Contents
All charges are applied per transaction and deducted automatically at the time of trade execution or fund processing. All amounts are in Nigerian Naira (NGN) unless otherwise stated. Icon Stockbrokers Limited acts as agent — not principal — in all transactions.
1. Trading & Brokerage Charges
Icon Stockbrokers Limited charges a brokerage commission on each completed trade. This commission covers order routing, execution, and account management services.
| Charge | Purchases | Sales |
|---|---|---|
| Brokerage commission | 1.35% | 1.35% |
| VAT on commission | 7.5% of commission | 7.5% of commission |
| SMS charge | ₦6.45 flat per transaction | ₦6.45 flat per transaction |
No minimum commission applies.
Commission is charged on the gross consideration of the trade on both buy and sell transactions. No commission is charged on unexecuted or cancelled orders.
Note: Icon reserves the right to revise its commission schedule with a minimum of 14 days' notice to clients via in-app notification.
2. NGX Regulatory Levies
The following charges are imposed by the NGX and the SEC on all transactions. These are statutory charges collected by Icon on behalf of the regulatory bodies and are non-negotiable.
| Levy | Charged By | Purchases | Sales |
|---|---|---|---|
| SEC transaction / investor-protection charges | Securities & Exchange Commission | 0.30% | none |
| NGX transaction charges | Nigerian Exchange Limited | none | 0.3225%, VAT inclusive |
3. CSCS Settlement Fees
The Central Securities Clearing System (CSCS) publishes transaction charges applicable to NGX transactions. Under the CSCS 2026 published tariff, the CSCS Plc fee for NGX transactions is charged on sales. Equity settlement normally follows a T+1 cycle (one business day after the trade date), subject to applicable market rules and exceptional non-trading days.
| Charge | Charged By | Purchases | Sales |
|---|---|---|---|
| CSCS Plc Fee — NGX | Central Securities Clearing System | none | 0.3225%, VAT inclusive |
4. Stamp Duty
Stamp duty is a federal government tax on securities transactions levied under the Stamp Duties Act (as amended), collected by Icon on behalf of the Federal Inland Revenue Service (FIRS).
| Transaction Type | Purchases | Sales |
|---|---|---|
| Securities transactions | 0.08% | 0.08% |
5. Funding & Withdrawal Charges
5.1 Deposits
| Method | Fee | Processing Time |
|---|---|---|
| Bank transfer (NIBSS / NIP) | ₦0 — Free | Same business day |
| Card payment (Mastercard / Visa) | 1.5% of deposit (max ₦2,000) — charged by payment gateway | Instant |
| USSD payment | ₦0 — Free | Same business day |
Payment gateway charges are imposed by Paystack and are not retained by Icon Stockbrokers Limited.
5.2 Withdrawals
| Amount Band | Fee | Processing Time |
|---|---|---|
| Up to ₦5,000,000 | ₦0 — Free | 1–2 business days |
| Above ₦5,000,000 | ₦0 — Free (subject to AML review) | 2–3 business days |
Withdrawals are processed to the bank account registered on the client's KYC profile only. Large withdrawals may be subject to AML compliance review. The Firm reserves the right to apply a handling charge in future with 14 days' notice.
6. Capital Intelligence Engine (CIE) Subscriptions
CIE provides research, scoring, and investment intelligence reports powered by Cellion Platforms Nigeria Limited. Subscription is optional and billed monthly.
| Tier | Monthly Fee | Included Features |
|---|---|---|
| CIE Basic | ₦0 — Free | Market prices, news, sector data, basic stock overview |
| CIE Subscriber | ₦5,000 / month | All Basic features + stock scores, dividend intelligence, sector rotation signals, monthly research editions |
| CIE Pro | ₦10,000 / month | All Subscriber features + Pro trading signals, advanced model portfolios, priority research access, real-time score alerts |
Subscriptions may be cancelled at any time; cancellation takes effect at the end of the current billing period. No refunds are issued for partial months. CIE subscription revenue is shared with Cellion Platforms Nigeria Limited as the intelligence provider.
7. Account Administration
| Service | Fee | Notes |
|---|---|---|
| Account opening | ₦0 — Free | No charge for onboarding or KYC verification |
| Account maintenance | ₦0 — Free | No monthly or annual account fee |
| Portfolio statements | ₦0 — Free | In-app statements, downloadable any time |
| Contract notes | ₦0 — Free | Automatically generated for each executed trade |
| Bank account change | ₦0 — Free | Subject to compliance review and re-verification |
| CSCS account registration | ₦0 — Free | Provisioned automatically on KYC approval via NaYa Capital OMS |
| Inactive account (no trade in 12 months) | ₦0 — Free | No inactivity fee; account remains fully accessible |
8. Changes to This Schedule
Icon reserves the right to introduce new charges, or revise the Icon brokerage commission, with a minimum of 14 days' prior written notice to clients via in-app notification. Regulatory levies (SEC, NGX, CSCS) and stamp duty are set by the relevant authorities and may change without prior notice from Icon. Updated rates will be reflected in this schedule as soon as practicable after regulatory notification.
Continued use of the App after the effective date of any revised fee schedule constitutes acceptance of the new charges.
9. Contact Us
For questions about charges or billing:
- Email: compliance@iconstockbrokersltd.com
- Post: Icon Stockbrokers Limited, 3rd Floor, Medife House, 58/60 Broad Street, Lagos, Nigeria
- SEC Nigeria: sec.gov.ng