Are you a Forex Trader in Nigeria and you are looking for the Best Forex Trading App in Nigeria? You are in the right place. We combined data from several Forex Trading platforms to provide you with the complete list of the Best Forex Trading App in Nigeria.
For Nigerian Forex traders, besides fees or other charges, the forex trading platform remains the most important consideration while choosing your forex broker. The best forex trading platform should offer downloadable desktop, mobile apps, or web-based trading platforms.
In case you’re considering how to pick the best forex trading app in Nigeria, make certain to search for one with the following features:
- Exchange trading capacities,
- Constant uptime
- Live data,
- Custom views, and
- Flexible Forex Charts, to secure your benefits.
Complete List of Best Forex Trading App in Nigeria
Nigerian traders need the best forex trading app they can depend on, during the trading business. So In order to help you find the best forex trading platform, we have tested all the platforms. Here we go.
1. Hotforex – Best Forex Trading App in Nigeria
HotForex is an award-winning forex and commodities broker, providing trading services and facilities to both retail and institutional clients. Through its policy of providing the best possible trading conditions to its clients and allowing both scalpers and traders using expert advisors unrestricted access to its liquidity, HotForex has positioned itself as the forex broker of choice for traders worldwide.
HotForex offers various account types, trading software, and tools to facilitate individuals and institutional customers to trade Forex and Derivatives online. All Retail, Affiliates, and White Label clients have the opportunity to access various spreads and liquidity via state-of-the-art automated trading platforms.
HotForex provides an unparalleled variety of account options that clients can select to enjoy a tailored trading experience that perfectly suits their needs. Coupled with superior trading conditions and lightning-fast execution, HotForex provides all the tools and services needed for clients of any level to realize their trading ambitions.
Hot Forex Pros
- Hotforex offers MT4 & MT5 that has desktop, mobile & web-based versions
- Lower spread than other forex brokers for most currency pairs
- More technical indicators available in their platform
- Supports news feeds, and multiple order types
- Support copy trading with HF Copy
- We did not find any cons with their platform so far for now. We will update it once we find something new.
2. FXTM Metatrader: Instant order execution & MT5 platform
Established in 2011, the FXTM brand is a global leader in online trading, bringing the opportunities of financial markets to global audiences, wherever they are and whatever their financial ambitions. As one of the successful brands operating within Exinity Group, we are specialists in leveraged trading, giving you the potential to generate financial returns on both rising and falling prices across FX, indices, commodities, and shares.
Whether you’re an experienced trader or completely new to it, they’re here to help you find freedom in the financial markets. The group’s global network of offices and regulations spans Europe, Africa, Asia, and Latin America, and they have already attracted over 3 million clients across 180 countries.
The FXTM platform also supports copy trading. This is an innovative FXTM program where forex traders can invest by copying the manager’s trades.
- MT4 & MT5 platforms that are available for web, desktop & mobile
- Advanced charting tools, indicators, and support for EAs
- Fast Order execution with no freezing or downtime
- A vast range of trading instruments are available
- Newsfeed is available for all traders
- Supports multiple order types including limit orders, stop loss, etc.
- FXTM’s webtrader can only be used for technical analysis as it does not support news updates
- Fewer shares & CFDs available than other platforms
- Their spread & trading fees with their Standard accounts are higher than other forex brokers. But the fees with competitive with ECN accounts.
3. OctaFX MT4: Quick order execution & low fees
OctaFX is one of the Best forex trading app in Nigeria. The OctaFX Forex Trading App is an official checking trading account with built-in tools to help you manage your OctaFX personal profiles, control real, demo, and contest accounts, and manage deposits. This lightning-fast new application with an attractive and easy-to-use design will make you fall in love with it from the first tap.
OctaFX Trading App Deposit-Control shows you how much money you need to deposit to support an existing order or create a new one to catch the latest trend. Enjoy trading with us without worrying that you’ll miss an opportunity or lose your progress.
Their Deposit History feature lets you fill up your balance instantly with recently used deposit volumes and preferred payment options, to follow your strategy and save time tapping numbers in manually.
As well as controlling your trading accounts and monitoring balance statistics, they have added integrations with trading platforms, so you can start trading with no effort at all. Choose an account, choose the trading application and access it via OctaFX Trading App Accounts.
OctaFX Forex Trading App Pros
- Besides offering MT4, OctaFX is one of the few brokers that offer cTrader & the latest MT5.
- Their platforms allow support for hedging, scalping & EAs
- Their order execution time is very quick with 97.5% of the orders executed without any slippage
- They offer local funding & withdrawals via GT Bank on their platforms
- Support for mobile trading (with MT4, MT5, & cTrader), and availability of multiple order types & upto 21 timeframes with their MT5 platform.
OctaFX Forex Trading App Cons
- OctaFX’s MT4 platform has limited assets. Only 28 currency pairs, CFDs on 2 metals, 4 indices & 3 cryptos.
- Although they offer local funding & withdrawals in NGN, Naira accounts are not available currently. You can open a trading account in USD or EUR currency only.
4. XM – Best Forex Trading App
XM offers clients a user-friendly app, which enables them to trade the international markets from 1 login using either a demo or a live account. MT4 users can access their accounts, manage their funds, and perform the full range of functions related to their accounts.
MT5 platform users can use the app to manage their trading accounts and to trade our full range of trading instruments. Users downloading the app for the first time are able to register and manage their account directly from the app, without requiring access to a desktop computer.
Why XM Forex Trading App
The XM MT4 Android Trader allows you to access your account on an Android native application with the same login and password you use to access your account on your PC or Mac.
- 100% Android Native Application
- Full MT4 Account Functionality
- 3 Chart Types
- 30 Technical Indicators
- Full Trading History Journal
- Real-time Interactive Charts with Zoom and Scroll
5. Tickmill – Best Forex Trading App
Designed specifically for traders, our MetaTrader 4 platform provides a user-friendly and highly customizable interface, accompanied by sophisticated order management tools that help you control your positions quickly and efficiently.
MT4 is widely recognized as the world’s favorite Forex trading platform. It offers an easy-to-use user interface, enhanced charting functionality, indicators, and supports MQL language. So, you can easily program indicators and Expert Advisors (EAs) to trade the Forex market 24/5 with no intervention needed from your side.
Combined with Tickmill’s enhanced trading conditions, you’re able to use a globally recognized trading platform accompanied by spreads from 0 pips and 0.20s execution.
Key Features of MT4
- CFDs on Forex, Stock Indices, Commodities, and Bonds.
- Execute your order with no partial fills, as a result of our huge depth of liquidity.
- EA trading facilities by using our VPS services.
- Advanced Technical Analysis, 50+ Indicators, and customizable charting… In 39 languages.
- Trading Signals with an advanced notification system.
Tickmill Trading App Pros
- Metatrader 4 for multiple devices including web, desktop, and mobile.
- Tickmill has No dealing desk platform, so their is no conflict of interest with their clients, and orders are placed directly with their liquidity providers.
- Very competitive spread for most currency pairs & quick order execution speed.
- Their platform supports mutiple charts, order types, and EAs for automated trading.
- Forex trading available on 62 currency pairs.
Tickmill Trading App Cons
- They don’t offer the latest MT5 trading platform.
- Very few trading instruments are other than forex. Their CFD trading options for stock indices, and metals are limited.
6. Apari – Best Forex Trading App
Alpari Mobile is a mobile forex trading platform with extensive trading capabilities from one of the largest international brokers, Alpari. Trade FX directly from your mobile device wherever and whenever it’s convenient!
Alpari Mobile now integrates not only the most relevant analytics from experienced financial traders but also the full functionality of the trading platform. Using the app, you can now gain complete access to the financial market and totally free of charge.
This involves just a few simple steps:
1. Open a MyAlpari account;
2. Fund accounts and withdraw funds;
3. Read analytical reviews;
4. Place orders;
5. Track your trading activity.
6. A large selection of tools for beginners and experienced traders
Here are some of the attractive features alpari, one of the best forex trading app offers:
1. FX trading starting from $1 and €1 at a favorable exchange rate;
2. News, a calendar of events, market overviews from leading analysts, exchange rates, interest rates, and much more;
3. Set limit and market orders, stop losses and take profit, place pending orders, with the option to choose the type of execution;
4. Streaming rates;
5. Instantaneous funding and withdrawal;
6. News, forecasts, and ideas from leading analysts.
Alpari Mobil’s user-friendly and intuitive interface will make FX trading quick and easy even for people with no trading experience. Alpari plans to fine-tune this app on a regular basis, so watch for updates and don’t miss out on all the app’s new tools and functions!
Alpari Trading App Pros
- MT4 & latest MT5 platforms with support on all 3 devices. They also have their own mobile app.
- Instant Order execution with their Nano & Standard account. And very low spread for most currency pairs.
- 46 currency pairs available with their MT5 ECN account, and 18 CFDs.
- Newsfeed & education section is available
- Supports limit & stop-loss orders.
- Alpari has its own app for PAMM account investors.
Alpari Trading App Cons
- Less currency pair options with their Nano & Standard metatrader accounts.
How to choose the Best Forex Trading App in Nigeria?
Best Forex trading app can vary across a wide array, offering distinct functionalities and features. To find the best fit, asking the right questions is important.
If you are a new trader, you would require user-friendly, simple platforms without many indicators or complex order capabilities that could confuse you. Professional or advanced traders could need more advanced indicators on charts and tools, including EAs and code add-ons directly implemented into the platform.
Nigerian forex traders should only choose a platform that is most fit for their trading strategy. Good forex trading platforms simplify research and analysis, making it easy to use even the advanced charting tools, and EAs.
Your trading skills & your strategy should be the factor to determine which platform you should be choosing. In general, be sure to look for one with excellent trading capabilities, live data without any delays, flexible charting tools, EAs and quick order execution.
All forex brokers offer their trading platforms for free to its demo & live customers, and it can be downloaded from the broker’s website.
Here are the tips that you should consider while choosing the best forex trading app:
1. Mobile, desktop & Web Support
Some brokers only permit trading through a web-based interface, or only mobile without any desktop interface.
Choose a broker that offers trading platforms compatible across devices, like mobile and tablet, and also desktop, so you can trade on the go or remotely with ease.
You may suddenly need to open or close your orders, even when you are not in front of your trading screen, so a broker that offers a platform with a mobile interface would allow you to do just that. You will be able to trade easily & conveniently.
2. Support for Multiple Order Types
A good platform will offer you the ability to place multi order types. The most common orders that you may need to place in the market are Market orders, Limit Entry orders, Stop Entry orders, Stop Loss orders, Trailing Stop, One-Triggers-the-Other and many more.
For advanced traders, the availability of multiple order types should be a very important requirement. And beginner traders would also need to place limit orders & stop loss.
So it is even more important for traders to only go for a platform that allows placing all various different types of orders. So ask your broker first, what types of orders do they support in their platform & then decide.
3. Fast Order Execution without delays or Re-quotes
The trading platform should also have been quick to load, place orders, close orders & perform any action when required without freezing or hanging.
Orders should be placed quickly and the trading platform should have a good past record for managing re-quotes with minimal downtime.
Any delay in your order execution can be a difference between a profitable trade or a loss. Search whether your platform has instant/fast order execution or not.
In our research, Forextime offers market execution & XM forex claims no rejection policy with guaranteed execution, and both performed the best in terms of order execution without delays.
4. Technical Tools available in the platform
Does your trading platform offer wide charting tools like trendlines, moving averages, EAs, ability to add technical indicators, and more?
A good trading platform should offer easy access to many technical tools for analyzing the financial instruments and markets.
The platform should also have a multitude of features and functionalities, ranging across browsing charts simultaneously, changing chart types, scheduling and automatic transaction execution, analysis tools, and news updates. Notifications, alerts, analytical objects, technical indicators, and charting tools should be up to the mark.
So look for a platform that has wide tools for technical analysis.
5. News Feed & Educational Updates in platform
Even if you are not the fundamental trader, you still cannot ignore the news. What if you are placing your order without being aware of upcoming news that could affect your trade & increase market volatility that could cause your stop loss to hit.
For this reason, news and educational updates on the platform can offer valuable market intelligence for all traders. Advanced and intermediate traders can benefit from news updates that offer actionable insights before placing any trade.
Moreover, updates on training and free video tutorials in a platform, FAQs, and multilingual support are good bonuses for beginner traders. These offer a good opportunity to get well acquainted with trading tools and build your expertise or further hone your trading skills.
6. Is the spread low?
The spread & trading fees offered by the broker on their platform is absolutely vital consideration.
On each trade executed, you will be charged a fixed or a variable spread by the broker. This is the broker’s fee, which is the difference between buying and selling the price of assets before profits can be settled.
You should choose a platform with a broker that offers the lowest spread for the currency pairs & instruments that you are looking to trade. Moreover, be sure to check out if there are any commissions and hidden charges for using the platform.
Although platforms at most brokers are free, some brokers may even charge extra fees for using their platform, and they may also charge extra fees during inactivity. So make sure to properly check out the broker’s fees for using the platform before choosing it.
Comparison Table of best forex trading App in Nigeria
|Forex Broker||Forex Trading Platform(s)||Supports||Leverage||Account minimum||Trading Platform(s)|
|FXTM||MT4, MT5, Webtrader||Desktop, web & mobile||1:1000||₦2000||50+ Forex, Cryptocurrencies, Metals, Share CFDs|
|Hotforex||MT4, MT5||Desktop, web & mobile||1:1000||$5||Forex, Cryptocurrencies, Metals, Shares|
|OctaFX||MT4 (with Micro account), MT5 (Pro account) & cTrader (ECN account)||Desktop, web & mobile||1:500 (variable)||$100 (₦36,000)||28 currency pairs, 3 Cryptos, CFDs on 4 metals, 10 indices|
|XM||MT4, MT5||Desktop, web & mobile||1:888||$5||Forex, CFDs on Metals, Shares|
|Tickmill||MT4||Mobile, web, desktop||1:500||$100||62 currency pairs, CFDs on 2 metals, 15 indices|
|Alpari||MT4, MT5 & Alpari Invest App||Desktop, web & mobile||1:1000||₦0||46 Forex currency pairs, Cryptocurrencies, CFDs on metals, indices|
The trading platform is one of the most important considerations you need to take into account while searching for the right FX broker in Nigeria.
The platform should have easily usable with symbols like currencies and analysis on different time frames. Technical indicators should be readily accessible.
The best forex trading app in Nigeria should have accurate forex quotes and reliable trade execution. good order placement, management of accounts, technical and fundamental analysis tools, strong data security and minimize system downtime.
Among the popular trading platforms are MetaTrader 4 and 5. These are versatile, popular trading platforms in the currency market. These platforms offer easy charting tools and quick placement of multiple orders, analysis across time frames, and technical indicators for popular currency pairs.
The MT4 and MT5 platforms offer automated trading and social/copy trading features as well. So it is best to choose a broker that offers Metatrader platforms.