Claire Maumo wears multiple hats. She is a leading crypto and blockchain analyst, a market dynamics expert, and a seasoned financial planner. Her blend provides a unique combination that she leverages to offer expert analysis of economic and market dynamics. Her pieces deliver a holistic approach to the game, building your confidence and securing your financial future. Follow her for a comprehensive approach to mastering your trading journey.
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Mobile trading is gaining traction in the Nigerian financial space. Beginners and professional traders alike can easily conduct market analysis for solid strategies. Trading apps have also made it easier for forex traders to track their open positions while on the move. But, how do you choose the best forex trading app among hundreds of options out there?
The good news is that Invezty’s professionals did all the legwork, so you do not have to. From our research, we identified the top options for both new and professional Nigerian forex traders. This guide introduces you to these forex apps. You will also learn about forex trading in Nigeria, how to get started, and more.
In a Nutshell
- Forex trading is legal in Nigeria, and anyone above 18 years old can engage in the activity.
- There are numerous forex trading apps in Nigeria. Therefore, choosing a suitable one for your requirements is crucial to maximizing your experience and potential.
- Nigeria’s currency market is overseen by the Securities and Exchange Commission (SEC). Choosing an app overseen by this authority guarantees a secure and favorable trading environment.
- Always understand the tax laws on forex trading before engaging in this activity. This will help you plan your activities and budget your capital.
- At Invezty.com, we conduct thorough market analysis and research before choosing and recommending any forex trading app for Nigerians.
- Trading forex using an app makes it easier for you to track or manage your activities, especially while on the move.
- The currency market can experience sudden changes due to unforeseen events. Therefore, always apply risk management controls and trade with funds you are comfortable losing.
List of the Best Forex Trading Apps
- AvaTrade – Overall Best Trading App
- Pepperstone – Best Forex Trading App For Professionals
- XTB – Beginner-Friendly Forex Trading App
- Spreadex – Cheapest Forex Trading App
- FxPro – Top Forex App For MetaTrader Users
In This Guide
Compare Forex Trading Apps in Nigeria
Coming up with this list of recommendations was not easy. We conducted thorough market research that involved multiple tests and comparisons. Overall, we spent hundreds of hours in this process and left no stone unturned. We chose the top forex trading apps in Nigeria based on specific criteria, including security, fees, asset offerings, platform performance, support service, and more.
We also analyzed hundreds of thousands of user testimonials from Google Play, the App Store, and Trustpilot. We wanted to understand other users’ opinions and ratings based on their hands-on experience. We would then combine the findings with our test results to ensure we do not favor any provider when creating a list of the best forex trading apps in Nigeria.
That being said, check our comparison table below, which highlights the key features of the best forex trading apps for informed choices.
| Best Forex Trading App Nigeria | License | Support Service | Software | Payment Method | Demo Account |
|---|---|---|---|---|---|
| AvaTrade | FSRA, FCA, SCA, CySEC, ASIC, SEC, CIRO, FSCA | 24/5 | MT4, MT5, AvaSocial, DupliTrade, AvaOptions, AvaTradeGO | Bank transfers, Skrill, WebMoney, Neteller, debit/credit cards | Yes |
| Pepperstone | ASIC, FSCA, FCA, SEC, DFSA, CySEC, CMA, SCB, BaFin | 24/7 | TradingView, MT4, MT5, cTrader, Pepperstone Trading Platform, Social trading | Visa, Mastercard, Bank transfer, Neteller, Skrill, PayPal | Yes |
| XTB | DFSA, SEC, SCA, FCA | 24/5 | xStation Mobile, xStation 5 | Credit/debit cards, Bank Transfer, Skrill | Yes |
| Spreadex | FCA, SEC | 24/5 | Online platform, Mobile trading, Charting package, TradingView | Credit/debit cards, Apple Pay, Bank transfer | No |
| FxPro | CySEC, FSCA, SEC, FCA, SCA, CBUAE | 24/5 | cTrader, WebTrader, MT4, MT5 | Bank transfer, broker to broker, Skrill, Neteller, PayPal, Visa, Maestro, Mastercard | Yes |
Apps Overview
It is crucial to choose a forex trading app with features aligning with your trading requirements. Among the most essential elements to consider are the applicable fees and asset offerings. This will help you to easily plan and budget for your activities.
If you have limited time to conduct market research for a suitable choice, we are here for you. Below, we share tables briefly showing the fee structures and assets offered by our top forex trading apps in Nigeria.
Fees
| Best Forex Trading App Nigeria | Minimum Deposit Requirement | Commission/Spreads | Deposits/Withdrawals | Inactivity Fee |
|---|---|---|---|---|
| AvaTrade | $100 | From 0.09 pips | Free | $50 quarterly |
| Pepperstone | $0 | From 0.0 pips | Free | None |
| XTB | $0 | From 0.1 pips | Free | $10 monthly |
| Spreadex | $0 | From 0.6 points | Free | None |
| FxPro | $100 | From 0.0 pips | Free | $10 monthly |
Assets
| Best Forex Trading App Nigeria | Stocks | Forex | Cryptocurrencies | Commodities | Indices | ETFs | Options |
|---|---|---|---|---|---|---|---|
| AvaTrade | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| Pepperstone | Yes | Yes | Yes | Yes | Yes | Yes | No |
| XTB | Yes | Yes | Yes | Yes | Yes | Yes | No |
| Spreadex | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
| FxPro | Yes | Yes | Yes | Yes | Yes | Yes | No |
Our Opinion about the Best Apps for Forex Trading
Below are our mini reviews on the best apps for forex trading in Nigeria. Note that we personally tested these apps and assure you of the best experience that will maximize your potential. All you have to do is select the one with features aligning with your forex trading requirements.
1. AvaTrade – Overall Best Trading App
We find AvaTrade to be the overall best trading app for forex traders in Nigeria for various reasons. Besides being licensed and regulated by multiple authorities, AvaTrade has gained many positive user testimonials. The majority of users find it to be user-friendly and customisable, thus recommending it to all types of forex traders. Our experience with it was also exceptional, especially when it came to accessing its features using its superior search function tool.
When it comes to forex, AvaTrade lists over 60 currency pairs. Forex trading attracts low spreads, from 0.9 pips. Moreover, we like that the app has a low minimum deposit requirement of $100, which you get to make free of charge. On top of that, it hosts additional securities like stocks, ETFs, indices, bonds, and more, for portfolio diversification. Also, AvaTrade is one of the leading stock brokers.
Besides offering quality learning materials and a demo account for newbies, it has advanced resources for professional forex traders. These tools are listed on its MT4, MT5, and WebTrader platforms.
AvaTrade
✔Low minimum deposit requirement
✔Features automated trading on its copy trading platform
Pros & Cons
Fees
Trading Assets
Pros
- Hosts 60+ major, minor, and exotic pairs
- Free, top-quality educational tools and resources
- Demo accounts are available across all supported trading platforms
- Has a user-friendly and customizable WebTrader platform
- A wide array of trading platforms to choose from
Cons
- High inactivity fees of $50 quarterly after only three months
- Limited asset offerings compared to its peers
AvaTrade charges low fees for trading and non-trading services. When we started with the broker, we found the first deposit requirement of $100 or its equivalent to be low. Plus, all deposits and withdrawals at AvaTrade are free.
Commissions and spreads at AvaTrade are also low in our opinion. For instance, trading forex attracts low fees from 0.9 pips on major currency pairs. We also tried trading stocks and incurred low charges from 0.2 pips.
On the downside, AvaTrade charges a high inactivity fee of $50/£50/€50. This depends on your account currency. The fee applies should your account remain inactive for over three months. Plus, there is an annual administration fee of $100/€100/£100 after 12 months of inactivity. Other fee to expect with this broker is overnight charges for positions left overnight. Its margin rates are also low, from 3.33%, depending on your jurisdiction.
It is important to note that while AvaTrade offers social trading, accessing this feature via the DupliTrade and ZuluTrade platforms can be costly for low-budget traders. You are required to deposit at least $2,000 for DupliTrade and $200 for ZuluTrade platforms.
2. Pepperstone – Best Forex Trading App For Professionals
Professional forex traders looking for a reliable app should consider Pepperstone. We tested this app and confirmed that it operates seamlessly on both Android and iOS mobile devices. Its ability to allow users to open Professional Client Accounts makes it stand out even more. Through this account, users will exploit higher-than-average leverages up to 1:500. Additionally, you’ll get unlimited access to a dedicated relationship manager and priority service.
Overall, we discovered over 90 currency pairs and additional assets for portfolio diversification at Pepperstone. These include shares, commodities, cryptos, ETFs, and more. Although the featured securities are available to trade as CFDs or spread betting, rest assured of quality trading tools. The resources are listed on its multiple platforms, including WebTrader, MT4, MT5, cTrader, and TradingView. You simply have to identify a suitable one for you.
Pepperstone
✔800+ instruments
✔No minimum deposit requirement
Pros & Cons
Fees
Trading Assets
Pros
- Tight spreads starting from 0.0 pips
- Zero deposit, withdrawal, and inactivity fees
- No minimum deposit requirement
- A rich collection of trading platforms, including MT4/5, cTrader, and TradingView
Cons
- You can only trade the featured securities as CFDs or spread betting
- Limited educational tools and materials
We identified numerous fees and costs on Pepperstone. First, from our exploration, we discovered that Pepperstone users are subjected to spreads and commissions that vary depending on market conditions and account type. This platform has two accounts: Standard and Razor. Both are associated with different charges and conditions. For instance, Razor accounts only attract commissions when users trade CFDs on Forex.
Pepperstone also charges overnight funding, which kicks in when a trader holds a position in commodities, equities, indices, metals, or cryptocurrencies overnight after 5 p.m. New York Time. This broker’s overnight funding charges vary depending on different factors, including underlying TomNext rate changes.
But here’s the best thing you can derive from our Pepperstone broker review, especially where fees are involved. Pepperstone doesn’t charge account inactivity fees. Moreover, this platform doesn’t charge a single dime for deposits and withdrawals. Furthermore, this broker has no minimum deposit requirements.
3. XTB – Beginner-Friendly Forex Trading App
Among the hundreds of trading apps we tested, XTB stood out as the best forex trading app in Nigeria for beginners. We like that its platform is user-friendly and has a modern design. Moreover, it executes trades seamlessly on Android and iOS mobile devices, thus guaranteeing the best experience for newbies. On top of that, we like its collection of learning resources. Its support service is also responsive and reliable, which, as a beginner, is exactly what you need when trying to maneuver the currency market.
We discovered that XTB has no minimum deposit requirement, and all transactions are free. Plus, we find this app to be among the most affordable, considering that spreads for forex trades start from 0.8 pips. Besides its 70+ currency pairs, newbies can easily diversify their portfolios with an additional 5,800+ securities. These include shares, commodities, ETFs, and more. Sadly, there are no third-party platforms, but its proprietary options are loaded with quality trading resources for all types of traders.
XTB
✔No minimum deposit requirement
✔Customer support available 24/5
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- Low forex trading fees
- Excellent selection of research and learning materials
- A highly rated xStation mobile app on Google Play, the App Store, and Trustpilot
Cons
- Features only CFD instruments
- No third-party platforms like TradingView and MT4
If you plan to open an XTB account and fund it, here’s some good news: XTB doesn’t charge any deposit fees. Moreover, you can use payment methods like bank transfers, PayPal, Skrill, and credit/debit cards. Furthermore, you can start trading with any amount within your budget since no XTB minimum deposit requirements exist. But note that if you fund your account with a digital wallet like Skrill or Neteller, you may incur some charges.
That said, there are several fees you may encounter while using the XTB online trading platform. Let’s begin with currency conversion charges. If you trade any instrument valued in a currency different from your account’s base currency, you will incur a 0.5% conversion fee. But that’s during weekdays. On weekends, the commission can go as high as 0.8%.
Regarding withdrawals, XTB charges nothing for basic transactions above $50. But those below $50 can attract an additional commission. Additionally, if your account stays dormant for over 12 months and you don’t make any cash deposits for the last 90 days, XTB will levy a $10 monthly inactivity fee. The fee will stop taking effect automatically when you start trading again.
Also, while trading on margin, you may have to pay overnight financing charges. These charges cover the costs of rolling your position to the next day. The exact fee you’ll pay at any given moment will depend on the market you are trading.
4. Spreadex – Cheapest Forex Trading App
If you are skeptical about spending a lot of money on trading and are looking for a cheap trading app. In this case, consider Spreadex. Based on our analysis and tests, this app has no minimum deposit requirement, allowing you to start forex trading with any amount you can afford. Moreover, all transactions are free, and you can explore the currency market with low spreads, starting from 0.6 points. On top of that, this app has no inactivity fees, but we encourage you to be an active trader if you want to eventually succeed and be independent.
Overall, we explored over 60 currency pairs at Spreadex and additional securities, including shares, commodities, indices, and more. This app is not only user-friendly but also executes trades seamlessly on Android and iOS mobile devices. And besides its proprietary platform, you can use the Spreadex app to access the third-party TradingView, known to offer quality resources. Its support service is also among the best, with prompt responses and relevant solutions to keep users engaged long-term.
Spreadex
✔Licensed and regulated by tier-one financial authorities
✔No minimum deposit requirements
Pros & Cons
Fees
Trading Assets
Pros
- No minimum deposit requirement
- Knowledgeable customer support available 24/5
- Free deposits and inactivity fees
- World-class risk management tools, including Guaranteed Stop
- Lists over 60 currency pairs
Cons
- There is no buying and taking ownership of the featured securities
- There are no MetaTrader platforms
From our assessment of Spreadex’s fees, we concluded that this broker offers one of the most cost-friendly platforms. Why? For starters, Spreadex has $0 minimum deposit requirements. That means you can deposit whatever you can afford and start trading immediately. Moreover, while funding your account, you won’t have to pay any deposit fees – it’s free! The same applies to withdrawals.
That is exceptional news since Spreadex supports myriad payment methods, from debit and credit cards to Apple Pay and Easy Bank Transfer. You can use these options without fretting over any charges undermining your profits.
We also recommend Spreadex because this broker doesn’t penalize dormant accounts. Your Spreadex trading account can remain inactive for an extended period without attracting inactivity fees, which separates this company from its peers.
Spreadex offers exceptional rates on spreads. This broker’s spreads start from 0.6 pips for CFD trading. This trading broker should be your go-to if you want lower overall trading costs and improved profit margins.
That said, Spreadex charges overnight funding for shares rolling positions. If you keep a position open through the close of the relevant exchange, Spreadex will keep it open for the following day’s trading. But that will attract a funding adjustment. The fees you’ll incur at any given time will be a combination of the Adjusted ARR and Spreadex’s charges. However, holding futures overnight won’t attract any charges.
5. FxPro – Top Forex App For MetaTrader Users
We found FxPro to be one of the best forex trading apps in Nigeria, especially for MetaTrader users. Its MT4 and MT5 platforms are user-friendly and allow users to open positions with trade sizes from 0.01 micro lots. Plus, the platforms encourage automated trading, thus allowing users to spend less energy managing their positions. Other features you will enjoy at FxPro’s MetaTrader platforms include one-click trading, chart trading, trailing stop, and more. There are also the cTrader and FxPro WebTrader platforms to explore.
We noticed that this forex trading app has a low minimum deposit requirement of $100, and all transactions are free. Forex trading exposes you to over 70 currency pairs, all of which you can trade as CFDs. We like that currency trading attracts low fees, starting from 0.0 pips on major currency pairs. Moreover, users have an opportunity to diversify their portfolios using additional 2,100+ assets, including shares, commodities, futures, cryptocurrencies, indices, and more.
FxPro
✔24/7 multilingual support is available
✔No deposit or withdrawal fees
Pros & Cons
Fees
Trading Assets
Pros
- Free deposits and withdrawals via multiple payment methods like bank transfers, Skrill, Neteller, and more
- Although it has a recommended minimum deposit requirement of $1,000, you can get started with as little as $100
- Low forex trading fees
- Lists over 70 currency pairs
Cons
- Limited asset offerings compared to its peers
- Copy trading is only offered through the cTrader platform
After signing up with FxPro, we discovered several key aspects. First, we had to adhere to FxPro minimum deposit requirements. Presently, this broker recommends that you fund your account with at least $1,000, but you can deposit as little as $100. And don’t worry about any charges. Deposits and withdrawals are free on this trading platform.
That aside, if you choose the cTrader platform and trade FX pairs of spot metals, expect to pay a commission, but it’s reasonable. This broker charges $35 for every $1 million traded. Additionally, if you keep a position open overnight, you will incur swap/rollover charges. FxPro will charge your account automatically at 21:59 (UK time).
FxPro has a cost calculation tool you can use to determine every available instrument’s quarterly charges. You should check it out.
Forex Trading in Nigeria
Forex trading is one of the most common activities Nigerians venture into to supplement their primary sources of income. The activity is legal in the region for as long as you use a licensed and regulated broker. Any individual above 18 years can trade forex in Nigeria.
Note that Nigeria’s Securities and Exchange Commission (SEC) governs and regulates forex trading activities in the region. This means that all brokers offering this service must comply with its regulations to ensure the online financial landscape remains safe. For instance, the SEC requires all forex brokers to secure users’ funds in segregated accounts. It also requires that they verify users’ information to mitigate money laundering activities. Plus, brokers overseen by this authority must notify users of the risks involved in trading in the financial space, especially when it comes to CFD and spread betting instruments.
With many forex brokers in the region, it is crucial for Nigerian traders to be diligent in their choices. We recommend above-the-top apps for forex trading, considering that many rely on their mobile devices to explore the currency market. Forex trading in Nigeria is all about taking risks. Therefore, choose a suitable broker, have a plan, and exercise patience if you want to become independent and successful in the long run.
Most importantly, understand the tax laws for forex trading in the region. This way, you will easily calculate your potential profits in case a trade works out in your favor.
How to Choose the Right Forex Trading App
Choosing the right forex trading app requires thorough market research that could take hours. If you have limited time to undertake the research process or are a newbie with no idea where to start, we are here to help. Below are the top elements to consider when searching for the best forex trading app in Nigeria.
Security/Licenses
Fees/Charges
Asset Offerings
Platform Performance
Support Service
User Recommendations
Prioritize your own safety when choosing a forex trading app in Nigeria. With many fraudulent providers in the region, confirm whether the app you settle with is licensed and regulated by the Securities and Exchange Commission (SEC). Such brokers secure your funds in segregated accounts and provide a conducive trading environment free from imposters and scammers.
The best app for forex trading in Nigeria should be affordable. This means you should analyze various apps’ fee structures to settle with one you can afford. The fees applicable should be worth it, especially if you are also considering the quality of trading tools offered. That being said, check an app’s minimum deposit requirement, spreads/commissions, inactivity fees, and more. All trading and non-trading charges must fit your budget to avoid overspending.
When choosing a forex trading app, ensure you confirm the availability of your preferred currency pairs. This is whether you prefer major, minor, exotic, or all. You do not want to get frustrated once you have made a commitment and deposit simply because you overlooked this element. The best app should also host additional asset classes like stocks, commodities, ETFs, cryptos, and more for your portfolio diversification.
The app you select for forex trading in Nigeria must be user-friendly, customizable, and have a fast trade execution speed. This will ensure you seamlessly manage your activities without worrying about missing out on arising opportunities. You should also choose an app with a web version so you can easily trade using your mobile and desktop devices. Most importantly, check the availability of trading tools for skills and strategy development and ensure they align with your skill level.
You do not want to overlook this element and regret it later when your expectations are not met. Do not settle for a forex trading app without confirming the reliability of its support service. Ensure you contact the team via the supported channels, whether by phone, email, or live chat. Analyze their responsiveness, as this will determine how they will handle your issues when need be. Plus, ensure their availability, whether 24/7 or five days a week, aligns with your forex trading schedule.
Visit Google Play, the App Store, or Trustpilot to analyze what other users say regarding their experiences with various forex trading apps in Nigeria. While the apps may have negative comments, settle with the ones with numerous positive ratings and recommendations. Through comments, you will easily understand an app’s strengths and weaknesses from a user perspective. As a result, you will make the best decision and choice for long-term commitment.
How To Register an Account with a Forex Trading App
Now that you know how to choose the best forex trading app in Nigeria, are you familiar with the steps involved in getting started? If you are a newbie to forex trading, we share the procedures below. Our goal is to ensure you are fully prepared to kickstart your ventures on a good note.
Step 1: Visit an app’s official website
Step 2: Complete the account registration process
Step 3: Verify your details
Step 4: Make a deposit
Step 5: Trade forex
Most forex trading apps, including the ones we reference here, are hosted by brokerage firms. Therefore, to create an account with such apps, visit their official websites. You can use your desktop device for this process, considering their large screens that streamline the entire process.
Once on the website, read and understand the broker’s terms of service. And if you haven’t installed the app on your mobile device, ensure you do so and continue with the other processes shared below.
On the broker’s homepage, click the register or sign up button to create your forex trading account. This procedure is straightforward and can take minutes to complete if you share accurate details. You will fill out a form provided with your name, email, age, source of income, and more. Some brokers will also engage you in a questionnaire to provide the best leverage limit for your skill level.
Before your account is fully activated, your broker may require you to verify your identity and location. In this process, you will share a copy of your government-issued ID, passport, or driver’s license to verify your identity. You will also be asked to share a copy of a recent utility bill or bank statement as proof of location.
Once your account is activated, use your username and password to login to your trading app. Then, make a deposit per the app’s minimum deposit requirement using your convenient payment method. This could be credit/debit card, e-wallet, or bank transfer. Your deposit will be automatically confirmed with an email notification.
Explore the app’s currency pairs and select those you are familiar with. Then, choose a trade size and apply risk management control before opening a position. It is also crucial to have a strategy and keep track of your open position to ensure everything works out as expected. For beginners, start trading forex with a small capital and increase the amount as you become more familiar with the currency market.
Conclusion
Anyone can engage in forex trading, but succeeding at it requires a diligent approach and strategy. With the right trading app, you will have full-time access to the currency market using your mobile device. Plus, apps make it easier for you to track your open positions, especially whenever you step away from your trading station. You simply have to select a currency pair you are familiar with and spend capital you are comfortable losing in case a trade doesn’t favor you. Most importantly, have a plan and strategy and be open to practicing continuous learning, especially after a loss. With the right apps like the ones we recommend above and discipline, you will eventually reap the benefits.
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