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10 Best Forex Trading Apps in Nigeria

The 10 Best Forex Trading Apps for Nigerians revealed. We tested the best IOS and Android apps available for Nigerian Traders. 

This is a complete guide to forex and stock trading apps in Nigeria.

In this in-depth guide you’ll learn:

  • What is a trading app?
  • How to choose the best FREE app for your trading style
  • How to compare the apps – iOS vs Android.
  • How to install and download the app with one click.
  • Which trading apps offer MetaTrader 4 or 5?
  • Who is our #1 recommended App in Nigeria for Beginners
  • Which trading apps offer a demo account.
  • Best forex app for PC for currency trading.
  • Which broker offers a low minimum deposit of $5 (2 076 NGN)?
  • Which broker offers a sign-up bonus for first-time traders?

 

Lots more…

So if you’re ready to go “all in” with trading with the comfort of your phone, this guide is for you.

Let’s dive right in…

Updated : June 18, 2022

Best Trading Apps for Nigerians in 2022 – Comparison

🏛️ Broker📱 Trading Platform⚖️ Regulation🔎 Social Trading📊 Naira Account💰 Bonuses👥 Nigerian Support💳 NGN Deposits☪️ Islamic Account
1. FXTMMetaTrader 4,
MetaTrader 5,
FXTM Trader
CySEC, FSCA,
FCA, FSC
YesYesYesYesYesYes
2. HotForexMetaTrader 4,
MetaTrader 5
FSCA, CySEC,
DFSA, FSA,
FCA, FSC
YesNoYesNoNoYes
3. OctaFXMetaTrader 4,
MetaTrader 5,
OctaFX App
CySEC, SVG
FSA
YesNoYesNoNoYes
4. XMMetaTrader 4,
MetaTrader 5,
XM Trading Point
FSCA, IFSC,
ASIC/AFSL,
CySEC,
DFSA
NoNoYesNoYesYes
5. FBSFBS Trader,
MetaTrader 4,
MetaTrader 5,
CopyTrade Platform
IFSC, CySECYesNoYesNoYesYes
6. AlpariMetaTrader 4,
MetaTrader 5,
Alpari Trading App
FSCNoYesYesYesYesYes
7. eToroeToro trading app
and web-based platform
CySEC, FCA,
ASIC, FinCEN,
FINRA, SIPC,
DNB, FSA
YesNoYesNoNoYes
8. IC MarketsMetaTrader 4,
MetaTrader 5,
cTrader
ASIC, CySEC,
FSA, SCB
NoNoNoNoNoYes
9. AvaTradeAvaTradeGO,
AvaOptions,
AvaSocial,
MetaTrader 4,
MetaTrader 5,
DupliTrade,
ZuluTrade
CBI, BVI FSC,
ASIC, FSCA,
JFSA, FFAJ,
ADGM, FRSA,
CySEC, ISA
YesNoYesNoNoYes
10. InstaForexMetaTrader 4,
MetaTrader 5,
InstaForex Platform
FSC, SIBA,
BVI
YesNoYesNoYesYes

10 Best Forex Trading Apps in Nigeria (2022)

  1. FXTM – Overall, Most Popular Forex Trading App in Nigeria.
  2. HotForex – Best MetaTrader 4 App for Scalping.
  3. OctaFX – Lowest Stock Trading Fees.
  4. XM – Fastest Order Execution App.
  5. FBS – Highest Leverage Trading app for Nigerians.
  6. Alpari App – Lowest NGN Pair Spreads.
  7. eToro – Best Social Trading App for beginners.
  8. IC Markets cTrader – Best App for Advanced Traders .
  9. AvaTrade – Excellent all-around app experience.
  10. InstaForex – Best in App No-Deposit Forex Bonus in Nigeria.

1. FXTM 

 

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 FXTM is a well-known forex broker that strives to provide its Nigerian traders with the greatest trading environment and tools possible to assist them in achieving their trading objectives.

 

👉 The broker offers MetaTrader 4 and MetaTrader 5 as its principal forex trading platforms, as well as a variety of alternative trading platforms, including a web-based platform, mobile applications for Android and iOS, and API services.

 

👉 With the FXTM app, Nigerian traders can view exchange rates, real-time quotes, open positions, and several other account metrics and trading activities.

 

FXTM Features

FeatureInformation
🏛️ Associated BrokerForexTime (FXTM)
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
💰 Fees ChargedSpreads, commission, minimum deposit, overnight fees, withdrawal fees, inactivity fees
✴️ Crypto trading offeredNo
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 3,762
App Store – 12
✔️ RatingsGoogle Play – 4.5/5
App Store – 3.6/5
💳 Minimum deposit4,100 Nigerian Naira equivalent to $10
💳 Demo AccountYes
💰 Nigerian Market Share9%+

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – 0.0 pips EUR/USD

➡️️​ Minimum Deposit – $0.40 to $2 according to trading volume

➡️️​ Overnight Fees – EUR/USD is -0.08 on a short position and -0.63 on a long position

➡️️​ Deposit/Withdrawal fees (range) – 0.5% up to 30 EUR (Bank wire transfer)

 

FXTM Pros and Cons

✔️ Pros❌ Cons
Well-regulated brokerThere is an inactivity fee charged
Offers over 250 financial instruments through all trading platformsWithdrawal fees are charged
Account funding options are reliable and convenientThere is a limited portfolio of tradable instruments
There are several retail investor accounts to choose from
Tight spreads and rapid trade execution
Advanced trading tools offered
Educational materials are offered through the app
One-click trading offered through the app
Trader’s Dashboard is provided

 

Our Verdict

👉 The FXTM trading app is ideal for Nigerian traders, regardless of whether they are experienced traders or complete newbies. The interface is user-friendly and there is an array of options offered, including technical analysis, charting tools with built-in technical indicators, over 2,000 custom indicators, and more.

2. HotForex 

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Another top trading app for Nigerian traders is the HotForex mobile app (through MetaTrader 4 and MetaTrader 5) that offers a copy-trading feature through HFcopy and PAMM copy-trading. With the mobile app, Nigerians can trade a wide range of instruments spread across several asset classes.

 

👉 Traders have access to fast order execution, advanced charting, in-app fund transfer, market news, analysis that is published by the broker, and much more.

 

HotForex Features

FeatureInformation
🏛️ Associated BrokerHotForex
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredForex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs
💸 Fees ChargedSpreads, commissions, overnight fees
✴️ Crypto trading offeredYes
✔️ User-friendlyYes
👍 ReviewsMetatrader 4 (Google Play) – 752,550 Votes
MetaTrader 5 (Google Play) – 313,500 Votes
MetaTrader 4 (App Store) – 56,500 Reviews
MetaTrader 5 (App Store) – 13,300 Reviews
✔️ RatingsMetatrader 4 (Google Play) – 4.6/5
MetaTrader 5 (Google Play) – 4.4/5
MetaTrader 4 (App Store) – 4.8/5
MetaTrader 5 (App Store) – 4.7/4
💳 Minimum deposit2,000 Nigerian Naira equivalent to $5
💻 Demo AccountYes
💰 Nigerian Market Share2.5%

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – From 0.0 pips

➡️️​ Commissions – From $3 for forex major pairs and $4 for other instruments

➡️️​ Overnight Fees – swaps are adjusted daily according to the market conditions and the rates which are obtained by price providers

 

HotForex Pros and Cons

✔️ Pros❌ Cons
Both MetaTrader 4 and 5 are highly rated mobile trading appsLimited deposit methods and withdrawal options
Traders have access to a wide range of features on both apps
The apps are available to both iOS and Android mobile devices

 

Our Verdict

👉 The HotForex MetaTrader apps offer Nigerian traders the best in the trading industry. They are both ideal for beginner and advanced traders and offer a significant number of features, competitive trading conditions, and more.

3. OctaFX 

Overall Rating

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 one of the best forex trading apps available to Nigerian traders because it offers the best design, dot mapping features, and the lowest fees in the industry. In addition, the app also has custom indicators, expert advisors, VPN service, and more.

 

OctaFX Features

FeatureInformation
🏛️ Associated BrokerOctaFX
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies.
💰 Fees ChargedSpreads, Overnight Fees
✴️ Crypto trading offeredYes
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 103,900 Votes
App Store – 375 Reviews
✔️ RatingsGoogle Play – 4.3/5
App Store – 4.5/5
💳 Minimum deposit41,000 Nigerian Naira equivalent to $100
💳 Demo AccountYes
💰 Nigerian Market Share3%

 

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.

 

OctaFX  Pros and Cons

✔️ Pros❌ Cons
Instant deposits and instant withdrawals are availableLimited account base currency options
Copy-Trading accounts are offered through the appLimited selection of retail investor accounts
There are several social trading opportunitiesLimited selection of tradable instruments
All types of traders are welcome
Offers commission-free trading to Nigerian traders
Unlimited virtual trading platform

 

Our Verdict

👉 OctaFX is one of the best brokers that offer a proprietary trading app to Nigerian traders. OctaFX charges some of the lowest trading costs in the industry, far less than its competitors.

4. XM Trading Point

Overall Rating

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

 

Overview

👉 Of all the forex trading apps on the list, XM offers the most superior order execution in Nigeria. In addition to this, XM also offers a wide range of educational materials and research tools. With XM Trading Point, Nigerians can expect tight spreads, low minimum deposits, and a range of tradable financial markets.

 

XM Features

FeatureInformation
🏛️ Associated BrokerXM
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredForex currency pairs (major, minor, exotic), Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares
💰 Fees ChargedSpreads, Commissions, Overnight Fees, Inactivity Fee
✴️ Crypto trading offeredNo
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 10,400 Votes
App Store – 12 Reviews
✔️ RatingsGoogle Play – 3.8/5
App Store – 3.7/5
💳 Minimum deposit2,000 Nigerian Naira (equivalent to $5)
💳 Demo AccountYes
💰 Nigerian Market Share5% to 10%

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – 0.6 pips EUR/USD

➡️️​ Commissions – from $1

➡️️​ Overnight Fees – EUR/USD has a long swap of -5.43 and a short swap of -0.83

 

XM Pros and Cons

✔️ Pros❌ Cons
Well-regulated forex brokerFixed spreads are not offered
Negative protection is applied to all retail accountsThere is an inactivity fee
There are several secure funding options available
All trading strategies are allowed
Deposit fees and withdrawal fees are not charged

 

Our Verdict

👉 XM is a multi-regulated broker that is known for its comprehensive trading service, low trading fees, and the access it grants retail investors to stock exchanges, forex markets, and a wide array of other financial instruments.

 

👉 The XM mobile trading app offers economic calendars, algorithmic trading, margin trading, and a wide range of other advanced tools and analytical tools, making it a perfect fit for Nigerian users.

5. FBS 

Overall Rating

Min Deposit

USD 1 (415 NGN)

Regulators

IFSC, FSCA (south africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading pltform, CopyTrade

Crypto

Yes

Total Pairs

250

Islamic Account

Yes

Trading Fees

Low

Welcome Bonus

$140 (58 116 NGNFind out More)

Account Activation Time

Instant

 

Overview

👉 From the list of best trading apps for Nigerian traders, FBS is one of few that offer high leverage up to 1:3000, providing traders with the opportunity to open larger position sizes. However, traders are urged to proceed with caution and to use risk management tools and protocols.

 

👉 When dealing with FBS, Nigerian traders can expect a wide range of tradable instruments, a choice between several types of accounts, instant withdrawal requests, and low minimum deposits.

 

FBS Features

FeatureInformation
🏛️ Associated BrokerFBS
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredForex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies
💰 Fees ChargedSpreads, Commissions, Overnight Fees, Deposit Fees, Withdrawal Fees, Inactivity Fees, Currency Conversion Fees
✴️ Crypto trading offeredYes
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 123,400 Votes
App Store – 14
✔️ RatingsGoogle Play – 4.8/5
App Store – 3.7/5
💳 Minimum deposit400 Nigerian Naira equivalent to $1
💳 Demo AccountYes
💰 Nigerian Market Share8%+
 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – from 0.0 pips EUR/USD, Fixed Spread

➡️️​ Commissions – from $6

➡️️​ Overnight Fees – EUR/USD on a standard lot (100,000 units of the base currency) is -6.37 pips long swap and -0.69 pips short swap

➡️️​ Deposit Fees are charged at 2.5% + $0.3 commission

➡️️​ Withdrawal fees (range) – From $1 to $30 on Skrill, Neteller, and several other methods

 

FBS Pros and Cons

✔️ Pros❌ Cons
CopyTrade social trading offeredSpreads on some accounts are very high
Dedicated customer support team available 24/7Limited virtual trading account
Quick and easy deposits and withdrawalsWithdrawal fees and deposit fees are charged
User-friendly trading appsLimited selection of deposit and withdrawal options
Ultra-low minimum deposit requirement

 

Our Verdict

👉 FBS is a reputable online broker for Nigerian users because of its minimum investment amount, range of technical indicators, and several advanced features. The online trading platform provides access to more than one financial market and Nigerians can expect access to stock markets, foreign exchange markets, and several other investment opportunities.

 

👉 FBS charges some of the lowest spreads and currency rates as part of competitive trading conditions. FBS Trader also offers financial news, financial services, and advanced market analysis.

6. Alpari App

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 Alpari is a broker with Nigerian-based offices that cater for beginner traders and professional traders from the region, offering tailored trading services and solutions. Alpari is available across several trading platforms including desktop, mobile, and web-based trading.

 

Alpari Features

FeatureInformation
🏛️ Associated BrokerAlpari International (Nigeria)
📱 iOS compatibleOnly Alpari Invest, not Alpari Trading
📱 Android CompatibleYes
💰 Assets offeredForex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices
💰 Fees ChargedSpreads, Commissions, Overnight Fees, Withdrawal Fees
✴️ Crypto trading offeredNo
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 1,800 Votes
✔️ RatingsGoogle Play – 4/5
💳 Minimum deposit1,000 Nigerian Naira or 5 USD, EUR, GBP
💳 Demo AccountYes
💰 Nigerian Market Share14%

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – 0.4 pips EUR/USD

➡️️​ Commission Fees – from $1.5

➡️️​ Overnight Fees – EUR/USD is -0.06 pips on a short position and -0.61 on a long position

➡️️​ Withdrawal fees (range) – between 0.5% and up to 30 EUR on Bank Wire Transfer

 

Alpari Pros and Cons

✔️ Pros❌ Cons
Dedicated trading app offered for Android devicesFixed Spreads are not offered
Alpari streams all newsfeeds from FxWirePro while trading signals are obtained from AutoChartistNo Financial Conduct Authority regulation, or any other popular market regulators
Customer support is offered in more than 30 languagesLimited selection of tradable instruments
There are regulatory restrictions on some regions

 

Our Verdict

👉 Alpari not only offers some of the lowest and most competitive spreads but also offers the best-localized customer support for Nigerian traders through its local office. Alpari’s mobile app offers additional features and allows traders to trade while they are on the move.

7. eToro 

Overall Rating

Min Deposit

USD 50 / 20725 NGN

Regulators

CySec, FCA 

Trading Desk

None

Crypto

Yes

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 When it comes to social trading and investing platforms, eToro was one of the earliest and most successful. Nigerian traders can discover and invest in individual stocks, commodities CFDs, and more on eToro’s multi-asset platform.

 

eToro Features

FeatureInformation
🏛️ Associated BrokereToro
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredForex, Commodities, Exchange-Traded Funds (ETFs), Indices, Cryptocurrencies, Stocks
💰 Fees ChargedSpreads, Overnight Fees, Withdrawal Fee, Currency Conversion Fee, Inactivity Fee
✴️ Crypto trading offeredYes
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 110,200 Votes
App Store – 1,600 Reviews
✔️ RatingsGoogle Play – 4/5
App Store – 4.3/5
💳 Minimum deposit83,200 Nigerian Naira or equivalent to $200
💳 Demo AccountYes
💰 Nigerian Market Share<5%

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – 1 pip EUR/USD

➡️️​ Overnight Fees – EUR/USD is $-0.00000857 on a short (sell) position and $0.00005637 on a long (buy) position.

➡️️​ Withdrawal fees – $5 flat fee on all payment methods

➡️️​ Currency Conversion Fee – from 50 pips

 

eToro Pros and Cons

✔️ Pros❌ Cons
eToro is the leading online social trading platformScalping and hedging is not allowed
Popular Investor Program offeredThere is a limit on the maximum leverage that retail traders may use
Free access granted to TipRanks’ expert stock analysisSpreads are not the tightest
Traders can receive push notifications on market volatility, exchange rates, and market eventsThere is an inactivity fee charged

 

Our Verdict

👉 eToro is the best choice for active traders and social traders, regardless of their level of experience. The cost of trading through eToro is competitive when compared to the broker’s overall offering to its clients.

8. IC Markets cTrader 

Overall Rating

Min Deposit

USD 200 / 82900 NGN

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 IC Markets is a reputable forex broker that is well-regulated by several entities such as ASIC, FSA, SCB, CySEC, and FSA. IC Markets offers some of the most advanced trading tools to experienced traders in Nigeria including technical indicators, trading ideas, and comprehensive trading services.

 

👉 In addition, advanced traders can also use a range of trading strategies including automated trading strategies, scalping, hedging, expert advisors, and several others.

 

IC Markets Features

FeatureInformation
🏛️ Associated BrokerIC Markets
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredForex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, Futures
💰 Fees ChargedSpreads, Commissions, Overnight Fees, Currency Conversion Fee
✴️ Crypto trading offeredYes
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 3,900
App Store – None
✔️ RatingsGoogle Play – 4.3/5
App Store – None
💳 Minimum deposit83,000 Nigerian Naira equivalent to $200
💳 Demo AccountYes
💰 Nigerian Market Share3.7%+

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – 0.0 pips EUR/USD

➡️️​ Commissions – from $3 per side/$6 per round turn

➡️️​ Overnight Fees – EUR/USD is -3.98 long and 0.35 short

 

IC Markets Pros and Cons

✔️ Pros❌ Cons
Decent selection of trading instrumentsHigh initial deposit
Deposits and withdrawals are freeCurrency conversion fees may apply
The broker offers institutional-grade liquidityFixed spreads are not offered
One of few true ECN brokers
Social trading platforms are offered
FIX API connection is available for cTrader

 

Our Verdict

👉 Through IC Markets, Nigerians can access a safe, well-regulated trading environment in which client funds are protected. The mobile app is robust and offers a decent selection of tradable instruments, decent liquidity, and social trading opportunities.

9. AvaTrade 

Overall Rating

Min Deposit

USD 100 / 41450 NGN

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

60

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 AvaTrade is trusted forex and CFD trading broker that is recognized for offering its customers the best trading tools and resources. The platform’s primary goal is to provide traders with a smooth and responsive trading experience.

 

👉 Some of the features that AvaTradeGO offer to Nigerian traders include intuitive position management tools, charting capabilities, educational material, and more. In addition, Nigerians can access market trend technology, social trends, and key information provided by fundamental analysis and technical analysis that can help direct traders’ investment decisions.

 

👉 Additional noteworthy apps from AvaTrade include:

➡️️​ AvaOptions is the perfect app for trading options. Here, traders can express their market view using either calls or puts and they can execute straddles, strangles, risk reversals, and several other strategies. This app also includes professional risk management tools, portfolio simulation, and several other features.

➡️️​ AvaSocial is a social trading app that is perfect for inexperienced traders and advanced traders, providing valuable insights and investment advice from experts.

 

AvaTrade  Features

FeatureInformation
🏛️ Associated BrokerAvaTrade
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredForex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
💰 Fees ChargedSpreads, Overnight Fees, Currency Conversion Fees, Inactivity Fees
✴️ Crypto trading offeredYes
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 9,100 Votes
App Store – 713 Reviews
✔️ RatingsGoogle Play – 4.3/5
App Store – 4.7/5
💳 Minimum deposit41,000 Nigerian Naira equivalent to $100
💳 Demo AccountYes
💰 Nigerian Market Share<5%

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – 0.9 pips EUR/USD

➡️️​ Overnight Fees – EUR/USD is -0.0026% sell and -0.0067% buy.

 

AvaTrade Pros and Cons

✔️ Pros❌ Cons
Multi-regulated by several reputable entitiesVariable spreads are not offered
Offers advanced proprietary trading platforms and trading appsInactivity fees and currency conversion fees app
Commission-free trading offeredThere is a limited selection of trading accounts offered
Decent selection of deposit options

 

Our Verdict

👉 AvaTrade is one of the best brokers for traders around the world despite their level of experience. The proprietary apps offer a range of instruments, fast deposits and withdrawals, and several trading opportunities for Nigerians.

10. InstaForex

Overall Rating

Min Deposit

USD 1 / 415 NGN

Regulators

CySEC, FSC

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

4

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 InstaForex offers a broad variety of services for traders at all levels of expertise. InstaForex’s customized and extensive customer assistance educational services are the primary reasons for its popularity.

 

👉 InstaForex has a decent market share in Nigeria and offers comprehensive mobile trading across several financial markets.

 

InstaForex Features

FeatureInformation
🏛️ Associated BrokerInstaForex
📱 iOS compatibleYes
📱 Android CompatibleYes
💰 Assets offeredCurrency Pairs, Share CFDs, Precious Metals, Futures CFDs, Cryptocurrencies, InstaFutures, Commodity Futures, Energies
💰 Fees ChargedSpreads, Commissions, Overnight Fees
✴️ Crypto trading offeredYes
✔️ User-friendlyYes
👍 ReviewsGoogle Play – 12,900 Votes
App Store – 9 Reviews
✔️ RatingsGoogle Play – 4.4/5
App Store – 2.4/5
💳 Minimum deposit400 Nigerian Naira equivalent to $1
💳 Demo AccountYes
💰 Nigerian Market Share7%+

 

Average Fees

➡️️​ App Cost – Free

➡️️​ Minimum spread – 0.0 pips

➡️️​ Overnight Fees – EUR/USD with a long swap of -0.63 and a short swap of -0.15

 

InstaForex  Pros and Cons

✔️ Pros❌ Cons
No-Deposit Forex bonus offered of $1,000There are leverage restrictions on some regions
A wide range of funding options are offered
Advanced trading tools offered along with educational content
Trading commissions are not charged

 

Our Verdict

👉 InstaForex is a top-rated broker that offers various benefits and extra tools through its proprietary trading app, making it the perfect mobile trading companion for Nigerian traders.

Overview

👉 These retail traders rely on a series of trading apps to provide them with an in-depth market analysis on the Nigerian naira and other currency pairs, technical analysis, fundamental analysis, foreign currency quotes, demo accounts, Nigerian trading account management, and several other useful features.

Top 10 Brokers in Nigeria

Broker

Rating

Regulators

Min Deposit

Leverage

Sign Up Bonus

Spreads

Website

1

9/10

FSCA, FSA, CySEC, FCA, CBCS, FSC (BVI), FSC

$10

1:Unlimited

10%

0.1 pips

2

8/10

ASIC, FSA

$100

1:400

40 USD

0.91 pips

3

8/10

FSA, FCA, CySEC, FSCA

$100

1:20

30 USD

0.07 pips

4

8.7/10

CySEC, FSC, CFTC

$5

1:500

30 USD

1 pips

5

8.5/10

FSA, FSCA

$100

1:200

20 USD

0.9 pips

6

8.4/10

FSA

$100

1:3000

30 USD

0.3 pips

7

8.3/10

IFSC, CySEC

$100

1:3000

100 USD

0 pips

8

8.2/10

FSC, IFSC, MFSC

$10

1:400

50%

0.4 pips

9

8.1/10

IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA

$0

1:200

1000 USD

0.2 pips

10

8/10

CySec, FSC, FSA, BaFin, NFA

$100

1:200

30%

1.5 pips

Top 10 Brokers

Broker

Deposit

Leverage

Website

1

$10

1:Unlimited

2

$100

1:400

3

$100

1:30

4

$5

1:500

5

$100

1:200

6

$100

1:3000

7

$100

1:3000

8

$10

1:400

9

$0

1:200

10

$100

1:200

👉 Finding the right app to suit your unique trading objectives, trading strategies, and styles can be tedious and time-consuming. We have simplified the process by gathering some of the best trading apps for Nigerians to try out right now!

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 regulation such as FSA, SVG BVI, FSC, and others.

 

Account Features

👉 Account Features includes 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.

Frequently Asked Questions

 

How do Nigerians choose the right trading app?

Traders must first understand their unique trading objectives and needs. Next, they can consider the trading apps that are available to them and select accordingly.

 

What should Nigerian traders look for in a trading app?

Traders can consider the trade execution speed, full functionality and additional features, platform stability, and the range of markets offered.

 

Which is the best trading app for beginners in Nigeria?

AvaTradeGO is the best trading app for beginners in Nigeria, it was voted the best forex trading app in 2020.

 

What are the advantages of a forex trading app?

The advantages include convenience, mobility, and quick response times.

 

What are the disadvantages of a forex trading app?

The advantages relate to smaller trading screens, external distractions, slow execution speed and latency, and the risk of overtrading.

 

Is forex trading legal in Nigeria?

Yes, forex trading is legal in Nigeria.

 

Which payment methods do brokers typically offer in Nigeria?

This will differ between brokers, but most offer bank transfer, international bank transfer, Neteller, Skrill, AstroPay, and various other payment methods that can be used.

9.6/10 - (14 votes)
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