Best Low Cost Brokers in Nigeria
Top 3 Low-Cost Platforms for Traders in Nigeria
Kwakol is a renowned Nigerian brokerage firm offering exceptional stock trading experience for investors looking to tap into the global markets. With its user-friendly platform and extensive range of tradable stocks, Kwakol Markets stands out as a top choice for stock trading enthusiasts.
One of the key highlights of Kwakol's stock trading service is its vast selection of global stocks. From major exchanges such as the New York Stock Exchange (NYSE) to popular international markets like the London Stock Exchange (LSE), Kwakol provides access to a diverse range of stocks across various sectors and regions. This enables traders to build a diversified, well-rounded portfolio tailored to their investment goals.
AvaTrade is regulated in multiple jurisdictions worldwide, which makes the company a reliable, trustworthy, and transparent brokerage services provider.
AvaTrade allows you to optimize your strategy with excellent trading conditions such as low spreads, transparent pricing of assets, and fast execution on all entry and exit orders. Also, AvaTrade has a variety of trading platforms that are seamlessly accessible on both mobile and desktop devices.
How to categorize a Broker as cheap?
Below are the main criteria that we have considered when making this ranking:
The minimum deposit must be low (or null). A low minimum deposit means that operating the platform does not require a lot of capital.
The Broker should not charge a fixed commission per trade. The Broker must charge commissions because that is what they do, but when they set a fixed rate, it implies that a buy and sell order must have a minimum amount to generate any profit. As an example, if you open a trade for a total value of 20 dollars and the Broker charges a fixed commission of 10 dollars to complete the operation (Opening and Closing), then the trade must generate at least 10 dollars, that is, it must grow 50%. Brokers that do not charge a fixed commission tend to charge high spreads.
Spreads and Overnight Financing should be as low as possible. Related to the previous, if a broker does not charge fixed commissions, the only way to earn money is through margins and overnight financing. Overnight financing costs are levied when a trade is left open until the next day; Brokers charge this cost as if it was a loan, which, indeed, it is. To be considered low, these trading costs should be as low as possible.
Last but not least, the Broker has to be available to clients in Nigeria.
Above we present our Top 3 of the best Trading platforms that we consider as 'Low Cost'.
XM is one of the largest MT4 and MT5 Forex brokers, and has been a popular choice among traders. XM offers an Ultra Low Spread account type, providing raw spreads (starting from 0.1 pips).
Some stats: XM had a 100% execution rate (no rejection of orders), and 99.35% of all orders were executed in less than 1 sec, with a strict no re-quotes policy.
Generally speaking, clients of trading platforms want to pay fewer and smaller commissions. Therefore, we present the top 3 of the cheapest Brokers.