Best international online brokers for citizens in Nigeria

Jan 2019
Our top 2 international broker picks
Saxo Bank XTB
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 20 brokers, 5 made it to the top. We highly recommend all 5 to you. And now, without further ado...

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

  1. Saxo Bank is the number one international online broker in 2019. Outstanding research. Great trading platform. Broad product portfolio.
  2. XTB, place two. Fast deposit and withdrawal. Fast and user-friendly account opening. Good research tools.
  3. eToro. Enjoyable trading platform. Social trading experience. Seamless account opening . Third place.
  4. Plus500, numero quatro. Easy to use platform. Low spreads. Listed on AIM section of the London Stock Exchange.
  5. Pepperstone. Great customer service. User-friendly and fast account opening. Easy-to-use and nice looking platforms. Just made it to the list with being number five.

Best international online brokers of 2019 for citizens in Nigeria
Broker Info Score Best in
#1 Saxo Bank Danish investment bank 4.7 Best trading platform
#2 XTB Global CFD and FX broker 4.5 Best CFD broker
#3 eToro Global social trading broker 4.4 Best social trading
#4 Plus500 Global CFD and FX broker 4.4
#5 Pepperstone Australian forex broker 4.4 Best customer support

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

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

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

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

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

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

4.7 5 stars
Best trading platform
Saxo Bank logo

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

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

Recommended for investors and traders aiming for a great trading platform and research.

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

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#1 Saxo Bank
Fees 3 stars

Saxo Bank has average trading and non-trading fees.

Pros
  • No withdrawal fee
  • Transparent fee structure
Cons
  • Inactivity fee
  • High financing rate
  • High forex, bond, options, and futures fees

Saxo Bank fees
Saxo BankXTBeToroPlus500Pepperstone
Apple benchmark fee$20.0$18.1$3.6$8.9-
Vodafone benchmark fee$15.0$24.4$3.6$7.6-
EURUSD benchmark fee$58.4$17.1$19.1$17.6$17.6

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

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#1 Saxo Bank
Account opening 3 stars

Account opening is available for almost all residents and is fully digital.

Pros
  • Fast account opening
  • Account opening fully digital
  • Available for almost all residents
Cons
  • Minimum account balance higher than $500
  • Sales team pushy
  • Only single currency account available at classic accounts

Saxo Bank minimum deposit and time to open an account
Saxo BankXTBeToroPlus500Pepperstone
Minimum deposit$725$250$200$114$0
Time to open account1-3 days1 day1 day1 day1-3 days

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#1 Saxo Bank
Deposit and withdrawal 5 stars

Saxo provides multiple deposit and withdraw options free of charge on a user-friendly interface.

Pros
  • Free withdrawal
  • Free deposit
  • Several account base currencies
Cons
  • Credit/Debit card deposit and withdrawal not available

Saxo Bank withdrawal fee and options
Saxo BankXTBeToroPlus500Pepperstone
Bank TransferYesYesYesYesYes
Credit/Debit cardNoNoYesYesYes
Electronic walletsNoNoYesYesYes
Withdrawal fee$0$0$25$0$20

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#1 Saxo Bank
Markets and products 4 stars

At Saxo Bank you can reach many markets and trade with a lot of different products except for funds.

Saxo Bank markets and products
Saxo BankXTBeToroPlus500Pepperstone
StockYesYesYesNoNo
ETFYesYesYesNoNo
ForexYesYesYesYesYes
FundNoNoNoNoNo
BondYesNoNoNoNo
OptionsYesNoNoNoNo
FuturesYesNoNoNoNo
CFDYesYesYesYesYes
CryptoYesYesYesYesYes

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#1 Saxo Bank
Web trading platform 5 stars

Saxo Bank's web trading platform is easy-to-use and well-designed. However, it doesn't provide a two-step login and the customizability is limited.

Pros
  • User-friendly
  • Good search function
  • Looks nice
Cons
  • No two-step (safe) login
  • Limited customizability (for chart, for workspace)
Best international online brokers for citizens in Nigeria - Saxo Bank trading platform

Saxo Bank trading platforms
Saxo BankXTBeToroPlus500Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars -- 4 stars

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#1 Saxo Bank
Verdict

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

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

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

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

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#2 Best international online brokers for citizens in Nigeria
XTB

4.5 5 stars
Best CFD broker
XTB logo

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

XTB is listed on the Warsaw Stock Exchange. A listed company is more transparent. It discloses its financials regularly. XTB is authorized and regulated by different regulators, including top-tier regulator, the FCA.

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

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. In the UK, 79%, while in the rest of Europe 82% 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 quick deposit and withdrawal, and advanced research tools.

Pros
  • Fast deposit and withdrawal
  • Fast and user-friendly account opening
  • Good research tools
Cons
  • Limited product portfolio, mostly CFD and FX
  • Sales team can be pushy
  • Missing 24/7 customer support

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#2 XTB
Fees 4 stars

XTB has average trading fees and low non-trading fees.

Pros
  • Low non-trading fees
  • No withdrawal fee
  • No inactivity fee
Cons
None

XTB fees
Saxo BankXTBeToroPlus500Pepperstone
Apple benchmark fee$20.0$18.1$3.6$8.9-
Vodafone benchmark fee$15.0$24.4$3.6$7.6-
EURUSD benchmark fee$58.4$17.1$19.1$17.6$17.6

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

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#2 XTB
Account opening 5 stars

XTB account opening is hassle-free and straightforward. Your account is ready for trading on the same day. However, the sales team is very pushy.

Pros
  • Fast account opening
  • Account opening fully digital
  • User-friendly
Cons
  • Sales team pushy

XTB minimum deposit and time to open an account
Saxo BankXTBeToroPlus500Pepperstone
Minimum deposit$725$250$200$114$0
Time to open account1-3 days1 day1 day1 day1-3 days

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#2 XTB
Deposit and withdrawal 5 stars

XTB's deposit and withdrawal are cost-friendly, fast, and can be done in several forms. Fees for electronic wallet deposits are quite high.

Pros
  • Credit/Debit card deposit and withdrawal available
  • Speedy funding and withdrawal -within 3 days
  • User-friendly
Cons
  • High fees for electronic wallets deposit

XTB withdrawal fee and options
Saxo BankXTBeToroPlus500Pepperstone
Bank TransferYesYesYesYesYes
Credit/Debit cardNoNoYesYesYes
Electronic walletsNoNoYesYesYes
Withdrawal fee$0$0$25$0$20

More Visit broker

#2 XTB
Markets and products 2 stars

UK, Hungarians and non-Europeans can trade only with CFDs and forex. All other Europeans can also trade with real shares and ETFs.

XTB markets and products
Saxo BankXTBeToroPlus500Pepperstone
StockYesYesYesNoNo
ETFYesYesYesNoNo
ForexYesYesYesYesYes
FundNoNoNoNoNo
BondYesNoNoNoNo
OptionsYesNoNoNoNo
FuturesYesNoNoNoNo
CFDYesYesYesYesYes
CryptoYesYesYesYesYes

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#2 XTB
Web trading platform 4 stars

XTB's xStation 5 platform is user-friendly, can be customized, and a have good search function. On the flip side, we missed the two-step login, the leverage setting option, and the more sophisticated order types.

Pros
  • User-friendly
  • Good search function
  • Good customizability (for chart, for workspace)
Cons
  • No two-step (safe) login
  • Limited order types
Best international online brokers for citizens in Nigeria - XTB trading platform

XTB trading platforms
Saxo BankXTBeToroPlus500Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars -- 4 stars

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#2 XTB
Verdict

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

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

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

We recommend XTB for clients preferring forex and CFD trading and aim for a fast account opening, cheap money withdrawal, and great research tools. Feel free to test it even via the demo account.

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#3 Best international online brokers for citizens in Nigeria
eToro

4.4 4 stars
Best social trading
eToro logo

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

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

eToro is primarily a CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% 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 social trading, e.g. following other traders’ trades.

Pros
  • Enjoyable trading platform
  • Social trading experience
  • Seamless account opening
Cons
  • Poor customer service
  • Trading platform outages
  • Limited product range, mostly CFDs

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#3 eToro
Fees 4 stars

eToro's trading fees are low, while non-trading fees are high.

Pros
  • Low trading fees
  • Transparent fee structure
Cons
  • High non-trading fees
  • Withdrawal fee
  • Inactivity fee
  • High financing rate

eToro fees
Saxo BankXTBeToroPlus500Pepperstone
Apple benchmark fee$20.0$18.1$3.6$8.9-
Vodafone benchmark fee$15.0$24.4$3.6$7.6-
EURUSD benchmark fee$58.4$17.1$19.1$17.6$17.6

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

More Visit broker

#3 eToro
Account opening 5 stars

Account opening is enjoyable and super fast.

Pros
  • Fast account opening
  • No minimum account balance
  • User-friendly
Cons
None

eToro minimum deposit and time to open an account
Saxo BankXTBeToroPlus500Pepperstone
Minimum deposit$725$250$200$114$0
Time to open account1-3 days1 day1 day1 day1-3 days

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#3 eToro
Deposit and withdrawal 4 stars

It is easy to deposit with a lot of options, including credit cards. However, there is a withdrawal fee, and only USD accounts are available.

Pros
  • Credit/Debit card deposit and withdrawal available
  • Free deposit
  • User-friendly
Cons
  • High withdrawal fee
  • Only one account base currency

eToro withdrawal fee and options
Saxo BankXTBeToroPlus500Pepperstone
Bank TransferYesYesYesYesYes
Credit/Debit cardNoNoYesYesYes
Electronic walletsNoNoYesYesYes
Withdrawal fee$0$0$25$0$20

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#3 eToro
Markets and products 3 stars

At eToro you can trade with CFDs and forex. There are also real stocks and ETFs, and many cryptos. It also offers social trading and "CFD funds".

eToro markets and products
Saxo BankXTBeToroPlus500Pepperstone
StockYesYesYesNoNo
ETFYesYesYesNoNo
ForexYesYesYesYesYes
FundNoNoNoNoNo
BondYesNoNoNoNo
OptionsYesNoNoNoNo
FuturesYesNoNoNoNo
CFDYesYesYesYesYes
CryptoYesYesYesYesYes

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#3 eToro
Web trading platform 4 stars

eToro’s web trading platform is nice looking and easy-to-use. Getting your fee report is a bit of a pain.

Pros
  • User-friendly
  • Looks nice
  • Social trading
Cons
  • No clear fee report available
  • Cannot be customized
Best international online brokers for citizens in Nigeria - eToro trading platform

eToro trading platforms
Saxo BankXTBeToroPlus500Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars -- 4 stars

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#3 eToro
Verdict

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

On the plus side, eToro is great for social trading and also good for crypto CFDs, it is a pleasure to use, has a lot of innovative features, and the account opening is spot on. Its trading fees are low.

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

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

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#4 Best international online brokers for citizens in Nigeria
Plus500

4.4 4 stars
Plus500 logo

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

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

Plus500 is a CFD and forex broker. 80.6% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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

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

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

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#4 Plus500
Fees 4 stars

Plus500 has low trading fees and average non-trading fees. Financing rates are very high.

Pros
  • Low trading fees
  • No withdrawal fee
Cons
  • Inactivity fee
  • High financing rate
  • Financing rate calculation is opaque

Plus500 fees
Saxo BankXTBeToroPlus500Pepperstone
Apple benchmark fee$20.0$18.1$3.6$8.9-
Vodafone benchmark fee$15.0$24.4$3.6$7.6-
EURUSD benchmark fee$58.4$17.1$19.1$17.6$17.6

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

More Visit broker

#4 Plus500
Account opening 5 stars

Plus500 account opening is seamless, fast and fully digital. You can open your trading account within a day.

Pros
  • Fast account opening
  • Account opening fully digital
  • User-friendly
Cons
None

Plus500 minimum deposit and time to open an account
Saxo BankXTBeToroPlus500Pepperstone
Minimum deposit$725$250$200$114$0
Time to open account1-3 days1 day1 day1 day1-3 days

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#4 Plus500
Deposit and withdrawal 5 stars

Plus500's deposit and withdrawal are both great. You have many options, the process is easy-to-do and usually free of charge.

Pros
  • Credit/Debit card deposit and withdrawal available
  • Free deposit
  • User-friendly
  • Five withdrawal per month is free
Cons
None

Plus500 withdrawal fee and options
Saxo BankXTBeToroPlus500Pepperstone
Bank TransferYesYesYesYesYes
Credit/Debit cardNoNoYesYesYes
Electronic walletsNoNoYesYesYes
Withdrawal fee$0$0$25$0$20

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#4 Plus500
Markets and products 2 stars

At Plus500 you can trade only with CFDs and forex. There are a lot CFDs, you can choose from almost 2,000.

Plus500 markets and products
Saxo BankXTBeToroPlus500Pepperstone
StockYesYesYesNoNo
ETFYesYesYesNoNo
ForexYesYesYesYesYes
FundNoNoNoNoNo
BondYesNoNoNoNo
OptionsYesNoNoNoNo
FuturesYesNoNoNoNo
CFDYesYesYesYesYes
CryptoYesYesYesYesYes

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#4 Plus500
Web trading platform 4 stars

Plus500 trading platform is very easy-to-use and also looks great. On the flip side, it cannot be customized. 

Pros
  • User-friendly
  • Two-step (safe) login
  • Good search function
  • Available in more languages
Cons
  • Limited customizability (for chart, for workspace)
Best international online brokers for citizens in Nigeria - Plus500 trading platform

Plus500 trading platforms
Saxo BankXTBeToroPlus500Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars -- 4 stars

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#4 Plus500
Verdict

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

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

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

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

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

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#5 Best international online brokers for citizens in Nigeria
Pepperstone

4.4 4 stars
Best customer support
Pepperstone logo

Pepperstone is an Australian forex broker offering some CFDs too. It was established in 2010 and in 2015 it opened offices in London to better serve their European clients.

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

Pepperstone is a forex and CFD broker. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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 wanting to trade with a lot of FX pairs.

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

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#5 Pepperstone
Fees 4 stars

Pepperstone has low trading fees and average non-trading fees. It has no inactivity fee. On the flip side, the withdrawal fee is high.

Pros
  • Low trading fees
  • No inactivity fee
  • Transparent fee structure
Cons
  • Withdrawal fee

Pepperstone fees
Saxo BankXTBeToroPlus500Pepperstone
Apple benchmark fee$20.0$18.1$3.6$8.9-
Vodafone benchmark fee$15.0$24.4$3.6$7.6-
EURUSD benchmark fee$58.4$17.1$19.1$17.6$17.6

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

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#5 Pepperstone
Account opening 4 stars

Pepperstone account opening is great. It is fully digital and user-friendly. On the flip side, it can take more days.

Pros
  • Account opening fully digital
  • User-friendly
  • Many account types
  • No minimum deposit for Standard Account
Cons
  • It can take 4-5 business days

Pepperstone minimum deposit and time to open an account
Saxo BankXTBeToroPlus500Pepperstone
Minimum deposit$725$250$200$114$0
Time to open account1-3 days1 day1 day1 day1-3 days

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#5 Pepperstone
Deposit and withdrawal 4 stars

Pepperstone offers a lot of deposit options and it is user-friendly. The withdrawal fees are high.

Pros
  • User-friendly
  • Free bank and electronic wallets deposit
  • Free credit and debit cards withdrawal
Cons
  • High withdrawal fee

Pepperstone withdrawal fee and options
Saxo BankXTBeToroPlus500Pepperstone
Bank TransferYesYesYesYesYes
Credit/Debit cardNoNoYesYesYes
Electronic walletsNoNoYesYesYes
Withdrawal fee$0$0$25$0$20

More Visit broker

#5 Pepperstone
Markets and products 1 stars

At Pepperstone, you can trade only forex, some CFDs, and cryptos.

Pepperstone markets and products
Saxo BankXTBeToroPlus500Pepperstone
StockYesYesYesNoNo
ETFYesYesYesNoNo
ForexYesYesYesYesYes
FundNoNoNoNoNo
BondYesNoNoNoNo
OptionsYesNoNoNoNo
FuturesYesNoNoNoNo
CFDYesYesYesYesYes
CryptoYesYesYesYesYes

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#5 Pepperstone
Web trading platform 4 stars

Pepperstone offers only third-party trading platforms. We tested cTrader which is a great platform. It is well designed and user-friendly. On the flip side, it lacks the two-step login.

Pros
  • User-friendly
  • Good search function
  • Good customizability (for chart, for workspace)
Cons
  • No two-step (safe) login
Best international online brokers for citizens in Nigeria - Pepperstone trading platform

Pepperstone trading platforms
Saxo BankXTBeToroPlus500Pepperstone
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Mobile platform score 5 stars 4 stars 5 stars 5 stars 4 stars
Desktop platform score 5 stars 4 stars -- 4 stars

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#5 Pepperstone
Verdict

Pepperstone is a good FX and CFD broker. 

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

Pepperstone only offers FX and some CFDs. The research and education can be improved, there are not a lot of tools and options.

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

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

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

What is an online broker?

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

Are these brokers safe?

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

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

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

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

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

The 5 most important criteria for online brokers are:

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

Best international online brokers for citizens in Nigeria
Bottom line

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

Best international online brokers for citizens in Nigeria
Saxo BankXTBeToroPlus500Pepperstone
Overall score4.74.54.44.44.4
Award Best trading platform Best CFD broker Best social trading Best customer support
Fees score 3 stars 4 stars 4 stars 4 stars 4 stars
Account opening score 3 stars 5 stars 5 stars 5 stars 4 stars
Deposit and withdrawal score 5 stars 5 stars 4 stars 5 stars 4 stars
Markets and products score 4 stars 2 stars 3 stars 2 stars 1 stars
Web platform score 5 stars 4 stars 4 stars 4 stars 4 stars
Visit broker Visit broker Visit broker Visit broker Visit broker

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

AUTHOR

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