Top 15 Best Stock Brokers in Nigeria | 2023 List

The Nigerian stock market has experienced remarkable growth over the years, with investors flocking in from different parts of the country to take advantage of its lucrative investment opportunities.

One of the key players in the Nigerian stock market is stock brokers, who act as intermediaries between investors and the stock market. Choosing the right stock broker is crucial for a successful investment experience in Nigeria.

To help guide your decision-making process, we’ve compiled a comprehensive list of the Top 15 Best Stock Brokers in Nigeria, which will help you navigate the maze of stock brokers in Nigeria to identify the best ones.

Our list is based on several key factors, including customer reviews, customer service, brokerage fees, and overall reputation in the industry.

Whether you’re an experienced trader or a novice investor, you can be assured that our list of the Top Stock Brokers in Nigeria has something for everyone.

So, sit back, relax, and get ready to discover the top stockbrokers in Nigeria in 2023. We have covered you from the best stock broker in Nigeria to the top 10 in Nigeria!

By reading this guide, you’ll have all the information you need to choose the best Nigerian stock broker for your investment needs. So read on!

What is the Job of Stockbrokers in Nigeria?

When you hear the word ‘Stockbrokers,’ the first thing that comes to mind might be ‘the ones that deal with stocks.’ While this is a pretty straightforward definition, the actual job of Stockbrokers goes beyond just buying and selling stocks.

In Nigeria, Stockbrokers are financial experts who facilitate the buying and selling stocks and securities on behalf of clients. Their role involves researching and analyzing various financial markets to provide valuable insights to guide clients in making informed investment decisions. 

Stockbrokers work in firms registered by the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC). These firms are licensed to trade stocks and securities on behalf of individuals and organizations, making them intermediaries between investors and the stock market.

Their primary responsibility is to connect buyers and sellers, help clients manage their investment portfolios, and ensure they comply with financial regulations. They guide investors on what stocks or securities to invest in based on market trends, economic conditions, and other factors that may impact their investments.

Stockbrokers can also provide various investment services, including trading in bonds, options, and other derivatives. They also provide portfolio management services for high-net-worth individuals and institutional clients, helping them build investment strategies that meet their financial goals.

Ultimately, Stockbrokers play a crucial role in the Nigerian financial market by providing investment services to individuals and institutions.

They act as intermediaries between buyers and sellers, help clients manage their investments, and provide valuable insights that can guide investment decisions.

For anyone looking to invest in the Nigerian stock market, partnering with a reputable Stockbroker can be a game-changer in achieving financial success.

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What Are the Different Types of Stock Brokers?

As a stock investor, it is essential to have a reliable stockbroker to help you navigate the market and make informed decisions.

However, not all brokers are created equal, and it is crucial to understand the different types of brokers available to determine which one best fits your needs.

1. Full-Service Brokers

Full-service brokers are the most traditional type of broker. They offer various services, including investment advice, research, and portfolio management. These brokers often work for large financial institutions and charge a substantial fee.

A full-service broker may be a good option if you are a new investor or do not have the time to research and manage your investments.

They can provide personalized investment advice and manage your portfolio, allowing you to focus on other aspects of your life.


Giving your portfolio to a full-service broker saves you the time you would otherwise spend trading and honing your skills.


This is the most expensive form of broker to employ, and you have less control over your portfolio than you would with a more restricted service broker.

2. Discount Brokers

On the other hand, discount brokers offer a more no-frills approach to investing. They offer fewer services than full-service brokers and charge lower fees.

Discount brokers are often online-based and allow investors to buy and sell stocks themselves through their platform.

A discount broker may be the right choice if you are a more experienced investor who likes to research and manage your investments. They offer a more hands-on approach to investing and can save you money on trading fees.


A discount broker costs less than a full-service broker, and you keep control over your account.


Because a discount broker does not provide trading guidance, you must devote time to researching and developing your trading knowledge.

3. Robo-Advisors

Robo-advisors are a newer type of broker that uses artificial intelligence algorithms to manage your portfolio. They offer a low-cost investment option for investors who want to take a hands-off approach to investing.

Robo-advisors typically charge lower fees than full-service brokers but higher fees than discount brokers. They are best suited for investors who do not have the time or desire to manage their investments themselves but still want a personalized investment strategy.


Robo-advisors offer an unprecedented level of convenience when it comes to investing. They eliminate the need for a physical financial advisor, allowing you to access investment options online at any time of the day.


Using an algorithm-based system removes the human element from investing, which may be a turnoff for some investors who prefer to have a personal connection with their financial advisors.

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Top 15 Best Stock Brokers in Nigeria

Choosing the right stockbroker is crucial in achieving your investment goals as a stock investor. With so many options on the market, making a decision can be difficult.

Here, we’ll take a closer look at 15 of the best stockbrokers in Nigeria.

  • 1. Risevest
  • 2. Chaka
  • 3. Trove
  • 4. Bamboo Invest
  • 5. Meristem Securities Limited
  • 6. GTI Capital Limited 
  • 7. OctaFX
  • 8. Interactive Brokers
  • 9. Pepperstone
  • 10. AvaTrade
  • 11. Switch Markets
  • 12. XTB
  • 13. FXTM 
  • 14. Saxo Bank
  • 15. ICON StockBrokers Limited 

#1. Risevest

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Risevest is a dollar investment platform that allows you to buy stock in leading overseas firms in the United States. They also provide additional dollar investment plans to Nigerians, such as US real estate and fixed-income opportunities.

Regarding investing in Nigeria, Risevest is undoubtedly one of the best stockbrokers to work with. Customers rave about their platform’s ease of use and reliable customer support.

The company offers a commission-free investment service, and its low brokerage fees make investing accessible to all. Not only that, but they also provide users with access to diversified portfolios, giving them a chance to diversify their investments.

Risevest is fully licensed by the Securities and Exchange Commission (SEC) and, as a result, has gained a reputation for being one of the most trustworthy brokers in the industry.

#2. Chaka

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Chaka allows you to invest in local foreign equities (US and Chinese) from Nigeria using any internet-connected device. Chaka allows you to start trading shares for as little as $10.

Customers have raved about their exceptional service delivery, speedy execution of trades, and seamless platform. Many of their clients commend their cutting-edge technology, which offers a personalized trading experience to each investor. The company prides itself on offering some of the most competitive brokerage fees in the market. 

Its reputation as a customer-centric brokerage firm has endeared it to many, and its impeccable record has positioned it as one of the best in Nigeria’s financial industry. Chaka’s reputation speaks for itself – it’s an excellent brokerage firm that any investor would be proud to partner with.

#3. Trove

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Trove is one of the best brokers when investing in the Nigerian stock market. Trove is an online stockbroking platform that allows Nigerians to easily trade stocks and other investment products with their mobile devices.

Customer reviews of Trove are positive, as many investors praise the ease of use of the platform and its prompt customer service. 

Trove charges relatively low brokerage fees, which makes it an attractive option for those seeking to invest in the stock market without breaking the bank.

Trove has a solid reputation in the Nigerian investment industry, making it a great choice for anyone looking to invest in Nigerian stocks.

#4. Bamboo Invest

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If you’re searching for the best stock brokers in Nigeria, Bamboo Invest deserves a mention. This brokerage firm has received glowing customer reviews, which speak to the company’s reliability and convenience. Additionally, its overall reputation in the industry is outstanding.

Regarding brokerage fees, Bamboo Invest is affordable, offering zero commission fees and low trading costs. You won’t have to worry about hidden charges and other expenses affecting your profits. Bamboo Invest also offers users access to the Nigerian and global stock markets.

With their simple and user-friendly interface, even beginners can easily navigate through the app, providing real-time insights into your investment performance and creating personalized portfolios that align with your financial goals. 

#5. Meristem Securities Limited.

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Meristem Securities Limited is a top-tier broker with an impressive industry reputation, with clients raving about their top-notch service.

They pride themselves on providing exceptional financial advisory services and portfolio management. Meristem Securities Limited is one of the most affordable options regarding brokerage fees. 

They also offer commission discounts for active traders and provide value-added services to ensure their clients’ investment portfolios thrive. Don’t miss out on this top contender when considering your options for stock brokers in Nigeria.

#6. GTI Capital Limited

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GTI Capital Limited is a well-established stockbroker in Nigeria with a reputation for excellent customer service.

According to customer reviews, GTI Capital provides prompt and professional service, with knowledgeable staff always willing to help.

Regarding brokerage fees, GTI Capital charges a commission of 1% on all trades, which is relatively competitive compared to other brokers in the industry.

GTI Capital Limited is a great option for stock investors looking for a reputable and reliable broker with fair fees.

#7. OctaFX

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OctaFX is another popular stockbroker in Nigeria, known for its user-friendly trading platform and competitive fees.

According to customer reviews, OctaFX offers a seamless trading experience with fast and reliable execution and a wide range of financial instruments. 

Regarding brokerage fees, OctaFX charges a commission of 0.03% on all trades, one of the lowest in the industry. OctaFX is a great choice for stock investors seeking a broker with a user-friendly platform and low fees.

#8. Interactive Brokers

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Interactive Brokers is a global stockbroker that recently expanded its operations to Nigeria. According to customer reviews, Interactive Brokers is a highly reliable and trustworthy broker with a reputation for exceptional customer service. 

Regarding brokerage fees, Interactive Brokers charges a commission of $0.005 per share, which may be higher than some other brokers in Nigeria.

However, Interactive Brokers offers a wide range of financial instruments, including stocks, options, futures, and currencies, which may make it an attractive option for investors looking for a diverse portfolio.

#9. AvaTrade


AvaTrade is another stockbroker with a reputation for providing excellent services to investors.

With over 200,000 registered clients, AvaTrade has established itself as a trusted broker in Nigeria. The brokerage fee for AvaTrade is slightly higher than Pepperstone, at 0.03%. 

However, investors who choose AvaTrade can benefit from the broker’s advanced trading tools and resources. The broker offers various trading instruments, including stocks, forex, and commodities.

#10. Switch Markets


Switch Markets is a relatively new stockbroker in Nigeria, but it has quickly gained the attention of investors with its innovative trading platform and competitive pricing. The broker charges a flat commission fee of 0.05%, higher than the other brokers on this list. 

However, Switch Markets offers some unique features that make it stand out. For example, investors can trade fractional shares, which is not a common offering in the Nigerian market.

Switch Markets provides investors access to various educational resources, including webinars and trading guides.

#11. Pepperstone

Pepperstone is a global stockbroker operating in Nigeria for some time now. The broker offers some of the most competitive spreads in the industry, making it an attractive option for traders looking for affordable trading costs.

With a minimum deposit of $200, Pepperstone provides traders access to various trading instruments, including forex, commodities, and indices. 

Customer reviews of Pepperstone are mostly positive, with traders praising its speedy execution, excellent customer service, and user-friendly platform. The broker charges a commission of $3.5 per lot traded, making it a relatively affordable option for traders.

#12. XTB

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XTB is another excellent option for stock investors in Nigeria. The broker has been around for over 20 years and has established a reputation as one of the leading stockbrokers globally.

XTB offers a range of trading instruments, including forex, indices, commodities, and stocks, giving traders a diverse trading experience. 

The broker charges a minimum deposit of $250 and offers traders some of the lowest spreads in the industry. Customer reviews of XTB are overwhelmingly positive, with traders praising its reliable platform, excellent customer service, and low trading costs.

The broker charges a commission of $3.5 per lot traded, making it a relatively affordable option for traders.

#13. FXTM

FXTM is a well-known stockbroker in Nigeria, offering traders access to a range of trading instruments, including forex, commodities, and indices.

The broker has a minimum deposit of $10, making it an attractive option for traders looking to start with a small investment. FXTM is renowned for its excellent customer service, reliable platform, and low trading costs. 

The broker charges a commission of $2 per lot traded, making it one of the most affordable options in the industry. Customer reviews of FXTM are mostly positive, with traders praising its speedy execution and user-friendly trading platform.

#14. Saxo Bank

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Saxo Bank is a Danish investment bank specializing in Internet trading and investing. The bank has been in operation since 1992 and has gained a reputation as one of the best stock brokers in Nigeria.

Customers who have used Saxo Bank have praised the platform for its user-friendly interface, fast trade execution, and excellent customer service.

Regarding brokerage fees, Saxo Bank charges a commission of 0.1% on trades made through their platform, with a minimum charge of N500. This is considered a reasonable fee when compared to other stock brokers in Nigeria.

Additionally, Saxo Bank offers many investment options, including stocks, bonds, ETFs, and mutual funds.

#15. ICON Stock Brokers Limited


ICON Stock Brokers Limited is another reputable stock broker in Nigeria that has operated since 1990. The company offers various investment services, including securities trading, portfolio management, and investment advisory services.

Customers who have used ICON Stock Brokers Limited have praised the platform for its reliability, transparency, and excellent customer service.

Regarding brokerage fees, ICON Stock Brokers Limited charges a commission of 1.5% on trades made through their platform, with a minimum charge of N3,000.

This fee is considered high when compared to other stock brokers in Nigeria. However, the platform offers various investment options, including stocks, bonds, and mutual funds.

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How Do Stock Brokers Make Money?

Stock brokers play a critical role in the stock market. Their primary objective is to assist individuals or businesses in investing in stocks.

These professionals advise when to buy or sell a stock and help clients achieve their financial objectives. However, stock brokers don’t work for free, so how do they make money?

1. Commissions

Stock brokers earn money through commissions. They receive a commission when clients buy or sell a stock through their platform.

A commission is a percentage of the transaction amount that goes to the broker. Brokers make more money when clients buy and sell more frequently. 

2. Investment Fees

Another way that stock brokers make money is through investment fees. Many brokers charge a flat fee for services such as asset management, which includes advice on stock purchases, selling stocks, and other investment strategies.

Some brokers also offer transaction-based fees, including an annual account fee, transfer fee, or early redemption fee. These fees may seem small, but they can increase over time, providing stock brokers with a steady income.

3. Margin Trading

Margin trading is another way stock brokers make money. Margin trading is a mechanism where clients borrow from brokers to invest in the stock market.

Stock brokers charge interest rates on the amount clients borrow, generating additional income. This income method is often considered risky because it’s essential to use funds wisely and make sound investment decisions to avoid incurring losses.

4. Wrap Fees

Wrap fees are a new form of commission for stockbrokers. They’re typically found in asset management accounts and usually range between 1%-3% annually.

Wrap fees encompass a variety of services, including portfolio management, research, advice, and access to premium tools, which may not be available to all clients.

Brokers who charge wrap fees are held to a fiduciary standard and must act in the client’s best interests.

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How are Stock Brokers in Nigeria Regulated?

The Central Bank of Nigeria must authorize a stockbroker to trade on Nigerian stock exchanges.

However, any stockbroker you hire must be regulated at the tier-1 level, such as the FCA (Financial Conduct Authority) or ASIC (Australian Securities and Investment Commission). This type of financial regulation gives you and your money more security.

Also, stockbrokers are regulated by the Securities and Exchange Commission (SEC). The SEC is a government agency tasked with regulating and overseeing all aspects of the Nigerian capital market.

One of the key functions of the SEC is to issue licenses to stockbrokers who wish to operate in Nigeria. These licenses ensure that only qualified professionals with the necessary skills and experience can offer their services to investors.

Another important regulatory body for stockbrokers in Nigeria is the Nigerian Stock Exchange (NSE). The NSE is a self-regulatory organization that works closely with the SEC to ensure that all market participants adhere to the rules and regulations of the Nigerian capital market.

By working with licensed and reputable professionals, investors can enjoy the benefits of the stock market with greater confidence and peace of mind.

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What Factors to Consider When Choosing Nigerian Stock Brokers

When deciding which stock broker in Nigeria to utilize, the following aspects should be considered:

What Kind of Service Do You Require?

What kind of service do you want from a stockbroker? Do you want a Nigerian stockbroker who will trade for you and provide research and advice?

Do you want to make all of your trading decisions on your own, and, as a result, do you want a stock broker who will provide you advice and handle your trades but then leave you alone?

Would you like to trade online while simultaneously having access to a personal broker? Where you may get individual guidance and service.

How much are you willing to spend on trading and fees? What Are the Charges?

What amount of trading do you intend to conduct? Your responses will start pointing you toward the finest stock broker in Nigeria for you.

Your stockbroker must disclose all trading and non-trading costs you will be expected to pay. Is it a fixed cost or a percentage fee? Is there a cap on commission fees? Deposit and withdrawal fees are examples of non-trading or administrative expenditures.

Is a Stock Broker Regulated?

The appropriate authorities must regulate the stock broker you select in Nigeria. So that your money is somewhat safe, in the case of stock brokers in Nigeria, they will be regulated by the CBN and any other foreign financial body from which they provide stock access.

Pay attention to other traders and conduct some research.

Discover which stock brokers are recommended by traders and other industry professionals. Conduct some research and get diverse reviews and suggestions to form an accurate image of the brokers available to you and your position.

A good selection of deposit and withdrawal methods

Check that the stockbroker allows account deposits and withdrawals in your preferred currency.

Quality of the educational resources

You will need knowledge to grow better at trading or investing in stocks, and your stock broker is a wonderful place to start. Articles, news feeds, videos, webinars, and courses should all be available from your stock broker.

What is Their Customer Service Like?

You must ensure that whichever stock broker in Nigeria you choose will fit your demands and be available to assist you in resolving any issues that may arise while using them. That is why they must provide excellent customer service.

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Frequently Asked Questions

What are the opportunities in Nigeria for licensed stockbrokers?

Being a stockbroker can be a lucrative career to pursue. Having the qualifications to become a member of the Chartered Institute of Stockbrokers of Nigeria is critical. Once qualified and registered, you might earn an annual salary of three million Naira.

How do I invest in Nigerian stocks?

You can invest in stocks through an independent stockbroker or one of the numerous available internet platforms. Platforms give many people the freedom to make decisions and govern their assets.

How does one become a stockbroker in Nigeria?

To become a stockbroker in Nigeria, you must first have a degree in a related field from a respected university or polytechnic college, preferably in banking and finance, accounting, or economics.

Are Nigerian stockbrokers safe?

Bad stockbrokers can be found in Nigeria, just like anywhere else. To ensure you are dealing with a trustworthy broker, look for one with the necessary qualifications registered with an authorized regulatory agency, such as the Financial Conduct Authority.


Finding the best stock broker in Nigeria can be daunting, but it can be accomplished with the right guidance and research.

From the numerous options available, the top stock brokers in Nigeria are those with reliable customer service, extensive research resources, and reasonable commission rates. They should also have a user-friendly platform and easy account-opening processes. 

These firms have proven track records, highly experienced personnel, and excellent online platforms to serve investors better.

Overall, investors must select a stockbroker that aligns with their needs and investment goals to guarantee success in their financial journey.

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