Investing in the stock market has never been easier, thanks to the numerous online trading apps available today. Among all options available, you will need to make a choice, and finding the best trading app in Nigeria can be difficult.
There is an overwhelming amount of options to choose from, and if you do not do research, you can end up in a platform that could be difficult to use, expensive, unsafe, or simply limited, considering your investment profile and experience.
Fortunately, we successfully analyzed many trading apps before and conducted multiple trading app reviews, so we can clarify some of your doubts and help you make an informed decision! In this article, we listed the best stock trading apps in Nigeria, comparing their specificities and highlighting their strengths.
Best stock trading apps in Nigeria
XTB | Best for forex
Headquartered in Poland and listed on the Warsaw Stock Exchange, XTB offers access to a range of CFDs on stocks on its trading app, where you can also trade Forex at a competitive price.
Capital.com | Best for technological tools
A fintech founded in 2016 with 0% commission trading platforms that allow you to access over 6,100 markets, where you will be able to trade CFDs on stocks.
Naga | Best for social trading
German fintech where you can trade more than 1,000 different assets from multiple markets, including stocks, ETFs, crypto, and derivatives.
Best stock trading apps in Nigeria compared
| Broker | Fees on stocks | Minimum deposit | Trading apps | CFDs on stocks |
| XTB | $0 on the CFDs on stocks (0.30% markup included on the spread) | $0 | xStation 5 | ✔ |
| Capital.com | $0 (2-3% overnight fee on the leverage provided) | $20 | Capital.com, Trading View and MetaTrader 4 | ✔ |
| NAGA | $2.50 commission when trading CFDs on stocks | $250 | MetaTrader 4 and 5, NAGA | ✔ |
#1 XTB
XTB at a glance
XTB is a Polish company founded in 2002 that has one of the best CFD stock trading apps in Nigeria. The company is licensed in many jurisdictions and regulated by top-tier authorities such as the FCA, which provides for safety and reliability in the market. From Nigeria, you will be onboarded by XTB International Limited, authorized and regulated by the Financial Services Commission in Belize (FSC License No.: 000302/316).
The award-winning trading app XStation, available for mobiles and desktops, enables you to trade a wide range of instruments, gives you access to several technical analysis tools, allows you to copy the trades of other investors, and provides you with comprehensive educational resources. The broker also offers a decent range of CFDs for trading, negative balance protection, and access to an Islamic account. However, we note that you will only be able to buy CFDs on stocks, you will not have direct exposure to stocks, only indirect exposure through the complex and risky instrument, which most investors lose money when trading.
In any case, with a safe platform, no commission on the CFDs on stocks, no minimum deposit, great educational resources, and a free demo account that can be used for a month, XTB is a good and reliable option for beginners and advanced investors, provided that you understand the risk of investing in CFDs. These features put the platform in the first place on our list of the best stock trading apps in Nigeria.
If you still have any doubts about the broker, do not forget to check our XTB review!
XTB Mobile App
#2 Capital.com
Capital.com at a glance
Capital.com is a fintech founded in 2016 committed to democratizing the financial markets by providing commission-free trading. It has technological features with AI integration that can give the user a unique trading experience. The broker is supervised by top-tier regulators such as FCA, CySEC, ASIC, and NBRB.
Capital.com offers highly customized trading platforms to access news feeds, extended trading hours, sophisticated trading tools, and plenty of educational resources. Besides allowing investors to trade in the apps Trading View and MetaTrader 4, Capital.com offers its own stock trading app, where you can use AI-powered technology to enhance your results and trade CFDs on more than 3,000 stocks from different markets.
The broker even offers another mobile app called Investmate, where you can access investment guides and learn more about the financial markets to make educated and informed investments. Although you cannot trade real stocks from Nigeria with the broker, the features put Capital.com on our list of the best stock trading apps in Nigeria.
If you want to know more about the broker, please read our Capital.com review.
Capital.com Mobile App
#3 NAGA
NAGA at a glance
NAGA is a German fintech that makes investments easier for everyone. It is a member of the NAGA Group AG, listed on the Frankfurt Stock Exchange and regulated by the CySEC, making the broker more reliable, transparent, and safer.
The broker allows traders to invest using MetaTrader 4 and 5 and offers a social trading app for Android and iOS where you can trade CFDs on stocks, copy trade, and access personalized news feeds, among other features.
Please note that when opening an account from Nigeria, you will be onboarded by NAGA Global (SV) LLC, an entity based in St. Vincent and the Grenadines, not regulated directly by any reputable authority and with less protection than the European entity. In addition, you will not have access to real stocks but only to CFDs on stocks, which means that you will not own the underlying share of the company in which you want to invest. But considering its swift and helpful customer support and comprehensive social trading app with a wide range of financial products, the broker is a good addition to our list of the best stock trading apps in Nigeria.
If you want to know more about the broker, please check our NAGA review.
NAGA Mobile App
Methodology
When making this list, we wanted to help investors in Nigeria to make an educated choice when choosing the best stock trading app. Each of the trading apps we presented has its main features, and we tried to provide a diverse list that will suit the needs of different profiles of investors. In any case, this is what we took into consideration:
- Prices: the price cannot be the only aspect to be considered when choosing the trading app to invest in, but it is definitely important. You do not want to pay more for a service when you can get the same quality for lower prices;
- Educational resources: high-quality educational resources may be a great advantage, especially for beginners, who can use them to educate themselves before investing money;
- Range of products and markets available: Does the app offer real stocks and ETFs, or only CFDs? Does it have crypto?;
- Customer service: irrespective of your choice, problems almost always appear, and it is important to find trading apps developed to help you when it does happen;
- The trading app itself: of course, we took into consideration the functionalities and usability of the platform, as well as its specific features.
The bottom line
To summarize, here’s the list of “Best stock trading apps in Nigeria”:
Best stock trading apps in Nigeria
| #1 | XTB | Best for forex |
| #2 | Capital.com | Best for technological tools |
| #3 | NAGA | Best for social trading |
It is hard to choose the right stock trading app in Nigeria. Luckily, we helped many people in the same situation before, and we can help you now. To facilitate your choice, we listed a few of the best stock trading apps in Nigeria, in our opinion, comparing what they can offer and highlighting their strengths.
It is important to highlight that, due to harsh regulatory constraints from jurisdictions where most brokers operate, we only included CFD trading apps in this list, so none of these trading apps will allow you to trade real shares of the companies. But the features of the trading apps compensate for the issue, and these are still some of the best stock trading apps in Nigeria.
We know that trading CFDs on stocks may be a good way to achieve financial freedom, but there are great risks involved. We hope that our analysis was enough to help you make an educated decision that acknowledges those risks, whether you are experienced or a novice in the world of trading.
In any case, keep on studying, do due diligence, know your investment profile, and invest wisely! Please let us know if the article was helpful and if you have any other doubts or feedback!
Other FAQs
What is the difference between a stock and stock CFD?
While the stock gives you a property right over a share of the company, the CFD does not. The stock CFD is a derivative contract where the underlying asset is the stock and where the broker promises to pay you back the difference in value between the time you opened the position and the time you close it. CFDs have a leverage effect: if you buy a stock CFD and its price goes down, you will need to borrow money from the broker to keep the position open. This makes the instrument a risky option that is not suitable for beginners.
Does eToro operate in Nigeria?
No, eToro is not available in Nigeria. Still, you can find equivalent alternatives like XTB, Capital.com, or NAGA.
Pedro is passionate about finance, marketing, and technology. He is a growth manager at several online projects and a former digital marketer for a fintech company.
