HERE IS A LIST OF THE BEST FOREX TRADING APPS IN NIGERIA
Best Forex Trading Apps in Nigeria
Forex trading has been gaining immense popularity all around the world, spearheaded by the penetration of mobile trading apps. Forex trading apps are not only convenient but they can be accessed by a larger portion of the population. In Nigeria, where most of the individuals are young and tech-savvy, forex trading apps are widely popular. Most of the brokers operating in this region have a mobile trading app for their clients. In this comprehensive review, we are going to be looking at some of the best forex trading apps in Nigeria. We will explore their various features to see what makes them stand out. Let’s jump in.
What is A Forex Trading App?
It is important that we establish a basic understanding of what forex trading apps are before we look at the individual forex trading apps. Forex trading apps are software applications produced by forex brokers or software companies to facilitate online trading on mobile phones. This means that traders can access financial markets and place orders right from the palm of their hands.
These apps typically provide features such as real-time quotes, charts, technical analysis tools, account management, and the ability to execute trades directly from the app. Some forex trading apps also offer educational resources, news updates, and market analysis to help traders make informed decisions. The best forex trading apps in the market combine all these functionalities with easy-to-use interfaces for intuitiveness.
Our Criteria For Selecting The Best Forex Trading Apps in Nigeria
Before we go ahead to list our picks, it is important that we outline the criteria we will be using. That way, each individual trader can assess and see if it fits their criteria. Below are the key features we will consider while making our picks:
- The trading app - The quality of the trading app itself will feature heavily to determine what apps stand out. Some apps offer proprietary platforms, while others integrate with widely used platforms like MT4 and MT5. Usability and functionality are important to consider.
- Market assets available - Trading apps that give traders access to a deep collection of market products will stand out more. They allow traders to diversify their portfolios as they wish.
- Spreads involved - The spreads charged on the various trading apps are important to consider when picking one to trade with.
- Regulation - It is crucial to only trade with forex trading apps provided by forex brokers regulated by reputable organizations. While regulations are not enough, they are a sign of brokers who are willing to follow strict financial laws.
With that, let’s now look at some of the best forex trading apps in Nigeria.
Best Trading Apps in Nigeria
Exness Trade
Trading Forex and CFDs entail risk.
Your capital is at risk.
Exness is a prominent forex broker that provides its traders with one of the best trading apps. The Exness Trade App is powered by MetaTrader and is available for both Android and iOS users. Notably, this forex trading app allows traders to access a wide selection of market products. In particular, traders can access CFDs on forex currency pairs, gold, stocks, oil, indices, and more.
The spreads that traders enjoy depend on the account they choose to trade on. Exness offers traders five different accounts that include two standard accounts and three professional accounts. Nigerian traders can enjoy spreads from as low as 0.2 pips for major currencies on the standard account and 0.3 pips on the standard cent account with no commission charged.
The professional accounts offer even lower fees with the pro account having spreads from 0.1 pips with no commission. Meanwhile, the raw spread account has a spread from 0.0 pips plus a commission of $3.5 per side per lot. On the zero account, the spreads are also from 0.0 pips and the commission starts from $0.2 pips per side per lot and upwards.
On regulations, Nigerian traders will be glad to know that Exness is regulated by two different regulators in Africa, alongside other regulations. Specifically, this broker is under the regulation of the CMA in Kenya, the FSCA in South Africa, the FSA in Seychelles, and the FCA in the UK.
Exness Trade App Standout Features :
- Advanced charting tools.
- An asset watchlist.
- Various risk management tools.
- Price alerts and notifications.
Pepperstone Trading App & Pepperstone cTrader
Trading Forex and CFDs entail risk.
Your capital is at risk.
Pepperstone provides its traders with two different forex trading apps to choose to use in the market. These include the Pepperstone Trading App and the Pepperstone cTrader App. Both of these platforms come with a ton of features to help make trading easier for clients. Additionally, they give traders access to a plethora of market products.
Using these trading apps, traders can access CFDs on forex, indices, commodities, shares, and cryptocurrencies. This means that traders can dip their toes in diverse market products using a single account. The spreads involved are fairly low and depend on the account that a trader is using. The standard account charges traders a competitively low spread starting from 1.0 pips with no commission charged. The razor account, on the other hand, has spreads from 0.0 pips and a commission between $3 and $3.5 per side per lot.
On regulations, Pepperstone operates under the watchful eye of a variety of organizations. These include the CMA in Kenya, the FCA in the UK, the ASIC in Australia, and the DFSA in the DIFC, among others.
Standout Features of Pepperstone’s Trading Apps
- One-click trading.
- Direct price streams from liquidity providers.
- A ton of technical indicators and risk-management features.
- Multiple charting options.
- Watchlists and notifications.
XM Trading Point
Trading Forex and CFDs entail risk.
Your capital is at risk.
XM.com offers its clients a mobile trading app with an MT5 environment where traders can manage their trading accounts and trade the company’s full range of instruments. Positively, this app is available for both iOS and Android users. The range of products traders can access on the XM Trading Point App includes CFDs on forex, indices, stocks, cryptocurrencies, energies, and precious metals.
There are four different accounts for traders to use. These include the standard account, the micro account, the XM Ultra Low account, and the shares account. The standard account and the micro account offer traders spreads from as low as 1.0 pips. On the other hand, the XM Ultra Low account offers traders spreads from as low as 0.6 pips with no commission paid. The shares account charges a commission depending on the share and the size of the trade.
Regarding regulations, XM.com has a stellar reputation. While not regulated in Africa, it operates under the supervision of the FSC in Belize, the FCA in the UK, the CySEC in Cyprus, and the ASIC in Australia.
XM Trading App Standout features
- Up-to-the-minute charts.
- Over 90 trading indicators.
- Instant order execution.
- Latest news, analysis, and market research.
FP Markets App & FP Markets cTrader
Trading Forex and CFDs entail risk.
Your capital is at risk.
Next up is FP Markets, another well-regulated broker that offers its traders two mobile trading apps. One is called FP Markets Forex & CFD Trading and the second FP Markets cTrader. For both mobile apps there is a version for iOS users and a version for Android users. The FP Markets cTrader app is a twist on the famous cTrader app allowing traders to take advantage of its various functionalities on a mobile phone. Moreover, traders gain access to one of the deepest collections of market products with a no-dealing desk execution mode.
Specifically, traders gain access to forex pairs together with CFDs on shares, commodities, indices, shares, metals, cryptocurrencies, ETFs, and bonds. This allows traders to diversify their portfolios on a trading app that offers fairly low spreads. The standard account offered by FP Markets allows investors to trade major currency pairs with spreads from as low as 1.0 pips with no commission required. On the other hand, the raw account of the broker offers spreads from as low as 0.0 pips and a commission of $3 per side per lot.
On regulations, FP Markets holds licenses from various financial regulators around the world. It operates under the supervision and examination of the FSCA, the ASIC, and the CySEC, among others.
FP Markets App Standout Features
- Different order types are supported.
- Advanced technical analysis tools.
- Trade statistics.
- Advanced order management settings.
- Symbol watchlists
- Market Sentiment indicator.
- Fluid and responsive charts.
Skilling App & Skilling cTrader
Skilling is a forex and CFDs broker regulated by the FSA in Seychelles alongside the CySEC in Cyprus. This broker accepts Nigerian traders and offers them two different mobile apps they can use to trade financial markets. These include the Skilling app and the Skilling cTrader app. These two applications give traders an advanced trading environment with access to a wide variety of market products.
Traders using the Skilling Apps gain access to over 1,200 different market instruments. These include CFDs on forex, indices, shares, commodities, and cryptocurrencies. The spreads are fairly low starting from 0.7 pips for major currency pairs with no commission required. However, they are even lower on the premium account with spreads from 0.1 pips plus a commission from $30 per million traded and upwards.
Skilling’s Apps Standout Features
- Fast execution time as low as 0.05 seconds.
- Skilling’s portfolio analysis feature.
- Market-depth assessment capabilities on the cTrader version.
- Fluid and responsive charts.
- Market sentiment indicator.
XTB Online Investing
Trading Forex and CFDs entail risk.
Your capital is at risk.
XTB is another popular forex broker among Nigerian traders that offers them a mobile trading app called XTB Online Investing for all their trading needs. The XTB mobile app allows investors to gain access to over 2,100 different market products including CFDs on forex, commodities, indices, cryptocurrencies, equities, and ETFs. Such great diversity is always a welcomed feature by financial traders.
Further, this app allows traders to invest with some of the lowest spreads in the market. XTB has only one account that offers traders spreads from as low as 0.5 pips for major currency pairs with no commission paid. On another note, XTB is a regulated broker in various jurisdictions. These include the FSC in Belize, the FCA in the UK, the KNF in Poland, and the CySEC in Cyprus.
XTB Online Trading Standout Features
- Many advanced charts.
- A trader’s calculator.
- Price alerts.
- Market news and analysis.
- Market sentiment indicator.
Fxview Droid
The Fxview Droid application is another mobile application that is available for Nigerian traders. This trading app is provided by Fxview, a broker that is regulated in a variety of jurisdictions. The broker is regulated by the FSCA, the FSA, and the CySEC. Having regulations from several known organizations is always a good sign.
The market products available to trade here include Interestingly, CFDs on currencies, commodities, cryptocurrencies, indices, and stocks. Fxview offers trading with ultra-low spreads and a commission on an ECN account. The spreads on this broker site are as low as 0.0 pips plus a commission of $1 per 100k traded.
Fxview Droid Standout Features
- 48 different indicators.
- 11 different analytical objects.
- 11 different timeframes.
- A plethora of charting tools.
The world of forex trading in Nigeria is thriving, thanks to the convenience and accessibility offered by mobile trading apps. Our review has highlighted some of the best forex trading apps available in Nigeria, each offering unique features to cater to traders' needs. They offer robust mobile trading platforms with low spreads, advanced technical analysis tools, and regulatory compliance, providing Nigerian traders with a secure and efficient trading experience. Whether you're a beginner or an experienced trader, these apps offer the functionality and reliability needed to navigate the forex markets with confidence.
Nonetheless, this is not meant to be an exhaustive list. There are many other forex brokers with forex trading apps available to Nigerian traders. Moreover, there are some brokers that rely on the MetaTrader trading apps produced by MetaQuotes. Ultimately, the choice of the forex trading app in Nigeria comes down to the individual trader and their preferences.