The boom of trading platforms in Nigeria may be attributed to the ease of access to online forex brokers who provide these platforms. Other reasons for the popularity of forex trading in this part of the world are the rapid adoption of cryptocurrency, which is also traded on most of these platforms, the low barrier of entry, ease of signing up on trading platforms, available educational resources, and the array of trading tools these platforms provide to traders.
Despite the country's high volume of trading activities, Nigeria doesn't have regulations that guide and license online trading platforms. The Nigerian Securities Exchange Commission (SEC) provides regulations on the capital market in the country but has yet to put out a regulatory framework for online retail forex trading.
Finding a reliable trading platform is essential for traders, both beginners and advanced. However, it can prove a hassle, as there’s the risk of losing money to bad actors. Another challenge Nigerian traders tend to face is the ease of making deposits and withdrawals. This article addresses these concerns and spotlights the best trading platforms in Nigeria.
Key takeaways
- Forex and crypto trading are popular among Nigerians, thereby raising the need to find reliable trading platforms.
- There’s no working regulatory framework for online trading platforms operating in Nigeria.
- Other international financial institutions regulate the best trading platforms in Nigeria, such as Exness, HFM, FXTM, Avatrade, and FxPro.
- Trading platforms carry high risks and require that traders conduct proper research when settling for a trading platform.
Top Trading Platforms in Nigeria
- Exness
- FXTM
- IC Markets
- AvaTrade
- XM
- FxPro
- HFM
- Tickmill
- FBS
- FP Markets
- StanbicIBT Stockbrokers
- Binance
- Quidax
- Cardtonic
Exness
Exness is one of the leading forex trading platforms in the world, and it’s available to Nigerians. Exness provides traders with various platforms, such as the Exness Terminal, Exness Trade, Metatrader 4 (MT4), Metatrader 5 (MT5), Webterminal, and Multiterminal, across mobile and desktop PC devices. Some of the platforms are more suited for web browsers.
The platform allows users to trade forex, crypto, stocks, indices, and commodities. The platform claims an average spread of 0.005% to 0.1% of the total leveraged value of each trade.
Exness is licensed and regulated by various international financial regulatory bodies, such as the Financial Conduct Authority (FCA) in the United Kingdom (UK), the Financial Services Authority (FSA) of the Seychelles, and the Cyprus Securities and Exchange Commission (CySEC), among others.
Unique features
- Available on mobile, PC and web
- Has leverage of 1:2000
- User-friendly interface
- 24/7 customer support
- Access to MT4 and MT5
- Minimum deposit of $10
Pros:
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- It’s easy to set up
- Gives users access to multiple trading platforms
- Accepts Naira as the base currency
- Doesn’t charge a deposit/withdrawal fee
Cons
- Doesn’t give a sign-up bonus
- Not licensed in by SEC
FXTM
FXTM is one of the most popular trading platforms in the world, with a presence in over 180 countries. It has Naira payment options, enabling users to deposit funds, trade, and make withdrawals in Naira. FXTM also has a local Nigerian website and physical offices in Nigeria to enable smooth operations. You can trade the following instruments on FXTM: forex, commodities, stocks, stock CFDs, metals, and crypto.
Using FXTM, traders can access MT4, MT5, webtrader, and FXTM mobile apps via desktop and mobile devices and websites. The platform allows for cross-platform trading, meaning users can start trades on one device and close them on another. The Financial Services Commission (FSC) regulates the platform in Mauritius, CySEC, and the UK’s FCA.
Unique Features
- Available on mobile app stores (App store and Play Store)
- Allows for cross-platform trading
- Trading instrument options
- Has Naira Accounts
- Minimum deposit of ₦80,000
- Has leverage of 1:2000
Pros:
- Easy to use
- Local office and customer support
- Offers an impressive variety of trading options
Cons:
- Charges inactivity
- Not licensed by SEC
IC Markets
IC Markets is a trading platform that has existed since 2007 and is licensed by the Singapore FSA, CySEC, and the Australian Securities and Investments Commission (ASIC). The platform offers over 2000 instruments, including forex, stocks, indices, cryptos, and commodities, and offers traders an average spread of 0.1 pips for EUR/USD.
Traders can access Metatrader 4 and 5 and cTrader on IC Markets via mobile, desktop, and web. The platform doesn’t support deposits in Naira, so deposits have to be done in one of the accepted currencies, e.g., USD. done in
Unique Features
- Available on various devices
- Wide range of trading instruments
- Minimum deposit of $200
- Social trading
- Has a leverage of 1:1000
Pros:
- Doesn’t charge deposit and withdrawal fees
- Easy to set up
- Has many trading instrument options
Cons:
- Minimum deposit is relatively high
- Not licensed by SEC
Avatrade
Active in more than 150 countries, including Nigeria, Avatrade provides users with access to various trading instruments such as forex, major stock indices, Cryptocurrencies, commodities (such as gold, silver, sugar, and coffee), bonds, individual shares, and ETFs.
There’s no dedicated naira trading account on Avatrade; however, they accept credit cards from Nigeria. The trading platforms available on Avatrade are MetaTrader 4, MetaTrader 5, WebTrader, the Avatrade app, and AvaOptions. Some of these platforms are accessible via mobile devices that operate on Android and iOS; others are accessible via desktop and a web browser.
Avatrade's automated trading platform also includes a social trading feature. This feature gives traders a community of expert traders who can copy trade. The average EUR/USD spread on Avatrade is 0.9 pips.
Like other reputable online trading platforms, it’s licensed and regulated by financial institutions of various tiers, such as the Central Bank of Ireland, ASIC, CySEC, and the South African Financial Sector Conduct Authority (FSCA).
Unique features
- Social trading
- Minimum deposit of $100
- Wide instrument options
- user-friendly interface
- Maximum leverage of 1:400
Pros:
- Easy to set up
- Has a local support number
- Offers free deposit and withdrawal options
Cons
- Charges inactivity fee
- Not licensed by SEC
XM
XM is widely used in Asia and Africa and is active in Nigeria. One feature that makes XM attractive to users is its low forex minimum deposit of $5. However, it doesn’t take this deposit in Naira. You can trade up to 1000 instruments, such as CFDs, in stocks, commodities, forex, indices, precious metals, and cryptocurrencies. The spread on XM can be as low as 0.00016 pip and go as high as 1.7 pip.
You can access MT4, MT5 on XM via their mobile devices, personal computers, and web. You can also download the XMTrader app, which is available on Google Play and the App Store. It’s regulated by several financial institutions, which are ASIC and CySEC, among others.
Unique features
- Available on various devices
- Minimum deposit of $5
- Maximum leverage of 1:1000
Pro:
- Beginner-friendly
- Easy to set up
- Has low minimum deposit cap
Cons:
- Charges inactivity fees
- Not licensed by SEC
FxPro
FxPro is a trading platform regulated by the UK’s FCA and active in Nigeria. The platform recently announced that Nigerian traders can now fund their FxPro accounts with Naira, making trading easier and eliminating the stress of currency conversion. Users can trade forex, metals, futures, shares, spot indices, spot energy, and cryptocurrency on the platform.
FxPro offers traders the following trading platforms: MT4, MT5, cTrader, or FxPro Edge. These platforms are available in PC, browser, and mobile versions. The EUR/USD spread on MT5 is 1.45 pips.
Unique features
- Available in mobile, desktop and web versions
- User-friendly interface
- Minimum deposit of $100
- Maximum leverage of 1:200
- Offers a wide range of trading instruments
- Local currency accounts
Pros:
- It’s well regulated
- Offers multiple trading platforms
- Accepts Naira
Cons
- Charges inactivity fees
- Not licensed by SEC
HFM
Formerly known as HotForex, HFM is one of the most accessible forex platforms in Nigeria. The platform has Nigerian customer support hotlines and a local website and accepts naira as a base currency. Traders can use HFM to invest in forex, metals, stocks, bonds, indices, energies, commodities, crypto, and ETFs.
The platform's Cent Account, which is dedicated to beginners, has an average spread of 1.2 pips and a minimum deposit of $5.
Traders can utilise its HFM platforms, MetaTrader 4 and MetaTrader 5, which are accessible via web, PC, and mobile devices. HFM is licensed by the CySEC, UK’s FCA, South Africa’s FSCA, Seychelles’ FSA and Dubai Financial Services Authority (DFSA), among others.
Unique features
- Has Nigerian deposit accounts
- Has a maximum leverage of 1:2000 for cent and premium accounts
- No minimum deposit for the cent and premium accounts
- Available on mobile devices, PCs, and web
Pros:
- Offers naira deposit accounts
- Has active Nigerian customer support lines
- Beginner friendly
- Has an affordable minimum deposit fee
- Enables copy trading
Cons:
- Charges inactivity fee
- Not licensed by SEC
Tickmill
Tickmill is a leading broker that offers its digital platform to users for trading activities. With Tickmill, traders can access Forex, stock indices, bonds, commodities, and cryptocurrency instruments. The platform offers new users bonuses to trade with and allows them to withdraw their profits from trading with this bonus, making it attractive, especially for beginners learning how to trade. However, terms and conditions do apply and new users are encouraged to go through the terms.
On Tickmill, traders can access MT4 and MT5 via web browsers and mobile and desktop devices. The typical spread on EUR/USD is 0.1 pips. The FCA, CySEC, and FSCA regulate Tickmill in the UK, Cyprus, and South Africa, respectively.
Unique features:
- Has Demo Account
- Copy trading
- Intuitive user interface
- Minimum deposit of $100
- Has a maximum leverage of 1:1000
Pro:
- Beginner-friendly
- Offers new traders deposit bonus
- Regulated by a tier-one financial regulatory body
- Does it charge inactivity fees?
Cons:
- Starting capital is relatively high
- Not licensed by SEC
FBS
FBS has a low minimum deposit cap and enables Nigerian traders to trade 550 CFDs across Forex, stocks, indices, metals, and energies via MT4 and MT5. However, ETFs aren’t traded on the platform, and it doesn’t have a proprietary trading platform.
The platform has tight spreads floating from 0.7 pips. FBS is licensed and regulated by CySEC and accessible via mobile (Android and iOS), desktop, and web platforms.
Unique features:
- Minimum deposit of $5
- Has a maximum leverage of 1:3000
- Doesn’t trade ETFs
Pros:
- Wide deposit and withdrawal options
- Provides learning resources
- No withdrawal fees
- No inactivity fees
Cons
- Wide spreads on some of its CFDs
- Limited instruments
- Not licensed by SEC
FP Markets
FP Markets is a well-regulated platform offering users trading instruments such as commodities, forex, bonds, ETFs, metals, indices, and cryptocurrencies. The platform allows users to access the MT4, MT5, Iress, and Webtrader via desktop and web, and it also has it’s proprietary mobile app, which allows traders to trade seamlessly and access various instruments.
However, the platform doesn’t have a dedicated naira account—the ASIC and CySEC license FP Markets.
Unique features:
- Minimum deposit is $100
- Leverage goes up to 1:500
- User-friendly interface
Pros:
- No withdrawal and deposit fees
- Has responsive customer service
- No dedicated naira account
Cons
- Not too beginner-friendly
- Minimum deposit is relatively high
- Not licensed by SEC
Best local trading platform
StanbicIBTC Stockbrockers
Stanbic IBTC Stockbrokers provides Nigerians with a platform to trade local instruments such as equities, bonds, mutual funds, and over-the-counter (OTC) securities. The platform allows traders to trade on the Nigerian Exchange Group (NGX). It is a subsidiary of Stanbic IBTC Holdings PLC and is licensed by the Securities and Exchange Commission (SEC).
Nigerians can fund their account and make withdrawals in Naira. StanbicIBTC Stockbrokers allows individuals and corporations to open stockbroking accounts with them. Traders can trade their web browser or mobile devices as the platform is available on Google Play and the App Store.
The platform doesn’t charge users registration fees but takes 1.1325% and 1.4775% of the consideration amount for buying and selling, respectively.
Unique features:
- Accepts naira deposits
- Accessible on web and mobile devices
- Licensed by SEC
- Trades local instruments
Pros:
- It’s licensed by the local authority
- Easy to make deposits
- Enables users to trade on the Nigerian exchange group
- Local support
Cons:
- Doesn’t provide access to internationally traded instruments and exchanges
Best cryptocurrency trading platform
Binance
Binance is one of the most popular crypto exchanges in the world. It enables traders to trade a wide array of cryptocurrencies. Binance has peer-to-peer trading and fiat trading options. However, both options for Naira have been discontinued, as Binance stopped all Naira services earlier in 2024.
Over 400 cryptocurrencies and 1200 trading pairs are listed on the platform. Binance's Binance Lite and Binance Pro options cater to novice and seasoned traders.
The platform allows for spot, margin, and futures trading and reportedly charges very low fees, making it a choice for traders.
Binance ran into trouble with Nigerian regulators, and currently, its web platform isn’t operational in Nigeria. However, it still works on mobile devices and is available on Google Play and the App Store.
Unique features
- Has over 400 cryptocurrencies listed
- Offers Pro and Lite trading platforms
- Spots, margins and future tradings
- 2FA security feature
Pros:
- Charges low fees
- Easy to set up
- Access to wide cryptocurrency assets
- Beginner friendly
Cons:
- Does it take naira deposits?
- Web platform isn’t accessible
Quidax
Quidax is a leading local cryptocurrency exchange platform in Nigeria that enables traders to buy and sell crypto. It allows Naira deposits into the Quidax Naira account. Quidax is one of the platforms offering digital assets that recently got licensed by the SEC.
Traders can deposit a minimum of₦500, which comes with a deposit charge of₦100. Depending on the amount deposited, the deposit charge can go as high as ₦2,250. The platform enables spot trading, charging 0.10% and 0.3% fees for makers and takers.
There are over 25 cryptocurrencies listed on Quidax and it supports instant swaps, enabling traders to buy crypto instantly.
Unique feature
- Naira deposit accounts
- 25+ cryptocurrencies
- Spot trading
- 2FA security feature
Pros:
- Easy to fund with naira
- Platform is licensed by SEC
- Has a low minimum deposit
Cons:
- Charges deposit and withdrawal fees
- Has limited crypto assets
Best gift card trading platform
Cardtonic
Cardtonic is one of Nigeria's most downloaded gift card trading platforms on the Google Play Store. The platform enables users to sell and buy various types of gift cards, including Apple, Amazon, Walmart, and Google gift cards.
Cardtonic has customer support to handle enquiries and complaints and claims to offer the best rates for trading gift cards in the country. Traders can access the platform on Google Play, the App Store, or their web browser.
Unique Features
- Has over 14 gift card options
- Has rate calculator
- Customer support
Pros:
- Has a responsive customer support
- Enables users to buy and redeem gift cards
- Offers some of the best rates on the market
Cons:
- Sometimes settlement may take longer
Key considerations when choosing a trading platform
Regulation and security
Regulation is key when choosing a trading platform. As stated above, Nigeria doesn’t have a standard regulatory framework for trading platforms, meaning that traders rely on the regulation provided by financial regulatory bodies for other countries.
These financial institutions come in various tiers (tiers 1, 2, and 3), and most online trading platforms are usually licensed and regulated by them. An example of a tier-one platform is the United Kingdom’s Financial Conduct Authority (FCA).
These regulatory bodies ensure that trading platforms adhere to certain guidelines, including security, and follow fair trading practices. Therefore, pay attention to the platform's regulatory licenses and look out for their security encryption and certifications.
Asset variety
Trading platforms offer users diverse trading instruments to choose from and trade, including forex pairs, cryptocurrencies, metals, stocks, and commodities. However, it's important to note that not all trading platforms offer these asset varieties, as some may offer some or all.
User experience
Ease of use is another criteria to consider when choosing a trading platform. Platforms with intuitive interfaces are easier to navigate and master. You may also be interested in these platforms' advanced trading tools. A major consideration is the availability of educational resources and a competent customer support team.
Fees and commissions
Look out for the spreads and commissions and confirm if there are hidden charges. These can affect the bottom line and impact trading profitability.
Spreads are fees brokers charge traders for using their platform to trade. It is the difference between the buy price and sell price of an instrument, and it’s usually influenced by market volatility. Having a low spread while trading is very important, as it improves your chances of earning more profit and reduces your chances of making substantial losses.
Learning how to calculate spreads and leverage on trading platforms is essential.
FAQs about trading platforms in Nigeria
What is the best trading platform in Nigeria?
The best trading platforms in Nigeria are those that offer traders a high level of security, have a wide collection of assets to trade from, and are relatively simple to navigate.
They also have responsive customer support services. Although online trading platforms aren’t regulated in Nigeria, most are regulated by reputable international financial regulatory bodies such as the CySEC in Cyprus and FCA in the UK, among others. Users should confirm these regulatory licenses and increase their preference for those licensed by Tier 1 financial institutions.
Another factor that sets some of the best trading platforms in Nigeria apart is the ease of making deposits and withdrawals, especially in your local currency.
Which trading platform is best for beginners?
Most of the best trading platforms listed above offer educational resources and free demo accounts that cater to novice traders and help them gain trading experience without losing funds while at it.
So, if you are just starting out, start with platforms that provide users with educational resources, free demo accounts to experiment with, and sign-up bonuses. Another thing to consider is the platform's ease of navigation.
Platforms like HFM offer users both demo accounts and sign-up bonuses.
Can I trust online trading platforms?
There are many online trading platforms available on the internet. However, one major criteria that sets them apart is their appetite for regulatory compliance and the security of their platforms. Before you set up accounts or start trading on a platform, ensure that you have researched to confirm that they are licensed and regulated by reputable financial regulatory bodies.
Also, confirm that they have adequate security certifications and encryption in place. Another thing to look out for is how long the platform has existed, the ease of getting support from their customer service, and customer reviews on the internet. All these will help you establish a platform's trustworthiness.
Making an informed choice
Perhaps in the future, there will be a working regulation for online trading platforms in Nigeria. For now, it is important to do your research on the platform's international regulatory standing, the fees involved, and the overall user experience, which also includes customer support, to make an informed decision.
Platforms like Exness, FXTM, FxPro, and the others listed in this article have unique features and offerings that may suit your trading preferences.
Therefore, you should lead with that when trying to settle for one. If you are just starting out, ensure you use funds you are willing to let go, and most importantly, do your research.
