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Best Forex Trading Apps in Nigeria

chart – 2023-07-06T163335.374

Although over 200,000 Nigerians trade forex and the number keeps increasing, there are no licensed apps for forex trading in Nigeria.

Only the forex trading apps of tier-1 regulated brokers are lowest risk for Nigerian forex traders.

The app by HF Markets has the highest rating in our rankings.

Read our complete guide below on the various points that we factored in ranking each trading app.

What is the Best Forex Trading App in Nigeria?

  1. HF Markets App – Overall Best Forex Trading App in Nigeria N5,500 Minimum Deposit
  2. FxPro Direct App – Best Forex Trading App in Nigeria for Professionals. N30, 000 Minimum Deposit
  3. Exness Trade App – Forex Trading App in Nigeria with Best Charts. N15, 000 Minimum Deposit
  4. XM Trading Point App – Best Forex Trading App in Nigeria for Beginners. N7,500 Minimum Deposit
  5. AvaTradeGO App – Best Forex Trading App in Nigeria for Advanced Tools. N150, 000 Minimum Deposit

When trading forex on these apps, you trade Contract for Difference (CFD) on forex pairs (and other instruments) without taking delivery of physical cash.

You only speculate on the price movement of the exchange rates and get compensated if you pick the price direction right. Otherwise, you could lose more than you planned for if you predict the market wrongly when you are using leverage.

Comparison of the Best Forex trading Apps in Nigeria

App name Minimum deposit Best feature Trading cost per standard lot
HF Markets App N5,500 Calculators & Account Management From $14
FxPro Direct App N30,000 User interface $12
Exness Trade App N15,000 Charts $10
XM Trading Point App N7,500 Copy trading $6
AvaTradeGO App N150,000 Risk Management Tools $9

#1. HF Markets App – Overall Best Forex Trading App in Nigeria

HF Markets are developers of the HFM app (android version 4.2.4) and are licensed by Tier-1 financial regulator Financial Conduct Authority (FCA) UK with license number 801701

HFM App Security – 5/5

The HFM app is protected by 4 security features: Password, PIN, 2Factor Authentication (2FA), & Fingerprint scanner

The 2FA is connected to your email address, and you can also connect an external authenticator app to your HFM app.

Cost of trading on the HFM app – 4/5

The HFM app is compatible with all HF Markets account types but remember different account types have different fees.

You pay the highest fees when using the Cent & Premium Accounts, where trading 100,000 units of a currency pair, attracts a spread fee from $14. However, you’re at liberty to trade smaller units so you pay less spread.

When trading other assets such as Indices, Stocks, & ETFs; you also pay spread plus a commission which could be as small as $0.1 USD to as high as $1 USD per round turn.

Overnight fees are not charged when you trade with HF Markets in Nigeria, so you can leave your trades open till the next day or over the weekend at no cost.

An inactivity fee of $5/month is deducted from inactive trading accounts after 6 months of inactivity. Demo accounts on the app are also deleted after 29 days (about 4 weeks) of not logging in

HFM App Features available for Forex Traders – 4/5

  1. Trading Options: here you can choose for your order to be simultaneously displayed in Amount, Lots, & Units
  2. Quick Trading: this feature is for buying/selling fast without the app asking you to reconfirm your decision or insert Stop Loss & Take Profit. Quick trading can be risky when activated always remember to edit your order and insert Stop Loss after entering the trade.
  3. Push Notifications Settings: choose whether to be notified of Market News, Webinars/Education, Economic Calendar Events,Margin Call, & Stop Out.
  4. Chart Settings: Candlestick charts are available, and you can choose to view them in 9 different intervals between 1 Minute & 1 Month. You can also choose to show active or pending trades on the charts. Technical Indicators are few with just four available.
  5. Calculators: the HFM app has inbuilt position size & Pip value calculators.
  6. Copy Trading: you don’t need a separate app for copy trading as the HFM app has inbuilt copy trading with community.
  7. Detachable Charts: you can view an image of the charts for any asset from the instrument panel
Pros & Cons
Pros Cons
App security has been upgraded to include 2FA No live market sentiment tool
Order entry is customizable plus there are risk calculators inbuilt to the app Limited number of technical indicators
Copy trading No pre-recorded educational videos & welcome tours of the app
Excellent account management from the app with all your accounts in one place No tools for drawing trend lines on the charts
Market News & HFM Analysis

#2. FxPro Direct App – Best Forex Trading App in Nigeria for Professionals

Although FxPro holds an FCA UK license 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 – 4.5/5

The FxPro app security mechanism includes Fingerprint scanner, PIN, Password, & 2FA. The app allows you to request for your data to be deleted.

FxPro App Cost of Trading – 3.8/5

To get the lowest pricing FxPro recommends you get the best value when you open the Raw Spread Account type which charges you zero spreads on popular instruments, but you pay a commission from $3.5 per side on each trade.

On the Raw Account you pay from around $9 in both spread plus commission when you trade 100,000 units of popular currency pairs.

On the Standard you pay higher fees from $12 when you trade 100,000 units of popular currency pairs.

App Features available for Forex Traders – 4/5
  1. High Speed Trading Modes: the FxPro app has Quick trading Mode that allows you to speedily open & close a trade from anywhere on the app even from the instrument panel. There’s also a One-tap trading mode that allows you quickly open a trade before editing it and inserting Stop Loss. These speedy trading modes are risky & best suited for professionals
  2. Drawing Tools & Technical Indicators: there’s a lot of drawing tools so you can draw your trend lines. There are also over 50 technical indicators on the FxPro app
  3. TradingView Shortcut on Charts: there is a shortcut button that imports the TradingView charts to your charting screen. This feature is for information purposes only as you cannot trade from the TradingView charts
  4. Detachable Charts: the FxPro app doesn’t let you lose sight of the charts. When entering your order information, you can still view the detached image of the charts
  5. Great user interface: the FxPro app has the best user interface of the apps we tested. The buttons are big and well laid out, & you can Buy/Sell directly from the instrument panel. the FxPro app seems designed for speed
Pros & Cons
Pros Cons
Excellent account management from the app. You can build custom MT5 accounts for Hedging & Netting trading strategies from the app No live market sentiment
Lots of technical analysis tools No in-app education
High speed trading modes No copy trading
Strong app security
Very user-friendly interface

#3 Exness Trade App – Forex Trading App in Nigeria with Best Charts.

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 Security – 4.8/5

The Exness Trade app security comprises PIN, Fingerprint scanner, & 2-Factor Authentication. You can also disable screenshots, hide screen content, & hide your account balance with a flip gesture. You can request for your data to be deleted from the app.

Cost of Trading on App – 4/5

Only MT5 accounts work on the Exness Trade app and the Cent Account type doesn’t work on the app (it works on the MT4 terminal).

To trade 100,000 units of any popular instrument using the Exness Standard Account type, you pay fees from around $10. When you trade smaller units the fee decreases

if you are using the Exness Professional Accounts you pay fees from $7 per 100,000 units of popular instrument traded. This is possible because Professional Accounts charge zero spread & zero overnight fees on major instruments like EUR/USD, so all you pay is a $7 commission.

App Features available for Forex Traders – 5/5
  1. TradingView Charts: you can switch to TradingView charts from the settings tab. TradingView charts are very customizable and user-friendly; you can even set custom chart timeframes & access multiple technical indicators & drawing tools on TradingView charts .
  2. Inbuilt MT5 Terminal: the Exness Trade app has an inbuilt MT5 terminal & you can access it from the settings tab. This feature helps you save phone storage space as there’s no need to download a separate MT5 to your phone
  3. Live Market Sentiment: the app shows you what percentage of traders are Bullish & Bearish on each instrument.
  4. Detachable Charts: you don’t have to call up an instrument before you can view its charts. Right from the instrument panel, you can see a small image of the charts. Even when inserting Stop Loss you can still see a small image of the charts for that instrument.
  5. Custom Order Entry: your order can be displayed in Amount, Lots, or Units. This comes in handy for beginners and if you’re trading instruments like Gold that require specific measurement.
Pros & Cons
Pros Cons
Live Market Sentiment Account management is not very organized
Great charts No in-app education
Inbuilt MT5 terminal No copy trading
Strong app security No one-tap trading mode
Low cost of using the app including zero inactivity fees MT4 accounts not compatible with the Exness app

#4. XM Trading Point App – Best Forex Trading App in Nigeria for Beginners

XM is an experienced forex broker with a global presence. They are regulated in South Africa, Cyprus, & Belize (Nigerian accounts are held here).

XM has kept its trading app simple without much sophistication thus making it suitable for beginners.

Trading App Security –4/5

Although the XM app supports fingerprint scanner and 2FA, it does not accept data deletion requests.

XM App Cost of Trading – 4/5

You pay spread fees from $6 to trade 100,000 units of any instrument on XM. This fee excludes commissions because XM is a zero-commission broker. Overnight fees are suspended when you trade popular forex & gold pairs. There is a $5 fee for inactivity.

XM App features -3/5
  1. Copy Trading: you can choose to copy the trades of other Strategy providers when using the XM app. XM is a global broker so you will find lots of Strategy Providers from across the globe to emulate. However, remember that past performance doesn’t guarantee future results.
  2. One-tap Trading: place orders fast without any additional confirmation needed
  3. Live Price Feed; you can see buy and sell prices changing in real time on the app
  4. Drawing Tools: use them to draw your trend lines on the charts
  5. over 50 Technical Indicators: all the popular technical indicators available on MT4 are on the XM app
Pros & Cons
Pros Cons
Copy trading No push notifications
MT4 & MT5 accounts work on the app No in-app education
One-tap trading can only be activated on an instrument-by-instrument basis Micro Accounts don’t work on the app
Market News & XM Research/Analysis Poor button arrangement we had difficulty finding the history button
Low cost of using the app

#5. AvaTradeGO App – Best Forex Trading App in Nigeria for Advanced Tools.

AvaTrade is a heavily regulated forex broker and is well known for building high-end apps. AvaTrade has a $100 minimum deposit and is regulated in Australia, Israel, South Africa, Japan, etc. We will be discussing the AvaTradeGO mobile app used for trading CFDs

App Security

The AvaTradeGO app is secured with Password, Pin, & Fingerprint Scanner

AvaTradeGo App Cost of Trading

You pay fees from $9 per 100,000 units of instrument traded on AvaTrade. AvaTrade is also a zero-commission broker, so commissions are nil, but you pay overnight fees too. Inactivity fees can reach $50 when your account is left dormant

AvaTradeGO App features
  1. AvaProtect: activate this paid feature to get refunded every time you lose a forex/gold trade.
  2. Dynamic trade Size: activate this feature from settings when you want to automatically close some positions when volatility is high. Dynamic trade size is a risk management tool, to prevent excessive losses
  3. Ai Powered News & Research: Avatrade gets its news & research from trading central who are renowned for accurate news. The app uses artificial intelligence and suggests what instrument you can trade as per the news you are reading. You can open a trade from the news page
  4. Economic Calendar: on the app the economic calendar uses artificial intelligence to analyze past events using charts.
  5. Live Market Sentiment: you can view market statistics such as how many traders are buying or selling an instrument in real time.
  6. Technical Indicators: access over 60 technical indicators on the app
  7. Detachable Charts: you can view an image of the charts from the instrument panel
Pros & Cons
Pros Cons
Lots of inbuilt risk management tools No 2-Factor Authentication security
In-app education & video tutorials Restriction on number of trading accounts you can open
Excellent charts Push notifications are restricted to only price changes for instruments (no push notifications for news, margin call etc)
You can open a trade from the News Page. No drawing tools on the charts
Market statistics
Advanced economic calendar with artificial intelligence

Method 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 showing you the regulator’s name. 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) Number of 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.

FAQs on Best Forex Trading Apps in Nigeria

Which Is the Best Forex Trading App in Nigeria?

The HFM proprietary app is good 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.

But you should not consider this as recommendation because there are other good trading apps as well from tier-1 licensed brokerages who are considered low risk. The two most important points you should note is, whether the fees is low, and will that app keep your money safe or not.

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 Withdraw Money from a Forex App?

First you need to be aware of the minimum withdrawal amount permitted by your broker. Some brokers will charge you a penalty if you want to withdraw below this minimum threshold. You also need to trade first and realize profits before you withdraw, if not you may be charged a penalty.

Once you are ready to withdraw go to your personal area and click on ‘withdraw’. If your account base currency is different from the currency you want to withdraw, a currency conversion becomes necessary at a fee.

Example if your account currency is in US Dollar and you want to withdraw in Naira. A currency conversion fee will apply & be subtracted from the withdrawal amount.

Also note that withdrawals take longer than deposits due to money laundering checks & balances that must take place. Once you submit your withdrawal request, wait for it to impact on your bank account as per your brokers stipulated time.

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.

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.