Top Rated Brokers
Our picks for the best Nigerian stockbrokers in 2026
Full Comparison Table
Compare all 24 licensed brokers side-by-side
| Broker | Commission | Min. Account | Platform | Rating | Action |
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Commission Calculator
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Frequently Asked Questions
Everything you need to know about Nigerian stockbrokers
How do I choose the right stockbroker?
Consider your trading frequency, budget, and preferred platform. Low-frequency traders should prioritize low commission rates, while active traders need robust platforms. Check the minimum account requirement and ensure it fits your budget.
What's the average commission rate in Nigeria?
Most Nigerian brokers charge between 0.5% to 1.5% commission per trade. Additionally, there's a mandatory 0.3% SEC fee and 0.3% NSE fee on all transactions. The best brokers like CardinalStone offer rates as low as 0.45%.
Do I need a minimum amount to open an account?
Yes, minimum account requirements vary by broker, ranging from ₦5,000 to ₦500,000. Some brokers like Chaka and Bamboo offer very low minimums (₦5K-10K) to make investing accessible to beginners.
Are all these brokers licensed by SEC?
Yes, all brokers listed here are licensed by the Securities and Exchange Commission (SEC) Nigeria and are members of the Nigerian Exchange (NGX). This ensures they meet regulatory standards for operating in Nigeria.
Can I switch brokers later?
Yes, you can transfer your portfolio to another broker through a process called "portfolio transfer." Your current broker will assist with the paperwork, though some may charge a transfer fee. The process typically takes 2-4 weeks.