There are many factors to consider when choosing a forex trading app. Most forex brokers offer their trading apps for Android & iOS, but that does not mean it is safe.
A bad app will get in the way of you opening, and closing trades effectively, cause issues with withdrawals. And can lead you to forex fraud.
We compared forex trading apps and found the six best Forex trading apps in Nigeria.
Because there are many apps, it is easy to get confused in making a selection. We picked the best Forex apps in Nigeria from studying several apps, their safety, fees, withdrawals, ratings and community reviews.
Comparison of Best Forex Trading Apps in Nigeria
|Forex Trading App||Typical EUR/USD Spread||Minimum Deposit||Max. Leverage|
|HotForex MetaTrader App||
1.3 pips with Premium Account
1:1000 (Micro Account)
1 pip with Standard Account
0.7 pips with MT4 Account
1.9 pips with Micro Account
1.9 pips with Micro Account
List of Best Forex Trading apps in Nigeria
- HotForex MetaTrader App – Best Forex Trading App in Nigeria
- Exness– Good Forex Trading App for MetaTrader
- OctaFX – Good Copy Trading App in Nigeria
- XM – MetaTrader Broker App
- AvaTradeGo App – Good Forex Trading App for Fixed Spread
- FXTM Trader App – Well Regulated Forex Trading App
Here is the detailed breakdown of each forex trading app in our list.
#1 HotForex MetaTrader App – Best Forex Trading app
HotForex is CFD broker that offers its App to trade 57 Currencies pairs, CFDs on Stocks, Commodities, ETFs, and Indices.
In addition to their MT4 and MT5 web-based platforms, they offer mobile app versions (Android & iOS).
Traders from Nigeria are registered under ‘HF Markets (SV) Ltd’. HotForex’s Trading app is considered low risk because they are licensed by 3 Tier-1 & Tier-2 regulators; the FCA, FSCA & CySEC. Also by Dubai Financial Services Authority (DFSA) and Financial Services Authority (FSA) in Seychelles.
Their CFD trading fees are considered low as per our comparison. Their average spread for majors like EURUSD is 1.2 pips with their Premium account, and there is no extra commission per lot with this account. HotForex charges no deposit or withdrawal fees.
HotForex offers six (6) levels of trading accounts, with varying spreads, including an Islamic account, so you can choose the one that best suits your trading needs. They even have a Zero spreads account but requires a minimum deposit of $200 for this account.
The mobile app has most of the tools you need to manage your trades on available CFD instruments from anywhere. While you can deposit and withdraw directly from this app, it does not fully cover the functionality of the HotForex website.
Traders can deposit a minimum of ₦4,000, and a maximum of ₦40 million at a time, through bank transfers and have it credited instantly. If you transfer in dollars, the maximum amount is unlimited, while the minimum deposit is $50 and you pay some processing fees. No fees are charged for deposits over $100. Dollar deposits take about 2 to 7 days to be credited.
You can deposit a maximum of $10,000 with debit cards like Visa and Mastercard, per transaction and a minimum of $100. It takes about 10 minutes to reflect in your account.
HotForex supports direct withdrawal to your Nigerian bank account and funds are received within 24 hours. It takes 2 to 10 business days to receive funds if you want the money transferred to a dollar bank account, and some charges might apply by the correspondent and receiving bank.
Withdrawals can also be made to cards, the minimum withdrawal amount is $5. With withdrawals in bitcoin through Bitpay, a fee of 1% of the transaction amount applies.
HotForex offers customer support via email and live chat on the website or mobile app. Their support is good as per our tests.
#2 Exness – Good Forex Trading App for MetaTrader
Exness is one of the low-cost beginner-friendly CFD brokers that accepts traders based in Nigeria.
Exness was founded in 2008 and they are registered in Seychelles as Nymstar Limited. Traders from Nigeria are registered under this regulation.
They are also Licensed by the FSCA, FCA & CySEC. This makes them a low risk and safe CFD broker for traders in Nigeria.
Exness is a MetaTrader based CFD trading platform with MetaTrader 4 and 5, which provides standard and professional account types. The web trading platform is available, while the app is available for download from the App Store and Google Play.
You can run your custom scripts for automated trading on their MetaTrader platform. For secure connection, Exness encrypts all communication between the server and trading platform with 128-bit keys.
The app has a Margin Calculator that easily determines your margin size, swap rates and pip values before placing a trade. It also has a converter to help you calculate the currencies exchange rate. A Calculator is also available on their website.
The spread for the majority of CFD instruments is very tight, with an average for majors like AUDUSD being 1.5 pips with Standard Account. Exness offers free deposits and withdrawals, with no commission on trades with Standard Account. They have low spread + commissions with Pro Accounts.
The firm offers CFDs on multiple financial instruments including 107 currency pairs, CFDs on stocks and indices assets, cryptocurrencies, metals and energies.
Traders can instantly fund their accounts with online bank transfers in Nigeria at zero fees. The minimum deposit amount is $10 with a maximum of $45,000, while $3 is the minimum withdrawal amount and a maximum of $12,000 per transaction.
Exness has MT4 MultiTerminal which allows you to manage multiple accounts, place new orders and allocate lots across various accounts simultaneously and monitor real-time positions.
Exness has customer support via email and live chat, as well as a knowledge base with information on how to navigate and use the website and app. But their support is not good, and there is normally long hold time on their chat.
#3 OctaFX – Good CopyTrading app
OctaFX is a forex broker that launched in 2012, offering currency trading services on 32 currency pairs, CFDs on 10 indices, 5 cryptos, 4 metals, and 3 energies through the MT4 and MT5 platform, with the web-based platform and mobile app for android only.
The spreads are very competitive on their platform.
OctaFX is considered a high-risk platform because it is licensed by only one tier-2 regulator i.e. CySEC in Cyprus. OctaFX is incorporated in St. Vincent and the Grenadines, and traders from Nigeria are registered under this regulation.
OctaFX claims to have a segregated accounts system to keep the funds of customers separate from the company’s balance sheets. The personal data and financial transactions of customers are protected on the web and mobile platform through 128-bit encryption.
OctaFX spreads start at 0.6 pips and 1:500 Leverage for currencies. Deposits and withdrawals are free of charge, there are no commission fees. Account base currencies can be USD or EUR, and you can deposit in Naira.
OctaFX offers negative balance protection to all traders on their platform.
The OctaFX web and mobile trading applications are fast and have a friendly UI/UX. OctaFX offers both Copy Trading and Auto Trading features to its clients. You may use them to trade in any market conditions and with any listed currency pair.
The platform supports transfers from Nigerian banks with a minimum deposit of ₦15,000 which is credited to the trading account within 1-3 hours. Visa cards payment with a minimum deposit of $25 is credited within 5 minutes, while MasterCard has a minimum deposit of €50 and is credited instantly. Deposits can also be made in cryptocurrencies like bitcoin, dogecoin, and a few others, which are credited within 30 minutes.
Traders can withdraw to Nigerian bank accounts, with a minimum withdrawal amount of ₦1,750. Withdrawals to Visa cards start from $20, and the minimum amount is $5 if you are withdrawing to Skrill and cryptocurrencies wallets. All withdrawals are completed within 3 hours.
OctaFX has online tools for analysis like market insights, economic calendar, converter and calculator. The platform has educational resources for traders in form of webinars, articles, and videos tutorials along with 24/7 live chat support for traders.
#4 XM – MetaTrader Broker App
XM is one of the biggest online Forex brokers offering standard MT4 & MT5 based apps for all devices (web, android, and iOS).
Safety – XM was founded in 2009 and is registered in Belize. XM is licensed by the International Financial Services Commission (IFSC), Belize. They offer CFD trading on 1000+ financial instruments, including forex, CFDs indices, stocks, commodities, futures, energies, and metals.
Fees – They have low spreads with Ultra-Low Account, starting at 0.6 pips with a maximum leverage of 1:888. Major currency pairs like EUR/USD has an average spread of 1.7 pips with Micro Account. Their overall trading fees is high as they have high Swap Fees for most instruments.
XM does not charge deposit and withdrawal fees, and no commissions for opening positions or closing them.
Account – XM has 4 trading account types and an Islamic account with zero swaps. To start trading, a minimum deposit of $5 is required for the standard and micro-accounts, while Ultra Low and Zero accounts need to deposit $50 and $100 respectively.
XM has negative balance protection that prevents you from losing more money than you have in your XM account.
Deposits & Withdrawals – Traders can make direct wire transfers to their trading accounts and have them credited within a few days. Cards and e-wallets (like Skrill, and Webmoney) deposits are credited instantly or within a few hours. XM has no limits on maximum deposits.
Withdrawals can be made via wire transfers to bank accounts and received within a few days or to cards and e-wallets and received within a few minutes.
The company currently does not support transfers to local banks in Nigeria, and they don’t have Naira trading accounts.
XM offers good support. The education and research section of the website is very informative and helpful for new traders to learn from forex webinars, trade ideas, economic calendars and tutorials among others.
They have email, live chat, and international phone number support. You can reach them 24 hours Mondays through Fridays.
They currently offer promotional bonuses of 50% deposits up to $500 and 20% up to $5000. They also give FREE Virtual Private Server (VPS) to traders who have deposited up to $5000 in their account.
User’s reviews suggest that the interface is a bit complicated and takes time to figure out.
#5 AvaTradeGo App – Good Forex Trading App for Fixed Spread
AvaTrade is an online trading platform that supports the MT4, MT5, and AvaGo mobile trading platforms for iOS and Android, making trading on the go easy.
Safety – AvaTrade is licensed by Tier 1 regulators like FSCA, ASIC, and Japan FSA. So they are considered low risk and have a high trust score.
Traders from Nigeria are registered under Ava Trade Markets Ltd which is registered under BVI Financial Services Commission.
Account Features – You can start trading with a minimum deposit is $100. AvaTrade offers a 20% bonus for new clients depositing over $1000. Deposits with cards are credited instantly.
AvaSocial has a social trading app that supports trade copying by allowing new traders to chat with expert traders and benefit from their expertise by copying their trades.
AvaTrade currently offers trades for over 50 currency pairs. They have no Naira accounts, and Nigerians can choose USD, GBP, or EUR as their base accounts.
The negative balance protection feature is available on their platform.
AvaTrade broker offers their customers a huge range of markets to trade, including CFDs on assets like stocks, cryptocurrencies, forex, commodities, bonds and treasuries, ETFs, metals, energies, and indices.
AvaTradeGo app features a user-friendly design, offering trading tools to newbie and experienced traders alike. Regular news updates, useful e-books, video tutorials, indicators and educational materials available on the platform is useful to those who are just diving into the world of online forex trading.
Fees – CFD Trading at AvaTrade is commission-free, and there are no deposit or withdrawal fees. Spread accounts are fixed with competitive spread. The benchmark spread is 0.9 pips for pair like EUR/USD. Their Swap fees are not the lowest though.
Deposit & Withdrawals – There is no local bank deposit/withdrawal for Nigerians. And the withdrawals are also slow as reported by multiple users.
Support – Their chat, phone & email support is only available during the company’s European business hours. They have a Nigerian phone no. For support. They have Frequently Asked Questions on their website to answer many questions traders may have.
#6 FXTM Trader App – Well Regulated Forex Trading App
FXTM Trader is a leading global provider of financial trading services, offering over 250 trade instruments, including CFDs for commodities, shares, cryptocurrencies, metals, NASDAQ, and over 59 currency pairs.
The company is registered as ForexTime Limited in Cyprus and is well regulated by CySEC, FCA, and FSCA. It is also ensured by the Financial Commission’s Compensation Fund (FCCF) in the UK. Which makes the broker score high on trust and is considered safe.
FXTM accepts clients from around the world. To ensure clients’ fund safety, their funds are placed in a segregated account that is not used by the company for daily operations. FXTM also uses the SSL network security protocol to keep all client information safe.
The platform has multi-platform support, meaning you can trade on the web or use their mobile apps available on iOS and Android devices.
FXTM has 3 account types that support bank transfers, e-wallets, and cards for deposits. The minimum amount of deposit is ₦10,000.
Deposits are free of charge and the average spread fee is around 2.1 pips for major currency pairs on Micro accounts, which is relatively higher than most brokers. Advantage account holders are charged spreads from 0 pips plus a $4.6 commission on trades with Majors.
Naira accounts can also be maintained on the platform.
FXTM provides loyalty cashback bonuses to their traders from time to time. These loyalty bonuses can be withdrawn to your bank account if you reach the target amount.
FXTM supports Nigerian traders to deposit and withdraw funds to their bank accounts in Nigeria. It takes about 24 hours for deposits to be credited to the trading account and up to 48 hours for withdrawals to reflect in bank accounts. Withdrawals through bank wire transfers attract a fee of $1 per transaction.
FXTM has an office in Lagos, Abuja, and PortHarcourt. Occasionally, they hold physical seminars and webinars to educate traders, asides from the educational resources on their website.
FXTM also offers a range of education resources on their website, 24/5 customer support via live chat, email, and Nigerian phone numbers. This includes personal account managers, who can assist and support you in your trading journey.
How we Selected the Best Forex Trading Apps?
You might have tried one or two forex trading apps. But you should know that choosing a reliable Forex trading app is very important in your success as a forex trader.
This brings us to our methodology, traders in Nigeria should choose the Forex App of a broker that is regulated by Top-tier Regulators like FCA, FSCA, and ASIC; should have local funding & withdrawals via Bank Transfer in Naira, good ratings & trading capabilities.
We have identified 5 key factors that make forex brokers stand out from the crowd below:
1. Trust Factor of the Broker
The level of trust accorded to a forex broker is determined by the category of regulators that have licensed the broker.
If a broker is regulated with multiple trusted authorities, it is a good sign. And if the broker is publicly listed or is a banking institution, that makes it even better.
You can verify a broker’s regulation.
For example, you can verify that HotForex is licensed by FCA by searching HotForex name or license number on the FCA website, through FCA’s public search.
“HF Markets (UK) Limited” is Authorised by FCA since 14/11/2018 under Reference number 801701. Refer to the below screenshot.
Traders based in Nigeria are not registered under FCA at HotForex, and are registered under “HF Markets (SV)“, which is an Offshore Regulation. But HotForex Broker is regulated under multiple Top-tier regulations, which is a good sign of trust.
The regulators and license number of brokers can be found on the ‘regulation page’ of their website.
2. Fees Associated with Trading App
The next factor for picking a broker is their trading and non-trading costs.
Most brokers currently charge zero fees for withdrawals, deposits, and, while being competitive with the spread and swap rates.
For example, in a EUR/USD pair trade. Say the bid price is 1.1300 & the spread is 1.5 pips. This means that the trader would pay $1.5 for 1 Mini Lot trade. If you hold the position overnight, then there will also be Holding charges i.e. Swap Fees.
Ensure there are no hidden fees, commissions costs are affordable, and the spread is not too wide, before using a brokerage app.
3. CFD Trading Instruments Available
Some brokers offer a large number of trading instruments, and some have a limited range.
For example, if you want to trade CFD on Oil, is it available? And what is the cost for the instrument in comparison to other brokers?
You should choose a trading broker that offers a plethora of trading instruments, allowing you to trade currencies, stocks, and commodities.
Please note that not every broker offers CFDs for every instrument, thus it is advisable to check which of your chosen instruments are available in CFD options before making your choice.
4. Is the App Easy to Use?
If you wish to start trading on your mobile phone, you must check that the app is available on your phone platform: i.e. Web-based, Android, or iOS.
The next step is to download it and try using it, then see how long it takes to register and perform some micro-tasks on it. Alternatively, you can read the feedback of other users to help you decide.
When choosing a trading app, you want to find something that’s not only open, free, and powerful but also simple to use.
5. Funding & Withdrawal Methods & Time
A crucial factor for selecting the best forex trading apps in Nigeria is how locally friendly is the app?
Do they accept deposits in Naira with NGN cards? And do they allow withdrawals to Nigerian bank accounts directly?
For example, HotForex and Exness support deposits in NGN and withdrawals to local bank accounts. The transactions are processed relatively quickly (within a few days), and make trading easier.
The best forex trading apps in Nigeria are country-specific ones that support deposits in Naira and withdrawals to Nigerian bank accounts directly, and process transactions quickly.
6. Other Features to check on Trading App
There are a few other features that you should check in the app.
a. Risk management Tools: In unique situations, the market might execute your stop-loss order at an unfavorable price, leading to more losses. A guaranteed stop-loss order (GSLO) makes sure your stop-loss order is executed at your desired price. You should speak to your broker to know if they offer GSLO.
b. Is Customer Support Good or Bad: Your broker should be reachable via different means. Email, local mobile number, live chats, and instant messaging should be available. Quick response is the hallmark of good customer support so make sure to carry out a personal test.
c. Two Factor Auth: Does the platform support 2FA? This will provide added protection against hacking. Some forex brokers have 2FA for their accounts, and you should check this with the support of the broker that you intend to signup with.
d. Education: You want to choose a forex broker that allows you to learn. This is why education on trading apps should be key for you. The education content could be videos, written content, podcasts, or ebooks. Most of this content is usually on the broker’s websites.
FAQs on Best Forex Trading Apps in Nigeria
Which Forex Trading App is the Best in Nigeria?
HotForex App is considered the best Forex trading app in Nigeria because it is available on both iOS and Android, has an NGN account and has the lowest minimum deposit. The HotForex app also allows trade copying.
Also, HotForex is a well regulated forex broker which makes trading with them low risk.
Which Forex App has lowest Fees?
OctaFX is the forex broker with the lowest trading fees. They do not charge any deposit or withdrawal fees, offer commission-free trading, charges no dormant account fees and have moderate spreads. Their typical spread for major like EUR/USD is 0.7 pips with both their MT4 & MT5 account types.
Which brokers have their Apps available on Android?
The forex brokers that have their apps available on Android Google Play Store are HotForex, FXTM, Exness, AvaTrade, XM and OctaFX.