Ideally, the best forex trading apps in Nigeria should have these features, such as excellent trading capabilities, intelligent live data display capabilities, custom views and flexible charts, the ability to lock in profits quickly and simple deposits and withdrawals.
Nigerian forex traders may find it difficult to find a suitable forex trading app because they need to find reliable ones that accept their traders, as well as ones that allow them to trade from any device that is internet-enabled.
Would you like to find out Nigeria’s best Forex trading app? Look no further, we’ve got you covered!
As the number of forex traders in Nigeria rises every day, the forex market in Nigeria has gained a lot of traction over the years.
We have compiled a list of the best forex trading apps in Nigeria so new traders can get started.
What is Forex?
Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another for a variety of reasons, usually for commerce, trading, or tourism.
According to a 2019 triennial report from the Bank for International Settlements (a global bank for national central banks), the daily trading volume for forex reached $6.6 trillion in April 2019.
20 Best Forex Trading Apps in Nigeria
1. AvaTrade – Best Forex Trading App In Nigeria
AvaTrade’s flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards.
AvaTradeGo provides a stable trading experience with an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. AvaTrade’s fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
2. HotForex – Best App for Forex Analysis In Nigeria
HotForex offers trading on Forex, commodities, indices, shares, bonds, and ETFs through the new HotForex HF App.
Other app features include in-app fund transfers, advanced charting, and access to HotForex’s HFcopy and PAMM copy-trading accounts.
Other features include a live rate stream for CFDs on Forex, commodities, stocks and indices, a market news stream and the latest analysis published by the HotForex research team.
With a 5 USD minimum deposit, fast market execution and spreads starting at 1 pip.
3. XM – Fastest Execution Speed In Nigeria
XM is a well-regulated broker supporting MT4 and MT5 native XM apps with three account types: A Micro Account, Standard Account and a commission-based XM Zero Account with super-tight spreads.
Each account offers tight spreads, with the EUR/USD starting at 1.6 pips on the Micro and Standard Account.
The XM Zero Account has spreads down to 0.1 pips with a commission of 7 USD round trip. For beginners, education and research are some of the best globally.
4. FBS – Highest Leverage Mobile Trading In Nigeria
Founded in 2009 and regulated by the FSCA in South Africa, FBS is a hybrid STP/ECN broker offering trading on Forex, commodities, cryptocurrencies, metals, and equities on the MT4 and MT5 trading platforms and the FBS Trader app.
With five live accounts and a minimum deposit of 1 USD on its smallest account, clients have access leverage of up to 3000:1 on most accounts.
Only available on Android, but coming to iOS devices soon, the new FBS Trader app offers an all-in-one multi-asset trading platform for online trading anywhere.
5. IC Markets – Best cTrader Mobile Experience In Nigeria
IC Markets is an Australian ECN broker with two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4, MT5 and cTrader platforms.
Mobile apps are supported for all trading platforms, but for traders interested in the best mobile cTrader experience, IC Market’s cTrader Raw Spread account is industry-leading and available on the IC Markets cTrader app for iOS and Android.
The cTrader Raw Spread Account features a smaller commission than the normal Raw Account (3 USD per lot vs 3.50 USD per lot), and spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair.
The cTrader app provides the same access to tight spreads, deep liquidity and reliable 24/7 customer service that IC Market is known for, it also features single-tap execution and a split-screen interface for tablets.
6. Markets.com – Most Instruments to Trade in an App In Nigeria
Markets.com mobile trading app, called Marketsx, offers fast, low-cost trading on over 2,200 financial instruments.
The app has been natively designed for both iOS and Android, providing a smooth and stable trading experience.
Founded in 2010, Markets.com’s offers trading on financial instruments including stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds.
Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission.
7. XTB – Best Regulated Trading App In Nigeria
XTB has successfully incorporated many of its desktop xStation trading platform’s features into the xStation mobile app.
With a smooth and intuitive design, the transparent charts (also available horizontally) allow clients to track market movements accurately.
XTB has relatively low fees compared to many brokers, with no minimum deposit requirement and spreads averaging 0.9 pips (EUR/USD).
XTB offers trading on over 1500 financial assets including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies.
8. FXTM – Best App for Automated Trading In Nigeria
Through the FXTM Trader mobile app, traders can access FXTM’s complete range of CFDs, including Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies.
With FXTM Trader you can open and close positions in seconds, fetch live currency rates, manage your trading accounts, and supervise your FXTM Invest copy-trading account.
Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker.
9. OctaFX – Low Fees Forex Trading App In Nigeria
One of the most well-known forex trading apps in Nigeria, OctaFX offers forex traders in Nigeria MetaTrader and cTrader (better design + dot mapping features).
OctaFX can be used on web, desktop and mobile devices. Like the other forex trading apps we’ve mentioned on this list, OctaFX allows you to execute your orders quickly.
Other features that this forex broker in Nigeria offers include scalping & hedging, custom indicators and Expert Advising, custom indicators as well as a VPN service (MT4).
Metatrader 4 with their Micro account, MT5 platform with their Pro account and cTrader with their ECN account. All their platforms come with multi-device support for web, desktop & mobile.
10. Alpari – Low Spread Forex Trading App In Nigeria
Another one of the most popular forex trading apps in Nigeria, Alpari offers 3 account t types: Nano, Standard, and ECN accounts. It also supports MT4 & MT5 trading platforms as well as the Alpari stand-alone mobile trading app available on Android and iOS.
You can use Alpari on mobile, desktop and web devices.
You can access multiple timeframe, order types and tools for technical analysis. The Alpari platform also has a news feed and an education section too.
11. IQ Option – Ideal Forex App For Beginner Traders In Nigeria
This Forex trading app offers low minimum deposits to traders in Nigeria. IQ Option is one of the forex trading apps in Nigeria with growing popularity among beginner traders due to its social trading feature and ease of use.
IQ Option offers a wide range of trading tools that include Moving Averages, Bollinger Bands, MACD, and RSI. This force broker in Nigeria offers one live commission-free account. You also get access to educational and research resources for traders.
12. eToro – Best For Copy trading In Nigeria
eToro is an international forex broker founded in 2007 with an impressive user base of over 20 million present in 140 countries. eToro offers commodities, stocks, and forex trading.
eToro’s fees vary with currency, but the average range is between 0.75% and 2.9%. Most users prefer eToro because the broker provides a free e-wallet (called eToro wallet) to store crypto. The eToro wallet is available both on android and iOS. The minimum transaction for eToro wallet is $125, and the maximum is $10,000 with the cost of converting crypto to fiat currency, for example, USD at 5%
One of the major advantages of eToro is that it offers the opportunity to access and trade up to 17 cryptocurrencies. Another benefit is that it has a low minimum deposit amount of $50. Once the account is funded, you can begin investing immediately. eToro’s social trading feature is the best as rated by many traders. Through eToro, you can match trades placed by popular traders.
13. IG – Best Сhoice of Trading Assets In Nigeria
IG is a publicly-traded safe broker that was founded in 1974. As of 2020, IG Markets was the largest broker by revenue, and it is regulated by 17 national regulators, including ASIC, FINMA, FMA, FSA, DFSA, BaFIN, CFTC, Fi, FCA, MAS.
IG is well known for its platforms, tools and its research, and over 19,000 tradeable instruments. The trading instruments offered by IG include ETFs, options, Digital 100s, share CFDs, bonds, indices, interest rates, cryptocurrencies, commodities, and sectors.
IG has a vast range of educational resources and content. This content is in various forms, including; articles, videos, seminars, and guides. The educational resources are grouped according to the level of experience on IG Academy with additional resources like project tracking and quizzes. In addition to this, IG offers a mobile app strictly dedicated to its educational content, and its community boasts of over 64,000 members who provide crowdsourced articles.
14. InstaForex – Best No-Deposit Bonus in Nigeria
InstaForex is a safe and reliable broker headquartered in Limassol, Cyprus, with a global user base of over 7 million traders. InstaForex is known to provide a wide range of services for any trader at any experience level. Most users prefer InstaForex because of its personalized and comprehensive customer support educational services.
InstaForex allows traders to operate a fixed or floating leverage, which may increase the chances for potential gains. However, with this powerful tool comes the potential for huge losses, so it is advisable to set the leverage according to the corresponding instruments. To access higher leverage like 1:400, 1:500, or 1:1000, you have to sign up on InstaForex through their global entities.
While Instaforex does not have a minimum deposit (i.e., you can start from $1), you should always check the instrument you want to trade as various instruments have their margins.
15. Admiral Markets – Best Local Support Trading App In Nigeria
Admiral Markets is regulated by FCA, ASIC, EFSA, and CySEc, and it has its headquarters in the United Kingdom. It was founded in 2011, and its trading instruments include currencies and metals, including gold and silver, energies, CFDs on cryptocurrencies, stocks, bonds, and CFDs trading on indices.
Due to its international presence through 4 worldwide offices, the leverage available on Admiral Markets differs from 1:30 to 1:1000.
Admiral Markets has a minimum deposit of $200. While trading, it is possible for a trader’s losses to exceed their deposit, so you should limit your risk when trading.
The types of accounts offered by Admiral Markets include demo account, mini account, micro account, ECN account, standard account, and STP account.
Also, Admiral Markets has extensive research, support, and educational content that spans video content, articles, daily support, and analytical data for their clients. This gives a bit of confidence and information for a beginner trader on Admiral Markets.
16. Exness – Very Low fees, Local Deposit/withdrawals In Nigeria
Exness is in our recommended forex Trading App list for Nigerian traders. Exness Group is a regulated broker in UK & EU. They offer market Execution (but it is very fast), very competitive spread of as low as 0.3 pips for EUR/USD (with Pro Account) & other pairs, $1 minimum deposit, multiple deposit options & fast withdrawals; it also offers local bank deposit in Nigeria. We recommend Exness for very fast execution & extremely tight spread.
17. FOREX.com – Popular Forex Trading App In Nigeria
Forex.com is another popular choice that is regulated by appropriate authorities. This company is fully licensed to provide forex trading services to international clients, including those who are from Nigeria.
Support for localized deposit and withdrawal is one of the main features that makes Forex.com an attractive option for people in Nigeria.
18. Olymp Trade – Best Reliable Forex Trading App In Nigeria
Olymp Trade is considered a trading system that makes use of an online trading platform. The features and functionality offered respond to the needs of the customers, and most of these features will generally appeal to investors who are just starting out.
Compared to other popular platforms in the market, Olymp Trade provides free registration, and all new members and investors are given 10,000 credits. The free credits can be used by the new member to try out the system and investing platform. Through the use of the demo account, customers can explore their trading skills and try out a few more strategies before trading for real money. The only thing an investor may notice is the absence of incentives. Instead of the usual perks, Olymp Trade provides low investments and starting trade.
19. ExpertOption – Best Online Forex Trading App Experience
ExpertOption is an online trading platform that offers over 100 different financial assets to trade including currencies, stocks, commodities, and cryptocurrencies. Located in Port Vila, Vanuatu, ExpertOption is regulated by the Vanuatu Financial Services Commission with license number 15014.
This broker has been around since 2014 and has over 13 million accounts opened since that time. With over 100 account managers, ExpertOption is one of the most popular and well known trading platforms available.
20. FP Markets – Best Performance-driven Technology Trading App In Nigeria
FP Markets Pty Ltd (FP Markets) was founded in 2005 and is a globally recognised forex and CFD broker with 40+ industry awards. It is authorised and regulated by the Australian Securities and Investment Commission (ASIC), offering negative balance protection and segregation of client funds. FP Markets also has an entity regulated in the EU by the Cyprus Securities and Exchange Commission (CySEC).
The broker provides the ability to trade on more than 10,000+ markets covering Forex, Shares, Cryptocurrencies, Metals, Commodities and Indices. Clients can choose from a range of accounts including the commission-free Standard MT4/MT5 account and Raw MT4/MT5 account that is commission-based but has spreads from 0.0 pips. Advanced traders also have the option of opening Iress accounts that are commission-based but offer a more comprehensive trading package.
ALSO READ: 20 Best Stock Market Simulator Apps In 2022
FAQ on Best Forex Trading Apps in Nigeria
Below are some frequently asked questions on Forex Trading Apps in Nigeria.
Can I trade forex in Nigeria?
Yes, you can trade forex in Nigeria.
Who is the richest forex trader in Africa?
Jabulani Ngcobo is the richest forex trader in Africa. Jabulani Ngcobo was born in 1985 in South Africa. He is a forex trader, mentor, teacher, and author, among other things. Jabulani Ngcobo is a self-made millionaire, according to him, in addition to being one of South Africa’s wealthiest and most influential forex traders. Cashflow Naked is a biography as well as a financial education course. He is one of South Africa’s wealthiest forex brokers, according to sources, with a net worth of $2.4 billion.
Is Forex Trading in Nigeria profitable
For Nigerian Investors, forex trading can be a way to earn wealth. It involves speculating on the rise and fall of a currency’s fluctuations. It has become really popular in Nigeria with an estimated daily trading volume of ₦300-450 million.
Can trading Forex Make You a millionaire
Definitely YES! But, Forex trading isn’t a piece of cake (as some people would like you to believe). Think about it, if it was, everyone trading would already be millionaires. The truth is that even expert traders with years of experience still encounter periodic losses. Drill this in your head: there are NO shortcuts to forex trading.
However, if you still wish to try your hand at forex trading, you should use the following precautions: limit your leverage, maintain tight stop-losses, and use a reputable forex broker. Even though the odds are still stacked against you, these measures at least allow you to level the playing field to some extent.