Stockbrokers
What will this trade cost me?
Enter a trade value and your broker’s commission. Fees follow the NGX schedule (verified October 2026) and the breakdown updates as you type.
Compare stockbrokers
Ten NGX dealing members ranked for retail investors. Brokerage is negotiable within the 0.75–1.35% band. Online trades usually price at the lower end. Confirm the exact rate with the broker before funding; it feeds straight into the calculator above.
| # | Broker | Min. deposit | App & rating | Commission | Standout |
|---|---|---|---|---|---|
| 1 | Meristem | No published minimum | Meritrade · 4.38☆ (1,679) | 1.35% | Best app; NGX Digital Broker 2018 |
| 2 | United Capital | ₦1,000–5,000 | InvestNow · 4.5☆ iOS (606) | 1.35% | Beginner-friendly; caveat: Android app delisted Apr 2026 |
| 3 | Afrinvest | ₦50 | Afrinvestor 2.0 · 2.76☆ (1,708) | 1.35% | Lowest minimum; 30 yrs research |
| 4 | Stanbic IBTC | Zero balance (company) | App ratings unverified | 0.7% online (company, 2020) | Largest retail franchise; bank integration |
| 5 | CardinalStone | ₦50,000 | CS Alpha · ratings unverified | 1.35% | Africa's Best Broker 2025; NGX #1 by value 2022–25 |
| 6 | Cordros | ₦25,000 | Trade Button portal | 1.35% | Top-3 online platform (Proshare 2020) |
| 7 | Chapel Hill Denham | ₦100 (InvestNaija) | InvestNaija · ratings unverified | 1.0% (cheapest published) | Premier investment bank, est. 2005 |
| 8 | ARM Securities | ₦10,000 | Stocktrade portal | Not published | Research + wealth ecosystem |
| 9 | CSL Stockbrokers | Not published | CSLInvest · ratings unverified | Not published | Oldest (1977); Govt stockbroker |
| 10 | Vetiva | Not published | Griffin Mobile (Android only) | Not published | Research reputation; est. 2003 |
Ranked for retail suitability: low minimum, good app, transparent pricing, reputation. Figures verified October 2026; “not published” means the broker does not disclose it publicly. Commissions are negotiable within the 0.75–1.35% NGX band.
Broker consensus at a glance
Average published broker targets from the latest monthly consensus review, set against the latest close. These are the brokers’ views, collected for information, not Nairaview’s recommendations. How we collect them
| Company | Avg target | Latest close | Upside | Firms positive | Review |
|---|---|---|---|---|---|
| ETI Ecobank Transnational Incorporated | ₦153.59 | ₦74.85 | +105.20% | 4 of 6 | Oct 2026 |
| ARADEL Aradel Holdings Plc | ₦2,557.09 | ₦1,296.00 | +97.31% | 4 of 6 | Oct 2026 |
| ACCESSCORP Access Holdings Plc | ₦42.91 | ₦26.90 | +59.52% | 4 of 6 | Oct 2026 |
| DANGSUGAR Dangote Sugar Refinery Plc | ₦95.21 | ₦65.15 | +46.14% | 4 of 6 | Oct 2026 |
| MTNN MTN Nigeria Communications Plc | ₦1,214.83 | ₦837.00 | +45.14% | 4 of 6 | Oct 2026 |
| NB Nigerian Breweries Plc | ₦97.51 | ₦70.00 | +39.30% | 5 of 6 | Oct 2026 |
| GTCO Guaranty Trust Holding Company Plc | ₦159.95 | ₦119.30 | +34.07% | 4 of 6 | Oct 2026 |
| BUACEMENT BUA Cement Plc | ₦391.50 | ₦298.00 | +31.38% | 4 of 6 | Oct 2026 |
Before you choose
- Ask for the exact commission rate in writing: “negotiable” means it moves.
- Check you get a CSCS statement and can track dividends in your own name.
- Test the app during a trading session, not just the demo.
- Ask how corporate actions (bonuses, rights) are handled and what they cost.
No Nigerian stockbroker currently runs a publisher affiliate programme; this page takes no referral fees. New to how brokerage works? Read what a stockbroker does and how CSCS accounts work.