Best international online brokers for citizens in Nigeria

Saxo Bank
4.8
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XTB
4.6
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80% of retail CFD accounts lose money
eToro
4.6
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75% 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 62 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 2020 for citizens in Nigeria:

  1. Saxo Bank is the number one international online broker in 2020. Great trading platform. Outstanding research. Broad product portfolio.
  2. XTB is your runner-up. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
  3. eToro rounds out the top three. Free stock and ETF trading . Seamless account opening. Social trading experience.
  4. Firstrade, numero quatro. Free stock, ETF, fund, and options trading. Solid research tools. Quality educational tools.
  5. Pepperstone. Low forex and equity index CFD fees. Great customer service. Seamless and free deposit and withdrawal. Just made it to the list at number five.
Best international online brokers of 2020 for citizens in Nigeria
Broker Info Score Best in
#1 Saxo Bank Danish investment bank 4.8 Best web trading platform
#2 XTB Global CFD and forex broker 4.6 Best CFD broker
#3 eToro Global social trading broker 4.6 Best broker for cryptos
#4 Firstrade US discount broker 4.5 Best broker for funds
#5 Pepperstone Australian forex broker 4.4

What makes a good online broker? First of all, they must offer fair fees and have a good safety score. It should also be easy to open an account and deposit money. They should give you access to many products, and they need to have a great trading platform.

Easy to list, but hard to figure out. That’s why we are testing brokers along more than 100 criteria, using real accounts and real money. We know what's up. You can find all the ranking criteria in our methodology.

Not sure which broker? For a tailored recommendation, check out our broker finder tool. You can enter your country, and it will narrow down the list of brokers to those that are available where you live. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the best international online brokers in 2020 for citizens in Nigeria one by one, starting with the winner, Saxo Bank.

Saxo Bank Logo

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

4.8

Saxo Bank is a Danish investment bank founded in 1992, providing online trading and investments. The company is regulated by several financial authorities globally, including the Danish Financial Services Agency (FSA) and the UK Financial Conduct Authority (FCA). 

Saxo Bank is a global service provider. In the different regions, its subsidiaries are present in the form of separate legal entities. The services offered by each entity might change slightly especially in case of their fees and products available to trade. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, has a banking background, and is regulated by top-tier financial authorities.

Saxo stops accepting customers in the MENA region between May and August 2020. This is because of COVID-19 and the higher volume of account openings.

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

Pros Cons
Great trading platform High bond, options and futures fees
Outstanding research High minimum deposit
Broad product portfolio Lacks live chat and 24/7 availability

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#1 Saxo Bank
Fees
2.9

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
Pros Cons
Low fund fees Inactivity fee
No withdrawal fee High bond, options and futures fees
Transparent fee structure
Lower fees for Platinum and VIP clients
Saxo Bank fees
Saxo Bank XTB eToro Firstrade Pepperstone
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.7 $15.0 $19.6 - $14.9

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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#1 Saxo Bank
Account opening
2.6

Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high in certain countries, and account verification can take longer.
Pros Cons
Fully digital Minimum deposit is high in certain countries
User-friendly Relatively slow account verification
Available in almost every country MENA customers are temporarily not accepted
Saxo Bank minimum deposit and time to open an account
Saxo Bank XTB eToro Firstrade Pepperstone
Minimum deposit $10,000 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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#1 Saxo Bank
Deposit and withdrawal
4.8

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
Saxo Bank withdrawal fee and options
Saxo Bank XTB eToro Firstrade Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No Yes
Electronic wallets No No Yes No Yes
Withdrawal fee $0 $0 $5 $0 $0

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#1 Saxo Bank
Markets and products
5.0

Saxo Bank's product portfolio is great. It covers all asset classes and a lot of markets globally. Mutual funds and crypto are the only areas where its selection could be improved.
Saxo Bank markets and products
Saxo Bank XTB eToro Firstrade Pepperstone
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes No Yes
Fund Yes No No Yes No
Bond Yes No No Yes No
Options Yes No No Yes No
Futures Yes No No No No
CFD Yes Yes Yes No Yes
Crypto Yes Yes Yes No Yes

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#1 Saxo Bank
Web trading platform
4.5

Saxo Bank's web trading platform is one of the best among online brokers. It's easy to use, but also provides features favored by professionals, such as an advanced order panel. On the negative side, there is no two-step login.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best international online brokers for citizens in Nigeria - Saxo Bank trading platform
Saxo Bank trading platforms
Saxo Bank XTB eToro Firstrade Pepperstone
Web platform score 4.5 4.4 4.4 4.3 2.8
Mobile platform score 4.5 4.3 4.9 3.3 3.8
Desktop platform score 4.5 4.4 - - 3.3

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#1 Saxo Bank
Verdict

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

Saxo offers a user-friendly and well-designed trading platform, backed by great research. The product portfolio covers all asset types and many international markets.

It has some drawbacks though. The fees for bonds, options and futures are high. There is also a high minimum deposit for certain countries. Lastly, there is no live chat or 24/7 customer support.

In general, Saxo Bank is one of the best online brokerage companies out there. By opening an account, you will get a broad, well-developed service constantly responding to the needs of clients.

Saxo Bank
Summary Saxo Bank is a Danish investment bank. It is regulated by more than 10 financial authorities, including the top-tier UK FCA.
Fees score 2.9
Recommended for Investors and traders looking for a great trading platform and solid research

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XTB Logo

#2 Best international online brokers for citizens in Nigeria
XTB

4.6

XTB is a global CFD and forex broker with headquarters in London and Warsaw. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.

XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% 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 low fees and great deposit/withdrawal service

Pros Cons
Low forex and stock index CFD fees High fee for stock CFD
Free and fast deposit and withdrawal Limited product portfolio, mostly CFD and FX
Easy and fast account opening Poor email support

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80% of retail CFD accounts lose money

#2 XTB
Fees
4.0

XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
Pros Cons
Low trading fees High stock CFD fees
Low non-trading fees
No withdrawal fee
XTB fees
Saxo Bank XTB eToro Firstrade Pepperstone
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.7 $15.0 $19.6 - $14.9

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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80% of retail CFD accounts lose money

#2 XTB
Account opening
5.0

XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XTB minimum deposit and time to open an account
Saxo Bank XTB eToro Firstrade Pepperstone
Minimum deposit $10,000 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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80% of retail CFD accounts lose money

#2 XTB
Deposit and withdrawal
4.5

XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
XTB withdrawal fee and options
Saxo Bank XTB eToro Firstrade Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No Yes
Electronic wallets No No Yes No Yes
Withdrawal fee $0 $0 $5 $0 $0

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80% of retail CFD accounts lose money

#2 XTB
Markets and products
2.8

XTB's product selection covers only CFDs, forex and crypto assets. Some European clients can also trade with real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
XTB markets and products
Saxo Bank XTB eToro Firstrade Pepperstone
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes No Yes
Fund Yes No No Yes No
Bond Yes No No Yes No
Options Yes No No Yes No
Futures Yes No No No No
CFD Yes Yes Yes No Yes
Crypto Yes Yes Yes No Yes

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80% of retail CFD accounts lose money

#2 XTB
Web trading platform
4.4

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best international online brokers for citizens in Nigeria - XTB trading platform
XTB trading platforms
Saxo Bank XTB eToro Firstrade Pepperstone
Web platform score 4.5 4.4 4.4 4.3 2.8
Mobile platform score 4.5 4.3 4.9 3.3 3.8
Desktop platform score 4.5 4.4 - - 3.3

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80% of retail CFD accounts lose money

#2 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA, and it is listed on the Warsaw Stock Exchange. 

On the plus side, its forex and stock index CFD fees are low and the deposit and withdrawal process is free and fast. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. The stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Lastly, its email support did not reply to our queries.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.

XTB
Summary XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA and Poland's KNF.
Fees score 4.0
Recommended for Forex and CFD traders looking for low fees and great deposit/withdrawal service

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80% of retail CFD accounts lose money

eToro Logo

#3 Best international online brokers for citizens in Nigeria
eToro

4.6

eToro is a well-known Israeli fintech startup, a social trading broker established in 2007.

eToro serves UK clients through an entity regulated by the Financial Conduct Authority (FCA), Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot entity that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its site and does not have a bank parent.

eToro is considered safe because its UK and Australian arms are regulated by top-tier financial authorities and it is a well-known fintech startup.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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 interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

Pros Cons
Free stock and ETF trading High forex fees
Seamless account opening Withdrawing money can be slow
Social trading experience Only one account base currency

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75% of retail CFD accounts lose money

#3 eToro
Fees
4.2

eToro offers free stock trading. On the negative side, forex trading fees are high and there is a fee charged for inactivity or withdrawal.
Pros Cons
Low trading fees High forex fees
Free stock trading Withdrawal fee
Low CFD fees
eToro fees
Saxo Bank XTB eToro Firstrade Pepperstone
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.7 $15.0 $19.6 - $14.9

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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75% of retail CFD accounts lose money

#3 eToro
Account opening
5.0

Account opening at eToro is seamless and very fast.
Pros Cons
Fast None
Fully digital
Low minimum deposit
eToro minimum deposit and time to open an account
Saxo Bank XTB eToro Firstrade Pepperstone
Minimum deposit $10,000 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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75% of retail CFD accounts lose money

#3 eToro
Deposit and withdrawal
3.7

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
Pros Cons
Credit/Debit card available Only one account base currency
No deposit fee $5 withdrawal fee
User-friendly Conversion fee for non-USD deposits
eToro withdrawal fee and options
Saxo Bank XTB eToro Firstrade Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No Yes
Electronic wallets No No Yes No Yes
Withdrawal fee $0 $0 $5 $0 $0

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75% of retail CFD accounts lose money

#3 eToro
Markets and products
3.8

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.
eToro markets and products
Saxo Bank XTB eToro Firstrade Pepperstone
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes No Yes
Fund Yes No No Yes No
Bond Yes No No Yes No
Options Yes No No Yes No
Futures Yes No No No No
CFD Yes Yes Yes No Yes
Crypto Yes Yes Yes No Yes

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75% of retail CFD accounts lose money

#3 eToro
Web trading platform
4.4

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Nigeria - eToro trading platform
eToro trading platforms
Saxo Bank XTB eToro Firstrade Pepperstone
Web platform score 4.5 4.4 4.4 4.3 2.8
Mobile platform score 4.5 4.3 4.9 3.3 3.8
Desktop platform score 4.5 4.4 - - 3.3

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75% of retail CFD accounts lose money

#3 eToro
Verdict

eToro has zero-commission stock trading. Account opening is swift and seamless. It also has a lot of innovative features, like social trading and copying other (successful) traders.

It has some drawbacks, though. Forex fees are high and eToro only allows USD accounts, which means that conversion costs on deposits and withdrawals can be high in some cases. Live chat is hard to reach and their educational materials could be better.

Overall, we would recommend eToro for its social trading feature and zero-commission stock trading.

Risk disclaimer

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

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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 that can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading crypto assets 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 authorities such as the UK FCA or Australia's ASIC.
Fees score 4.2
Recommended for Traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

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75% of retail CFD accounts lose money

Firstrade Logo

#4 Best international online brokers for citizens in Nigeria
Firstrade

4.5

Firstrade is a US discount stockbroker regulated by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA). The company was founded in 1985 under the name of First Flushing Securities.

Firstrade is considered safe because it has a long track record and is regulated by top-tier regulators.

Recommended for beginners and investors looking for zero-commission trading, focusing on the us market

Pros Cons
Free stock, ETF, fund, and options trading No credit/debit cards and electronic wallets for money transfer
Solid research tools You can trade only on US markets
Quality educational tools No live chat and 24/7 availability

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#4 Firstrade
Fees
4.5

Firstrade has low fees. It offers free stock, ETF, funds, and options trading. The non-trading fees are low too. However, the margin rates are high.
Pros Cons
Low trading fees High margin rates
Low non-trading fees
Free stock, ETF, fund and options trading
Firstrade fees
Saxo Bank XTB eToro Firstrade Pepperstone
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.7 $15.0 $19.6 - $14.9

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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#4 Firstrade
Account opening
4.4

The account opening is fully digital and user-friendly. Firstrade is available for US and some non-US customers. On the flip side during the test we experienced a slower account opening, that took almost 3 business days.
Pros Cons
Fully digital Slow account verification
No minimum deposit
Low minimum deposit
Firstrade minimum deposit and time to open an account
Saxo Bank XTB eToro Firstrade Pepperstone
Minimum deposit $10,000 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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#4 Firstrade
Deposit and withdrawal
1.8

We liked a lot Firstrade's user-friendly deposit and withdrawal process. There is no deposit fee and transferring money is easy. At the same time, there is still room for improvement. You can use only bank transfer and a high fee is charged for wire transfer withdrawals.
Pros Cons
No deposit fee Credit/Debit card not available
User-friendly High outgoing wire transfer fee
Firstrade withdrawal fee and options
Saxo Bank XTB eToro Firstrade Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No Yes
Electronic wallets No No Yes No Yes
Withdrawal fee $0 $0 $5 $0 $0

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#4 Firstrade
Markets and products
2.8

Firstrade offers a good variety of asset classes, from stocks to options. However, the offered products cover only the US market and you cannot trade with futures or forex.
Firstrade markets and products
Saxo Bank XTB eToro Firstrade Pepperstone
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes No Yes
Fund Yes No No Yes No
Bond Yes No No Yes No
Options Yes No No Yes No
Futures Yes No No No No
CFD Yes Yes Yes No Yes
Crypto Yes Yes Yes No Yes

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#4 Firstrade
Web trading platform
4.3

During our testing, we found Firstrade's web platform is simple and easy to use. If you are a beginner, then you can easily navigate it. On the negative side, it lacks a two-step login and the customizability is limited.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best international online brokers for citizens in Nigeria - Firstrade trading platform
Firstrade trading platforms
Saxo Bank XTB eToro Firstrade Pepperstone
Web platform score 4.5 4.4 4.4 4.3 2.8
Mobile platform score 4.5 4.3 4.9 3.3 3.8
Desktop platform score 4.5 4.4 - - 3.3

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#4 Firstrade
Verdict

Firstrade is one of the biggest discount US stockbrokers regulated by top-tier regulators.

It offers free stock, ETF, mutual funds, and options trading. It doesn't charge inactivity and account fees and there are a lot of quality research and educational tools you can use.

To provide an unbiased picture we have to mention some drawbacks though. Firstrade doesn't provide credit/debit cards and electronic wallets for transferring money. Are you interested only in U.S. market products? If yes, then you will be delighted. Otherwise, you might find insufficient that the product portfolio covers only the US market. The customer service is only 24/5 and you can't contact them via live chat. 

As there are low fees and no inactivity fee is charged, feel free to try Firstrade.

Firstrade
Summary Firstrade is a US discount broker regulated by the top-tier SEC and FINRA.
Fees score 4.5
Recommended for Beginners and investors looking for zero-commission trading, focusing on the US market

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Pepperstone Logo

#5 Best international online brokers for citizens in Nigeria
Pepperstone

4.4

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

Pepperstone is considered safe since it's regulated by two top-tier financial authorities, the UK's Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.5% 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 looking for low fees and good customer service

Pros Cons
Low forex and equity index CFD fees Only forex, CFDs, and crypto
Great customer service Basic news flow, no fundamental data
Seamless and free deposit and withdrawal No investor protection for non-EU clients

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76.5% of retail CFD accounts lose money

#5 Pepperstone
Fees
4.3

Pepperstone has low forex and equity index fees. Non-trading fees are low as well, as no inactivity or account fee is charged. On the negative side, CFD financing rates, i.e. fees for holding CFD positions overnight, are high.
Pros Cons
Low trading fees High financing rate for CFDs
Low non-trading fees
Low forex fees
Pepperstone fees
Saxo Bank XTB eToro Firstrade Pepperstone
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.7 $15.0 $19.6 - $14.9

All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

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76.5% of retail CFD accounts lose money

#5 Pepperstone
Account opening
5.0

Pepperstone's account opening is great. It is fully digital, user-friendly, and requires no minimum deposit for the Standard account.
Pros Cons
Fast None
Fully digital
No minimum deposit
Pepperstone minimum deposit and time to open an account
Saxo Bank XTB eToro Firstrade Pepperstone
Minimum deposit $10,000 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1-3 days 1 day

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76.5% of retail CFD accounts lose money

#5 Pepperstone
Deposit and withdrawal
4.8

Pepperstone provides plenty of options for deposit and withdrawal, as well as a wide selection of account base currencies. However, there is a high, $20 fee for bank withdrawals for clients outside the EU and Australia.
Pros Cons
Credit/Debit card available High bank withdrawal fee for clients outside the EU/Australia
No deposit fee
Several account base currencies
Pepperstone withdrawal fee and options
Saxo Bank XTB eToro Firstrade Pepperstone
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes No Yes
Electronic wallets No No Yes No Yes
Withdrawal fee $0 $0 $5 $0 $0

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76.5% of retail CFD accounts lose money

#5 Pepperstone
Markets and products
1.8

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

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76.5% of retail CFD accounts lose money

#5 Pepperstone
Web trading platform
2.8

Pepperstone's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, it lacks two-step login and price alerts, and its design is outdated.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation
Best international online brokers for citizens in Nigeria - Pepperstone trading platform
Pepperstone trading platforms
Saxo Bank XTB eToro Firstrade Pepperstone
Web platform score 4.5 4.4 4.4 4.3 2.8
Mobile platform score 4.5 4.3 4.9 3.3 3.8
Desktop platform score 4.5 4.4 - - 3.3

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76.5% of retail CFD accounts lose money

#5 Pepperstone
Verdict

Pepperstone is a great forex broker, regulated by the top-tier FCA and ASIC.

Forex and equity index fees are low. Customer service is great, giving you relevant answers within a short time. Deposit and withdrawal are a breeze, with no fees charged.

On the other hand, Pepperstone provides only forex, CFDs and cryptos to trade with. There are no fundamental research tools, and the quality of news feeds is poor. Lastly, there is no investor protection for non-EU clients.

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

Pepperstone
Summary Pepperstone is a forex and CFD broker regulated by both the UK FCA and the ASIC in Australia.
Fees score 4.3
Recommended for Forex traders looking for low fees and good customer service

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76.5% 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?

You can be sure none of them is a scam. They are regulated by top-tier authorities. Some of them are also listed on an exchange, while 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 more than 100 criteria, using real accounts and real money. We don’t want to overwhelm you, so for now we’ll just list the five most important criteria.

The five most important criteria for best international online brokers are:

5 important criteria for the best international online brokers in 2020
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-friendly and 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 2020 for citizens in Nigeria:

Best international online brokers for citizens in Nigeria
Saxo Bank XTB eToro Firstrade Pepperstone
Overall score 4.8 4.6 4.6 4.5 4.4
Best in Best web trading platform Best CFD broker Best broker for cryptos Best broker for funds
Fees score 2.9 4.0 4.2 4.5 4.3
Account opening score 2.6 5.0 5.0 4.4 5.0
Deposit and withdrawal score 4.8 4.5 3.7 1.8 4.8
Markets and products score 5.0 2.8 3.8 2.8 1.8
Web platform score 4.5 4.4 4.4 4.3 2.8
Visit broker Visit broker
80% of retail CFD accounts lose money
Visit broker
75% of retail CFD accounts lose money
Visit broker Visit broker
76.5% of retail CFD accounts lose money

Saxo Bank is our winner, the best international online broker in Nigeria of 2020. Great trading platform. Outstanding research. Broad product portfolio.
All of these brokers are considered a great choice. Pick the winner, or any of the runners-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 international broker for you, or learn more about investing your money.

Tibor Bedő

Tibor Bedő

Co-founder, CEO

Author of this article

Tibor believes having a good stockbroker is everybody's privilege. He worked extensively in the financial industry, including at Morgan Stanley and at The Boston Consulting Group (BCG). He advised leading European banks on strategy, finance and risk management.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Visit XTB
80% of retail CFD accounts lose money
Visit eToro
75% of retail CFD accounts lose money
Visit Pepperstone
76.5% of retail CFD accounts lose money
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