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Best international online brokers for citizens in Nigeria

Jan 2019
Our top 2 international broker picks
Saxo Bank
XTB
76% of retail CFD accounts lose money
Best international online brokers for citizens in Nigeria

To find the best international online brokers in Nigeria, we went ahead and did the research for you. After testing, analyzing and comparing 57 brokers, 5 made it to the top. We highly recommend all 5 to you. And now, without further ado...

The top 5 picks for the best international online brokers of 2019 for citizens in Nigeria:

  1. Saxo Bank is the number one international online broker in 2019. Outstanding research. Great trading platform. Broad product portfolio.
  2. XTB, place two. Fast deposit and withdrawal. Fast and user-friendly account opening. Good research tools.
  3. eToro. Free stock and ETF trading in the EU. Seamless account opening. Social trading experience. Third place.
  4. Plus500, numero quatro. Easy to use platform. Low spreads. Listed on Main Market section of the London Stock Exchange.
  5. Pepperstone. Great customer service. User-friendly and fast account opening. Easy-to-use and good-looking platforms. Just made it to the list with being number five.
Best international online brokers of 2019 for citizens in Nigeria
Broker Info Score Best in
#1 Saxo Bank Danish investment bank 4.7 Best trading platform
#2 XTB Global CFD and FX broker 4.5 Best CFD broker
#3 eToro Global social trading broker 4.5 Best social trading
#4 Plus500 Global CFD and FX broker 4.4
#5 Pepperstone Australian forex broker 4.4 Best customer support

All 5 brokers are considered safe. They are regulated by top-tier financial regulators.

What makes a good online broker? They need to offer fair fees. It must also be easy to open an account and deposit. They should offer access to a lot of markets and need to have a great platform. Easy to list, but hard to figure it out. We are testing brokers along ~100 criteria with real accounts and real money. We know what's up.

Not sure which broker? For a tailored recommendation, check out the broker finder tool. You can enter your country and it will show only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

Boring, but important stuff: Some of the brokers portfolio might contain CFD products. CFDs are complex and very risky, thus not suitable for everyone. You can easily lose all of your invested money. If you don't have clue what a CFD is, start with these CFD trading tips

And now, let's see the best international online brokers for Nigeria in 2019 one by one. Starting with the winner, Saxo Bank.

#1 Best international online brokers for citizens in Nigeria
Saxo Bank

4.7 5 stars

Best trading platform

Saxo Bank logo

Saxo Bank is a Danish investment bank providing online trading and investments. It is a leading European retail brokerage innovator. Saxo is privately owned, established in 1992, and headquartered in Copenhagen.

Saxo is considered safe as it is regulated worldwide by more than 10 financial regulators, including top-tier regulators, like the UK FCA.

Recommended for investors and traders looking for a great trading platform and solid research

Pros
  • Outstanding research
  • Great trading platform
  • Broad product portfolio
Cons
  • High forex, bond, options, and futures fees
  • Slow account opening
  • Missing live chat

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#1 Saxo Bank
Fees 3 stars

Saxo Bank has average trading and non-trading fees.
Pros
  • No withdrawal fee
  • Transparent fee structure
  • Lower fees for Platinum and VIP clients
Cons
  • Inactivity fee
  • High financing rate
  • High forex, bond, options and futures fees
Saxo Bank fees
Saxo Bank XTB eToro Plus500 Pepperstone
Apple benchmark fee $20.0 $18.1 $0.0 $8.9 -
Vodafone benchmark fee $15.0 $24.4 $0.0 $7.6 -
EURUSD benchmark fee $58.4 $17.1 $19.1 $17.6 $19.3

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks, and $20k for FX

More Visit broker

#1 Saxo Bank
Account opening 3 stars

Account opening is available for residents of almost every country and is fully digital.
Pros
  • Fast
  • Fully digital
  • Available for residents of almost every country
Cons
  • Minimum deposit is higher than $500
  • Sales team pushy
  • Classic accounts available only in a single currency
Saxo Bank minimum deposit and time to open an account
Saxo Bank XTB eToro Plus500 Pepperstone
Minimum deposit $725 $250 $200 $100 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

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#1 Saxo Bank
Deposit and withdrawal 5 stars

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros
  • Free withdrawal
  • No deposit fee
  • Several account base currencies
Cons
  • Credit/Debit card withdrawal not available
Saxo Bank withdrawal fee and options
Saxo Bank XTB eToro Plus500 Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $20

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#1 Saxo Bank
Markets and products 4 stars

At Saxo Bank you can reach many markets and trade with a lot of different products, except for funds.
Saxo Bank markets and products
Saxo Bank XTB eToro Plus500 Pepperstone
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker

#1 Saxo Bank
Web trading platform 5 stars

Saxo Bank's web trading platform is easy-to-use and well-designed. However, it doesn't provide a two-step login and the customizability is limited.
Pros
  • User-friendly
  • Good search function
  • Modern design
Cons
  • No two-step (safer) login
  • Limited customizability (for charts, workspace)
Best international online brokers for citizens in Nigeria - Saxo Bank trading platform
Saxo Bank trading platforms
Saxo Bank XTB eToro Plus500 Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars - - 4 stars

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#1 Saxo Bank
Verdict

Saxo Bank is a great broker, providing a complex and good service.

It has the best trading platforms backed by great research. The product portfolio is covering all important international markets and asset classes.

It has some drawbacks though. The fees for forex, bond, options, and futures are high. The account opening can take long and the live chat is missing.

In general, Saxo Bank is one of the best online brokerage companies you can choose. By opening an account, you end up with a broad, well-developed service.

Saxo Bank
Summary Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier FCA.
Fees score 3 stars
Recommended for Investors and traders looking for a great trading platform and solid research

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#2 Best international online brokers for citizens in Nigeria
XTB

4.5 5 stars

Best CFD broker

XTB logo

XTB is primarily a forex and CFD broker, while in some countries you can also trade with stocks. XTB is a global broker with more than ten offices worldwide. In Europe, it serves clients via the UK or a Polish entity. We tested the UK entity but will provide info on all entities.

XTB is listed on the Warsaw Stock Exchange. A listed company is more transparent, as it discloses its financials regularly. XTB is authorized and regulated by different regulators, including the UK FCA.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for great funding and withdrawal processes and research tools

Pros
  • Fast deposit and withdrawal
  • Fast and user-friendly account opening
  • Good research tools
Cons
  • Limited product portfolio, mostly CFD and FX
  • Sales team can be pushy
  • No 24/7 customer support

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76% of retail CFD accounts lose money

#2 XTB
Fees 4 stars

XTB has average trading fees and low non-trading fees.
Pros
  • Low non-trading fees
  • No withdrawal fee
  • No inactivity fee
Cons
None
XTB fees
Saxo Bank XTB eToro Plus500 Pepperstone
Apple benchmark fee $20.0 $18.1 $0.0 $8.9 -
Vodafone benchmark fee $15.0 $24.4 $0.0 $7.6 -
EURUSD benchmark fee $58.4 $17.1 $19.1 $17.6 $19.3

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks, and $20k for FX

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76% of retail CFD accounts lose money

#2 XTB
Account opening 5 stars

XTB account opening is hassle-free and straightforward. Your account is ready for trading on the same day. However, the sales team is very pushy.
Pros
  • Fast
  • Fully digital
  • User-friendly
Cons
  • Sales team pushy
XTB minimum deposit and time to open an account
Saxo Bank XTB eToro Plus500 Pepperstone
Minimum deposit $725 $250 $200 $100 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

More Visit broker
76% of retail CFD accounts lose money

#2 XTB
Deposit and withdrawal 5 stars

XTB's deposit and withdrawal are cost-friendly, fast, and can be done in several forms. Fees for electronic wallet deposits are quite high.
Pros
  • Credit/Debit card available
  • Quick deposit and withdrawal - within 3 days
  • User-friendly
Cons
  • High fees for electronic wallet deposits
XTB withdrawal fee and options
Saxo Bank XTB eToro Plus500 Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $20

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76% of retail CFD accounts lose money

#2 XTB
Markets and products 2 stars

UK residents, Hungarians and non-Europeans can trade only with CFDs and forex. All other Europeans can also trade with stocks and ETFs.
XTB markets and products
Saxo Bank XTB eToro Plus500 Pepperstone
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

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76% of retail CFD accounts lose money

#2 XTB
Web trading platform 4 stars

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, we missed the two-step login, the leverage setting option and the more sophisticated order types.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safer) login
  • Limited order types
Best international online brokers for citizens in Nigeria - XTB trading platform
XTB trading platforms
Saxo Bank XTB eToro Plus500 Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars - - 4 stars

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76% of retail CFD accounts lose money

#2 XTB
Verdict

XTB is a good broker. It is regulated by more than 10 authorities globally, including the UK FCA, and it is listed on the Warsaw Stock Exchange. 

On the plus side, the deposit and withdrawal process is fast. We liked the seamless and hassle-free account opening. The research tools are easy-to-use.

XTB has some drawbacks though. Its product range is mainly limited to FX and CFDs, but there are stocks trading is also available in some countries. When opening the account the sales team can be pushy. We also missed the 24/7 customer support.

We recommend XTB for clients who prefer forex and CFD trading and are looking for fast account opening, cheap money withdrawal and great research tools. Feel free to test it via the demo account.

XTB
Summary XTB is a global CFD broker, listed on the Warsaw Stock Exchange, regulated by regulators, like FCA and KNF, the polish regulator.
Fees score 4 stars
Recommended for Forex and CFD traders looking for great funding and withdrawal processes and research tools

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76% of retail CFD accounts lose money

#3 Best international online brokers for citizens in Nigeria
eToro

4.5 5 stars

Best social trading

eToro logo

eToro is a well-known fintech startup, an Israeli social trading broker established in 2007. eToro serves UK clients by an FCA regulated entity and Australians by an Australian entity. All other customers are served by a Cypriot entity. eToro is not listed on any exchange, does not disclose its annual report on its site and does not have a bank parent. It is also one of the 5 best trading platforms for Europeans.

eToro is considered safe because it's UK arm is regulated by a top tier regulator and it is a well-known fintech startup.

eToro is a multi-asset platform which offers primarily CFDs, but you can also invest in stocks and crypto assets. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for traders and those interested in social trading (copying other traders’ trades)

Pros
  • Free stock and ETF trading in the EU
  • Seamless account opening
  • Social trading experience
Cons
  • Poor customer service
  • Trading platform outages
  • Limited educational tools

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66% of retail CFD accounts lose money

#3 eToro
Fees 4 stars

eToro offers free stock trading in Europe and has low fees for non-EU clients. On the negative side, the non-trading fees and financing rates are high.
Pros
  • Free stock and ETF trading in the EU
  • Low fees for non-EU clients
  • Transparent fee structure
Cons
  • High financing rate
  • $25 withdrawal fee
  • $10 monthly inactivity fee
eToro fees
Saxo Bank XTB eToro Plus500 Pepperstone
Apple benchmark fee $20.0 $18.1 $0.0 $8.9 -
Vodafone benchmark fee $15.0 $24.4 $0.0 $7.6 -
EURUSD benchmark fee $58.4 $17.1 $19.1 $17.6 $19.3

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks, and $20k for FX

More Visit broker
66% of retail CFD accounts lose money

#3 eToro
Account opening 5 stars

Account opening is enjoyable and super fast.
Pros
  • Fast
  • No minimum deposit
  • User-friendly
Cons
None
eToro minimum deposit and time to open an account
Saxo Bank XTB eToro Plus500 Pepperstone
Minimum deposit $725 $250 $200 $100 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

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66% of retail CFD accounts lose money

#3 eToro
Deposit and withdrawal 4 stars

It is easy to deposit with a lot of options, including credit cards. However, there is a withdrawal fee, and only USD accounts are available.
Pros
  • Credit/Debit card available
  • No deposit fee
  • User-friendly
Cons
  • High withdrawal fee
  • Only one account base currency
eToro withdrawal fee and options
Saxo Bank XTB eToro Plus500 Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $20

More Visit broker
66% of retail CFD accounts lose money

#3 eToro
Markets and products 3 stars

At eToro you can trade with CFDs and forex. There are also real stocks, ETFs, and many cryptos. It also offers innovative services, like social trading or CopyPortfolio.
eToro markets and products
Saxo Bank XTB eToro Plus500 Pepperstone
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker
66% of retail CFD accounts lose money

#3 eToro
Web trading platform 4 stars

eToro’s web trading platform is nice looking and easy-to-use. Getting your fee report is a bit of a pain.
Pros
  • User-friendly
  • Modern design
  • Social trading
Cons
  • No clear fee report available
  • Cannot be customized
Best international online brokers for citizens in Nigeria - eToro trading platform
eToro trading platforms
Saxo Bank XTB eToro Plus500 Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars - - 4 stars

More Visit broker
66% of retail CFD accounts lose money

#3 eToro
Verdict

When looking back, eToro was a bit unreliable in 2017 because of the huge demand for cryptos. It had problems in customer support and the platform sometimes froze. In our latest test eToro improved.

On the plus side, eToro has zero-commission stock trading in Europe. The account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

It has some drawbacks though. Customer service was a letdown, the platform did not work on multiple occasions. Also, it has a tight product range which includes stocks and CFDs. Non-trading fees are high.

To sum up, we recommend eToro for social trading and cheap stock trading.

Risk disclaimer

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFD assets.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.

Past performance is not an indication of future results.

eToro
Summary eToro is a global social trading broker. It is regulated by top-tier regulators, like the UK FCA.
Fees score 4 stars
Recommended for Traders and those interested in social trading (copying other traders’ trades)

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66% of retail CFD accounts lose money

#4 Best international online brokers for citizens in Nigeria
Plus500

4.4 4 stars

Plus500 logo

Plus500 is a CFD broker, established in Israel. It is listed on the Main Market of the London Stock Exchange. Plus500 subsidiaries are authorized and regulated by different regulators, including top-tier regulators like the FCA from the UK.

Plus500 is considered safe because it is listed on a stock exchange, discloses its financials, and is regulated by top-tier regulators.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Daytraders!: At Plus500 scalping is defined as "A trading strategy where a significant portion of the customer's positions are opened and closed by him/her within 2 minutes." If Plus500 believes you were following this strategy, your account might be blocked and closed. Therefore, if you plan to execute trades within 2 minutes, Plus500 is not your broker

 

Recommended for experienced traders looking for an easy-to-use platform, with great user experience.

Pros
  • Easy to use platform
  • Low spreads
  • Listed on Main Market section of the London Stock Exchange
Cons
  • Limited product portfolio, only CFDs
  • High financing rates
  • Minimal research tools

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76.4% of retail CFD accounts lose money

#4 Plus500
Fees 4 stars

Plus500 has low trading fees and average non-trading fees. Financing rates are very high.
Pros
  • Low trading fees
  • No withdrawal fee
Cons
  • Inactivity fee
  • High financing rate
  • Financing rate calculation is non-transparent
Plus500 fees
Saxo Bank XTB eToro Plus500 Pepperstone
Apple benchmark fee $20.0 $18.1 $0.0 $8.9 -
Vodafone benchmark fee $15.0 $24.4 $0.0 $7.6 -
EURUSD benchmark fee $58.4 $17.1 $19.1 $17.6 $19.3

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks, and $20k for FX

More Visit broker
76.4% of retail CFD accounts lose money

#4 Plus500
Account opening 5 stars

Plus500 account opening is seamless, fast and fully digital. You can open your trading account within a day.
Pros
  • Fast
  • Fully digital
  • User-friendly
Cons
None
Plus500 minimum deposit and time to open an account
Saxo Bank XTB eToro Plus500 Pepperstone
Minimum deposit $725 $250 $200 $100 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

More Visit broker
76.4% of retail CFD accounts lose money

#4 Plus500
Deposit and withdrawal 5 stars

Plus500's deposit and withdrawal are both great. You have many options, the process is easy-to-do and usually free of charge.
Pros
  • Credit/Debit card available
  • No deposit fee
  • User-friendly
  • Five withdrawal per month is free
Cons
None
Plus500 withdrawal fee and options
Saxo Bank XTB eToro Plus500 Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $20

More Visit broker
76.4% of retail CFD accounts lose money

#4 Plus500
Markets and products 2 stars

At Plus500 you can trade only with CFDs and forex. There are a lot CFDs, you can choose from almost 2,000.
Plus500 markets and products
Saxo Bank XTB eToro Plus500 Pepperstone
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

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76.4% of retail CFD accounts lose money

#4 Plus500
Web trading platform 4 stars

Plus500 trading platform is very easy-to-use and also looks great. On the flip side, it cannot be customized. 
Pros
  • User-friendly
  • Two-step (safer) login
  • Good search function
  • Available in several languages
Cons
  • Limited customizability (for charts, workspace)
Best international online brokers for citizens in Nigeria - Plus500 trading platform
Plus500 trading platforms
Saxo Bank XTB eToro Plus500 Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars - - 4 stars

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76.4% of retail CFD accounts lose money

#4 Plus500
Verdict

Plus500 is a good broker. It is for traders aware of the risks of CFD trading.

Is plus 500 safe? It is considered safe because it is listed on the London Stock Exchange and regulated by the FCA. If you are not from the UK, you will be most likely served by Plus500 Cyprus, and hence the Cypriot investor protection will apply.

Daytraders! At Plus500 scalping is defined as "A trading strategy where a significant portion of the customer's positions are opened and closed by him/her within 2 minutes." If Plus500 believes you were following this strategy, your account might be blocked and closed. So if you plan to execute trades within 2 minutes, Plus500 is not your broker.

On the bright side, Plus500 platform is easy-to-use with a great user experience. Even the first time user can navigate the app with ease. Spreads are competitive, but there are really high financing rates. Therefore, fees can be really high. For this fee level, some research tools would have been nice. 

As there is no minimum balance, no withdrawal fee above $100, withdrawal and inactivity fee only kicks in after three months, feel free to try it out.

Plus500
Summary Plus500 is a global CFD broker, listed on the London Stock Exchange, regulated by many regulators, including the FCA and Cysec.
Fees score 4 stars
Recommended for Experienced traders looking for an easy-to-use platform, with great user experience.

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76.4% of retail CFD accounts lose money

#5 Best international online brokers for citizens in Nigeria
Pepperstone

4.4 4 stars

Best customer support

Pepperstone logo

Pepperstone is an Australian forex broker that also offers some CFDs. It was established in 2010 and opened a London office in 2015 to better serve European clients.

Pepperstone is considered safe, as it is regulated by top-tier financial authorities, like the UK FCA and the Australian ASIC.

Pepperstone is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders aiming for a good customer service

Pros
  • Great customer service
  • User-friendly and fast account opening
  • Easy-to-use and good-looking platforms
Cons
  • Limited product portfolio
  • Limited research
  • Limited education

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71.4% of retail CFD accounts lose money

#5 Pepperstone
Fees 4 stars

Pepperstone has low trading fees and average non-trading fees. It has no inactivity fee. On the negative side, the withdrawal fee is high.
Pros
  • Low trading fees
  • No inactivity fee
  • Transparent fee structure
Cons
  • Withdrawal fee
Pepperstone fees
Saxo Bank XTB eToro Plus500 Pepperstone
Apple benchmark fee $20.0 $18.1 $0.0 $8.9 -
Vodafone benchmark fee $15.0 $24.4 $0.0 $7.6 -
EURUSD benchmark fee $58.4 $17.1 $19.1 $17.6 $19.3

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks, and $20k for FX

More Visit broker
71.4% of retail CFD accounts lose money

#5 Pepperstone
Account opening 4 stars

Pepperstone account opening is great. It is fully digital and user-friendly. On the negative side, it can take several days.
Pros
  • Fully digital
  • User-friendly
  • Many account types
  • No minimum deposit for Standard Account
Cons
  • It can take 4-5 business days
Pepperstone minimum deposit and time to open an account
Saxo Bank XTB eToro Plus500 Pepperstone
Minimum deposit $725 $250 $200 $100 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

More Visit broker
71.4% of retail CFD accounts lose money

#5 Pepperstone
Deposit and withdrawal 4 stars

Pepperstone offers a lot of deposit options, which are user-friendly. However, the withdrawal fees are high.
Pros
  • User-friendly
  • Free bank and electronic wallets deposit
  • Free credit and debit cards withdrawal
Cons
  • High withdrawal fee
Pepperstone withdrawal fee and options
Saxo Bank XTB eToro Plus500 Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes Yes
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $20

More Visit broker
71.4% of retail CFD accounts lose money

#5 Pepperstone
Markets and products 1 stars

At Pepperstone you can only trade with forex, some CFDs, and cryptos.
Pepperstone markets and products
Saxo Bank XTB eToro Plus500 Pepperstone
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund No No No No No
Bond Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFD Yes Yes Yes Yes Yes
Crypto Yes Yes Yes Yes Yes

More Visit broker
71.4% of retail CFD accounts lose money

#5 Pepperstone
Web trading platform 4 stars

Pepperstone offers only third-party trading platforms. We tested cTrader, which is a great platform: it is well-designed and user-friendly. On the negative side, it lacks the two-step login.
Pros
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Cons
  • No two-step (safer) login
Best international online brokers for citizens in Nigeria - Pepperstone trading platform
Pepperstone trading platforms
Saxo Bank XTB eToro Plus500 Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars - - 4 stars

More Visit broker
71.4% of retail CFD accounts lose money

#5 Pepperstone
Verdict

Pepperstone is a good FX and CFD broker. 

The customer service is great, you will get relevant answers within a short time. Account opening is a breeze, with no minimum deposits. The website is well-designed, clear and easy to navigate.

Pepperstone only offers FX and some CFDs. Its research and education tools could be improved, as there are not a lot of services and options.

Feel free to try Pepperstone. There is no inactivity fee or minimum deposit for standard accounts. 

Pepperstone
Summary Pepperstone is a forex and CFD broker regulated by both the FCA and the ASIC.
Fees score 4 stars
Recommended for Forex traders aiming for a good customer service

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71.4% of retail CFD accounts lose money

Best international online brokers for citizens in Nigeria
What makes a good online broker

Now you know the top 5. You are probably curious about how we came up with this list. Let's go through a few points quickly. What is an online broker? Why do we think these brokers are safe? What are the most important factors when selecting the best online brokers?

What is an online broker?

Thirty years ago if you wanted to buy a stock, you had to pick up the phone and call your broker, who executed the transaction in return for a commission. Brokers were like in the Wolf of Wall Street movie. They were checking the stocks' prices while holding a telephone and shouting. Everything changed after the internet appeared. Nowadays if you want to buy Apple shares, you open online an account, deposit money, and make the order through the brokers' online platform. These brokers are the online brokers. Online brokers help you buying and selling securities, like stocks. After making your order, the online broker executes it immediately. Everything is online.

Are these brokers safe?

Yes, they are considered safe. You can be sure none of them is a scam. They are regulated by top-tier regulators. Some of them are also listed on an exchange, and some have a banking background.

However, also brokerage companies can go down. Remember Lehman Brothers? In these cases, it is important to know what happens with your securities and cash. These are usually held in segregated accounts, so even in case of a broker bankruptcy, you are safe.

If everything goes very bad and for example, the broker steals your assets, then you have a last resort, the compensation fund of the country where the broker is regulated.

How did Brokerchooser pick the best international online brokers for a citizen in Nigeria?

At Brokerchooser we test online brokers along ~100 criteria, with a real account and real money. Not to overwhelm you we list the five most important criteria.

The 5 most important criteria for online brokers are:

5 important criteria for the best international online brokers
1. Fees The trading fee of a typical US equity trade can be 50 times higher at one online broker compared to another. Worth to check the fees.
2. Account opening Some online brokers require a minimum to invest, others don't set a minimal first-time deposit. Check out what the best online brokers require.
3. Deposit and withdrawal Transferring money to your account can be 5 times longer and more expensive at one online broker compared to another.
4. Products and markets You want to invest in Amazon and Bitcoin? They might not be available. Check the product coverage before opening an account.
5. Trading platform A user-friendlyAand well-equipped trading platform can significantly increase your trading comfort.

Best international online brokers for citizens in Nigeria
Bottom line

You saw the details, now let's zoom out. Here are the best international online brokers of 2019 for citizens in Nigeria:

Best international online brokers for citizens in Nigeria
Saxo Bank XTB eToro Plus500 Pepperstone
Overall score 4.7 4.5 4.5 4.4 4.4
Award Best trading platform Best CFD broker Best social trading Best customer support
Fees score 3 stars 4 stars 4 stars 4 stars 4 stars
Account opening score 3 stars 5 stars 5 stars 5 stars 4 stars
Deposit and withdrawal score 5 stars 5 stars 4 stars 5 stars 4 stars
Markets and products score 4 stars 2 stars 3 stars 2 stars 1 stars
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
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76% of retail CFD accounts lose money
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66% of retail CFD accounts lose money
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76.4% of retail CFD accounts lose money
Visit broker
71.4% of retail CFD accounts lose money

Saxo Bank is our winner, the best in 2019. Outstanding research. Great trading platform. Broad product portfolio.
All brokers are considered safe, and a great choice. Pick the winner, or any runner-up and take the next step in your investment journey. Let us know what you think in the comment section.
Still unsure? Use the broker finder and find the best broker for you.

AUTHOR

Gergely Korpos
Gergely Korpos
Co-founder, CPO
Gergely's aim is to bring more clarity into personal investing. He has 10 years of experience in financial markets with GE Money, KPMG and MOL. He concluded thousands of trades as a commodity trader and financial portfolio manager
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