Best Investment Platforms in Nigeria 2024

Thadeus is a seasoned trading expert with a proven track record across forex, stocks, and cryptocurrency markets. Skilled in Investment Research, Trading Strategies, and Risk Management. Join Thadeus on your journey to financial mastery.

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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 Finance Raters 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 PlatformLicense and RegulationSupport ServiceSoftwarePayment MethodDemo Account
PepperstoneFCA, ASIC, DFSA, CySEC, CMA, SCB, BaFin, SEC24/7TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social tradingVisa, Mastercard, Bank transfer, Flutterwave, Skrill, PayPalYes
AvaTradeCBI, CySEC, PFSA, ASIC, B.V.I FSC, FSA, FSCA, ADGM, ISA, SEC24/5WebTrader, AvaOptions, AvaTrade App, Mac Trading, MT4, MT5, Automated TradingCredit/debit cards, Neteller, Skrill, Wire transfer, WebMoneyYes
FP MarketsSEC, ASIC, CMA, CySEC, FSCA, FSA24/7MT4, MT5, TradingView, cTrader, WebTrader, Mobile App, Copy TradingDebit/credit card, Neteller, Skrill, Bank transfer, Google Pay, Apple PayYes
OANDAB.V.I FSC, FCA, CySEC, ASIC, SEC24/5MT4, MT5, fxTrade AppCredit/debit cards, Bank/wire transfer, Skrill, NetellerYes
SpreadexFCA, SEC24/5Online platform, Mobile trading, Charting package, TradingViewCredit/debit cards, Apple Pay, Bank transferNo

Platforms Overview

As seasoned traders and investors, we know that the best investment platform in Nigeria 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 PlatformMinimum Deposit RequirementCommissions/ SpreadsDeposits/ Withdrawal FeesInactivity Fee
Pepperstone$0From 0.0 pipsFree$0
AvaTrade$100From 0.13Free$50 after every 3 consecutive months of non-use
FP Markets$100From 0.0 pipsFree$0
OANDA$0From 0.8 pips$20 withdrawal$10 monthly fee, kicks in after 12 months of inactivity
Spreadex$0From 0.6 pointsFree$0

Assets

Best Investment PlatformStocksForexCryptoCommoditiesIndicesETFsOptions
PepperstoneYesYesYesYesYesYesNo
AvaTradeYesYesYesYesYesYesYes
FP MarketsYesYesYesYesYesYesYes
OANDAYesYesYesYesYesYesNo
SpreadexYesYesYesYesYes Yes

Our Opinion about the Best Investment Platforms in Nigeria

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 in Nigeria

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 1200 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

trustpilor logo
2,510 User Reviews
google
4,260 User Reviews
apple
1 User Reviews
financeraters logo
Our Rating
Total Rating:
6,771 User Reviews
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.

The product offerings on Pepperstone didn’t disappoint. This broker allows traders to open a universe of possibilities with diverse assets. We saw over 800 CFDs on this platform, including:

  • Commodities: Pepperstone allows traders to trade a wide variety of commodities. Available options include cotton, coffee, sugar, orange juice, cocoa, and more. Precious products like silver, gold, palladium, and platinum are also offered. You can use any of these assets to diversify your portfolio and minimize risk exposure, especially during market turmoil. The best part is that Pepperstone’s commodities come with zero commissions.
  • Forex: Are you a forex enthusiast? Check out Pepperstone’s products; we did, and they were impressive. This broker has everything, from majors to minors and exotics. Moreover, the platform lets you dive into forex trading while enjoying competitive spreads and low commissions. That’s not all. While trading forex on Pepperstone, you get flexible leverage and high-quality execution.
  • Indices: Pepperstone’s trading platform is chock-full of tradeable indices. They offer you the golden opportunity to capitalize on the movement of 14 major global stock markets. Pepperstone’s indices have no hidden markups, re-quotes, or dealing desk.
  • Currency indices: Pepperstone gave us ample opportunity to profit from shifts in the value of different currencies against baskets of other currencies. The platform did that through currency indices.
  • Shares: Upon joining Pepperstone, you can go short or long on a variety of top US shares. Available options range from Alibaba and Boeing to Apple and Tesla. Note that you need MetaTrader 5 to trade shares on Pepperstone.

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

trustpilor logo
8,669 User Reviews
google
10,300 User Reviews
apple
24 User Reviews
financeraters logo
Our Rating
Total Rating:
18,993 User Reviews
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.

At AvaTrade, we explored over 1250 CFD instruments across multiple asset classes. We like this element, as it will make it easier for you to diversify your portfolio on a single platform. Let’s explore AvaTrade’s featured securities below.

  • Forex: AvaTrade lists over 50 currency pairs, including major, minor, and exotic.
  • Commodities: AvaTrade offers over 19 CFD commodities, including crude oil, gold, copper, natural gas, and more.
  • Cryptocurrencies: Enjoy 20+ crypto tokens at AvaTrade. Popular examples include Bitcoin, Litecoin, Solana, Dogecoin, and more.
  • Stocks: You will trade over 600 stocks, including prominent companies like Tesla, Netflix, Apple, Google, and more.
  • Indices: Over 30 stock index CFD assets are also available at AvaTrade.
  • ETFs: For ETF traders, this broker exposes you to over 60 options, all of which you can trade at low spreads.
  • Bonds: When it comes to bonds, AvaTrade only offers two options, including EURO-BUND and JAPAN GOVT BOND.

This broker only supports forex and CFD trading instruments. This means that you cannot use AvaTrade to buy an asset and take full ownership.

Before engaging in CFD trading, understand that the activity carries risks. Over 76% of retail traders lose money in this venture. Therefore, understand what CFD trading is and the risks that come with it before investing your hard-earned money.

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

trustpilor logo
6,624 User Reviews
google
0 User Reviews
apple
0 User Reviews
financeraters logo
Our Rating
Total Rating:
6,624 User Reviews
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.

FP Markets lets its clients pick their favorite assets from over 10,000 tradable instruments. This broker mainly deals with CFDs, which let you trade and capitalize on price movements in different markets. But you can also trade forex here.

Below is a comprehensive list of all FP Market’s product offerings:

  • Forex: You can trade Forex with FP Markets and access 70+ currency pairs, flexible leverages of up to 500:1, and minimum spreads of up to 0.0.
  • Shares: FP Markets offers you the opportunity to trade 10,000+ Australian and international share CFDS. The share CFDs come from different markets, including London, Amsterdam, and Hong Kong.
  • Metals: If you’d like to trade metal CFDs, try FP Markets. This broker gives you access to tradeable CFDs related to precious metals like gold, silver, and palladium.
  • Indices: Various index CFDs are supported by FP Markets. They range from EUREX TO NASDAQ 100 and S&P 500.
  • Commodities: FP Markets allows you to diversify your portfolio by trading commodities CFDs. You will get uncapped access to CFDs related to diverse commodities, including gold, silver, and oil.
  • Cryptocurrencies: With an FP Markets account, you can trade crypto CFDs whenever you like. The platform supports popular digital currencies, including Bitcoin, Ripple (XRP), and Ethereum.
  • Bonds: Bond trading is available on FP Markets. It’s a fitting option for traders who prefer dealing with lower-volatility markets.
  • ETFs: The FP Markets trading platform offers a wide variety of ETFs, including ACWI, EEM, and QQQ.

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

trustpilor logo
784 User Reviews
google
5,290 User Reviews
apple
19,200 User Reviews
financeraters logo
Our Rating
Total Rating:
25,274 User Reviews
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.

With OANDA, you can trade forex and a wide variety of CFDs. This platform also allows you to open a spread betting account and speculate on 100+ instruments, ranging from currency pairs to major global indices.

Finally, you can invest in stocks from major companies like Microsoft and buy, sell, and hold crypto with OANDA. To do the latter, you are required to open an account with the Paxo Trust Company, which is OANDA’s crypto services provider.

Before you explore or invest in the products that OANDA offers, note that trading and investing expose you to significant risks. Take CFD trading as an example. According to statistics, 62-82% of all retail CFD traders incur financial losses. Before diving into trading or becoming an investor, educate yourself and find a fitting strategy.

Here’s a list of OANDA’s product offerings:

  • Forex: 48 currency pairs are available on OANDA’s trading platform, including EUR/USD, USD/JPY, and EUR/GBP.
  • Indices: OANDA allows traders to take positions on popular indices like Germany 30, US Wall St 30, and UK 100.
  • Metals: You can trade and profit from different metal-related CFDS through OANDA, including gold, copper, and silver.
  • Shares: With OANDA, you can trade share CFDs from popular entities like Apple, Netflix, and Meta. The best part is CFD shares trading comes with 0 minimum commissions.
  • Commodities: The OANDA trading platform offers numerous tradeable commodities, including natural gas, wheat, and Brent crude oil.
  • Cryptocurrencies: If you are a crypto enthusiast, you can join OANDA today and trade popular digital currencies like Bitcoin, Litecoin, and Ethereum.

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

trustpilor logo
96 User Reviews
google
0 User Reviews
apple
132 User Reviews
financeraters logo
Our Rating
Total Rating:
228 User Reviews
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.

Spreadex offers a wide range of tradeable products through CFDs and spread betting. With a Spreadex account, you get uncapped access to 10,000 global markets and instruments.

That said, you should be extremely careful. CFD trading and spread betting are risky endeavors. 64% of retail investors part with their hard-earned money while betting on spreads and trading CFDs on Spreadex. If you’re a novice, learn the ropes and hone your skills with a demo account before risking your resources. Note that this broker limits spread betting to specific regions, including the UK and Ireland.

Here are the product offerings we discovered on Spreadex:

  • Forex: As a Spreadex client, you can speculate on 60+ currency pairs and enjoy competitive spreads. The spreads start at 0.6 and 0.9 points for EUR/USD and GBP/USD, respectively. This broker gives you 24-hour access to most FX trading markets and offers world-class technical analysis tools like advanced indicators with drawing tools, pattern recognition, and Pro Trend Lines.
  • Shares: Spreadex’s share trading feature allows you to profit from rising and falling equity and stock prices. The available shares are from 15+ countries, including Europe, Asia, and the UK. This broker supports out-of-hours trading on German, UK, and US shares. Not to forget, any profits you rake in from spread trading on shares are free from Stamp Duty and Capital Gains Tax.
  • Bonds and Interest Rates: Suppose you’re interested in speculating on the direction of bond prices and interest rates. Spreadex’s trading platform lets you do that. This broker lets you choose your favorite assets from a comprehensive list of 19+ bond and interest markets from Europe, the US, and the UK.
  • Commodities: After joining the Spreadex broker trading platform, you can place CFD trades and spread betting on commodity futures markets. The best part is that you can enjoy low spreads starting from 0.5 pts on Gold. Also, all your profits from trading spreads or commodities CFDs are exempted from Stamp Duty and Capital Gains Tax.
  • Indices: Spreadex allows you to trade indices with tight spreads starting from 1 pt on the UK 100 and Germany 50. This broker also supports out-of-hours trading, meaning you can trade most of the available indices around the clock. There are over 30 indices markets on Spreadex’s trading platform.
  • ETFs: Spreadex supports ETFs, which bundle different stocks together. With an ETF, you get exposure to a basket of assets, saving you from the hassles of trading individual constituents. There are over 200 ETFs on Spreadex. Moreover, all profits from ETF spread trading are exempt from Capital Gains Tax.
  • Cryptocurrencies: Join Spreadex to speculate on the prices of digital currencies like Bitcoin, Ripple, and Litecoin. However, this product is exclusively for traders in the Professional Clients program.

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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Thadeus Geodfrey

Thadeus Geodfrey is a leading voice in the financial industry. You’ll appreciate the expert ease with which he does this. He deciphers the intricate link between emotions and behavior in trading and investment. With extensive experience as a senior trading writer, Thadeus imparts his knowledge and confidence to guide your trading boat. He’ll make you conquer your fears, break barriers, and capitalize on every potential opportunity. Follow his pieces and develop your knack for trading.