In this article, we discuss the top 10 best brokerage firms you can trade stocks with online in Nigeria.
Finding the right Stockbrokers is not easy. We have many Stockbrokers who are scammers.
So, you need to be careful before parting out your hard-earned currency to scammers.
Before we continue, I would like to answer the question, “Who are stockbrokers?”
Stockbrokers are financial experts who trade stocks on behalf of investors and earn commission based on agreement. They provide management services, make decisions, advice, and do transactions as instructed by the trader or investor.
Here in Nigeria, we have a body that regulates Stockbrokers called the Security and Exchange Commission (SEC).
Before choosing a stock brokerage firm in Nigeria you need to find out whether it is licensed by the Security and Exchange Commission (SEC).
Also, do a thorough investigation to know their trading history.
One benefit of the Security and Exchange Commission (SEC) to traders/investors is to ensure transparency, safety, and security of the trader/investor in the financial market.
Top 10 Best Stock Brokerage Firms in Nigeria
1. Meristem Securities Limited
Rated the best among list of stock brokerage firm in Nigeria.
Meristem Securities Limited is one of the top stockbrokers in Nigeria providing wealth management service to clients.
Meristem Securities Limited has a trading platform popularly known as Meritrade.
To trade with them you need to download their mobile application and register with them to monitor your trade and also cancel orders from your end.
The most important thing that makes Meristem stand out is its excellent customer service.
You don’t need to wait for months to get a reply and they also provide stock recommendations for traders/investors every week.
Meristem Securities Limited is a platform that is approved by the Nigerian Stock Exchange (NSE) and regulated by the Security and Exchange Commission (SEC).
Major services that they offer include:
- Wealth management,
- Financial advisory,
- Stock trading,
- Corporate benefit tracking and retrieval,
- Financial research, and
- Robust portfolio reconstruction.
2. Cardinal Stone Securities Limited
The biggest of the top stockbrokers in Nigeria
Cardinal Stone Securities Limited remains one of the biggest stock brokerage firms with a trading volume of 76.63 billion units of shares.
Cardinal Stone Securities Limited is a top stockbroker that is recognized by traders/investors in Nigeria.
They are approved by the Nigerian Stock Exchange (NSE) and regulated by the Security and Exchange Commission (SEC) as Stockbrokers in Nigeria.
Cardinal Stone Securities Limited offers the following:
- Equity Investment.
- Fixed income Investments
- Government bonds.
3. Morgan Capital
The most popular of the stock companies in Nigeria
Morgan Capital is a top Stockbrokers company that is popular among traders and investors in Nigeria.
This company stands out among other broker companies through their unique service and low charge for their brokerage services compared to other trading platforms.
Most trading platforms charge brokerage fees as high as 1.35% commission for buying and selling while Morgan Capital charges their trader and investor 0.50% for brokerage fees.
They have a trading platform in which traders and investors can trade and the platform is known as iTrade, users can execute and cancel orders during trading at their end.
According to the report carried out by the Nigerian Stock Exchange (NSE), this company accounted for about 4.75 billion units of stock in trading last year.
4. CSL Stockbrokers Limited
A subsidiary of FCMB Group PLC
CSL Stockbrokers Limited is recognized among traders and investors as one of the top players in the capital market and they remain the people’s favourite.
There are many ways you can open a brokerage account with them. You do it online, at their office, or any branch of FCMB.
Once you become a trader or an investor with them you will receive a piece of regular information concerning the financial market and a guide on what stock to buy.
CSL Stockbrokers Limited has different forms of brokerage fees and the charge depends on the amount.
They charge:
- 1% fee for N100 million and below,
- 0.75% for N100 million to N300 million,
- 0.50% for N500 million, and
- 0.35% for above N500 million.
Their headquarters is 4th Floor, First City Plaza, Marina Lagos State, Nigeria.
5. IBTC Stockbrokers
A subsidiary of Stanbic IBTC Holdings
Stanbic IBTC Stockbrokers is regarded as one of the best in the Nigeria stock market.
They serve from local and foreign investors, multinationals, pension companies, asset management companies and high net worth individuals.
Stanbic IBTC Stockbrokers is worth N94 billion in traded stock and N2.39 billion in shares trade. They charge brokerage a 1% commission for every transaction.
Why trade with IBTC stockbrokerage firm:
- Over a decade stockbroking experience
- Highly qualified and experienced team to work with you.
- Robust trading platform to help execute and monitor your trade.
6. GTI Capital Limited
Top the list of international stock brokers in Nigeria
GTI Capital Limited is one of the best Stockbrokers companies in Nigeria that is recognized both locally and internationally and provides service to corporate and retail clients.
This company was founded in 1998 and is located in London.
GTI Capital Limited offers the following services:
- Stock brokerage and financial services,
- Asset and wealth management,
- Treasury, microfinance, corporate and
- Investment banking, and handholding.
7. BGL Limited
A fast-growing stock financial corporation
BGL Limited is one of the fastest-growing stock brokerage firms that has been operating for a decade in Nigeria. As the name implies BGL means Banc Garanti Limited.
At first, they were operating as a business venture that was in May 1993, and 2 years later they started financial operations.
They work with different types of clients which include government, corporate, and billionaires.
Services that they offer to clients include banking and asset management, and outstanding advisory in finances corporate.
BGL Limited is a registered company with the Nigerian Stock Exchange (NSE), and regulated by the Securities and Exchange Commission (SEC).
In July 2008, BGL introduced the following services: asset management, private equity limited, and added with BGL Security Ltd.
Their major partners include the United Bank of Africa, Commercial Bank in Nigeria, and Continental Trust Bank.
Read more on the best forex brokers in Nigeria with minimum deposit.
8. Sigma Securities Limited
A world-class stockbroker in Nigeria
Sigma Securities Limited is a top Stockbrokers company with excellent financial marketing and has been in the system of delivering quality service to clients for a decade.
This company was launched on May 30, 1995, and its mission is to “give world-class and quality services to aid in the challenges of daily requirements of each of their investors worldwide”.
Sigma Securities is a registered company with the Nigerian Stock Exchange (NSE) and licensed by the Security and Exchange Commission (SEC).
For you to trade in their stock market, you need a minimum of N5 million, and they have a dedicated team that provides financial advice to their traders and investors.
Bestworth Assets and Trust Limited:
The oldest among the best
Bestworth Assets and Trust Limited is regarded as the oldest Stockbroker in Nigeria and it was founded in February 1996.
For over a decade, this company has been full of local and international clients, and they have world-class professionals who tailor their services to meet their clients’ needs.
Bestworth Assets and Trust Limited offers services, products, and solutions to their clients.
They are located at the heart of the central business district which makes them easily accessible to businesses.
The primary mission of this company is to “provide quality, and with excellent customer financial service and state of the art facilities, catering to local and international clients”.
10 Adonai Stockbrokers Ltd
One of the most active stock brokerage firms
Adonai Stockbrokers Ltd. is one of the most active Stockbrokers companies in Nigeria its main focus is to service local clients in Nigeria, and their service is tailored to fit each client’s needs.
Adonai Stockbrokers Ltd has been in the services of rendering financial services to clients for decades and is experienced in handling different financial situations.
This company was registered in 2003 by the Securities and Exchange Commission (SEC) and they are also licensed by the Nigerian Stock Exchange (NSE).
Adonai Stockbrokers Ltd has a over N1 billion on the Nigerian Stock Exchange.
Most of their services include meeting clients’ standards both local and international.
Their mission is to “be able to extend financial advice to their clients while creating special wealth for their clients at its best”
Frequently Asked Questions
Who are stockbrokers?
Stockbrokers are financial experts who trade stocks on behalf of investors and earn commission based on agreement. They provide management services, make decisions, advice, and do transactions as instructed by the trader or investor.
Who is the best stockbroker in Nigeria?
The overall stockbrokers are Meristem Securities Limited, Cardinal Stone and three others as mentioned in this list.
What is the different type of stockbrokers?
Full-service brokers manage your portfolio for you as a trader or investor, but their services are expensive. Discount brokers charges less with limited services such as trading without consultation.
Conclusion On The Best Stock Bokers In Nigeria
Now you have the list of the top 10 best stock brokerage firms and companies in Nigeria.
Before going ahead to choose a stockbroker for yourself you need to do your due diligence.
It is worth doing your research before investing in any of these Nigerian stocks that pays you daily.
We have a lot of scammers who claim to be brokers. One thing you should consider is how regulated this broker is.
A regulated brokerage firm must be registered with the Securities and Exchange Commission (SEC).