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Best Forex Trading Apps in Nigeria 2021

We selected the best platforms for Kenyan traders after comparing the fees, trading conditions & more of 20+ most popular platforms.

TradeForexKenya Editor

Forex trading is a growing trend all over the world. Nigeria is a major hotspot of retail forex trading as can be witnessed by the escalating daily trading volumes. There is a phenomenal demand for the best trading apps for forex and CFDs in Nigeria and so is the supply. Some are legitimate and some are fake while each trading app seeks to lure traders with distinct features and attractive bonuses. We have tried to cut the noise and assist you in making the best selection of trading app for yourself.

There are plenty of forex trading apps available to download on smartphones, tablets, and PCs in Nigeria. Considering any particular one of them as the ‘best’ is not feasible as each one of them can have different features and attributes. The suitability of a trading app depends on the trader’s experience, preference, and convenience.

Before risking your hard-earned money in the high-risk forex market, it is necessary to spend some time seeking the best trading app for oneself. To assist you in selecting the best-suited forex trading app in Nigeria, we have segregated some of the reliable and popular forex trading apps and listed their features.

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Comparison Table of Best Forex Trading Apps in Nigeria

Forex Trading App Minimum Deposit Avg. EUR/USD Spread Regulation(s) Availability Available Instruments Visit
Minimum Deposit: $5
Lowest EUR/USD spread*: 0.8 pips
Regulation(s): ASIC, CySEC
Availability:
iOS & Android
Available instruments: 57 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $1
Avg. EUR/USD spread*: 1 pip
Regulation(s): FCA, CySEC
Availability:
Android & iOS
Available instruments: 107 currency pairs, and 100+ CFDs
Visit Broker
Minimum Deposit: $5
Avg. EUR/USD spread*: 1.2 pips
Regulation(s): FCA, FSCA, CySEC
Availability:
Android & iOS
Available instruments: 53 currency pairs, and 100+ CFDs
Visit Broker
Minimum Deposit: $100
Fixed EUR/USD spread: 0.9 pips
Regulation(s): ASIC, FSCA
Availability:
Android & iOS
Available instruments: 55 currency pairs, 1000+ CFDs
Visit Broker
Minimum Deposit: $10
Lowest EUR/USD spread*: 2.1 pips
Regulation(s): FSC of Mauritius, FCA, CySEC & FSCA
Availability:
Android App & iOS App
Available instruments: 59 currency pairs, 200+ CFDs
Visit Broker
Minimum Deposit: $100
Lowest EUR/USD spread*: 0.7 pips
Regulation(s): CySEC
Availability:
Android App & iOS App
Available instruments: 32 currency pairs, 100+ CFDs
Visit Broker

Best Forex Trading apps in Nigeria

Before moving on with the list of best forex trading apps in Nigeria, it must be noted that the majority of the forex brokers offer third-party trading platforms like MetaTrader 4, MetaTrader 5, or cTrader.

Some forex brokers also allow trading on their own proprietary platforms like Plus500 & Etoro. To trade on any of the platforms you will need to open an account with a forex broker. Each broker will provide different features and instruments on their trading platforms.

Here’s our list of the best Forex trading apps for traders in Nigeria:

  1. XM MT4 & MT5 App- Low trading fees
  2. Exness MT4 Trading App- Low minimum deposit
  3. Hotforex Metatrader App – Best Overall
  4. AvatradeGo App – User friendly mobile Trading
  5. FXTM Trading App – Good ECN platform
  6. OctaFX App -Good Proprietary Mobile Trading

Let’s see the the detailed reviews of each broker in our comparison.

#1 XM Trading App – Low Cost Forex Trading App

XM Broker

Rating: 8.2/10

Regulations: FCA (UK), ASIC, CySEC

Minimum Deposit: $5

Apps Availability: Android & iOS

Fees: Average spread from 1 pips for forex with Standard Account

XM is a popular and reliable trading app that claims to serve 5 million clients from all over the world. It is regulated by ASIC (no. 443670), and CySEC (no. 120/10) and can be considered safe; although it does not have a local office in Nigeria.

XM forex trading app is available on android and iOS devices. Clients can open and manage their accounts with this app that has several features and a user-friendly interface.

XM allows trading on MT4, MT5, and Webtrader platforms for all devices. However, the XM forex trading android and iOS app only allow forex trading for those choosing the MT5 trading platform. Clients choosing the MT4 trading platform at XM need to download the MT4 app separately to trade with XM. MT5 traders can also download the MetaTrader 5 app separately on their devices.

XM is a good option for beginners who wish to start forex and CFD trading in Nigeria as the minimum deposit requirement is as low as 5$. The maximum leverage is 1:888. The spreads start from 1 pip on the Standard and Micro lot account types. Spreads can go as low as 0.6 pips if users choose to open the Ultra-Low account type with a minimum deposit of 50$. There is no hidden commission that users need to worry about except for the currency conversion fee (if deposit currency is different from the base currency of the account).

XM does not offer an Naira based account type but provides 11 different options to choose from including USD, EUR, and GBP. The broker accepts more than 25 methods to deposit and withdraw conveniently from the app.

The support section of the XM trading app is helpful through live chat. This connects you with the support executives within a minute. There is no local phone support in Nigeria.

What we Like About XM

  • It is regulated by FCA, ASIC, and CySEC making it safe for traders
  • The minimum deposit is 5$ with maximum leverage of 1:888.
  • The spreads start from 0.6 pips with no commission involved.
  • It offers a 20% deposit bonus of up to 5,000$.
  • MT5 traders can trade with the official app of XM.

What we Don’t Like About XM

  • XM does not have a local office in Nigeria
  • It does not offer Naira (NGN) based trading account
  • There is no local phone support in Nigeria
  • NGN deposits are charged with currency conversion fees.
  • XM trading app offers limited features.

#2 Exness Trading – Low minimum deposit

exness logo

Rating: 8.6/10

Regulations: FCA, CySEC

Minimum Deposit: $1

Apps Availability: Android & iOS

Fees: Average spread from 1 pips for forex with Standard Account

Exness forex trading app is a highly rated app on Google Play Store and iOS App Store. Apart from trading forex and CFDs, traders find this app very useful for research, account management, and transactions. They offer MT4 and MT5 trading platforms for all types of devices.

Exness is a low-cost forex and CFD broker with the least minimum deposit requirement. It is regulated by FCA (730729) & CySEC (178/12) and is considered safe for trading in Nigeria. But Exness does not have any office in Nigeria.

There are five different account types to choose from on the Exness trading app, divided into Standard & Pro Accounts. The Standard account type requires a minimum deposit of $1 with spreads starting from 1 pip with no commission. The spreads on the Pro account are as low as 0.1 pip with no commission and a minimum deposit of $500.

Exness is an ideal choice for beginners as well as professional or high-volume traders. The Raw Spread and Zero account type offer 0 spread trading with several currency pairs but a commission of $7 per lot is charged for each round trade. The maximum leverage ratio is 1:2000 for forex pairs.

The deposit and withdrawal options and live chat features of the trading app are excellent. The accounts can be funded in Naira using Online Bank transfer option in Nigeria. But no local support is available

What we Like About Exness

  • Trading can be started with a minimum deposit of 1$
  • Spreads are comparatively lower than many other trading apps in Nigeria
  • 5 choices of account types suit the requirements of different types of traders
  • Online Bank transfer option in Naira is available.
  • 500+ trading instruments available with 107 forex pairs

What we Don’t Like About Exness

  • High leverage of 1:2000 may be attractive for some, but is risky for beginners & must be avoided.
  • No Local office in Nigeria

#3 Hotforex MetaTrader App – Best Overall

Hotforex Nigeria

Rating: 9.0/10

Regulations: FCA (UK), FSCA, FSA

Minimum Deposit: $5

Apps Availability: Android & iOS

Fees: Average spread from 1.2 pips for forex with Standard Account

HF Markets is the android and iOS app provided by Hotforex. It can be a good choice for traders in Nigeria as the broker is reliable, safe, and offers quality trading services at a low cost.

Hotforex is regulated by FCA (801701), FSCA (46632), and CySEC (183/12). It has offices in Lagos and Abuja hence Nigerian traders can consider it safe to trade with HF.

It has multiple account types to suit traders with different requirements. The basic (Micro) account requires a minimum deposit of 5$ or 1800₦ and offers to trade on currency pairs with spreads from 1 pip. It also offers spread-free trading with the commission-based Zero Spread account with a minimum deposit of 200$. The commission with this account is 6$ per lot for round trade.

1000+ instruments including 53 forex pairs are available to trade with max leverage of 1:1000. HF Markets broker allows opening NGN-based account types to traders in Nigeria. They also have local funding & withdrawal option in Nigeria, including local bank transfer option.

The customer support service through the HF Trading app is excellent with a live chat window and local phone support in Nigeria. The deposit and withdrawal methods with the trading app are very convenient at no commission.

HF trading app offers numerous features like charting, analysis, transferring funds between accounts, etc. It also notifies the user of the latest news and updates of events concerning the capital markets. However, the MetaTrader 4 or MetaTrader 5 trading app needs to be downloaded separately to execute trade orders through Hotforex.

What we Like About Hotforex

  • It is regulated by FCA, FSCA, and CySEC
  • It has 2 local offices in Nigeria offering local phone support
  • The minimum deposit is low (5$ or 1800₦)
  • It allows NGN based trading account
  • The customer support services are excellent

What we Don’t Like About Hotforex

  • HF charges inactivity fees if no orders are executed for 3 consecutive months

#4 OctaFX Trading App – Low cost forex trading

Octafx Nigeria

Rating: 7.0/10

Regulations: CySEC

Minimum Deposit: $100

Apps Availability: Android & iOS

Fees: Average spread from 0.8 pips for forex with MT4 Account

OctaFX Trading App is available on Android and iOS and has impressive ratings and reviews from existing clients. It is a handy app that allows quick transactions with resourceful research and analysis tools. The MT4 and MT5 trading platform applications can be accessed directly after logging in through the OctaFX trading app.

OctaFX is regulated by CySEC (372/18) but is not regulated by any other top-tier regulator. It does not have a local office in Nigeria.

The spreads at OctaFX start from 0.6 pips with no commission involved. For ex: They typical spread for EUR/USD with MT4 account is 0.7 pips. The trading fees are low but the minimum deposit requirement is $100. Very few instruments are available i.e. 32 currency pairs are available to trade with a maximum leverage of 1:500.

The customer support service through the trading app is good with the live chat window but there is no local phone support in Nigeria. Naira accounts are not available and traders can only choose between USD and EUR as a base currency.

What we Like About OctaFX

  • The trading fees are low with spreads starting from 0.6 pips
  • The user interface of the trading app is user friendly

What we Don’t Like About OctaFX

  • It does not have a local office in Nigeria
  • It is not regulated by any top tier regulatory authority
  • The minimum deposit requirement is high (100$)
  • No local phone support is available in Nigeria
  • The number of available trading instruments is low
  • NGN based trading account is not available

#5 AvaTradeGo App – Best Fixed spread platform

Avatrade Nigeria

Rating: 8.8/10

Regulations: ASIC of Australia, CySEC of Cyprus

Minimum Deposit: $5

Apps Availability Platforms: Android, iOS

Fees: Fixed Spread from 0.8 pips for forex trading

Avatrade can be a great choice for forex and CFD trading through mobile. Apart from the MT4 and MT5 trading platforms, it has its own trading platform called AvatradeGO. This app is available for Android and iOS devices and allows trading on the go along with several other features.

Avatrade is regulated by FSCA (45984), ASIC (406684), and CySEC (347/17). The broker serves clients from various countries of the world but does not have a local office in Nigeria.

There is no choice for account types at AvatradeGO and the minimum deposit requirement is of $100 which is higher than many of the peers in Nigeria. The spreads start from 0.6 pips with no commission involved.

AvatradeGO app allows trading on 55 currency pairs and more than 200 CFDs on various instruments. The customer support service is decent & local phone support is available in Nigeria. But the phone number is available for few working hours only, and their support is not 24/7.

What we Like About Avatrade

  • Avatrade is regulated by FSCA, ASIC, and CySEC
  • Convenient trading through AvatradeGO trading App
  • Spreads are low starting from 0.6 pips with no commission

What we Don’t Like About Avatrade

  • The minimum deposit requirement is high
  • It does not have a local office in Nigeria
  • No local phone number for customer support in Nigeria
  • NGN based trading account is not available
  • No choice of account type

#6 FXTM App – Forex Trading App With NGN Support

FXTM Nigeria

Rating: 9.0/10

Regulations: FCA (UK), FSCA, CySEC

Minimum Deposit: $10

Apps Availability: Android & iOS

Fees: Average spread from 1.2 pips for forex with Standard Account

FXTM Trader forex trading app is a reliable trading app that allows executing trade orders conveniently through the same app. The app is available on Android and iOS devices and has several other useful features to assist traders on the go. The education, research, analysis, and news sections are very useful.

The app is provided by FXTM forex and CFD broker which is regulated by FCA (777911), FSCA (46614), and CySEC (185/12). FXTM is considered safe for Nigerian traders as it also has a local office in Lagos with 3 local phone numbers for customer support.

FXTM offers 3 account types to suit different types of traders. The basic account type (Micro) requires a minimum deposit of 50$ or 10,000₦. It incurs variable spread starting from 1.5 pips with max leverage of 1:1000.

The Advantage account type is ideal for high-volume traders as it requires a minimum deposit of 500$. The spreads with this account type are as low as 0 pip but a commission of 4$ per standard lot is incurred for round trade.

Each account type can be opened with NGN as a base currency. FXTM trade app allows trading with 63 currency pairs and 200+ CFD instruments. The deposits and withdrawals through the app are convenient via local banks in Nigeria.

The customer support service is excellent with live chat and local phone support. A large variety of educational tools in the FXTM trader app makes it a great choice for beginners.

What we Like About FXTM

  • It is regulated by FCA, FSCA, and CySEC
  • It has a local office in Nigeria with local phone support
  • The educational tools on the app are very helpful
  • The customer support service is excellent
  • Trade orders can be executed from the FXTM Trader app

What we Don’t Like About FXTM

  • The spreads on the commission-free account are slightly high
  • The commission-free account type is only available with the MT4 trading platform

How We Selected the Best Trading Apps in Nigeria?

Our selection of the best forex trading apps in Nigeria is based on several factors. Some of the most important considerations for selection are:

Safety
We want the traders to choose only from the most reliable and trustworthy forex trading apps as there are numerous fake and deceitful apps to cheat the retail traders. The safety of the trading app depends on the regulatory licenses, the number of years in the industry, reviews and ratings by the existing clients, transparency with the financials, owners, and history of the broker.

Forex trading apps with regulatory licenses from top-tier regulatory authorities like FCA, FSCA, ASIC, and CySEC are considered safe. As forex trading is not yet regulated in Nigeria, it becomes important to choose a trading app with reliable regulatory licenses.

Fees
Although, it is not the only factor to consider in trading but is a very important aspect. The probability of making profits and the gained or lost amount in trade depends largely on the spreads in forex trades. We want the traders to choose a trading app with lesser spreads and commissions; and without any hidden charges.

Trading, as well as non-trading fees charged by the broker have been considered while selecting the best forex trading apps in Nigeria. For ex: FXTM charges $3 fees with their card withdrawals. Hotforex & many other brokers charge for inactivity i.e. if you don’t manage your account for few months.

Some trading apps allow trading at much lower spreads than the ones mentioned above but we haven’t selected them as they may not be safe. Some fake trading apps try to lure beginners with exceptionally low fees and high leverages. The apps that we have selected are not only reliable but also offer trading at the best cost in Nigeria.

Nigerian Traders Preference
While selecting the best forex trading apps for traders in Nigeria, we also checked how good the app is for local traders. As most of the reliable forex brokers are based outside Nigeria, it is important to check how they serve the traders in Nigeria.

For this, we checked the availability of NGN-based trading account as many traders prefer to trade with their local currency. The trust factor of Nigerian traders is increased if the forex broker has an office in Nigeria. We also extensively checked the customer support service with all the available options in Nigeria. Trading app with local phone support is largely preferred in Nigeria.

The deposits and withdrawals methods for transacting in Nigeria are also important factors for the selection of the trading app. However, this does not mean that traders should only go for trading apps that offer NGN-based trading account or local phone support in Nigeria. Depending on the preference, traders can choose the most convenient trading app for themselves.

Customer Support
A better support service can greatly enhance the trading experience. Traders might face issues or have queries that need to be solved for better outcomes. We do not want traders to face difficulty in connecting with the support staff after opening the account.

For this, we tried to connect with the support executives with each available trading app at different times. We noted the time taken for their reply and also ensured that the reply was helpful. The apps that we have selected provide the best customer support services in Nigeria.

User Interface and Trading Experience
Apart from the look and feel of the app, it is also important that the chosen trading app has useful features. We have checked every aspect of the forex trading apps that can affect the trading experience. We ensured that the app has educational tools for beginners and advanced charting and analysis tools for experienced traders.

The ease of execution of the trade, processing speed, stop loss, number of instruments, leverage, minimum deposit, and several other aspects have been considered while selecting the best forex trading apps in Nigeria.

Frequently asked questions: Best Forex Trading Apps in Nigeria

Which is the best Forex Trading App for Android?

According to us, Exness and Hotforex are among the best forex trading apps in Nigeria. Both these apps have low fees, and wide range of trading instruments.

However, if you are choosing any trading app, check its regulations, fees, trading conditions and offers distinct features. It is advisable to fully check the details of each available trading app and select the best-suited app for yourself.

How to download Forex Trading App?

Forex trading apps are offered by forex brokers. These apps can be downloaded from Google Play Store, Apple App Store, or from the official website of the concerned forex broker. Most of the brokers offer their trading apps for free.

Which are the Best Forex Trading apps regulated in Nigeria?

All the available forex brokers that offer their trading apps in Nigeria are regulated with foreign regulatory authorities. None of the forex or CFD trading apps are regulated by CBN or SEC in Nigeria.

Trading apps with regulations from FCA, ASIC, FSCA, or CySEC can be considered safe for trading forex and CFDs in Nigeria. Avoid any forex trading apps that are not regulated by any Tier-1 or Tier-2 regulations.

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