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Best Forex Trading Apps in Nigeria

We have ranked the best forex trading apps for Nigerian traders after comparing the fees, features, charting tools available at 20+ popular brokers.

ForexNigeria Editor

Forex Trading in Nigeria has now become much easier to do with mobile apps. Almost all brokers offer their app based platforms for both iOS & Android at very competitive trading fees.

But, not all the trading apps are the same, each app has its own pros and cons. Trading apps can be used for many things like, charting, market news feed and data and not just trading and learning all this with demo access.

We reviewed some of the popular brokers that offer their apps to traders in Nigeria and assessed them against 11 features for mobile based trading.

Here is the breakdown of the best forex trading apps in Nigeria and how they compete against each other.

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Comparison Table of Best Forex Trading Apps in Nigeria

Forex Trading App Minimum Deposit Avg. EUR/USD Spread Regulation(s) Availability Available Instruments Visit
Minimum Deposit: $5
Avg. EUR/USD spread*: 1.2 pips
Regulation(s): FCA, FSCA, CySEC
Availability:
Android & iOS
Available instruments: 49 currency pairs, and 100+ CFDs
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Minimum Deposit: $100
Fixed EUR/USD spread: 0.9 pips
Regulation(s): ASIC, FSCA
Availability:
Android & iOS
Available instruments: 55 currency pairs, 1000+ CFDs
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Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Availability:
iOS & Android
Available instruments: 57 currency pairs, 1000+ CFDs
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Minimum Deposit: $10
Lowest EUR/USD spread*: 2.1 pips
Regulation(s): FSC of Mauritius, FCA, CySEC & FSCA
Availability:
Android App & iOS App
Available instruments: 59 currency pairs, 200+ CFDs
Visit Broker

Let’s see the the detailed reviews of each broker in our comparison.

#1 Hotforex MetaTrader App – Best Overall

Hotforex Nigeria

Rating: 9.0/10

Regulations: FCA (UK), FSCA, FSA

Minimum Deposit: $5

Apps Availability: Android & iOS

Fees: Average spread from 1.2 pips for forex with Standard Account

Hotforex is a FCA(UK), CySEC, FSCA regulated forex broker; therefore, considered safe.

They provide a micro account, a premium account and a zero account. They require a minimum deposit of $5, with a spread from 1 pip; minimum deposit of $500, with a spread from 1 pip; minimum deposit of $100, with a spread from 0 pip respectively. All accounts have access to a full range of trading instruments like- their 49 currency pairs, CFDs on commodities, Indices, cryptocurrencies and more. You can also open Naira (NGN) trading accounts.

They provide trading platforms like the MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The app is available in both android and iOS devices. They also provide a very good range of charting tools and trading calendars.

They provide good customer support with a FAQ section, a quick live chat available on their website 24 hours during weekdays, email support and phone support in Nigeria.

#2 AvaTradeGo App – Best Fixed spread platform

Avatrade Nigeria

Rating: 8.8/10

Regulations: ASIC of Australia, CySEC of Cyprus

Minimum Deposit: $5

Apps Availability Platforms:Android, iOS

Fees: Fixed Spread from 0.8 pips for forex trading

Avatrade is regulated with top tier regulators like, FSCA and ASIC. So we consider it to be a safe broker.

Their app have got features like price alerts and real time market quotes on popular stocks. They offer MT4 as the trading platform.

They allow users to register and deposit directly from the app, the app has 1000+ trading instruments, including forex pairs, commodities and more, offer up to 30:1 leverage on various instruments, have a live chat with multi-lingual support, has a wide variety of tools, enables traders to watch market trends in real time, something only AvaTradeGo provides. It is an extremely user-friendly app too, available on both android and iOS devices.

Their customer support is a bit slower than other brokers. They don’t offer 24 hours chat support, it is only available during certain business hours. But they do have a local phone number in Nigeria.

How we selected these Forex Trading Apps

To choose the best forex apps, we reviewed over 20 different brokers and their mobile apps for these 9 important factors:

1) Fees: A trading app with less fees (cost) is always better. Always make sure there aren’t any hidden fees charged by the broker you are choosing.

Some brokers hide fees like funding charges, account maintenance charges. Always ask broker about their overall fees (including any commissions, non-trading charges), not just trading fees.

2) User friendliness: Always check if the app is easy to use for you and if opening & closing trades are complicated.

If you don’t have a demo account on the broker’s app then one of the best methods would be to check others users’ reviews; no one is going to give you a more genuine review than an already existing user. If you have already created your account on the broker’s app, you should also see if the trade execution speed is slow or high- a fast trade execution is always better.

3) Range of trading instruments available: If a wide range of assets aren’t available for trading, you wouldn’t have much options to diversify your investments. Always check what other CFDs are available for trading on the broker’s app other than forex.

4) Accounts available: You have to see if the app provide multiple types of accounts so that you will have multiple options that fit your trading style.

5) Real time data and news feed: Choose an app that offers you real time data, instead of a lag. This will allow you to open & close your positions at the best price.

6) Available order types: The app should offer multiple order types, like- limit orders; which is setting limits to the where you want to open or close your position,. This will allow you to trade safely with stop loss orders.

7) Advanced charting and full functionality: The app should have a huge range of tools and multiple indicators and time frames must be available which will help you to analyze the markets better.

8) App security and safety: Always make sure the app you are planning to download is secure. If it has a 2-step authentication then it is even better. Also test if the app is compatible with your device or not. Make sure it would not crash your device. Also, always read the user reviews to see how popular the app is before installing it.

9) Customer support: Make sure the broker has excellent customer support because if you are a beginner, you will have doubts for sure. The broker’s support & guides should be capable of clearing your doubt as fast as they can and with full efficiency. You shouldn’t feel lost while using any broker’s app.

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