April 11, 2021

Bixzone Blog

Welcome To BIXZONE.COM. We are extremely glad to have you on our blog.

Best online stock trading apps in Nigeria in 2021

3 min read
stocktrading
60 / 100 SEO Score

Are you looking to trade or invest in local or global stocks? These are the best online stock trading apps in Nigeria.

Below is a complete list of online brokerage platforms in Nigeria. You would find information about the minimum opening balance for each platform and the quality of their customer support service, market research and tools.

Online stock trading apps in Nigeria

1. Chaka

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - chaka

Ioffers global and local investing:

This Nigerian online trading platform allow you to own brands you love like Apple, Tesla, Amazon, Zenith bank and more from around the world right from your phone. You can invest like Warren Buffett – buy great companies, earn dividends and benefit from their growth. To also guide new investors, Chaka has daily webinars and a community.

Customer Support & Fees

  • Minimum opening balance: N1, 000 or $10
  • Customer Service Quality: Superb and responsive
  • Brokerage fees for buy and sell of local stocks: 0.5%
  • Brokerage fees for buy and sell of global stocks: 1%

They have the best investment community. Join their investment community on Telegram.

2. Meritrade

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - meritrade

Meritrade, owned by Meristem Securities, is a secure option for frequent traders (except for its high fees). The broker also has a mobile app, which means you can place orders from your phone, and an above average trading platform.

Though, new investors with little money might not find the platform appealing with the minimum opening balance requirement.

Customer Support & Fees

  • Minimum opening balance: N10, 000
  • Customer Service Quality: Above average
  • Brokerage fees for buy and sell is 1.35%.

3. Wealth.ng

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - wealth.ng

Wealth.ng’s offering is a bit different from other brokerage platforms listed here.

They play the middleman service role: they buy shares on your behalf and help you manage the collection of dividends and all. But the shares you buy won’t be in your name at the stock exchange, meaning you can’t transfer your stock portfolio to another platform. You’ll have to liquidate your shares to do that.

However, if you don’t want to go through the hassle of filling e-dividend forms and monitoring your shares with share registrars, this is a good option. It is also preferable for holding stocks in the short term.

Customer Support & Fees

  • Customer support is good.
  • Fees are around 500 naira when buying, and 1.35% broker commission when you sell your shares.
  • There’s no minimum opening balance.

They are backed by Sankore Investments, a registered broker of the Nigerian stock exchange.

4. Trove

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - trove

Trove is one of the top online stock trading apps in Nigeria that allows you to invest in local and global companies. You can use their App or their website to invest and trade.

Customer Support & Fees

  • Minimum opening balance: $10 or ₦1,000 to get started.
  • Customer Service Quality: Above average
  • Brokerage fees for buy and sell of local stocks: 1.35%.
  • Brokerage fees for buy and sell of global stocks: 1%.

5. Bamboo

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - bamboo

Bamboo is an online stock trading platform in Nigeria that only supports investing and trading in global companies. They only have an app for trading. Their fees and minimum deposit are quite high.

Customer Support & Fees

  • Minimum opening balance: $20
  • Customer Service Quality: Above average
  • Brokerage fees for buy and sell of global stocks: 1.5%.

6. Investnow.ng

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria -investnowng

Investnow.ng has one of the most robust online trading platforms in Nigeria. There are free research and weekly stock recommendations to guide the choices of newbie investors. Also, you can begin and complete your entire registration online.

Other services offered are share certificate management, dividend management, transfer of share and handling of registrars related issues.

Customer Support & Fees

  • Customer service quality: Quick response to issues and enquiries. You can even chat them up on WhatsApp.
  • Brokerage fees for buy and sell: 1.35%
  • Minimum opening balance: N50,000.00 or an equivalent in stock value

7. LeadTrader

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - leadtrader

This Nigerian stockbroker provides an efficient platform for active investors who prioritise low costs. Its brokerage fee is 0.75%, lower than most of the other stock trading apps in Nigeria. But if you are giving them the mandate to buy or sell via email they charge 1.35%.

Registration is relatively quick. If you are a registered client of Lead Asset Management, you don’t need to open an account.

Requirements for registration:

  • An active e-mail address
  • Accepted Means of Identification (National ID, Passport, Utility Bill, or drivers licence )
  • An Operational Bank Account (Preferable a current account)
  • Signature Specimen
  • A minimum of N50, 000 initial deposits or share certificate worth N20,000.

8. Afrinvestor

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - afrinvestor

Afrinvestor’s trading platform has got a good customer support, and best of all there’s no minimum opening investment. They also send you daily reports, stock recommendations and detailed market analysis. Also, you will get indicative rates for high grade commercial papers delivered to your email.

They have different brokerage account categories that target separate class of investors: Afrinvest Pop Account, Afrinvest Groove Account and Afrinvest Classic Account.

  • Afrinvest Pop Account: Targeted at school students less than 25 years old. The maximum account balance is N200,000. There are other benefits for students too.
  • Afrinvest Groove Account: Targeted at young professionals. The maximum deposit here is N30,000 with a maximum withdrawal of N50,000 in a day; there’s a maximum account balance of N400,000.
  • Afrinvest Classic Account: There’s no maximum or minimum deposit or withdrawal here.

They also offer several payment options, and you can complete your entire stock brokerage account opening process online.

Brokerage commission is high though – buy and sell transactions is 1.35%.

9. Stanbic IBTC e-Trade

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - stanbic

Stanbic IBTC has a strong reputation in the market, as one of the biggest stock brokers in Nigeria. And it’s brokerage fees is only 1% as against the market standard of 1.35%.

However, the minimum amount required to open a stockbroking account with them is an initial deposit of N5 million (five million naira).

Customer support is below average; there’s no live chat to respond to issues and questions.

10. ARMStocktrade

” alt=”” aria-hidden=”true” />stock trading apps in Nigeria - armstocktrade

The ARMStocktrade trading platform is simple to use. It has price charts and live data (it’s not like other platforms don’t have those too). The brokerage fee is 1% on transactions executed.

A minimum initial deposit of N50,000 is required. Customer support is average, though there’s a live chat to respond to issues.

11. MorganCapital i-trade

” alt=”” aria-hidden=”true” />morgan capital trading

One of MorganCapital i-trade’s unique selling point is its low brokerage fees compared to other online stock trading apps in Nigeria. It says its brokerage fees is 0.50%. Even though somewhere else on the website, which is poorly secured and built, it says the brokerage fee is 0.25%. Whichever one it is, it’s lower than most of the other stockbroking firms in Nigeria.

It doesn’t offer live customer chat. You also have to call or send them a message to ask questions or resolve issues.

12. Mytradebook

” alt=”” aria-hidden=”true” />mytradebook trading

Mytradebook is owned by Greenwich Securities. Easy-to-use platform with a mobile application for both Android and IOS users. It also offers you the choice of opening an account with zero minimum balance.

It provides robust stock market data as well as insightful research. There’s a live chat to respond to your questions too.

13. Bancorp e-trade

” alt=”” aria-hidden=”true” />image 10

The minimum opening investment is just 1,000 naira. That is good for those that don’t mind using the platform the way it is. The platform isn’t as top-notch as the others listed above.

Other online trading platforms with little or no information on their website (doesn’t mean these aren’t top-notch brokers though):

14. APTeTrade

” alt=”” aria-hidden=”true” />image 14

Minimum of N10,000 is required for opening a new account and it is also similar to the others we have mentioned.

15. TRW E-Trader

” alt=”” aria-hidden=”true” />image 13

This stock trading app has very little information about their services online.

In conclusion, you don’t have any excuse for not investing your money in 2021. Research these platforms yourself, ask questions and invest to grow your money.

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x