7 Best Day Trading Apps in Nigeria
The 7 Best Day Trading Apps in Nigeria revealed. We tested and verified the best day trading apps for Nigerian Traders.
This is a complete list of the best day trading apps in Nigeria.
In this in-depth guide you’ll learn:
- What is a Day Trading App?
- Which day trading platform is the best for Nigerian Traders?
- Which day trading app trades with stocks?
- Which day trading app is best for beginner traders?
- Which day trading app can you trade in cryptocurrency?
- Which Day Trading Apps offer IOS and Android compatibility?
- Which day trading app offers a low minimum deposit of $5 (2 071 NGN)?
- Which brokers offer a signup bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best day trading apps for Nigerians…
Let’s dive right in…
- Louis Schoeman
What is a Day Trading App?
👉 Definition: A day trade occurs when you buy and sell (or sell and buy) the same security in a margin account on the same day. Day Trading apps offer day trading for Nigerian Traders.
Best Day Trading Apps in Nigeria (Updated 2023) – Comparison
| 🥇 Broker | ✔️ Android Compatible? | ✔️ IOS Compatible? | 💸 Minimum Deposit (₦) | 💰 NGN Deposits Allowed? | 👉 Open An Account |
| 1. TD Ameritrade | Yes | Yes | 776 000 NGN | Yes | 👉 Open Account |
| 2. IBKR | Yes | Yes | None | Yes | 👉 Open Account |
| 3. HFM App | Yes | Yes | 2 071 NGN | Yes | 👉 Open Account |
| 4. Tickmill MT4 app | Yes | Yes | 41 433 NGN | Yes | 👉 Open Account |
| 5. Trading Point App | Yes | Yes | 2,000 NGN | Yes | 👉 Open Account |
| 6. cTrader app from Pepperstone | Yes | Yes | 60, 700 NGN | Yes | 👉 Open Account |
| 7. OctaFX app | Yes | Yes | 10, 358 NGN | Yes | 👉 Open Account |
7 Best Day Trading Apps in Nigeria (Updated 2023)
- TD Ameritrade – Overall, Best Day Trading App in Nigeria
- IBKR – Best Advanced Trading Features Broker
- HFM App – Best Day Trading App with NGN Accounts
- Tickmill MT4 app – Best MetaTrader4 (MT4) Broker in Nigeria
- Trading Point App – Best Day Trading App with No Commissions
- cTrader App from Pepperstone – Best Broker with No Withdrawal Fees
1. TD Ameritrade
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA, CFTC, MAS
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 TD Ameritrade’s iPhone and Android apps are designed to increase day trading capabilities. Nigerian traders can trade stocks, options, futures, and currencies using TD Ameritrade Mobile.
👉 More than 300 technical charts and indicators make it easy to keep track of your positions. Select securities can be traded 24 hours a day, seven days a week, with 24/5 trading. A wide range of international markets and specific sectors are available to Nigerian investors.
👉 With this robust app from TD Ameritrade, users can trade stocks, ETFs, and options, monitor your portfolio, set price alerts, access watchlists, and get 3rd-party research all from the same place.
Features
| Feature | Information |
| 📱 Associated Broker | TD Ameritrade |
| ✔️ iOS compatible | Yes |
| ✔️ Android Compatible | Yes |
| 💵 Assets offered | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets |
| 💸 Fees Charged | Spreads, commission, minimum deposit |
| 📈 Crypto trading offered? | No |
| ✔️ User-friendly? | Yes |
| 🥇 Ratings | • Google Play – 3.5/5 • App Store – 4.5/5 |
| 💳 Minimum deposit | 776 000 Nigerian Naira to open a margin account |
| ✔️ Demo Account | Yes |
| ✔️ Pros | ❌ Cons |
| Trade stocks and exchange-traded funds (ETFs) without paying a commission. | Fractional shares are not offered |
| It is completely free to do research. | High minimum deposit to open a margin account, which is required for day trading |
| Trading platforms of superior quality. | |
| There is no minimum account size. | |
| Excellent client service. | |
| There is a large selection of investments. |
Our verdict
👉 The TD Ameritrade app is an excellent option for experienced Nigerian day traders. More than 300 technical charts and indicators, as well as other helpful tools and features, allow you to manage your positions effectively.
👉 24/5 trading allows you to trade certain assets at any time of day or night, seven days a week. You have the option of expanding your choice of stocks to include securities from international marketplaces and certain sectors.
2. IBKR
Overview
👉 Interactive Brokers has been chosen the best online broker by Barron’s for the past four years in a row, enhancing investment automation and services throughout the course of four decades.
👉 A total of 135 markets in 23 currencies are available to Nigerian IBKR clients from over 200 countries. Hedge funds, proprietary trading groups, financial advisors, and brokers in Nigeria all benefit from IBKR’s advanced technology.
👉 Low execution costs, high-quality trading services, portfolio management tools, research services, and a wide choice of investment products are offered by the company to its Nigerian customers.
Features
| Feature | Information |
| 📱 Associated Broker | Interactive Brokers |
| ✔️ iOS compatible | Yes |
| ✔️ Android Compatible | Yes |
| 💵 Assets offered | Forex stocks, options, futures, crypto and bonds |
| 💸 Fees Charged | Spreads, commission, transaction fees, inactivity fees |
| 📈 Crypto trading offered? | Yes |
| ✔️ User-friendly? | Yes |
| 🥇 Ratings | • Google Play – 3.1/5 • App Store – 2.9/5 |
| 💳 Minimum deposit | None |
| ✔️ Demo Account | Yes |
| ✔️ Pros | ❌ Cons |
| A diverse range of products and services available throughout the world and across asset classes | The SmartRouter feature of IBKR is not available to IBKR Lite clients. |
| Order execution that is second to none | It can be scary for those who are less experienced and less active. |
| Trading instruments of exceptional quality | There will be no backtesting of proprietary trading algorithms or automated trading in the future. |
| Interest rates on margins are at historically low levels. |
Our verdict
👉 Customers in Nigeria benefit from the company’s low execution costs, high-quality trading services, portfolio management tools, research services, and a diverse selection of investment products. However, intermediary traders will find it hard to navigate the app’s complex functionality, making it a good fit for truly experienced traders.
3. HFM App
Overall Rating
- 4.8/5
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 The HFM app from HFM features a slew of useful trading tools. There is unfortunately no free service like Autochartist, which other brokers offer.
👉 HFM’s own in-house market research is housed in the HFM app. It focuses on a market news blog that focuses on fundamental and technical analysis and trader education, as well as market analysis.
👉 Nigerian traders are able to obtain monthly and quarterly forecasts, video analysis, special reports, and intraday charts from here.
👉 Additionally, Nigerian traders are able to listen to the HFM podcast, which provides a detailed look at current market moves and a preview of upcoming events that could affect the market.
👉 According to HFM’s experts, their in-house research is on par with that of other prominent international Forex brokers, which is a good thing.
Features
| Feature | Information |
| 📱 Associated Broker | HFM |
| ✔️ iOS compatible | Yes |
| ✔️ Android Compatible | Yes |
| 💵 Assets offered | Forex, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 💸 Fees Charged | Spreads, commission, inactivity fees |
| 📈 Crypto trading offered? | Yes |
| ✔️ User-friendly? | Yes |
| 🥇 Ratings | • Google Play – 4/5 • App Store – 3.9/5 |
| 💳 Minimum deposit | Yes |
| ✔️ Demo Account | Yes |
| ✔️ Pros | ❌ Cons |
| There are tight, competitive spreads from 0.0 pips on EUR/USD | HFM only offers a few deposit and withdrawal methods to Nigerians |
| There is a demo account for beginners who are learning to trade and professional traders who are testing strategies | |
| Nigerian traders can register a trading account in either USD, ZAR, or NGN | |
| Several asset classes can be traded through HFM | |
| Nigerian traders have access to MetaTrader 4 and 5 across desktops, mobile apps, and web-based platforms |
Our verdict
👉 The HFM app from HFM is a popular option amongst Nigerian day traders for its ease of use, broad-based compatibility and its wealth of tools and indicators.
4. Tickmill MT4 app
Overall Rating
- 4.7/5
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 It is possible to access your trading account from any location at any time using MetaTrader 4’s mobile platform. Other traders can also benefit from the free chat feature.
👉 With the help of automated trading robots known as Expert Advisors, MetaTrader 4 provides an automated trading capability (EAs). It is possible to use EAs to assess quotes and make trades.
👉 These robots, or EAs, can be downloaded for free from Code Base, a library of free EAs, indicators, and scripts. The Market, an online retailer, also sells and rents them. Professional MetaTrader freelance developers also offer the option of customizing EAs.
Features
| Feature | Information |
| 📱 Associated Broker | Tickmill |
| ✔️ iOS compatible | No |
| ✔️ Android Compatible | Yes |
| 💵 Assets offered | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 💸 Fees Charged | Spreads, commissions |
| 📈 Crypto trading offered? | Yes |
| ✔️ User-friendly? | Yes |
| 🥇 Ratings | • Google Play – 3.8/5 • App Store – 4/5 |
| 💳 Minimum deposit | Yes |
| ✔️ Demo Account | Yes |
| ✔️ Pros | ❌ Cons |
| XM has more than 5 million active clients from around the world | Inactivity fees apply |
| Client fund safety is guaranteed, and XM offers investor protection to Nigerian traders | There are no fixed spreads offered |
| XM has won several industry awards since its establishment in 2009 | |
| There are no commissions charged on either deposits or withdrawals | |
| XM is a low-cost forex broker with a high trust score |
Our Verdict
👉 Tickmill, a STP broker, relies heavily on industry-standard infrastructure for speedy execution. Trading with Tickmill is a great idea because of its free premium tools, extensive educational materials, and advantageous trading conditions.
👉 Free and paid signals can be obtained in the Signals section of the trading platform as well as on the company’s official website. You don’t have to leave the platform to follow a signal provider’s moves.
5. Trading Point App
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Overview
👉 Newbies and experienced traders in Nigeria alike can benefit from XM’s online FX and commodity trading app. Traders can open a genuine account with the trading program or test the waters with a $100,000USD virtual currency trial account platform.
👉 Auto trading, no hidden costs or commissions, and 99.35 percent order executions in less than a second are some of the features of this broker service.
👉 XM’s Trading Point app is a smooth-running, multi-featured platform for Nigerian day traders that provides speedy execution.
Features
| Feature | Information |
| 📱 Associated Broker | XM |
| ✔️ iOS compatible | Yes |
| ✔️ Android Compatible | Yes |
| 💵 Assets offered | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| 💸 Fees Charged | Spreads, commissions, minimum deposit |
| 📈 Crypto trading offered? | Yes |
| ✔️ User-friendly? | Yes |
| 🥇 Ratings | • Google Play – 4.6/5 |
| 💳 Minimum deposit | Yes |
| ✔️ Demo Account | Yes |
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Currency conversion fees will apply for Naira deposits |
| Tickmill has a very high trust score and is known for its competitive trading conditions | There are no fixed spread accounts offered |
| There are several convenient funding options available including Skrill, Neteller, and others | The spreads are not the tightest |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others |
Our Verdict
👉 It’s safe to say that XM is a household name in the Forex market. MetaTrader 4 and MetaTrader 5 trading platforms have been enhanced, and Nigerian XM users now have access to over 1,000 assets, all at competitive prices on the Trading Point app.
👉 Starting with a $5 deposit, XM’s Zero account option appears to be a viable choice for Forex traders in Nigeria. For depositors with a few hundred dollars, the fees are competitive.
👉 There are over 1,200 distinct stocks and shares that can be traded. XM’s reputation has risen above the competition thanks to the company’s long history and excellent regulatory status.
6. cTrader App from Pepperstone
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
Overview
👉 The cTrader app is easy to use and has a sleek, contemporary look. Indicators and tools are included “out of the box” with cTrader to help you get the most out of the financial markets and your trading. Installing cTrader is highly recommended if you want a more immersive trading experience.
👉 It provides direct access to the interbank market and other features, including algorithmic-based trading systems, a wide variety of pre-sets, and detachable charts. Trading in volatile markets is made easier with improved charting and order management tools.
Features
| Feature | Information |
| 📱 Associated Broker | Pepperstone |
| ✔️ iOS compatible | Yes |
| ✔️ Android Compatible | Yes |
| 💵 Assets offered | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| 💸 Fees Charged | Spreads, commissions, minimum deposit |
| 📈 Crypto trading offered? | Yes |
| ✔️ User-friendly? | Yes |
| 🥇 Ratings | • Google Play – 4.6/5 • App Store – 5/5 |
| 💳 Minimum deposit | Yes |
| ✔️ Demo Account | Yes |
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Nigerian traders do not have a Naira-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There are some leverage restrictions |
| Well-regulated by some of the top market regulatory entities | |
| Pepperstone accepts Nigerian traders and provides a plethora of educational material for beginners | |
| There is a demo account and Islamic account offered | |
| There are several funding options offered to traders | |
| Deposit fees and withdrawal fees are not charged |
Our Verdict
👉 For FX and equity index trading, Pepperstone offers low fees and excellent customer service. Deposits and withdrawals are free of charge.
👉 Nigerian customers who trade Forex and CFDs with Pepperstone can take advantage of affordable pricing, excellent customer service, and an extensive selection of third-party platforms, including several options for social copy trading.
👉 cTrader’s powerful charting tools and lightning-fast reaction times provide Nigerian customers an advantage in the competitive foreign exchange market with Pepperstone.
7. OctaFX App
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 OctaFX is the place to go if you want an ECN Forex broker and CFDs on indices, metals, and cryptocurrencies.
👉 In terms of forex trading apps offered to Nigerian traders, OctaFX stands out as one of the best due to its user-friendly interface, dot mapping capabilities, and industry-lowest fees. Custom indicators, experienced advisors, a VPN, and more are all included in the program.
Features
| Feature | Information |
| 📱 Associated Broker | OctaFX |
| ✔️ iOS compatible | Yes |
| ✔️ Android Compatible | Yes |
| 💵 Assets offered | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies. |
| 💸 Fees Charged | Spreads, Overnight Fees |
| 📈 Crypto trading offered? | Yes |
| ✔️ User-friendly? | Yes |
| ⌨️ Reviews | • Google Play – 103,900 Votes • App Store – 375 Reviews |
| 🥇 Ratings | • Google Play – 4.3/5 • App Store – 4.5/5 |
| 💳 Minimum deposit | 41,000 Nigerian Naira equivalent to $100 |
| ✔️ Demo Account | Yes |
| 📱 Nigerian Market Share | 3% |
Average Fees
➡️ App Cost – Free
➡️ Minimum spread – 0.6 pips EUR/USD
➡️ Overnight Fees – EUR/USD is -0.64 pips on a short (sell) position, and -1.03 pips on a long (buy) position.
| ✔️ Pros | ❌ Cons |
| Instant deposits and instant withdrawals are available | Limited account base currency options |
| Copy-Trading accounts are offered through the app | Limited selection of retail investor accounts |
| There are several social trading opportunities | Limited selection of tradable instruments |
| All types of traders are welcome | |
| Offers commission-free trading to Nigerian traders | |
| Unlimited virtual trading platform |
Our Verdict
👉 OctaFX has a wide range of trading accounts to choose from. Copy-trading and bonus promotions are also available with OctaFX. A wide range of research tools is also available.
👉 In the foreign exchange market, OctaFX is a significant contender thanks to its low spreads and low trading fees.
👉 OctaFX is one of the top forex brokers for Nigerians offering an in-house app. OctaFX’s trading expenses are among the lowest in the business, significantly lower than those of its competitors.
Overview
👉 Forex day trading involves buying and selling currencies within the course of a single trading day. Small market moves are taken advantage of by forex day traders by trading various currency pairings at the same time or even many times a day.
Top 10 Brokers in Nigeria
Broker
Rating
Regulators
Min Deposit
Leverage
Sign Up Bonus
Spreads
Website
Top 10 Brokers
Broker
Deposit
Leverage
Website
👉 Experienced traders in Nigeria will require comprehensive apps that are feature-rich and allow for ultra-fast execution in order to make the most out of their day trading endeavours.
How to choose a Forex trading app for experienced traders
👉 Regardless of the fact that each forex trading platform and app seeks to fill a specific gap in a certain niche market, the most reputable and trustworthy trading applications all share the following aspects:
Diverse functionality
👉 Choose a forex trading app that is user-friendly for all types of traders. Using the correct software can guarantee that you are always aware of what is going on with your investments.
👉 If you are a sophisticated investor in Nigeria, you want an app that is focused on the consumer, which is why it should be effective for both novice and experienced traders. Even though you do not require the app to do all of your trading for you, you are aware that it will make your life easier.
Competitive spread conditions
👉 As a forex trader in Nigeria, “spread” is basically your forex broker’s compensation on your deal when the bid and ask price of a currency diverge.
👉 Despite the fact that most spreads are merely a fraction of a single unit of the currency you’re dealing, high-frequency traders may soon see a big percentage of their profits eaten away by fees and charges.
👉 Be sure to search for a good forex broker that charges reasonable fees, as this will help you limit your losses. While it is necessary to budget for spreads and commissions, you should not go over the budget.
👉 It is likely that you are preparing for the future, and you deserve to save as much of your money as you can.
The ability to provide real-time updates
👉 To make the best potential trades, Nigerian day traders will need the most up-to-date value information on a currency at all times.
👉 Since mobile devices have less processing capacity than desktop PCs, this can cause issues during transactions.
👉 Before committing to an app, conduct a few short test trades to confirm that it can provide you with the trade and streaming speed you require to execute your currency trades on your chosen forex trading app.
Advanced features
👉 When it comes to using forex trading software, advanced analytics and tracking assist you discover the best currencies to buy or sell on any given trading day in Nigeria. Selecting a currency shorting app is another option.
👉 Currency alerts, software-driven notifications and historical data ensure that you’re making the right decisions at the right time.
👉 When it comes to spending their hard-earned money, investors never know what to expect from the markets, so that advanced analytical capabilities in a chosen app can help them make the best decisions.
How to choose a forex broker
👉 Nigerian traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives and/or needs.
Regulations and Licenses
👉 This is the first important component that traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others. Nigerians must beware when dealing with brokers that only have offshore regulations such as FSA, SVG BVI, FSC, and others.
Account Features
👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.
Deposits and Withdrawals
👉 Nigerians must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits among other trading and non-trading fees.
Range of Markets
👉 The range of markets offered refers to the number and range of tradable instruments that the broker offers. Nigerians must consider what they wish to trade and what is available.
Customer Support
👉 Customer Support is another crucial factor and Nigerians must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.
Trading Platform
👉 A trading platform is the Nigerian trader’s portal to the financial markets. Traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.
Education and Research
👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:
➡️ eBooks
➡️ Trading guides
➡️ Trading knowledge on leveraged products
➡️ A risk warning on complex instruments
➡️ Educational videos
👉 Research can include some of the following:
➡️ Trading tools
➡️ Commentary
➡️ Status of International Markets
➡️ Price movements
➡️ Market sentiments
➡️ Whether there is a volatile market
➡️ Exchange Rates
➡️ Expert opinions and several other resources can help experienced traders make informed trading decisions.
The Best Forex Brokers in Nigeria
👉 In this article we have listed the best day trading apps for experienced Nigerian traders. Of these, we have identified the brokers which offer additional services for Nigerian traders.
Best Forex broker with free research for experienced Nigerian day traders
Overall Rating
- 4.7/5
Min Deposit
$0 / 0 NGN
Regulators
SEC, FINRA, CFTC, MAS
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, TD Ameritrade is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for day trading in Nigeria. Regarding spread and security, TD Ameritrade guarantees fast trading speeds from a few milliseconds when day trading in Nigeria. In terms of users, TD Ameritrade has over 11 million registered clients.
Best Forex broker with advanced trading features for experienced Nigerian day traders
👉 Overall, Interactive Brokers is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for day trading in Nigeria. Regarding spread and security, Interactive Brokers guarantees fast trading speeds from a few milliseconds when day trading in Nigeria. In terms of users, TD Ameritrade has over 1.6 million registered clients.
Best Forex broker with NGN accounts for experienced Nigerian day traders
Overall Rating
- 4.8/5
Min Deposit
USD 0 / 0 NGN
Regulators
FSCA, CMA, CySEC, DFSA, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, HFM Trading App
Crypto
No
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HFM is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker or day trading in Nigeria. Regarding spread and security, HFM guarantees fast trading speeds from a few milliseconds when day trading in Nigeria. In terms of users, HFM has over 2.5 million registered clients around the world.
Best MT4 app Forex broker for experienced Nigerian day traders
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Tickmill is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for day trading in Nigeria. Regarding spread and security, Tickmill guarantees fast trading speeds from a few milliseconds when day trading in Nigeria. In terms of users, Tickmill has over 38 000 registered clients in the UK.
Best commission-free Forex broker for Nigerian day traders
Overall Rating
- 4.5/5
Min Deposit
USD 5 / 2 075 NGN
Regulators
IFSC, CySec, ASIC
Trading Desk
Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform
Crypto
No
Total Pairs
57
Islamic Account
Yes
Trading Fees
No (Just spread)
Account Activation Time
24 Hours
👉 Overall, XM is considered a low-risk broker and can be summarised as a trustworthy and reliable market making broker for day trading in Nigeria. Regarding spread and security, XM guarantees fast trading speeds from a few milliseconds when day trading in Nigeria. In terms of users, XM has over 5 million registered clients around the world.
Best Forex broker with no withdrawal fees for Nigerian day traders
Overall Rating
- 4.1/5
Min Deposit
USD 10 / 4145 NGN
Regulators
ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Trading Desk
MetaTrader 4, MetaTrader 5, cTrader and TradingView
Crypto
No
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128
👉 Overall, Pepperstone is considered a low-risk broker and can be summarised as a trustworthy and reliable agency-execution broker for day trading in Nigeria. Regarding spread and security, Pepperstone guarantees fast trading speeds from a few milliseconds when day trading in Nigeria. In terms of users, Pepperstone has over 8000 registered clients in the UK.
Best low deposit Forex broker for experienced Nigerian day traders
Overall Rating
- 4.6/5
Min Deposit
USD 25 / 10390 NGN
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OctaFX is considered a low-risk broker and can be summarised as a trustworthy and reliable ECN broker for day trading in Nigeria. Regarding spread and security, OctaFX guarantees fast trading speeds from a few milliseconds when day trading in Nigeria. In terms of users, OctaFX has over 800 00 registered clients in the UK.
FAQ
Which are the best day trading apps?
We have listed the 7 best day trading apps for experienced Nigerian traders in this comprehensive review.
What is a Forex trading app?
A Forex trading app is mobile software which can be downloaded to your mobile device to facilitate trading on the go.
What is day trading in Forex?
Buying and selling currencies on the foreign exchange market in a single trading day is the basis of this popular strategy.
Can I make money from day trading Forex?
Yes, experienced traders prefer day trading for its ability to produce profits over a shorter period of time, but it required a significant level of market education as it has a higher risk profile.
What are the best day trading strategies?
Some of the most popular day trading strategies include:
- Trend trading
- Swing trading
- Scalping
- Mean reversion
- Money flow
Addendum/Disclosure:
👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
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