Choosing a forex trading app as a beginner has a lot to do with your trading habit & strategy. For higher risk trading strategies like short selling, you will need an app that offers above average risk management tools. As a beginner, you don’t need a complex app, but a more easy app to understand.
In this article, we will take you through on how to make the right choice of forex trading apps. This will also help you to find your perfect trading style.
What Are the Forex Trading Apps?
Forex trading apps are application used to check market data and trade forex. You can download these apps on your phone or tablet which allows you to trade forex and other financial instruments. Forex trading apps can be installed for free by forex brokers.
Some of these trading apps are proprietary, that is, developed in-house by a broker. However, some other popular apps are developed by third-party companies. The important thing is that proprietary forex trading apps are easier to set up and operate by beginners.
Forex trading apps will allow you to open either a demo account or a trading account to buy and sell instruments. You can then deposit and withdraw funds from your broker. Providing real-time market data, price alerts, display news and analysis, with tools to manage your risks.
What Are The Best Forex Trading Apps In Nigeria?
Below are the best forex trading apps you can download in Nigeria;
- AvaTrade – Trading App with Great Risk Management.
- Exness – Best forex trading app for MT5 accounts.
- FXTM – Best App for Automated Trading.
- Octa – Best Copy Trading App.
- XM – Fastest Execution Speed.
- HFM (formerly known as Hot Forex) – Best App for Forex Analysis.
- Skilling – Best Trading App for Beginners.
1. AvaTrade Forex Trading App – Trading App with Great Risk Management
AvaTrade trading app is also be called AvaTradeGo. It has an advanced risk management tool called AvaProtect. This tool returns any money you lost while trading forex & gold CFDs back to your account. It also provides a stable trading experience with an advanced dashboard.
It contains features like clear charts or zoom for details, management tools, and market trends features. To be able to use all these features you need to pay a fee which expires after some period. The minimum lowest fees is 100 USD deposit which is as low as 0.9 pips on the EUR/USD. While the trading cost is 9 USD. In April 2020 AvaTradeGo was voted the best forex trading apps at the global forex awards.
AvaTradeGo Attributes
- AvaTradeGo has an AvaProtect Loss Protection feature.
- Trading Platforms: It offers MT5, MT4, Avatrade options, Avatrade social.
- Market Trends: This monitors social trends and sees what other traders buy and sell to stay on top of your trades.
- You can choose from over 1,000 instruments to trade from and this includes commodities, stocks, forex pairs, cryptocurrencies and many more.
- It is a copy trading app.
- The max leverage of the app is 400:1.
AvaTradeGo Regulation
- It secures deposits, and 24/7 customer support, and is FSCA-regulated.
- It is regulated by ASIC, CBI, FRSA, CySEC.
Pros
- Live market sentiment.
- Many technical indicators to select from.
- Live support on the app.
- Stop Loss & Take Profit automation.
Cons
- Market analysis is extensive.
- The UK and EU have poor regulatory oversight outside.
2. Exness Forex Trading App– Best Forex Trading App For MT4 & MT5 Accounts
Exness Forex trading app is a seamless and transparent trading app. It is a leading global forex trading app that has gained a strong foothold in the Nigerian forex trading market. It also offers a large range of advanced trading platforms, competitive spreads and cutting-edge technologies.
Exness Forex Trading Platforms
This offers various selections of trading platforms to handle the needs of different traders. This includes;
- MetaTrader 4 (MT4):This platform has a renowned user-friendly interface, advanced charting tools, and technical indicators.
- MetaTrader 5 (MT5): This next-generation trading platform offers increased features, multi-asset trading and advanced order types.
- Exness Web Trader: This is a browser-based platform that provides a simplified trading experience, making it accessible to both novice and experienced traders.
Exness Attributes
- Trading Platforms: It offers MT5, MT4 and Excess terminals.
- Account Types & Base Currency: It offers various accounts in standard, raw spread, pro, and zero which provide different trading styles. There are NGN and USD-based currency options.
- Customer Support: There is email support in 15 languages, available 24/7.
Exness Regulation
- Regulation and Global Presence: Exness is regulated in South Africa, the United Kingdom, Kenya, Cyprus, Mauritius and Seychelles.
Pros
- Low spreads with all accounts.
- No inactivity fees.
- Low starting deposit is $10.
- Naira base currency.
Cons
- Offers limited trading instrument.
- Customer support is not localized to Nigeria.
3. FXTM Forex Trading App – Best App for Automated Trading
FXTM forex trading app allows traders to access their complete range of CFDs. You can choose from over 1,000 instruments to trade from. These instruments include forex, 180 company shares, spot metals, commodities, cryptocurrencies and indices.
You can open and close positions in seconds with FXTM, and get live currency rates. It manages your trading accounts and supervises your FXTM invest copy-trading account. It was established for forex in 2011 and it is regulated by the UK’s FCA and FSC in Mauritius, and also CFD broker.
FXTM Attributes;
- The max leverage of the app is 2000:1.
- It is a copy trading app.
- The trading cost is 15 USD.
FXTM Regulation
- It is regulated by FSCA, FCA, FSC, CMA.
Pros
- It offers MT5, MT4.
- The minimum amount for a micro account is 10 USD.
- You can monitor your FXTM trades, FXTM is also a leading copy trading system.
- It enables 1 click trading for quicker buying and selling.
Cons
- Expensive withdrawals.
4. Octa FX Forex Trading App – Best Copy Trading
OctaFX Forex trading app is a well-regulated trading platform across all mobile devices and it is also known for its range of bonuses and promotions. OctaFX copy trading app can be easily used on iOS and Android devices.
Traders can choose from any of the three trading account options, each of these accounts has a minimum of 20 USD deposit and spreads down to 0.6 pips (EUR/USD). Clients are allowed to choose from a list of master traders to compare their gain, commission amount.
Once you have compared all this, you can start copying their trades automatically. The app has well-detailed statistics on trading performance. Traders can stop their copy trades manually at any time.
OctaFX Trading Attributes;
- You can choose from over 1,000 instruments to trade from and this includes commodities, forex, CFDs, indices and many more.
- The trading cost is 6 USD.
- It is a copy trading app.
- The max leverage of the app is 1000:1.
- It is regulated by FSCA, CySEC, MISA.
OctaFX Trading Platforms;
- MetaTrader 4 (MT4): This platform provides a wide range of technical indicators, automated trading capabilities, and advanced charting tools.
- MetaTrader 5 (MT5): It enhances the features of next-generation platforms, such as multi-asset trading and advanced order types.
- OctaFx Web Trader: It offers a user-friendly and streamlined trading experience.
Pros
- Fast and free withdrawals.
- Low minimum deposit rate.
- Tight spreads.
Cons
- Limited range of assets.
- Poorly regulated.
5. XM Forex Trading App – Fastest Execution Speed
XM Forex trading app supports MT4 and MT5 accounts. Each account offers tight spreads such as a micro account, standard account and commission-based XM zero account. XM zero account starts at 1.6 pips of EUR/USD on the Micro and Standard Accounts. The spread is down to 0.1 pips with a commission of 7 USD round trip.
XM Forex App Attributes;
- Forex Trading Signals: It provides a daily forex signal to aid you in deciding when and what to trade.
- Demo Account: There is a free Demo account available to get familiar with the app.
- Free Daily Technical Analysis: It analyses the past price movements of currencies and other securities and sends it to you daily for free.
- Min deposit on the app is 5 USD.
- It allows trade on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares and many more.
- The trading cost is 6 USD.
- The max leverage of the app is 1000:1.
XM Regulation
- It is regulated by CySEC, ASIC, DFSA, FSCA.
Pros
- Free deposits and withdrawals.
- Bonus on deposits.
- Good graphics & user-friendly interface with a dark and light theme.
- Deposit & withdraw from your MT4/5 accounts without exiting the XM app.
Cons
- Runs on Android 7.0 Operating System and above.
- No Naira accounts.
6. HFM (formerly known as Hot Forex) – Best App for Forex Analysis
HFM is a forex trading app which offers commodities, shares, bonds, and indices. The HFM forex trading app is known for its user-friendly platforms, comprehensive resources and competitive trading conditions. The app features consist of in-app fund transfers, copy-trading accounts and advanced charting.
HFM App Attributes;
- Micro Account: Minimum deposit of 5 USD, fast market execution and spreads starting at 1 pip.
- Analytical tools: Daily Market Analysis from experts, a market sentiment tool.
- Trader’s Board are detailed look at the world’s markets with volume indicators and live charts.
- Trading calculators, an economic calendar, and information on upcoming live webinars with reservation functionality.
- The trading cost is 10 USD.
- The MT4, MT5 and HFM trading platforms are available as apps.
- The total max leverage is 1000:1.
- It allows trade on bonds, commodities, cryptocurrencies, energies, stock CFDs, ETFs, forex, indices, metals, stock DMAs.
HFM Regulation
- It is regulated by CySEC, FCA, DFSA, FSCA.
Pros
- Low minimum deposit.
- Good range of accounts.
- The trading account can be opened on the app.
- In-app risk calculator tools.
Cons
- Limited base currencies.
- A limited number of technical indicators.
7. Skilling Forex Trading App – Best Trading App for Beginners
The Skilling Forex trading app is available on Android and iOS devices. Skilling app is a well-designed app for beginners to find easy to use. There is a trading assistant that will walk you through the app.
Traders can easily transfer, withdraw and deposit funds and many more. There are many instruments to use like watchlists, technical indicators charts in multiple time frames, etc. It provides educational materials and market trending news.
Skilling Trader Attributes;
- Trading Platform: MT4, cTrader, skilling Trade.
- Spreads start at 0.8 pips with zero commission.
- 100 EUR minimum deposit.
- One Account With Two Platforms: Seamless integration between Skilling Trader and cTrader,
- The trading cost is 7 USD.
- The total max leverage is 500:1.
- It allows trade on bonds, commodities, cryptocurrencies, stock CFDs, forex, indices, metals.
Skilling Regulation
- It is regulated by CySEC, Fi, FSA-Seychelles.
Pros
- Copy trading accounts.
- Tight spreads.
- Great platform choice.
Cons
- No swap-free account option.
- Limited education.
How To Select The Best Forex Trading Apps
To be able to stay updated with the latest market trends, access, charts, and conduct technical analysis you need to choose the best Forex trading app. Doing this will make it easy for you to place trades from your smartphone or tablet. There are so many apps out there, so there are a few important things you need to consider;
1. Regulation and Security
Choose an app from a well-regulated Forex broker with a good reputation. However, provide a secure trading environment and are transparent about their fees, commissions, and risk management policies.
2. Fees
You must check their commission charges, spreads, or other costs associated with using the app. There are rollover fees and deposit and withdrawal fees. It is compulsory for you to understand your broker’s fee structure before starting trading.
3. User-Friendly
Don’t use an app that is too complicated for you to understand and difficult to use. Instead, look for an app that is user-friendly with an intuitive design that provides a streamlined trading experience. Good brokers provide tutorial walk-throughs of their apps to help you understand their app.
4. Trading Execution
Ensure your app is fast and reliable, making sure the orders you placed and closes are managed almost instantly. Apps with poor trade execution can greatly increase risk and cause higher losses.
5. Tools and Features
Make sure the forex trading apps has the tools to maximize your trading opportunities. Check if it offers real-time market data, advanced charting capabilities, and automated trading. Also check if you can conduct technical analysis, and set automated price alerts.
6. Demo Accounts
Choose an app with a free demo account that allows you to test out its features, to know if it meets your trading needs. Also, you can test out your trading strategies in real market conditions before using real money.
7. Financial Instruments
One thing you need to know is that brokers only allow traders to trade on a portion of the instruments available. Make sure to consider whether the instruments you prefer trading are available on the app.
Final Thought
Forex trading apps are important tools for traders in Nigeria. With these forex trading apps, you can easily access market data, risk management tools, and advanced analysis. Additionally, it’s advisable that as a beginner, you make use of a demo account to test out the app’s capabilities.
You can also use a demo account to test your trading strategies without risking real money. However, before choosing an app, it’s best you put your needs and preferences into consideration. This would help you enhance your trading experience and also improve your outcomes in the forex market.
Frequently Asked Questions
1. What Is The Best Time To Trade Forex In Nigeria?
The best time to trade forex in Nigeria is 2:00 PM to 6:00 PM WAT (West Africa Time) during which the overlap of London and New York sessions occur. This period offers the highest liquidity and volatility.
The London and New York session players play a major role in the global forex market because their activity heavily influences trading opportunities in Nigeria.
2. How Much Do I Need To Start Forex Trading In Nigeria?
The amount needed depends on the broker and the type of account. Normally, you can start with as little as $5. Brokers like HF Markets & Exness offer micro or cent accounts, which allow you to trade with smaller amounts, making it easier for beginners to access.
3. Which Forex Broker Is Best For Beginners?
XM brokers provide user-friendly platforms, educational resources, demo accounts, and excellent customer support. They have a low minimum deposit requirements, making it easier for new traders to start their trading journey.
