Best Forex Trading Apps in Nigeria in 2024

Forex trading is not regulated in Nigeria, so traders from Nigeria will be trading at their own risk without any government support.

Notwithstanding there are a plethora of foreign brokers who offer their trading app to Nigerians.

Seeing that there is no government regulation when choosing a trading app you want to do your due diligence to be sure that the conditions of the trading app are suitable for your trading style.

In this article we have created an unbiased list of the best Forex trading apps and have named HF Markets the best Forex trading app in Nigeria for the purpose of education.

Comparison of Best Forex Trading Apps in Nigeria

These are the 5 Best Forex Trading Apps in Nigeria as per our Reviews for 2023

1. HFM Mobile – Best Forex Broker in Nigeria with Local Deposit & Withdrawals
2. Exness Trade Moble – Best Forex Trading App with Naira Account
3. AvaTradeGo Mobile – Low spread Forex Broker with Ultra Low Account
4. XM – Best Forex Trading App To Learn Forex Trading
5. FXTM – Best Forex Trading App For Beginners

Best Forex Trading Apps in Nigeria

Here are the Best Forex Brokers for traders in Nigeria.

#1 HFM Mobile – Best Forex Broker in Nigeria with Local Deposit & Withdrawals

HF Markets (SV) Ltd is the owner of the HFM app, they are regulated by the FCA UK, DFSA, FSCA, CMA, and FSA Seychelles. However when you open an account in Nigeria it will be registered under Saint Vincent and the Geraldine where they are incorporated.

The app has more than one million downloads on Google play store, a download size of 15 and 3.9 star rating.

You can open a trading account on the app however out of the four live accounts HFM offers the app is only for those using HFM premium account.

While opening an account, you can choose between Naira, USD, and EURO as your account base currency.

You do not have to start trading with a live account immediately, seeing that the HFM app comes with a free demo account, where you can practice with N30, 000,000 worth virtual funds.

When you are ready to start trading on the live account, you can fund your account from the app in naira with a minimum deposit of N4,000. However if you choose to fund in dollars, the minimum deposit will be $5.

Once you have deposited money into your trading account, you can start trading with a maximum leverage of 1:2000 which is quite high. Forex, stocks, bonds, ETFs, Crypto, commodities are the available tradable instruments on the app.

Depending on your preference, you can set your contract size to show either in Lots, Units, or in amount. Beginners may find it easier to understand their contract size in amount than in Lots or Units.

You can conduct technical analysis on the HFM app using the advanced Charting tools; consisting of technical indicators, 9 timeframes, zoom scroll, candlestick chart, line chart, and bar chart.

For fundamental analysis, you can make use of the in-built economic calendar and News section to stay updated with recent and future events that are relevant to the market.

You do not have to leave the app to get customer support as HFM has integrated in app live chat with fast response. If you don’t want live chat, the app can also redirect you to WhatsApp, Instagram, or Facebook.

The app supports the use of fingerprint to login, and you can turn on two factor authentication to strengthen the security of the app.

Lastly, you can also learn about all upcoming HFM webinars on the app.

#2 Exness Trade Mobile – Best Forex Trading App With Naira Account

With a download size of 22mb, the Exness app has over 10 million downloads on Play Store and 4.3 star rating.

You can open an account on the Exness app by providing KYC information. After the account opening process, you can either choose to start trading on your live account or the demo account.

Exness demo account comes with $10,000 worth virtual funds and you should know that if you do not use the account for six months it expires.

However on the live account you can fund your account using local deposit methods like local bank transfer in Naira and other methods like debit or credit card.

You can trade Forex, Stocks, indices Commodities and Cryptocurrencies on the Exness app with a maximum leverage of 1:2000.

The app also comes with trading signals, charts and market news for conducting market analysis. It also comes with push notifications that helps you stay updated with market activities.

Exness app is also endowed with risk management tools like sell stop, take profit, buy limit, and sell limit. The app also comes with 24/7 customer support through live chat or call.

You can also improve app security by enabling two factor authentication and finger print scanner.

#3 AvaTradeGo – Best Forex Trading App With Demo Account

When you download the app and open an account on it, your account will be registered under FSA BVI.

Aside from a live account, you can also open a demo account that comes with virtual funds worth $10,000.

Unfortunately there is no naira account base currency, so you can choose between USD and EUR as your account base currency.

The minimum deposit amount on the AvaTradeGo app is $100 and local bank transfer is not accepted so you have to use other methods like cards and e-wallets.

AvatradeGo has educational videos for learning about Forex trade, it also has research tools like economic calendar, signal, and market insights. You can also enable push notification to stay updated with market activities.

The app also allows two factor authentication and has this special paid feature called Avaprotect that protects you from losses and in a situation where you lose, your funds will be paid back into your trading account, just like what an insurance company will do for you.

The in-app live chat feature enables you to chat with customer service, as well as get a mobile number and email address which you can reach customer service with.

#4 XM – Best Forex Trading App For Learning.

The app has more than 5 million downloads, a download size of 17MB, and 4.2 star rating on playstore.

It is possible to open a live and demo account on the XM app, and the demo account comes with virtual funds worth $10,000.

You can fund your live account with a minimum of $5 using various means like local bank transfer, cards, etc. However you should note that XM does not offer naira account base currency, as such you will have to deal with conversion fee when depositing money.

Well, after funding your account, you can conduct market research on the app using economic calendar, and market research tools, then place an order with a maximum leverage of 1:1000 on Commodities, Forex, Stock CFFs, Turbo stocks, cryptocurrencies, or CFDs.

To limit or prevent unauthorized access to the mobile app, XM has made it possible that you turn on two factor authentication on the app.

XM app also has an educational room where you can watch videos about Forex trading. However it is only available for those who have verified account

Lastly, the app has in-built customer support that responds within about two minutes. You can also get redirected to WhatsApp on the app.

#5 FXTM – Best Forex Trading App For Beginners

FXTM trader has a download size of 30.9MB, a total download of over 1 million and 4.0 star rating on Google play store.

You may experience challenges when opening an account with the app on your mobile phone, however, if you are able to open an account, you can open a live and demo account on the app. You are free to choose the amount of virtual fund you want on your demo account between $1 to $1,000,000.

You can fund your live trading account in naira using local bank transfer, cards, etc. The app comes with real time charts and instruments for technical analysis.

You can manage your order using stop loss and take profit, and it’s also easy to switch between monitoring trade on your mobile phone and desktop.

Tips For Downloading A Forex Trading App

When downloading an app consider going to the official website of the broker who owns the app to download. This is because scammers now find a way around play store and app store security to place fake malicious apps.

Even when the broker’s website redirects you to Play Store, do your due diligence to read reviews, and check the number of app downloads.

You also want to be cautious of brokers who contact you from nowhere, sending app downloads. Such links can lead you to a website where you download malwares or give out data that will be used against you.

Another thing you should know is that any device you want to download a Forex trading app with should have antivirus that is regulated and updated.

You should also keep in mind that it is best to trade with apps that are owned by brokers who have Tier 1 regulation. Such brokers have a reputation to maintain. Tier-1 regulation means having a license from either the Financial Conduct Authority (FCA) of the United Kingdom or the Australian Securities and Investments Commission (ASIC) of Australia.

Trading apps that have Naira based accounts may also be a good consideration seeing that when your account base currency is not Naira, you will have to pay conversion fee every time you deposit and withdraw funds.

Another factor to consider is whether the app provides good features. You can check whether the app provides technical indicators and various charts for technical analysis. Does the app allow you to enter various types of orders such as a Guaranteed Stop Loss. Also, make sure that the app provides Negative Balance Protection which means that your account balance can never go in the negative and your loss-making trades are automatically closed.

FAQs on Forex Trading Apps in Nigeria