Best international online brokers for citizens in Nigeria

Saxo Bank
4.8
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XTB
4.6
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80% of retail CFD accounts lose money
Trading 212
4.6
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76% of retail CFD accounts lose money
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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 67 brokers, 5 made it to the top. We highly recommend all 5 to you. And now, without further ado...

The top 5 picks for the best international online brokers of 2020 for citizens in Nigeria:

  1. Saxo Bank is the number one international online broker in 2020. Great trading platform. Outstanding research. Broad product portfolio.
  2. XTB is your runner-up. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
  3. Trading 212 rounds out the top three. Real stocks and ETFs are commission-free. Quick and easy account opening. Great trading platform.
  4. eToro, numero quatro. Free stock and ETF trading . Seamless account opening. Social trading experience.
  5. NinjaTrader. Low trading fees. Great platform and research. Quality educational materials. Just made it to the list at number five.
Best international online brokers of 2020 for citizens in Nigeria
Broker Info Score Best in
#1 Saxo Bank Danish investment bank 4.8 Best web trading platform
#2 XTB Global CFD and forex broker 4.6 Best CFD broker
#3 Trading 212 Global CFD and forex broker 4.6
#4 eToro Global social trading broker 4.6 Best broker for cryptos
#5 NinjaTrader Global platform provider focusing on futures trading 4.6

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

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

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

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

Saxo Bank Logo

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

4.8

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

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

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

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

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

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#1 Saxo Bank
Fees
2.9

Saxo Bank has average trading and non-trading fees overall. The fees for forex, mutual funds and stock index CFDs are low, while they are average for real stocks, ETFs or stock CFDs. Bond, options and futures fees are high.
Pros Cons
Low fund fees Inactivity fee
No withdrawal fee High bond, options and futures fees
Transparent fee structure
Lower fees for Platinum and VIP clients
Saxo Bank fees
Saxo Bank XTB Trading 212 eToro NinjaTrader
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 $0.0 -
EURUSD benchmark fee $15.7 $15.0 $19.6 $19.6 -

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

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#1 Saxo Bank
Account opening
2.6

Saxo's account opening is fully digital, user-friendly, and available in most of the world. On the other hand, the minimum deposit is high in certain countries, and account verification can take longer.
Pros Cons
Fully digital Minimum deposit is high in certain countries
User-friendly Relatively slow account verification
Available in almost every country
Saxo Bank minimum deposit and time to open an account
Saxo Bank XTB Trading 212 eToro NinjaTrader
Minimum deposit $10,000 $250 $1 $200 $400
Time to open account 1-3 days 1 day 1 day 1 day >3 days

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#1 Saxo Bank
Deposit and withdrawal
4.8

Saxo provides multiple deposit and withdrawal options free of charge on a user-friendly interface.
Pros Cons
Credit/Debit card available Electronic wallets are not available for deposit or withdrawal
Free withdrawal
No deposit fee
Saxo Bank withdrawal fee and options
Saxo Bank XTB Trading 212 eToro NinjaTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes No
Withdrawal fee $0 $0 $0 $5 $40

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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 Trading 212 eToro NinjaTrader
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes Yes No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No Yes
Futures Yes No No No Yes
CFD Yes Yes Yes Yes No
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.
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 XTB Trading 212 eToro NinjaTrader
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.4 stars -
Mobile platform score 5.0 stars 4.3 stars 4.4 stars 4.9 stars -
Desktop platform score 5.0 stars 4.4 stars - - 4.8 stars

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#1 Saxo Bank
Verdict

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

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

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

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

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

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XTB Logo

#2 Best international online brokers for citizens in Nigeria
XTB

4.6

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

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

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

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

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80% of retail CFD accounts lose money

#2 XTB
Fees
4.0

XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
Pros Cons
Low trading fees High stock CFD fees
Low non-trading fees
No withdrawal fee
XTB fees
Saxo Bank XTB Trading 212 eToro NinjaTrader
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 $0.0 -
EURUSD benchmark fee $15.7 $15.0 $19.6 $19.6 -

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

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80% of retail CFD accounts lose money

#2 XTB
Account opening
5.0

XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
Pros Cons
Fast None
Fully digital
Low minimum deposit
XTB minimum deposit and time to open an account
Saxo Bank XTB Trading 212 eToro NinjaTrader
Minimum deposit $10,000 $250 $1 $200 $400
Time to open account 1-3 days 1 day 1 day 1 day >3 days

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80% of retail CFD accounts lose money

#2 XTB
Deposit and withdrawal
4.5

XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
Pros Cons
Credit/Debit card available None
Free withdrawal
No deposit fee
XTB withdrawal fee and options
Saxo Bank XTB Trading 212 eToro NinjaTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes No
Withdrawal fee $0 $0 $0 $5 $40

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80% of retail CFD accounts lose money

#2 XTB
Markets and products
2.8

XTB's product selection covers only CFDs, forex and crypto assets. Some European clients can also trade with real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
XTB markets and products
Saxo Bank XTB Trading 212 eToro NinjaTrader
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes Yes No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No Yes
Futures Yes No No No Yes
CFD Yes Yes Yes Yes No
Crypto Yes Yes Yes Yes Yes

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80% of retail CFD accounts lose money

#2 XTB
Web trading platform
4.4

XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best international online brokers for citizens in Nigeria - XTB trading platform
XTB trading platforms
Saxo Bank XTB Trading 212 eToro NinjaTrader
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.4 stars -
Mobile platform score 5.0 stars 4.3 stars 4.4 stars 4.9 stars -
Desktop platform score 5.0 stars 4.4 stars - - 4.8 stars

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80% of retail CFD accounts lose money

#2 XTB
Verdict

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

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

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

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

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

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80% of retail CFD accounts lose money

Trading 212 Logo

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

4.6

Trading 212 is a global CFD and FX broker, but clients can also invest in stock and ETF free of charge. The company was founded in 2004 and 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.

Recommended for active cfd and fx traders, and investors preferring intuitive trading platforms

Pros Cons
Real stocks and ETFs are commission-free Limited product portfolio
Quick and easy account opening Basic tools for fundamental analysis
Great trading platform High EURUSD fee

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76% of retail CFD accounts lose money

#3 Trading 212
Fees
4.3

Trading 212 has commission-free stock and ETFs and low CFD fees. It's also great that there are no fees for deposit, withdrawal, and inactivity. On the other hand, high fees are charged for EURUSD trading.
Pros Cons
Free stock and ETF High fees for EURUSD
Low CFD fees
No withdrawal and inactivity fee
Trading 212 fees
Saxo Bank XTB Trading 212 eToro NinjaTrader
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 $0.0 -
EURUSD benchmark fee $15.7 $15.0 $19.6 $19.6 -

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

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76% of retail CFD accounts lose money

#3 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 XTB Trading 212 eToro NinjaTrader
Minimum deposit $10,000 $250 $1 $200 $400
Time to open account 1-3 days 1 day 1 day 1 day >3 days

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76% of retail CFD accounts lose money

#3 Trading 212
Deposit and withdrawal
4.5

Trading 212's deposits and withdrawals are free, fast, and can be done in several forms. On the negative side, there are only a few account base currencies available in one country.
Pros Cons
Credit/Debit card available Few base currencies available in one country
Free withdrawal
No deposit fee
Trading 212 withdrawal fee and options
Saxo Bank XTB Trading 212 eToro NinjaTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes No
Withdrawal fee $0 $0 $0 $5 $40

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76% of retail CFD accounts lose money

#3 Trading 212
Markets and products
3.7

Trading 212's product selection focuses mainly on CFDs, forex and crypto assets. There are also real stock and ETFs available. Popular asset classes like bonds, mutual funds, options, and futures are not available.
Trading 212 markets and products
Saxo Bank XTB Trading 212 eToro NinjaTrader
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes Yes No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No Yes
Futures Yes No No No Yes
CFD Yes Yes Yes Yes No
Crypto Yes Yes Yes Yes Yes

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76% of retail CFD accounts lose money

#3 Trading 212
Web trading platform
4.4

Trading 212 has a user-friendly and customizable web trading platform. Small weakness is the lack of two-step authentication and the range of available order types.
Pros Cons
User-friendly No two-step (safer) login
Good search function
Good customizability (for charts, workspace)
Best international online brokers for citizens in Nigeria - Trading 212 trading platform
Trading 212 trading platforms
Saxo Bank XTB Trading 212 eToro NinjaTrader
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.4 stars -
Mobile platform score 5.0 stars 4.3 stars 4.4 stars 4.9 stars -
Desktop platform score 5.0 stars 4.4 stars - - 4.8 stars

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76% of retail CFD accounts lose money

#3 Trading 212
Verdict

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

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

However, Trading 212 has a limited product portfolio, lacking popular asset classes, like bonds or options. We missed research tools for fundamental analysis and the EURUSD fees are high.

Trading 212 is a good choice for those who are interested in investing in equities or trading with leveraged FX and CFD products with the use of a great trading platform. 

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 4.3 stars
Recommended for Active CFD and FX traders, and investors preferring intuitive trading platforms

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76% of retail CFD accounts lose money

eToro Logo

#4 Best international online brokers for citizens in Nigeria
eToro

4.6

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

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

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

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

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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

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

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Your capital is at risk

#4 eToro
Fees
4.2

eToro offers free stock trading. On the negative side, forex trading fees are high and there is a fee charged for inactivity or withdrawal.
Pros Cons
Low trading fees High forex fees
Free stock trading Withdrawal fee
Low CFD fees
eToro fees
Saxo Bank XTB Trading 212 eToro NinjaTrader
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 $0.0 -
EURUSD benchmark fee $15.7 $15.0 $19.6 $19.6 -

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

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Your capital is at risk

#4 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 Trading 212 eToro NinjaTrader
Minimum deposit $10,000 $250 $1 $200 $400
Time to open account 1-3 days 1 day 1 day 1 day >3 days

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Your capital is at risk

#4 eToro
Deposit and withdrawal
3.7

Depositing money is free and easy, with a lot of available options, including credit cards. However, there is a withdrawal fee and only USD accounts are available.
Pros Cons
Credit/Debit card available Only one account base currency
No deposit fee $5 withdrawal fee
User-friendly Conversion fee for non-USD deposits
eToro withdrawal fee and options
Saxo Bank XTB Trading 212 eToro NinjaTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes No
Withdrawal fee $0 $0 $0 $5 $40

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Your capital is at risk

#4 eToro
Markets and products
3.8

At eToro you can trade with CFDs and forex, as well as real stocks, ETFs and many cryptocurrencies. In addition, the broker also offers innovative services like social trading and CopyPortfolio.
eToro markets and products
Saxo Bank XTB Trading 212 eToro NinjaTrader
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes Yes No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No Yes
Futures Yes No No No Yes
CFD Yes Yes Yes Yes No
Crypto Yes Yes Yes Yes Yes

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Your capital is at risk

#4 eToro
Web trading platform
4.4

eToro offers a user-friendly and well-designed web trading platform. In addition, social trading is also available. On the other hand, the customizability is limited.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Best international online brokers for citizens in Nigeria - eToro trading platform
eToro trading platforms
Saxo Bank XTB Trading 212 eToro NinjaTrader
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.4 stars -
Mobile platform score 5.0 stars 4.3 stars 4.4 stars 4.9 stars -
Desktop platform score 5.0 stars 4.4 stars - - 4.8 stars

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Your capital is at risk

#4 eToro
Verdict

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

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

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

Risk disclaimer

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

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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

Past performance is not an indication of future results.

eToro 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 4.2 stars
Recommended for Traders interested in social trading (i.e. copying other investors’ trades) & zero commission stock trading

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Your capital is at risk

NinjaTrader Logo

#5 Best international online brokers for citizens in Nigeria
NinjaTrader

4.6

NinjaTrader is a US-based software company, which provides a great trading platform with advanced research tools. The company was founded in 2003.

Besides providing the software, NinjaTrader is a registered NFA (National Futures Association) company and an introducing broker of brokers, like Phillip Capital or Dorman Trading. The introducing broker status means that your assets and cash are held with the broker, like Phillip Capital, but the platform, the fees, and customer support are provided by NinjaTrader.

In our review, we tested NinjaTrader's platform and brokerage services through an account opened with Phillip Capital. Phillip Capital is a global broker, regulated by the top-tier financial authorities, such as US CFTC or UK FCA.

You can also connect the following brokerage accounts to NinjaTrader platforms: Interactive Brokers, TD Ameritrade, Oanda, Forex.com, FXCM, and City Index. The advantage of connecting these accounts is that you can trade other popular asset classes, like stocks, on NinjaTrader's great platform.

Recommended for active traders focusing on futures

Pros Cons
Low trading fees High withdrawal fee
Great platform and research No mobile app and desktop is only on Windows
Quality educational materials Only futures and options on futures

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#5 NinjaTrader
Fees
4.6

NinjaTrader has low futures and options on futures trading fees. Also, the fee structure is transparent. On the negative side, there is a high withdrawal.
Pros Cons
Low trading fees High withdrawal fee
Transparent fee structure
NinjaTrader fees
Saxo Bank XTB Trading 212 eToro NinjaTrader
US stock $10.0 $10.0 $0.0 $0.0 -
UK stock $9.6 $10.0 $0.0 $0.0 -
EURUSD benchmark fee $15.7 $15.0 $19.6 $19.6 -

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

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#5 NinjaTrader
Account opening
3.5

NinjaTrader's account opening is fully digital and the minimum deposit is low, $400. On the other hand, the account verification can take long, even 4-5 business days, and the account opening process is a bit complicated.
Pros Cons
Fully digital Slow
Low minimum deposit
NinjaTrader minimum deposit and time to open an account
Saxo Bank XTB Trading 212 eToro NinjaTrader
Minimum deposit $10,000 $250 $1 $200 $400
Time to open account 1-3 days 1 day 1 day 1 day >3 days

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#5 NinjaTrader
Deposit and withdrawal
1.6

NinjaTrader's deposit and withdrawal can be improved. You can use only bank transfer and check, and there is a high fee for bank withdrawals. As a plus, there is no deposit fee and the withdrawals are quick, took only one day for us.
Pros Cons
No deposit fee Credit/Debit card not available
Quick withdrawal, less than 1 business day High withdrawal fee
NinjaTrader withdrawal fee and options
Saxo Bank XTB Trading 212 eToro NinjaTrader
Bank Transfer Yes Yes Yes Yes Yes
Credit/Debit card No No Yes Yes No
Electronic wallets No No Yes Yes No
Withdrawal fee $0 $0 $0 $5 $40

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#5 NinjaTrader
Markets and products
1.8

With NinjaTrader Brokerage, you can trade only futures and options on futures. To trade with popular asset classes, like stocks or spot forex, you have to connect your existing brokerage account to NinjaTrader.
NinjaTrader markets and products
Saxo Bank XTB Trading 212 eToro NinjaTrader
Stock Yes Yes Yes Yes No
ETF Yes Yes Yes Yes No
Forex Yes Yes Yes Yes No
Fund Yes No No No No
Bond Yes No No No No
Options Yes No No No Yes
Futures Yes No No No Yes
CFD Yes Yes Yes Yes No
Crypto Yes Yes Yes Yes Yes

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#5 NinjaTrader
Web trading platform

At the time of the review, NinjaTrader provided only a desktop platform. The only way to use a web trading platform along with NinjaTrader's desktop trading platform is if you connect an external brokerage account, such as brokerage account with Interactive Brokers or Oanda.
NinjaTrader trading platforms
Saxo Bank XTB Trading 212 eToro NinjaTrader
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.4 stars -
Mobile platform score 5.0 stars 4.3 stars 4.4 stars 4.9 stars -
Desktop platform score 5.0 stars 4.4 stars - - 4.8 stars

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#5 NinjaTrader
Verdict

NinjaTrader is a great platform for futures trading.

On the plus side, we liked the low commissions. Their advanced platform is great for experienced traders, especially futures traders. The educational materials provided by Ninja are well structured and they have an active user forum as well.

NinjaTrader Brokerage has some drawbacks though. The fees for withdrawal are high, $30-40 per withdrawal. There is no mobile platform and the desktop platform is available only on Windows. Lastly, the product portfolio covers only futures and options on futures.

As there is no fee for the demo account and you can open it within a few minutes, feel free to try NinjaTrader.

 

NinjaTrader
Summary NinjaTrader is a US-based software company, which has an excellent desktop application for advanced users, particularly futures traders. NinjaTrader is an NFA-registered company and introducing broker of brokers like Philip Capital and Dorman Trading.
Fees score 4.6 stars
Recommended for Active traders focusing on futures

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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?

You can be sure none of them is a scam. They are regulated by top-tier authorities. Some of them are also listed on an exchange, while some have a banking background.

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

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

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

At BrokerChooser, we test online brokers along more than 100 criteria, using real accounts and real money. We don’t want to overwhelm you, so for now we’ll just list the five most important criteria.

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

5 important criteria for the best international online brokers in 2020
1. Fees The trading fee of a typical US equity trade can be 50 times higher at one online broker compared to another. Worth to check the fees.
2. Account opening Some online brokers require a minimum to invest, others don't set a minimal first-time deposit. Check out what the best online brokers require.
3. Deposit and withdrawal Transferring money to your account can be 5 times longer and more expensive at one online broker compared to another.
4. Products and markets You want to invest in Amazon and Bitcoin? They might not be available. Check the product coverage before opening an account.
5. Trading platform A user-friendly and well-equipped trading platform can significantly increase your trading comfort.

Best international online brokers for citizens in Nigeria
Bottom line

You saw the details, now let's zoom out. Here are the best international online brokers of 2020 for citizens in Nigeria:

Best international online brokers for citizens in Nigeria
Saxo Bank XTB Trading 212 eToro NinjaTrader
Overall score 4.8 4.6 4.6 4.6 4.6
Best in Best web trading platform Best CFD broker Best broker for cryptos
Fees score 2.9 stars 4.0 stars 4.3 stars 4.2 stars 4.6 stars
Account opening score 2.6 stars 5.0 stars 4.5 stars 5.0 stars 3.5 stars
Deposit and withdrawal score 4.8 stars 4.5 stars 4.5 stars 3.7 stars 1.6 stars
Markets and products score 5.0 stars 2.8 stars 3.7 stars 3.8 stars 1.8 stars
Web platform score 5.0 stars 4.4 stars 4.4 stars 4.4 stars -
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Saxo Bank is our winner, the best international online broker in Nigeria of 2020. Great trading platform. Outstanding research. Broad product portfolio.
All of these brokers are considered a great choice. Pick the winner, or any of the runners-up, and take the next step in your investment journey. Let us know what you think in the comment section.
Still unsure? Use the broker finder and find the best international broker for you, or learn more about investing your money.

Gergely Korpos

Gergely Korpos

Co-founder, CPO

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.

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

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Visit XTB
80% of retail CFD accounts lose money
Visit Trading 212
76% of retail CFD accounts lose money
Visit eToro
Your capital is at risk
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