Forex Trading

10 Best Forex Trading Apps in Nigeria for 2024


A forex trading app could be proprietary meaning built by a forex broker and exclusively for clients of that forex broker. For example, the HFM Mobile App is a proprietary app because only HF Markets clients can use it.

On the other hand, a forex trading app could be a white label meaning itโ€™s not owned by any broker and different forex brokers connect their traders to it. An example of a white label forex app is MetaTrader & cTrader.

Avoid downloading apps of brokers without world-class regulation from regulators like the FCA United Kingdom, ASIC Australia (basically from regulators in developed countries) because the brokers could be a scam.

What is the best forex trading app in Nigeria?

Best Forex Trading App Comparison by Download Numbers

We visited the Google play store where android versions of these apps can be downloaded to look if others agree the apps are good.

๐Ÿ“ฑ App ๐Ÿ“ฅ Google play store downloads ๐ŸŒŸ Google play store rating
HF Markets (HFM App) 1 million 3.9/5
XM Trading Point App 5 million 4.1/5
Exness Trade App 10 million 4.4/5
FxPro Direct App 10 million 4.1/5
AvaTradeGO App 1 million 4.1/5

#1. HFM Mobile App โ€“ Best Forex Trading App in Nigeria for Beginners

ย Trading settings

You can customize the size or quantity of instruments youโ€™re trading to be displayed in Amount, Lots, & Units.

The HFM forex mobile app lets you enable the Quick Trading feature so that once you the click buy/sell button you are asked to confirm the quantity of instrument youโ€™re buying (without setting Stop Loss) before your order is sent to the market.

Quick trading allows you enter the market fast before prices change then you can edit the order and insert Stop Loss & Take Profit.

Stop Loss (SL) orders close your trade when the instrument price changes against you & you are losing money. You set your desired Stop Price which triggers the SL order.

Take Profit (TP) orders on the app can be set so once your TP price is reached, the TP order is triggered and comes alive automatically closing your trade & securing your profit.

ย Chart settings

You can opt to show active trades on the charts or deactivate this feature. You can also activate a feature to show pending orders on the charts.

You can choose to Candlestick, Bar, or Area Chart styles for viewing. Chart intervals can be set to Minutes, Hours, Days, Weeks, or 1 Month.

Chart timeframes on the HFM forex app are shown in the table below

๐Ÿ“ˆ Chart time frame โŒš Intervals
Minutes 1, 5, 15, 30
Hour 1, 4
Day 1
Week 1
Month 1

You can enable or disable any of the 4 available technical indicators on the app which are Moving Average, RSI, Bollinger Bands, & MACD.

Pros Cons
โœ” You can open your trading account on the app โœ– No live market sentiment information
โœ” Stop Loss Order & Take Profit Order โœ– Limited number of technical indicators
โœ” Custom order entry in amount lots or units
โœ” Quick trading setting
โœ” Demo account with virtual money for you to experiment trading the market with
โœ” In-app live chat with HFM agents
โœ” Copy trading
โœ” In-app risk calculator tools
โœ” HFM App is legit as HF Markets is regulated globally in the UK, Kenya, South Africa, & Dubai

ย 

Visit the HF Markets website to download and test the app

#2. XM Mobile App โ€“ Best forex trading app in Nigeria for small accounts ย 

Trading settings

You can choose to view the quantity of instruments you are trading expressed in amount or lots.

Quick trading is enabled by default on the XM app. What this means is that when you click the buy/sell button, all you see is the quantity of instrument you are buying (expressed in amounts or lots). Once you click on the confirm button, your order is immediately sent to the market.

After sending an order through quick trading, you must return to edit the order and insert Stop Loss & Take Profit levels to limit potential losses & secure gains.

Chart settings

One tap trade can be enabled when you call up the chart for a specific instrument. One tap trading allows you authorize trades with a single click of the buy/sell button and without any additional confirmation.

You can choose to show all open positions on the chart & you can choose to show the Ask line on the chart. There are 30+ technical indicators on the XM forex app.

Chart timeframes on the XM forex app are shown in the table below

๐Ÿ“ˆ Chart time frame โŒš Intervals
Minutes 1, 5, 15, 30
Hour 1, 4
Day 1
Week 1
Month 1

Pros & cons

Pros Cons
โœ” Stop Loss Order & Take Profit Order โœ– No live market sentiment information
โœ”You can open your trading account on the app
โœ” Experiment how trading works with the free demo account containing virtual funds
โœ” XM is a regulated forex broker
โœ” Custom order entry in amount or units
โœ” Quick trading setting
โœ” One tap trading setting
โœ” In-app live chat
โœ” Copy trading
โœ” Touch ID login
โœ” Range of inbuilt technical indicators
โœ” Account deletion button

ย 

Visit the XM website to download & test the app

#3. Exness Trade App โ€“ Best forex trading app in Nigeria for MT5 Accounts

The Exness forex trading mobile app is the best forex trading app in Nigeria for MT5 accounts. MT4 accounts donโ€™t work on the Exness app, if you open an MT4 account then you will have to trade on the MetaTrader4 platform which you can download from the Google Play Store or Apple Store.

Trading settings

Quick trading is enabled by default so when you want to trade you are not prompted to insert Stop Loss & Take Profit. You simply click buy/sell, then click on โ€œconfirmโ€ and your order is sent to the market.

Orders initiated via quick trading get to the market fast before prices move, so after sending your order in you can return and edit the order and insert Stop Loss.

You can view the quantity of instrument youโ€™re trading in Lots or Amount (base or quote currency). For example, if you are trading EUR/USD in lots you could see 0.01 lots but when you switch to amount you see 1,000 EUR, or 1,063.02 USD

Insert automatic Stop Loss to close your trades when losses cross your desired limit. You can also insert an automatic Take profit order to close your profitable trades when profits reach a desired amount.

A profit calculator icon comes up every time you open an instrument and when you input the required parameters it tells you how much profit you will make if the market moves in your favour.

Chart settings

You could also switch charts between Exness charts, TradingView charts, and Traditional MT5 charts. Let us explain each chart.

Exness chart: the chart type could be set to either Candlestick, Line, or bar chart. You can also choose to display the following on your Exness chart: High Margin Requirement (HMR) periods, Trading signals, & profit/loss.

TradingView chart: here you get 12 different chart types including Column, Candles, Area, Heikin Ashi, High Low, Baseline, Line, HLC Area, Step Line, Line with markers, Bars, & Hollow candles.

ย 

๐Ÿ“ˆ Chart time frame โŒš Intervals
Minutes 1, 5, 15, 30
Hour 1, 4
Day 1
Week 1
Month 1

You can see an image of the chart for an instrument from the favourites list and from the order entry page. This helps you always keep an eye on the market.

Pros & cons

ย 

Pros Cons
โœ” Experiment how to trade using the Exness demo account with virtual funds โœ– MT4 accounts donโ€™t work on the Exness app
โœ” Live market sentiment information for all instruments โœ– No copy trading on this app
โœ” In-app account opening
โœ” You can set Stop Loss & Take Profit orders on the app
โœ”Built-in MT5 (no need to download MT5 separately)
โœ” Multiple chart types including TradingView charts which are easier to interpret
โœ” 50+ technical indicators on TradingView charts
โœ” Show Stop Loss & Take profit levels on the charts when using TradingView charts
โœ” Quick trading
โœ” Profit calculator
โœ” In-app live chat with Exness agents
โœ” Strong app security with Touch ID & 2 step authentication
โœ” Trading signals from Trading central for each instrument (use at your own risk)
โœ” Exness is a regulated in UK, Kenya, South Africa

Visit the Exness website to download & test the app

#4. Tickmill MT5 โ€“ Best forex trading app in Multi-asset Tradingย 

TickMill MT5 platform lets you trade an unlimited number of symbols. You can also trade different assets on MT5 including Forex, & Stock CFDs. Remember that MT4 is not very suitable for trading Stocks so MT5 is ideal for Stocks & other assets.

Tickmill is also ideal for social trading because on their MT5 you get access to a social community of traders around the world who use Tickmill. You benefit from the wisdom of the crowd.

Tickmill has already built & provided custom add-ons for MT5 which you can get when you download the Advanced Trading Tool Kit from their website. Tickmill has also provided live market sentiment on their website.

ย 

Trading settings of Tickmill MT5

  1. a) Mini terminal plugin is like a small screen that [pops up and contains all the useful tools you will need while trading such as calculators, language options, one-click trading, etc.

It can be downloaded as part of Tickmillโ€™s advanced trading tool kit. After downloading it, simply drag it from the list of EAโ€™s and drop it on your MT5 chart for a specific instrument.

  1. b) Alarm manager plugin notifies your social media group and you of sensitive market information
  2. c) Excel RTD plugin: pushes real-time data into Microsoft Excel format so you can sort and analyse this data on MS excel.
  3. d) Sentiment Trader plugin: gives you live market sentiment telling you volume of Tickmill traders who are buying in or selling off an asset in real-time.
  4. e) Session map plugin draws a map of the world and shows you a summary of whatโ€™s happening in different trading sessions around the world.
  5. f) Set Trailing Stop Loss: you can set a Trailing Stop Loss Order so that MT5 keeps adjusting your stop loss as you make profit. By doing this the profits are locked in so that even if price loves against you, you exit the market with your profit.

Chart settings

21 timeframes, 44 analytical objects, & back testing trading strategies in multithread mode.

ย 

Tickmill MT5 chart time frames

๐Ÿ“ˆ Chart time frame โŒš Intervals
Minutes 1, 2, 3, 4, 5, 6, 19, 12, 15, 20, 30,
Hour 1, 2, 3, 4, 6, 8, 12
Day 1
Week 1
Month 1

Pros & cons

Pros Cons
โœ” Tickmill is regulated globally in UK & South Africa โœ– MT5 can be difficult to install but with the help of the Tickmill installation guide you can do it
โœ” Lots of chart time frames โœ– No in-app support on MT5
โœ” Trailing stop loss โœ– No in-app account opening on MT5 (To manage your Tickmill accounts, download the Tickmill Mobile App from google and apple stores. From the app you can open accounts, transfer funds etc.)
โœ” Demo account for practice with fake cash
โœ” Multi-asset trading (not just forex). MT5 is the best platform for Stock trading
โœ” Live market sentiment information for all instruments
โœ” Strategy back testing can be done on Tickmill MT5
โœ” You can set Stop Loss & Take Profit orders on the app
โœ” copy trading
โœ” one-tap trading

ย 

Visit Tickmill to download MT5 & advanced trading tool kit

#5. FxPro Trading App โ€“ User-friendly forex trading app for beginners

Pros Cons
โœ” MT4 & MT5 accounts are compatible โœ– No copy trading
โœ” FxPro is regulated in UK, & South Africa โœ– No live market sentiment tool
โœ” Touch ID โœ– trade size cannot be displayed in amount
โœ” Quick trading & One-tap trading features
โœ” TradingView chart types which are more beginner friendly and easy to understand
โœ” Easy to use app interface
โœ” Demo account for learners to practice with free virtual funds
โœ” In-app support
โœ” In-app account opening
โœ” Low & high price information for all instruments

#6. AvaTrade trading app โ€“ most advanced forex trading app in Nigeria

The Avatrade trading app is very advanced and features a tool called AvaProtect which returns any money you lost while trading forex & gold CFDs back to your account. To Activate AvaProtect you need to pay a fee and it expires after a period.

Chart settings

You can choose to show Stop Loss & take Profit Orders on charts. You can also opt to show open positions on the charts. Indicators & legend can be shown on the charts too.

ย 

AvaTrade chart time intervals

๐Ÿ“ˆ Chart time frame โŒš Intervals
Minutes 1, 5, 10, 30
Hour 1, 4
Day 1
Week 1
Month 1

Pros & cons

Pros Cons
โœ” In-app education โœ– No copy trading
โœ” AvaProtect tool
โœ” Live market sentiment
โœ” Many technical indicators to select from
โœ” Stop Loss & Take Profit automation
โœ” account opening on the app
โœ” Live support on the app
โœ” Lots of market research & news on the app
โœ” once-click trading
โœ” account deletion button
โœ” Touch ID
โœ” Trading signals (use at your own risk)

ย 

Which app is best for forex trading?

  1. a) Forex trading apps of regulated forex brokers

There are so many forex brokers with questionable regulation. Not every regulation is waterproof. If you see an app provided by a forex broker regulated only in island countries (Bahamas, Saint Vincent, etc.) then itโ€™s a red flag.

Well-regulated brokers like HF Markets, & Exness hold licenses from the FCA United Kingdom in addition to licenses from African regulators in Kenya & South Africa.

A reputable forex broker should have at least one license issued to it from big regulators in addition to any licenses issued by small regulators. See below list of big financial market regulators:

  • The Financial Conduct Authority (FCA) United Kingdom
  • Cyprus Securities & Investment Commission (CySEC)
  • Australian Securities & Investment Commission (ASIC)
  • Financial Sector Conduct Authority (FSCA) South Africa
  • Capital markets Authority (CMA) Kenya
  • Any other regulators from big economies such as Germany, Japan, Dubai, etc.

See below the list of dangers of trading with poorly regulated forex trading apps in Nigeria:

  • Reversal of profits
  • Denial of withdrawal requests
  • Stop loss hunting
  • Halting of trading
  • Outright scamming and total loss of funds
  1. b) Forex trading apps with risk management tools

Forex trading is full of risk so the app should help you manage risk. Let us analyse some of the risk management tools some popular forex apps have. See list below:

  • HF Markets App: Risk calculators, Quick trading, Stop Loss, Take Profit, Pending Order, Push notification, Custom alert
  • Exness App: Live Market Sentiment, Profit calculator, 2 step authentication, Stop Loss, take profit, Quick trading, Push notification, Custom price alert
  • AvaTrade: AvaProtect, Stop Loss, take Profit, Quick Trading, Dynamic order size, Push notification, Custom price alert
  1. c) Forex trading apps with Live Support

Some forex trading apps allow you access live chat with an agent from inside the app. HF Markets app, Exness, FxPro App, XM app, all have live support.

  1. d) Forex trading apps with good charting tools

Technical analysis needs proper charts so apps like MT4, MT5, Exness, & AvaTrade have advanced charts with lots of technical indicators to deploy when analysing past market movement.

Table of fees associated with best forex trading app in Nigeria

๐Ÿ“ฑ App ๐Ÿ’ฐMinimum deposit ๐Ÿ’ฐEUR/USD spread ๐Ÿ’ฐInactivity fee โŒš Overnight interest ๐Ÿ’ฐWithdrawal fees
HF Markets app $5 1.6 pips $5 No $0
Exness app $10 1.0 pips $0 No $0
XM app $5 1.4 pips $10 Yes (forex excluded) $0
FxPro app $100 1.4 pips $10 Yes $0
AvaTrade app $100 0.9 pips $50 Yes $0
Tickmill MT5 app $100 0.1 pips $0 Yes $0
Octafx app N30,000 0.9 pips $0 No $0
FXTM app N80,000 1.8 pips $5 Yes (forex excluded) $3 (on card withdrawals)
Pepperstone $0 1.2 pips $0 Yes $0
Eightcap $100 1.4 pips $0 Yes $0

Frequently Asked Questions on best forex trading App in Nigeria

Which is the best forex trading app in Nigeria?

The HFM app is the best forex trading app in Nigeria. The HFM app is developed by HF Markets a forex broker with presence in South Africa, Kenya, Europe, and other global jurisdictions.

Which forex trading app is best for beginners?

The HFM app, Exness app & FxPro app are good for beginners because of their simple user interface and demo account where beginners can practice with fake cash.

Should I trade with MetaTrader or with the brokerโ€™s proprietary app?

MetaTrader is not as user-friendly as proprietary apps developed by forex brokers. However, MetaTrader has more advanced capabilities especially around automated trading & back testing.

So, if you are a causal trader proprietary apps are good but professionals executing advanced trading strategies will find MetaTrader more useful.

Brokers like HF Markets, Tickmill, & Exness offer MetaTrader apps alongside their proprietary apps. FxPro & Pepperstone also offer MetaTrader, cTrader, & a Proprietary app.

Which forex trading app in Nigeria has the lowest minimum deposit?

HF Markets & XM trading apps have the lowest minimum deposit of $5.

Which forex trading apps have TradingView charts?

Exness, FxPro, & Pepperstone trading apps integrate TradingView styled charts. TradingView charts are very user-friendly and easy to understand because they are interactive & customisable.

Can I trade real assets with forex trading apps?

Forex trading apps like the HFM app, Exness app, XM app etc.; donโ€™t allow you acquire the underlying asset. For example, when trading forex you donโ€™t take delivery/ownership of the actual funds.

You only speculate on the direction of the market price and the forex broker is compensated through spreads, commissions & overnight fees.





Source link

Leave a Response