In my article: 20 ways you can make money online in Nigeria by spending almost nothing, I said that you can trade stocks on the floor of the Nigerian Stock Exchange online from the comfort of your home without having to physically meet any stock broker. Several of my readers have contacted me to know how to actually do this. This is the reason for this article.
The world has advanced to online stock trading. Without seeing your broker physically, you can buy and sell stocks all by yourself on the floor of most stock exchange. You may doubt this. But, I have bought and sold stocks several times online directly from the floor of the Nigerian Stock Exchange without seeing my broker physically.
Steps Involved In Trading Stocks Online In Nigeria
1. Choose your online brokerage firm in Nigeria: There are many online brokerage firms in Nigeria. Each of them has their strengths and weaknesses, in terms of customer service and percentage of commission. Just use a search engine to find them out. I won’t recommend any particular one to you because, I am not affiliated to any of them. Just try them out and find out for yourself the one you prefer.
However, due to many requests from thousands of my readers, I wish to list the online stock broking platforms in Nigeria. I am listing them here in no definite order or priority. You need to trade with them to select the one that suits your goals.
NB: Managements of these broking firms should contact us so that we can better promote your services to thousands of our readers world wide. Also, if your firm is not in the list below, you can contact us, so that we can include your company name to the list. You can advertise your products and services on this website and reach out to thousands of people worldwide for just a token.
Here are some online stock broking platforms you can use in Nigeria:
* www.meritrade.com
* www.morgancapitalgroup.com
*www.armstocktrade.com
*www.mytradebook.com
2. Register with your online brokerage firm: Once you have chosen your online brokerage firm, now is the time to register with them. You don’t need to go to their office physically. All documents can be scanned and sent to them via email. In most cases, here are the documents that are required:
– Fill the registration form with your passport attached to the form and scanned. ( The registration form is usually downloadable from the online brokerage firm’s website )
– A scanned copy of a valid means of identification. This can be a driver’s licence, national ID card or international passport.
– Scanned copy of your utility bill. This is required just to verify your address.
3. Log into your online brokerage account: After a successful registration, an email will be sent to you with your account login details. At this stage you can login to your account with the brokerage firms on the “client’s login section” of the company’s website. You can change your login password if you wish.
4 Fund your account: When you login to your online account with your stock brokerage firm, your account balance should be zero. Now, you need to fund your account in order to begin the investment.
You can fund your account through wired transfers or bank deposit. Once you have done this, your account will be funded within some hours. However, to expedite the process, you can put a call to the customer service, stating the amount transferred and your account details. Once they confirm that they have received the money you paid, your brokerage account will be credited immediately.
5. You can begin to trade stocks: Most of the online brokerage firms in Nigeria have a guide on how their website that will help you to use their online trading platform.
During trading hours of the Nigerian Stock Exchange ( or any other stock exchange ) you can log into your account and trade stocks real-time directly on the floor of the Nigerian stock exchange, all by yourself! Trading on the Nigerian Stock Exchange takes place between 9 am and 3.30 pm with 15 minutes each of pre-open and post-closing sessions. During this period, you can buy, sell and monitor the trend and volume of sales and purchases of any stock you want real-time.
Note that the brokerage firm takes a very small percentage as commission each time you sell your stock.
Conclusion
Online stock trading in Nigeria is real and has come to stay. Everyday investors make millions of naira through this process. You don’t have to be left out. I have been doing stocks the old way for many years until I discovered the online stock trading in Nigeria. I have personally invested using the online stock trading in Nigeria for close to five years now.
If you are still in doubt, just use a small amount of money to test-run the investment. If you are not too familiar the techniques involved on how to successfully invest in stocks generally, see several other articles that will improve your knowledge and aid you to avoid losses in stock investment.
What are your views regarding this article? Have you trade stocks online in Nigeria? Let me know your experience by leaving a comment below.
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Thanks for this wonderful piece. It’s comprehensive, Sir.
Thank you Ebuka for your feedback. We are glad to know that this article was helpful.
Very good write I will say.
Good job.
One good thing about online business is the you can be doing it while also being gainfully employ.
You can check my site for some good jobs to apply.
Good luck!