Best Apps for Forex Trading in Nigeria

Go to broker’s website Pepperstone Overview

If you're too busy to read the entire article and want a quick answer, the best trading app in Nigeria is Pepperstone. Why? Here are its key advantages:

• Is legit in your country (Identified as United States )
• Has a good user satisfaction score 7.46 out of 10
• Enhanced security measures ensure safe transactions
• Offers low commission rates

Go to broker’s website Pepperstone %1$s Overview

Below, we'll explain in more detail why we believe this and how brokers were evaluated.

Choosing the right trading app is crucial for success in Nigeria. The Nigerian market, regulated by the Securities and Exchange Commission (SEC), provides a secure environment for traders. In this article, we’ve examined the top five trading apps that are regulated and available to Nigerian clients.

We’ve considered the factors that matter most: the specific conditions tailored for Nigerian residents, the fees and commissions, the user experience of each app, and the variety of trading tools they offer. Whether you’re a beginner or an experienced trader, these apps provide the resources and support you need to navigate the market effectively.

Best Forex Trading Apps in Nigeria Comparison 2024

How Do the Best Trading Apps in Nigeria Compare on Fees?

In this section, we compare the fees of the leading trading apps in Nigeria based on several key criteria. We examine the floating spread for EUR/USD on standard accounts, both minimum and maximum pips, as well as the ECN commission and spread for EUR/USD. Additionally, we consider withdrawal and deposit fees, along with any inactivity fees.

How Do the Best Trading Platforms in Nigeria Compare?

We have compared all available trading and mobile platforms from leading brokers, as well as useful additional features such as charting in TradingView.

How Do the Best Trading Platforms in Nigeria Compare on Supported Assets?

Reviews of Top 8 Trading Apps in Nigeria

1

9.4/10

Go to broker

Your capital is at risk.

Minimum deposit:

$10

Bonus for deposit:

60%

Regulation:

FSC

Review

RoboForex is a well-established brokerage company offering a broad spectrum of trading opportunities for active traders and investors alike. With an impressive selection of over 12,000 financial instruments - including currency pairs, CFDs on stocks, indices, metals, energies, and futures - RoboForex provides a versatile trading environment.
The broker boasts competitive trading conditions: tight spreads starting from 0 pips, high leverage up to 1:2000, and fast execution speeds. The broker also offers the CopyFx investment program, which allows traders to copy the strategies of successful investors and earn passive income. Additional perks include instant fund withdrawals and some of the industry’s highest affiliate payments (up to 84%).
RoboForex prioritizes reliability and client satisfaction, establishing itself as a trusted partner for traders worldwide.

Pros/Cons

•Availability of favorable trading conditions and a minimum deposit

•Unique investment program CopyFx

•Highest affiliate payments: up to 84% of the fee paid by the referral

•Market launch - STP and ECN

•Instant withdrawal of funds

•Minimum deposit - $10

•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime

•Lack of tools when trading on the R StocksTrader platform

Study Review

2

9.2/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

$10

Bonus for deposit:

0%

Regulation:

FCA, CySEC, FSA (Seychelles), FSCA, BVI FSC, FSC (Mauritius), CBCS, and CMA

Review

Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.

Pros/Cons

•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;

•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;

•Wide range of CFDs, including over 100 currency pairs;

•Zero deposit and withdrawal fees;

•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.

•The broker’s website offers almost no educational materials;

•24/7 support isn’t available in all languages.

Study Review

3

9.1/10

Go to broker

Your capital is at risk.

Minimum deposit:

$10

Bonus for deposit:

100%

Regulation:

CySEC

Review

TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.

Pros/Cons

•detailed analytical section;

•informative educational section.

•no PAMM accounts or other money management options;

•a small range of trading instruments;

•few withdrawal options;

•support is available 24/5;

•withdrawals delayed;

•technical support responds slowly;

•sometimes it takes a long time to verify data.

Study Review

4

8.9/10

Go to broker

Your capital is at risk.

Minimum deposit:

$5

Bonus for deposit:

50%

Regulation:

MISA

Review

PO TRADE BROKER caters to both Forex and binary options traders, offering a wide range of trading instruments, a copy trading service, and passive income opportunities.
Clients can trade CFDs on currencies, cryptocurrencies, stocks, indices, and commodities with spreads starting from 1.2 pips and no additional commissions per lot. Pocket Option's unique "My Safe" service offers up to 10% annual interest on unused account balances.
While the platform excels in serving active traders, its demo accounts and referral program also offer value to beginners. However, the lack of cent accounts and ECN options could be a drawback for certain professional traders.

Pros/Cons

•MetaTrader provides for trading binary options and CFDs;

•A demo mode is available for all account types;

•To register, you may use your Google email or Facebook/Google account;

•Active, social, and algorithmic trading is available on MT4 and MT5 accounts;

•Spreads are from 1.2 pips for Forex and no fees per lot;

•Referral program for retail clients with rewards of up to 50%-80% of the referee’s income;

•“My Safe” service that provides for crediting 10% per annum on the account balance not involved in trading;

•Cash back and promo codes for binary option traders;

•50% deposit bonus.

•The broker offers neither cent accounts for novice traders to test strategies and advisors, nor ECN accounts with near zero spreads for professional traders;

•Real-time communication with operators is available upon funding the account.

Study Review

5

8.7/10

Go to broker

Your capital is at risk.
Your capital is at risk.

Minimum deposit:

100 EUR

Bonus for deposit:

0%

Regulation:

CySEC

Review

Libertex is an online broker that provides access to trading CFDs on stocks, commodities, cryptocurrencies, and more. The company has been in the market for over 10 years. One of the advantages and distinctive features of the broker is its proprietary web trading platform with non-standard functionality designed for novice traders. It features a user-friendly interface, high information content, and advanced technical functionality.

Pros/Cons

•fast registration process;

•usability of the platform. It has a user-friendly interface for trading online on a PC or laptop as well as other devices;

•more than 300+ CFDs on stocks, precious metals, oil and gas, indices, cryptocurrencies - almost all popular trading underlying assets in one platform;

•tight spreads;

•investment account providing for investing in real stocks without commission fees.

•Libertex accounts have fees subject to the underlying asset. For example, a 0.0005% fee is charged on Forex CFD.

•No proprietary technological solutions for passive investing.

•Libertex is available only in the web version and mobile app which doesn’t allow adding custom indicators and advisors. Algorithmic trading is not available.

Study Review

6

8.6/10

Go to broker

Your capital is at risk.

Minimum deposit:

$25

Bonus for deposit:

50%

Regulation:

FSCA, MISA, CySEC

Review

Octa is a reputable broker that offers competitive trading conditions on 300+ instruments, with spreads from 0.6 pips and zero non-trading commissions. The broker provides access to popular MT4/5 trading platforms and a proprietary OctaTrader platform with advanced features.
The company offers bonuses, contests, and a comprehensive education section to enhance traders' skills. With a strong focus on the Asia-Pacific region and a growing global presence, Octa has earned numerous awards for its services.
While passive investment options are limited to copy trading, Octa's overall trading environment and excellent customer support make it an attractive choice for traders seeking a reliable and user-friendly experience.

Pros/Cons

•Offers proven platforms for trading such as MetaTrader 4, MetaTrader 5.

•Tight spreads from 0.6 pips and no non-trading commissions from the broker for deposits or withdrawals of funds.

•Wide trading opportunities including a variety of assets and access to a service for copying trades.

•Available minimum deposit. To start trading, you need to deposit at least $25 into your account.

•Execution of more than 97% of orders without slippage.

•The ability to choose the type of spread (floating or fixed) on MT4 accounts and MT5.

•Octa provides its own trading platform - OctaTrader with Space, a smart feed with trading ideas and deep analysis. OctaTrader is powered up with price alerts and instant trading notifications.

•Limited choice of investment solutions to generate passive income.

•The list of payment systems changes regularly.

Study Review

7

8.4/10

Go to broker

Your capital is at risk.

Minimum deposit:

100$

Bonus for deposit:

0%

Regulation:

FCA, CYSEC, FSCA, SCB

Review

FxPro is a well-established broker offering traders access to over 2,100 financial instruments across multiple asset classes, including Forex, stocks, commodities, indices, and cryptocurrencies. It is regulated by reputable authorities – FCA, CySEC and others.
The broker stands out with its focus on technology and offers an average order execution speed of 14-30 ms, setting a market benchmark. FxPro also provides an impressive suite of trading tools and educational resources, such as Trading Central analytics. The minimum deposit of $100, however, is higher than some competitors.
With a company capital exceeding 100 million euro, and a track record of reliability, FxPro stands out as a top-tier choice for traders looking for a secure and dynamic trading environment.

Pros/Cons

•Negative Balance Protection of a client on a real account is a unique broker service. It has an automated transaction monitoring and a risk management system, the capital is guaranteed not to go into a negative balance;

•insurance of client funds at the expense of the broker participation in an investor compensation fund;

•beginner traders will be able to access tested advisors;

•a full package of services is available to the client regardless of the balance of his account;

•VIP account holders are offered a personal manager and get a Free VPS;

•company capital exceeds 100 million euros;

•offers swap-free accounts for customers whose religious beliefs do not permit swapping eg. Islamic traders;

•the reliable trading environment provided by the competent educational and research department.

•it is not the best choice for beginner traders who are looking for their first broker as the minimum deposit of $100 is considered high;

•difficulties registering in an affiliate program.

Study Review

8

8.3/10

Go to broker

Your capital is at risk.

Minimum deposit:

$200

Bonus for deposit:

0%

Regulation:

ASIC, CySEC, and FSA

Review

IC Markets stands out as a highly reputable broker offering trading with 2,250+ instruments across Forex, stocks, commodities, cryptocurrencies, and more.
The broker provides ultra-fast execution with order speeds up to 40 milliseconds facilitated by its top-tier liquidity partners and processes over $29 billion in Forex trades daily. With a strong focus on active traders, it offers ECN accounts with raw spreads from 0 pips and leverage up to 1:500 (based on which regulator's rules apply to a trader's account). Copy trading is also well-supported through integration with ZuluTrade, cTrader Copy, and other platforms.
IC Markets clients benefit from robust security and regulatory licenses from ASIC, CySEC, and others.

Pros/Cons

•Availability of three licenses;

•Wide range of assets;

•Standard and ECN account types for trading on different platforms;

•Mobile apps for Android and iOS-based devices;

•Scalping, hedging, and algorithmic trading are allowed;

•Minimum delay when executing orders and ultra-fast market execution;

•Competitive trading fees;

•Wide choice of social trading and copy trading platforms;

•24/7 support via live chat;

•Demo accounts on MT4, MT5, and cTrader;

•Swap-free accounts are available for Muslim traders.

•Education materials available on the website are not very informative or diverse;

•Rebates are available outside Australia and the European Economic Area;

•Not all clients are equally protected since compensation for investment is subject to the trader's country of residence.

Study Review

Your location is United States

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Rules and Regulation

Licensing in Nigeria

Nigeria's regulation of Forex falls under the purview of the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN):

• Forex trading itself is legal for Nigerian residents.
• Unlike Malaysia, Nigeria doesn't have a central body solely dedicated to Forex regulation.
• There's some debate on the involvement of regulatory bodies like the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN) in overseeing Forex brokers.
• Requirements and process for obtaining a Forex broker license in Nigeria are unclear. Information about "ready-made licenses" you might find online should be approached with caution.

Investor protection in Nigeria

Investors in Nigeria are protected by the Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). Forex investor protection is a complex issue due to the absence of a well-defined regulatory framework.

Taxation in Nigeria

Forex traders are required to report their trading income to FIRS (The Federal Inland Revenue Service) and pay income tax on their profits at the applicable tax rates. Nigeria operates a progressive income tax system, with tax rates ranging from 7% to 24% for individuals, depending on their total taxable income.

What to Look For in a Trading App

Responsiveness

Due to the volatility of the forex market, your preferred broker needs to be responsive. This is because if a trader has placed a trade and a high volatility event occurs, causing a gap, this could make the trade execute at a worse value and result in losses for the trader.

Reliability

Depending on the platform you prefer, whether the desktop or mobile application, reliability is an important factor to consider when choosing a broker. As a trader, if your broker's app crashes or freezes, especially in times of global economic events, your trades and productivity will be affected.

User-friendly Interface

The difference between a profit and loss when trading can sometimes be in seconds, and a user-friendly broker will ensure you place or close a trade immediately. Also, it is necessary for the overall navigation of the platform; even with additional charts and tools, you should be able to use the app conveniently.

Analysis Tools

The difference between professional traders sometimes lies in their ability to analyze trades after being executed. This is how you can improve your skill and possibly learn from previous trades, and some tools can help make it easier. When choosing a broker, you should ensure the analysis tools of your preferred broker are in line with industry standards.

Automatic Trading

Some platforms offer suggestions on trades to place, and sometimes they come as algorithms. If these algorithms help you profit more, you should consider allowing the software to make investments for you at the amount you specify.

Security of Data

Trading involves money, and the most important factor to consider is the security of your funds and personal information. Therefore, when choosing a platform, you should ensure it has one of the best security protocols.

Asset Offerings

Choose an app that provides a broad range of asset classes and financial instruments.

Make sure it offers the specific assets you are interested in trading.

Customer Support

Reliable customer support is essential for resolving any issues that may arise.

Look for apps with multiple channels of customer support, like chat, email, or phone support.

Mobile Accessibility

A mobile-friendly app allows you to trade on the go. Ensure the app is available on your device and has good reviews regarding its mobile functionality.

How to Choose a Forex Broker’s App in Nigeria?

Learn regulation and reliability

Before you settle on a forex broker, you should ensure you fully assess and learn the regulation behind every broker. Ensuring that the broker you pick is regulated and allowed to operate in Nigeria is necessary. Also, you have to ensure that the broker is reliable by real traders.

Look at offers for local clients

Every broker has a different offer, and the best broker for you as a trader in Nigeria is the one who offers the best services, tools, and other resources to local clients. Your broker needs to accommodate your needs as a Nigerian.

Explore App’s Functionality

Another factor to consider when choosing a broker in Nigeria is to explore the broker app's functionality. This can be done by assessing its execution speed, trading assets, and analytical tools. You will be fully abreast of the broker's features and have a smooth trading experience by checking all these boxes.

Try Demo

You should check to ensure they have a demo account for practice when selecting a broker. Every trader needs to practice to minimize risks, and with a demo account, you can practice as much as you want.

Open an account

The last step after filtering the brokers is to open an account with your broker of choice. You need to check the type of accounts available and those that suit you and your needs.

Best Forex Trading Apps For Beginners in Nigeria

As a beginner trader, the best broker apps for you are the ones that offer copy trading capabilities and educational materials. This is because when starting out, you will need to occasionally rely on the knowledge and skills of other traders to stay afloat. Also, with the educational resources offered by brokers, you can learn and analyses markets for yourself while you shore up your expertise.

The best platforms that fill this gap are AvaTrade, FXTM, and RoboForex.

Best Forex Bonuses in Nigeria

A few forex brokers offer bonuses to their clients, and one of them is FBS. FBS offers a 100% deposit bonus to both new and experienced traders. Also, you can receive a no deposit bonus.

Another good forex bonus is offered by InstaForex. Here, it offers a $500 bonus whether you make a deposit or not. That means all you have to do is open a live trading account, and your bonus will be deposited.

FAQs

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Team that worked on the article

Chinmay Soni

Author at Traders Union

Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.

As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.

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Dr. BJ Johnson

Developmental English Editor

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.

Mirjan Hipolito

Cryptocurrency and stock expert

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).