Best Apps for Stock Trading in Nigeria
Best trading app in Nigeria - RoboForex R StocksTrader
Best trading apps in Nigeria:
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RoboForex - R StocksTrader, cTrader, MT4, MT5
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IC Markets - MT4, MT5, cTrader
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Multibank - MT4, MT5, cTrader
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eToro - proprietary mobile apps for Android and iOS
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Interactive Brokers - IBKR Lite and IBKR Pro
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Saxo Bank - SaxoTraderGo and SaxoTraderPro
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XM Group - MT4, MT5
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Tickmill - MT 4, MT5, Tickmill Mobile
With interest in the stock market growing in Nigeria, having access to robust trading platforms and software is key for investors. In recent years, a range of excellent stock trading solutions have emerged to serve the needs of Nigerian traders and investors.
In this article, we take a look at the top stock trading platforms and software available for use in Nigeria as of 2023. We cover platforms suited for casual investing, active trading, and everything in between. For each platform, we explore the key features and benefits, such as trading costs and fees, range of markets and securities, charting and analysis capabilities, research tools, educational resources, and more.
With the right trading platform, Nigerian investors can buy and sell shares and ETFs, track investments, conduct analysis, and build their ideal portfolios.
Top 8 Best Apps for Trading in Nigeria
Let’s find out the best brokers and their trading apps that make up our list.
Best Forex Brokers In Nigeria1. RoboForex R StocksTrader
The global market for stock and commodity trading is a complicated place to succeed. Nigerians new to the world of trading financial instruments cannot tread these waters and earn profits by themselves. They need brokers who can assist them in their journey to financial freedom.
In this category, Roboforex, has emerged as a next-generation broker that offers a range of services in online stock and commodity trading. RoboForex has been around since 2009. Stocks feature heavily as an asset class at this broker, but it offers many other assets too. Clients can choose from eight different asset classes for their trading, which include a variety of over 3,000 stocks, Forex, commodities, and indices.
Staying with the theme of variety, the broker also gives clients the choice of six different trading platforms, including basic trading platforms like MetaTrader 4 and MetaTrader 5, an advanced copy trading platform like CopyFX, the broker’s proprietary R StocksTrader platform, and the popular cTrader.
It’s no news that clients are spoiled for choice at RoboForex with so many trading platform options. The R-Trader is the proprietary RoboForex platform, and it gives clients access to the complete range of more than 12,000 different asset options, leverage up to 1:20, and a minimum deposit of $10. Those who expect to trade stocks here will almost certainly want to choose R-Trader as their platform because the equity offerings for the other platforms are significantly limited.
There are mobile versions of all the platforms talked about above, and they are available for both Android and iOS users. Roboforex has links to download all the various versions on their website, or clients can go to the respective app stores to download the mobile platform they prefer.
👍 Pros
• RoboForex provides users with a plethora of trading instruments.
• RoboForex has an accelerated sign-up process for account registration and demo accounts access.
• High-skilled trading conditions and exclusive automated exchange functionalities are provided at RoboForex.
• An array of deposit and withdrawal payment facilities are available.
👎 Cons
• There is no FCA regulation for RoboForex.
• Lack of cryptocurrency tools when trading on the R-Trader platform.
IC Markets MT4, CTrader
Cyprus-based IC Markets is one of the leading online stocks and Forex brokers in Nigeria. The broker was founded in 2007 and offers a wide range of trading services to retail and institutional traders. The broker is fully regulated, and its headquarters is in Sydney, Australia.
Along with stocks, the broker offers a variety of tradable CFD instruments, including Forex, commodities, indices, bonds, and futures. The broker allows traders to open accounts with ten base currencies. The minimum deposit is 200 USD. The broker also offers a free demo account with virtual funds that clients can use to practice trading with actual market conditions before entering into real trading.
The broker offers a range of stocks from popular companies like Apple, Amazon, and Microsoft. They offer stock trading for more than 2,100 stocks from over 16 exchanges with spreads as low as 0.0 pips. Stock trading is a good option for those looking to explore intra-day trading and capitalize on the short-term movements of stocks.
IC Markets offers support for multiple trading platforms, including MetaTrader 4, MetaTrader 5, and cTrader. All these platforms are available in web-based and mobile versions for Android and iOS devices. cTrader is used by professional traders and offers advanced features like automated trading, market depth, advanced charting tools, etc. It is one of the most popular platforms among traders and provides them with an intuitive and user-friendly interface.
IC Markets also offers a social trading app, IC Social. The Android and iOS-compatible application connects traders with instant messaging, interactive profiles, and trading groups. Users can also start "copy trading", which involves mirroring the positions and strategies of professional traders. The app connects seamlessly with live MT4 accounts and is a good option for beginners looking to learn from established traders.
👍 Pros
• Free demo account allows access to all trade types and markets.
• No commission fees on deposits and withdrawals
• IC Markets is fully regulated.
• Low spreads and commission fees.
• Educational and research materials.
👎 Cons
• No negative balance protection for traders outside the European Union.
• Limited assets to trade with.
3. MultiBankMT4, MT5, and cTrader
Multibank is among the leading finance brokers globally that provide innovative and technology-driven solutions for online trading. The company was established in 2005 and had its headquarters in Hong Kong. Multibank has a robust global presence with 20 branches worldwide.
It is a popular broker that offers traders a wide range of trading platforms. Its order execution speed is quite fast, as the platform is integrated with some leading banks and liquidity providers. You can also trade CFDs on commodities like gold, silver, oil, and natural gas. MultiBank also offers equity CFDs on stocks of leading companies like Google, Amazon, Facebook, and Apple.
If you are always on the go, you can use MultiBank MT4, MT5, and cTrader mobile trading applications. These applications are available for both Android and iOS devices. You can download the app from the Google Play Store or the App Store.
The mobile trading platforms offer all the features and functionalities available on desktop trading platforms. You can use all these platforms for live trading and even demo accounts. They offer a leverage of up to 1:500 and a minimum deposit of $50. You also get negative balance protection across all the platforms, so you don't have to worry about losing more than what you have deposited in your account.
👍 Pros
• Several options exist for passive earnings, including a service for copying trades, PAMM accounts, free MAM, EA, VPS, API, and an affiliate program.
• The ability to trade from professional ECN accounts with floating spreads of 0.1 pips.
• ECN trading with deep liquidity and no requotes.
• Multiple deposit, and withdrawal options.
👎 Cons
•Trading restrictions on scalping.
• A high stock CFD and inactivity fee.
4. eToro
eToro is a leading global brokerage with an innovative and powerful social trading platform. The broker made its name through its social investing platform, an innovative tool that allows users to copy the trades of other investors.
eToro’s industry-leading CopyTrader technology enables anybody to join the financial markets and emerge as a more seasoned trader. eToro is an excellent choice for those interested in low-cost trading of stocks, CFDs, Forex, and cryptos on an outstanding mobile app.
Founded in 2007, eToro has more than 25 million users in 140 countries worldwide — and the U.S. is now on that list. eToro’s minimum deposit is $50. The company offers the ability to invest in fractional shares of stocks, which means you can buy a small slice of a share with any amount as low as $10. eToro also offers leverage of 1:30 and 1:400 for professional accounts.
eToro’s free mobile trading app, which clients can download and install on portable devices, is ideal for trading on the go. The application has been designed for both iOS and Android-powered mobile devices to allow full mobility and access to the financial markets at the same time. You can deal with real-time prices, view historical trades, open news, and access customer service sections—all from your device. Copy trading services and watchlists are also fully functional from the app.
Overall, eToro offers an excellent mobile experience. The ease-of-use factor is high, and eToro delivers nearly all the same features across both its web platform and its mobile app, which multi-device clients will appreciate.
👍 Pros
• eToro was founded in 2007 and is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (low-risk) for trading stocks.
• Fantastic for ease of use thanks to its user-friendly web platform and the eToro mobile app that is great for casual and beginner investors.
• eToro continues to expand its available range of markets as a multi-asset broker with over 3,000 symbols available.
• Offers indemnity insurance of up to EUR 1 million per client in the EU, the U.K., and Australia.
👎 Cons
• Trading Forex and CFDs at eToro is slightly pricier than most competitors, despite recently cutting spreads and introducing zero-dollar commissions for U.S. stock trading.
• Trading Central research and tools are only available to certain eToro Club members who have reached higher Club tiers.
5. Interactive Brokers
Interactive Brokers has long been a popular broker for advanced traders, but in 2019, the company launched a second tier of service, IBKR Lite, for more casual investors. With IBKR Lite, you get unlimited free trades of stocks and exchange-traded funds that are listed on U.S. exchanges.
Its advanced trading platform, IBKR Pro, is geared toward advanced traders. If that's you, you'll probably like the broker's per-share pricing of $0.005 per share, and unmatched range of tradable securities, including foreign stocks. Both tiers of service have a $0 account minimum and offer fractional shares of stock. IBKR Lite and IBKR Pro have no account maintenance or inactivity fees.
Users can borrow from the 23,000 tradable stocks that are available, listed according to their true borrow availability, through the broker's ability to trade stocks both long and short. It also provides trading with OTCBB stocks, commonly known as "penny stocks". Another new feature Interactive Brokers has in this marketplace is fractional share trading. It allows users to trade shares of U.S. stocks listed on the NYSE or NASDAQ.
The Interactive Brokers offers an app available on Android and iOS devices. With the help of various Interactive Brokers APIs, this mobile app has almost every functionality of the TWS and Client Portal web platforms. The trading apps are not ideal for professional investors as they may consume the entire processing power of the mobile device.
However, the bottom line is that, when compared to the desktop platform, the IBKR mobile app is easier to follow and has all available asset classes properly arranged for executing trades for professional traders, like stocks, ETFs, options, and more, along with trading shortcuts.
👍 Pros
• Extremely low-cost trades for high-volume trading, margin trading. Large investment selection.
• Interactive Brokers offerings also include an advanced order execution engine that establishes the most brilliant order routes for the users.
• The desktop trader workstation TWS offers access to a mutual fund replicator. With this tool, the user can make low-cost trades on funds across the trader's workstation platform.
• IBKR allows trading in foreign markets and holding multiple currencies.
👎 Cons
• The advanced platform charges maintenance fees on inactive or small IBKR Pro accounts. These fees include data charges and interest on cash, unless the trading account has a substantial balance.
• Despite being great for professionals, Interactive Brokers’ Trader Workstation (TWS) desktop platform is likely too complicated for inexperienced traders.
6. Saxo Bank
Saxo Bank is one of the leading and most popular investment banks. It specializes in online trading services and investment by offering more than 35,000 trading instruments on the platform. It includes several thousand traditional equities traded on various stock exchanges. Depending on the account type a trader selects and where they live, different minimum deposits apply. For example, for Middle Eastern or Central European clients, the minimum deposit is $10,000, and this broker does not charge any fees for deposits or withdrawals. Moreover, Saxo Bank offers several trading assets, like stocks, futures, options, commodities, and several more.
This shows that the platform caters to all types of clients with different experience levels. It offers the SaxoTraderGo and SaxoTraderPro trading platforms. These platforms come with several features and functionalities, such as advanced charting, trading tools that cover many technical indicators, and many more.
Saxo Capital Markets offers SaxoTraderGo mobile, which offers every feature of the desktop platform. Further, executing and monitoring the trades are very easy; price alerts and watchlists synchronize with the desktop platform; this is considered one of the most useful features. The app can be downloaded from the broker’s website, the Google Play Store, or the Apple App Store.
👍 Pros
• Saxo Bank offers over 35,000 tradable instruments, and the trader can invest in asset classes as per their choice.
• The trader can also connect their Saxo accounts to a third-party platform for accessing custom tools to suit the trader’s requirements. Saxo does not charge when the trader connects to third-party platforms.
• Saxo Bank offers its services to short-term clients, and they can use stocks, Forex, futures, and options for trading. It also offers mutual funds, which the clients can use even though they do not need any previous trading experience to invest.
• Saxo Bank is regulated by various licensing bodies globally. One of this broker’s major advantages is that it does not ask for deposit or withdrawal fees.
👎 Cons
• One of the major drawbacks is, this broker requires a minimum deposit of £500.
• These brokers do not offer a live chat facility.
7. XM MT4, MT5
The XM ecosystem is one of the world’s largest networks of stock and Forex traders, with millions of active trading software users around the world, including Nigeria. There are several reasons why XM is one of the best-regulated brokers and trading service providers.
First, XM is a global forex and CFD broker regulated by Australia's ASIC, Cyprus's CySEC, and Belize's IFSC. The broker has low stock CFDs and withdrawal fees. Its minimum deposit is $5, and its leverage is up to 1:20. The broker offers over 1,000 trading instruments including stocks, metals, commodities, and CFDs with spreads as low as 0.0 pips.
Account opening is user-friendly and fast. You can use many educational tools, such as webinars and a demo account. One can test the XM brokering experience with a demo account for its trading platforms and services. On the other hand, there is no investor protection for clients onboarded outside the EU.
XM Group allows its clients to run the MetaTrader platforms’ user versions on their smartphones and mobile devices, MT4 and MT5 mobile apps drive the mobile trading abilities of the users. XM services are available for Android as well as iOS users. The XM mobile trading platform offered by MetaTrader 4 is well-designed and user-friendly with a good search function. There is no proprietary mobile app for XM Group, but one is expected to reach the market in the coming years.
👍 Pros
• It offers relatively affordable access to expert analysis and advanced market tracking tools.
• The platform runs a full-service package on educational content for all users, beginners as well as experts.
• Opening a new account is fast and very user-friendly.
• The platform charges low fees for stocks trading and withdrawals.
👎 Cons
• There is no balance protection for investors onboarded as non-EU clients.
• Absence of passive investment services (social trading platform, PAMM accounts)
8. Tickmill
Regulated by one one-tier regulator and two two-tier regulators, the trading systems of Tickmill offer traders access to the platform for trading multiple assets. Tickmill clients are offered the opportunity of trading in more than 85 instruments that mostly include currency pairs along with stocks, CFDs, bonds, precious metals, and indices. The broker offers a minimum leverage of 1:20 and a maximum of 1:500.
Tickmill has a fast and easy account opening process with quick verification. The minimum deposit is low at just $100, and spreads start as low as 0.0 pips. Investors from Nigeria and across the world join Tickmill to conduct trading in global forex, stock CFDs, stocks, and cryptocurrencies. Tickmill allows copy trading, demo account trading, and social trading as well.
Tickmill allows accessing the MetaTrader 4 platform for trading and investing in a broad range of asset classes. The multi-asset broker of MT 4 is ideally suited for trading in stocks, bonds, and Forex base currencies. Tickmill offers the innovative trading tool, Autochartist. The Autochartist tools allow the customers to interpret the conditions in real time with the help of graphs and charts that accurately represent the Tickmill trading conditions and events.
Myfxbook of Tickmill possesses the innovative AutoTrade feature that allows social copy trading in financial markets. The toolkit of advanced trading at Tickmill provides every professional trader with an extensive range of trading instruments to level up profitability.
The mobile version of Tickmill is highly functional. One can easily download the Tickmill app from the app store of Android, Windows, and iOS and install the app to conduct mobile trading in assets on the go on the mobile trading platform.
👍 Pros
• Spreads from 0 pips.
• Any strategy is allowed.
• Protection against negative balance.
• Deposit and withdrawal transactions are fast and transparent.
👎 Cons
• There is no cent account.
• There is no trust management.
Best stock trading apps in Nigeria compared
| Broker | Minimum Deposit | Number of Stocks | Commission | Leverage |
|---|---|---|---|---|
$10 |
3.000 stocks, + over 9.000 CFDs |
From $0,009 per lot |
Up to 1:20 |
|
$200 |
10,000+ stocks and CFDs |
Spread based |
Up to 1:20 |
|
$50 |
1,000+ |
Spread based |
Up to 1:500 |
|
$50 |
2,400+ |
No commission on stocks |
Up to 1:30 |
|
$0 |
135+ exchanges |
From $0.005 per share |
Up to 1:3 |
|
$1000 |
40,000+ |
From $3 per trade |
Up to 1:5 |
|
$5 |
1,200+ |
Spread based |
Up to 1:20 |
|
$100 |
80+ |
Spread based |
Up to 1:20 |
How to choose a trading app in Nigeria?
Learn regulation and reliability
Before you settle on a Forex broker, you should ensure you fully assess and learn the regulation behind every broker. Ensuring that the broker you pick is regulated and allowed to operate in Nigeria is necessary. Also, you have to ensure that the broker is reliable by real traders.
List of Fake Forex Brokers in NigeriaLook at offers for local clients
Every broker has a different offer, and the best broker for you as a trader in Nigeria is the one who offers the best services, tools, and other resources to local clients. Your broker needs to accommodate your needs as a Nigerian.
Explore App’s functionality
Another factor to consider when choosing a broker in Nigeria is to explore the broker app's functionality. This can be done by assessing its execution speed, trading assets, and analytical tools. You will be fully abreast of the broker's features and have a smooth trading experience by checking all these boxes.
Try Demo
You should check to ensure they have a demo account for practice when selecting a broker. Every trader needs to practice to minimize risks, and with a demo account, you can practice as much as you want.
Open an account
The last step after filtering the brokers is to open an account with your broker of choice. You need to check the type of accounts available and those that suit you and your needs.
Best Forex Trading Apps in NigeriaHow to start trading stocks in Nigeria?
1. Establish an account with a broker
The first step in purchasing stocks in Nigeria is to register an account with a financial brokerage firm, which will serve as your connection to the stock market.
2. Proceed to verification
To complete the account verification process, the trader must upload their government-issued identity and address proof documents to the broker.
3. Make a deposit
Now that the account is created, it is time to activate it, by depositing funds in the account. Making the minimum deposit in an account is a quick and easy process.
4. Start trading
The time has finally come to start trading and making investments in a variety of assets. After completing the preceding processes, you may begin buying stocks in Nigeria via the Nigerian stock exchange or your brokerage firm.
Best Stock Brokers in NigeriaFAQs
What are the best trading apps for beginners in Nigeria?
Brokers like RoboForex and IC Markets, whose trading apps support copy trading, PAMM trading capabilities, and good educational materials, are best for beginners in Nigeria, as they don’t get to manage their accounts by themselves but by the broker’s professional money managers and top traders.
Can I trade with an international stock broker?
Yes, you can. If they are regulated and accept clients from Nigeria, it’s fully legit.
Do I pay taxes for stock trading in Nigeria?
As a Nigerian trader, you are required to report and pay taxes on all income and profits - domestic or foreign. Your trading profits will typically qualify as capital gains and should be reported accordingly. The current tax rate for capital gains is 10% of the gross profit, as set by the Federal Inland Revenue Service (FIRS). Therefore, it's important to include any Forex trading income when preparing a tax return.
How easy is it to open a trading account on each platform?
Opening a trading account can be quite easy and seamless on many leading platforms today, with the ability to complete the entire process online in a matter of minutes. However, minimum requirements and account approval times can vary across platforms.
For example, some international platforms like eToro allow you to open an account instantly just by providing your email address and going through a quick identity verification process.
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Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Glory is a professional writer for the Traders Union website with over 5 years of experience in creating content in the areas of NFT, Crypto, Metaverse, Blockchain, or Web3 in general. Over the last couple of years, Glory has also traded on different cryptocurrency and NFT platforms including Binance, Coinbase, Opensea, and others.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).