Compare Brokers in Nigeria

Looking for brokers in nigeria? We have compared 19 broker accounts (out of 147) that are suitable for you below.

We found 19 broker accounts (out of 147) that are suitable for Nigeria.


Spreads From

EURUSD 0.1 points See all spreads

What can you trade?

  • Forex
  • Cryptocurrencies
  • Indices
  • Commodities
  • Stocks
  • ETFs

About ThinkMarkets

  • Regulated by: Financial Conduct Authority and ASIC.
  • Established in 2010 HQ in Australia.


  • MT4
  • MT5
  • Web Trader
  • Mobile App

Funding Methods

  • Credit cards
  • PayPal
  • Bank transfer

Open a demo account

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Losses can exceed deposits

Read our in-depth ThinkMarkets review

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.

The Ultimate Guide to

The Nigerian Financial Market

Now Africa’s largest economy, and home to almost 200 million people, Nigeria has experienced an impressive period of growth over the last 10 years. This can be mainly attributed to the country’s oil production industry, which has powered periods of growth but has also left the country susceptible to recent instability in global oil prices.

As a member of OPEC, Nigeria ranks as the world’s 8th most important oil producer at 1,797,000 barrels per day, with estimated reserves of 35 billion barrels. Crude oil accounts for 15 per cent of the country’s GDP, 77 percent of total exports and 70 percent of government revenues. In addition to crude oil, Nigeria has become a leading exporter of liquefied natural gas (LNG), which makes up 15.5 percent of its exports. The next largest sector of the Nigerian economy consists of agriculture, which employs 60 percent of the workforce and makes up 26 percent of GDP. Nigeria’s main agricultural products include yams, rice, millet, sorghum and livestock.

All of this period of growth, as well as any instability, has been reflected on the Nigerian Stock Exchange (NSE). The NSE is a self-regulating organization that oversees operations on the exchange and aims to maintain participants’ confidence and market integrity.

The exchange is overseen by Nigeria’s financial regulator, the Securities and Exchange Commission (SEC), Nigeria. Under the supervision of Nigeria’s Federal Ministry of Finance, SEC Nigeria regulates all of Nigerian capital markets. The agency was founded in 1960 and in 1962 became an essential arm of the Central Bank of Nigeria.

Trading in Nigeria

When looking for an online broker to trade forex or CFDs with, make sure to choose a well-regulated broker that has a strong reputation with clients, since they should be suitable for entrusting a margin deposit with them.

Online brokers generally offer several trading account for traders, including:

  • Forex Trading:  Exchanging one currency for another forms the basis of forex trading. Exchange rates fluctuate as one currency rises or falls relative to another in particular currency pair. The popularity of forex trading has expanded greatly once online trading became possible. The forex market is the most liquid and largest financial market globally and had a daily turnover of $5.1 trillion/day in April 2016, according to data compiled by the BIS.
  • CFD Trading:  Making transactions in derivative financial instruments known as contracts for difference (CFDs) allows traders to speculate on the future of their underlying assets. Such assets can consist of a currency pair, commodity, stock, stock index or other financial instruments.
  • Demo accounts: Funded with virtual money, these accounts can be used to practice trading, test a strategy or check out a broker’s services and platform. Find out more on opening demo accounts here.
  • Islamic accounts: These are suitable for traders who wish to trade in an account that conforms to Sharia law. Find out more on trading with an Islamic account.

As far as trading Nigerian securities are concerned, the Nigerian Stock Exchange (NSE) offers their services to African enterprises and investors around the world. To invest in the Nigerian equities market, investors can purchase securities directly from the primary market when new issues and offerings come out, or by trading in the listed securities on their secondary market platform.

To buy securities in the primary or secondary markets, an investor must first appoint a stockbroker or dealer registered as a Dealing Member of the NSE to facilitate trading once the account is open. The responsibility of clearing and settlement of NSE transactions then falls on the Central Securities Clearing System Plc. (CSCS), which is the licensed depository in the Nigerian capital market.

To open a trading account in Nigeria, the prospective client will need to submit documents that meet regulatory know-your-client (KYC) requirements. The exchange recommends potential investors confirm the broker’s status with the NSE and SEC and to meet with the broker-dealer firm to ensure that their services match the client’s specific needs.

Domestic and foreign investors who wish to operate on the NSE can hold assets domiciled with the CSCS directly with their appointed dealer or through a licensed custodian appointed by them.

Opportunities for Trading in Nigeria

Nigeria is Africa’s largest economy, has the largest population, and is the continent’s largest oil producer. The country’s largest city, Lagos, makes up the 5th largest economy on the African continent. The country has vast deposits of natural resources such as iron ore, coal, niobium, bauxite, lead and tin, as well as natural gas and of course crude oil.

The Nigerian market’s strengths include a young and educated population, a large consumer base with a growing middle class and many public and private partnerships (PPPs) for developing infrastructure. Clearly, opportunities for doing business in Nigeria exist, but only for those with the patience and foresight to see their efforts come to fruition.

Biggest Challenges of Trading in Nigeria

Nigeria poses some daunting challenges to investors and traders, including the high cost of doing business and some serious risks to public safety due to military coups and internal struggles.

In recent times, Nigeria has been torn by a series of military coups and currently faces the threat of the Islamic-State-aligned Boko Haram. The internal struggle between Boko Haram and indigenous and Christian populations has seen thousands of people die over the past few years, with Islamic law now imposed in several northern states.

Nigeria’s national currency, the Naira has fallen dramatically since 2014 when the Naira traded at 166 to one U.S. Dollar. In June of 2016, the Naira declined by 30 per cent against the U.S. Dollar after the Nigerian Central Bank removed its currency peg of 197 NGN to USD, which the bank had held for 16 months.

The central bank sold a total of $614.5 million directly on the interbank market for between 280 and 285 NGN. Since then, the exchange rate has declined to its current 360 to one U.S. Dollar, due to declining oil prices and the country’s political instability.

When it comes to practical matters for new businesses planning on opening an office, like dealing with registering property and getting electricity, Nigeria ranked among the lowest in Sub-Saharan African nations countries at 184th and 171st respectively on the World Bank’s list. Nigeria also ranked 149th for ease of dealing with construction permits.

When it comes to starting a business Nigeria also ranked low at 120th, while the country ranked somewhat better at 38th for protecting minority investors. Taken overall, these low rankings suggest a challenging environment for opening or operating a business in Nigeria.


Considering the pros and cons of doing business in Nigeria, the nation’s continued internal political struggles and low World Bank rankings have hampered economic growth and foreign investment.

Nevertheless, once some of the country’s internal struggles get resolved, Nigeria’s abundant natural resources and large employable population could present an excellent opportunity for large and mid-sized companies.

When searching for a broker to operate through in Nigeria, traders should check to see that they offer a suitable range of asset classes, a decent trading platform, strong regulation and adequate financial security for a margin deposit.

Why Choose ThinkMarkets
For Nigeria?

ThinkMarkets scored best in our review of the top brokers for nigeria, which takes into account 120+ factors across eight categories. Here are some areas where ThinkMarkets scored highly in:

  • 8+ years in business
  • Offers 50+ instruments
  • A range of platform inc. MT4, Mac, Web Trader, Tablet & Mobile apps
  • 24/7 customer service
  • Tight spreads from 0.10pips
  • Used by 0+ traders.
  • Offers demo account
  • 2 languages

ThinkMarkets offers two ways to tradeForex, CFDs. If you wanted to trade EURUSD

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

ThinkMarkets have a B trust score. This is largely down to them being regulated by Financial Conduct Authority and ASIC, segregating client funds, being segregating client funds, being established for over 8

Trust Score comparison

Trust Score B
Established in 2010
Regulated by Financial Conduct Authority and ASIC
Uses tier 1 banks
Company Type Private
Segregates client funds

A Comparison of ThinkMarkets

Want to see how ThinkMarkets? We’ve compared their spreads, features, and key information below.

Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Fixed Spreads
Variable Spreads
EUR/USD Spread 0.10
GBP/USD Spread 1.2
USD/CAD Spread 0.9
USD/JPY Spread 0.10
DAX Spread
FTSE 100 Spread N/A
S&P500 Spread

Comparison of account & trading features

Platform MT4, Mac, Web Trader, Tablet & Mobile apps
Services Forex, CFDs
Base currency options USD, GBP, EUR, CHF, JPY, SGD, AUD, CAD, NZD, CNH
Funding options Payoneer, Credit cards, Bank transfer, Neteller, BPAY, UnionPay, FasaPay, DebitCard,
Micro account
ECN account

Between 54-87% of retail CFD accounts lose money. Based on 69 brokers who display this data.