But, not all trading apps are the same, each app has its own pros and cons. Trading apps can be used for many things like, charting, news feed, analysis, and tracking the market.
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.
Comparison Table of Best Forex Trading Apps in Nigeria
| Forex Trading App | Minimum Deposit | Avg. EUR/USD Spread | Regulation(s) | Availability | Available Instruments | Visit |
|---|---|---|---|---|---|---|
|
Hotforex |
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
|
Visit Broker |
|
AvatradeGo App |
Minimum Deposit: $100
|
Fixed EUR/USD spread: 0.9 pips
|
Regulation(s): ASIC, FSCA
|
Availability:
Android & iOS |
Available instruments: 55 currency pairs, 1000+ CFDs
|
Visit Broker |
|
XM Forex |
Minimum Deposit: $5
|
Lowest EUR/USD spread*: 0.8 pips
|
Regulation(s): ASIC, CySEC
|
Availability:
iOS & Android |
Available instruments: 57 currency pairs, 1000+ CFDs
|
Visit Broker |
|
FXTM |
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 |
|
Plus500 |
Minimum Deposit: $100
|
Lowest EUR/USD spread*: 0.8 pips
|
Regulation(s): FSCA, FCA, CySEC & ASIC
|
Availability:
Android App & iOS App |
Available instruments: 71 currency pairs, 2000+ CFDs
|
Visit Broker |
5 Best Forex Trading apps in Nigeria
Here’s our list of the best Forex trading apps for traders in Nigeria:
Let’s see the the detailed reviews of each broker in our comparison.
#1 Hotforex MetaTrader App – Best Overall
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 an 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; a minimum deposit of $500 with a spread from 1 pip; a minimum deposit of $100 with a spread from 0 pip respectively. All accounts have access to a full range of trading instruments i.e. 49 currency pairs and 100+ CFDs on commodities, indices, cryptocurrencies, and more. You can also open Naira (NGN) trading account at Hotforex.
They provide trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The app is available on 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
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 by top-tier regulators like FSCA and ASIC. So we consider it to be a safe broker.
Their trading app AvatradeGO has features like price alerts and real-time market quotes on popular stocks. They also offer MT4 and MT5 trading platforms for web, PC, and mobile devices.
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.
#3 XM MetaTrader App – Low Cost Forex Trading App
Regulations: FCA (UK), ASIC, CySEC
Minimum Deposit: $5
Apps Availability: Android & iOS
Fees: Average spread from 1 pips for forex with Standard Account
XM is regulated by FCA (no. 705428), ASIC (no. 443670), and CySEC (no. 120/10). Hence, trading with XM in Nigeria can be considered very safe. It is quite popular among the Asian and African markets but does not have a local office in Nigeria.
XM allows trading on MT4 and MT5 trading platforms for all the devices. Traders need to download the MT4 or MT5 trading app and register themselves through XM login credentials to start trading in Nigeria.
Traders in Nigeria can start forex trading at XM with a minimum deposit of 5$. The spreads start from 1 pip for the currency pairs which is 1.7 pips for EUR/USD currency pair on the standard and micro account type. The spreads with the Ultra Low account at XM are as low as 0.6 pips but it requires a minimum deposit of 50$. There is no commission on any of the account types at XM.
Naira-based trading accounts are not available and they also charge a currency conversion fee if the deposit currency differs from the base currency of the account. They do offer negative balance protection to Nigerian clients with a maximum leverage of up to 1:888.
The customer support service is resourceful with the live chat window but a local phone number for customer support is not available at XM.
#4 Plus500 App – Proprietary Forex Trading App
Regulations: FCA (UK), FSCA, ASIC, CySEC
Minimum Deposit: $100
Apps Availability: Android & iOS
Fees: Average spread from 0.8 pips for forex with Standard Account
Plus500 is regulated by FCA (no. 509909), FSCA (no. 47546), ASIC (no. 417727), and CySEC (no. 250/14). Due to regulatory compliance from all the top regulatory authorities of the world, Plus500 is considered one of the safest trading app in Nigeria.
Plus500 offers its own trading platform for web, PC, and mobile. Their mobile trading app is convenient, user-friendly, and offers various features to the traders. Traders do not need to download MT4 or MT5 trading platform separately if trading with Plus 500.
They only offer a single trading account which grants access to all the available trading instruments at Plus500. Each account can be converted to a professional account, if eligible. The professional account grants additional features to the traders although the spreads remain the same.
Spreads start from 0.6 pips at Plus500 while the average spread for EUR/USD was found to be 0.8 pip. No commission is charged for executing the trade order.
Plus500 does not offer an NGN-based trading account and charges a currency conversion fee if the account currency is different from the deposit currency. There is no local office in Nigeria and no local phone support available. Clients can resolve their queries through a live chat window and email support.
#5 FXTM App – Forex Trading App With NGN Account
Regulations: FCA (UK), FSCA, CySEC
Minimum Deposit: $10
Apps Availability: Android & iOS
Fees: Average spread from 1.2 pips for forex with Standard Account
FXTM is a very popular trading app in Nigeria. It offers an NGN-based account, has a local office in Nigeria, and provides local phone support with convenient transaction methods through local banks. However, the spreads are slightly higher.
FXTM is regulated by FCA (no. 777911), FSCA (no. 46614), and CySEC (no. 185/12). FXTM is a safe trading app in Nigeria due to multiple foreign regulatory licenses.
The Standard Cent account can be opened with a minimum deposit of 10$ or ₦2000 in which the spreads start from 1.5 pips. Spreads are slightly lower on the standard account that requires 100$ as the minimum deposit. The commission-based ECN account incurs a 2$ commission on each trade with a very tight spread starting from 0.1 pips.
The standard cent account is only compatible with the MT4 trading platform while all the other account types can be opened with either of MT4 or MT5 trading platform. FXTM does not have its own trading platform and traders need to download MT4 or MT5 trading apps separately to trade from their mobile devices.
The customer support service is excellent through phone as well as live chat. Convenient features for Nigerian clients make it a great choice for trading forex and CFDs 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 lesser fees (cost) is always better. Always make sure there aren’t any hidden charges incurred by the broker you are choosing.
Some brokers hide fees like funding charges, account maintenance charges, inactivity fees, currency conversion fees, etc. Always ask brokers 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 quick and convenient or not.
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 isn’t available for trading, you wouldn’t have many options to diversify your investments. Always check what other CFDs are available for trading on the broker’s app other than forex before choosing a broker.
4) Accounts available: You have to see if the app provides 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 and will keep you updated with international trends concerning the capital markets.
6) Available order types: The app should offer multiple order types, like- limit orders; which is setting limits to 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.
Frequently asked questions: Best Forex Trading Apps in Nigeria
Is Forex Trading Legal in Nigeria?
The offline forex trades are executed by banks and dealers authorized by the Central Bank of Nigeria (CBN).
Online forex trading does not have a specific set of guidelines in Nigeria. Although, only licensed foreign brokers are allowed to execute forex trades in Nigeria. It is illegal to trade forex pairs through agents or unregulated brokers in Nigeria.
How to Learn Forex Trading?
There are various educational content available online and offline to learn the basics of forex trading. However, forex trading can be better comprehended through experience. Potential traders can try the demo accounts that are available at almost every broker in Nigeria and educational websites.
How Does Forex Trading Work?
Forex trading involves buying and selling predefined units of a specific currency in return for other currency. If you are buying EUR/USD, you are buying units of EUR by paying USD. Similarly, if you are selling EUR/USD, you are selling EUR in return for USD. The price for each currency pair is volatile and depends upon several factors and market conditions.
Which is the Best Trading App in the World?
Each trading application has its own pros and cons. The service they offer differs from country to country due to regulatory guidelines and several other factors. You should seek a trading app that is well regulated, less costly, offers quality support, convenient transaction methods, and availability in the country of your residence. No single trading app can be considered best for every country in the world.