The Best Online Trading Accounts in Nigeria [ARTICLE]

It takes a lot of fine-combing through a selection of brokers to find the account offering that suits the Nigerian trader’s needs the best based on several factors which includes, but is not limited to:

  • Fees – both trading and non-trading
  • The trading platform offered
  • Deposit and withdrawal options
  • Customer support, and various others.

Which accounts are the best for Nigerian traders?

XTB – Standard Account

XTB is a UK-based broker that has been in operation since 2002 and is regulated and authorized by the FCA.

To open an account with this broker, Nigerian traders will have to pay the minimum required deposit of $250. When opening a Standard account, traders can expect spreads from 0.1 pips up to around 0.7 pips, depending on the financial instrument traded.

XTB offers the trade in several financial instruments including Forex, CFDs, Metals, Energies, and more. The maximum leverage that traders qualify for is up to 1:200.

Commissions are not charges when trading Forex, indices, commodities, or cryptocurrencies when using the Standard Account, but there is a 0.08% commission per lot when trading Stock CFDs and ETF CFDs.

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XTB offers the use of MetaTrader 4 and the xStation trading platform. Deposits and withdrawals can be done through a variety of options such as Wire Transfer, Credit/Debit Cards, and various e-Payments.

AvATrade – Standard Account

AvATrade is a broker based in Ireland with regulation and authorization through a few regulatory entities such as the Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE, and BVI.

This broker has been in operation since 2006 and instead of offering a variety of accounts, there is one standard trading account which requires a $100 minimum deposit and offers fixed spreads from around 0.6 pips on the EUR/USD currency pair.

The maximum leverage that traders qualify for is 1:400 and AvATrade does not charge commissions on trades. There is a variety of options regarding trading platforms including MetaTrader 4, AvATradeGo, AvAOptions, Zulutrade, and DupliTrade.

Nigerian traders have access to instruments such as Forex, commodities, cryptocurrency, stocks, shares, and several more when trading and funding can be done through Wire Transfer, Debit/Credit Cards, or various e-Payment options.

Plus500 – Standard Account

Based in the UK, Australia, Cyprus, and Singapore, with headquarters in Israel, Plus500 has been operating since 2008, and this broker is strictly authorized and regulated by the FCA, ASIC, CySEC, MAS, FMA, and FSCA.

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There is a choice between the Standard Account in addition to provision made for professional traders through the Professional Account.

Nigerian traders who open a Standard Account will need to deposit the minimum required $100 upon opening a live account, providing them with access to instruments such as CFDs on Forex, commodities, cryptocurrency, stocks, shares, and more.

Traders have access to leverage of up to 1:300 with variable spreads that start from 0.60% on the EUR/USD currency pair in addition to zero commissions charged on trades.

Plus500 offers the use of its proprietary WebTrader and deposits along with withdrawals can be made through Wire Transfer, Credit/Debit Cards, and PayPal.

eToro – Standard Account

eToro is a broker which has been in operation since 2006, and is based in Australia, Cyprus, and the UK with regulation and authorization through ASIC, FCA, and CySEC.

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