As you know there are tons on the internet to choose. And the market is filled with various types of fraudulent sites, which can result in immense losses on behalf of new investors. Therefore, while choosing a trading platform for yourself, you should be extra attentive and always search for reliable recommendations.
A new trader is often unsure of which system to choose. Well, how about the simplest one? You can make money using simple software or apps even if you are new to trading. There are many “trading for dummies” products out there on the market. But, what is the best one? Which platform is the easiest to use?
Charles Schwab: Best for ETFs
4.7
- Account Minimum: $0
- Fees: Free stock and ETF trading, $0.65 per options contract
Schwab is a full-service investment firm that ranks highly across many of our scoring categories, let alone for ETFs. Schwab often sits top five and frequently top three throughout our categories, getting edged by slightly more focused offerings. When it comes to ETFs, however, Schwab continues to be our pick. This is largely on the strength of its ETF screener combined with the general quality of its overall offering, including education around ETF investing and portfolio analysis tools for everyday investors. Schwab makes the process of investing in ETFs simple while still providing excellent research and multi-criteria screening for investors who want that depth prior to making a decision.
Pros
- StreetSmart Edge ETF screener has 150+ screening criteria
- The StreetSmart Edge platform is customizable and robust
- Schwab is an excellent broker overall beyond the ETF specific functionality
Cons
- To get the best ETF screener, investors need to work through StreetSmart Edge.
- Outside of ETFs, Schwab can be a bit pricey on options, and futures are traded through a separate platform – something to keep in mind if you intend to trade in those assets
AvaTrade – Best Broker in Nigeria for Automated Trading
Many traders in Nigeria are turning to automated trading solutions. This typically comes in the form of a forex EA (Expert Advisors) or robot. Either way, we found that AvaTrade is one of the best brokers in Nigeria for automated trading. This is because the provider is fully compatible with MT4 and MT5.
In fact, AvaTrade goes one step further by also offering support for ZuluTrade, MQL5, and Duplitrade. These third-party platforms and tools offer everything you need to deploy a fully automated trading system. When it comes to supported markets, AvaTrader covers dozens of currency pairs, indices, bonds, stocks, ETFs, and cryptocurrencies.
These markets are all offered in the form of CFD instruments – meaning that short-selling and leverage can be achieved at the click of a button. A crucial stand-out selling-point of AvaTrade is that broker is regulated in six different jurisdictions. This ensures that your trading capital is protected at all times. AvaTrade is also popular with traders in Nigeria for its low fee structure. The platform builds all trading fees into the spread – meaning that you can trade commission-free.
AvaTrade is also popular with traders that are followers of the Islamic faith. This is because it offers an Islamic trading account – which ensures that no swaps are charged on positions carried over to the next day. This account type is also inclusive of Halal oil trading and Halah indices trading. Getting started at AvaTrade should take you no more than a few minutes. The broker supports debit/credit cards and bank transfers – and the minimum deposit is just $100.
Pros:
- Zero commissions and tight spreads
- Supports MT4/MT5
- A great trading platform for automated trading
- Regulated in several jurisdictions
- No deposit or withdrawal fees
- Low deposit requirement of just $100
What we don’t like:
- No traditional investments
- Charges inactivity fee
Skilling – Best Broker in Nigeria for Mobile Trading
Skilling is an online CFD and forex trading platform that is very popular in Nigeria. In particular, this top-rated broker offers one of the best mobile trading apps that we have come across. Available on both iOS and Android – Skilling makes the process of buying and selling CFD instruments on the move a seamless one.
The Skilling trading app gives you access to 800 highly liquid markets. This includes hundreds of shares – most of which are listed on the NYSE and NASDAQ. You can also access energy markets on oil and natural gas, hard metals, forex, and indices. Each and every financial market offered by Skilling can be traded commission-free and with super-tight spreads. In fact, this starts at just 0.1 pips – which is industry-leading.
Although many traders in Nigeria opt to use the Skilling mobile app – the broker also offers support for third-party platforms. This includes MT4 and cTrader. Both of these platforms allow you to deploy forex EAs and robots – so Skilling is also suitable if you’re looking to incorporated an automated trading strategy. We should also note that Skilling offers high levels of leverage. Depending on your account type and the respective asset class – this goes as high as 1:500.
This means that for every $100 you stake – you could have access to up to $50,000 in trading capital. When it comes to safety, although Skilling was launched as recently as 2019, the platform is authorized and regulated by European regulator CySEC – so you will benefit from a range of water-tight investor protections. Getting started at Skilling takes minutes and you can easily deposit funds with a debit/credit card, e-wallet, or bank wire. The minimum deposit is $100.
Pros:
- More than 800 financial instruments
- Commission-free share trading with tight spreads
- Great for newbies
- Supports algorithmic trading
- Compatible with MT4 and cTrader
- User-friendly mobile app for iOS and Android
What we don’t like:
- Does not support ETF trading
Pepperstone – Best Broker in Nigeria for Raw Spread Accounts
Raw spread accounts are super popular with those that wish to trade directly with other market participants. In a similar nature to the previously discussed DMA account at IG, Pepperstone’s Razor Account will get you access to the best spreads available in the market. In fact, on major markets like forex – you will often have the luxury of paying no spreads.
Instead, Pepperstone will charge you a small commission of $3.50. This makes the broker ideal for those that seek to trade larger volumes. You should also expect super-fast execution times at this broker – with Pepperstone averaging just 30 ms (Milliseconds) per position. This is because the provider uses multiple Tier 1 banks for liquidity purposes. We should note that Pepperstone is also suitable for casual traders.
This is because it offers a Standard Account that comes with commission-free trading. This will, however, attract higher spreads (starting from 1 pip). Either way, you will have access to 180 liquid marketplaces at Pepperstone. This covers a great variety of stocks, indices, currencies, hard metals, and energies. When it comes to trading platforms, Pepperstone is compatible with cTrader, MT4, and MT5. Once again, these platforms are great for experienced pros and those looking to deploy a robot.
Although Pepperstone is arguably more geared towards professional traders – the platform does not have a minimum deposit policy in place. This means that you can trade with any amount that you like. Plus, Pepperstone also offers demo trading facilities. All you need to do to gain access is open an account with Pepperstone and then log into your chosen third-party trading platform. Finally, Pepperstone is heavily regulated – which includes a license with the FCA.
Pros:
- Compatible with numerous platforms
- 0% commission accounts
- Raw accounts for zero spreads
- FCA licensed
- Accepts PayPal
What we don’t like:
- No proprietary platform
- Doesn’t offer ETFs
cTrader
cTrader is a multi-asset trading platform which allows users to trade Forex as well as other CFDs with high-speed execution. cTrader only functions as an ECN (Electronic Communication Network) platform and will only connect traders directly to the global Forex market. What this means is that cTrader will not permit any dealing desk intervention, automated or otherwise. cTrader offers a fully customizable layout and traders can pick a chart-only layout or the default option which includes analysis and trading news.
The charts on offer are also customizable and allows traders to display different charts side-by-side, or toggle between them. For users who tend to trade with a certain set of currencies, the platform allows them to create a “favourites” window with easy access to their most-traded currency pairs.
Conclusion
There are three main types of trading platforms: ECN brokers, ‘Traditional’ brokers and Futures brokers. Each one has it’s own unique advantages and disadvantages which you should be aware of as a new trader. This FAQ aims to answer some of the most common questions beginners have, helping you to make an informed choice when choosing a broker that’s right for you.