6 Best Trading Platforms in Nigeria
The 6 Best Trading Platforms in Nigeria revealed. We tested and verified the best trading platforms for Nigerian Traders.
This is a complete list of forex trading platforms in Nigeria.
In this in-depth guide you’ll learn:
- What is a trading platform?
- Which brokers offer the best trading conditions for Nigerians?
- Which trading platform is best for beginners?
- Which trading platforms can you use to trade crypto?
- Which trading platform also offers a trading app on IOS and Android?
- How and can I trade forex with $5 (2 076 NGN)?
- Which broker offers a sign-up bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best-tested trading platforms for Nigerians…
Let’s dive right in…
- Louis Schoeman
6 Best Trading Forex Platforms in Nigeria (2023)
What is a Trading Platform?
👉 A trading platform is a mechanism for doing business via the Internet using specialized computer software. Depending on the broker, online trading platforms may be provided at no cost or a reduced rate.
1. Downloadable Trading Platforms
👉 The ability to download the platform is the primary criterion used in the categorization of the many forex trading platforms. Trading platforms available for download are limited to the device on which they were installed.
👉 This restricts access to downloadable trading platforms so that traders can focus on their trading (this could be a mobile device or a computer).
2. Web-Based Trading Platforms
👉 Platforms that do not need downloading are web-based and may be viewed from any device if it can connect to the internet. Simply opening the website and entering your credentials to log in would suffice.
3. Dealing Desk Platforms
👉 The system is linked to the dealing desk of the broker, which is the starting point for all the price information.
👉 Orders for transactions placed by traders need to be sent to the dealing desk to be implemented. MetaTrader, ActTrader, Currenex Classic, and TradeStation are some examples of trading platforms.
4. Non-Dealing Desk Platforms
👉 The prices in this system are pulled in real-time from a wide variety of liquidity sources and are presented to the trader for their consideration.
👉 Direct access trading is the name given to this system as a result. Currenex Viking, cTrader, and cAlgo are a few examples of similar platforms.
5. Proprietary Trading Platforms
👉 Large brokerage firms often develop custom software to mimic the look and feel of electronic brokerages and their clients’ trading habits.
6. Commercial Platforms
👉 Commercial trading venues are geared toward retail traders and day traders. Commercial trading platforms are user-friendly and equipped with useful tools like charts and news feeds to enable investors and traders better conduct research and get a deeper understanding of the markets.
👉 Trading actively necessitates a wide variety of trading tools and approaches that may be used to identify and capitalize on prevailing market tendencies. Experience with actual trading is essential for deciding on the best trading platform.
An introduction to Automated Forex Trading Platforms
👉 Forex trading robots are based on a computer program that monitors the market 24 hours a day, 5 days a week, and even daily to choose the best trading opportunities.
👉 Indicators like spread differences, price trends, and news that might impact the market are used by the algorithm to pinpoint currency pair transactions with the potential for high profits.
👉 If a user specifies criteria and the software applies those criteria to find a currency pair transaction that meets those criteria and the predefined parameters for profitability, then the software will broadcast a buy or sell alert and perform the deal automatically.
👉 Using automated forex trading software allows traders to remove their emotions and intuition from the trading decision-making process, allowing them to make more rational, objective judgments.
👉 Even the most seasoned traders are susceptible to making irrational trading decisions based on emotional impulses rather than data and analysis. Automated trading eliminates the possibility of human error.
👉 Because the program operates based on the parameters you define or the settings you install, it will make trading judgments that are consistent and devoid of emotion.
👉 Automatic trading systems have certain flaws, but that is to be expected with any technological advancement. A lost opportunity or confirmed loss might occur if a deal fails because of a temporary lack of network connectivity.
👉 Likewise, there may be a difference between the hypothetical test transactions and the real deals. Because of technical difficulties and trading platform abnormalities (such as missing orders or duplicate orders), automated systems also need continual supervision.
How to choose the right Trading Platform in Nigeria
👉 To determine whether a trading platform meets the specific goals and/or requirements of Nigerian traders, it is important to consider the following factors.
👉 Profitability in forex trading may be improved by using a reliable and user-friendly trading platform provided by a reputable broker.
Interface
👉 User-friendly trading platforms make it simple to execute actions like placing orders and terminating positions. Traders may wish to think about the benefits of one-click trading and the easy maintenance of stop-loss, limit, and other order types.
👉 Additionally, a platform’s ease of use is enhanced when its navigational features are intuitive. Additional charts and tools, if provided by a given platform, should be user-friendly and well-integrated, with a focus on speed and the ability to view many graphs simultaneously.
👉 When it comes to trading, this is especially important for aggressive traders (scalpers), who rely far more heavily on the trading platform than more cautious traders.
Reliability
👉 A user’s preference for a web-based (java) application versus a traditional desktop program may vary depending on their specific configuration. Trading successfully requires first determining which platform type will serve your needs best.
👉 Make sure there are no frequent crashes or freezes on the trading platform, particularly around the release of major global economic news or events. When choosing a platform, the functionality should be prioritized before aesthetics.
👉 If you are the kind of trader who loves to make frequent, significant deals, you should constantly be on the lookout for a reliable platform that does not crash very often, if at all. A passive, cautious trader who does not keep their eyes on the market around the clock may have greater leeway.
Response Time
👉 Despite its critical importance, slippage is often overlooked by traders in the financial markets, notably the Forex market. Stop-loss orders may be executed at an even worse price if they are placed after a high-volatility event produces a gap.
👉 Orders of this kind cannot be fulfilled at the requested price due to the heightened volatility but will be fulfilled at the next available price. There will always be little pricing discrepancies that go unnoticed at times.
👉 But if you trade with a good broker and trusted trading platform, slippage can positively influence both your stop-loss and take-profit orders.
Analysis Tools
👉 You could learn a lot about the efficacy of your trading strategy and how to make it better by analysing your transactions after you close your positions.
👉 It would be quite difficult to consistently turn a healthy profit without the assistance of analytical tools since you would be investing in the dark.
Data Security
👉 Because of the importance surrounding data protection and security, the trading platform you use should provide maximum protection against data breaches.
👉 Seeing what kind of encryption your preferred platform employs might give you an idea of how safe your data will be during transmission over the internet.
👉 Trustworthy trading platforms will use both network and application layer firewall protections. They utilize two synchronised servers to store the data, just in case one of them goes down and the data must be restored.
Automatic Trading Functionality
👉 Depending on the trading platform, you may be able to make use of pre-loaded algorithms that automatically execute orders if a given preset condition is satisfied, or you may be able to insert your own algorithms to make investment recommendations.
👉 You must verify the accuracy of the software’s recommendations, but after you have established that they are yielding a positive return, you may start letting the program invest on your behalf at intervals and in quantities that you choose.
The Best Trading Platforms in Nigeria
👉 What is the best online trading platform, given the many options? In this article, we will examine many contenders for the top Forex trading platform of 2023.
MetaTrader 4
👉 For those interested in foreign exchange (FX) trading, there is a dedicated platform available called MetaTrader 4. Because of the novelty of the retail Forex market, trustworthy third-party Forex trading software was lacking until the advent of MetaTrader 4.
👉 MetaTrader 4 is well-known, trusted, and offers traders many valuable tools. Among them are:
➡️ Multi-charting functions
➡️ 9 Timeframes in which charts can be viewed
➡️ Limit and Pending orders
➡️ More than 50 technical indicators
➡️ Access to Expert Advisors
➡️ One-click trading
➡️ Trading directly from charts
Pros and Cons MetaTrader 4
| ✔️ Pros | ❌ Cons |
| Some investors believe it to be among the top trading platforms in the UK and internationally due in part to the reliability it provides. | On the MetaTrader 4 platform, spreads are often greater than what a broker would give on their primary trading platform. |
| It also comes with a robust suite of mobile applications. These apps are compatible with a wide variety of platforms, including iOS, Android, and Windows. | Some institutional traders have complained that the platform is too sluggish in contrast to other options. |
| You may utilize MetaTrader 4’s many features from the beginning of your trading career forward. | |
| The learning curve for MT4 is low. |
MetaTrader 5
👉 For experienced traders, the trading platform has recently included several useful new tools.
👉 This analysis terminal offers 38 technical indicators and 44 graphical items. Additionally, MT4 now supports 21 periods, up from the usual 9. There are just the primary periods available in the toolbar by default. You may add the necessary timeframes to the toolbar by using the context menu.
👉 A wide range of well-crafted indicators is already embedded in the terminal. Additionally, there is no limit to the number of indicators that may be added to a single chart.
👉 When comparing the MT4 trading terminal to the MT5 trading platform, the most notable distinction is the ability to superimpose one indication on another, resulting in more refined indicator data.
👉 MetaTrader 5, a popular trading platform, has all these capabilities and more.
Pros and Cons MetaTrader 5
| ✔️ Pros | ❌ Cons |
| Up to 100 currency pairs and stock quotation charts may be shown in real-time with MT5’s strong analytical trading tools. | New traders with little expertise may feel overwhelmed by the sophistication of some of the available trading tools. |
| The economic calendar is one of the basic analytical tools included in MT 5’s suite of integrated capabilities. The site is a one-stop-shop for the latest business news from the world’s most reputable news outlets. | Another thing to keep in mind is that MT4-specific code cannot be run on MT5 due to the incompatibility between the two languages. This may be a limiting factor for potential backers. |
| One of the most useful features of MT5 is the Depth of Market (or Market Depth) display, which shows current Bids and Offers in the market. It is essential to remember that DOM may be conducted in two distinct ways: via an exchange or directly with a dealer. | Trading Forex, CFDs (contracts for differences), stocks, futures, and cryptocurrencies are just some of the many financial products that MT5 can facilitate. Therefore, it has a broader range of characteristics that may not be relevant to all traders. |
| Users of MT5 are not restricted to the preinstalled tools as they were with MT4. Many paid tools mirror what is offered for free from developers. If you know how to code, you can make your own useful apps. | Among brokerage firms that provide Forex and CFD trading, MT4 is still widely used. |
| Optional netting and hedging are available in MT5. | |
| The platform supports many order types and four distinct order execution procedures. | |
| Nigerians can use MT5 Mobile to trade a wide range of markets including forex, futures, stocks, and others. | |
| MetaTrader 5 offers comprehensive algo trading through specialized software, often referred to as EAs or Expert Advisors. | |
| Traders can purchase many EAs from the Marketplace or they can create their own using MQL5. |
cTrader
👉 To provide brokers with a comprehensive Forex trading solution, Software Systems Ltd created the cTrader online trading platform for foreign currency and contracts for difference.
👉 cTrader has instant order input and execution, level II pricing, the ability to place any kind of order, instant order cancellation, asynchronous order processing, and sophisticated order security.
👉 Traders who are interested in automating their trading methods may do it with the help of cTrader Automate, an all-in-one, robust, and user-friendly Algorithmic Trading Solution.
👉 The cTrader multi-asset trading platform is loaded with options for every kind of trader. Traders using cTrader may access all these features and more, including full data on their trading performance, through the platform’s side menu.
👉 Fast order input and execution, level II pricing, the ability to place a wide variety of orders, asynchronous order processing, and robust order security are all benefits of trading manually.
👉 Among trading platforms, cTrader is highly regarded for its advanced charting capabilities, which include a wide range of chart types, time frames, zoom levels, pre-installed and user-created indicators for technical analysis, and more.
👉 For those interested in Algorithmic Trading, cTrader Automate has everything you need. Traders may now take advantage of the possibility to automate their methods with the help of cTrader Automate, a robust and user-friendly solution.
Pros and Cons cTrader
| ✔️ Pros | ❌ Cons |
| cTrader offers a demo account to clients. | There are drastic fluctuations in the stop-loss orders of the platform |
| cTrader has a very user-friendly design and excellent user experience. | Traders must connect to the Spotware’s global network of proxies |
| There is easy navigation between the platform’s tabs and features. | The trading bots are not reliable |
| There is a “Favourites” tab where traders can organize their most-used currency pairs. | |
| The platform is multilingual and supports more than 20 languages. | |
| cTrader can be accessed from any device including desktop, mobile, or web browsers. |
NinjaTrader
👉 NinjaTrader, which has been around since 2003, is a brokerage and trading platform designed for professional traders. NinjaTrader’s charting, market research, and live trading features are all free to use with a funded account.
👉 Advanced order types, auto and algo trading, and backtesting are only some of the premium features that can only be accessed by leasing or purchasing the program (starting at $60/month to lease or $1,099 one-time purchase to buy).
👉 Only a lifetime subscription grants access to the Order Flow+ premium feature set, which includes tools for analysing trading activity based on order flow, volume bars, and market depth.
👉 When it comes to technical analysis tools, NinjaTrader is the best platform for active traders.
👉 Superior charting, in-the-moment analysis, technical indicators that can be tailored to individual needs, Chart Trader (an order entry tool that works directly within the charts), and thousands of apps and add-ons developed by third-party developers are just some of the features offered by this platform.
👉 NinjaTrader is a brokerage that facilitates trading in the foreign exchange and futures markets. To provide traders with access to other markets, such as options on futures, CFDs, and stocks, the firm has collaborated with various supporting brokerages.
Pros and Cons NinjaTrader
| ✔️ Pros | ❌ Cons |
| NinjaTrader offers superior charting capabilities and some of the best technical analyses in the industry. | If you have a funded account, you may use the platform’s basic functions without cost. However, premium services will cost you. |
| There is partial as well as full automation provided on the platform. | Futures and FX traders have it easy, but stock traders will need a broker that supports their platform. |
| The NinjaTrader Ecosystem provides clients with a range of applications along with add-ons provided by third-party developers. | The CQG mobile app is available to NinjaTrader brokerage customers, but not to those who use any other broker. |
| Before Nigerians commit real money, they can use a demo account to practice trading and test strategies. | |
| The platform offers platform guides along with free webinars and a comprehensive video library. |
eToro
👉 In addition to traditional stock trading, eToro also facilitates the purchase and sale of virtual currencies. When it began accepting Bitcoin (BTC) in 2014, it was among the first online trading businesses to allow for the trading of digital currencies.
👉 When it comes to web-based trading platforms, eToro is among the best. It also supports social trading. The eToro interface is straightforward, making it ideal for newcomers. Trading may be done on the website in several languages.
👉 The web-based trading platform is easy to use and looks beautiful. The panels, however, are not removable, making customization difficult.
👉 A notable exception is a watchlist, which may be set up in minutes. Notifications and price alerts may be readily set up.
👉 When an asset hits a certain price on eToro, you may set up an alert to be triggered, and you will also be notified when your order is completed. This takes the shape of a new icon or a notice in the browser on the web platform, while a push notification is used on mobile devices.
eToro Pros and Cons
| ✔️ Pros | ❌ Cons |
| eToro has a strict and solid regulatory framework | There are limitations on leverage for retail traders |
| Client fund safety is guaranteed and there is consumer protection offered | There is a limited selection of retail investor accounts |
| eToro offers commission-free trading | Fixed spreads are not offered |
| There are over 2,000 complex instruments that can be traded | The spreads are not the tightest |
| The broker offers several trading opportunities and a social trading feature | There is a high minimum deposit on the Islamic Account |
| There is an award-winning proprietary platform offered | There is an inactivity fee charged on dormant accounts |
| eToro offers 24/6 dedicated customer services | |
| eToro offers a demo account and an Islamic Account | |
| Algorithmic trading and margin trading supported | |
| Real time quotes are offered alongside a wide range of benefits | |
| The mobile app is secure and features robust security such as two-factor authentication | |
| The app can be used as a wallet app for digital currencies | |
| Offers several resources that help traders make improved financial decisions with confidence | |
| Offers several helpful tools and services as a solid basis for investment decision along with investment advice | |
| Provides access to several popular cryptocurrencies that can be traded and crypto staking services | |
| There is a comprehensive portfolio management service and popular investor program offered |
Plus500
👉 Plus500 provides a trading platform that is accessible from any computer, mobile device, or tablet. Its trading platform has gained a place among the highest-rated trading programs in the Apple App Store and Google Play.
👉 This allows Nigerians to trade from the comfort of their mobile devices, attributable to its user-friendly interface and extensive features. All functions are completely functional on all systems supported.
👉 Nigerian traders who are always on the go may find the mobile platform’s account access and trading tools useful. Plus500’s trading platform is user-friendly and enables clients to trade over 2,000 goods in over 50 marketplaces for little or no cost.
👉 Plus500 is an excellent platform since it provides several charting possibilities. Several chart types are supported, including candles, bars, and lines, and timeframes span from ticks to weeks.
👉 Accessible technical indicators include Bollinger Bands, moving averages, the moving average convergence/divergence (MACD), the relative strength index (RSI), and others.
👉 Using the supplied drawing tools, you can easily plot Fibonacci retracements, create support and resistance lines, and more.
👉 When using the economic calendar, you can see current, historical, and predicted market data alongside forthcoming news events and their effects on the market and your trades. The news is sortable by both time and importance, and this calendar is an indispensable device for basic analysis.
Pros and Cons Plus500
| ✔️ Pros | ❌ Cons |
| Plus500 is well-regulated and has a high trust score | There is an inactivity fee charged on dormant accounts after a few months of inactivity |
| There is multilingual customer service offered 24/7 across communication channels | Guaranteed stops come at an additional charge |
| All client funds are held in segregated accounts | Plus500 restricts retail traders in certain regions |
| There is a wide range of markets to choose from | Restricted maximum leverage |
| The trading costs are low and can suit any financial restrictions that traders may have, especially novice traders | Trading strategies such as expert advisors, automated trading, hedging, scalping, and others, are prohibited |
| There are no commissions charged on trades | There is no desktop platform offered |
| There are no deposit fees charged | |
| The proprietary platform is robust |
AvaTradeGO
👉 Foreign currency, stock indexes, and commodities are just some of the many services that AvaTrade offers its customers. The broker keeps close tabs on traders and gives them everything they need to succeed. Many different nations support AvaTrade.
👉 The mobile app for AvaTrade is called AvaTradeGO and it was created with the customer’s convenience and satisfaction in mind. With this software, trading is easier and more streamlined than before.
👉 The app’s intuitive design makes it simple to use. It is now possible to see the developing dynamics of an industry as they happen. One may see the purchases and sales of other traders in the AvaTrade trading community.
👉 AvaTradeGO’s mission is to provide you with unmatched possibilities. You may create shopping lists and see current pricing information.
👉 The software allows traders to trade a wide variety of financial products, including the most popular currency pairings in the world, commodities, equities, cryptocurrencies, and many more.
Pros of AvaTradeGO
| ✔️ Pros | ❌ Cons |
| The platform’s versatility, along with its user-friendliness, makes it stand out from the competition. | It is difficult to make changes to AvaTradeGO. There is no way to integrate third-party trading tools or indicators with this mobile app, unlike with the other AvaTrade trading platforms. |
| The seamless integration of the trading instruments, the rapid processing of transactions, and the impressive visuals in the form of charts and other visualizations. | While the AvaTrade mobile trading app is a convenient way to carry out trading on the move, its limited screen real estate presents both opportunities and risks for traders. |
| An Islamic account is an alternative to the ordinary professional account on AvaTrade. | |
| Only those who have subscribed to AvaTradeGO have access to AvaProtect, our proprietary risk management system. | |
| The mobile version of AvaTrade, AvaTradeGO, is just as reliable as the desktop version. |
eSignal
👉 When it comes to foreign exchange, the eSignal trading platform is what experienced traders who value flexibility should use.
👉 Although it has all the functionality one would expect from an innovative trading platform, the platform also allows users to code their own trading techniques and market screeners.
👉 The platform supports the simultaneous display of up to 500 symbols and includes sophisticated drawing tools including time and price squares and Gann boxes.
👉 However, traders must link their platform with one of eSignal’s approved brokers to have access to streaming and real-time data streams.
👉 To use the platform, customers will have to lease it from eSignal at a cost of either $1 per month or $1 per year. For this reason, some novice traders may not consider this Forex trading platform a top choice.
Pros and Cons eSignal
| ✔️ Pros | ❌ Cons |
| eSignal offers quotes along with stock, forex, futures, and options trading charts. | The platform is expensive and there are exchange fees charged |
| There is a vast number of add-ons available for the platform | There are additional charges for the add-ons |
| Nigerian traders can easily stream real-time data | Nigerian traders may face added taxation |
ProRealTime
👉 IT-Finance, a company based out of France, created the ProRealTime trading platform, which is used for doing technical analyses on the Forex market. The platform stands out since it is a web-based application with cloud network backup provided by the business.
👉 The platform’s ProRealCode programming language allows users to develop unique market scanners and trading algorithms, in addition to a broad variety of powerful charting and analytical tools.
👉 The use of ProRealTime’s services does not cost anything. In addition to its other advantages, the platform’s users have unlimited, cost-free access to its automated capabilities, historical data, carting tools, and many more services.
👉 However, free users of the portal can only see stock prices outside of trading hours. For subscribers who join up for more than a year, the monthly price reduces to $31.07; for those who sign up for three years or more, the monthly price drops even further to $25.58.
👉 Nigerian traders must note that the foregoing costs are only for FX data and that the features are available for a higher price through the platform’s premium membership service.
👉 However, subscribers to the premium plan get priority service. ProRealTime users may organize into charting groups to facilitate coordinated automated trading.
👉 ProRealTime’s key selling point is that it can be used to automatically trade and analyse a broad variety of assets. In addition to stocks and currencies, it is also used to trade commodities, options, CFDs, and bonds.
Pros and Cons of ProRealTime
| ✔️ Pros | ❌ Cons |
| The platform offers Nigerians automated trading and backtesting features | The costs of using ProRealTime can be extremely high, making it challenging to use by beginners. |
| ProRealTime supports a range of asset classes including forex, CFDs, bonds, options, and futures. | The screener is not flexible. |
| The platform has a wide range of indicators that allow Nigerians to create their own trading strategies. | |
| Unlike many other professional platforms, ProRealTime can be customized. | |
| The mobile version is compatible with both Android and iOS devices. | |
| There are several free services offered on the platform. |
thinkorswim (TD Ameritrade)
👉 Thinkorswim, the premier trading platform of TD Ameritrade, is packed with advanced charting capabilities and user-friendly customizable options. Although it is not promoted as such, day traders will find a lot to appreciate in this platform.
👉 To begin using thinkorswim, you must first get the desktop application or mobile app and have it installed on your computer or mobile device.
👉 In addition to supporting Windows, Mac, Unix, Linux, iOS, and Android, TD Ameritrade also provides downloadable access to the popular thinkorswim platform.
👉 thinkorswim’s login page has a toggle for switching between real-money trading and practice mode. The simulated side is excellent for learning the program, which might be a bit challenging to grasp at first.
👉 Customers of TD Ameritrade, an industry pioneer in technology and AI, have access to their accounts through Twitter, Alexa, Facebook, and Apple Messages, among other places. The TD Ameritrade Mobile app provides regular investors with a flexible interface.
👉 The program is easy to use and has all the tools a trader may need. Streaming and completely customisable watchlists that connect with your account.
👉 Meanwhile, PDF research papers complement third-party ratings and are available with price alerts, headlines, and clear (and fully-featured) charting on stock quotations.
Pros and Cons of thinkorswim
| ✔️ Pros | ❌ Cons |
| TD Ameritrade offers the best education for Nigerian beginners | The platform can prove challenging for beginners. |
| There are several asset classes available for trading, including futures and forex. | The program is sluggish when launched from a desktop. |
| The app offers Level 2 quotes and there is Direct-Access charting. | The options tools are not user-friendly. |
| There is simulated trading for additional practice. | There are no diagrams indicating profit-loss ratios. |
| There are several screeners offered. | |
| The platform is customizable. | |
| Traders can stream CNBC free of charge. |
The Forex Brokers in Nigeria with the Best Trading Platforms
👉 In this article, we have listed the best trading platforms in Nigeria. We have further identified the forex brokers that offer additional services and solutions to Nigerian traders.
Best MetaTrader 4 / MT4 Forex Broker in Nigeria
Overall Rating
- 4.9/5
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Exness is the best MT4 forex broker in Nigeria. Exness offers a range of tradable instruments through its MetaTrader 4 trading platform, alongside MT5, which can be downloaded across devices. Using these platforms Nigerians can register any Exness account and access zero-pip spreads.
Best MetaTrader 5 / MT5 Forex Broker in Nigeria
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
👉 Overall, AvaTrade is the best MetaTrader 5 forex broker in Nigeria. AvaTrade offers an extensive range of trading platforms including MetaTrader 5. AvaTrade is the best broker for Nigerian beginners and offers more than 1,250 instruments to over 300,000 registered clients.
Best Proprietary Trading Platform Forex Broker in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 0 / 0 NGN
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, OANDA has the best Proprietary Trading Platform Forex Broker in Nigeria. OANDA offers Nigerians a broad range of instruments and an award-winning trading platform. OANDA offers proprietary market insight podcasts and offers several VPS services to Nigerians.
Best cTrader Forex Broker in Nigeria
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 the best cTrader Forex Broker in Nigeria. Pepperstone offers several platform add-ons for MetaTrader and cTrader. Pepperstone offers the best algorithmic and copy-trading through cTrader through its Razor accounts.
Best Mobile App Forex Broker in Nigeria
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, HF Markets has the best Mobile App Forex Broker in Nigeria. HF Markets has a decent range of in-house market analysis along with third-party add-ons along with news and research. HF Markets offers an innovative proprietary mobile app to Nigerians on iOS and Android.
Best Social Trading Platform in Nigeria
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
👉 Overall, eToro is the best Social Trading Platform in Nigeria. Over 11,000 customers have given eToro a good rating on the review website Trustpilot, giving the firm a score of 4.1 out of 5 stars. eToro is a worldwide leader in online trading with over 23 million members.
Best Web-Based Trading Platform in Nigeria
Overall Rating
- 4.9/5
Min Deposit
USD 100 / 41450 NGN
Regulators
CySEC, FCA, MAS, FSA, ASIC, FMA, FSCA
Trading Desk
WebTrader
Total Pairs
70
Crypto
Yes (Availability subject to regulations)
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, Plus500 is the best Web-Based Trading Platform in Nigeria. Plus500 offers a user-friendly web platform that has more than 2,000 tradable instruments. Plus500 offers CFD options contracts on 24 popular symbols and there are cash rebates offered to professional traders.
Best Desktop Trading Platform in Nigeria
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 offers the best Desktop Trading Platform in Nigeria. XM features more than 1,230 CFDs along with over 50 forex pairs through MT4 and MT5 on Desktop. XM also provides trading signals for copy trading and an innovative Analyzzer algorithm through the MetaTrader suite.
Best Copy-Trading Platform in Nigeria
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 offers the best Copy-Trading Platform in Nigeria. The social copy-trading app from OctaFX offers Nigerians the chance to trade while they are on the move.
👉 OctaFX provides well-organized research and daily updates to Nigerians, allowing them to remain updated on events that could affect their trades.
Conclusion
👉 Modern trading platforms are the connection that Nigerian traders have not only to their broker but all the financial markets in the world. Choosing the right platform is a fundamental part of the overall trading process that cannot be overlooked.
👉 Every trading platform has unique features, pros, and cons that Nigerians must compare to their own trading needs and objectives, allowing them to make an informed choice.
FAQ
What is the safest trading platform for beginners?
MetaTrader 4 is the best for beginners based on its educational guides and user-friendly interface. A benefit of MT4 is that most brokers who offer the platform typically include several guides and videos on how to use the platform.
Are trading platforms free?
Some can be used free of charge, especially those offered through forex brokers. However, others have subscription fees and could charge extra for trading and additional content and tools.
Which mobile app is the best for forex trading for beginners in Nigeria?
eToro is one of the best trading apps based on its provision of copy trading, allowing beginners to copy the trades of more successful trades.
What software do brokers use?
While some brokers may provide access to third-party trading platforms, the vast majority use their own proprietary software.
In the foreign exchange market, for instance, most brokers provide their own proprietary software in addition to the widely used third-party trading platform MetaTrader4 and/or MetaTrader5.
Can I trade forex in Nigeria without a broker?
You can trade forex without a broker through your bank, but you can never trade forex without an intermediary.
Top 3 Brokers