6 Best Stock Trading Apps in Nigeria 2023

stock trading apps in Nigeria - stock trading platforms in nigeria

Last Updated on January 15, 2023

Stock trading apps in Nigeria are flourishing thanks to the changes that have occurred in the Nigerian financial sector in the last few decades.

Restructuring and deregulation have been applied by successive governments to implement vital changes in the Nigerian Stock Exchange (NSE), Insurance, banking, shipping, and commodity markets. 

Online trading can best be described as the purchase and sale of financial products via the internet making use of online stock trading apps. Online trading within the financial markets is in form of bonds, stocks, futures, international currencies, and other financial instruments such as cryptocurrencies. 

According to Investopedia, trading platforms are internet software used to manage and execute manage positions through financial intermediaries such as online brokers. Within this context, an online broker is simply a brokerage firm that offers its services online through online trading platforms. 

Online trading apps and platforms are usually combined with other functionalities like real-time quotes, charting tools, a news feed, and advanced research resources on the viability of stocks offered on the platform. These platforms may also be tailored to particular financial markets like stocks, currencies, options and futures, and cryptocurrencies.

 Within the context described above, there are two types of stock trading apps in Nigeria – Prop Platforms and Commercial Platforms.

SEE: Best Online Investment Platforms in Nigeria

Commercial platforms exist for traders and retail investors that carry out transactions during the day. Commercial platforms are well-known for their ease of use due to the integration of additional features such as news feeds and live charts of the stock market trajectory for investor research and education. Examples of viable commercial online stock trading apps in Nigeria include; Chaka, Risevest, Trove and Bamboo. 

On the flip side, prop trading platforms are customized by institutional brokerage firms or stock brokers in Nigeria to suit their trading style and specific needs within the financial market.

Some examples of such stock brokerages include; Afrinvest West Africa, Meristem Securities Limited and ARM Assets and Resources Management Ltd. 

For people new to the world of stocks and investment, selecting a good online stock trading platform in Nigeria should depend on the types of stocks or securities one is interested in, the fees available, and the functionality of the platform.

For example, people who trade during the day or use commercial platforms may require quotes and depth charts to help with decision-making during trading hours.

In contrast, however, users of prop trading platforms may require software designed specifically to model options strategies. 

In addition, people who are interested in foreign stocks such as Apple and Tesla may require specific platforms such as Binance or eToro to gain the best of the financial market.

Minimum deposits and order charges should also be considered when selecting an online stock trading platform in Nigeria.  Many commercial platforms offer minimum fees as low as $0 or $10 while some others charge as high as $1000 or $3000 as minimum fees.

Many newbies to investment and stock buying often select the low-fee trading platforms which are great, except for the fact that there are some tradeoffs for the low fees.

These tradeoffs could come in form of less information regarding the status of the market or limited search features which would require a premium upgrade to function. 

This is not to say that stock trading apps in Nigeria with low fees aren’t great, they can be. Just beware of the trade-offs of each.

Another important factor to consider includes the reputation of the broker or the platform before committing to any form of investment.

The broker has to have a reputation for completing trades successfully in the financial market.

Some platforms are agnostic in nature and make little attempt to help forecast the market while others may only be available to certain brokers or financial middlemen. 

If you live in Nigeria, one of the surest ways to find out about the reputation of a trading platform or broker is through the internet.

Platforms like Facebook and Nairaland are excellent sources of materials as people will narrate their good or bad experiences online.

Furthermore, reputable online stock trading apps in Nigeria have started to be regulated by the Securities and Exchanges Commission (SEC), as well as the Central Bank of Nigeria (CBN). Here’s a list of the best stock trading apps in Nigeria.

Best Online Stock Trading Platforms in Nigeria 

  • Trove
  • Invest Bamboo
  • Chaka
  • Risevest
  • Chippercash
  • Passfolio

Stock Trading Apps in Nigeria

Here are the best stock trading apps in Nigeria you can use to buy stocks and build wealth:

1. Trove

trove app stock trading app

Trove is one of the best stock trading apps in Nigeria. This app lets you invest in local and foreign stocks or shares. With Trove you can buy stocks from the US, Chinese and Nigerian stock exchanges. Trove also allows you to invest in bonds, REITs and ETFs. The Trove app also has a suite of tools that helps you become a better investor. 

The minimum investment amount on Trove is ₦1,000. The Trove App is available on Android & iOS.

2. Bamboo

bamboo invest

Sometimes called “Invest Bamboo“, other times called Bamboo app, this stock trading app in Nigeria lets you trade US stocks from Nigeria. With this app, you have access to over 3000 stocks on the US stock exchange. You can also buy an ETF (a bundle of stocks) with this app and gift stocks to other people as well. Bamboo is available on Android and iOS.The minimum investment amount on Bamboo is $20.

3. Chaka

chaka nigeria stock trading app

Chaka is also one of the reliable stock trading apps in Nigeria. You can buy US and Nigerian stocks with this app. Chaka was the first fintech company in Nigeria to receive the SEC’s (Securities Exchange Commission of Nigeria) First Fintech License. You can start trading shares with Chaka from as low as $10 or N1000. Chaka is available on Android & iOS.

4. Risevest

rise vest review dollar investment app - koboline

Risevest is quite different from the other stock trading apps in Nigeria mentioned above. Risevest is an automated asset manager that lets you invest in dollar-denominated assets like foreign stocks, US real estate and fixed-income opportunities.

The Risevest app lets you invest in US stocks by letting you choose a stock investment plan for as low as $10. You just choose a plan and fund it and the Risevest team takes care of everything for you. You don’t have to do any research as this stock trading app is automated. Risevest is available on Android and iOS.

5. Chipper Cash

Chipper cash Nigeria app review

Chipper Cash is a cross-border money transfer app in Nigeria that lets anyone send and receive money across Africa and the UK. This app also lets you invest in Stocks and crypto (bitcoin)as well. Chipper Cash is now part of the apps to buy stocks in Nigeria as it lets you build your investment portfolio by allowing you to buy shares of companies like Facebook, Apple, and Nike. Chipper cash offers low commissions and fast trade executions.

You can start stock trading with this app as well as use it as a money transfer service as well. Chipper Cash is available on Android and iOS.

6. Passfolio

passfolio review - Is it legit?

The Passfolio app lets you buy US stocks, ETFs, REITS and crypto. Passfolio is a good stock trading app in Nigeria to get started with if you’re interested in the US stock market. This app also offers commission-free trades and seamless deposit and withdrawal methods to its users.

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

Opening a Trading Account in Nigeria

Nigeria is not exempt from the global financial market including the trade of foreign stocks and securities. However, as mentioned above, reputable platforms are primarily regulated by the SEC and certain requirements are necessary for opening online accounts on trading platforms in Nigeria. Asides from the rules of regulators, other factors to consider include – the ease of use of the platform (user-friendliness), type of stocks traded, and minimum deposit required. Opening a trading account in Nigeria usually takes between a few minutes to a couple of weeks and registration is mostly done online, however, some brokers may require that physical documents be mailed to their main office before final verification is carried out and the account is permitted to carry out transactions. Others may simply require that the documents be scanned and uploaded during registration on the platform. Some of the documents required by online stock trading apps in Nigeria include; proof of identity which may include an international passport, national ID card or driver’s license, proof of permanent residence (address), utility bills, and bank statements. Some online platforms require all the documents listed, while others only require a valid ID to validate your trading account. 

In Conclusion

 Learning about online stock trading apps in Nigeria is only the first step on your investment journey. To go further in this journey, you will have to take the following steps; Find an online broker – the tips provided in the body of this article should guide you on the type of broker you should use. In addition, you have to ensure that your preferred broker is in Nigeria or is licensed to operate in Nigeria. Open an account Fund your account. Buy the stocks you need; and double check transaction fees

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