Finding the right stockbroker is the single most important decision you'll make as a Nigerian investor. The wrong broker costs you money in fees, frustrates you with poor platforms, and can even put your capital at risk.
This guide covers all 24 SEC-licensed stockbrokers on the Nigerian Exchange (NGX), ranked and compared so you can make an informed decision — whether you're investing ₦50,000 or ₦50 million.
| Category | Best Pick | Why |
|---|---|---|
| Best Overall | CardinalStone | Low fees + strong platform |
| Best for Beginners | Chaka | Low minimum + easy app |
| Best Mobile App | Bamboo | Clean UI + fractional shares |
| Best for Active Traders | ARM Securities | Robust tools + research |
| Best Low Fees | Meristem | Competitive commission rates |
| Best Full-Service | Stanbic IBTC | Bank-backed + wide coverage |
See every broker side-by-side with our interactive comparison tool.
View All Brokers →Nigerian brokers typically charge between 1.2% and 1.8% per transaction. On top of that, there are mandatory regulatory fees — a 0.3% SEC fee and a 0.3% NGX fee on every trade.
Some brokers require ₦500,000 to open. Others accept as little as ₦1,000. If you're starting out, this is critical.
Do they have a mobile app? Is it reliable? Can you see real-time prices?
Only invest with brokers licensed by the Securities and Exchange Commission (SEC) Nigeria. All brokers on NGX Pulse are fully licensed.
Lowest commission among full-service brokers with excellent research and reliable platform.
Open account in 10 minutes, fund with as little as ₦5,000. Also offers US stocks.
Cleanest app interface. Pioneered fractional share investing in Nigeria.
Professional-grade tools, advanced charting, and institutional-quality research.
Reliable, affordable, and been around for over a decade.
Bank-backed with seamless banking integration. Premium service for serious wealth.
| Fee | Rate | Paid To |
|---|---|---|
| Broker Commission | 1.2% – 1.8% | Your broker |
| SEC Fee | 0.3% | SEC Nigeria |
| NGX Fee | 0.3% | Nigerian Exchange |
| CSCS Fee | 0.003% | Central Securities Clearing System |
| Stamp Duty | 0.075% | Federal Government |
Total minimum cost per trade: approximately 1.9% – 2.5%
CardinalStone at 1.2%. Chaka and Meristem both charge 1.26%.
Yes. Chaka and Bamboo offer fully digital account opening. You'll need your BVN, valid ID, and a selfie.
As low as ₦5,000 with Chaka. Share prices range from under ₦1 to over ₦500.
All brokers on this list are SEC-licensed. Your shares are held in your name by CSCS, meaning they're protected even if your broker goes bankrupt.
💡 The bottom line: New to investing? Start with Chaka. Want the best rates? Go with CardinalStone. Love mobile trading? Choose Bamboo.
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