Africa witnessed a growth of more than 50% in the number of retail online traders since mid-2020. Among the African nations, online trading activities have grown the most in Nigeria due to cheap mobile data, mobile devices, resourceful features offered by the online brokers. The sizable young population in Nigeria has taken a keen interest in online trading. Eagerness to participate and desire to get rich quickly has made online trading trendy in Nigeria.
Many online brokers have multiple fee structures based on services and features offered to them. Multiple account types with different fee patterns are offered by online brokers to suit every type of trader.To execute a trade order with traditional brokers, traders are required to make a call to their broker and provide trade information. This processing is less flexible and consumes more time to process the trades. Prices could change during this time.
A traditional broker provides access to a limited number of instruments and markets. Many international markets were out of reach to Nigerian traders before the introduction of online trades. More trading instruments create more trading opportunities and allow traders to choose the most suitable market.The live market trends, news, and updates are available to every trader online. It is much easier to stay up to date with the latest events across the globe that can impact the capital markets.