Best Forex Trading Apps in Nigeria 2023

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.

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 retail traders. The most important factor in trading and investing online is the safety of funds.

The safety ratings of the trading app depend 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.

Forex Brokers that are regulated tend to mention their regulatory license number & other regulatory information on their website. XM Trading for example is licensed with CySEC & they mention it.

But all forex brokers don’t register traders from Nigeria under their European regulations to be able to offer higher leverage & lesser compliance. They generally register Nigeria-based traders under their offshore regulators. Like XM registers them under IFSC Belize, FXTM under FSC Mauritius & Exness under FSA.

As a rule, it is generally safe to choose a forex trading app if the broker that is offering it is regulated with multiple top-tier regulatory authorities.

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, without any hidden charges.

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

The following table compares the average spreads incurred by the best forex trading apps in Nigeria for major trading instruments. These spreads are with the commission-free standard accounts of respective brokers.

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 leverage. 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 accounts 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 apps with local phone support is largely preferred in Nigeria.

The deposits and withdrawal methods for transacting in Nigeria are also important factors in the selection of the trading app. However, this does not mean that traders should only go for trading apps that offer NGN-based trading accounts or local phone support in Nigeria. Depending on their 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.

What to Avoid While Choosing a Forex Trading App in Nigeria?

While choosing the best forex trading app, clients residing in Nigeria must avoid the following:

• Lower Fees can be Trap: Some fake trading apps or brokers try to lure deposits by offering very little fees. Lower fees can be highly advantageous for trading CFDs but this should never be the only basis for the selection of brokers. Clients must check the safety and regulations of the trading app before opening their accounts.

• Beginners Don’t Need High Leverage: High leverage will allow you to gain more but it will also increase the risk factor exponentially. Clients must go straight for the brokers that offer the highest leverage without checking and comparing other aspects.
  There is a limit on the maximum leverage that brokers can offer in certain countries. Max leverage is capped to 1:30 in the UK, 1:50 in the US, 1:400 in Kenya, etc. As forex and CFD trading is not yet regulated in Nigeria, no such cap on leverage exists in Nigeria.

• Don’t Rely on Unsolicited Advice: If you receive an offer to download a trading app or unsolicited advice about downloading the app from someone, it is probably for their own interest. Almost every trading app has a referral program in which clients get rewarded for referring others to download their app and open an account. `
  Due to this many individuals recommend forex trading apps to their friends and family. Clients should always check and compare every aspect of the trading app themselves even if a trustworthy source recommends it.

• Don’t Follow the Trend: The trending app and most downloaded app may or may not be the best forex trading app for oneself. However, most beginners often tend to download and trade with the app that has been downloaded the most or is trending on the app store. Due to this, clients might miss out on the opportunity to trade with better trading apps with better safety, fees, and trading conditions.

• Choose Broker, Not the App: Most of the forex trading is done on MetaTrader 4 and MetaTrader 5 trading platforms while some also offer their proprietary platforms. Hence, searching on the app store for the best forex trading app might not be relevant.
  Clients should seek for best brokers after comparing them on the basis of several factors. Once the broker is selected, its app (whether MT4, MT5, or proprietary) can be downloaded. Some brokers do not have any separate app on the app store as they use Metatrader or cTrader as a trading platform application.