To start trading stock or shares in Nigeria, whichever name you prefer to call it, you need to find the right stock brokers in Nigeria for you.
Stock brokers link the stock market and the people (traders/investors) looking to trade. We live in a brave new world where trading or investing in assets classes isn’t limited to your location. you can be in Nigeria today and start trading the stocks of companies like Google and Amazon.
You can also easily participate in the Nigerian stock exchange market with a host of licensed stock brokers in Nigeria.
So what is a stock broker? A stockbroker buys and sells trading assets (stocks) on your behalf in return for a fee or commission. They are an intermediary between you(trader/investor) and the trading markets. Stockbrokers may offer a fully managed service and make decisions for you, provide advice, or carry out your transactions as instructed.
Generally, stock brokers in Nigeria will operate under financial regulation in the country.
What Are the Different Types of Stock Brokers?
You can categorise stock brokers into three types. Each type has a different set of functions they provide to customers. Here are the different types of stock brokers:
1. Full-Service Brokers: This type of stock broker runs a complete stock portfolio management service that includes; Trading research and advice, Carrying out trade transactions, Portfolio building and analysis, tax advice and Wealth management. With this type of broker, you’re assigned a personal broker to handle your portfolio. However while a full-service broker will save you time by helping you manage your portfolio so you don’t have to spend your time trading and building your expertise, they are the most expensive types of stock brokers and you tend to have less control over your portfolio.
2. Discount Brokers: This is a less expensive type of broker than a full-service broker but their services are limited. A discount broker will carry out your trading transactions; however, they will not offer any trading advice.
3. Online Stock Brokers: With Online stock brokers you don’t need a personal stock broker. You get direct online access to their trading platform. Online stockbrokers are now becoming the more popular way of stock trading. Online stock brokers also provide research and educational resources.
Best Online Stock Brokers in Nigeria
Risevest is a dollar investment platform that helps you to invest in the stock of top foreign companies in the US. They also offer other dollar investment plans like US real estate and fixed income opportunities to people in Nigeria.
Chaka lets you can invest in local foreign stocks (US & Chinese) from Nigeria using any internet-enabled device. You can start trading shares with Chaka from as lows as $10.
Trove just like Chaka is a stock trading platform for Nigerians that lets them buy, sell and hold local and foreign stocks.
4. Bamboo Invest
Bamboo aka Bamboo Invest is another stock trading platform growing in popularity in Nigeria. You can buy, sell and hold US stocks on this platform with ease.
With Passfolio you can buy US stocks, ETFs, REITs and crypto. Passfolio is one of the best stock trading apps in Nigeria to get started with if you’re interested in the US stock market. You’ll get commission-free trades and seamless deposit and withdrawal methods when you use Passfolio.
You can start buying American stocks from Nigeria for as low as $1 with Passfolio.
Best Local Stock Brokers in Nigeria For The Nigerian Stock Exchange
Now that you know about the different types of brokers and what to consider in your search, according to the Nigerian exchange group, here is a list of all the active stock brokers in Nigeria that you can use. At the time of this writing, here’s a complete list of licensed stock brokers in Nigeria:
- Adonai Stockbrokers Limited
- Afrinvest West Africa (formerly Sectrust)
- Ail Securities Limited
- Alliance Capital Management Company Limited
- Amyn Investments Limited
- Anchoria Investment and Securities Limited
- APT Securities & Funds Limited
- Solutions Limited
- Security Swaps Limited 10
- Shalom Investment & Securities Transactions Limited
- Signet Investments & Securities Limited
- Solid-Rock Securities & Investment Limited
- Springboard Trust & Investment Limited
- Stanwal Securities Limited
- Strategy & Arbitrage Limited
- Summa Guaranty & Trust Co. Plc
- Summit Finance Company Limited
- Tiddo Securities Limited
- ARM Assets and Resources Management Ltd
- Belfry Investment and Securities Limited
- Bestworth Assets & Trust Limited
- BGL Securities Limited
- Calyx Securities Limited
- Camry Securities Limited
- Capital Express Securities Limited
- Options Securities Limited
- Capital Assets Limited
- Pivot Trust and Investment Company Limited
- Capital Bancorp Limited
- Prominent Securities Limited
- Capital Trust Brokers Limited
- Cashcraft Asset Management Limited
- Partnership Investment Company Limited
- Pilot Securities Limited (Pilot Finance)
- PIPC Securities Limited
- Professional Stockbrokers Limited
- Profund Securities Limited
- PSI Securities Limited
- Reward Investments and Services Limited
- Rostrum Investment & Securities Limited
- SanTrust Securities Ltd
- Cashville Investment & Securities Limited
- Empire Securities Limited
- ESL Securities Limited
- Eurocomm Securities Limited
- F & C Securities Limited
- FSDH Securities Limited (previously Counters Trust)
- Falcon Securities Limited
- Fidelity Union Securities Limited
- First Stockbrokers Limited
- FIS Securities Limited
- Fittco Securities Limited
- Foresight Securities & Investment Limited
- Forte Asset Management Limited
- Forthright Securities & Investments Limited
- Century Securities Limited
- City-Code Trust Limited
- Clearview Investment Company Limited
- Consolidated Investments Limited
- Core Trust and Investment Limited
- Crossworld Securities Limited
- CSL Stockbrokers Limited
- Davandy Finance & Securities Limited
- De-Canon Investment Limited
- Delords Securities Limited
- Denham Management Limited
- Dependable Securities Limited
- Dominion Trust Limited
- Dynamic Portfolio Limited
- Independent Securities Limited
- Intercontinental Securities Limited
- International Standard Securities Limited
- LB Securities Limited
- Lead Capital Limited
- Lighthouse Asset Management Limited
- Magnartis Finance and Investment Limited
- Maninvest Asset Management Limited
- Marina Securities Limited
- Maxifund Investments & Securities Limited
- Mayfield Investments Limited
- MBC Securities Limited
- Mega Equities Limited
- Meristem Securities Limited (formerly Great Africa Securities)
- Mission Securities Limited
- Mountain Investments and Securities Ltd
- Mutual Alliance Investments and Securities Limited
- Newdevco Finance Services Co. Limited
- Nigerian Stockbrokers Limited
- Omas Investments & Trust Company Limited
- Fountain Securities Limited
- Future View Securities Limited
- Greenwich Trust Limited
- GTI Capital Limited
- Heartbeat Investments Limited
- Horizon Stockbrokers Limited
- IBTC Asset Management Limited
- ICMG Securities Limited
- Icon Stockbrokers Limited
Top Local Stock Brokers in Nigeria
MERISTEM SECURITIES LIMITED
With a physical location at Lagos Mainland, Lagos, Nigeria. Meristem is a dedicated investment advisor (wealth manager) that is considered one of the best and reliable stock brokers in Nigeria.
Meristem isn’t just involved in stock brokerage, they also offer other financial services as well. They offer services such as like corporate benefit tracking and retrieval, a top-notch investment research unit and immediate robust portfolio reconstruction.
Meristem also provide access to online brokerage accounts for their clients so they can easily monitor their trades right online.
GTI CAPITAL LIMITED
Another one of the popular stock brokers in Nigeria, GTI Capital Limited offer stock brokerage services and all sorts of financial services.
GTI Capital Limited offers stock brokerage services to both corporate and retail clients by executing their purchase and sales mandates on the trading floor of the Nigerian Stock Exchange.
ICON STOCK BROKERS LIMITED
Another reliable stock broker in Nigeria, Icon Stock Brokers Limited offer financial services that are tailor-made to fit the needs of their clients. They deal in all forms of quoted securities in Nigeria and also have international partners, which further strengthens their reliability.
SIGMA SECURITIES LIMITED
Sigma Securities offer stock brokerage services to people in Nigeria looking to participate in the Nigerian Stock exchange. They are a reliable stock broker in Nigeria who provide educational and informational resources to their clients like their weekly digest about the Nigerian stock exchange and financial market as well as personal finance and investment strategies.
Sigma also makes it easy to trade stocks online and in real-time.
How Do Stock Brokers Make Money?
Stock brokers in Nigeria earn money from the commission and fees they charge their customers. They also make money by charging for Leverage, Deposit and withdrawal fees and Account inactivity. Stock brokers in Nigeria may also earn interest on client funds that have not been invested.
Are Stock Brokers in Nigeria Regulated?
Yes, Stock brokers in Nigeria are regulated by the Central Bank of Nigeria.
What to Consider Before You Choose from one of the Stock Brokers in Nigeria
When you want to decide which one of the stock brokers in Nigeria to use, here are some factors you should consider :
What Service Do You Need?
What kind of service do you want a stockbroker to provide you? Do you want a stock broker in Nigeria that will carry out the trading for you but also provide research and advice? Do you want to make all the trading decisions yourself and, therefore, want a stock broker will offer advice, conduct your transactions for you but stop there?
Would you like to trade online but also have access to a personal broker assigned to you? where you can get one-to-one advice and a personalized service?
How much money do you want to spend on trading and fees? What Are the Fees?
What volume of trading do you intend to carry out? Your answers will begin to show you a path to the best stock broker in Nigeria for you.
it is important that your stockbroker is transparent about all its trading and non-trading fees you would be expected to pay. Do they charge a flat fee or a percentage fee? Is there a maximum commission charge?. Non-trading or administrative charges might include deposit and withdrawal fees.
Listen to Other Traders and Do some research
Find out which stock brokers are being recommended by traders and other industry people. Do some research and find a wide range of reviews and recommendations to build a genuine picture of the brokers available to you and your situation.
Is the Stock Broker Regulated?
It is important that whatever stock broker you choose in Nigeria is regulated by the right authorities. So as to make sure that your money is somewhat secured. In this case of stock brokers in Nigeria, they’ll be regulated by the CBN and any other foreign financial authority where they offer access to stocks from. –
A favorable range of Deposit and Withdrawal Options?
Be sure to make sure that the stockbroker permits account deposits and withdrawals in currencies suitable to you.
How Good Are the Educational Resources?
For you to become better at trading or investing in stocks, your need knowledge, and your stock broker can be a great place to start. Your stock broker should be able to provide educational resources that include; Articles, News-feed, Videos, Webinars, Courses. – **What is Their Customer Service Like?** You need to make sure that whichever one of the stock brokers in Nigeria you choose, that they will meet your needs and will be there to help you solve any issues you might encounter when using them. Thats why it is important that they have good customer support.