6.04 |
4.79 |
|
Investment instruments |
9.8 |
8.6 |
8 |
6.46 |
5.21 |
|
Withdrawal speed |
9.6 |
8.4 |
7.8 |
6.1 |
4.85 |
|
Customer Support work |
9.4 |
8.2 |
7.6 |
6.4 |
5.15 |
|
Variety of instruments |
9.1 |
7.9 |
7.3 |
5.88 |
4.63 |
|
Trading platform |
9.9 |
8.7 |
8.1 |
6.62 |
5.37 |
|
|
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|
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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.
Is it possible to register with a broker using the mobile app?
Yes. Brokers provide an opportunity to open an account and pass verification directly in the mobile app.
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.
If I remove the app from my phone and then reinstall it, will I lose the information?
No. The information is stored in the user account on the server. You will need to enter your username and password, pass two-factor authentication (if applicable) and you will have full access to your information.
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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.