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Nigeria is home to thousands of online traders. That is an impressive number that keeps growing by the day. If you’re a Nigerian and would like to dive into online trading, now’s the best time to do it. But, as seasoned pros in this field, we urge you to learn the ropes before risking your hard-earned money. Most importantly, choosing trading platforms carefully.
Since countless trading sites are now available in Nigeria, identifying the best ones can be confusing. We understand that. Our team is here to make your life easier. We have tested many platforms and singled out a few worth checking out. Our guide will discuss them in detail. It will also introduce you to indispensable tips that will help you pick the right platform and open a live account without any hassles.
In a Nutshell
- Picking the best investment platform is crucial to your success as a Nigerian trader.
- Countless platforms offer Nigerian traders the opportunity to invest in CFD assets, currency pairs, and digital currencies.
- While choosing the best investment platform in Nigeria, you should consider factors like regulation, security, fees, and commissions.
- The best investment platforms in Nigeria should be regulated by the Securities and Exchange Commission (SEC) and other international authorities.
- Before signing up with any broker, familiarize yourself with the risks associated with online investing.
- The Invezty team is dedicated to providing factual, insightful information. Our review is based on hours of extensive tests, research, and evaluations.
List of the Best Investment Platforms in Nigeria
- Pepperstone – Overall Best Investment Platform
- AvaTrade – Best Platform for Beginners
- FP Markets – Best Platform for CFD Trading
- OANDA – Best Platform for Mobile Trading
- Spreadex – Best Platform for Risk Management
In This Guide
Compare Investment Platforms in NG
We are dedicated to helping you find the best investment platforms in Nigeria. Our objective is to provide unbiased, factual information that you can use to make informed decisions. Considering that, our skilled and experienced team spent many hours researching and comparing different service providers. So, rest assured that every platform mentioned here is nothing short of exemplary.
We considered various factors while researching, comparing, and picking the best investment platforms in Nigeria. They include regulatory status, customer support, trading platforms, fees and commissions, etc. We also reviewed thousands of user testimonials courtesy of reputable sites like Trustpilot, Google Play, and the App Store. As we’ve already mentioned, our goal is to provide accurate, unbiased insights.
Considering the above, here’s a comparison table of top investment platforms in Nigeria alongside several elements that make them outstanding.
| Best Investment Platform NG | License and Regulation | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| Pepperstone | FCA, ASIC, DFSA, CySEC, CMA, SCB, BaFin, SEC | 24/7 | TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social trading | Visa, Mastercard, Bank transfer, Flutterwave, Skrill, PayPal | Yes |
| AvaTrade | CBI, CySEC, PFSA, ASIC, B.V.I FSC, FSA, FSCA, ADGM, ISA, SEC | 24/5 | WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated Trading | Credit/debit cards, Neteller, Skrill, Wire transfer, WebMoney | Yes |
| FP Markets | SEC, ASIC, CMA, CySEC, FSCA, FSA | 24/7 | MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy Trading | Credit/debit cards, Neteller, Skrill, Bank transfer, Google Pay, Apple Pay | Yes |
| OANDA | B.V.I FSC, FCA, CySEC, ASIC, SEC | 24/5 | MT4, MT5, fxTrade App | Credit/debit cards, Bank/wire transfer, Skrill, Neteller | Yes |
| Spreadex | FCA, SEC | 24/5 | Online platform, Mobile trading, Charting package, TradingView | Credit/debit cards, Apple Pay, Bank transfer | No |
Platforms Overview
As seasoned traders and investors, we know that the best investment platform should have reasonable fees and an applaudable array of assets. After all, these elements are indispensable in ensuring you reap maximum profits and capitalize on as many opportunities as possible. Below, we’ve shared a comparison table of our recommended investing platforms in Nigeria based on their charges and assets.
Fees
| Best Investment Platform NG | Minimum Deposit Requirement | Commissions/ Spreads | Deposits/ Withdrawal Fees | Inactivity Fee |
|---|---|---|---|---|
| Pepperstone | $0 | From 0.0 pips | Free | $0 |
| AvaTrade | $100 | From 0.13 | Free | $50 after every 3 consecutive months of non-use |
| FP Markets | $100 | From 0.0 pips | Free | $0 |
| OANDA | $0 | From 0.8 pips | $20 withdrawal | $10 monthly fee, kicks in after 12 months of inactivity |
| Spreadex | $0 | From 0.6 points | Free | $0 |
Assets
| Best Investment Platform NG | Stocks | Forex | Crypto | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| Pepperstone | Yes | Yes | Yes | Yes | Yes | Yes | No |
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| FP Markets | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| OANDA | Yes | Yes | Yes | Yes | Yes | Yes | No |
| Spreadex | Yes | Yes | Yes | Yes | Yes | Yes |
Our Opinion about the Best Investment Platforms
Here is our extensive list of the top investment platforms in Nigeria and what they offer. Remember, our team handpicked these sites based on first-hand experience and hours of intensive research. That is why we highly recommend these platforms.
1. Pepperstone – Our Overall Best Investment Platform
After testing and evaluating numerous sites, we concluded that Pepperstone is the overall best investment platform in Nigeria. We had a superb experience interacting with this platform. Our team first noticed that Pepperstone allows users to trade and invest in over 1,200 instruments, ranging from CFDs to major and exotic currency pairs.
The other element that caught our attention was Pepperstone’s minimum deposit requirements and incredible fees. With this platform, you can start trading with any amount and zero deposit, withdrawal, and account inactivity fees. Pepperstone also offers tight spreads starting from 0.0 pips. If you want to cut your expenses, this site will prove indispensable.
When it comes to trading platforms and software, Pepperstone has everything you need to take your trading experience level. That includes the proprietary Pepperstone Trading, which has a user-friendly interface, multiple advanced technical indicators, risk management features, and more. The other platforms on Pepperstone include MetaTrader 4/5, TradingView, and cTrader.
Pepperstone
✔800+ instruments
✔No minimum deposit requirement
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- Zero deposit, withdrawal, and inactivity fees
- Spreads as low as 0.0 pips
- Diverse advanced platforms, including TradingView and cTrader
- Top-notch tools like cTrader Automate and algorithmic trading
Cons
- This platform is mostly focused on CFDs
- No quality news feed for traders
We identified numerous fees and costs on Pepperstone. First, from our exploration, we discovered that Pepperstone users are subjected to spreads and commissions that vary depending on market conditions and account type. This platform has two accounts: Standard and Razor. Both are associated with different charges and conditions. For instance, Razor accounts only attract commissions when users trade CFDs on Forex.
Pepperstone also charges overnight funding, which kicks in when a trader holds a position in commodities, equities, indices, metals, or cryptocurrencies overnight after 5 p.m. New York Time. This broker’s overnight funding charges vary depending on different factors, including underlying TomNext rate changes.
But here’s the best thing you can derive from our Pepperstone broker review, especially where fees are involved. Pepperstone doesn’t charge account inactivity fees. Moreover, this platform doesn’t charge a single dime for deposits and withdrawals. Furthermore, this broker has no minimum deposit requirements.
2. AvaTrade – Best Platform for Beginners
If you’re a rookie in investing, begin your journey with AvaTrade. This platform’s pride and joy, Ava Academy, will help you get started with its free trading courses and materials. Through Ava Academy, you can learn all the fundamentals of trading and investing, from how to get started to the essentials of applying advanced trading techniques.
After completing Ava Academy’s courses, you can open a demo account with AvaTrade and test your knowledge. Your demo account will also help you test drive and familiarize yourself with AvaTrade’s platforms, including WebTrader, MT4, and MT5.
We also strongly recommend AvaTrade to novice traders because this broker has simplified the account registration process and has a beginner-friendly user interface. Not to forget, it’s regulated by reputable authorities like SEC, ASIC, and CySEC.
AvaTrade
✔Low minimum deposit requirement
✔Features automated trading on its copy trading platform
Pros & Cons
Fees
Trading Assets
Pros
- Rich trading courses and materials
- Exceptional demo account features
- Quick and easy account registration
- Free deposits and withdrawals
Cons
- High inactivity and administration fees
- A limited number of instruments compared to its peers
AvaTrade charges low fees for trading and non-trading services. When we started with the broker, we found the first deposit requirement of $100 or its equivalent to be low. Plus, all deposits and withdrawals at AvaTrade are free.
Commissions and spreads at AvaTrade are also low in our opinion. For instance, trading forex attracts low fees from 0.9 pips on major currency pairs. We also tried trading stocks and incurred low charges from 0.2 pips.
On the downside, AvaTrade charges a high inactivity fee of $50/£50/€50. This depends on your account currency. The fee applies should your account remain inactive for over three months. Plus, there is an annual administration fee of $100/€100/£100 after 12 months of inactivity. Other fee to expect with this broker is overnight charges for positions left overnight. Its margin rates are also low, from 3.33%, depending on your jurisdiction.
It is important to note that while AvaTrade offers social trading, accessing this feature via the DupliTrade and ZuluTrade platforms can be costly for low-budget traders. You are required to deposit at least $2,000 for DupliTrade and $200 for ZuluTrade platforms.
3. FP Markets – Best Platform for CFD Trading
FP Markets has an impressive collection of CFD instruments. The platform offers 10,000 stock CFDs alone. These come from a broad range of global markets, from Hong Kong and London to New York and Frankfurt. And that’s just the tip of the iceberg. We also discovered that this broker has countless additional CFDs on metals, indices, bonds, and currencies.
If you open a CFD trading account with FP Markets today, you will get unmatched access to all these instruments. Moreover, you will enjoy tight spreads starting from 0.0 alongside free deposits and withdrawals. Furthermore, you can optimize your experience and profitability with flexible leverages of up to 500:1 for professional traders.
We also recommend FP Markets to Nigerian CFD enthusiasts because this platform supports multiple fantastic trading platforms. They include WebTrader, cTrader, TradingView, MT4, and MT5.
FP Markets
✔Free deposits and withdrawals
✔No inactivity fees
Pros & Cons
Fees
Trading Assets
Pros
- A wide selection of CFD instruments
- Juicy spreads as low as 0.0 pips
- Flexible leverage options of up to 500:1 for professional traders
- A broad range of top-tier trading platforms
- Excellent 24/7 customer support service
- No inactivity, deposit, or withdrawals fees
Cons
- No investor protection in Nigeria
- Product offerings are limited to CFDs only
The outstanding perks of using FP Markets include free deposits or withdrawals. This broker goes above and beyond by covering all internal bank fees arising from international transfers. Moreover, you can start your journey with a free demo account before switching to a live account. Keep in mind that FP Markets’ minimum deposit requirement is $100.
The other commendable thing is this broker has reduced non-trading costs and charges. Take inactivity fees as an example. Unlike many of its peers, FP Markets doesn’t penalize dormant accounts. So, you can stay logged out of your account for as long as you like without fretting over accumulating fees.
That said, we encountered numerous other FP Markets fees and costs. Although you can open a Standard account, which comes with 0 commissions, you’ll still face variable spreads, starting from 1.0 pips. On the other hand, IRESS, FP Markets’ sophisticated premium platform, has commissions that vary depending on geographical location. IressTrader/ViewPoint also has a mandated $60 fee. Luckily, there are free alternatives like MT4 and MT5, which have no platform fees.
4. OANDA – Best Platform for Mobile Trading
Nigeria is home to millions of Android and iPhone users. If you are in this category and would like to use your smartphone to invest and trade online, join OANDA. We tested this broker’s mobile trading apps and found them exceptional.
OANDA has dedicated mobile apps for Android and iPhone users. You can download them from the Apple Store or Google Play. These apps are an excellent choice because, with them, you can access OANDA’s full range of CFD markets. Moreover, they come with exciting features like customizable interfaces, mobile notifications, and price alerts.
We also recommend OANDA’s mobile platforms because they allow you to harness the power of 50+ technical indicators, 11+ drawing tools, and many others.
OANDA
✔No minimum deposit requirement
✔Free deposits
Pros & Cons
Fees
Trading Assets
Pros
- Free dedicated apps for trading on the go
- No minimum deposit requirement
- Diverse platforms, including MT4 and MT5
- Rich trading guides and learning resources
- Simple account opening process
Cons
- $20 withdrawal fee
- $10 inactivity fee
- Limited product selection
When testing OANDA, we opened a live account and funded it. We didn’t encounter any OANDA minimum deposit requirements, which was a good thing. That allowed us to start with a few dollars. While preparing to fund our account, we noticed that this broker doesn’t charge deposit fees for cash transfers, credit cards, and debit cards. The same applies to e-wallets like Neteller, Skrill, and Wise. But withdrawals aren’t entirely free.
OANDA allows traders to make one free withdrawal per month to their debit or credit cards. Anyone who exceeds this threshold has to pay. The exact fees vary depending on account currency. On the other hand, all bank-related withdrawals incur charges. The fees you’ll pay while using a bank to withdraw funds from OANDA depend on the number of bank withdrawal transactions you’ve made in that calendar month and account currency.
We also noticed that OANDA has overtime financing charges. If you keep a position open after a trading day has ended, OANDA assumes you’ve held it overnight and either credits or charges your account. Visit OANDA’s Financing Costs page to learn more.
Lastly, OANDA charges a $10 monthly inactivity fee on accounts that have been dormant for 12 or more months. If OANDA deems your account legible for inactivity fees, the broker will levy it until you terminate the account, resume trading, or deplete your account balance.
5. Spreadex – Best Platform for Risk Management
Founded in 1999, Spreadex is an exceptional trading platform that supports over 10,000 tradable instruments, including CFDs on major indices, currency pairs, cryptocurrencies, and shares. But what impressed us most was this platform’s risk management.
Trading is risky and exposes you to financial losses. Luckily, Spreadex has numerous tools for mitigating risk exposure. First on the list is the standard stop loss order, which prevents extensive losses by closing an open losing position once it reaches a specific price. This platform also supports market, limit, and trailing stop orders.
If you are a beginner and have yet to become familiar with risk management, Spreadex has educational resources you should check out. They will help you learn everything, from how to set risk tolerance limits to the fundamentals of diversifying your trades.
Spreadex
✔Licensed and regulated by tier-one financial authorities
✔No minimum deposit requirements
Pros & Cons
Fees
Trading Assets
Pros
- A broad range of risk management tools
- No minimum deposit requirements
- Spreads as low as 0.6 pips
- 10,000+ tradable instruments
- No account inactivity fees
Cons
- No demo accounts
- Bland website design
From our assessment of Spreadex’s fees, we concluded that this broker offers one of the most cost-friendly platforms. Why? For starters, Spreadex has $0 minimum deposit requirements. That means you can deposit whatever you can afford and start trading immediately. Moreover, while funding your account, you won’t have to pay any deposit fees – it’s free! The same applies to withdrawals.
That is exceptional news since Spreadex supports myriad payment methods, from debit and credit cards to Apple Pay and Easy Bank Transfer. You can use these options without fretting over any charges undermining your profits.
We also recommend Spreadex because this broker doesn’t penalize dormant accounts. Your Spreadex trading account can remain inactive for an extended period without attracting inactivity fees, which separates this company from its peers.
Spreadex offers exceptional rates on spreads. This broker’s spreads start from 0.6 pips for CFD trading. This trading broker should be your go-to if you want lower overall trading costs and improved profit margins.
That said, Spreadex charges overnight funding for shares rolling positions. If you keep a position open through the close of the relevant exchange, Spreadex will keep it open for the following day’s trading. But that will attract a funding adjustment. The fees you’ll incur at any given time will be a combination of the Adjusted ARR and Spreadex’s charges. However, holding futures overnight won’t attract any charges.
Online Trading in Nigeria
Nigerians are flocking to online trading because this activity offers juicy potential returns. Brokers have also made it easy for newbies and professionals to open new trading accounts, deposit money, and start investing. Lastly, countless online trading and investment platforms are available in Nigeria.
That said, here’s something you should know. Online trading is regulated by the Securities and Exchange Commission (SEC) in Nigeria. And the platforms covered in this review are regulated and governed by SEC mandates. That means they operate legally in the country. They are also authorized and licensed by multiple tier-1 international authorities, such as the FCA, ASIC, and the B.V.I FSC.
How to Choose the Right Investment Platform in NG
Joining the best platform in Nigeria is the key to increasing your odds of succeeding as a trader or an investor. That said, while choosing a good investment platform in Nigeria, consider the following factors:
Security
Reputation
Fees
Products
Platforms
The first thing you should check before joining any trading site is security. An insecure site exposes you to numerous risks, including data breaches, identity theft, and hefty financial losses. Before signing up with any site, ensure it has all the indicators of unparalleled security, including licenses from authoritative organizations like the SEC, the FCA, and the IFC. The broker should also be highly encrypted to prevent unauthorized access to your data.
The easiest way to check if a platform is legit is to read online user reviews. The best sites have glowing remarks and testimonials. On the other hand, low-quality ones are often hounded by scathing reviews and countless complaints. So, before committing to a specific site, check the reviews on Trustpilot, Google Play, and the App Store.
Trading fees and commissions can undermine your profitability. Look for investment platforms with reasonable charges to enjoy maximum returns and minimize costs. Assess everything from spreads and overnight charges to transaction costs and inactivity penalties. You want a broker with costs aligning with your budget to avoid digging deep into your nest egg.
For the best experience, look for a investment platform that supports your preferred assets. Don’t join the first broker you come across because the company may lack what you’re interested in, and that will ruin your trading experience. And remember that portfolio diversification is indispensable to risk mitigation. So, find a platform with a rich selection of products because you’ll need it.
The best trading sites give users uncapped access to outstanding platforms and software like MetaTrader 4 & 5. Moreover, their proprietary platforms are user-friendly and well-designed. While selecting a platform that fits your trading needs, remember these aspects. Moreover, if you are a seasoned trader, look for a site with advanced tools and platforms. For newbies, confirm the availability of demo accounts and learning resources.
How To Register an Account with an Investment Platform NG
After using the factors outlined above to identify the best investment platform, the next thing to do is register a live account. You can’t skip this step. But don’t worry. If you’re a beginner and don’t know how to do it, just follow these simple steps:
Step 1: Visit your preferred platform’s official site
Step 2: Start the registration process
Step 3: Verify your identity
Step 4: Fund your account
Step 5: Start trading and investing
Visit the platform’s official site. We highly recommend starting with a demo account, especially if you’re a trading novice. It will help you hone your skills and test the platform before proceeding. Also, read the company’s terms of service thoroughly. If you prefer trading on the go, download the company’s mobile app for the best experience.
Look for a “Register,” “Start Trading,” or “Create Account” button and click it. After doing so, most platforms will require you to choose whether to continue with email or phone. Select the most convenient option and set a strong password. Then, follow the prompts and share all the required information, including your legal name, gender, home address, and employment status.
Most regulatory bodies require trading platforms to verify the identity of new signees. That is mandated to curb fraud and cybercrime. So, if your chosen trading platform asks for a government-issued ID and a document that can be used as proof of residence, don’t fret. Just submit clear copies of the required documentation. Then, wait for verification. It may take anywhere from a couple of hours to a few days. The company will contact you when everything is ready.
Once your account is ready, you can fund it. But first, check the trading platform’s minimum deposit requirement and adhere to it. Additionally, go through its list of approved payment methods and pick the most convenient one. If you’re a rookie, start with the lowest deposit possible. Most importantly, practice proper bankroll management to avoid losing everything in one swoop.
A majority of the most legit investment platforms in Nigeria support instant deposits. So, after initiating a deposit, the money should hit your account within a few minutes. Once the transaction is complete, pick an instrument you’re familiar with and start trading. Remember to maximize profits and minimize losses with hacks like stop loss and take profit orders.
Conclusion
After vetting and evaluating hundreds of sites, our team zeroed in on the platforms discussed in this guide. We have recommended them because they are secure, reputable, and reliable. Plus, these platforms have numerous features and functionalities that you can use to optimize your trading experience in Nigeria.
That said, joining the best platform isn’t the be-all and end-all to succeeding as a trader. There are many other things you must do. For starters, set clear goals and objectives. Moreover, master the art of controlling your emotions and prioritize continuous improvement through education. You will enjoy successful stints and juicy returns if you heed these aspects.
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