Forex trading is a growing trend across the globe. Nigeria is a key hotspot for retail forex trading, as indicated by the rising number of daily deals. The best FX and CFD trading applications in Nigeria are in high demand, and supply keeps up. Some are genuine, while others are given by less reputable brokers, and each program has its distinct features and enticing incentives to tempt traders. In this post, we have selected the best forex trading app in Nigeria offered by reliable and competitive trading firms to Nigerian traders.
How To Select the Best Forex Trading App In Nigeria
The best forex trading app in Nigeria will feature rapid trade execution speeds, complete functionality, platform reliability, and a wide selection of assets to trade.
Fast Execution Speed
The top Forex applications must have a fast execution speed. While execution speed is still somewhat dependent on the mobile device’s internet connection, the app itself should not suffer any performance loss compared to the platform’s desktop version.
Full Functionality
Trading applications should have the same functionality as their desktop counterparts and should feel familiar to consumers of the desktop platform. While mobile charts are less customizable than desktop charts, they should include some of the most popular custom indicators and common time frames features on the desktop version.
Platform Stability
A reliable iOS or Android trading app is a must. If your app crashes while active transactions, you risk losing money if the markets move against you. Platform stability is critical and should never be compromised.
Best Forex Trading App In Nigeria
1. FXTM
FXTM is an established Forex and CFD broker founded in 2011 and licensed by the UK’s FCA and the FSC in Mauritius. Traders may access FXTM’s full range of CFDs, including Forex, spot metals, 180 corporate shares, commodities, indices, and cryptocurrencies, through the FXTM Trader mobile app. You may initiate and exit trades in seconds, see live currency rates, manage your trading accounts, and monitor your FXTM Invest copy-trading account using FXTM Trader.
FXTM’s MetaTrader platform is one of the finest we’ve used and provides Nigerian forex traders with the most sophisticated capabilities. Over 250 trading instruments, rapid order execution, trading signals, a wide choice of order types, a news feed, data protection, and other features are available to traders. The MT4 and MT5 platforms from FXTM are accessible on PC, iPhone, iPad, Android, and Mac. There is also the MT5 WebTrader platform.
Fibonacci and Gann tools, channels lines, and so on, and nine periods are among the sophisticated charting tools for technical analysis. Furthermore, the technical analysis package includes 30 built-in, 2000+ free custom, and 700 paid indicators. Their platform also supports a variety of orders such as market orders, limit orders, stop loss orders, and more. They also have a news feed embedded into their Metatrader. Furthermore, FXTM provides VPS for automated trading. The FXTM platform also allows for duplicate trading. This is a novel FXTM scheme in which forex traders may invest by replicating the manager’s transactions.
Features Of FXTM Trader
- Keep an eye on your FXTM Invest, the top copy trading system from FXTM.
- Micro Account with a minimum deposit of USD 10
- Forex, commodities, metals, equities, and indices trading from inside the trading app
- The MyFXTM dashboard allows you to deposit, withdraw, and manage your money in real-time.
- Allow one-click trading for even faster buying and selling.
2. HotForex
Another popular trading tool for Nigerians is the HotForex mobile app (through MetaTrader 4 and MetaTrader 5), which has a copy-trading functionality via HFcopy and PAMM copy-trading. Nigerians may trade various instruments across several asset classes using the smartphone app. The HFM HF App, HotForex, provides Forex, commodities, indices, shares, bonds, and ETF trading.
In-app cash transfers, enhanced charting, and access to HFM’s HFcopy copy-trading account are among the other app features. A live rate stream for CFDs on Forex, commodities, stocks, and indices is also featured, as is a market news feed and the most recent analysis produced by the HFM research team.
The MT5 interface from HotForex provides:
- 21 distinct timeframes.
- Enhanced analytical capabilities.
- Trading across HotForex asset classes, close to 100 simultaneous charts.
- Hedging.
- One-click trading.
It includes more than 80 technical indicators as well as an economic calendar. The ability to access the account from anywhere using your iPhone, interactive charts for 9 timeframes, complex trading tools, one-click trading, 24 analytical objects, and 30 technical indicators are all features of their platform.
Features Of The HF App
- Micro Account: with a 5 USD minimum deposit, rapid market execution, and spreads beginning at 1 pip, this account is ideal for traders who want to trade small amounts of money.
- Daily Market Analysis from experts, a market mood tool, and Trader’s Board – a thorough look at the world’s markets with volume indicators and live charts – are all available as analytical tools.
- Trading calculators, an economic calendar, and details on forthcoming live webinars with reservation capability are all available.
- A section devoted to copy-trading: Monitor investment status, distribute cash and manage your portfolio.
3. AvaTrade
AvaTrade is a secure broker that was formed in 2006 and is one of the few that provides its platforms AvatradeGO and AvaTrade WebTrader, in addition to the MetaTrader platform. AvaTrade is a reputable FX and CFD trading broker providing its clients with the greatest trading tools and resources. The fundamental purpose of the platform is to give traders a smooth and responsive trading experience.
Avatrade’s proprietary systems include novel features such as AvaProtect. AvaTrade also offers a Sentry Derivatives-powered software called AvaOptions. It provides an excellent and dependable fx options mobile trading platform to consumers. AvaTrade provides over 43 FX choices and a number of social trading platforms such as AvaSocial, Duplitrade, and ZuluTrade. This has differentiated AvaTrade among the brokers that provide Social Trading.
At 0.9 pips, AvaTrade’s spreads are comparable to the industry average. However, if you are a skilled trader using its platform, you may achieve spreads as low as 0.6 pips. AvaTrade also creates daily in-house research and instructional material in articles and videos. AvaTrade also provides daily market research and videos on its blog and YouTube channels.
AvaTrade Features
- Choose from over 1,000 trading products, including Forex pairings, commodities, stocks, and cryptocurrencies.
- Ava
- Protection against loss: Any losses are completely reimbursed, but the traders keep any profits. Keep an eye on social trends, check what other traders are buying and selling, and keep up with your deals.
- Secure deposits, FSCA compliance, and round-the-clock customer service.
4. FBS
FBS, which was founded in 2009 and is licensed by ASIC, CySEC, IFSC, and FSCA, offers three accounts: standard, cent, and crypto. These accounts are tailored to the trader’s degree of expertise. The cent account is better suited for beginner traders ready to test their talents with real money after training with a demo account. The cent account displays your account balance in cents and allows you to make orders with a volume of 0.01.
The normal account is designed for experienced traders, while the crypto account is designed exclusively for cryptocurrency trading. The crypto account may only be accessed using the FBs Trader mobile app. The standard and cent accounts have leverage of 1:30. However, after you have earned the title of a professional trader, you can access leverage of 1:500 or even 1:3000 in certain situations.
The leverage for the crypto account is set at 1:2. For local traders, there is a no deposit bonus; all you have to do is establish a bonus account, and the monies will be deposited. One of FBS’s key advantages is its copy trading and technical indicators.
FBS Trader Features
- More than 100 worldwide and local payment options are available. Deposit and withdraw at any moment, 24 hours a day, 7 days a week, 20% Cashback for all orders placed on Forex, stocks, and other assets.
- Live chat assistance is available 24 hours a day, seven days a week, and demo trading is available inside the app.
- 24/7 trading of over 35 crypto pairings and crypto crosses.
5. OctaFX
OctaFX is one of the top forex trading applications for Nigerian traders since it has the finest design, dot mapping tools, and industry-low costs. Additionally, the software has personalized indicators, professional advisers, VPN service, and other features. OctaFX is one of the few forex brokers that provides both MetaTrader and cTrader.
They provide market execution on all platforms, and most of their orders are executed fast and without slippage. They also support scalping, hedging, Expert Advisors, and custom indicators. With their MT4 platform, they also provide VPS service.
The disadvantage, these platforms have a restricted number of assets. Their currency pairings are limited to 28, and their CFDs are restricted to four metals, two energies, ten indices, and three cryptocurrencies, namely Bitcoin, Ethereum, and Litecoin.
Frequently Asked Questions
For Nigerian traders, FXTM, HotForex, and Exness are recommended forex trading platforms. Any forex broker well-regulated with several top-tier rules has cheap fees, the MetaTrader platform, and simple withdrawals are regarded favorably.
Beginners should pick a broker’s platform that is regulated by one or more Top-tier regulations. This makes it a safe trading platform, and you can be confident that your trading money is secure. Their trading systems are classified as low to moderate risk brokers.
Although there are forex brokers that take deposits as little as $5, such as HotForex, it is not recommended to trade with such a small amount of money. Trading with little cash usually entails using extremely high leverage and putting a large portion of your money in danger. You should have enough currency to trade with so that you don’t have to utilize more than 1:30 leverage on Forex.
OctaFX is only licensed in Cyprus and has a non-regulated offshore corporation in Saint Vincent and the Grenadines (SVG), making it a high-risk Forex and CFD broker.
Trove edges out Bamboo in this area if you want to avoid excessive trading and deposit costs. Suppose you’re not worried about minimums or trading costs but rather with security. Regarding which platform is most secure, Bamboo comes out on top.
References
- https://tradersunion.com/best-forex-brokers-in-nigeria/top-8-best-forex-trading-apps/
- https://fxscouts.ng/forex-trading-apps/
- https://forexbroker.ng/forex-brokers/best-forex-trading-apps/
- https://www.itnewsafrica.com/2022/04/the-5-best-forex-trading-apps-for-nigerians/
- https://www.forextrading.ng/trading-platforms/
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