Best international online brokers for citizens in Nigeria

Saxo Bank
4.8
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XTB
4.6
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75% 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 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 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 in the second place. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
  3. eToro rounded out the top three. Free stock and ETF trading in the EU. Seamless account opening. Social trading experience.
  4. Pepperstone, numero quatro. Low forex and equity index CFD fees. Great customer service. Seamless and free deposit and withdrawal.
  5. AxiTrader. Low trading fees and no inactivity fee. No withdrawal and deposit fees. Fully digital account opening. Just made it to the list with being 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 forex broker
#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 Pepperstone Australian forex broker 4.4
#5 AxiTrader Australian forex broker 4.4

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

Easy to list, but hard to figure it out. We are testing brokers more than 100 criteria with 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 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.

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.

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
3.0

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 Pepperstone AxiTrader
US stock $10.0 $10.0 $0.0 - -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.5 $15.0 $19.6 $14.9 $13.8

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

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#1 Saxo Bank
Account opening
3.0

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, and account verification could be faster.
Pros Cons
Fully digital Minimum deposit is higher than $500
User-friendly Relatively slow account verification
Available in almost every country
Saxo Bank minimum deposit and time to open an account
Saxo Bank XTB eToro Pepperstone AxiTrader
Minimum deposit $600 $250 $200 $0 $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
5.0

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 Pepperstone AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $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 Pepperstone AxiTrader
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund Yes 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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#1 Saxo Bank
Web trading platform
5.0

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 Pepperstone AxiTrader
Web platform score 5.0 4.0 4.0 3.0 3.0
Mobile platform score 5.0 4.0 5.0 4.0 4.0
Desktop platform score 5.0 4.0 - 3.0 3.0

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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. 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 3.0
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. 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 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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75% 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 Pepperstone AxiTrader
US stock $10.0 $10.0 $0.0 - -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.5 $15.0 $19.6 $14.9 $13.8

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

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75% 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 Pepperstone AxiTrader
Minimum deposit $600 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

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75% of retail CFD accounts lose money

#2 XTB
Deposit and withdrawal
5.0

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 Pepperstone AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $0

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75% of retail CFD accounts lose money

#2 XTB
Markets and products
3.0

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 Pepperstone AxiTrader
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund Yes 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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75% of retail CFD accounts lose money

#2 XTB
Web trading platform
4.0

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 Pepperstone AxiTrader
Web platform score 5.0 4.0 4.0 3.0 3.0
Mobile platform score 5.0 4.0 5.0 4.0 4.0
Desktop platform score 5.0 4.0 - 3.0 3.0

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75% 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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75% 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.

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)

Pros Cons
Free stock and ETF trading in the EU High forex fees
Seamless account opening Withdrawing money is slow and expensive
Social trading experience Only one account base currency

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75% of retail CFD accounts lose money

#3 eToro
Fees
4.0

eToro offers free stock trading in Europe and has low CFD fees. On the negative side, forex trading fees and withdrawal fees are high.
Pros Cons
Free stock and ETF trading in the EU High non-trading fees
Low CFD fees High forex fees
Withdrawal fee
eToro fees
Saxo Bank XTB eToro Pepperstone AxiTrader
US stock $10.0 $10.0 $0.0 - -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.5 $15.0 $19.6 $14.9 $13.8

All spreads, commissions and financing rate 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 Pepperstone AxiTrader
Minimum deposit $600 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

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75% of retail CFD accounts lose money

#3 eToro
Deposit and withdrawal
3.0

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 High withdrawal fee
No deposit fee Only one account base currency
User-friendly Slow withdrawal - over 3 days
eToro withdrawal fee and options
Saxo Bank XTB eToro Pepperstone AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $0

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75% of retail CFD accounts lose money

#3 eToro
Markets and products
4.0

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 Pepperstone AxiTrader
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund Yes 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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75% of retail CFD accounts lose money

#3 eToro
Web trading platform
4.0

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 Pepperstone AxiTrader
Web platform score 5.0 4.0 4.0 3.0 3.0
Mobile platform score 5.0 4.0 5.0 4.0 4.0
Desktop platform score 5.0 4.0 - 3.0 3.0

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75% of retail CFD accounts lose money

#3 eToro
Verdict

eToro has zero-commission stock trading in Europe. Account opening is really fast and seamless. It has also a lot of innovative features, like social trading.

It has some drawbacks, though. Forex fees and non-trading fees are high, and eToro only allows USD accounts

Overall, we would recommend eToro for its social trading feature and cheap stock trading.

Risk disclaimer

eToro is a multi-asset platform that 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. 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 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 authorities such as the UK FCA or Australia's ASIC.
Fees score 4.0
Recommended for Traders interested in social trading (i.e. copying other investors’ trades)

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75% of retail CFD accounts lose money

Pepperstone Logo

#4 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. 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 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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71.4% of retail CFD accounts lose money

#4 Pepperstone
Fees
4.0

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 Pepperstone AxiTrader
US stock $10.0 $10.0 $0.0 - -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.5 $15.0 $19.6 $14.9 $13.8

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

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71.4% of retail CFD accounts lose money

#4 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 Pepperstone AxiTrader
Minimum deposit $600 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

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71.4% of retail CFD accounts lose money

#4 Pepperstone
Deposit and withdrawal
5.0

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 Pepperstone AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $0

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71.4% of retail CFD accounts lose money

#4 Pepperstone
Markets and products
2.0

At Pepperstone you can only trade with forex, some CFDs, and cryptos.
Pepperstone markets and products
Saxo Bank XTB eToro Pepperstone AxiTrader
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund Yes 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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71.4% of retail CFD accounts lose money

#4 Pepperstone
Web trading platform
3.0

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 Pepperstone AxiTrader
Web platform score 5.0 4.0 4.0 3.0 3.0
Mobile platform score 5.0 4.0 5.0 4.0 4.0
Desktop platform score 5.0 4.0 - 3.0 3.0

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71.4% of retail CFD accounts lose money

#4 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 4.0
Recommended for Forex traders looking for low fees and good customer service

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71.4% of retail CFD accounts lose money

AxiTrader Logo

#5 Best international online brokers for citizens in Nigeria
AxiTrader

4.4

AxiTrader was founded in 2007 and is an Australian forex broker. It is regulated by multiple financial authorities worldwide, such as the Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC) and the Dubai Financial Services Authority (DFSA).

As such, AxiTrader is considered safe because it is regulated by several top-tier authorities.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67.7% 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 familiar with the metatrader 4 platform

Pros Cons
Low trading fees and no inactivity fee Offers only forex and CFD trading
No withdrawal and deposit fees Limited research tools
Fully digital account opening Slow email support

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67.7% of retail CFD accounts lose money

#5 AxiTrader
Fees
5.0

AxiTrader has low forex and CFD fees. There is no withdrawal fee and the inactivity fee is low.
Pros Cons
Low non-trading fees None
Low forex fees
Low CFD fees
AxiTrader fees
Saxo Bank XTB eToro Pepperstone AxiTrader
US stock $10.0 $10.0 $0.0 - -
UK stock $9.6 $10.0 $0.0 - -
EURUSD benchmark fee $15.5 $15.0 $19.6 $14.9 $13.8

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

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67.7% of retail CFD accounts lose money

#5 AxiTrader
Account opening
4.0

Account opening at AxiTrader is user-friendly and fully digital but it takes a bit longer than at similar online brokers.
Pros Cons
Fully digital Slower account opening time
No minimum deposit
Low minimum deposit
AxiTrader minimum deposit and time to open an account
Saxo Bank XTB eToro Pepperstone AxiTrader
Minimum deposit $600 $250 $200 $0 $0
Time to open account 1-3 days 1 day 1 day 1 day 1-3 days

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67.7% of retail CFD accounts lose money

#5 AxiTrader
Deposit and withdrawal
5.0

AxiTrader charges neither deposit nor withdrawal fees. For depositing, you can use bank transfer, credit/debit cards and electronic wallets. Nevertheless, credit/debit card withdrawal is not possible.
Pros Cons
Free withdrawal No credit/debit card withdrawal
No deposit fee
AxiTrader withdrawal fee and options
Saxo Bank XTB eToro Pepperstone AxiTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes Yes
Withdrawal fee $0 $0 $25 $0 $0

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67.7% of retail CFD accounts lose money

#5 AxiTrader
Markets and products
2.0

AxiTrader offers only forex and CFD trading.
AxiTrader markets and products
Saxo Bank XTB eToro Pepperstone AxiTrader
Stock Yes Yes Yes No No
ETF Yes Yes Yes No No
Forex Yes Yes Yes Yes Yes
Fund Yes 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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67.7% of retail CFD accounts lose money

#5 AxiTrader
Web trading platform
3.0

The web trading platform of AxiTrader is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the other hand, it lacks a two-step login, price alerts, and the 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 - AxiTrader trading platform
AxiTrader trading platforms
Saxo Bank XTB eToro Pepperstone AxiTrader
Web platform score 5.0 4.0 4.0 3.0 3.0
Mobile platform score 5.0 4.0 5.0 4.0 4.0
Desktop platform score 5.0 4.0 - 3.0 3.0

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67.7% of retail CFD accounts lose money

#5 AxiTrader
Verdict

AxiTrader is regulated by multiple authorities globally, like the UK's FCA and ASIC in Australia.

On the plus side, trading fees are low and no inactivity fee is charged. Depositing and withdrawals are also free of charge. Account opening is easy and fully digital, without any minimum deposit, which is also great.

AxiTrader has some drawbacks, though. Its product range is limited to FX and CFDs, and its research tools lack recommendations and fundamental data. In addition, customer support is only 24/5 and email support is slow. 

Feel free to try AxiTrader, as the trading fees are low and there are no deposit, withdrawal or inactivity fees.
 

AxiTrader
Summary AxiTrader is an Australian forex broker, regulated by top-tier authorities such as the UK FCA or Australia's ASIC.
Fees score 5.0
Recommended for Forex traders familiar with the MetaTrader 4 platform

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67.7% 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 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 more than 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 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 Pepperstone AxiTrader
Overall score 4.8 4.6 4.6 4.4 4.4
Best in Best forex broker Best CFD broker Best broker for cryptos
Fees score 3.0 4.0 4.0 4.0 5.0
Account opening score 3.0 5.0 5.0 5.0 4.0
Deposit and withdrawal score 5.0 5.0 3.0 5.0 5.0
Markets and products score 5.0 3.0 4.0 2.0 2.0
Web platform score 5.0 4.0 4.0 3.0 3.0
Visit broker Visit broker
75% of retail CFD accounts lose money
Visit broker
75% of retail CFD accounts lose money
Visit broker
71.4% of retail CFD accounts lose money
Visit broker
67.7% 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 brokers are considered 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 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
75% of retail CFD accounts lose money
Visit eToro
75% of retail CFD accounts lose money
Visit Pepperstone
71.4% of retail CFD accounts lose money
Visit AxiTrader
67.7% of retail CFD accounts lose money
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