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…
- Louis Schoeman
Best Trading Apps for Nigerians in 2023 – Comparison
| 🏛️ Broker | 📱 Trading Platform | ⚖️ Regulation | 🔎 Social Trading | 📊 Naira Account | 💰 Bonuses | 👥 Nigerian Support | 💳 NGN Deposits | ☪️ Islamic Account |
| 1. FXTM | MetaTrader 4, MetaTrader 5, FXTM Trader | CySEC, FSCA, FCA, FSC | Yes | Yes | Yes | Yes | Yes | Yes |
| 2. HFM | MetaTrader 4, MetaTrader 5 | FSCA, CySEC, DFSA, FSA, FCA, FSC | Yes | No | Yes | No | No | Yes |
| 3. OctaFX | MetaTrader 4, MetaTrader 5, OctaFX App | CySEC, SVG FSA | Yes | No | Yes | No | No | Yes |
| 4. XM | MetaTrader 4, MetaTrader 5, XM Trading Point | FSCA, IFSC, ASIC/AFSL, CySEC, DFSA | No | No | Yes | No | Yes | Yes |
| 5. FBS | FBS Trader, MetaTrader 4, MetaTrader 5, CopyTrade Platform | IFSC, CySEC | Yes | No | Yes | No | Yes | Yes |
| 6. Alpari | MetaTrader 4, MetaTrader 5, Alpari Trading App | FSC | No | Yes | Yes | Yes | Yes | Yes |
| 7. eToro | eToro trading app and web-based platform | CySEC, FCA, ASIC, FinCEN, FINRA, SIPC, DNB, FSA | Yes | No | Yes | No | No | Yes |
| 8. IC Markets | MetaTrader 4, MetaTrader 5, cTrader | ASIC, CySEC, FSA, SCB | No | No | No | No | No | Yes |
| 9. AvaTrade | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade | CBI, BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA | Yes | No | Yes | No | No | Yes |
| 10. InstaForex | MetaTrader 4, MetaTrader 5, InstaForex Platform | FSC, SIBA, BVI | Yes | No | Yes | No | Yes | Yes |
What is a Forex Trading App?
👉 A trading app acts as the middleman between individual investors and the stock market. It automates many of the functions of a broker, such as placing orders, selling shares, and displaying stock market data.
10 Best Forex Trading Apps in Nigeria (2023)
- FXTM – Overall, Most Popular Forex Trading App in Nigeria.
- HFM – Best MetaTrader 4 App for Scalping.
- OctaFX – Lowest Stock Trading Fees.
- XM Trading Point – Fastest Order Execution App.
- FBS – Highest Leverage Trading app for Nigerians.
- Alpari App – Lowest NGN Pair Spreads.
- eToro – Best Social Trading App for beginners.
- IC Markets cTrader – Best App for Advanced Traders.
- AvaTrade – Excellent all-around app experience.
- InstaForex – Best in App No-Deposit Forex Bonus in Nigeria.
1. FXTM
Overall Rating
- 4.6/5
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
| Feature | Information |
| 🏛️ Associated Broker | ForexTime (FXTM) |
| 📱 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, overnight fees, withdrawal fees, inactivity fees |
| ✴️ Crypto trading offered | No |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 3,762 App Store – 12 |
| ✔️ Ratings | Google Play – 4.5/5 App Store – 3.6/5 |
| 💳 Minimum deposit | 4,100 Nigerian Naira equivalent to $10 |
| 💳 Demo Account | Yes |
| 💰 Nigerian Market Share | 9%+ |
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 broker | There is an inactivity fee charged |
| Offers over 250 financial instruments through all trading platforms | Withdrawal fees are charged |
| Account funding options are reliable and convenient | There 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. HFM
Overall Rating
- 4.8/5
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 HFM 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.
HFM Features
| Feature | Information |
| 🏛️ Associated Broker | HFM |
| 📱 iOS compatible | Yes |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 💸 Fees Charged | Spreads, commissions, overnight fees |
| ✴️ Crypto trading offered | Yes |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Metatrader 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 |
| ✔️ Ratings | Metatrader 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 deposit | 2,000 Nigerian Naira equivalent to $5 |
| 💻 Demo Account | Yes |
| 💰 Nigerian Market Share | 2.5% |
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
HFM Pros and Cons
| ✔️ Pros | ❌ Cons |
| Both MetaTrader 4 and 5 are highly rated mobile trading apps | Limited 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 HFM 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
- 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 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
| 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.
OctaFX Pros and Cons
| ✔️ 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 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
- 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
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
| Feature | Information |
| 🏛️ Associated Broker | XM |
| 📱 iOS compatible | Yes |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Forex currency pairs (major, minor, exotic), Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares |
| 💰 Fees Charged | Spreads, Commissions, Overnight Fees, Inactivity Fee |
| ✴️ Crypto trading offered | No |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 10,400 Votes App Store – 12 Reviews |
| ✔️ Ratings | Google Play – 3.8/5 App Store – 3.7/5 |
| 💳 Minimum deposit | 2,000 Nigerian Naira (equivalent to $5) |
| 💳 Demo Account | Yes |
| 💰 Nigerian Market Share | 5% 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 broker | Fixed spreads are not offered |
| Negative protection is applied to all retail accounts | There 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
- 4.7/5
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 platform.
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
| Feature | Information |
| 🏛️ Associated Broker | FBS |
| 📱 iOS compatible | Yes |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Forex, Precious Metals, Indices, Energies, Stocks, Exotic Forex, Cryptocurrencies |
| 💰 Fees Charged | Spreads, Commissions, Overnight Fees, Deposit Fees, Withdrawal Fees, Inactivity Fees, Currency Conversion Fees |
| ✴️ Crypto trading offered | Yes |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 123,400 Votes App Store – 14 |
| ✔️ Ratings | Google Play – 4.8/5 App Store – 3.7/5 |
| 💳 Minimum deposit | 400 Nigerian Naira equivalent to $1 |
| 💳 Demo Account | Yes |
| 💰 Nigerian Market Share | 8%+ |
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 offered | Spreads on some accounts are very high |
| Dedicated customer support team available 24/7 | Limited virtual trading account |
| Quick and easy deposits and withdrawals | Withdrawal fees and deposit fees are charged |
| User-friendly trading apps | Limited 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
- 4.7/5
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
| Feature | Information |
| 🏛️ Associated Broker | Alpari International (Nigeria) |
| 📱 iOS compatible | Only Alpari Invest, not Alpari Trading |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
| 💰 Fees Charged | Spreads, Commissions, Overnight Fees, Withdrawal Fees |
| ✴️ Crypto trading offered | No |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 1,800 Votes |
| ✔️ Ratings | Google Play – 4/5 |
| 💳 Minimum deposit | 1,000 Nigerian Naira or 5 USD, EUR, GBP |
| 💳 Demo Account | Yes |
| 💰 Nigerian Market Share | 14% |
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 devices | Fixed Spreads are not offered |
| Alpari streams all newsfeeds from FxWirePro while trading signals are obtained from AutoChartist | No Financial Conduct Authority regulation, or any other popular market regulators |
| Customer support is offered in more than 30 languages | Limited 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
- 4.8/5
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
| Feature | Information |
| 🏛️ Associated Broker | eToro |
| 📱 iOS compatible | Yes |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Forex, Commodities, Exchange-Traded Funds (ETFs), Indices, Cryptocurrencies, Stocks |
| 💰 Fees Charged | Spreads, Overnight Fees, Withdrawal Fee, Currency Conversion Fee, Inactivity Fee |
| ✴️ Crypto trading offered | Yes |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 110,200 Votes App Store – 1,600 Reviews |
| ✔️ Ratings | Google Play – 4/5 App Store – 4.3/5 |
| 💳 Minimum deposit | 83,200 Nigerian Naira or equivalent to $200 |
| 💳 Demo Account | Yes |
| 💰 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 platform | Scalping and hedging is not allowed |
| Popular Investor Program offered | There is a limit on the maximum leverage that retail traders may use |
| Free access granted to TipRanks’ expert stock analysis | Spreads are not the tightest |
| Traders can receive push notifications on market volatility, exchange rates, and market events | There 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
- 4.7/5
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
| Feature | Information |
| 🏛️ Associated Broker | IC Markets |
| 📱 iOS compatible | Yes |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Forex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, Futures |
| 💰 Fees Charged | Spreads, Commissions, Overnight Fees, Currency Conversion Fee |
| ✴️ Crypto trading offered | Yes |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 3,900 App Store – None |
| ✔️ Ratings | Google Play – 4.3/5 App Store – None |
| 💳 Minimum deposit | 83,000 Nigerian Naira equivalent to $200 |
| 💳 Demo Account | Yes |
| 💰 Nigerian Market Share | 3.7%+ |
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 instruments | High initial deposit |
| Deposits and withdrawals are free | Currency conversion fees may apply |
| The broker offers institutional-grade liquidity | Fixed 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
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
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
| Feature | Information |
| 🏛️ Associated Broker | AvaTrade |
| 📱 iOS compatible | Yes |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Forex, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 💰 Fees Charged | Spreads, Overnight Fees, Currency Conversion Fees, Inactivity Fees |
| ✴️ Crypto trading offered | Yes |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 9,100 Votes App Store – 713 Reviews |
| ✔️ Ratings | Google Play – 4.3/5 App Store – 4.7/5 |
| 💳 Minimum deposit | 41,000 Nigerian Naira equivalent to $100 |
| 💳 Demo Account | Yes |
| 💰 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 entities | Variable spreads are not offered |
| Offers advanced proprietary trading platforms and trading apps | Inactivity fees and currency conversion fees app |
| Commission-free trading offered | There 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
- 4.8/5
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
| Feature | Information |
| 🏛️ Associated Broker | InstaForex |
| 📱 iOS compatible | Yes |
| 📱 Android Compatible | Yes |
| 💰 Assets offered | Currency Pairs, Share CFDs, Precious Metals, Futures CFDs, Cryptocurrencies, InstaFutures, Commodity Futures, Energies |
| 💰 Fees Charged | Spreads, Commissions, Overnight Fees |
| ✴️ Crypto trading offered | Yes |
| ✔️ User-friendly | Yes |
| 👍 Reviews | Google Play – 12,900 Votes App Store – 9 Reviews |
| ✔️ Ratings | Google Play – 4.4/5 App Store – 2.4/5 |
| 💳 Minimum deposit | 400 Nigerian Naira equivalent to $1 |
| 💳 Demo Account | Yes |
| 💰 Nigerian Market Share | 7%+ |
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 $1,000 | There 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
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Regulators
Min Deposit
Leverage
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Spreads
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Top 10 Brokers
Broker
Deposit
Leverage
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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.
