Top 10 Best Stock Brokers in Nigeria

last Updated on July 18, 2023

Welcome to the exciting world of stock trading in Nigeria! If you’ve ever wondered about investing in the stock market but felt overwhelmed by the complexities, fear not – we’re here to guide you. In this article, we’ll introduce you to the top stock brokers in Nigeria who can help turn your investment dreams into a reality.

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 asset classes isn’t limited to your location.

You can be in Nigeria today and start trading the stocks of companies like Facebook, Google and Amazon.

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You can also easily participate in the Nigerian stock exchange market with a host of licensed stock brokers in Nigeria as well.

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.

With these trusted brokers, you can enter the stock market with confidence, armed with the right knowledge and support. Whether you’re a seasoned investor or a curious beginner, these platforms offer user-friendly interfaces, real-time data, and expert insights to help you make informed decisions.

Gone are the days of high barriers to entry and confusion surrounding the stock market – these brokers are here to simplify the process and empower you to take control of your financial future. Join us as we explore the world of stock trading, demystify the jargon, and embark on a journey of potential growth and prosperity. Get ready to unlock the doors to the stock market and start building your wealth with ease. Let’s dive in!

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List of Best Stock Brokers in Nigeria

1. Risevest

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.

Find out more about Rise vest here>>

2. Chaka

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.

3. Trove

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.

5. Passfolio

You can start buying American stocks from Nigeria for as low as $1 with Passfolio.

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.

6. 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 most 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 corporate benefit tracking and retrieval, a top-notch investment research unit and immediate robust portfolio reconstruction.

Meristem also provides access to online brokerage accounts for their clients so they can easily monitor their trades right online. 

7. 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.

8. 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.

9. 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.

List of Local Stock Brokers in Nigeria NGX

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:

1. Adonai Stockbrokers Limited
2. Afrinvest West Africa (formerly Sectrust)
3. Ail Securities Limited
4. Alliance Capital Management Company Limited
5. Amyn Investments Limited
6. Anchoria Investment and Securities Limited
7. APT Securities & Funds Limited
8. Solutions Limited
9. Security Swaps Limited 10
10. Shalom Investment & Securities Transactions Limited
11. Signet Investments & Securities Limited
12. Solid-Rock Securities & Investment Limited
13. Springboard Trust & Investment Limited
14. Stanwal Securities Limited
15. Strategy & Arbitrage Limited
16. Summa Guaranty & Trust Co. Plc
17. Summit Finance Company Limited
18. Tiddo Securities Limited
19. ARM Assets and Resources Management Ltd 
20. Belfry Investment and Securities Limited
21. Bestworth Assets & Trust Limited
22. BGL Securities Limited
23. Calyx Securities Limited
24. Camry Securities Limited
25. Capital Express Securities Limited
26. Options Securities Limited
27. Capital Assets Limited
28. Pivot Trust and Investment Company Limited
29. Capital Bancorp Limited
30. Prominent Securities Limited
31. Capital Trust Brokers Limited
32. Cashcraft Asset Management Limited
33. Partnership Investment Company Limited
34. Pilot Securities Limited (Pilot Finance)
35. PIPC Securities Limited
36. Professional Stockbrokers Limited
37. Profund Securities Limited
38. PSI Securities Limited
39. Reward Investments and Services Limited
40. Rostrum Investment & Securities Limited
41. SanTrust Securities Ltd
42. Cashville Investment & Securities Limited
43. Empire Securities Limited
44. ESL Securities Limited
45. Eurocomm Securities Limited
46. F & C Securities Limited
47. FSDH Securities Limited (previously Counters Trust)
48. Falcon Securities Limited
49. Fidelity Union Securities Limited
50. First Stockbrokers Limited
51. FIS Securities Limited
52. Fittco Securities Limited
53. Foresight Securities & Investment Limited
54. Forte Asset Management Limited
55. Forthright Securities & Investments Limited
56. Century Securities Limited
57. City-Code Trust Limited
58. Clearview Investment Company Limited
59. Consolidated Investments Limited
60. Core Trust and Investment Limited
61. Crossworld Securities Limited
62. CSL Stockbrokers Limited
63. Davandy Finance & Securities Limited
64. De-Canon Investment Limited
65. Delords Securities Limited
66. Denham Management Limited
67. Dependable Securities Limited
68. Dominion Trust Limited
69. Dynamic Portfolio Limited
70. Independent Securities Limited
71. Intercontinental Securities Limited
72. International Standard Securities Limited
73. LB Securities Limited
74. Lead Capital Limited
75. Lighthouse Asset Management Limited
76. Magnartis Finance and Investment Limited
77. Maninvest Asset Management Limited
78. Marina Securities Limited
79. Maxifund Investments & Securities Limited
80. Mayfield Investments Limited
81. MBC Securities Limited
82. Mega Equities Limited
83. Meristem Securities Limited (formerly Great Africa Securities)
84. Mission Securities Limited
85. Mountain Investments and Securities Ltd
86. Mutual Alliance Investments and Securities Limited
87. Newdevco Finance Services Co. Limited
88. Nigerian Stockbrokers Limited
89. Omas Investments & Trust Company Limited
90. Fountain Securities Limited
91. Future View Securities Limited
92. Greenwich Trust Limited
93. GTI Capital Limited
94. Heartbeat Investments Limited
95. Horizon Stockbrokers Limited
96. IBTC Asset Management Limited
97. ICMG Securities Limited
98. Icon Stockbrokers Limited

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.

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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 When Choosing 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 stockbroker 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 that will offer advice, and 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 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 essential that your stockbroker is transparent about all the 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 costs 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 Favourable 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, and Courses.

What is Their Customer Service Like?

You need to make sure that whichever one of the stock brokers in Nigeria you choose, will meet your needs and will be there to help you solve any issues you might encounter when using them. That’s why it is important that they have good customer support.