If you are a Nigerian forex trader, it is important you choose the best forex trading app. And how can you do this? You can do this by simply checking out all the features of the forex trading apps. Some of the features you should look out for include fast market executions, charting tools, indicators, a calendar, and educational resources, amongst many others.
We have compiled this list of the best forex trading app in Nigeria to assist you in picking the right trading app. This will ultimately help you analyze the market effectively with the aim of making you a profitable trader.
See: How to Trade Forex in Nigeria: step by step guide
5 Best Forex Trading App in Nigeria
Here are the 5 best forex trading apps you should consider as a Nigeria trader:
FXTM Trader (Mobile trading App)
FXTM trader is one of the most widely used and well-known best forex trading apps in Nigeria. FXTM was founded in 2011 and is licensed by the CySEC, FSCA, FCA (UK), and the FSC (Mauritius). It provides users with access to over 250 trading products, including CFDs, spot metals, 180 corporate shares, commodities, indices, and cryptocurrencies. On the FXTM platform, forex traders have access to a variety of order types (market orders, limit orders, and stop-loss orders), quick order execution, trading signals, a news feed, etc. FXTM is a secure broker for Nigerian traders. They have a local office in Lagos and three local phone numbers for customer service.
Although FXTM has its own proprietary forex trading app, which is called MyFXTM trading app that can be downloaded from both the Apple App Store and from Google Play. They also have an upgraded MetaTrader 4 (MT4) and MetaTrader 5 (MT5) forex trading apps which are downloadable on FXTM official website and are accessible on all platforms, including desktop, iPhone, iPad, Android, and Mac. Download FXTM metatrader 4 for Android
Features of FXTM Trading App
They provide upgraded MT4 and MT5 Apps that offer the following:
- Ease of use with over 250 financial instruments.
- Includes functions to modify, open, and close positions very fast.
- The Minimum Deposit is $10 (Micro Account).
- Single-click trading for faster buying and selling.
- Options for quick deposits and withdrawals.
- It includes custom indicators and charting tools.
- Updates and commentary from the FXTM Head of Education.
- Copy-trading function.
Read also : Best Forex Broker in Nigeria
HotForex App (HFM)
Another best forex trading app in Nigeria is by HFM. HFM is regulated by the FCA, FSCA, FSC, CySEC, and the DFSA. HFM lets Nigerian traders trade Forex, commodities, indices, shares, bonds, and ETFs. HFM is one of the few forex and CFD brokers that can genuinely claim to have a global presence. Additionally, HFM provides complete trading solutions to traders, with the advantage that Nigerians can open a trading account for as little as $5 USD or its Naira equivalent.
HFM uses the Metatrader 4 and Metatrader 5 platforms, which can be used on desktop, mobile, and web-based devices. Fast order execution, sophisticated charting, in-app cash transfer. News feeds, and regular analysis from the HFM research team are all available to traders who use the platform. This MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading apps are downloadable on HFM official website and are accessible on all platforms, including desktop, iPhone, iPad, Android, and Mac.
Features of HF Trading App
They provide upgraded Metatrader 4 and 5 Apps that offers the following:
- Low Minimum deposit of $5 for Micro Account.
- An additional 12 trading tools aside from the default Metatrader tools.
- Various analytical tools, such as a market sentiment tool, a trader’s board, trading calculators, and an economic calendar.
- Effective copy-trading function.
- An investment management tool to manage your portfolio and allocate cash while keeping an eye on the state of your investments.
- One-click market execution
OctaFX Trading App
OctaFX is a well-known forex and CFD broker in the Asian markets. The company was created in 2011. They also accept Nigerian customers and provide local bank transfers as a method of payment for Nigerian traders. OctaFX provides a variety of trading options, including CFDs on metals and indices, 28 currency pairs, and 3 cryptocurrencies. however, there are just a few instruments in all. They do provide speedy order processing, prompt deposits and withdrawals, a copy trading tool, and helpful customer service.
With their Micro, Pro, and ECN accounts, OctaFX provides the Metatrader 4 platform, the Metatrader5 platform, and cTrader respectively. All their platforms are supported on web, desktop & mobile. Scalping, hedging, Expert Advisor, custom indicators, and a VPN service are other services provided by this forex broker in Nigeria. TheirMetaTrader 4 (MT4) and MetaTrader 5 (MT5) forex trading apps are downloadable onOctaFX official website and are accessible on all devices, including desktop, iPhone, iPad, Android, and Mac.
Features of Octafx Trading App
They offer out-of-the-box Metatrader upgraded with the Autochartist Pro plugin. Below are features of the Autochartist pro plugin provided:
- Price forecasting.
- Volatility and event impact analysis.
- Alerts: Email, SMS, and Push notifications.
- Custom monitoring for specified properties of a selected pair.
- It can identify the main support and resistance.
- It can identify patterns, including butterfly and Gartley patterns.
XM –Trading Point
The XM broker began operating in 2009 and currently serves customers from over 196 different countries. Their primary office is in Cyprus, regulated by CySEC, but they have other offices in the UK, Australia, Belize, and Greece. They are also authorized in Dubai and the MENA region. XM allows Nigerian traders to open an account with a minimum deposit of $5, or equivalent in Naira. They are a well-respected CFD and forex broker that guarantees dependable transaction execution, affordable fees, a no-requotes policy, and different account types.
XM offers its clients the regular, well-known, and intuitive trading platforms, which are Metatrader 4 and 5. They are downloadable on XM Forex official website and are accessible on all devices, including desktop, iPhone, iPad, Android, and Mac.
Features of XM Forex trading app
- Over 100 Instruments including; Forex, Futures, andcfds.
- 1 login access to 8 devices.
- Spreads as low as 1 pip.
- Full EA (Expert Advisor) functionality.
- 1 click trading.
- Technical analysis tools with 50 indicators.
- Charting tools and 3 different chart types.
FBS – Trading Broker
FBS is an internationally recognized broker with a presence in more than 150 countries. They are regulated by multiple financial authorities globally, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), the International Financial Services Commission of Belize (IFSC), and the Financial Sector Conduct Authority (FSCA). The FBS global branch is run and operated by FBS Markets Inc.
FBS offers Contracts for Difference (CFDs) and trading facilities on shares, currencies, commodities, cryptocurrencies, ETFs, options, and indices to a global market. FBS provides excellent educational resources, friendly trading conditions, and research tools.
Features of FBS Trading App
FBS has its own proprietary trading app (FBS Trader) that is easy to use with a built-in economic calendar and educational materials. However, they also provide you with the option to use the popular trading apps which are Metatrader 4 and 5, with the following features:
- Multi-asset trading.
- Minimum deposit on FBS is $1 (on smaller accounts).
- Over 50 technical indicators.
- One-click trading.
- Create and use EAs with no limitations.
- Trade with VPS service support.
The MetaTrader 4and 5 forex trading apps are downloadable on FBS official website and are accessible on all devices, including desktop, iPhone, iPad, Android, and Mac.
Check out: Scam and Fake Forex Brokers in Nigeria
This is another popular forex trading app in Nigeria. It has a free version and a paid version with more functionalities. Some broker accounts cannot connect to this trading app. Below are some brokers that can connect to tradingview:
|· TradeStation||· Gemini||· WH Selfinvest|
|· OANDA||· AMP||· Alor|
|· FOREXcom||· iBroker||· IronBeam|
|· FXCM||· Saxo||· Tiger Brokers|
|· Alpaca||· Tradovate||· Capitalcom|
The majority of the brokers that can be connected to tradingview are not available to Nigerian traders. The only way Nigerian traders go about this is to analyze the market using tradingview and then execute their trades using Metatrader 4 or 5.
Features of Tradingview
- 100+ pre-built most popular indicators.
- 100,000+ community-built indicators.
- 50+ smart drawing tools.
- Volume Profile indicators.
- Candlestick patterns recognition.
- Alerts on price, indicators & strategies.
- Pine Script™ alerts.
- Flexible strategy creation and customization with Pine Script™.
- Order tracking right on the chart.
- Strategy performance reports sharable to other users.
In conclusion, forex trading is very profitable, but you need the best forex trading app in Nigeria that has important and easy-to-use tools to help you watch, analyze, and execute trades fast with ease.
Which forex trading app have you used and what was your experience with that trading app? Let us know in the comments below.