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Is eToro restricted in Nigeria? Alternatives for 2022

Franklin Carneiro da Silva| Updated July 5th, 2022
etoro nigeria

eToro Nigeria – Expansion Plans and Alternatives

Why is the brokerage industry so dispersed in terms of its offering to specific countries? You have probably noticed one platform available in dozens of countries and a close competitor only available in a handful of regions (only in Asia, for instance).

Some attribute it to regulation, others to corporate choices, but at the end of the day, no one seems to know the exact reason why X platform is available in Y country and others are not.

The same applies to eToro, which is unavailable in many countries, including Nigeria. In this article, we will briefly talk about eToro’s restrictions and present you with solid alternatives accessible in Nigeria.

Why is eToro unavailable in Nigeria?

eToro presents a detailed list of countries not supported by them due to regulatory requirements and business decisions. It includes more than 150 countries globally with some notorious names such as Canada, India, New Zealand, Russia, South Africa and Turkey.

Regarding Nigeria, there is no clear explanation on whether it was purely related to regulatory rules, business decisions or a combination of both. Moreover, eToro has no plans to enter Nigeria in the near future, so other options must be considered.

Best eToro alternatives in Nigeria

Since you cannot open an account in eToro, we found two excellent alternatives! Our selection criteria involved having similar features as eToro, like the ability to invest in stocks and cryptocurrencies, low fee structure, a hassle-free trading platform, good customer support and top-tier regulator bodies overseeing those companies.

Capital.com

A 0% commission platform that provides low overnight fees, tight spreads, and no currency conversion fees! With access to over 6,100 markets, It offers stocks and ETFs plus CFD trading in indices, shares, cryptos, commodities and Forex.
Disclaimer: 83.45% of retail CFD accounts lose money.

NAGA

Founded in 2015, NAGA is a German fintech adopted by 1M+ investors and allows you to trade 1,000+ financial instruments worldwide, including real stocks, ETFs, Cryptocurrencies, Futures, Forex, and CFDs of Indices and stocks. It also offers social trading, a multi-currency account and a demo account.

1# Capital.com

Is eToro restricted in Nigeria? Alternatives for 2022 1
Visit Capital.com
83.45% of retail investor accounts lose money.

Capital.com at a glance

0% Commissions
Mobile App
ProductsStocks, ETFs and CFDs in indices, shares, cryptos, commodities and Forex
Minimum Deposit$20
RegulatorsFCA, CySEC, ASIC and NBRB

Founded in 2016, Capital.com is a fintech group of companies committed to building the world’s best trading experience. They utilise AI-enabled technology and integrations with the likes of Trading view to offer a unique trading experience.

With 500,000+ active users, Capital.com is a commission-free broker in stocks, ETFs and CFDs in indices, shares, cryptos, commodities and Forex. The only charges you will notice are spreads (the difference between the buy and sell prices) and overnight fees (only if you have leveraged positions).

The trading platforms on desktop and mobile are highly customised to your individual trading preferences. You have access to news feeds, extended trading hours and a wide range of orders types. Investors also have lots of educational content to explore, the minimum deposit is only €20 (except for a wire transfer: €250), and the customer service is available 24/7 through different channels (live chat, e-mail, WhatsApp, Facebook Messenger,…).

Besides, Capital.com is supervised by top tier regulators such as FCA, CySEC, ASIC and NBRB. You are under Investment Protection Schemes, Negative Balance Protection, segregated funds, two-factor authentification and data protection.

On the downside, stock and ETF trading is not available in all countries, the platform does not offer Options or Bonds, and it may be overwhelming for beginners.

Want to know more about Capital.com? Check our Capital.com review.

2# NAGA

Is eToro restricted in Nigeria? Alternatives for 2022 2
Visit NAGA

NAGA at a glance

0% Commissions
Mobile App
ProductsStocks, ETFs, Options and CFDs on Indices, Futures, Forex, Commodities, Bonds
Minimum Deposit$250
RegulatorsCySEC

NAGA is a German fintech company, a subsidiary of NAGA Group AG (listed in the Frankfurt Stock Exchange). It gives you investment access through two subsidiaries: “NAGA Markets Europe Ltd” and “NAGA Global Ltd”.

Besides, the typical do-it-yourself brokerage services, NAGA presents the “Autocopy” which enables you to automatically follow other people’s trades, and even earn up to 0.30$ by having other people follow your trades!

Through their various platforms (MT4, MT5, web version, and mobiles apps), you have access to stocks, ETFs, indices, Forex, CFDs on stocks, cryptocurrencies, commodities, and futures. Besides, its academy produces useful insights on the NAGA platform and trading in general. From time to time, you may also watch webinars mainly on technical analysis.

NAGA Global is registered in St. Vincent and the Grenadines, which still gives you negative investment protection and segregated client funds but no investor compensation fund.

Want to know more about NAGA? Check our NAGA Review.

Which is the best alternative?

As you may imagine, there is no single answer. Each platform sets itself apart from its competitors in certain features. For instance, we believe Capital.com is the best broker overall. Still, if you are exclusively looking for social trading, you will quickly realise that there is only one real alternative in Nigeria: NAGA.

Additionally, you should pick the best one for you according to your needs and goals. Are you looking for day trading or a more long-term approach (“buy and hold”)?

All in all, you should always do your own research to assess which online broker will be better for you. We hope this article helped save you some research time and ultimately leads you to choose the most suitable platform for you!

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Did we answer all your questions? If not, please let us know in the comments section below!

Other FAQs

Does eToro operate in Nigeria?

No, eToro is not available in nigeria. Still, you can find equivalent alternatives like Capital.com or NAGA.

Can You Use a VPN to open an eToro account from Nigeria?

No, a VPN can only offer access to eToro’s platform, and not in any way facilitate an account opening since the broker requests a valid ID. Proving an eligible residency remains an essential requirement. No VPN is able to sidestep this requirement–only shift your IP address.

What is eToro?

By now, you should have an idea about eToro but let’s give a recap of what you can find there. With over 25 million users, eToro is a multi-asset trading platform that enables investors to invest in the assets they want, from stocks and commodities to crypto assets. The platform makes it easy to buy, hold and sell assets, monitor their portfolio in real-time, or even copy other people’s portfolios.

Besides, eToro is an established and reliable company. It is highly supervised by top-tier regulators, including FCA, ASIC, and CySEC and authorised by each country’s local financial regulators where it operates (e.g. BaFin in Germany or CNMV in Spain).

But not everything is a bed of roses. Did you know eToro charges $5 per minimum withdrawal of $30? Or that only the US dollar is accepted as a base currency?

Franklin Carneiro da Silva
Co-Founder & Fintech Analyst

Franklin is a CFA Level III Candidate with 3 years of experience in Wealth Management as a Fund Research Analyst and the Host of the "Edge Over Hedge" YouTube Channel.

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