9 Best Copy trading Apps in Nigeria 2024
New Forex traders often find copy trading an attractive option. This form of trading allows traders to copy the trades of experienced and successful traders, greatly reducing the time it takes to learn the ropes. Nigeria has seen a surge in copy trading platforms in recent years, making copy trading more accessible than ever.
To make it easier for Nigerian Forex traders to find the best copy trading platform or app, we’ve compiled a list of the nine top copy trading Forex brokers available in 2023, as well as the features and benefits of using them. So whether you're just starting out in the world of online trading or looking for ways to make more money, this guide will provide valuable insights into the world of copy trading apps.
Copy Trading Platforms in Nigeria - Comparison
| Copy Trading Minimum Deposit | Subscription Price | Markets | ||
|---|---|---|---|---|
$100 |
Free |
Forex, Stocks, ETF, Crypto, Commodities, CFDs |
||
$10 |
$10 |
Forex, Stocks, Crypto |
||
$200 |
Free |
Forex, CFDs, commodities, Crypto, Stocks, Bonds |
||
$1000 |
Free |
Forex, CFDs, commodities |
||
$100 |
Free |
Stocks, Cryptocurrencies, Commodities, CFDs, Bonds, ETF |
||
$500 |
No |
Forex, CFDs, Stocks, ETF, Cryptocurrencies |
||
$1 |
No |
Forex, CFDs on stocks, indices, metals |
||
$0 |
No |
Forex, CFDs on stocks, commodities, stock indices, cryptocurrencies |
||
$100 |
No |
Currency pairs, CFD, indices, gold and silver, cryptocurrencies |
RoboForex (CopyFX)
RoboForex lets traders earn passive income through automated trading. Offering over 12,000 instruments and eight asset types, RoboForex is the best copy trading platform in India for traders with minimal trading experience.
RoboForex copy trading
Usability
On RoboForex, you can specify the copy trading options based on your preferred functions. Thus, only the transactions pertaining to your specified parameters will be copied.
With a minimum investment of $10, you can invest in indices, commodities, stocks, Forex, and cryptocurrencies.
Safety and Regulation
Since RoboForex is registered in Belize, it has a license from IFSC, which is the local regulator. As compared to other brokers in this list, RoboForex is not as highly regulated.
Copy Trading Features
RoboForex has a Traders Rating tab where you can find the top traders to copy. If you have any specific asset or instrument preferences, you can filter the results based on your desired factors.
RoboForex copy trading
The broker offers different search parameters, including the lifespan of the account, profitability, and risk level.
RoboForex copy trading
You can check a particular trader's transaction history and later their open transactions once you've subscribed to a signal provider.
CopyFx Review - Is it Profitable? Is it Safe?InstaForex
InstaForex was among the first brokers to offer copy trading and remains a popular option for beginners since anyone can get started with a minimum deposit of $10.
InstaForex copy trading
Usability
InstaForex has been around since 2010 and offers a wide assortment of markets to copy, including indices, commodity futures, cryptocurrencies, commodities, CFDs on stocks, and currency pairs.
With more than 300 instruments and six types of commissions, the broker is ideal for traders with different experience levels. You can get started with just $10.
Safety and Regulation
InstaForex is regulated in these jurisdictions:
Instant Trading Ltd (Virgin Islands)
Insta Service Ltd (Saint Vincent)
Since these jurisdictions aren't transparent about their beneficiaries and are offshore, InstaForex isn't considered as reliable as some other options we've mentioned.
Copy Trading Features
When you're selecting an InstaForex trader to copy, you can see a lot of information about them to make a decision. InstaForex lets you see the trader's rating on the platform along with their capital, account balance, number of open trades, number of transactions, total balance gain, total capital gain, and average per day balance gain.
InstaForex copy trading
You can also check the profitability of the signal provider to determine if they're the best trader to copy.
InstaForex copy trading
Although you can see a lot of transactional information, the broker falls short in terms of showing risk indicators.
IC Markets
IC Markets is one of the most cost-effective trading platforms in the market due to its low commission rates. Plus, it has phenomenal order execution features and multiple opportunities for you to earn passive income.
It also offers additional copy trading services in partnership with Autotrade, MyFxBook, and ZuluTrade.
Usability
Since IC Markets does not have a proprietary copy trading platform, it partners with other social trading platforms, such as Autotrade and ZuluTrade.
With a minimum deposit of $200, you can invest in a wide range of trading instruments.
Safety and Regulation
IC Markets has licenses from top regulators in the EU and Australia. In Australia, it has a license from the Australian Financial Services License (AFSL No. 335692), while its EU license is from Cyprus Securities and Exchange Commission (CySEC License Number 362/18).
Copy Trading Features
The simplest way to copy trade on IC Markets is to use ZuluTrade's recommendations. The editors and algorithm regularly update the recommendations for top signal providers. You can find this information in the Top Traders section.
IC Markets copy trading
You can check the risk parameters and profitability of the signal providers to make an informed decision.
Tickmill
Tickmill is a trading platform slowly making a name for itself in the industry. It offers various analytical instruments for Forex trading and copy trading as an opportunity for additional income. Let's closely look at what it has to provide a user.
Usability
Tickmill doesn't offer its users a proprietary trading platform and relies on its partner's MYFxBook trading platform to offer services. You'll have to open accounts on both sites as the partner offers the signals.
The copy trading platform also has a high entry threshold, with the minimum investment for copying at $1,000. In addition, you'll have access to 162 strategy providers and markets such as Forex, CFDs on precious metals, indices, and bonds.
Safety and Regulations
The number of licenses held by Tickmill shows that it is safe, in our opinion. In addition, they have licenses from highly respected regulators such as FCA (UK), CySec (Cyprus) and FSCA (SAR).
Other jurisdictions where they are licensed include Labuan (Labuan FSA) and Seychelles (FSA), and the licenses held include:
FCA – 717270
CySec – 278/15
FSCA – FSP 49464
Labuan FSA – MB/18/0028
FSA – SD008
Copy Trading Features
You'll need a Tickmill and MyFxBook account to copy trade. First, open your MyFxBook account by providing the necessary information and link it to your Tickmill through the MetaTrader 4 option in the account section.
To find a trader to copy, use the search directly on MyFxBook. You can seek traders using the following indicators
Gain
Drawdown
Pips
Discussion (reviews)
Test ended
Modelling quality
Chart
You'll also access a trader's statistics to look deeper before copying their trade.
Tickmill Copy Trading ReviewAvaTrade
AvaTrade is a world-renowned name in the world of social trading and copy trading. It is regulated by the top seven global authorities, including the Central Bank of Ireland.
AvaTrade copy trading
Usability
AvaTrade works with three other copy trading platforms, namely MQL5, DupliTrade, and ZuluTrade. In this way, it gives the users access to thousands of investors and signal providers.
With a minimum investment of $100, you can invest in indices, cryptocurrencies, stocks, bonds, Forex, CFDs, and 1,250 other markets.
Safety and Regulation
AvaTrade is the best copy trading app in India in terms of regulation and safety since it has licenses from many top regulators worldwide, including:
British Virgin Islands Financial Commission
Financial Regulatory Services Authority (FRSA)
Japan FSA
South African Financial Sector Conduct Authority (FSCA)
ASIC
Central Bank of Ireland
Copy Trading Features
Once you've registered on AvaTrade, you can check the ranking of each copy trading signal provider on the platform.
The broker lets you see the history of a user's trades and their approach to risk management.
You can then subscribe to your preferred trader's signals.
AvaTrade also lets you diversify your trade by subscribing to multiple signals. Depending on your risk tolerance, you can set the risk parameters at which copy trading will be stopped.
eToro
Launched in 2007, eToro is one of the most popular trading platforms on the globe. Its social trading platform was established in 2010. As a pioneer for copy trading, eToro has one of the widest selections of copyable traders. The platform offers an easy-to-use copy feature that allows traders to copy from thousands of other top traders.
With eToro's CopyTrader feature, users can select top-performing crypto traders and automatically copy their trades. The platform also offers a wide range of features, including social trading tools, market analysis tools, and more. Users can select a trader they wish to follow and then set up parameters such as the amount they want to invest and how long they want to follow that trader. Once these parameters are set up, the user's account will automatically copy the selected trader's trades at the same time as them. This makes it easier for users who don't have the time or knowledge to do their own research and analysis.
👍 Pros of the eToro Copy Trading App
•An intuitive user interface, which makes it easy for even beginners to use
•Affordable minimum investment of $500
•No additional commissions as the broker earns from the spreads only
•Highly regulated, ensuring the safety of users’ funds
•Wide selection of copyable traders and copy trading features
👎 Cons of the eToro Trading App
•There's no guarantee that you'll replicate the same high returns as the copy traders you follow
FBS
Another great platform for copy trading in Nigeria, FBS has been in existence since 2009. The copy trading platform is ideal for both beginner and experienced traders. Currently, the platform boasts over 23 million traders in over 150 countries.
With its copy trading feature that has thousands of copyable strategies, FBS makes copy trading easy and efficient. Users can copy experienced asset managers for a fraction of the cost, enabling them to benefit from their market knowledge without having to pay high fees. The platform also offers advanced features, such as automated trading, which can help make trading even easier.
One of the great things about FBS Copy Trading is that it is very user-friendly. The interface is intuitive and easy to use, so even beginners can get up and running quickly. There are also plenty of tutorials available on the website, so users can learn how to use the platform more effectively.
Another great feature of FBS Copy Trading is that it offers competitive spreads, which means users can make more money by taking advantage of market fluctuations. In addition, there are very low commissions or fees associated with using this platform, meaning users can maximise their profits.
👍 Pros of the FBS Trading App
•Friendly user interface with plenty of tutorials to help beginners get up and running quickly
•Low commissions or fees associated with copy trading
•Competitive spreads mean more potential profits for traders
•CySec-regulated, meaning user funds are safe
•Users get a special offer that comes with risk-free deals
👎 Cons of the FBS Trading App
•Copy trading comes with few individual settings
•No online or desktop version
•Stats on traders are limited
Forex4You
Another great option for traders looking for the best copy trading platform in Nigeria is Forex4You. The platform has been around since 2007 and offers a wide range of features for all types of traders, including copy trading.
Forex4You's CopyTrading feature allows users to easily copy the trades of top traders on the platform. Users can choose from over 1000 different traders to follow, and they can set up parameters such as the amount of capital to invest, the duration of the trade, and more. The platform also offers advanced features such as trailing stop loss, automated trading, and one-click execution.
The fact that Forex4You has both mobile and online versions makes it easy for users to access the platform anywhere and anytime.
👍 Pros of the Forex4You Trading App
•A wide array of filters make for convenient search
•Advanced statistics, making it easier to analyze copied traders
•Mobile and online versions available for convenience
•An intuitive design that makes copy trading straightforward
👎 Cons of the Forex4You Trading App
•High commissions charged on withdrawals mean lower profits
FXOpen
Since 2005, FXOpen has been providing traders with best-in-class online trading services. The platform partners with ZuluTrade and MyFxBook Autotrade to provide users with an easy-to-use copy trading platform.
FXOpen's copy trading feature allows users to easily access the best traders on the platform and copy their trades. Users can also track their progress with real-time analytics, making it easier to see how they are doing in comparison to other traders. In addition, users can set up automated trading systems to help keep their trading costs down.
The PAMM account rating system on FXOpen makes it easy to find and compare the best traders, while their low commissions and spreads mean more potential profits for users. The fact that the platform is regulated in the UK and Australia means users can trust that their funds are secure.
👍 Pros of the FXOpen Trading App
•Conducive trading environment with low spreads and commissions
•Easy-to-use copy trading platform through partnerships with ZuluTrade and MyFxBook
•Real-time analytics that help users track their progress
•Regulated in the UK and Australia for safety
👎 Cons of the FXOpen Trading App
•Fewer customisation options than other copy trading platforms, meaning less control over trades
Does Copy Trading Apps in Nigeria Have Bonuses?
Yes, some of them do. With RoboForex, for instance, traders can get a welcome bonus of $30 when they sign up. InstaForex also offers a variety of trading bonuses and promotions for traders in Nigeria. There's a $1000 no-deposit bonus users claim on their website. Other platforms offer bonuses too. The best thing to do is to check out the individual platforms for more details about their bonus offerings.
Can I Get Rich With Copy Trading in Nigeria?
Yes. However, profits are not always guaranteed. You need to select the right copyable traders to follow and manage your risk, as with any form of investing.
What is Copy Trading
Copy trading is a trading method in which you copy the positions managed and opened by other traders. It shouldn't be confused with mirror trading since that involves mirroring every action of the copied trader.
Meanwhile, in copy trading, traders can copy certain strategies of the investor they want to emulate. Modern copy trading platforms allow traders to earn money through this method by using the following features:
Showing the trade analytics of investors to be copied
Giving options to distribute equity among multiple traders with different trading instruments and strategies
Offering an option to stop trade copying when certain risk tolerance is reached
Setting maximum risk level for particular investments
How to Choose a Copy Trading Broker
Here are five steps you must take to choose the best trading broker:
Regulation and Reliability
You should avoid trading on platforms with a questionable or poor reputation. Instead, select a broker that has financial licenses from top regulators. It's best to select a copy trading broker that has regulations in Australia, European Union, the UK, and developed countries.
Network Scale
The scale of the trading network determines the extent of your profitability. The larger the network, the more trade opportunities you'll have. Plus, you'll be able to make money through a large number of instruments.
Trading Conditions
The trading conditions of a platform are determined by the number of trading instruments available, commissions, and order execution quality. Some platforms will charge you an extra amount in the spread. Others may have a small membership fee or high minimum deposits. You should consider all these factors, based on your preferences, before making a decision.
Transparency
If a broker is transparent about the managers' statistical data, it's deemed reliable. The data should be publicly accessible. It should also be auditable independently.
Technology Finesses
A technologically effective platform will give you more information about risk management and trader selection. Thus, it will allow you to be more profitable and make better financial decisions.
How to Start Copying Trades
After selecting suitable traders for copying, there is one more important decision an investor has to make – to start copying trades of specific traders. It is quite easy to do that on eToro’s copy trading platform. It takes only a couple of steps:
From the earlier selected traders, choose several to start copying.
Choose the amount you are prepared to spend. It is desirable to diversify your portfolio and start copying trades of at least 3-5 traders. For this, you will need at least $600-1,000.
Click COPY on the trader’s preview.
How to start copying trades on eToro
If you are a registered user on eToro and have deposited the required amount to your account, the system will allow you to select criteria of copying. If you were only testing the system, the registration page will open for you.
How to start copying trades on eToro
eToro’s demo account, for which the broker provides virtual $100,000 is also excellent for testing the system. We recommend using this opportunity when you start working with eToro. The registration will require only your email, username and password.
On the demo account, just like on the live one, after you click COPY, a window of refined settings will open. There, you will be able to specify the amount you will use to copy the trader and the maximum level of losses, upon reaching which copying will stop automatically.
How to start copying trades on eToro
After setting up all the criteria, click COPY again.
Through the web applications, you can also start investing into portfolios on eToro. After selecting a specific portfolio, you will see a window with its detailed statistics, current set of assets and price change chart. If everything looks good, click Invest.
How to start copying trades on eToro
Once again, a window will open for setting up the investment criteria. The minimum investment into a portfolio is $5,000.
How to start copying trades on eToro
You can monitor financial results, add funds to manage or reduce them, and also unsubscribe from a trader by choosing the Portfolio tab in the left menu. As we can see, in one week our portfolio has already shown a small return. However, it takes at least a month to make a fair assessment of the trader’s performance.
How to start copying trades on eToro
Noteworthy, we have supplied only one example of how to use filters to start copying trades. You can also use the recommendations of eToro’s editors, who base their advice on their own algorithms, or you can use the multitude of other filters or consider the number of copiers.
How to start copying trades on eToro
Before starting to copy trades, you need to closely review the rules of eToro:
The maximum amount of traders you can copy simultaneously - 100;
The minimum amount to invest in a trader - $200;
The maximum amount you can invest in one trader - $2,000,000;
The minimum amount for a copied trade - $1;
All trades of the copied trader will open on the account of the copier. All criteria of the orders and stop losses will also be transferred;
You can suspend and renew copying and also change the amount at any moment;
You will be able to close a specific copied trade without closing the copy account;
Before starting to copy trades, review eToro’s rules in detail on the broker’s website.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission. Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.
Is Copy Trading Legal in Nigeria? Is it Safe?
Yes, copy trading is perfectly legal in Nigeria and other west African countries. The Nigerian Securities and Exchange Commission (SEC) regulates all financial institutions in the country, including forex brokers. The Commodities Futures Trading Commission specifically regulates forex markets and all transactions involving forex. This means you can trade stocks, forex, and even crypto without having to worry about the law.
However, it's worth noting that the only way to make sure you don't lose all your money is by copy trading with a reliable and reputable broker. Copy trading is a perfectly safe way to trade, as long as you're working with a good broker. There have been cases of people losing money to copy trading scams, but these are usually the result of working with an unregulated or unlicensed broker.
To be on the safe side, only copy trade with brokers that are regulated by the Nigerian SEC and the CFTC. That's the only way you can be sure that your broker is held to high standards and will not disappear with your money.
Summary
When it comes to copy trading, you can't afford to take any risks. Make sure you only copy trade with the best brokers in Nigeria. The five platforms we've listed above are all reliable and reputable, so you can rest assured that your money is in good hands.
Remember, copy trading isn't about kicking your feet up and waiting for the profits to trickle in. Far from that, copy trading requires dedication and attention. But if you put in the work, copy trading can be a very lucrative way to make money from the financial markets.
You can learn more about copy trading and forex trading on platforms like eToro trading school, XTB, and Avatrade. YouTube also contains tons of videos that'll teach you all you need to know about copy trading. Are you ready to start making a killing with copy trading? If so, then the best time to start is right now. Happy trading.
FAQs
Which trading app is best for copy trading in Nigeria?
The best copy trading platform in Nigeria is RoboForex, thanks to the many features it offers to traders, including a wide array of instruments and advanced analytics.
Can you get rich from copy trading in Nigeria?
Yes, as long as you're copying the right traders and managing your risk properly.
Is Social Trading Legal in Nigeria?
Yes. As long as the social reading apps you're using are regulated and have proper licenses, it is legal to participate in social trading.
Can you make huge profits by copy trading in Nigeria?
Yes, it is possible to make huge profits from copy trading in Nigeria. However, as with any type of investment, there is always a risk that you could lose money. That's why we advise only copy trading with regulated and reputable brokers.
What's the best copy trading platform in Nigeria?
All of the platforms we've listed in this post are great for copy trading in Nigeria. However, if we had to choose just one, we would say RoboForex(CopyFX) is the best copy trading platform in Nigeria. That's because it offers a wide range of features, is very user-friendly, and also has detailed educational materials for beginners.
Is copy trading with unlicensed brokers legal in Nigeria?
No, it's not legal to copy trade with unlicensed or unregulated brokers in Nigeria. Doing so could put your money at risk because the brokers can make away with your money and you can't do anything about it. What's more, copy trading with unlicensed brokers is against the law. So, to be on the safe side, only copy trade with licensed and regulated Nigerian forex brokers.
Can copy trading pay my bills?
Copy trading can be a very lucrative way to make money, but it's not a get-rich-quick scheme. Copy trading requires dedication and hard work. If you're willing to put in the effort, though, copy trading could definitely help you pay your bills.
Related Articles
Team that worked on the article
Oleg Tkachenko is an economic analyst and risk manager having more than 14 years of experience in working with systemically important banks, investment companies, and analytical platforms. He has been a Traders Union analyst since 2018. His primary specialties are analysis and prediction of price tendencies in the Forex, stock, commodity, and cryptocurrency markets, as well as the development of trading strategies and individual risk management systems. He also analyzes nonstandard investing markets and studies trading psychology.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.