best forex trading app in nigeria

10 Best Forex Trading Apps in Nigeria for 2024

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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 it’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.

📱 App 📥 Google play store downloads 🌟 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 – Best Forex Trading App in Nigeria for Beginners

 Trading settings

You can customize the size or quantity of instruments you’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 you’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.

 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

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

 

Visit the HF Markets website to download and test the app

#2. XM Mobile App – Best forex trading app in Nigeria for small accounts  

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

📈 Chart time frame Intervals
Minutes 1, 5, 15, 30
Hour 1, 4
Day 1
Week 1
Month 1

Pros & cons

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

 

Visit the XM website to download & test the app

#3. Exness Trade App – 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 don’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 “confirm” 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 you’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

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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.

 

📈 Chart time frame 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

 

Pros Cons
✔ Experiment how to trade using the Exness demo account with virtual funds ✖ MT4 accounts don’t work on the Exness app
✔ Live market sentiment information for all instruments ✖ No copy trading on this app
✔ In-app account opening
✔ You can set Stop Loss & Take Profit orders on the app
✔Built-in MT5 (no need to download MT5 separately)
✔ Multiple chart types including TradingView charts which are easier to interpret
✔ 50+ technical indicators on TradingView charts
✔ Show Stop Loss & Take profit levels on the charts when using TradingView charts
✔ Quick trading
✔ Profit calculator
✔ In-app live chat with Exness agents
✔ Strong app security with Touch ID & 2 step authentication
✔ Trading signals from Trading central for each instrument (use at your own risk)
✔ Exness is a regulated in UK, Kenya, South Africa

Visit the Exness website to download & test the app

#4. Tickmill MT5 – Best forex trading app in Multi-asset Trading 

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.

 

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 Tickmill’s advanced trading tool kit. After downloading it, simply drag it from the list of EA’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 what’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.

 

Tickmill MT5 chart time frames

📈 Chart time frame 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
✔ Tickmill is regulated globally in UK & South Africa ✖ MT5 can be difficult to install but with the help of the Tickmill installation guide you can do it
✔ Lots of chart time frames ✖ No in-app support on MT5
✔ Trailing stop loss ✖ 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.)
✔ Demo account for practice with fake cash
✔ Multi-asset trading (not just forex). MT5 is the best platform for Stock trading
✔ Live market sentiment information for all instruments
✔ Strategy back testing can be done on Tickmill MT5
✔ You can set Stop Loss & Take Profit orders on the app
✔ copy trading
✔ one-tap trading

 

Visit Tickmill to download MT5 & advanced trading tool kit

#5. FxPro Trading App – User-friendly forex trading app for beginners

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

#6. AvaTrade trading app most advanced forex trading app in Nigeria

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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.

 

AvaTrade chart time intervals

📈 Chart time frame Intervals
Minutes 1, 5, 10, 30
Hour 1, 4
Day 1
Week 1
Month 1

Pros & cons

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

 

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 it’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

📱 App 💰Minimum deposit 💰EUR/USD spread 💰Inactivity fee Overnight interest 💰Withdrawal 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 broker’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.; don’t allow you acquire the underlying asset. For example, when trading forex you don’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.





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