Cost Guide · 2026

Cheapest NGX Brokers

Updated May 2026NGX Pulse Research8 min read

Most comparisons of Nigerian broker costs show only the headline commission rate. That is not enough. The real cost of an NGX trade has three components — and the part most people ignore (the SEC levy) is fixed at 0.3% regardless of which broker you use. Understanding total cost changes the decision.

Key finding: On a typical NGX trade, the broker commission is usually the largest variable cost but the SEC levy (0.3%) and CSCS fee apply at every broker equally. CardinalStone has the lowest stated commission rate (1.20%) of any tracked broker. For most trade sizes, the difference between the cheapest and most expensive broker on this list is under ₦3,000 per ₦100,000 traded.

The three costs in every NGX trade

Broker commission

1.20%–1.91%

The variable component. Charged by your broker on each buy or sell. This is the number most people compare.

SEC levy

0.30%

Fixed regulatory charge on every NGX trade. Applies at every broker. Cannot be avoided.

CSCS fee

Varies

Central Securities Clearing System charge for settlement. Usually embedded in the broker commission or charged as a small flat fee.

The total cost of a ₦100,000 NGX trade at a 1.35% commission broker is approximately ₦1,650 — ₦1,350 broker commission plus ₦300 SEC levy. At CardinalStone's 1.20% rate, the total drops to about ₦1,500. The difference is real but modest for most trade sizes.

Cheapest commission brokers — ranked

Broker	Commission	Min. Account	Total on ₦100K	Platform
CardinalStone Securities	1.20%	₦50,000	~₦1,500	Web + Mobile
ARM Securities	1.32%	₦100,000	~₦1,620	Web + Mobile
Chaka	~1.35%	₦2,000	~₦1,650	Mobile
Trove	~1.35%	₦1,000	~₦1,650	Mobile
Meristem Securities	~1.35%	₦10,000	~₦1,650	Web + Mobile
Chapel Hill Denham	1.37%	₦100,000	~₦1,670	Web + Mobile
Stanbic IBTC	~1.48%	None stated	~₦1,780	Web + Mobile
Rencap Securities	~1.48%	₦500,000	~₦1,780	Mobile

Total cost = broker commission + 0.3% SEC levy. CSCS fee not included as it varies by broker and trade size. Use this as a directional comparison, not an exact quote.

Lowest commission rate

CardinalStone Securities — 1.20%

CardinalStone has the lowest stated commission of any tracked broker at 1.20% — 15 basis points below the 1.35% common among digital-first platforms. The tradeoff: the minimum account is ₦50,000, making it unsuitable for investors just starting out. Best for investors with ₦100,000+ who are already past the beginner stage and want to reduce long-term trading costs.

Real cost at different trade sizes

The difference between a 1.20% and 1.35% commission looks small per trade. Over time, across larger positions, it accumulates. Here is how the total cost scales:

Trade size	CardinalStone (1.20%)	Mid-tier (1.35%)	Higher tier (1.59%)	SEC levy (all)
₦50,000	₦600	₦675	₦795	₦150
₦100,000	₦1,200	₦1,350	₦1,590	₦300
₦250,000	₦3,000	₦3,375	₦3,975	₦750
₦500,000	₦6,000	₦6,750	₦7,950	₦1,500
₦1,000,000	₦12,000	₦13,500	₦15,900	₦3,000

Broker commission only. Add the SEC levy column to each figure for the full cost. On a ₦1M trade, the gap between CardinalStone and a 1.59% broker is ₦3,900 — meaningful if you trade frequently, less so for long-term investors who make a handful of trades per year.

Cheapest to start (by account minimum)

For many investors, "cheapest" means cheapest to get started — the lowest barrier to opening an account. Broker commission matters less when you are investing small amounts infrequently. Here are the lowest-minimum options:

Broker	Minimum	Commission	Digital onboarding
Trove	₦1,000	~1.35%	Yes, 24–48h
Chaka	₦2,000	~1.35%	Yes, 24–48h
Bamboo	₦5,000	~1.80%	Yes, 24–48h
Meristem	₦10,000	~1.35%	Partial, 2–5 days
Afrinvest	₦50,000	~1.48%	Partial
CardinalStone	₦50,000	1.20%	Partial

Trove's ₦1,000 minimum is the lowest of any tracked broker. However, the minimum to buy a single board lot of most NGX stocks is determined by the stock price, not the broker minimum. For example, buying 100 shares of a stock trading at ₦50 costs ₦5,000 before commission — so the effective investing minimum is set by the market, not the broker floor.

When the cheapest broker is not the best choice

Cost should be one factor, not the only factor. Here are situations where a slightly more expensive broker might make more sense:

You want research and market reports. Brokers like CardinalStone and Meristem publish regular analysis. That access has value if you use it to make better decisions — value that can easily outweigh a 0.15% commission difference.
You want a web platform. Mobile-only brokers like Trove and Chaka have lower commissions but no desktop interface. If you manage a large portfolio and prefer to trade on a laptop, the productivity gain from a web platform may be worth paying slightly more.
You trade infrequently. If you make 4 to 6 trades per year, the annual commission saving from choosing a 1.20% broker over a 1.35% broker on ₦100,000 trades is under ₦900. That is not a meaningful amount relative to the value of other features like support quality or platform reliability.
You need human support. Digital-first brokers with lower commissions often have in-app-only support. If something goes wrong with a large transaction, having a phone number matters. Full-service brokers charge more but provide more accountability.

Frequently asked questions

Which Nigerian broker has the lowest commission?

CardinalStone Securities has the lowest stated broker commission of any tracked NGX broker at 1.20%. However, the SEC levy of 0.3% applies at every broker, so the total cost savings relative to a 1.35% broker is 0.15% of the trade value — approximately ₦150 on every ₦100,000 traded.

What is the SEC levy and who pays it?

The SEC levy is a 0.3% regulatory charge imposed by the Securities and Exchange Commission on all NGX trades. It applies to both buy and sell orders. Every regulated Nigerian stockbroker collects it on behalf of the SEC. It is not a broker fee — you cannot avoid it by choosing a different broker.

Is it cheaper to buy or sell on the NGX?

Commission rates typically apply in both directions — you pay a fee when you buy and when you sell. Some brokers charge a slightly higher rate on sell orders due to additional stamp duty and regulatory charges. Confirm the exact rate for both directions with your chosen broker before placing trades.

Are there any zero-commission Nigerian brokers?

No SEC-registered Nigerian stockbroker currently operates on a zero-commission model for NGX equity trades. The minimum regulatory framework requires brokers to charge commissions that cover SEC levies and CSCS settlement fees. Brokers that advertise "no commission" typically bundle the cost into spreads or other fees.

Does commission rate matter more for frequent traders or long-term investors?

Frequent traders benefit more from lower commission rates because each trade adds up quickly. A long-term investor making 6 trades per year at ₦100,000 each saves only about ₦900 annually by choosing a 1.20% broker over a 1.35% one. For that investor, platform quality, research access, and support reliability often matter more than the commission difference.

Use the commission calculator

Model your exact trade costs across any broker tracked by NGX Pulse — enter your trade size and see the full cost breakdown.

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