Although over 200,000 Nigerians trade forex and the number keeps increasing, there is no licensed apps for forex trading in Nigeria.
Only the forex trading apps of tier-1 regulated brokers are considered to be lowest risk for Nigerian forex traders. The app by HFM has the highest rating in our rankings.
Read our complete guide below on the various points that we factored in ranking each trading app.
Best Forex Trading Apps in Nigeria for Beginners
As per our tests, these are the best apps for forex traders based in Nigeria.
HFM App – Overall Best Forex Trading App in Nigeria
FxPro Trading App – Best Forex Trading App for PC
Exness Trader App – Best Forex Trading App for Beginners
XM Trading Point App – Best Forex Trading App for Beginners
AvaTradeGO – Best Free Commission Forex Trading App
#1 HFM App – Overall Best Forex Trading App in Nigeria
HF Markets was founded in 2010 and is both a forex and commodity broker. Their 15MB sized HFM app has a 4.1 star rating and over 1 million downloads on Google Playstore.
Pros & Cons of HFM App
Pros
Strong regulation
Fingerprint scanner & 2FA
You can request for your data to be deleted from the app
Copy trading
Demo account
Negative Balance Protection
Dedicated Nigerian phone number
Naira Base Currency Account
Nigerian office address
Personal account manager
Cons
Inactivity fee
High commissions on zero account
Nigerian clients are registered under offshore legislation of Saint Vincent & The Grenadines which is not as strong as what is applicable in Europe.
Only allows premium account holders to use the app
App is only available for mobile devices
No customer service available on weekends
HF Markets are developers of the HFM app and are licensed by Tier-1 financial regulator Financial Conduct Authority (FCA) UK with licence number 801701,
Although HF Markets holds an FCA UK license, it does not register Nigerian clients under UK/Europe legislation instead it registers them under legislation of Saint Vincent & The Grenadines (SVG). This means that any legal disputes are subject to the interpretation of the laws of SVG.
Trading App Security – 5/5
Security features on the HFM app aside from passwords include Two Factor Authentication (2FA), & fingerprint scanner. The HFM app also lets you request that your data be deleted.
Cost of Trading on App – 4/5
HFM doesn’t charge any commission on Premium, Cent and Pro accounts, while the HF Zero account attracts a commission of $3 per lot per side.
HFM also charges an inactivity fee of $5 after 6 months of your account not being used to trade.
Spread on the HFM app is variable and changes according to market conditions. But on the average, these are the spreads for selected currency pairs:
App Features available for Forex Traders – 4/5
HFM offers local deposits/withdrawals in Naira for Nigerian clients through bank transfer, Visa & Master credit/debit cards, cryptocurrency, Fasapay, Neteller, PayRedeem, Perfect Money, Skrill, & BitPay.
HFM has no minimum deposit on all its accounts except the Pro account which has a minimum deposit of $100 or N50, 000. The HFM app also offers a demo account for practice.
The HFM app is available as a mobile version installable on android and iOS.
The HFM app lets you manage & view all your trading accounts from the app, but you can only trade with the premium account. The HFM app also supports copy trading & Negative Balance Protection.
It also shows you a comprehensive history of each trade, and lets you place orders in customizable lot sizes. You can also place trades via telephone call in instances where there is no network etc. Your simple contact your personal account manager who will be assigned to you.
HFM offers 24/5 customer support through email, live chat, and a dedicated Nigeria mobile phone number. HF Market Nigerian office is located at 90, Allen Avenue, Ikeja, 100281, Lagos
The HFM app lets you trade derivatives on major/minor currency pairs, and indices such as NASDAQ, S&P500, amongst others.
Read more about the HFM app on the HFM website.
#2. FxPro Trading App – Best Forex Trading App for PC
FxPro has been in existence for 16 years and operates from Mauritius through a subsidiary called Prime Ash capital Ltd. Their 31 MB sized FxPro app has a 4.3 star rating with over 5 million downloads on the Google Playstore.
FxPro Pros & Cons
Pros
Strong regulations
Fingerprint scanner
FxPro Wallet acts like a savings account
Data can be deleted upon request
FxPro App works on mobile, desktop, and web platform options
Dark & light themes
Demo account
Cons
Inactivity fee
High minimum deposit fee
High commission on raw spread account
No copy trading & Expert Advisors (EAs) supported on FxPro trading app
Customer service is not available on weekends
Nigerian clients are registered under offshore legislation of the Financial Services Commission of Mauritius (FSCM) which Is not as strong as what is applicable in Europe.
No Naira base currency account
Although FxPro holds an FCA UK licence which is a Tier-1 regulator, it does not register Nigerian clients under UK legislation. Nigerian traders are instead registered under Prime Ash Capital Limited Mauritius meaning Nigerian traders are subject to the laws of Mauritius.
Therefore, any legal disputes involving Nigerian traders will be subjected to the interpretation of the laws of Mauritius.
Trading App Security – 5/5
The FxPro trading app is configured to support fingerprint scanner and biometrics. It also supports 2FA. The FxPro trading app allows you request for your data to be deleted.
Cost of Trading on App – 4/5
FxPro charges a commission fee of $3.5 per lot per side on raw spread account. FxPro charges an inactivity fee of $10 per month after 6 months of account dormancy.
Spread is variable depending on market conditions but the average spread on MT4 accounts for select currency pairs can be seen below:
App Features available for Forex Traders – 4/5
The FxPro app is available on mobile, desktop, and web platforms and compatible with android & iOS.
It offers local deposits/withdrawals in Naira for Nigerian clients through bank transfer, Visa & Master credit/debit cards, PayPal, Neteller and Skrill. Minimum deposit on FxPro is $100.
The FxPro wallet feature allows you to warehouse funds in your wallet before you transfer to your trading account. The wallet acts like a savings account where the funds will not be affected by margin requirements.
FxPro also has an integrated economic calendar that alerts you of important market events & for beginners there’s a demo account for practice.
The FxPro trading app offers an interactive economic calendar, & volatility push notifications to alert you of market turbulence. It also offers detachable chart windows as you can trade directly from the charts, & dark/light visual themes.
FxPro offers 24/5 (Monday – Friday) customer service support through email, phone, and live chat.
The FxPro trading app lets you trade derivatives on major/minor currency pairs, indices such as FTSE UK100, and S&P 500 amongst others.
Read more about the FxPro trading app on their website.
#3. Exness Trade App – Best Forex Trading App for Beginners
Exness Global Limited was founded in 2008 and is not just a forex broker, they are a multi-asset broker. Their head office is in Cyprus at Siafi 1, PORTO BELLO Building, Flat 401, 3042 Limassol, Cyprus.
The 22MB sized Exness app has a 4.3 star rating on the Google Playstore with over 10 Million downloads.
Exness Pros & Cons
Pros
Strong regulations
Apk installation file option
Fingerprint scanner
Demo account
100+ currency pairs
Data can be deleted upon request
Customer support available on weekends
Tight spreads
Naira Base currency account
No inactivity fees
Cons
Nigerian clients are registered under the Financial Services Authority (FSA) regulation of Seychelles which is not as strong as what applies to the Financial Conduct Authority (FCA) in the UK.
App is only available on mobile devices and not desktops
Exness Limited is regulated by a Tier-1 regulator, FCA UK, its Nigerian clients, however, are registered under Exness Seychelles and therefore subjected to the laws of Seychelles.
Trading App Trading App Security – 5/5
The Exness trade app supports fingerprint scanner and 2FA. You can also request for your data to be deleted from the app.
Cost of Trading on App – 4/5
Exness charges a commission of $3.5 per side on the raw spread account and $0.2 per side on the Zero account. Exness does not charge inactivity fees when your account is left dormant.
Spread is variable depending on market conditions but average spread for select currency pairs can be seen below:
App Features available for Forex Traders – 4/5
Exness Trade app is only available on mobile devices as it has no desktop version. It accepts funding via Nigerian banks, Cards, Bitcoin, BinancePay, Skrill, Neteller, Perfect Money, SticPay, USD coin, & Tether. Minimum deposit on Exness Trader is $10.
On the app you get push notifications, open several new trading accounts without limit, practice with the demo account, and get frees signals/news.
There is also an Android Package Kit (APK) download available so you can install the app in jurisdictions where the Playstore is not available.
Exness Trader offers 24/7 (Monday – Sunday) multilingual customer service support through email, phone, and live chat.
The Exness trade app lets you trade derivatives on forex pairs including major/minor/exotic, Indices such as FTSE100, S&P 500, and NASDAQ, amongst other asset classes.
Read more about the Exness trade app on the Exness website
#4. XM Trading Point App – Best Forex Trading App with Low Deposit
XM Global Limited was established in 2009 and its headquarters is situated at Suite 404, The Matalon, Coney drive, in Belize. Its XM trading app has a 3.8-star rating, and over 5 million downloads on the Google Playstore.
Pros & cons of XM App
Pros
Tight spread
Fingerprint scanner
Demo account
App works on mobile and desktop
Negative Balance Protection
MT4/5 compatible
Zero commissions on forex trading
24/7 customer support
Low minimum deposit
Cons
Inactivity fee
Weak regulations
You cannot request for your data to be deleted from the app
Nigerian clients are registered under Financial Services Commission (FSC) Belize which is not considered a top-tier regulator. Therefore, any legal disputes involving Nigerian clients will be subjected to the legislation of Belize.
No Naira base currency account
Nigerian clients using the XM app are registered under XM Belize and thereby subjected to legislation of Belize. This means any legal dispute involving Nigerian clients at XM will be subject to the interpretation of the laws of Belize.
XM is not regulated in developed countries operates through subsidiaries in Cyprus and South Africa making them high risk.
Trading App Security –4/5
Although the XM app supports fingerprint scanner and 2FA. However, it does not accept data deletion requests.
Cost of Trading on App – 5/5
XM charges an inactivity fee of $5 a month after 90 days of inactivity. XM does not charge any commissions on its accounts except the share account. Spreads are variable and average spread for select currency pairs can be seen below:
App Features available for Forex Traders – 5/5
XM app is available on mobile and desktop & is compatible with android and iOS devices. It is also installable on tablets including the iPad.
Minimum deposit on XM is $5 and it has a demo account with a $100,000 virtual fund for practice.
XM allows local deposits/withdrawals through bank transfer, Cards, and e-Wallets.
Other XM trading conditions include Negative Balance Protection, Instant execution, latest news, and MT4/MT5 account compatibility.
XM offers 24/7 (Monday – Sunday) customer support via email, live chat and phone number.
On the XM app you can trade 8 asset classes amounting to over 1000 instruments. These include major/minor/exotic currency pairs, indices such as S&P500 and FTSE100 amongst many others.
Read more about the XM app on the XM website
#5. AvaTradeGo – Best Free Commission Forex Trading App
AvaTrade Markets Ltd was found in 2006 and its 18MB sized AvaTradeGO app has a 4.6-star rating with over 1 million downloads on the Google Playstore.
Pros
Strong regulations
Fingerprint scanner
MT4/MT5 account work on the AvaTradeGO app
24/7 customer support
No deposit/withdrawal fees
No commissions
Data can be deleted upon request
Social community
Cons
Only runs on mobile devices
High minimum deposit fee
Inactivity fee
Nigerian clients are registered under the Financial Services Commission regulation of the British Virgin Islands.
No Naira base currency account
AvaTrade Markets Ltd. is a well-regulated forex broker.
Despite being regulated by a Tier-1 regulator ASIC, Nigerian clients using AvaTrade are registered under the Financial Services Commission regulation of the British Virgin Islands (BVI FSA).
Therefore, any legal disputes involving Nigerian clients using AvaTrade will be subjected to the interpretation of the laws of the British Virgin Islands.
Trading App Security – 5/5
The AvaTradeGo app supports fingerprint scanner and 2FA. You can also request for your data to be deleted from the app.
Cost of Trading on App – 5/5
AvaTrade does not charge fees on both deposits and withdrawals. Also, AvaTrade does not charge a commission on any trade, however it charges 50 USD/EUR/GBP inactivity fee after 6 months of account dormancy
Spreads are over market and average spreads for select currency pairs can be seen below:
App Features available for Forex Traders – 4/5
The AvaTradeGo app runs on mobile devices and is compatible with android & iOS. AvaTradeGO accepts funding via cards, Nigerian bank transfer, and e-wallets.
Minimum deposit on AvaTradeGo is $100 and it also offers a demo account with a $100,000 virtual fund for practice.
The AvaTradeGO app supports MT4/5 accounts, real-time market feeds, and grants you access to the AvaTrade social community.
AvaTrade offers 24/7 (Monday – Sunday) customer support in more than 14 languages through email, live chat and WhatsApp messages.
The app lets you trade major/minor currency pairs, indices such as US Dollar index, China A50, amongst many others.
Read more about the AvaTradeGo app on the AvaTrade website.
Methodology for choosing the Best Forex Trading App in Nigeria
1. Regulation: You should ensure your preferred broker is regulated. You can also read the legal documents at the bottom of the app/website to see where your account will be registered, as well as other important legal information.
A broker licensed by a Tier-1 financial regulator such as Financial Conduct Authority (FCA) United Kingdom, and Australia Securities Investment Commission (ASIC) will give you better investor protection.
Check the broker’s website for their license information which shows you the name of the regulator. Head to the regulators website to conduct a search using your broker’s name or license number.
For example, Exness Group is licensed with multiple regulators as per their website. Once you find the license no. of the brokerage, you should then search it on the relevant regulator’s search page.
2. Security Features: Hackers always target financial apps like forex trading apps. Two factor authentication or 2FA requires you to input an OTP code sent to you in addition to your regular password. 2FA is very important for a trading app.
Fingerprint scanner also adds another layer of verification in cases where your device is stolen etc. Like they say you cannot hack a fingerprint! It is also very important that your app supports fingerprint scanners and other biometric functions.
3. Number of Download/App Rating: There’s always safety in numbers! The number of downloads can give you an indication of the app’s popularity and user base. The app’s star rating is also an indicator of third-party opinion- other people agreeing that it’s good.
4. last updated date: You should also check the app’s last updated date. Regular updates are crucial for maintaining app performance, fixing bugs, and addressing security vulnerabilities.
5. App Compatibility: Some forex trading apps are built for mobile phones only, while some can function on both mobile and PC etc. Some apps also allow you use only MT5 account while some allow MT4/5 accounts. You should check if it is compatible with your device and runs smoothly.
6. Tradable Instruments: Having numerous tradable instruments allows you to efficiently diversify your portfolio. Diversification involves spreading investments across different asset classes. Multiple instruments also make for hedging risk.
7. Overall Charges: Fees associated with trading can significantly impact your overall investment returns.
You should read the account opening agreement to see details of hidden fees such as inactivity fees, withdrawal fees and account maintenance fees which may impact you later.
Also, take note of spread and commissions. Some trading apps may charge zero fee on commission but almost all app charge spread.
8. Demo Account: A demo account is simulated trading that allows you to practice trading without risking real money. A good app should offer a demo account and give you room to practice. Many scam apps rush you into trading even when you don’t have the required skills.
You can also use a demo account to experiment with different trading strategies, test trade ideas, and gain practical experience without the fear of financial losses. This can boost your confidence in your trading skills.
How to Download a Forex Trading App & Trade in Nigeria?
Step 1. Choose a Reputable Forex Broker that offers Trading App on iOS & Android
Select a reputable and licensed forex broker that accepts traders from Nigeria.
Confirm they offer the currency pairs you are interested in trading, and then study their general trading conditions.
Step 2. Open Trading Account
Provide the required personal information, complete any verification processes, and agree to the terms & conditions, the elect account base currency. Choose the type of trading account that suits your needs, such as a standard account or a micro account for smaller trade sizes.
Step 3. Download the Forex Trading App
Download and install the trading platform provided by your broker. Popular platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5) are widely used and offer comprehensive features for forex trading.
Step 4. Fund Your Trading Account
At the point of opening the account you will be required to choose a base currency to trade in. HF Markets offers Naira base currency accounts, but many other brokers don’t so you will have to fund in Naira then your broker converts to your account base currency, and charges you a conversion fee.
Available funding methods vary from broker to broker but they mostly accept bank transfer and cards in Nigeria. 3rd party funding is not allowed by any broker so the depositor’s name must be your name.
Step 5. Place Your Trade
Once you have identified a trading opportunity, use the trading platform to place trades. Select the currency pair you want to trade, specify the trade size (lot size), and choose the type of order (e.g., market order or pending order). Decide on your stop-loss and take-profit levels to manage risk and potential profits. Double-check your order details before executing the trade.
Frequently Asked Questions
Which Is the Best Forex Trading App in Nigeria?
The HFM proprietary app is the best forex trading app in Nigeria. It is well regulated and has safety features such as biometrics and two factor authentication.
It supports Naira account base currency so you can trade in Naira and avoid conversion fees. You can also manage multiple accounts from one wallet from the app, trade in customizable lot sizes, access trading history with clear details, and trade in US cents currency.
The HFM app also lets you take control by customizing various settings such as: notifications, language, charts, and appearance.
You also get personalized service as you are assigned a personal account manager from Nigeria, who you can call at any time to place trades via phone (when there is no network or any unforeseen circumstances) and resolve any issues.
How Do I Download a Forex Trading app?
Be careful when downloading apps and do not download from unknown sources such as links sent to you by people on social media etc.
Visit the website of your forex broker and navigate to the platform section then click on the app icon to be redirected to your Playstore.
This is the safest way because most of the time you see apps with similar names on the Playstore. Ensure you are redirected from the forex broker’s website to the Playstore or apple store to avoid mistakenly downloading the wrong app.
How Do I Use a Forex Trading App?
Use the app’s demo trading account to familiarize yourself with the app interface and learn how to trade. You can then go live after you have honed your skills.
Which App Do Most Forex Traders Use?
MetaTrader 4 or MT4 is the most widely used app for forex trading globally. It has been around since 2005 and traders are already used to it.
A new version called MetaTrader 5 or MT5 was created in 2010 but traders still stick to MT4. Another rival forex trading app is C-Trader which is yet to gain popularity like MT4.
Several forex brokers in Nigeria such as HF Markets, FxPro, and Exness offer MT4 platforms.
What is the best Forex broker trading app for beginners?
Exness trade app is the best forex trading app for beginners due to its demo account, 100+ currency pairs, 0.01 lot size, zero commission on standard accounts, spreads from 0.3 pips, US cent currency account for cheap trading, and 1: unlimited leverage so that even though you trade in cents you can place big orders.
Is There a Forex Trading App with Free Real Money?
Forex trading Demo accounts offer virtual money or fake money which is just for practice or demonstration purposes. This is in no way free money.
Even when a forex broker lets you use leverage of say 1:500 it is not free money. It means for every $1 of your own, your broker lends you $500 which you pay back with interest.
What is the best forex trading app to earn money?
Although you can earn money trading on all forex trading apps, it is not guaranteed. Over 80% of forex traders lose money, and it is very risky to trade CFDs.
However, the HF Markets app percentage of traders who lose money is around 71%, which means that there are a higher number of professional or successful traders using this broker.
