Best Forex Trading Apps in Nigeria | TechCabal (2024)

Forex trading is unregulated in Nigeria so to access the market you must only download a tier-1 regulated forex trading platform to trade online for low risk.

Before you choose a forex app, you should test many apps to see which works for you. Check if they are from a trusted broker, is the spread lowest & so on.

Our Picks for Best Forex Trading Apps in Nigeria in 2024

• Exness Trade App – Best Forex Trading App in Nigeria
• Octafx App – Best Forex Trading App for Android
• HFM App – Best Forex Trading App for Beginners
• XM Trading Point App – Best Forex Trading App for Copy Trading
• FXTM – Best Forex Trading App for Naira Pairs
• FxPro cTrader – Best forex Trading App for iPhone
• AvaTradeGO – App with Best Indicators for Forex Trading

Comparison of Best Forex Trading Apps in Nigeria

💼 Forex app	🎨 App settings	🔋 Starting deposit	💨 Leverage	🎭 Copy trading	Regulation & legal
Exness AppBest app overall	Quick trading, Inbuilt MT5 terminal, TradingView charts, Disable screenshot	$10	Unlimited	No	FCA UK, CMA Kenya, FSCA South Africa
Octafx AppBest forex app for android	Default trading app can be changed to MT4, or MT5	N30,000	1:500	No	MISA, Mwali
HFM AppBest forex app for beginners	Quick trading, custom order entry	$5	1:2000	Yes	FCA UK, CMA Kenya, FSCA South Africa
XM AppBest forex app for copy trading	Custom order entry, default page, Theme, Notifications	$5	1:1000	Yes	CySEC Cyprus, FSC Belize
FXTM AppBest for trading Naira pairs	Nil	N80, 000	1:2000	Yes	FCA UK, CMA Kenya, FSCA South Africa, FSC Mauritius
FxPro cTraderBest forex app for iPhone	Notification, Custom order entry, Quick trade, Time zone, Show balance panel	$100	1:200	No	FCA UK, FSCA South Africa
AvaTradeGOBest Indicators for forex trading	Dynamic trade size, One-click trading, Account deletion, AvaProtect	$100	1:400	No	ASIC Australia, FSCA South Africa, FSA Japan, ISA Israel

We tested popular forex trading apps in Nigeria. Here’s the review of these apps:

#1. Exness Trade App – Best Forex Trading App in Nigeria

The Exness app is a mobile forex trading platform provided by Exness SC LTD a legal forex broker licensed in Seychelles, Kenya, South Africa, & the United Kingdom.

Quick Tour- Exness App

a) Download Exness app & open an account

The Exness app is available on Android & iOS phones so you can download it from Apple store or Google playstore where it has already been downloaded 10 million times.

You can open an account on the Exness app and upload all your documents by snapping with the phone camera & sending the photos to Exness for approval.

b) Funding your Exness account from the app

You can open a real account or a demo account on the Exness app. The demo account is meant for practicing and any cash you see there is not real.

After your real account has been opened, you can make the Exness minimum deposit of $10 right from the app. You click on deposit & select your preferred payment method.

Naira base currency trading accounts are supported so you can deposit & withdraw in Naira.

c) Choosing an instrument to trade

The Exness app is used for trading CFDs on Forex, Indices, Stocks, Commodities, & Crypto All Exness instruments can be traded with leverage up to 1:2000

To help you choose, The Exness app provides news & research on market moving instruments, and an economic calendar to keep you aware of upcoming financial market events.

d) Opening a buy or sell order

When you have decided on the instrument to trade, you must open an order. On the Exness app you can open either a Market Order or a Pending Order.

The Exness app shows you live market sentiment information meaning the percentage of traders who are buying and selling the instrument in question.

When you click the buy/sell button you the Exness Quick Trading feature automatically inputs the minimum trade volume and asks you to reconfirm your order.

However, since quick trading does not ask you to set stop loss, you can ignore the quick trading prompt and clock on ‘order settings’ so you can input your desired Quantity, Stop Loss & Take Profit limits.

As you input the quantity of the instrument you want to trade, you can choose if you want your order displayed in amounts or in terms of number of lots.

e) Monitoring you trades and close out when necessary

The Exness app provides powerful charts which you can use to monitor your trade performance. Tradingview charts have been built in so you can switch to them when you need to.

An inbuilt MT5 terminal comes standard with the Exness app, and you can switch to it without having to download the MT5 terminal to your phone.

If you set a stop loss or take profit you will be closed out automatically, but you can also do it manually. A comprehensive history of each trade is available on the Exness app.

Pros & cons

Visit Exness to register with email for a demo account or live account to use the app

#2. Octafx App – Best Forex Trading App for Android

The Octafx trading app is owned by Octa Markets who are regulated & licensed by the Mwali International Services Authority (MISA).

Quick Tour- Octafx Trading App

a) Octafx trading app download & account opening

Download the Octafx trading app on Apple store or Google playstore where it already has over 10 million downloads.

Once on the app, you can open a demo account where you can practice risk free with virtual money. A real MT4 Account is automatically created for you once you register on the app.

Other accounts you can open on the app are an MT5 Account and an OctaTrader Account; and all the accounts work on the Octafx trading app.

b) Funding your Octafx account from the app

To fund any of your Octafx Accounts click on the deposit button & choose your preferred deposit method.

The Octafx minimum deposit in Nigeria is N30, 000 or $25. Octafx does not support Naira base currency accounts so your naira deposit will be converted (at a fee) to US Dollar which is the only base currency they offer.

c) Choosing an instrument to trade

You can trade Forex, Indices, Stocks, & commodities as CFDs on the Octafx trading app.

Octafx has provided resources such as an economic calendar, & news (called space feed on the app) to help you get decided.

Unfortunately, the Octafx app does not have live market sentiment information.

d) Opening a buy or sell order

Octafx lets you open a Market or Pending Order. Click on buy/sell and input the parameters such as Stop Loss & Take Profit.

As you input your order, the quantity is shown in both lots and monetary equivalent. If you enable one-click trading on the Octafx app, once you click on buy/sell your order is sent to the market without you inputting stop loss or take profit.

e) Monitoring you trades and close out when necessary

You can monitor your trades on the OctafX charts and adjust Stop Loss & Take Profit as necessary. When you close out you can view a detailed history of your trades.

Pros & cons

Visit Octafx to register with email for a demo account or live account to use the app

#3. HFM App – Best Forex Trading App for Beginners

The HFM App is the mobile trading platform of HF Markets formerly called Hotforex. HF Markets are regulated in South Africa, Kenya, United Arab Emirate, & United Kingdom.

Quick Tour- HFM App

a) HFM trading app download & account opening

The HFM App works on iOS and android phones and is available on Apple store and Google playstore (1 million+ downloads so far)

All HF Markets trading accounts (Cent, Premium, Pro, Pro Plus, & Zero) now work on the HFM app. There is also a demo account for you to learn how to trade with fake cash.

When you download the HFM app you can submit your account opening documents for approval by snapping pictures of them.

b) Funding your HF Markets Account from the app

The minimum deposit for HF Markets in Nigeria is $5 so to fund your account you login to the app, click on the menu icon and then click on deposit. You then choose your preferred deposit method.

Some of the banks you can deposit with are GTB, Zenith, Access, First Bank, & Fidelity. HF Markets offers naira base currency accounts so you can deposit/withdraw in local currency without paying currency conversion fees.

c) Choosing an instrument to trade

On the HFM app you can trade CFDs on Forex, Stocks, Indices, Commodities, Crypto, Bonds, & ETFs with up to 1:2000 leverage.

The HFM app has a favorites list so you can arrange your instruments of interest there for easy monitoring.

Detachable charts mean you can view a mini-image of the charts from the instrument menu so you know if the trend is upward or downward before selecting an instrument.

d) Opening a buy or sell order

Before you open an order the HFM app has calculators to help you calculate your order size, margin requirement etc. You can open a Market Order or a Pending Order.

For Market Orders, you can activate Quick Trading in the trade settings menu so you can quickly send in an order without inputting stop loss (you can edit it later and include stop loss).

Still on Market Orders, when you disable Quick Trading, you are required to input Stop Loss & take Profit before sending your order in.

The HFM app displays your orders in amount, lots, or units so you get a clear idea of what quantity of an instrument you are buying or selling.

The HFM app also has built-in copy trading so you can copy trades or be copied by others.

e) Monitoring you trades and close out when necessary

You can monitor your trades on the charts that have technical indicators and are fully customizable.

Pros & cons

Visit HF Markets to register with email for a demo account or live account to use the app

#4. XM Trading Point App – Best Forex Trading App for Copy Trading

XM Global LTD own the XM Trading Point mobile app & they are a regulated forex broker with licenses issued in Belize (FSC), & Cyprus (CySEC).

Quick Tour- XM App

a) XM trading app download & account opening

The XM trading app is compatible with iOS & android devices including tablets. Downloads on google playstore are over 5 million.

You can create a demo account for practice or a live account from the XM trading app.

b) Funding your XM Account from the app

Click on the menu icon to reveal the deposit button from where you can fund your account. XM brokers’ minimum deposit is $5 on all their account types.

Copy trading is also available on the XM trading app with minimum deposit determined by the Strategy Manager you intend to copy.

c) Choosing an instrument to trade

You can trade CFDs on Forex, Stocks, Crypto, Indices, & Commodities with up to 1:1000 leverage. You can add instruments to your watch list on the app.

The markets insight button is located above your watch list panel & clicking it gives you up to date market news to help you decide what to trade.

Live sentiment on the XM app is only available for major instruments and can be found when you click on research.

d) Opening a buy or sell order

When you click buy/sell buttons, your order is displayed in lots & amount, and you can set your Stop Loss & Take Profit accordingly.

e) Monitoring you trades and close out when necessary

You can monitor your trades using the charts available and from the chart menu you can activate one-click trading. There’s also an option to show all open positions and show ask line on the charts.

The XM trading app charts have a lot of indicators and drawing tools which are useful for technical analysis.

Pros & cons

Visit XM to register with email for a demo account or live account to use the app

#5. FXTM App – Best Forex Trading App for Naira Pairs

FXTM means Forextime and the owners of the app are called Forextime LTD regulated forex brokers with licenses from Cyprus, South Africa, & Kenya.

Quick Tour- FXTM App

a) FXTM trading app download & account opening

The FXTM app is available for download on the Apple store and Google playstore.

From the MyFXTM document center you can upload pictures of your documents and open your live trading account. You can also open an FXTM demo account for risk-free practice.

b) Funding your FXTM Account from the app

The FXTM minimum deposit is N80, 000 and you need to deposit this to open either the Advantage or Advantage Plus Accounts. The FXTM Micro Account has been discontinued.

From the FXTM app you can fund your account using any of the available deposit methods. FXTM offers Naira base currency accounts, and this helps you avoid currency conversion fees on naira transactions.

c) Choosing an instrument to trade

You can trade CFD instruments on Forex, Commodities, Indices, metals, & Crypto and leverage is up to 1:2000.

On the FXTM app you can trade CFDs on USD/NGN and EUR/NGN thus giving you exposure to the Nigerian market.

d) Opening a buy or sell order

You can open Market or Pending Orders & order entry is customizable.

The FXTM app also has copy trading (FXTM Invest) where you can copy more experienced traders or have people copy from you.

e) Monitoring you trades and close out when necessary

Pros & cons

Visit FXTM to register with email for a demo account or live account to use the app

#6. AvaTradeGO – App with Best Indicators for Forex Trading

AvaTradeGO is a forex trading app for android and iOS phones brought to you by Ava trade Markets regulated in the British Virgin Islands, South Africa, Israel, Australia, & Japan.

You can open an account on the app with a $100 minimum deposit and trade CFDs on Forex, Stocks, Indices, FX Options, Bonds, ETFs, & Crypto with 1:400 leverage.

A unique feature of the app is the AvaProtect feature which, when subscribed to, reimburses you for losses made on Forex & Gold trades.

The AvaTrade app also offers more than 50+ technical indicators such as Bollinger Bands, Relative Strength Index (RSI), MACD, Pivot Points, Parabolic SAR, etc.

Newly introduced features are News & Signals from trading central.

Visit AvaTrade to register with email for a demo account or live account to use the app

#7. FxPro cTrader Mobile App – Best Forex Trading App for iPhone

FxPro is a thoroughly regulated forex broker with licenses from the FCA United Kingdom, & FSCA South Africa. FxPro minimum deposit is $100 for your first deposit.

The FxPro cTrader mobile app can be downloaded from Google Play Store and Apple Stores.

FxPro cTrader stands out with its excellent display and button layout, as well as detailed order management. The app lets you customize a lot of functions to suit your needs.

An example of excellent order management on cTrader is you can customize your order size display for each asset class. You also get more control when setting price alerts for different events.

You can access News & Analysis by clicking on the Blotter Button. FxPro cTrader also has copy trading easily accessible by the click of a button.

The charts on FxPro cTrader are excellent with very good graphics better than seen on most apps, & there are lots of technical indicators which are categorized for easy search.

FxPro cTrader charts are also fully customizable with options for vibration & drawing tools.

Visit FxPro to register with email & download the FxPro cTrader App

How to download forex trading app

• Visit the brokers website
• Click on trading platforms
• Click on the app to download

Sometimes when you click on the app icon, you get redirected to the google play store or apple store and that’s fine.

The idea is to ensure you are downloading the right app, so you visit the broker’s website first instead of going straight to the online store.

How to forex trade on phone

You need to decide what currency pair you want to trade. On most forex apps there’s market insight/news, economic calendar, live market sentiment, and other tools to give your information that will guide your choice.

You need to decide if to buy or sell. If you think the asset price will rise, then you buy. However, if you think prices will fall you could sell instead (short selling).

Either way (buy or sell) you stand a chance of making a profit if you are right and making a loss if wrong.

Frequently Asked Questions – Best Forex Trading Apps Nigeria

Which app is best for forex trading?

The Exness Trade App is the best forex trading app in Nigeria because of its technology and low trading cost.

What is the best copy trading app in Nigeria?

XM Trading Point App, FXTM, & HFM App are good picks for copy trading.

Which forex app supports Naira trading accounts?

The Exness App, HFM App, & FXTM App all offer naira base currency thus allowing you trade using Naira instead of dollar

Which forex app has quick deposit & withdrawals?

HF Markets and Exness apps offer the quickest deposit & withdrawal times because they support Naira base currency accounts.

Which forex app has the lowest spread?

To find out the lowest spread forex broker app, we compare average spreads of the EUR/USD forex pair for standard (spread-only) accounts because the EUR/USD is the most widely traded pair in the world.

Exness, AvaTrade, & Octafx have the lowest spreads.

Which forex app has the lowest minimum deposit?

HFM App, and XM App have the lowest minimum deposit of $5 (around N7,500)

What is one-click trading?

When you activate one-click trading at your own risk, you can click on the buy/sell button just once and your order gets sent to the market.

You are not required to input stop loss or take profit, order size is 0.01 units by default (you can change this), and you are not prompted to reconfirm your buy/sell decision.

You can always return to edit your order and input stop loss take profit. One-click trading is for speedy market entry before prices change.

What is quick trading?

When you activate quick trading, clicking the buy/sell button will not require you to input stop loss & take profit, order size is set to the minimum allowable by default (but you can change this), but you will be required to reconfirm your buy/sell decision.

Remember, you can always return to edit your order and input stop loss/take profit. The essence of quick trading is to enter the market fast.

Reconfirmation is the major difference between one-click trading & quick trading. Forex apps like the Exness app have quick trading.