Advertisement

To help you find the best online brokers in 2021, we went ahead and did the research for you. First, we selected 94 quality online brokers, then checked and compared basically every aspect of their offering: fees, available markets and products, trading platforms, deposit and withdrawal options and much much more. To be selected best online broker, service providers had to prove their excellence in multiple areas. We dug deep, so you won't have to.

5 brokers made it to the top in Nigeria. We highly recommend all 5 to you. And now, without further ado...

The top 5 picks for best international online broker of 2021 for citizens in Nigeria:

  1. Saxo Bank is the best international online broker in 2021. Great trading platform. Outstanding research. Broad product portfolio.
  2. eToro takes second place. Free stock and ETF trading. Seamless account opening. Social trading experience.
  3. XTB rounds out the top three. Low forex fees. Free and fast deposit and withdrawal. Easy and fast account opening.
  4. Trading 212, numero quattro. Real stocks and ETFs are commission-free. Quick and easy account opening. Great trading platforms.
  5. Fusion Markets just made it to the list at in fifth place. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
Best international online brokers of 2021 for citizens in Nigeria
Broker Info Score Best in
#1 Saxo Bank Danish investment bank 4.8 Best forex broker
#2 eToro Global social trading broker 4.6 Best broker for cryptos
#3 XTB Global CFD and forex broker 4.7 Best CFD broker
#4 Trading 212 Global CFD and forex broker 4.3
#5 Fusion Markets Australian forex broker 4.6 Best discount forex broker

What makes a good online broker? Surely, they need to provide great service in all areas. First of all, they need to offer fair fees and have a good safety score. Opening an account and depositing money should also be user-friendly processes. They need to provide access to a wide range of products and have a great platform.

These features are easy to list, but hard to figure out. We test brokers based on more than ~300 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 to choose? For a tailored recommendation, check out our broker finder tool. If you enter the name of your country it will show only the relevant brokers. Want more details? Compare brokers with our in-depth comparison table.

And now, let's see the best international online brokers in 2021 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, a Danish investment bank founded in 1992, provides online trading and investment services. 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 and its subsidiaries are present in the form of separate legal entities in different regions of the world. The services offered by the various entities may differ slightly, especially with respect to fees and product portfolios. In this review, we tested Saxo Bank UK.

Saxo Bank is considered safe because it has a long track record, 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

Visit broker

#1 Saxo Bank
Fees
3.3

Saxo Bank has average trading and non-trading fees overall. Trading fees vary greatly between different asset classes.
Pros Cons
Low forex fees Inactivity fee
Low fund fees High bond, options and futures fees
No withdrawal fee
Saxo Bank fees
Saxo Bank eToro XTB Trading 212 Fusion Markets
US stock $10.0 $0.0 $10.0 $0.0 -
UK stock $11.2 $0.0 $12.0 $0.0 -
EURUSD benchmark fee $7.8 $8.7 $8.5 $28.5 $5.2
AUDUSD benchmark fee $6.2 $6.7 $5.8 $16.0 $4.4
GBPUSD benchmark fee $5.7 $7.5 $5.8 $22.7 $3.6
S&P 500 index CFD fee $1.4 $1.7 $1.5 $4.1 $0.0
Europe 50 index CFD fee $2.0 $2.9 $1.9 $6.2 $1.6

The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.

Visit broker More

#1 Saxo Bank
Account opening
2.5

Saxo's account opening is fully digital, user-friendly and available in most countries. 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 Slow account verification
Available in almost every country
Saxo Bank minimum deposit and time to open an account
Saxo Bank eToro XTB Trading 212 Fusion Markets
Minimum deposit $2,000 $200 $0 $1 $0
Time to open account >3 days 1 day 1 day 1 day 1 day

Visit broker More

#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 Electronic wallets not available for deposit or withdrawal
Free withdrawal
No deposit fee
Saxo Bank withdrawal fees and options
Saxo Bank eToro XTB Trading 212 Fusion Markets
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No Yes Yes
Electronic wallets No Yes No Yes Yes
Withdrawal fee $0 $5 $0 $0 $0

Visit broker More

#1 Saxo Bank
Markets and products
5.0

Saxo Bank's product portfolio covers all asset classes and a lot of markets globally. Mutual funds are the only areas where the selection could be improved.
Saxo Bank markets and products
Saxo Bank eToro XTB Trading 212 Fusion Markets
Stocks Yes Yes Yes Yes No
ETFs Yes Yes Yes Yes No
Forex Yes Yes Yes Yes Yes
Funds Yes No No No No
Bonds Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFDs Yes Yes Yes Yes Yes
Crypto Yes Yes Yes No Yes

Visit broker More

#1 Saxo Bank
Web trading platform
5.0

Saxo Bank's web trading platform is one of the best among online brokers. While it's easy to use, the platform also provides features tailored for professionals, such as an advanced order panel.
Pros Cons
User-friendly None
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Nigeria - Saxo Bank trading platform
Saxo Bank trading platforms
Saxo Bank eToro XTB Trading 212 Fusion Markets
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.9 stars 2.8 stars
Mobile platform score 5.0 stars 4.7 stars 4.4 stars 4.9 stars 3.8 stars
Desktop platform score 5.0 stars - 4.4 stars - 3.4 stars

Visit broker More

#1 Saxo Bank
Verdict

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

It 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 adapted 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 3.3 stars
Recommended for Investors and traders looking for a great trading platform and solid research

Visit broker More

eToro Logo

#2 Best international online brokers for citizens in Nigeria
eToro

4.6

eToro review summary

 

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

eToro serves UK clients through a unit regulated by the Financial Conduct Authority (FCA) and Australians through an Australian Securities and Investment Commission (ASIC) regulated entity. All other customers are served by a Cypriot unit 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 website 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 company.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

Our overall eToro rating

Compare this broker to the best eToro alternative

Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero commission stock trading

Pros Cons
Free stock and ETF trading High non-trading fees
Seamless account opening Only one account base currency
Social trading experience Customer support could be improved

Visit broker
Your capital is at risk

#2 eToro
Fees
4.4

eToro offers free stock and ETF trading, while forex and CFD fees are low. On the negative side, non-trading fees are high, including a $5 withdrawal fee.
Pros Cons
Low trading fees High non-trading fees
Free stock and ETF trading
Low forex and CFD fees
eToro fees
Saxo Bank eToro XTB Trading 212 Fusion Markets
US stock $10.0 $0.0 $10.0 $0.0 -
UK stock $11.2 $0.0 $12.0 $0.0 -
EURUSD benchmark fee $7.8 $8.7 $8.5 $28.5 $5.2
AUDUSD benchmark fee $6.2 $6.7 $5.8 $16.0 $4.4
GBPUSD benchmark fee $5.7 $7.5 $5.8 $22.7 $3.6
S&P 500 index CFD fee $1.4 $1.7 $1.5 $4.1 $0.0
Europe 50 index CFD fee $2.0 $2.9 $1.9 $6.2 $1.6

The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.

Visit broker More
Your capital is at risk

#2 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 eToro XTB Trading 212 Fusion Markets
Minimum deposit $2,000 $200 $0 $1 $0
Time to open account >3 days 1 day 1 day 1 day 1 day

Visit broker More
Your capital is at risk

#2 eToro
Deposit and withdrawal
3.5

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 fees and options
Saxo Bank eToro XTB Trading 212 Fusion Markets
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No Yes Yes
Electronic wallets No Yes No Yes Yes
Withdrawal fee $0 $5 $0 $0 $0

Visit broker More
Your capital is at risk

#2 eToro
Markets and products
3.8

At eToro, you can trade CFDs and forex, as well as real stocks, ETFs and many cryptos. Innovative services like social trading and CopyPortfolio are also available.
eToro markets and products
Saxo Bank eToro XTB Trading 212 Fusion Markets
Stocks Yes Yes Yes Yes No
ETFs Yes Yes Yes Yes No
Forex Yes Yes Yes Yes Yes
Funds Yes No No No No
Bonds Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFDs Yes Yes Yes Yes Yes
Crypto Yes Yes Yes No Yes

Visit broker More
Your capital is at risk

#2 eToro
Web trading platform
4.4

eToro offers a user-friendly and well-designed web trading platform. Social trading is available, too. On the other hand, 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 eToro XTB Trading 212 Fusion Markets
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.9 stars 2.8 stars
Mobile platform score 5.0 stars 4.7 stars 4.4 stars 4.9 stars 3.8 stars
Desktop platform score 5.0 stars - 4.4 stars - 3.4 stars

Visit broker More
Your capital is at risk

#2 eToro
Verdict

How eToro works? eToro offers zero-commission stock trading. The account opening is swift and seamless. It has a lot of innovative features, like social trading and copying other (successful) traders.

It has some drawbacks, though. Non-trading 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.

So is eToro good? 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.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

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 4.4 stars
Recommended for Traders interested in social trading (i.e. copying other investors’ trades) and zero commission stock trading

Visit broker More
Your capital is at risk

XTB Logo

#3 Best international online brokers for citizens in Nigeria
XTB

4.7

XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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 fees High fees for stock CFDs
Free and fast deposit and withdrawal Product portfolio limited mostly to CFDs and FX
Easy and fast account opening Limited fundamental data

Visit broker
74% of retail CFD accounts lose money

#3 XTB
Fees
3.8

XTB has low forex fees and there is no withdrawal fee for most transfers. On the other hand, stock CFD fees are high, and XTB also charges an inactivity fee.
Pros Cons
Low forex fees High stock CFD fees
Free withdrawal for transfers above $100
XTB fees
Saxo Bank eToro XTB Trading 212 Fusion Markets
US stock $10.0 $0.0 $10.0 $0.0 -
UK stock $11.2 $0.0 $12.0 $0.0 -
EURUSD benchmark fee $7.8 $8.7 $8.5 $28.5 $5.2
AUDUSD benchmark fee $6.2 $6.7 $5.8 $16.0 $4.4
GBPUSD benchmark fee $5.7 $7.5 $5.8 $22.7 $3.6
S&P 500 index CFD fee $1.4 $1.7 $1.5 $4.1 $0.0
Europe 50 index CFD fee $2.0 $2.9 $1.9 $6.2 $1.6

The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.

Visit broker More
74% of retail CFD accounts lose money

#3 XTB
Account opening
5.0

XTB's account opening process is hassle-free, straightforward and fully digital. Your account will be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
No minimum deposit
XTB minimum deposit and time to open an account
Saxo Bank eToro XTB Trading 212 Fusion Markets
Minimum deposit $2,000 $200 $0 $1 $0
Time to open account >3 days 1 day 1 day 1 day 1 day

Visit broker More
74% of retail CFD accounts lose money

#3 XTB
Deposit and withdrawal
4.5

XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.
Pros Cons
Credit/Debit card available Few minor account currencies accepted
Free withdrawal
No deposit fee
XTB withdrawal fees and options
Saxo Bank eToro XTB Trading 212 Fusion Markets
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No Yes Yes
Electronic wallets No Yes No Yes Yes
Withdrawal fee $0 $5 $0 $0 $0

Visit broker More
74% of retail CFD accounts lose money

#3 XTB
Markets and products
2.8

XTB's default selection includes only CFDs, forex and crypto. Some European clients can also trade real stocks and ETFs. Popular assets like bonds, mutual funds, options or futures are not available.
XTB markets and products
Saxo Bank eToro XTB Trading 212 Fusion Markets
Stocks Yes Yes Yes Yes No
ETFs Yes Yes Yes Yes No
Forex Yes Yes Yes Yes Yes
Funds Yes No No No No
Bonds Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFDs Yes Yes Yes Yes Yes
Crypto Yes Yes Yes No Yes

Visit broker More
74% of retail CFD accounts lose money

#3 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, 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 eToro XTB Trading 212 Fusion Markets
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.9 stars 2.8 stars
Mobile platform score 5.0 stars 4.7 stars 4.4 stars 4.9 stars 3.8 stars
Desktop platform score 5.0 stars - 4.4 stars - 3.4 stars

Visit broker More
74% of retail CFD accounts lose money

#3 XTB
Verdict

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

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

XTB has some drawbacks, though. Stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading is available in some European countries. Fundamental data offered by XTB covers only a few basics such as P/E.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options along with 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, Poland's KNF, and Cyprus's CySec.
Fees score 3.8 stars
Recommended for Forex and CFD traders looking for low fees and great deposit/withdrawal service

Visit broker More
74% of retail CFD accounts lose money

Trading 212 Logo

#4 Best international online brokers for citizens in Nigeria
Trading 212

4.3

Trading 212 review summary

 

Trading 212 is a global CFD and forex broker, but clients can also trade stocks and ETFs free of charge. The company was founded in 2004 and is now headquartered in London. Trading 212 is regulated by the UK Financial Conduct Authority (FCA) and the Bulgarian Financial Supervision Commission (FSC). 

Trading 212 is considered safe as it is regulated by the top-tier FCA. 

Disclaimer: 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.

Our overall Trading 212 rating

Compare this broker to the best Trading 212 alternative here. 

Recommended for active cfd and fx traders and investors looking for intuitive trading platforms

Pros Cons
Real stocks and ETFs are commission-free Limited product portfolio
Quick and easy account opening Missing phone and live chat support
Great trading platforms High forex fee

Visit broker
76% of retail CFD accounts lose money

#4 Trading 212
Fees
3.3

Trading 212 has commission-free stocks and ETFs, and there are also no fees for deposit, withdrawal or inactivity. However, fees for forex trading are high.
Pros Cons
Free stock and ETF trading High forex fees
Low CFD fees High financing rate
No withdrawal and inactivity fee
Trading 212 fees
Saxo Bank eToro XTB Trading 212 Fusion Markets
US stock $10.0 $0.0 $10.0 $0.0 -
UK stock $11.2 $0.0 $12.0 $0.0 -
EURUSD benchmark fee $7.8 $8.7 $8.5 $28.5 $5.2
AUDUSD benchmark fee $6.2 $6.7 $5.8 $16.0 $4.4
GBPUSD benchmark fee $5.7 $7.5 $5.8 $22.7 $3.6
S&P 500 index CFD fee $1.4 $1.7 $1.5 $4.1 $0.0
Europe 50 index CFD fee $2.0 $2.9 $1.9 $6.2 $1.6

The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.

Visit broker More
76% of retail CFD accounts lose money

#4 Trading 212
Account opening
4.5

The account opening process is straightforward, user-friendly and quick. Our account was verified within one business day.
Pros Cons
Fast Problems with verification
Fully digital
No minimum deposit
Trading 212 minimum deposit and time to open an account
Saxo Bank eToro XTB Trading 212 Fusion Markets
Minimum deposit $2,000 $200 $0 $1 $0
Time to open account >3 days 1 day 1 day 1 day 1 day

Visit broker More
76% of retail CFD accounts lose money

#4 Trading 212
Deposit and withdrawal
4.3

Trading 212 deposits and withdrawals are free, fast, and can be done in several way. On the negative side, there are only a few account base currencies available in each country.
Pros Cons
Credit/Debit card available Few base currencies available in each country
Free withdrawal
No deposit fee
Trading 212 withdrawal fees and options
Saxo Bank eToro XTB Trading 212 Fusion Markets
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No Yes Yes
Electronic wallets No Yes No Yes Yes
Withdrawal fee $0 $5 $0 $0 $0

Visit broker More
76% of retail CFD accounts lose money

#4 Trading 212
Markets and products
3.9

Trading 212 focuses mainly on CFDs and forex. You can also trade real stocks and ETFs, but popular asset classes like bonds, mutual funds, options and futures are missing.
Trading 212 markets and products
Saxo Bank eToro XTB Trading 212 Fusion Markets
Stocks Yes Yes Yes Yes No
ETFs Yes Yes Yes Yes No
Forex Yes Yes Yes Yes Yes
Funds Yes No No No No
Bonds Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFDs Yes Yes Yes Yes Yes
Crypto Yes Yes Yes No Yes

Visit broker More
76% of retail CFD accounts lose money

#4 Trading 212
Web trading platform
4.9

Trading 212 has a user-friendly and customizable web trading platform. It also provides a two-step login.
Pros Cons
User-friendly None
Two-step (safer) login
Good search function
Best international online brokers for citizens in Nigeria - Trading 212 trading platform
Trading 212 trading platforms
Saxo Bank eToro XTB Trading 212 Fusion Markets
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.9 stars 2.8 stars
Mobile platform score 5.0 stars 4.7 stars 4.4 stars 4.9 stars 3.8 stars
Desktop platform score 5.0 stars - 4.4 stars - 3.4 stars

Visit broker More
76% of retail CFD accounts lose money

#4 Trading 212
Verdict

Trading 212 works as a CFD and forex broker regulated by multiple financial supervisory authorities.

On the plus side, Trading 212 offers commission-free stocks and ETFs, while CFD fees and non-trading fees are low as well. The account opening process is seamless and the trading platforms are user-friendly.

However, Trading 212 has a limited product portfolio, lacking popular asset classes such as bonds or options. We missed phone and live chat support, and found forex fees relatively high.

So is Trading 212 good? Trading 212 is a good choice for those interested in investing in equities or trading leveraged forex and CFD products, with the use of a great trading platform. As it offers a demo account, don't hesitate to give it a try.

Trading 212
Summary Trading 212 is a CFD and forex broker regulated by the UK FCA and Bulgarian FSC. In the UK and Germany, Trading212 offers commission-free stock and ETF trading as well.
Fees score 3.3 stars
Recommended for Active CFD and FX traders and investors looking for intuitive trading platforms

Visit broker More
76% of retail CFD accounts lose money

Fusion Markets Logo

#5 Best international online brokers for citizens in Nigeria
Fusion Markets

4.6

Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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 a chance to use the metatrader 4 platform

Pros Cons
Low trading and non-trading fees Basic educational tools
Fast and easy account opening Limited product selection
Great customer service No investor protection

Visit broker
74-89% of retail CFD accounts lose money

#5 Fusion Markets
Fees
4.9

Fusion Markets has low forex and CFD fees and charges no inactivity or withdrawal fees.
Pros Cons
Low non-trading fees None
Low forex fees
No withdrawal or inactivity fees
Fusion Markets fees
Saxo Bank eToro XTB Trading 212 Fusion Markets
US stock $10.0 $0.0 $10.0 $0.0 -
UK stock $11.2 $0.0 $12.0 $0.0 -
EURUSD benchmark fee $7.8 $8.7 $8.5 $28.5 $5.2
AUDUSD benchmark fee $6.2 $6.7 $5.8 $16.0 $4.4
GBPUSD benchmark fee $5.7 $7.5 $5.8 $22.7 $3.6
S&P 500 index CFD fee $1.4 $1.7 $1.5 $4.1 $0.0
Europe 50 index CFD fee $2.0 $2.9 $1.9 $6.2 $1.6

The above calculation includes all spreads, commissions and financing rates (if applicable) for opening a position, holding it for a week, and closing it.

Visit broker More
74-89% of retail CFD accounts lose money

#5 Fusion Markets
Account opening
5.0

Account opening at Fusion Markets is user-friendly and fully digital. It is also very fast, as our test account was verified the same day.
Pros Cons
Fast None
Fully digital
No minimum deposit
Fusion Markets minimum deposit and time to open an account
Saxo Bank eToro XTB Trading 212 Fusion Markets
Minimum deposit $2,000 $200 $0 $1 $0
Time to open account >3 days 1 day 1 day 1 day 1 day

Visit broker More
74-89% of retail CFD accounts lose money

#5 Fusion Markets
Deposit and withdrawal
4.3

At Fusion Markets, most withdrawals are free, and you can use bank transfer, credit/debit cards and electronic wallets to add money. However, you can't open an account in minor currencies.
Pros Cons
Credit/Debit card available No minor account currencies accepted
Free withdrawal
No deposit fee
Fusion Markets withdrawal fees and options
Saxo Bank eToro XTB Trading 212 Fusion Markets
Bank transfer Yes Yes Yes Yes Yes
Credit/debit card No Yes No Yes Yes
Electronic wallets No Yes No Yes Yes
Withdrawal fee $0 $5 $0 $0 $0

Visit broker More
74-89% of retail CFD accounts lose money

#5 Fusion Markets
Markets and products
1.9

Fusion Markets gives access to many currency pairs and some CFDs. On the other hand, it lacks a lot of popular asset classes, such as real stocks, ETFs and funds.
Fusion Markets markets and products
Saxo Bank eToro XTB Trading 212 Fusion Markets
Stocks Yes Yes Yes Yes No
ETFs Yes Yes Yes Yes No
Forex Yes Yes Yes Yes Yes
Funds Yes No No No No
Bonds Yes No No No No
Options Yes No No No No
Futures Yes No No No No
CFDs Yes Yes Yes Yes Yes
Crypto Yes Yes Yes No Yes

Visit broker More
74-89% of retail CFD accounts lose money

#5 Fusion Markets
Web trading platform
2.8

The web trading platform of Fusion Markets (provided by MetaTrader) is highly customizable and has a clear fee report. On the other hand, its design is outdated and it lacks a two-step login and price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
Best international online brokers for citizens in Nigeria - Fusion Markets trading platform
Fusion Markets trading platforms
Saxo Bank eToro XTB Trading 212 Fusion Markets
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.9 stars 2.8 stars
Mobile platform score 5.0 stars 4.7 stars 4.4 stars 4.9 stars 3.8 stars
Desktop platform score 5.0 stars - 4.4 stars - 3.4 stars

Visit broker More
74-89% of retail CFD accounts lose money

#5 Fusion Markets
Verdict

Fusion Markets is a great forex broker with very low fees. 

It offers low trading and non-trading fees. Account opening is fast and easy, and customer service provides quick and relevant answers.

On the negative side, Fusion Markets has limited educational tools. The product offering covers only forex and some CFDs. Lastly, there is no investor protection provided.

As you can open an account within a day and fees are low, feel free to try Fusion Markets.

Fusion Markets
Summary Fusion Markets is an Australia-based discount forex broker, regulated by the ASIC and VFSC.
Fees score 4.9 stars
Recommended for Forex traders looking for low fees and a chance to use the MetaTrader 4 platform

Visit broker More
74-89% of retail CFD accounts lose money

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

Now that you know the top 5, you are probably curious 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 characters in the movie 'Wolf of Wall Street'. They were constantly monitoring stock prices while holding the phone and shouting. The Internet changed all that. Nowadays, if you want to invest in Apple shares, you open an online account, deposit money, and set up an order on the brokers' online platform. These platforms are the online brokers. Online brokers help you buy and sell securities like stocks and ETFs. After creating your order, the online broker executes it immediately. It all takes place online.

Are these brokers safe?

We consider each broker on our list safe. You can be sure none of them is a scam. All the brokers featured on BrokerChooser are regulated by at least one authority.

However, brokerage companies can still go bust. Remember the collapse of Lehman Brothers? In such cases, it is important to know what happens with your securities and cash. Your funds are usually held in segregated accounts, so even if your broker goes bankrupt, your funds are safe.

If all goes wrong, 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 online brokers?

At BrokerChooser, we test online brokers based on more than ~300 criteria, with real accounts and real money. We don\'t want to overwhelm you, so we will list the five most important criteria.

5 most important criteria for the best online brokers in 2021
1. Fees The trading fees of a typical US equity trade can be 50 times higher at one online broker compared to another. It's definitely worth checking these fees.
2. Account opening Some online brokers require a minimum deposint to start investing while others don't ask for a fix first-time deposit. Check these reuirements at the best online brokers.
3. Deposit and withdrawal At some online brokers, funding and withdrawing funds can take 5 times longer and be much more expensive than at others.
5. Trading platform A user-friendly and well-equipped trading platform can significantly increase your trading comfort.
4. Markets and products You want to invest in Amazon or trade Bitcoin? They might not be available. Check the product lineup before opening an account.

Best international online brokers for citizens in Nigeria
Bottom line

These were the details, now let's zoom out. Here are the best international online brokers of 2021 for citizens in Nigeria:

Best international online brokers for citizens in Nigeria
Saxo Bank eToro XTB Trading 212 Fusion Markets
Overall score 4.8 4.6 4.7 4.3 4.6
Best in Best forex broker Best broker for cryptos Best CFD broker Best discount forex broker
Fees score 3.3 stars 4.4 stars 3.8 stars 3.3 stars 4.9 stars
Account opening score 2.5 stars 5.0 stars 5.0 stars 4.5 stars 5.0 stars
Deposit and withdrawal score 4.8 stars 3.5 stars 4.5 stars 4.3 stars 4.3 stars
Markets and products score 5.0 stars 3.8 stars 2.8 stars 3.9 stars 1.9 stars
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.9 stars 2.8 stars
Mobile platform score 5.0 stars 4.7 stars 4.4 stars 4.9 stars 3.8 stars
Visit broker Visit broker
Your capital is at risk
Visit broker
74% of retail CFD accounts lose money
Visit broker
76% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money

Saxo Bank is our winner, the best international online broker in Nigeria for 2021. Great trading platform. Outstanding research. Broad product portfolio.
All of these brokers are considered safe and 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 comments section.
Still unsure? For a tailored recommendation, check out our broker finder tool. If you enter the name of your country it will show only the relevant brokers. Want more details? Compare brokers with the help of our in-depth comparison table.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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

Share

Comments

Visit broker
Your capital is at risk
Visit broker
74% of retail CFD accounts lose money
Visit broker
76% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money
×