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 Mobile Trading App in Nigeria for 2024, based on our assessments.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.
Tickmill is a suitable broker for both professional traders and novices. The company is good for robotic trading as well as for short-term strategies.
XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.
Best Mobile Trading App in Nigeria for 2024
| RoboForex | Exness | TeleTrade | Tickmill | XM Group | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader |
Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 |
MT4, MT5 |
MT4, MT5, Tickmill Mobile App |
MT4, MT5, Mobile Trading, XM App |
|
Min deposit |
$10 |
$10 |
$1 |
$100 |
$5 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
No |
Yes |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0 points |
From 1 point |
From 0.8 points |
From 0 points |
From 0.6 points |
|
Level of margin call / stop out |
60% / 40% |
No |
70% / 20% |
100% / 30% |
100% / 50% |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution |
|
No deposit bonus |
No |
No |
No |
$30 |
No |
|
Cent accounts |
Yes |
No |
No |
No |
Yes |
1
Best Mobile Apps in Nigeria - RoboForex
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.
👍 Advantages of trading with RoboForex for traders in Nigeria:
•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
👎 Disadvantages of RoboForex for traders in Nigeria:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
2
Best Mobile Apps in Nigeria - Exness
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.
👍 Advantages of trading with Exness for traders in Nigeria:
•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.
👎 Disadvantages of Exness for traders in Nigeria:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
3
Best Mobile Apps in Nigeria - TeleTrade
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.
👍 Advantages of trading with TeleTrade for traders in Nigeria:
•detailed analytical section;
•informative educational section.
👎 Disadvantages of TeleTrade for traders in Nigeria:
•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.
4
Best Mobile Apps in Nigeria - Tickmill
Tickmill is a reputable broker offering access to trading Forex, stock indices, commodities, bonds, and cryptocurrencies. Furthermore, the broker boasts an extensive selection of over 500 stock CFDs.
There are two main account types: Classic Account with spreads from 1.6 pips and no commission, and Raw Account with spreads from 0 pips and a $3 commission per lot. Both accounts require a minimum deposit of $100 and a maximum leverage of 1:1000.
The broker also provides a variety of useful tools, such as Autochartist, Acuity Trading, Signal Centre, and Capitalise.ai, which utilize AI to offer valuable market insights and trading signals.
Tickmill's regulation by the FCA and CySEC ensures the safety and security of client funds.
👍 Advantages of trading with Tickmill for traders in Nigeria:
•spreads from 0 pips;
•any strategy is allowed;
•protection against negative balance;
•mobile app trading platform.
👎 Disadvantages of Tickmill for traders in Nigeria:
•the customer support works only 5 days a week from 7:00 to 16:00 GMT;
•relatively small choice of currency pairs;
•there is no cent account;
•there is no trust management;
5
Best Mobile Apps in Nigeria - XM Group
XM Group is a globally recognized broker, operational in nearly 190 countries and serving over 5 million traders. The broker offers over 1,000 trading instruments, including Forex pairs, stocks, commodities, cryptocurrencies, and precious metals. With licenses from regulators like ASIC and CySEC, XM ensures a secure trading environment.
The company is committed to high-speed order execution without requotes, ensuring 99.35% of trades are completed nearly instantly. The broker's leverage varies by region, offering up to 1:1000 for some non-EU countries while maintaining strict compliance with European standards for others. The spreads start from 0.6 pips.
XM doesn't offer passive investment options like PAMM accounts but provides access to MQL5 copy trading and a VPS for algorithmic trading.
👍 Advantages of trading with XM Group for traders in Nigeria:
•XM Broker guarantees 100% execution of orders, 99,35% of orders delivered nearly instantly. No requotes guaranteed;
•no “markup” on narrow market spreads (broker's margins over the spread);
•over 1,000 trading instruments. Available for trading are: more than 55 currency pairs, including CFDs on cross rates, metals (including palladium and platinum), commodities (cocoa, cotton, grain), stocks;
•no commission for replenishment and withdrawal of money. XM Broker incurs all commission costs of payment systems;
•around the clock support for 5 days a week in more than 30 languages.
👎 Disadvantages of XM Group for traders in Nigeria:
•passive investment services (social trading platform, PAMM accounts);
•expanding their limited choice of trading platforms. Despite the fact that the broker offers 16 terminals, all of them are modifications of MT4 and MT5 for desktop, browser and mobile trading.
Best Mobile 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.
RoboForex - Education for Investors
Investment Education Online
A large training section has been created on the RoboForex website. Each trader will receive the necessary information for successful trading — from the basics of the Forex market to analytics, reviews of trading strategies, advisors, and indicators.
The company's specialists recommend opening a demo (practice) account and educating yourself by obtaining and later applying theoretical knowledge in practice by actually trading on the demo account, thereby combining theory and practice. Thus, you will gain valuable experience and the necessary skills to work on a real account.
Exness - Education for Investors
Investment Education Online
Currently, Exness doesn’t provide training for novice traders. If you want to learn basic Forex and CFD concepts, go to the Help section of the website. To develop practical trading skills, open a demo account.
TeleTrade - Education for Investors
Investment Education Online
The TeleTrade website features a large educational section where every trader can find information for successful Forex trading and more. The broker provides information on the basics of analysis, trading strategies, and also offers educational courses, video tutorials. The company also holds webinars.
You can test the knowledge you gained on the TeleTrade website by using a demo account. The broker’s specialists believe it can give novice traders the experience and skills to trade on a live account.
To support traders, a separate analytical section has been created on the website with an economic calendar, news and market overview.
Tickmill - Education for Investors
Trading Education Online
Information
The website of Tickmill has an extensive educational section where traders can get useful information for successful trading. The company provides educational material on the basics of market analysis, trading strategies as well as articles on fundamental and technical analysis and market insights on its blog. It conducts live webinars in various languages and seminars, offers e-books and video tutorials.
To use the knowledge gained at the Tickmill's website in the real-case scenario, the company's experts advise you to practice on a demo account. This will allow novices to gain experience and master trading without risks.
To support traders, the company has created an extensive analytical section with an economic calendar and useful calculators.
XM Group - Education for Investors
Investment Education Online
Information
XM Broker has dedicated a separate section to training, which focuses on video content. Novice traders can watch the video, which describes the basic functions of the broker's platforms. There are also webinars and seminars conducted repeatedly at the site. The subjects are the most diverse - from the basics of fundamental and technical analysis to the development of trading systems.
All these tools are more of an auxiliary nature, giving traders the opportunity to build up their own experience and their own views on trading systems and trading.
How to choose a mobile trading app in Nigeria?
Choosing the best mobile trading app is a critical decision that can seriously impact your trading journey. The following are five key tips that beginner traders in Nigeria can consider when making this choice:
User-friendly interface. An intuitive and user-friendly interface is essential for both novice and experienced traders. The trading app should have clear navigation, a simple order placement process, and charts that are easy to understand. Ease of use and accessibility are significant factors that can lead to trading success.
Customer support. Reliable customer support is essential, especially for beginner traders facing numerous technical difficulties. Identify a mobile trading app with caring and responsive technical support. Such support comes in handy in case of any arising inquiries or problems.
Security measures. Security is a significant factor when trading online. Make sure that the app you select utilizes robust security measures, including two-factor authentication and encryption. These measures protect your personal information and trading account from unauthorized access.
Regulatory compliance. Ensure that your selected app is regulated by recognized international financial regulators or the appropriate financial authority in Nigeria. Regulatory compliance is key for the safety of your funds. It ensures protection against misconduct or fraud. Therefore, ensure that the trading app is registered with financial organizations such as the Nigerian Securities and Exchange Commission (SEC).
Range of tradable assets. Trading apps can offer different trading asset classes, such as commodities, cryptocurrencies, forex, and stocks. As a novice trader, you should start your trading journey with an app that offers a variety of tradable assets. This range of assets enables you to diversify your trading portfolio or focus on certain instruments that excite you the most.
Benefits of using the best trading apps
Using the best trading apps in Nigeria has numerous benefits. For instance, it enhances your trading experience and increases your profits. The following are some of the key benefits:
Portfolio management. The best trading apps provide various tools for tracking and managing your investment portfolio. Consequently, you can easily monitor your holdings, adjust your positions, and view performance reports.
Accessibility. These apps ensure 24/7 access to the financial markets. This accessibility allows you to trade from anywhere in the world, provided you have internet connectivity. It is also advantageous for traders who want to seize emerging market opportunities.
Risk management. These apps also provide risk management features like take-profit and stop-loss orders. These features help you manage risk by automatically closing your trading positions at predetermined levels. Therefore, you can protect your capital and limit potential losses.
Order execution speed. These apps often have quick order execution, which is important for taking advantage of price movements. With lightning-fast order execution, you can easily seize opportunities in fast-paced markets. This level of order execution makes a huge difference in your trading results.
Real-time data. These apps also offer real-time market data, including news, charts, and price quotes. Such information is critical for making informed trading decisions. Therefore, having it at your fingertips gives you a competitive edge.
A step-by-step guide to downloading a trading app
If you’ve decided to begin your trading journey with a mobile app, here’s a step-by-step guide to get started:
Choose your broker and download their XYZ trading app. To get started, research and choose a reputable broker operating in Nigeria. Make sure that the broker offers a mobile trading app compatible with your mobile device (Android or iOS). Visit AppStore or the broker’s official website portal to download the mobile trading app.
When signing up, create a user ID and a password. After installing the mobile app, open it and click on the option to "Create New Account" or "Sign Up". This option will prompt you to provide personal information, including your full name, email address, and phone number. Also, you must create a unique user ID and a strong password. Don't expose this information since it is confidential.
Verify your identity. The trading app may prompt you to verify your identity. This requirement is essential to ensure compliance with regulatory standards. You can comply by providing proof of address, a photo for facial recognition, and possibly uploading a government-issued ID card. Follow the app’s instructions to complete the identity verification process.
Deposit funds. With the account verification complete, it's time to fund your trading account. The app will provide several deposit options, such as e-wallets, bank transfers, or credit/debit cards. Select your preferred method and deposit any amount you wish to start trading. Keep in mind the minimum deposit amount set by your broker.
Start trading. Since you now have funds in your account, you can start trading. Explore the features presented by the app, monitor the real-time market data, and practice with a demo account. When comfortable, place your first trade by choosing an asset, defining the trade size, and setting any take-profit or stop-loss orders.
How to trade like a pro via mobile trading app
You'll need a sound strategy and discipline to trade like a pro using a mobile trading app. Here are some tips:
Start with a demo account. Most trading apps offer a demo account. It enables you to practice with virtual money. You can use this feature to test your strategies, build confidence, and gain experience without risking your capital.
Education and analysis. Invest in your trading education by learning fundamental concepts and technical analysis. Also, understand economic indicators, chart patterns, and market trends. This knowledge enables you to make informed decisions rather than relying purely on luck.
Stay informed. Stay updated on market events and news. Such developments influence market movements. Therefore, use them to make better decisions.
Emotions control. Emotions such as greed and fear can cloud your judgment. Avoid impulsive decisions and stick to your plan. To trade like a pro, you must stay disciplined and prevent emotions from dictating your actions.
Risk management. Implement risk management controls, including take-profit orders to secure profits and stop-loss orders to limit potential losses. Diversify your trading portfolio to spread risk and never risk more than you can afford to lose in a single trade.
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 Mobile Trading App in Nigeria 2024.
| RoboForex | Exness | TeleTrade | Tickmill | XM Group | |
|---|---|---|---|---|---|
|
Overall score |
8.61 |
7.58 |
7.19 |
8.04 |
8.28 |
|
Execution of orders |
8.95 |
9.6 |
3.21 |
9.1 |
9.35 |
|
Investment instruments |
8.2 |
8.79 |
6.7 |
8.92 |
8.7 |
|
Withdrawal speed |
9.71 |
8.79 |
7.79 |
8.48 |
7.9 |
|
Customer Support work |
9.17 |
9.29 |
8.41 |
6.51 |
8.5 |
|
Variety of instruments |
8.75 |
8.02 |
8.75 |
8.02 |
8.02 |
|
Trading platform |
6.86 |
1 |
8.29 |
7.21 |
7.2 |
|
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FAQ
Do all brokers offer mobile apps for iOS and Android?
Unfortunately no. Some companies focus only on one operating system. Before opening an account make sure that the broker offers the version for your operating system.
If a broker has several platforms, does it mean it offers several apps?
No. If a broker has several trading platforms, there is either an option to switch between them in the app, or only one trading platform is available (usually the proprietary one).
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.
If I remove the app from my phone and then reinstall it, will I lose the information?
No. The information is stored in the user account on the server. You will need to enter your username and password, pass two-factor authentication (if applicable) and you will have full access to your information.
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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.