Many traders in Nigeria use mobile apps to trade. Many brokers operate in this country, each offering their own platform. Before making a choice, it is important to evaluate apps to find the one that perfectly suits your goals and strategy. TU analysts compared Top 5 mobile apps. You will be able to choose the Best Futures Trading App in Nigeria for 2024, based on our assessments.
FxPro is a reliable broker company that offers market access to all traders, regardless of their level of knowledge and experience. Broker's clients are protected from negative balance; their activities are carried out in comfortable conditions and with competent professional support.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
InstaForex is the best option for traders with any level of experience. For active professional traders, there is a large pool of non-standard technological solutions for more accurate analysis. For novice traders, there are comfortable starting conditions, such as a $1 minimum deposit under the regulation of FSC and a $200 minimum deposit with the broker regulated by CySEC. There are PAMM accounts and social trading for investors.
Trust Capital's CFD trading conditions are generally average. It grants access to hundreds of assets from seven groups, providing a variety of available strategies and portfolio diversification. As trading is conducted through the MT4 platform, traders can customize their workspace. The entry barrier is relatively low, with a free demo available, and a minimum deposit of $250 on a real account. The commission policy is moderately transparent, with no additional markups. The partnership program is beneficial. Unfortunately, there are no options for passive earnings. However, Trust Capital offers an excellent training program for traders of different levels.
NAGA is a regulated international broker whose terms and conditions are perfect for professional traders and experienced investors with a focus on stocks.
Best Futures Trading App in Nigeria for 2024
| FxPro | FBS | InstaForex | Trust Capital | NAGA | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, Mobile Trading, MT5, cTrader, FxPro Edge |
MT4, Mobile Trading, MT5 |
MT4, MultiTerminal, Mobile Trading, MT5, WebTrader |
MetaTrader4, Mobile platforms |
MT4, MT5, Mobile Apps, Web App |
|
Min deposit |
$100 |
$10 |
$1 |
$250 |
$250 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
Yes |
No |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 1 point |
From 0 points |
From 0.4 points |
From 0.7 points |
|
Level of margin call / stop out |
25% / 20% |
40% / 20% |
30% / 10% |
No |
100% / 50% |
|
Execution of orders |
Market Execution |
Market Execution |
Instant Execution |
Market Execution |
Market Execution |
|
No deposit bonus |
No |
No |
No |
No |
No |
|
Cent accounts |
No |
Yes |
Yes |
No |
No |
1
Best Futures Apps in Nigeria - FxPro
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.
👍 Advantages of trading with FxPro for traders in Nigeria:
•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.
👎 Disadvantages of FxPro for traders in Nigeria:
•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.
2
Best Futures Apps in Nigeria - FBS
FBS is an international broker with a strong presence in Asia, offering a wide range of trading instruments including Forex, stocks, indices, energies, and metals. With over 90 international awards and 27 million clients across 150 countries, FBS boasts a strong global reputation.
The company provides flexible trading conditions: leverage up to 1:3000, floating spreads from 0.7 pips, commission-free trading, and fast execution speeds starting at 0.01 seconds. FBS ensures client security with negative balance protection and offers a user-friendly experience on familiar trading platforms.
While FBS doesn't currently offer cryptocurrency trading or passive income options like PAMM accounts and copy trading, its competitive conditions and extensive educational resources make it a compelling choice for traders seeking a comprehensive and accessible experience.
👍 Advantages of trading with FBS for traders in Nigeria:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS for traders in Nigeria:
•no cryptocurrency;
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
3
Best Futures Apps in Nigeria - InstaForex
InstaForex is a leading broker with over 7,000,000 clients. The company provides access to 2,500+ trading instruments, including Forex pairs, stocks, indices, commodities, and cryptocurrencies. Clients can benefit from competitive spreads starting from 0 pips, leverage up to 1:1000, and access to non-standard technological solutions like synthetic securities. The average execution speed is 0.1 sec.
The broker offers a wide range of cryptocurrency CFDs, with over 70 instruments available and zero spreads on major cryptocurrencies. Additionally, it supports passive investment options including PAMM accounts, copy trading services, and unique offering - OYS portfolios.
The company provides responsive client support and insurance coverage up to €20,000 under European regulation.
👍 Advantages of trading with InstaForex for traders in Nigeria:
•2,500+ trading instruments, including non-standard assets, such as InstaFutures and synthetic securities.
•Passive investment products, including PAMM accounts and a copy trading service.
•Non-standard technological solutions such as InstaSpot (P2P spot trading), OYS account, Stock Basket, etc.
•European regulation and IFC compensation fund with guaranteed insurance coverage up to €20,000.
•Comfortable trading conditions, such as a $1 minimum deposit and leverage up to 1:1000, for clients of the FSC-regulated broker.
👎 Disadvantages of InstaForex for traders in Nigeria:
•Tough conditions for retail European traders due to regulations.
•The time gap between a trade executed by a trader and the one copied to the investor’s account in the social trading service can be up to 15 seconds.
4
Best Futures Apps in Nigeria - Trust Capital
Trust Capital is a contract for (price) differences (CFD) broker that offers over 200 assets in the following groups: currencies, cryptocurrencies, stocks, indices, commodities, metals, and energies. It provides a free demo account and two real accounts. The minimum deposit is $250, and the spread starts from 0.9 pips with no trading commission on Solo accounts. Holders of Solo accounts are traders who fully control their accounts and trade independently. The margin call and stop-out levels are 100% and 50%, respectively. The platform supports MetaTrader 4, including its mobile version. There are no trading restrictions, which allow scalping, hedging, and the use of advisors. The broker conducts educational lectures on its website and organizes webinars. It offers basic technical and fundamental analysis tools, such as calculators, newsfeeds, and an economic calendar. Deposits and withdrawals are processed through major channels such as Visa bank cards, PayPal, Neteller, Skrill, e-wallets, and crypto-wallets. Trust Capital offers partnership opportunities to anyone interested, with initial partner earnings starting at $10 per referral but potentially increasing to $300. The company's customer support is available via phone, email, and LiveChat on weekdays.
👍 Advantages of trading with Trust Capital for traders in Nigeria:
•The free demo account allows exploring the broker's capabilities without risk and practicing trading strategies.
•There are competitive spreads on real accounts, with no trading commission on Solo accounts and market-average commission on Together accounts, which are currency pairs that typically move in the same direction, such as EUR/USD and GBP/USD.
•The company has excellent technical infrastructure, ensuring prompt trade execution, and stable virtual servers.
•Trust Capital uses the versatile MetaTrader 4 trading platform, suitable for both beginner and experienced traders.
•Deposits and withdrawals can be made through various well-known channels, and withdrawal fees are at the competitors’ level.
•The broker provides free educational materials that are highly valued by users and experts.
•The partnership program offers an opportunity for additional earnings from referrals.
👎 Disadvantages of Trust Capital for traders in Nigeria:
•The broker lacks transparency, as traders may not know the commission size on the Together accounts until opening one.
•Apart from the partnership program, there are no other options for additional earnings, such as copy trading and MAM and PAMM accounts.
•The company does not offer services to residents of the United Kingdom, the Czech Republic, Belgium, Iran, and some other countries.
5
Best Futures Apps in Nigeria - NAGA
NAGA (‘NAGA’) is a trademark of The NAGA Group AG which was founded in 2015. Naga Group AG is a German FinTech company publicly listed on the Frankfurt Stock Exchange. The company implements modern technologies and innovative solutions in order to compete with traditional financial institutions represented by banks and brokers in the investment market. Over 1 million active traders and passive investors currently use NAGA's Group brokerage services.
👍 Advantages of trading with NAGA for traders in Nigeria:
•Wide range of trading instruments.
•The opportunity to earn passive income using the social trading platform.
👎 Disadvantages of NAGA for traders in Nigeria:
•High spreads on standard accounts.
•Lack of trading bonuses such as a Welcome bonus, account replenishment, etc.
•Limited choice of payment systems for replenishing the balance and the withdrawal of funds.
•The broker does not provide cent accounts.
Best Futures Trading App in Nigeria 2024: Education for Investors
When choosing the app, it is important to consider educational tools offered by brokers. TU analysts prepared a comparison of educational programs.
FxPro - Education for Investors
Investment Education Online
Information
The information in the Education Section of the broker’s website is structured in a way to provide maximum information to both novice traders and professionals. For novice traders, the website offers basic courses on fundamental and technical analyses, reviews of indicators, and articles on the psychology of trading. For professionals there are news, daily analytics on individual assets, and market dynamics.
Any trader can test the tools on a demo account.
FBS - Education for Investors
Investment Education Online
The FBS website has an impressive training section where everyone can get the information they need to trade successfully on Forex and beyond. The broker provides a quick guide to Forex, tips for traders, and video tutorials. The company also conducts webinars. The section is divided into levels for beginners, elementary, intermediate, and advanced levels.
To practice the knowledge gained on the FBS website, the specialists of the brokerage company recommend opening a demo account. You can practice on it without risking real money. The next step is to open a cent account which will allow you to trade in the real market, but with lower risks than on a standard account.
To support traders, a separate analytical section with an economic calendar, a currency converter, and calculators have been created on the site.
InstaForex - Education for Investors
Investment Education Online
Information
Educational materials can be found on the broker’s website in two sections. The “Novice Traders” section is designed for traders, who are just starting to grasp an understanding of the financial markets. The “Analytics” section provides additional materials for more experienced traders.
The broker's website contains analytical tools that for all traders from beginner to professional level.
The trader can access all information on the site from both the demo and trading accounts.
Trust Capital - Education for Investors
Investment Education Online
Traders can only be successful if they constantly strive for improvement. This includes regular trading and theoretical preparation. The latter involves studying e-books, specialized forums, relevant webinars, and more. Recognizing the importance of knowledge, some brokers seek to enhance the skills of their clients by providing them with learning and self-education opportunities. Trust Capital is precisely such a company; its clients can attend seminars at company offices and participate in real-time webinars. They have access to newsfeeds, analytics, articles on various topics, and a trading glossary. It's a substantial amount of data that is regularly updated and replenished, and the materials are interesting for both beginners and experienced market participants. However, priority is given to teaching the basics of trading.
Although part of the educational course is only available to traders using premium accounts, there is more than enough material for beginner and intermediate-level players. The information is well-structured and easy to filter. It focuses less on money management and trading psychology, but Trust Capital provides up-to-date and practical information even on these challenging topics.
NAGA - Education for Investors
Investment Education Online
The company offers educational material. A lot of training materials are available in the Help section, providing access to the Academy, webinars, and analytical tools.
Information available in
the "Help Section"
The company offers a demo account to practice applying the theory of trading with the practical application of independent trading.
How to choose futures trading app in Nigeria
Here are 5 tips for beginners on how to choose a futures trading app in Nigeria:
Evaluate the app's features and functionality
Choose an app that's easy to navigate, allows you to make different kinds of orders, and doesn't hit you with high fees or commissions. If you're an advanced trader, you might also want an app that offers API access for algorithmic trading.
Consider the app's reputation and security
Pick an app that other traders trust and talk highly of. Make sure it also uses strong encryption to keep your personal and financial information safe.
Check if the app offers a demo account
Go for an app that has a demo account. This feature lets you practice trading with virtual money, so you can learn without risking your own funds.
Look for educational resources
Keep an eye out for apps that provide learning materials like tutorials, webinars, and market analysis. These resources can help you get better at futures trading and develop your strategies.
Consider the app's customer support
Make sure to choose an app with quick and helpful customer service. Good support can be a lifesaver if you run into any issues or have questions.
How much money do you need to start futures trading in Nigeria?
The money you need to start futures trading in Nigeria depends on several factors: the futures contracts you aim to trade, your chosen broker, and margin requirements. Here are some key points to consider:
Broker minimum
Opening a trading account requires a minimum deposit with most brokers. Some have eliminated this requirement for futures trading, but others still ask for a specific amount just to get started.
Margin minimum
To trade a futures contract, you'll need to meet the broker's margin requirement. Usually, this is around 3-10% of the contract's total value, though the exact amount can change based on the broker and the contract type.
Initial margin payment
When you trade futures, you don't pay the full contract price upfront. Instead, your broker will ask for an initial margin payment, often a few thousand dollars per contract.
Pros and cons of futures trading in Nigeria
Futures trading in Nigeria offers opportunities for new market access and risk management but also poses significant risks and complexities. Investors should weigh these pros and cons carefully before diving into futures contracts.
Pros:
Easy pricing. Standardized pricing for futures contracts simplifies the valuation process for investors.
High liquidity. Regulated exchanges host futures contracts, ensuring a large market of buyers and sellers for easy entry and exit.
Risk hedging. Futures contracts offer a way to safeguard against price changes in underlying assets like commodities or currencies.
Access to new markets. Trading in futures opens doors to markets that investors might not otherwise be able to enter.
Cons:
Highly speculative. The speculative nature of futures trading, exacerbated by low margin requirements and high volatility, can result in considerable losses.
Potential for significant losses. The high leverage in futures trading means investors can lose more than their initial investment.
No Control over future events. Market conditions like natural disasters or unexpected weather can affect the value of futures contracts, and investors can't control these factors.
Longer investing hours. The trading hours for futures extend beyond those of the stock market, demanding more time from traders.
Increased complexity. Trading in futures requires a more in-depth understanding of assets and market dynamics compared to other trading forms.
How to start futures trading in Nigeria?
To dive into futures trading in Nigeria, follow this comprehensive guide.
Step 1: Understand how futures work and the risks involved
First, grasp the fundamentals of futures contracts. These are legal agreements that lock you into buying or selling a specific asset, commodity, or security at a set price on a future date. Futures trading lets you bet on price shifts in a wide array of asset classes, including commodities, precious metals, and even stock indexes. But before you jump in, acquaint yourself with the risks and investment strategies specific to futures.
Step 2: Choose a futures contract type and market to trade in
Next, decide what type of futures contract interests you, as several options exist depending on the asset class you wish to engage with. Examine the market’s liquidity and volatility; these factors can make or break your trading experience. In Nigeria, the Nigerian Stock Exchange (NSE) offers a platform for futures trading through its Derivatives Market.
Step 3: Open a futures trading account with a reputable broker
Your next move is to pick a futures broker that grants you access to the markets and assets you want to trade. Make sure your broker falls under the regulation of a credible authority, like the Securities and Exchange Commission (SEC) in Nigeria. To open an account, you'll usually need to provide identification and make an initial deposit.
Step 4: Learn and develop a trading strategy
Before you place your first trade, develop a clear-cut trading strategy tailored to your financial goals and risk tolerance. Employ a mix of technical and fundamental analysis to pinpoint promising trade opportunities. Many brokers offer demo accounts, giving you a risk-free environment to practice and refine your strategy.
Step 5: Monitor the market and execute trades
Always keep your finger on the pulse of market news and events that could sway asset prices. Your chosen trading platform will help you assess the market, make orders, and manage your ongoing trades. Implement risk management strategies like stop-loss orders to cap any potential losses.
Step 6: Review and improve your trading performance
Maintaining a trading journal allows you to record your trades and evaluate your effectiveness. Identify weak spots and fine-tune your trading strategy. To keep up with market shifts and strategies, invest time in continued education through books, online courses, and webinars.
Summary
In this review, you had an opportunity to learn about the features of 5 brokers, which traders in Nigeria choose the most. However, now you need to choose the best of them. You can do it using the scores given by the Traders Union. Check out the score table that will help you choose the Best Futures Trading App in Nigeria 2024.
| FxPro | FBS | InstaForex | Trust Capital | NAGA | |
|---|---|---|---|---|---|
|
Overall score |
8.49 |
8.42 |
7.94 |
3.79 |
5.68 |
|
Execution of orders |
8.25 |
9.5 |
8.85 |
3.29 |
6.9 |
|
Investment instruments |
8.8 |
7.82 |
7.77 |
3.63 |
3.66 |
|
Withdrawal speed |
6.5 |
9.57 |
6.9 |
6.86 |
5.26 |
|
Customer Support work |
8.9 |
7.58 |
7 |
1.18 |
5.11 |
|
Variety of instruments |
9.27 |
7.02 |
8.02 |
7.02 |
7.1 |
|
Trading platform |
9.2 |
9.03 |
9.1 |
0.78 |
6.02 |
|
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FAQ
Can You Trade Futures on MT4?
Yes, you can trade futures on the MT4 platform. MT4 is versatile and widely used, making it a popular choice for futures trading.
What Is the Best Brokerage to Trade Futures?
FxPro stands out as a reliable option for futures trading, known for its robust platform and competitive fees.
Which Trading App Works in Nigeria?
Both FxPro and InstaForex offer trading apps that are accessible and functional in Nigeria.
Which Forex Trade Is the Best in Nigeria?
Saxo Bank holds a strong reputation for forex trading in Nigeria, with a wide range of currency pairs and competitive spreads.
Is it possible to register with a broker using the mobile app?
Yes. Brokers provide an opportunity to open an account and pass verification directly in the mobile app.
Do I need to pay for downloading the app?
Brokers do not charge a fee for downloading their mobile app. They are provided for free.
Are there updates for the apps of brokers?
Yes. Mobile apps of brokers are regularly updated and it is very important to update them in the view of proper operation of services.
Are there versions of the apps for tablets?
In some cases, Forex brokers develop separate versions of apps for smartphones, tablets and even for TV sets.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.