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 Online 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.
Revolut provides its clients access to shares of international and American companies, cryptocurrencies, and metals. For investors, Revolut offers a social trading program. Revolut's copy trading platform is trendy among investors because it has a forum for traders to communicate with each other in real-time. Also, various charts and indicators are available in the Revolut trading platform for technical analysis. Revolut is a company actively developing and plans to make all of its services available to foreign citizens. Fractional share trading offered by the broker allows beginners to learn trading without high financial risks.
The conditions of the TradeStation broker are suitable for experienced traders and investors who make large trades in the US stock market.
Advantage Futures is a broker for active participants in the futures markets, and trading conditions are suitable for traders with different levels of expertise.
ADMIS is a professional trading broker that offers futures and options trading on the major US and global exchanges.
1
Best Online Apps in Nigeria - RoboForex
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
👍 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 Online Apps in Nigeria - Revolut
Revolut is a British fintech company that has been providing investors with accounts for trading precious metals, cryptocurrencies, and stocks listed on U.S. exchanges since 2015. The broker offers its clients access to investing in stocks and ETFs on European stock exchanges. For organizations and private clients, the company offers a multi-currency account with the possibility of exchanging currencies at the current inter-bank exchange rate. Revolut is supervised by the Financial Services Authority (FSA).
👍 Advantages of trading with Revolut for traders in Nigeria:
•In addition to stock trades, customers can trade cryptocurrencies and precious metals.
•The broker offers commission-free trading plans.
•The minimum number of shares to buy is 0.00000001.
•There are no minimum deposit requirements.
•Social trading is available, which allows newcomers to the stock market to copy trades of successful traders.
•Communication with the support service via chat is available in the mobile application 24 hours a day.
•There is no fee for opening and maintaining a trading account.
👎 Disadvantages of Revolut for traders in Nigeria:
•Stock trading is currently only available to UK residents.
•Operations in precious metals and cryptocurrencies are not regulated by supervisory authorities.
•The company does not offer fiduciary management of its investment portfolio.
3
Best Online Apps in Nigeria - TradeStation
The TradeStation Group (TradeStation) was founded in 1987 as a trading software company then-named Omega Research. After being listed in the American market, Nasdaq launched an online version, and in 2001 it began providing brokerage services for the sale of securities under the TradeStation brand. Until 2021, inclusive, the broker's trading platform was recognized ten times in a row as the best in its class by StockBrokers.com. In 2020, TradeStation was named Broker of the Year at the First Annual TradingView Broker Awards. In the same year, according to Investor's Business Daily, the company was among the Top 4 of US online stock brokers.
👍 Advantages of trading with TradeStation for traders in Nigeria:
•Licensed by the US Securities and Exchange Commission (SEC) and insurance coverage from the Securities Investor Protection Corporation (SIPC).
•Has a wide range of trading instruments, including cryptocurrencies, IPOs, and ETFs.
•Does not charge commissions for trading US stocks and ETFs.
👎 Disadvantages of TradeStation for traders in Nigeria:
•You cannot trade currency pairs.
•Regulators do not oversee TradeStation Crypto, Inc., which maintains crypto trading accounts.
•The support service does not work around the clock and only answers questions that are asked in English.
•There are only a few ways to withdraw funds, the average time of receipt of funds to a bank account is 4-5 business days.
4
Best Online Apps in Nigeria - Advantage Futures
The Advantage Futures broker (Advantage Futures) is an American brokerage that began its operations in 2003. The company is regulated by three independent bodies: the US National Futures Association (NFA 327359), the US Financial Industry Regulatory Authority (FINRA 39362), and the US Commodity Futures Trading Commission (CFTC). Advantage Futures specializes in futures trading and provides traders with direct access to seven exchanges for derivatives. Experience in trading in the futures market is not obligatory, the broker offers trading platforms for different clients’ needs, and the support service will help each client individually to choose the appropriate options.
👍 Advantages of trading with Advantage Futures for traders in Nigeria:
•The broker allows you to kick the tires and get acquainted with trading conditions using a demo account.
•A trader can choose accounts with different forms of ownership.
•The company offers a lightning-fast execution of transactions, so trading at Advantage Futures is suitable for scalpers.
•The company offers low fees, which decreases further with increasing trading volumes.
•Providing traders with direct access to derivatives exchanges.
•Keeping clients’ funds in segregated accounts.
•A vast array of trading platforms for different clients’ needs.
👎 Disadvantages of Advantage Futures for traders in Nigeria:
•Bonuses for trading in the company but contests are not provided.
•High level of minimum deposit.
•The company's clients do not have access to replenishment and withdrawal of funds through electronic payment systems.
5
Best Online Apps in Nigeria - ADMIS
ADM Investor Services — ADMIS — is an American Futures Commission Merchant (FCM) broker that provides execution and clearing services for trading futures and options contracts. In 1966, the company became a member of the Chicago Chamber of Commerce. ADMIS in the United States is regulated by the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA 0000360). Five subsidiaries in Asia and Europe, as well as ADM Investor Services representative brokers, serve traders around the world.
👍 Advantages of trading with ADMIS for traders in Nigeria:
•The excellent reputation of the company in the USA and globally.
•A wide range of futures contracts in various industries.
•Membership in all major American and international futures exchanges.
•The company is officially regulated by US government commissions.
•The presence of an extensive network of representative brokers and subsidiaries, that gives the possibility to cooperate with ADMIS not only for residents of the United States.
•Free provision of in-depth analytics and high-quality research of the futures markets.
•The company offers many trading platforms that support professional analysis tools.
👎 Disadvantages of ADMIS for traders in Nigeria:
•Strict requirements regarding the minimal deposit.
•Additional non-trading commissions for the deposit and withdrawal of funds and the software provided.
•Absence of training, online chat, and demo accounts.
Best Online 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.
Revolut - Education for Investors
Investment Education Online
Revolut doesn't offer training programs on the basics of stock trading. But the company's site has a blog section, which contains articles and videos with investment tips from Revolut experts and a description of the nuances of stock trading.
The information presented in the Blog section can be useful not only for beginners but also for professional investors.
TradeStation - Education for Investors
Investment Education Online
The broker's in-house education arm, YouCanTrade, offers a variety of multimedia learning resources designed to help novice traders master the necessary trading skills and generate new trading ideas from experienced traders.
Trading theory can be consolidated in practice by applying the knowledge gained with virtual trading on a demo account.
Advantage Futures - Education for Investors
Investment Education Online
Cooperation with Advantage Futures assumes not only high-quality service and favorable trading conditions, but the broker also provides its clients with educational materials so that they can improve their professionalism and achieve greater success in futures trading.
The broker allows traders to test trading conditions and try out trading strategies without financial risks on a virtual account. To open it, contact the company's employees.
ADMIS - Education for Investors
Investment Education Online
There is no training section on the ADM Investor Services website. The broker is focused on professional market participants, so it is keen on providing quality analytics and market data, rather than educating newbies. Novice investors may find useful the information presented in the Special Offers block of the Market Information section.
Demo accounts are not available to the company’s clients, but everyone has the opportunity to request a demonstration of trading terminals to get acquainted with their selected interface.
How to choose an online trading app in Nigeria
For those starting out on online trading, choosing the right app can appear like a difficult challenge. Here are some tips to guide you:
Regulation and security. Ensure that the app is regulated by a reputable financial authority. This regulation guarantees that the platform operates under strict guidelines and standards, ensuring your funds’ safety.
User interface. The app must be friendly to use and have an intuitive interface. Moreover, it will enable you to trade smoothly and have fun while doing it.
Trading tools and features. Ensure that you install apps with different trade tools and features including live charts, technical analysis, and many news feeds. The above-mentioned tools will equip you with the necessary information for sound trading decisions.
Customer support. Good customer support is crucial. The app should provide prompt and helpful customer service to assist you with any issues or queries you may have.
Fees and commissions. Consider the costs associated with using the app. These may include trading fees, withdrawal fees, inactivity fees, etc. Choose an app that offers competitive rates.
How much money do I need to start trading in Nigeria?
The amount of money you need to start trading in Nigeria can vary depending on several factors such as the type of trading: stocks, forex, commodities, the broker’s minimum deposit requirement, your financial goals, risk tolerance, and more.
For instance, some brokers offer accounts with a minimum deposit as low as $10, approximately 7,640 NGN, while others may require a higher initial deposit. It’s important to note that while a lower minimum deposit may seem attractive, it might limit your ability to diversify your portfolio and manage risk effectively.
Remember that trading involves risk and it’s possible to lose your entire investment. Therefore, you should only trade with money that you can afford to lose.
Pros and cons of trading in Nigeria
Trading in Nigeria, like in any other country, comes with its own unique set of advantages and disadvantages. As Africa’s largest economy, Nigeria presents numerous opportunities for traders. However, it’s important to understand the potential challenges that one might face in the trading landscape of this vibrant nation. This section will delve into the pros and cons of trading in Nigeria, providing a balanced perspective to help you make informed decisions about your trading journey.
Pros
Growing market. Currently, Nigeria is experiencing an expanding financial market that is receiving high patronage from both homegrown and foreign investors.
Accessibility. With the advent of online trading platforms, Nigerians now have easy access to global financial markets.
Potential for high returns. Trading offers the potential for high returns on investment compared to traditional savings accounts or fixed deposits.
Diversification. Trading enables diversification of an investment portfolio. The market offers lots of goods for trading such as stocks, forex, commodities, and more.
Flexibility. The advantage of online trading platforms is they work all day every day so you can trade whenever possible for you.
Educational resources. Many online trading platforms offer educational resources such as webinars, articles, and tutorials to help you improve your trading skills.
Cons
High risk. Trading involves significant risk. The value of investments can go down as well as up.
Market volatility. Financial markets can be highly volatile with prices influenced by various factors including economic indicators, geopolitical events, and market sentiment.
Regulatory challenges. The regulatory environment for online trading in Nigeria can be challenging with issues such as foreign exchange controls and regulatory uncertainty.
High transaction costs. Trading in Nigeria can sometimes involve high transaction costs. These can include brokerage fees, commissions, and other charges that can eat into your profits.
Lack of investor protection. In some cases, there may be a lack of adequate investor protection measures, which can leave traders vulnerable to scams and fraudulent activities.
How to start trading in Nigeria
Starting to trade in Nigeria involves several steps:
Education. Learn about financial markets and different types of trading; stocks, forex, and commodities. Understand key concepts such as market orders, limit orders, stop orders, leverage, and margin.
Choose a broker. Choose a trusted broker who has a user-friendly interface, has reasonable charges, and gives good client service.
Open a trading account. Complete the registration process with your chosen broker.
Fund Your Account: Transfer some money to your trading account via one of the services provided by your broker.
Develop a trading plan. Create a strategy based on your financial goals, risk tolerance, and market analysis.
Start trading. Begin buying and selling assets on the platform.
How to start trading in Nigeria without investment
Starting to trade without investment might seem impossible but there are ways you can do it:
Demo accounts. Most brokers offer demo accounts where you can practice trading with virtual money. This demo allows you to learn how to trade without risking real money.
Trading contests. Some brokers organize contests where traders compete against each other using demo accounts. Winners often receive real money or bonuses that they can use for live trading.
No Deposit Bonuses. Some brokers offer no deposit bonuses where they give new clients free money to start trading. However, these bonuses often come with conditions such as a minimum trading volume requirement.
Online trading offers Nigerians the opportunity to participate in global financial markets and potentially earn significant returns. However, it’s important to understand that trading involves risk and it’s crucial to educate yourself, choose a reputable broker, and develop a sound trading strategy before you start trading.
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 Online Trading App in Nigeria 2024.
| RoboForex | Revolut | TradeStation | Advantage Futures | ADMIS | |
|---|---|---|---|---|---|
|
Overall score |
8.61 |
9.5 |
8 |
7 |
5.5 |
|
Execution of orders |
8.95 |
9.2 |
7.7 |
6.79 |
5.29 |
|
Investment instruments |
8.2 |
9.8 |
8.3 |
7.21 |
5.71 |
|
Withdrawal speed |
9.71 |
9.6 |
8.1 |
6.85 |
5.35 |
|
Customer Support work |
9.17 |
9.4 |
7.9 |
7.15 |
5.65 |
|
Variety of instruments |
8.75 |
9.1 |
7.6 |
6.63 |
5.13 |
|
Trading platform |
6.86 |
9.9 |
8.4 |
7.37 |
5.87 |
|
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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.
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.
Can a platform function less effectively in the app than in the web version?
The platforms of reliable brokers with good apps work as smoothly as the web version. Therefore, there are almost no instances when the app runs poorly and the web version runs well. That may happen only in case of technical failures, which also happen rarely if the app is good.
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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.