Quick answer: Exness is the best online trading platform in Nigeria and features Naira account currency, a N13, 000 starting deposit, & no overnight fees on most instruments.
Online trading platforms allow you trade assetsonline and some of them even allow you enter Contracts for Difference (CFD) with the platform provider which allows you trade assets online without owning them.
To do this you enter into a contract with your broker and try to benefit from the difference between the current price of the asset and the next price when it moves. This is known as a Contract for Difference (CFD)
This style of trading can be done online using trading platforms of several brokers, but we are only going to discuss those platforms offered by legitimate online trading brokers with verifiable history & licenses.
Which Online Trading Platform is best in Nigeria?
- Exness
- Pepperstone
- HF Markets
- Tickmill
- XM
- Admiral Markets
- AvaTrade
- FxPro
Table of comparison for Best Online Trading Platforms in Nigeria
| Platform provider | Regulation | Platform | Min.deposit | Markets | MT4/5 Upgrade kit | Website for account opening |
| Exness
| UK, South Africa, Kenya, Seychelles | MT4, MT5, Proprietary | $10 | Forex CFD, Stock CFD, Indices CFD, Commodity CFD, Crypto CFD | No | www.exness.com |
| Pepperstone
| UK, Australia, Kenya | MT4, MT5, cTrader, TradingView | $0 | Forex CFD, Stock CFD, Indices CFD, Commodity CFD, Crypto CFD, ETF CFD | Yes | www.pepperstone.com/en-af/ |
| HF Markets
| UK, Kenya, South Africa, Abu Dhabi | MT4, MT5, Proprietary | $5 | Forex CFD, Stock CFD, Indices CFD, Commodity CFD, Bond CFD, ETF CFD | Yes | www.hfm.com |
| Tickmill
| UK, South Africa | MT4, MT5 | $100 | Forex CFD, Stock CFD, Indices CFD, Commodity CFD, Crypto CFD, Bond CFD | Yes | www.tickmill.com |
| XM
| Cyprus, South Africa | MT4, MT5, Proprietary | $5 | Forex CFD, Stock CFD, Indices CFD, Commodity CFD, Crypto CFD | No | www.xm.com |
| Admirals
| South Africa, Kenya, Seychelles | MT4, MT5 | $25 | Forex CFD, Stock CFD, Indices CFD, Commodity CFD, ETF CFD, Crypto CFD | No | www.admiralmarkets.sc |
| AvaTrade
| Australia, South Africa, Japan, Israel | MT4, MT5, Proprietary | $100 | Forex CFD, Stock CFD, Indices CFD, Commodity CFD, Bond CFD, ETF CFD, Crypto CFD, FX Option CFD | Yes | www.avatrade.ng |
Review of Best Online Trading Platforms in Nigeria
The brokers who provide these platforms are not regulated by the Nigerian Stock Exchange (NGX) because their mode of trading (CFD trading) is not yet regulated in Nigeria.
However, these brokers hold oversea licenses from trusted regulators like the Financial Conduct Authority (FCA) United Kingdom. Some of them also hold licenses from regulators in African countries such as Kenya & South Africa.
We will review each of the best online trading platforms in Nigeria starting below:
Exness – Best for Forex Trading & Overall Best Online Trading Platform in Nigeria
Why we think Exness is the best online trading platform in Nigeria
1) Proprietary trading platforms are very practical & easy to use
The proprietary platforms were developed by Exness and feature many useful tools such as market sentiment, calculators, custom order sizes, and the mobile app has an inbuilt MT5 terminal as well as TradingView themed chart designs.
The Exness trade mobile app is for CFD trading and has 10 million downloads on Google Playstore and 128,000 user reviews from android phone users.
iPhone users have also rated the Exness app 4.2/5 and left 1,200+ user reviews on the apple store.
2) MetaTrader platforms are available
MT4 & MT5 desktop, mobile, and web platforms are also on offer, and they come with analytical tools such as Trading Central Signal Plugin.
3) Exness has a dedicated social trading app
The Exness social app for android and iPhone is available for you to engage in copy trading and interact with other traders in the Exness social community.
4) Trading fees are low
On Exness entry-level accounts for beginners, the Exness minimum deposit is $10, and spreads can be anticipated to start from 1.0 pips. Overnight fees are not charged on Forex, Indices, Crypto, & Gold transactions; & inactivity fees are not charged on inactive accounts.
For more information on Exness minimum deposit for its different account types please read our article on Exness Minimum Deposit.
Pros & cons
| Pros | Cons |
| ✔Naira base currency | ✖No MetaTrader upgrade kit |
| ✔Social trading | ✖You don’t own the instrument being traded you only speculate on the price movement |
| ✔Low fee structure (plus no inactivity fees) | |
| ✔Low starting deposit | |
| ✔24/7 support | |
| ✔Presence in other African countries | |
| ✔Regulated by reputable international regulators | |
| ✔Cent account |
Read our full Exness Review for additional information on trading fees and account opening steps.
Pepperstone – Best platform for automated trading & back testing
Why we think Pepperstone is the best online trading platform in Nigeria for automated trading & back testing
1) Pepperstone has no minimum deposit
You can deposit any amount of money you have to open your account and start trading & also during trading you can top-up your account with any amount you have.
2) Pepperstone has Raw Spread Pricing
Automated trading programs usually require raw spreads to function optimally and the Pepperstone Razor Account charges raw spreads.
On the Razor Account you can anticipate the spreads to be:
- EUR/USD: 0.1 pips
- Nasdaq 100 index: 1.00 pips
- Gold/USD: 0.15 pips
- Natural gas: 0.50 pips
- Brent Crude: 2.5 pips
3) Pepperstone offers MT4/5 Upgrade kit
Under the trading tools section on the Pepperstone website, you will find the ‘Smart Trader Tool kit’ which is a collection of add-ons you can download and plugin to your MT4 or MT5. These add-ons give MetaTrader new features and make it function better.
4) Tools that support automated trading
cTrader automate is a tool for building automated programs for cTrader users and is available on Pepperstone.
API trading tool lets you import data from other external sources and feed the imported data to your automated trading program.
TradingView: this platform helps you back test trading strategies before executing them. TradingView platform is also good for advanced charting and has a coding language called ‘Pine script’which you can use to build automated trading programs on TradingView.
Pros & cons
| Pros | Cons |
| ✔Various automated trading tools | ✖ No Naira accounts (USD accounts are on offer) |
| ✔Raw spread account | ✖Copy trading setup time is lengthy |
| ✔TradingView platform integration | ✖You don’t own the instrument being traded you only speculate on the price movement |
| ✔No minimum deposit | |
| ✔ No inactivity fees | |
| ✔MetaTrader upgrade kit | |
| ✔Research | |
| ✔Education for new traders | |
| ✔ Worldwide regulation (also regulated in Kenya) |
Visit Pepperstone for account opening information
HF Markets – Best Online Trading Platform for Beginners
Why we think HF Markets (formerly known as Hotforex) is the best online trading platform for beginners
1) Beginner friendly mobile app
Although HF markets do not have a Web Trader, its mobile app is enough for beginners to learn from the demo account and trade with love accounts.
The mobile app lets you open a Cent Account, and you can begin trading with this mini account type which is good for beginners.
This app is available to android users who have downloaded it over 1 million times from the Google playstore, & also available to iPhone users.
2) Meta Trader Upgrade Kit
The HF Markets MT4 upgrade kit infuses new features into the MT4 platforms and beginners will find these features very useful. To download the MT4 upgrade kit, go to the HFM website, navigate to tools section, and click on ‘Premium Trader’.
3) Low minimum deposit account types
Beginners are unlikely to want to stake lots of money while trading so HF Markets’ $5 minimum deposit account types will cater to this category of traders.
For more info on minimum deposit read our article on HF Markets minimum deposit.
Pros & cons
| Pros | Cons |
| ✔ Low minimum deposit account types | ✖ Limited range of trading platforms |
| ✔ MetaTrader upgrade kit | ✖Support is great but not 24/7 |
| ✔ Cent account | ✖ Inactivity fees of 5 USD |
| ✔ Diverse CFD product portfolio | ✖You don’t own the instrument being traded you only speculate on the price movement |
| ✔Copy trading: beginners can copy strategies from experienced Strategy Providers | |
| ✔20% Top-up Bonus | |
| ✔International presence & regulation |
Read our full HF Markets review for more information.
Tickmill – Best Online Trading Platform for Stocks
Why we think Tickmill is the Best Online Trading Platform for Stocks
1) Short selling is allowed
Though a risky trading strategy, short selling Stock CFDs means you can also profit when Stock prices are falling. The downside to this strategy is that you face unlimited upside risk should the price of the Stock refuse to fall.
Some Stock CFDs you can short sell include:
- Meta
- Airbnb
- Amazon
- Apple
- Chevron
- Exxon Mobil
You can also trade CFDs on Stock Indices, ETFs, Forex, Commodities, Crypto, & Bonds on Tickmill platforms.
2) Low trading fees (on Raw Account)
When you trade Stock CFDs on Tickmill, you don’t pay any commissions. Spread on the Raw Account starts from 0.0 pips and inactivity fees are not charged to dormant accounts.
The Tickmill Classic Account has higher spreads from 1.6 pips, but they recommend the Raw Account especially as it costs the same $100 minimum deposit to open both of them.
What you get on the TickMill raw Account:
- Zero inactivity fees
- EUR/USD average spread of 0.1 pips
- Zero commission when trading Stock CFDs
- $3 per side commission when trading Forex CFDs
4) MT4/5 Upgrade kit
The MT5 is the most popular platform for trading Stock CFDs globally and Tickmill lets you upgrade it for better performance using its Advanced Trading Tool Kit. This kit is available on the TickMill website.
Pros & cons
| Pros | Cons |
| ✔ Raw spread account | ✖ Limited range of trading platforms |
| ✔MT4/5 upgrade kit | ✖ No naira account currency |
| ✔No inactivity fees | ✖ High minimum deposit of $100 |
| ✔CFD portfolio covers several asset classes | ✖You don’t own the instrument being traded you only speculate on the price movement |
| ✔$30 Tickmill bonus without you making a deposit | |
| ✔Earnings calendar (important for Stock traders) | |
| ✔International regulation from respected authorities (also regulated in South Africa) |
Visit Tickmill to learn more about its no deposit bonus & account opening
XM – Best Online Trading Platform for Fundamental Analysis
Why we chose it
1) Research & Market Sentiment
XM delivers comprehensive market research carried out by their team of experts. Market sentiment also gives you an idea of how many XM traders are currently buying and selling an instrument.
2) Low minimum deposit
XM minimum deposit is $5, and this applies to all their CFD trading account types. XM also offers a 20% bonus on first-time deposits made.
3) Micro Account
XM has a Micro Account suitable for beginners to trade small quantities of instruments while testing their skills in a live environment.
4) Ultra-low Account
The XM Ultra-low account is different from its other accounts given that it does not charge overnight fees on Forex & Gold transactions. Its spread is also lower (starts from 0.6 pips) than other XM accounts what charge spreads from 1 pip.
Pros & cons
| Pros | Cons |
| ✔ Research tools | ✖ Limited range of trading platforms |
| ✔ Additional MT4 indicators | ✖ No naira account currency |
| ✔ Low minimum deposit | ✖ Inactivity fee of $5 per month |
| ✔ Micro account | ✖ Not regulated by several tier-1 bodies (however, XM is regulated in South Africa, & Cyprus) |
| ✔Low trading fees (zero commissions) | ✖You don’t own the instrument being traded you only speculate on the price movement |
| ✔Copy trading | |
| ✔Modern & hybrid products on the menu such as Thematic Indices & Turbo Stocks | |
| ✔A chance to avoid overnight fees on forex trades when you open the Ultra-low account type |
Visit XM to learn about how to open its Ultra-low, Micro, or Standard trading Accounts
Our selection process explained
- Credible regulation
- A presence in sister African countries
- Rated on Google Playstore & Apple Store
- MetaTrader upgrade plugins
a) Credible regulation
By credible regulation, we mean that the platform providers should hold licenses from tier-1 market regulators. These tier-1 regulators are those of countries with developed economies.
Examples of some tier-1 regulators are:
- Financial Conduct Authority (FCA) United Kingdom: this is a respectable and well-known financial market regulator that has a lot of experience dealing with online trading platform providers. They are very strict & will not hesitate to penalize any platform provider or broker found wanting.
- Australian Securities & Investment Commission (ASIC): another respected market regulator from Australia with lots of experience. During the Covid 19 lockdown period it gained plenty of experience dealing with online trading platform providers, some of whom ran into issues due to granting excessive leverage to clients.
We also have regulators categorized as tier-2 because their processes are strict, but they don’t have as much experience dealing with market players as the tier-1 regulators do.
Examples of tier-2 regulators are:
- Cyprus Securities & Exchange Commission (CySEC)
- Financial Sector Conduct Authority (FSCA) South Africa
- Capital Markets Authority (CMA) Kenya
b) A Presence in other African countries
If an online trading platform provider is regulated in African countries it is also a good sign that they are being held accountable in Africa too.
Examples of online trading platforms regulated by African authorities are:
- Exness: regulated in Kenya & South Africa
- HF Markets: regulated in Kenya & South Africa
- Tickmill: regulated in South Africa
- FxPro: regulated in South Africa
- AvaTrade: regulated in South Africa
- XM: regulated in South Africa
- Pepperstone: regulated in Kenya
c) Rated on Google Playstore & Apple Store
You should not download any online trading platform (mobile app in this case) which is not on the Google or Apple online stores because this puts a question mark to the platform provider’s credibility.
Google & Apple stores have a way of scanning their online stores periodically to detect fake apps. Also check for the number of downloads as this is another indicator of the app’s acceptance and popularity.
Read user reviews of platforms to gain a third-party perspective and opinion as this shows you if other people agree the platform is credible.
List of popular online trading platforms and their number of downloads on google play store:
| 📱 Mobile platform | 📥 Downloads (android) | 🏆 Rating on Google Play Store | 🗣️ User reviews |
| Exness mobile app | 10 million | 4.4/5 | 128,000 |
| Exness social mobile | 500,000 | 4.4/5 | 6,000 |
| Pepperstone cTrader | 100,000 | 4.1/5 | 4,000 |
| HF Markets mobile | 1 million | 3.9/5 | 6,000 |
| AvaTrade | 1 million | 4.1/5 | 9,800 |
| XM | 5 million | 4.1/5 | 45,000 |
| FxPro Direct app | 10 million | 4.2/5 | 32,000 |
| FxPro cTrader | 100,000 | 4.0/5 | 2,700 |
d) MetaTrader Upgrade Tools
MT4 & MT5 are still the most dominant online trading platforms in Nigeria. However, MT4 is being phased out meaning new features are no longer being added.
The MetaTrader upgrade tools/kits help you add new features to your MT4/5 to keep it updated and enhance its performance.
List of online trading platforms in Nigeria that provide MetaTrader upgrade tools:
- HF Markets: they call it the Premium trader Toolkit
- Pepperstone: they call it the Smart trader Toolkit
- Tickmill: they call it the Advanced Trading Toolkit
- AvaTrade: they call it the Guardian Angel Companion but it’s for MT4 only
Frequently Asked Questions
Which online trading platform is best?
Exness is our best online trading platform in Nigeria, its mobile app has over 10 million downloads and good reviews from android users, its Web trader is fast and user-friendly, its offers MT4/5, and it is low cost. Runners up for the best online trading platform in Nigeria are Pepperstone & HF Markets.
What is the best platform to learn and trade forex in Nigeria?
Exness is the best online trading platform for Nigerian forex traders who want to learn and hone their skills. It features a Cent Account for mini-trading, Raw & Zero spread Account for high volume trading etc.
Exness fees are also low with EUR/USD spread on standard accounts being 1.0 pips most of the day. Education is available via a help center, and support is online 24.7 via live chat.
Read our article on forex trading in Nigeria for tips on how to trade forex in Nigeria for beginners.
What are some legitimate trading platforms in Nigeria with low deposit & registration fees?
HF Markets & XM havea $5 minimum deposit, Exness has a $10 minimum deposit, & Pepperstone has no minimum deposit requirement at all.
What are the requirements for opening an online trading account in Nigeria?
The requirements are like those required for opening a regular savings account with a commercial bank.
You will need a government issued ID Card such as Driver’s License, National ID Card, etc. and you will also need proof of address such as a utility bill from Power Holding CO, or your bank statement that shows your address.
You will also need a photograph which you can snap and upload with your phone, and you will be asked some questions such as your source of income, experience with financial markets etc. These questions are for the broker to understand your risk appetite.
