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 Options Trading App in Nigeria for 2024, based on our assessments.
AvaTrade is a brokerage company that provides optimal working conditions for all traders with any skill level. The broker provides customers with security by protecting their data and finances, and they are constantly working to improve the service.
SaxoBank is a Danish broker designed for professionally active and passive trading.
Thinkorswim by TD Ameritrade is a professional stock market broker for US residents. Only traders with a capital of $10 thousand dollars will be interested.
Wells Fargo is a US-regulated broker suitable for both novice investors and seasoned market participants.
Cobra Trading is focused on cooperation with professional investors. Lack of educational information and exorbitant minimum deposits make the broker unsuitable for newbies.
1
Best Options Apps in Nigeria - AvaTrade
AvaTrade was founded in 2006 in Dublin, Ireland. The company has offices in 10 countries. It currently has over 300, 000 registered users and processes more than 2 million transactions every month. These factors contribute to AvaTrade being a reliable and trusted broker. They are accredited across five continents and are one of the market leaders. The broker is regulated by the Australian Securities and Investment Commission (ASIC, 406684), the Japanese FSA ( 1662), and the South African FSCA ( 45984). AvaTrade holds accreditation by the Central Irish Bank ( C53877 ), the Abu Dhabi Financial Services Regulatory Authority (190018), and the British Virgin Islands Financial Services Commission ( SIBA/L/13/1049), CySEC ( 347/17). AvaTrade allows traders to trade stocks, securities, indices, cryptocurrencies, and currency pairs. In total, the offer more than 1,200 tools to customers.
👍 Advantages of trading with AvaTrade for traders in Nigeria:
•a wide range of trading instruments;
•there is a license for the provision of services on the territory of 5 continents;
•customer service operates around the clock and provides competent assistance to users in 14 languages;
•a wide choice of convenient trading platforms;
•ability to trade from mobile devices;
•availability of an account for representatives of Islam (swap-free);
•for reliable storage of customer funds, the broker uses a segregated account;
•option for automated trading using trading advisors, indicators, and other analysis tools;
•no restrictions on trade and scalping;
•availability of training materials and conducting webinars for beginners and experienced traders.
👎 Disadvantages of AvaTrade for traders in Nigeria:
•the site interface is not user-friendly;
•customer service efficiency and response time
•trading terminals are prone to occasionally freeze.
2
Best Options Apps in Nigeria - Saxo Bank
The SaxoBank brokerage company was founded in 1992 under the original name Midas. In 2001, the broker was licensed by the FSA, a Danish Financial Supervisory Authority (1149). After that, the company changed its name to SaxoBank. Today the broker provides online access to various financial markets to clients from 170 countries. In 2017, the SaxoTraderGO terminal was recognized as the best trading platform for active trading according to FX Week’s e-FX Awards and ADVFN International Financial Awards. Can you trade options with Saxo Bank?
👍 Advantages of trading with Saxo Bank for traders in Nigeria:
•favorable trading terms for professional traders with at least 1 year of experience;
•over 71 thousand instruments for trading;
•the opportunity to invest in ready-to-use long-term portfolios managed by professionals.
👎 Disadvantages of Saxo Bank for traders in Nigeria:
•Cent accounts are not available.
•You can trade through proprietary platforms; access to the MT4 and MT5 terminals is not provided;
•a ban on algorithmic trading for traders from abroad;
•you cannot contact support in the online chat on the company's website.
3
Best Options Apps in Nigeria - Thinkorswim by TD Ameritrade
TD Ameritrade’s Thinkorswim broker is a result of the unification of Thinkorswim and TD Ameritrade, the developers of the best platform for stock trading in the US. Its main focus is trading securities, the OTC securities market, spot instruments, and retail foreign exchange trading in the US. The company was nominated for: "Best Platforms and Tools", "Best Application for Traders", for being among the Top 5 in the ratings, "Best Innovative Developments", and "Best Broker for Options Trading". Since 2009, the company’s reliability has been confirmed by the licenses from two of the most stringent regulators in the world, FINRA (CRD#: 7870/SEC#: 801-60469,8-23395), and SIPC.
👍 Advantages of trading with Thinkorswim by TD Ameritrade for traders in Nigeria:
•Access to stock exchange markets with hundreds of instruments, including indices. Derivatives trading, entry into the OTC market, legal services of currency trading in Forex.
•One of the most functional platforms in the world for trading securities with multi-level complex chart analyses.
•Two of the world's best regulators license it.
•Optimal trading conditions for individual assets.
•Segregated accounts.
👎 Disadvantages of Thinkorswim by TD Ameritrade for traders in Nigeria:
•The broker works only with traders from the USA.
•The platform is difficult for novice traders.
•There is no membership in the FDIC (Federal Deposit Insurance Corporation, which would ensure traders' money up to $250 thousand).
•A limited number of deposit/withdrawal options.
•High entry threshold.
4
Best Options Apps in Nigeria - Wells Fargo
Founded in 1852, the Wells Fargo broker is a subsidiary of Wells Fargo & Company, which is currently one of the "big four" US banks and serves more than 70 million customers. The company offers a diversified portfolio of banking, investment, and mortgage products, as well as insurance and financial planning services. Wells Fargo is regulated by FINRA (CRD#: 11025/SEC#: 801-57434,8-28721) and the NFA (0320678). Its clients have access to SIPC coverage, securities trading, and investment in managed portfolios.
👍 Advantages of trading with Wells Fargo for traders in Nigeria:
•Banking products, bank cards, trading, investment, and savings accounts are managed through a single application.
•A vast array of assets: stocks, options, ETFs, fixed income instruments, and mutual funds.
•Deposits start at $1.
•Control of activities by FINRA and NFA.
•Availability of segregated accounts and SIPC insurance coverage.
•No fees are charged for the online trading of stocks and ETFs.
•Humongous opportunities for Wells Fargo's clients, such as active trading and passive investing are allowed.
👎 Disadvantages of Wells Fargo for traders in Nigeria:
•In comparison with market competitors, Wells Fargo has pretty hefty fees for trading options.
•The absence of online chat on the official website.
•Investment accounts are not protected by the Federal Deposit Insurance Corporation (FDIC).
5
Best Options Apps in Nigeria - Cobra Trading
Seasoned US traders choose Cobra Trading as their broker. The company has been providing financial services since 2003, and is registered in the United States and regulated by three bodies: FINRA (CRD#: 132078/SEC#: 8-66548), SIPC, and NFA (0402075). SIPC acts as a guarantor for the payment of monetary compensation to Cobra Trading clients. The broker offers optimal trading conditions for working in the stock market. Clients have access to eight types of accounts, like corporate, joint, and individual accounts, as well as options for retirement investment. Cobra Trading provides clients with direct access to the stock markets through four trading platforms, each of which the user can customize to suit his needs.
👍 Advantages of trading with Cobra Trading for traders in Nigeria:
•A vast array of trading platforms with diverse functionality.
•The broker is regulated by three bodies: SIPC, FINRA, and NFA.
•The company offers trading accounts for investors with different needs: individual, general, corporate, etc.
•Contact support via online chat is available 24/7.
•Client funds are reliably protected, and financial compensation is provided in case of force majeure circumstances.
👎 Disadvantages of Cobra Trading for traders in Nigeria:
•A high level of minimum deposit, which is not great for novice investors.
•There are few training materials.
•The broker's website contains superficial information regarding trading conditions.
Best Options 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.
AvaTrade - Education for Investors
Investment Education Online
Information
The broker’s website has the Training section, which contains hundreds of text and video materials. Among them, there is both a base intended for training beginners and deeper analytics for advanced training of experienced traders.
If you want a more effective training system, you should use a demo account. Putting theory into practice will help you gain a better understanding of the material and will enable you to use the acquired knowledge safely to generate income on a live account.
Saxo Bank - Education for Investors
Investment Education Online
There is a "Training" section to support traders. The materials for novice traders and professionals are in English.
You can apply your knowledge using a demo account.
Thinkorswim by TD Ameritrade - Education for Investors
Investment Education Online
Information
There is a separate section for training on the TD Ameritrade’s Thinkorswim website. It explains stock markets, derivatives, and OTC markets, the essence of financial planning, and analyzes investment programs.
Wells Fargo - Education for Investors
Investment Education Online
The Financial Education section on Well Fargo provides training materials on investing and financial planning. For the convenience of users, all information is divided into 7 blocks. Traders’ training is in the Investing section.
Wells Fargo focuses on educational articles on financial planning and therefore provides superficial investment training.
Cobra Trading - Education for Investors
Investment Education Online
The Cobra Trading company is focused on cooperation with experienced investors, therefore, the site contains a small number of materials that will be useful to traders when they start working with a broker.
If necessary, the trader can request to open a demo account that matches the desired trading account with Cobra Trading. If approved, the investor can test the broker's work and his knowledge of working in the futures market without financial risks. The earned funds on the account are virtual, so they cannot be withdrawn or used for trading on a real account.
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 Options Trading App in Nigeria 2024.
| AvaTrade | Saxo Bank | Thinkorswim by TD Ameritrade | Wells Fargo | Cobra Trading | |
|---|---|---|---|---|---|
|
Overall score |
7.9 |
7.47 |
6.32 |
7.3 |
7.35 |
|
Execution of orders |
8.5 |
8.15 |
6.2 |
7.09 |
7.14 |
|
Investment instruments |
6.97 |
6.67 |
3.88 |
7.51 |
7.56 |
|
Withdrawal speed |
7.2 |
7.57 |
7.66 |
7.15 |
7.2 |
|
Customer Support work |
7.9 |
6.54 |
6.37 |
7.45 |
7.5 |
|
Variety of instruments |
10 |
9 |
9 |
6.93 |
6.98 |
|
Trading platform |
6.8 |
6.87 |
4.78 |
7.67 |
7.72 |
|
|
|||||
|
|
|
|
- Best Stock Trading App In the Netherlands for 2024
- Best Copy Trading App In Greece for 2024
- Best Paper Trading App In Nigeria for 2024
- Best Online Trading App In South America for 2024
- Best Swing Trading App In Hong Kong for 2024
- Best Futures Trading App In Greece for 2024
- Best Options Trading App In Israel for 2024
- Best Bitcoin Trading App In the UK for 2024
- Best Binary Trading App In Greece for 2024
- Best Mobile Trading App In Thailand for 2024
- Best CFD Trading App In France for 2024
- Best Copy Trading App In Japan for 2024
- Best Copy Trading App In Jamaica for 2024
- Best Paper Trading App In Canada for 2024
- Best Bitcoin Trading App In Brazil for 2024
- Best Swing Trading App In Morocco for 2024
- Top 7 Best Forex Apps in Malaysia (2024) - Traders Union
- Best Bitcoin Trading App In Turkey for 2024
- Best Swing Trading App In India for 2024
- Best Online Trading App In the Philippines for 2024
- Best Copy Trading App In the UAE for 2024
- Best Forex Trading App In South America for 2024
- Best Forex Trading App In Czech Republic for 2024
- Best Binary Trading App In Slovenia for 2024
- Best Options Trading App In Greece for 2024
- Best Forex Trading App In Uganda for 2024
- Best Stock Trading App In Japan for 2024
- Best CFD Trading App In the UAE for 2024
- Best Bitcoin Trading App In Sri Lanka for 2024
- Best Forex Trading App In Thailand for 2024
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.
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.
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 versions of the apps for tablets?
In some cases, Forex brokers develop separate versions of apps for smartphones, tablets and even for TV sets.
Related Articles
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.