The process of finding the best stock market app can be quite challenging for a Nigerian investor.
It’s important to find a broker that accepts Nigerian stock traders and allows you to trade stocks from your iOS or Android device. No worries, we have you covered.
Our list of the top best Stock Trading apps allows you to trade Growth stocks, Tech stocks, Small-caps, Mid-caps, and Large-caps as a Nigerian stock trader.
Listed below are the 10 best stock trading apps in Nigeria:
What Stock Trading Apps?
A Stock trading app or platform is the software that enables investors and traders to place trades and monitor accounts through financial intermediaries. Oftentimes, trading platforms will come bundled with other features, such as real-time quotes, charting tools, news feeds, and even premium research.
There are two types of trading platforms: prop platforms and commercial platforms. As their name indicates, commercial platforms are targeted at day traders and retail investors. They are characterized by ease of use and an assortment of helpful features, such as news feeds and charts, for investor education and research. Prop platforms, on the other hand, are customized platforms developed by large brokerages to suit their specific requirements and trading style.
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10 Best Stock Trading Apps in Nigeria 2022
AvaTrade’s trading app, AvaTradeGo, is widely considered to be one of the absolute best trading apps in the entire industry. The app was designed in-house with a strong focus on automated trading features and the highest standard analytic software available on mobile devices.
This broker is also one of the most prominent online cryptocurrency brokers in Nigeria and the rest of the world. With more than 10 different cryptocurrencies on offer, there is always an opportunity to trade on.
If you’re looking for an extensive selection of assets and a long list of different graphs and analytic tools, then AvaTrade might not be the best fit for you.
XTB is a global CFD broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA).
RoboForex is considered a safe broker to trade through Cyprus entity. The broker has long history of operation and numerous traders served, there is good range of account types, trading platforms, Free exclusive trading signals and research tools, also powerful trading capabilities suitable also for advanced traders.
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XM offers a range of over 55 currency pairs and CFDs on precious metals, energies, equity indices and individual stocks with the most competitive spreads and with the no rejection of orders and no re-quotes execution of XM. Trade Forex, Stock CFDs, Stock Indices, Oil and Gold on MT4/MT5.
5. Trading 212
Trading 212 is a London based fintech company that democratises the financial markets with free, smart and easy to use apps, enabling anyone to trade equities, currencies, commodities and more.
We disrupt the stock brokerage industry by offering the first and only zero commission stock trading service in the UK and Europe, unlocking the stock market for millions of people.
NordFX is an online brokerage founded in 2008 with a proven track record of providing excellent, speedy services to its clients and over 10 years of trading experience. Over 1.2 million accounts across 100 countries have been opened on the site since then.
Founded in 2010, Pepperstone is regulated in two tier-1 jurisdictions, making it a safe broker (low-risk) for trading forex and CFDs. Pepperstone’s dual offering of MetaTrader and cTrader is a great fit for algorithmic traders and copy traders.
8. FP Markets
FP Markets is an Australian brokerage company that delivers access to trade 13,000+ products ranging from Forex, Indices, Commodities, Metals, Bitcoin, Cryptocurrencies, Equity CFDs that are offering competitive spreads and flexible leverage throughout one account. The company headquarters in Sydney, Australia while ASIC regulation ensures trustable cooperation as well as full compliance with guidelines that provide a safe trading environment.
The FP Markets operating professional trading experience for a quite long time since the broker was established in 2005 and serves over 12,000 clients worldwide. Moreover, FP Markets connect traders to the market through electronic bridges and enhanced DMA pricing models.
9. easy Markets
easyMarkets is considered average-risk, with an overall Trust Score of 82 out of 99. easyMarkets is not publicly traded and does not operate a bank. easyMarkets is authorised by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and one tier-3 regulators (low trust).
FxPro is a well-capitalized, trustworthy broker that offers multiple platform options, multiple trade execution methods, and can cleanly execute large orders for professional traders.
FAQ on Best Stock Trading Apps in Nigeria
There are some frequently asked questions, that deserve an answer, follow them closely.
How do I trade stocks in Nigeria?
Investing in the NSE has undergone a thorough process of simplification over the years, many thanks to technology. To get started on investment in Nigeria, here are 3 easy steps to follow.
1. Research and decide on a preferred stockbroker
A stockbroker is an appointed agent who is authorized to execute, buy or sell instructions on an investor’s account. Within the purview of the Nigerian stock market, a stockbroker will refer to a broker-dealer firm that is a dealing member of the NSE, and is registered with the SEC.
In deciding a stockbroker important factors to consider include their ease of access, their affordability (since some firms place a minimum amount for opening an account), their integrity/reputation, and their status (active or inactive) with the NSE/SEC.
2. Register with your chosen stockbroker
To register with a stockbroker, clients have to fill the registration form issued by the broker (either online or manually) and provide KYC (know your customer) documents namely;
- Means of identification (PVC, National ID, Driver’s License or International Passport),
- Proof of residential address (bill or receipt no later than 3 months),
- Passport photograph and electronic signature (if filling the form online).
- For non-Nigerian residents, notarized means of ID and proof of residential address will be required.
3. Fund your account and start trading
Your stockbroker will provide you with their bank account details and they will fund your account as soon as any payment you make is confirmed. All transactions with the exchange are executed by your stockbroker. This can happen in one of two ways.
- You can send trade instructions to your broker, usually by mail.
- Some brokers provide online trading platforms that allow you exectute transactions yourself.
Then there’s the obvious final step, reap the benefits of your investments!
How can I buy shares in Nigeria?
Technology has greatly simplified the process of investing in Nigerian stocks over the years. Consequently, here are a few tips you need as you consider investing in the Nigerian stock market.
Choose a regulated investment bank or stockbroker
Investors appoint stockbrokers to carry out buy or sell instructions on their behalf. A stockbroker is a broker-dealer registered with the SEC that is a member of the Nigerian Stock Exchange.
When choosing a stockbroker, important factors to consider include ease of access, affordability (because some firms require a minimum deposit for opening an account), integrity and reputation, and their status with the Securities and Exchange Commission (active or inactive).
1. Open investor’s account
The moment you decide to trade in the Nigerian bourse, you are becoming an investor. Therefore, you will need an investor’s account. Investor accounts are uniquely attributed to investors and are tied to their names.
You would normally open it along with a CSCS account, into which you would transfer your stocks. Online options are opened for you by a stock brokerage firm or broker. By using an online broker, one can trade securities or any other investment instrument online.
2. Secure Trading Capital
I would say your trading cash needs will be proportional to the amount of risk you want to take, or the volume you want to trade.
In finance, knowledge is more important than anything else. Keeping track of the latest trends and updating your knowledge of the market is essential. You should be adept at spotting opportunities and be able to predict trends.
3. Continually learn
There is no exact science to investing in Nigerian stocks. If you want to improve your trading skills, you should continue to learn about the market and trade as much as possible. Long-term success depends on developing analytical skills.
To learn about Nigerian Stocks, it is best to read books and other financial news-related materials like Bloomberg, to understand the history of the markets. Understanding how and when the markets fluctuate will give you a better understanding of why they do.
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Nigeria has a rather new yet thriving financial market with several great online brokers offering everything you need to invest and trade efficiently.
Our aim with this guide is to help you find the best broker in Nigeria while also educating you about the laws and regulation that’s in place.
By now, we hope that you have all the tools to start trading or investing on any market that you sit fit, and we wish you the best of luck!