Business. Investment. Making Money

Stock brokers: Online trading platforms in Nigeria

Are you looking to trade stocks or invest in shares on the Nigerian stock market?

Then you would need a stock broker.

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.

1. Meritrade

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

New investors would find the platform appealing also with low minimum opening balance requirement and a good support service.

Good thing is you can begin and complete your entire registration for a stock brokerage account online.

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

2. 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.

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; and preferable for holding stocks in the short term.

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

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

3. Investnow.ng

Investnow.ng has one of the most robust trading platforms in Nigeria. There are free research and weekly stock recommendations to guide the choices of newbie investors. 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 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

4. LeadTrader

This stock broker provides an efficient platform for active investors who prioritise low costs. Its brokerage fee is 0.75%, lower than the maximum fees of 1.35 % stated by the Nigerian stock exchange.

Registration is relatively quick: An account opening form is sent to your email at your request. You fill and scan with other required documents and send back to them. If you are a registered client of Lead Asset Management, you don’t need to open an account.

A minimum deposit of N50,000 is required if you don’t have share certificates; and N5,000 with share certificates. They’ve also got a mobile app.

Customer support is average.

5. Afrinvestor

Afrinvestor’s trading platform has got a good customer support, and best of all there’s no minimum opening investment. They 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 offer several payment options, and you can complete your entire stock brokerage account opening process online.

Brokerage commission for buy and sell transactions is 1.35%.

6. Stanbic IBTC e-Trade

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%.

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.

7. 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 N50,000.00 is required. Cash payment is super quick.

Customer support is average; there’s a live chat to respond to issues.

8. MorganCapital i-trade

One of MorganCapital i-trade’s unique selling point is its low brokerage fees. 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 have to call or send them a message to ask questions or resolve issues.

9. Mytradebook

Mytradebook is owned by Greenwich Securities. Easy-to-use platform with a mobile application for both Android and IOS users. It 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.

10. Bancorp e-trade

The website is littered with annoying ads, and we couldn’t even use it without getting annoyed every second spent seeking information.

The only information that seemed useful is that 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.

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

11. APTeTrade

Minimum of N10,000 is required for opening a new account.

12. TRW E-Trader

13. Cordros TradeButton

14. ASAM eTrade

Overall, there’s a need for these stockbroking firms to upgrade online trading experience in Nigeria. For instance, no platform here provides concise historical data and interactive charts for traders, which is quite poor.

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