Best forex trading App in Nigeria
For traders from Nigeria, one of the main conditions for trading in Forex is not only access to the foreign exchange market, which is provided by a brokerage company, but also a trading terminal, which allows trading. How successful the work will be depends on the convenience, speed of deals execution and availability of auxiliary functions for complete analysis and control over the current situation on the markets.
When a trader needs to choose a trading platform, you should consider such criteria as wide trading opportunities, real-time quotes, technical analysis tools for making any kind of charts, fast order closing for taking profit.
List of the best tested forex platforms (Best forex trading Apps in Nigeria):
- FXTM Metatrader – Best forex trading platform in Nigeria.
- HotForex – Best MetaTrader trading platform with deposit bonuses.
- OctaFX MT4 – low commissions and available funding from local banks.
- XM- best forex trading app with fastest order execution.
- Tickmill MT4 – Best NDD platform with fast execution.
- Alpari ECN MT5- low spread platform.
Best forex platforms for trading in Nigeria
For our readers, we have prepared a list of companies offering the best forex trading platforms in Nigeria. For comparison we have analyzed the most important characteristics and parameters that have the greatest impact on trading: ease of use and opening deals, accuracy of quotes, user-friendly interface, functionality, speed of execution of orders. The best trading terminals offer:
1) FXTM
– instant order execution and MT5 terminal
Overall rating: 9/10.
Support: MetaTrader is available in any form: browser, mobile version or for PC.
Minimum deposit: 2000 Naira.
Maximum leverage: 1:1000.
Trading instruments: forex currency pairs, CFD on metals, stocks, indices, commodities and cryptocurrencies.
FXTM gives you access to the foreign exchange market via MT4 and MT5 platforms. The terminals are offered in a full suite and support any device: browser, desktop or cell phone.
MetaTrader trading platform is rightfully considered the best. The software has achieved tremendous success that no other application can match. Together with the features of the best Forex broker in Nigeria – FXTM, you get an optimal version of the application, which is equally useful for both novice traders and professional investors.
The FXTM MT app offers more than 250 trading instruments, a news feed and instant execution of market orders, for which the broker uses NDD (Non-Driven Trading) technology. Thus, the broker’s influence on the quotes is completely eliminated and Nigerian traders can be sure that the deals are executed directly to the liquidity providers – large banks or institutional investors.
For qualitative research of any asset in the terminal there is a full set of technical analysis tools: Gann lines or Elliott waves, trend or volume indicators. The chart is available on 9 timeframes (from 1-minute to monthly).
FXTM terminals offer additional features for clients – trades copying. Copy-trading on the FXTM platform is available in three modes: manual (analog of “social trading”), semi-automatic and automatic.
The advantages of the FXTM platform
- MT4 and MT5 platforms work on all devices: web browsers, smartphones, tablets and computers.
- Extended number of charting tools and indicators for theanalysis.
Over 250 trading tools and Expert Advisor signals.
- Fast placing of orders on the market.
Implementation of the NDD service and direct transactions to the
- interbank market without a broker.
- Integrated trade matching service.
Disadvantages of FXTM
- Relatively small selection of trading tools in comparison with other brokers.
- The browser-based version of the platform does not support news feed updates and is more suitable for technical chart analysis.
2) HotForex
– the best MetaTrader trading platform
General rating 9/10
Support: MT4, MT5 for smartphones, browser and PC.
Minimum deposit: $5.
Maximum leverage: 1:1000.
Trading instruments: currency pairs Forex, commodities, raw materials, cryptocurrencies, precious metals, bonds, ETFs.
HotForex gives Nigerian traders access to the foreign exchange market through the popular MT4 and MT5 platforms. The software supports running the terminal on all types of devices: cell phones, tablets, PCs or browsers. The broker provides high leverage for trading: up to 1:1000 on micro accounts and up to 1:500 on standard accounts.
MT5 terminal is an upgraded MT4 platform, which is considered to be the most convenient program for forex trading. The MT5 application from HotForex gives clients access to over 1200 trading instruments and work on 21 timeframes.
For technical analysis, the platform offers more than 80 indicators and an in-built economic calendar to alert traders in advance about upcoming significant events that can affect the assets in the trader’s portfolio.
The MT5 platform from HotForex is an opportunity to connect the HF Copy service. It is easy to use, signals are embedded in the broker’s trading terminal and arrive automatically. The broker does not charge any additional or hidden commissions.
Other pluses of the platform are instant order execution, without delays or requotes, one-click trading, hedging, scalping, and support for trading advisors.
Advantages of HotForex Platform
- The broker offers all versions of MT 4 and 5 terminals: for computers, browser, smartphones and tablets.
- Lower spread (there is an account with zero spread) in comparison with main competitors.
- Wide range of trading instruments in addition to standard currency pairs or CFDs on commodities and stocks, the broker offers trading in bonds and ETFs.
- Through the platform, traders can access the HF Copy service.
Disadvantages of the platform
- After analyzing and trading with the platform from HotForex, we did not identify any drawbacks.
3) OctaFX MT4
– market order execution with low commissions
Overall Rating: 8.9/10
Support: MT4, MT5 and cTrader for all devices.
Minimum deposit: $100 (36,000 nir).
Leverage: 1:500.
Trading instruments: 28 currency pairs, cryptocurrencies, CFDs on precious metals, indices and stocks.
OctaFX offers different trading platforms, depending on the account opened. Smart Trader” account opens on the MT5 platform, for beginners there is another account – OctaFX MT4 and opens with MT4 terminal. Professional ECN account is used on the cTrader platform. All terminals are adapted for trading on any device.
OctaFX is one of the few brokers, who offers trading not only on the classic MetaTrader terminal, but also on an alternative service – cTrader.
On all platforms, the use of trading robots, hedging and scalping is available. Orders are instantly executed with no delays or slippages, all types of pending or stop orders are available. Traders can trade on their own or using automatically set up trading.
One of the limitations of the platforms can be considered the lack of a wide range of trading tools, as with other brokers. With OctaFX available work only with 28 currency pairs of Forex, CFD on metals (4 assets), indices (10 positions) and three types of cryptocurrencies.
The advantages of OctaFX platforms
- In addition to the usual MT4 or 5 platform, the broker is one of the few that offers cTrader.
- The platforms support scalping, trading robots and hedging.
97.5% of trades are executed without slippage and orders are processed very quickly.
- The broker offers withdrawals through their platforms via local banks or GT Bank.
- The platforms support all types of market orders and are available on any device.
Disadvantages
- Limited number of trading instruments: only 28 currency pairs or 3 cryptocurrencies.
- Although deposits via local banks are offered, accounts are opened only in EUR and USD (naira accounts are not available).
4) XM
is the best forex trading app with fast order execution
Overall rating: 8.8/10
Support: MT4 and 5 for smartphones, browser and PC.
Minimum deposit: $5.
Leverage: 1:888.
Trading instruments: currency pairs Forex, CFD
XM offers trading on classic MT4 and MT5 applications, also available on XM WebTrader which works in browser mode. XM is a platform regulated by the most reputable commissions: ASIC and CySEC. It offers some of the lowest fees, spreads from 0.6 pips, trading more than 1,000 financial instruments and executing trades at market quotes.
5. Tickmill MT4
– NDD platform with competitive spreads
Overall Score: 8.5/10
Support: MT4 on all devices.
Minimum deposit: $100 (36,000 naira).
Leverage: 1:500.
Trading instruments: currency pairs, CFD on cryptocurrencies, precious metals, German bonds.
Tickmill offers trading on the platform using NDD technology, which excludes the participation of the broker in the opening of transactions. The broker’s MT4 has the ability to use advisors, a large number of technical tools for chart analysis, a news feed and limit orders.
The platform works on all types of devices: smartphones, tablets, PCs or browsers.It opens trades on 62 Forex currency pairs, offers trading in bonds, cryptocurrencies and precious metals.
Advantages of the Tickmill platform
- MT4 is adapted for all popular devices.
- Tickmill does not work through dealing centers, so it provides traders with direct access to the interbank market.
- Competitive spreads and instant order execution.
- The platform supports all types of order execution, automated advisors.
- 62 currency pairs are traded.
Disadvantages
- The broker does not offer traders MT5 platform.
- Limited number of instruments.
6. Alpari MT5 –
low spreads
Overall Score: 8/10
Support: MT4 and MT5 with support for all devices.
Minimal deposit: from 0 naira.
Leverage: 1:3000.
Trading instruments: 46 currency pairs, cryptocurrencies and CFDs on indices.
Alpari provides access to the foreign exchange market through its MetaTrader4 and MT5 terminals, as well as through the applications developed by the Company, available for iOS and Android. The Broker offers its own Alpari Invest application.
The broker’s platform is distributed with a wide range of technical indicators, different time intervals, all types of market orders and a news feed that allows you to follow the news online and control open trading positions.
The advantages of Alpari
- MT4 and MT5 available on all devices.
- Low spreads for most currency pairs and instant order execution for
- Standard and Nano accounts.
- The broker offers investments in PAMM accounts.
- The platform supports all types of market orders.
Minuses of Alpari
The nano and standard accounts have fewer currency pairs than the ECN accounts.
How to choose the best Forex trading platforms in Nigeria?
The main work of trading – analyzing charts, opening orders or automatic trading, all takes place in the trading terminal. To a large extent, the quality of the trader’s work depends on the quality of the trading terminal provided by the Forex broker in Nigeria.
Beginner traders should choose a simple platform with a minimal set of charts or indicators, an intuitive interface and easy to open transactions. Advanced traders may be interested in platforms with more technical tools, the ability to connect advisors, opening deals with a single click, scalping, or supplying signals to other traders (participate in programs copying deals as a signal provider).
Nigerian traders should choose a trading platform based on their preferences, trading style and experience. A trading platform can both simplify trading and create additional challenges.
When choosing software, first of all, attention should be paid to the speed of opening and closing orders, what quotes the terminal offers, the number of built-in tools for technical analysis and the ability to connect additional options (advisors or copying transactions).
The main tips for choosing a trading terminal are as follows:
Availability of a mobile version, online and for PCs.
Some brokers, who do not care about the quality of services and the interests of customers, offer trading platforms, adapted only for personal computer or browser (then trade on the account is available only in a private office).
You should choose a broker among those companies that offer trading terminals that are compatible with any modern device.
The main characteristic of Forex is volatility, which means sharp movements in quotations due to sudden political events and news. Trader should always be ready for a sudden need to close a position. At the currency market one does not make long term investments and here one makes money on fast and sharp price movements. That is why it is always necessary to have an opportunity to enter the trading terminal no matter what device the trader uses.
Support of different types of market orders
When choosing a trading terminal, it is important to consider the possibility of placing different types of orders. Depending on the market situation the deals can be opened immediately according to the market situation or it is necessary to wait until the price reaches a certain level which will be a signal for further movement on which the trader plans to make profit. The most common orders that must be provided by the broker in the terminal are limit orders to buy or sell, market orders, stop orders, stop loss.
It is recommended that beginning traders use Stop Loss type limit orders without fail. Advanced investors are more interested in limit orders.
For comfortable trading without any restrictions on the quality or quantity of performed deals, it is important for the trader to choose a platform that allows opening of all orders available on the currency market. 3.
Fast execution of orders without delays or slippage.
The trading platform should load quickly, open trades and close at the requested (in case of manual closing) or set price.
Forex market is very mobile and a delay of just a few seconds when closing a position can lead to large losses. It is necessary to choose a broker with instant execution of orders.
Our study of the platforms showed that the Forex brokers Forextime and HotForex offer traders the market orders execution through the use of the software technology NDD, which by reducing the number of participants in the process allows you to open transactions at high speed and without delays.
Tools for technical analysis of the chart available in the platform
Another important parameter when choosing a trading platform is whether the platform offers tools for a complete analysis of the price chart and the possibility to use technical advisors.
A quality trading platform is sure to offer all the necessary functions and tools for technical analysis. The program should allow the trader to work with the same chart at different time intervals, to build graphical figures in combination with indicators, to connect notifications about the occurrence of events specified by the trader.
Therefore, it is necessary to look for a platform with extensive analysis tools and the more auxiliary functions the better.
Updates and news feeds in the platform.
Despite the fact that there are many more supporters of technical analysis, the role of fundamental analysis in a trading strategy cannot be excluded. It is important to keep abreast of upcoming news because they have a big influence on the price of currency pairs, often for a short period of time. But it can also be sufficient to cause losses of investor’s deposit.
That is why a full-fledged trading platform should have a news delivery function so that the investor can make trading decisions online when the news is released.
Also the platform should have timely updates, including training material, because the market is constantly evolving and it is necessary to get acquainted with new trading tools in time.
Is the spread on the trading platform low?
The spread also determines which platform a trader chooses. Depending on the broker, the spread can be floating or fixed. For each currency pair it is calculated separately.
You should choose a platform and a broker that offers minimal spreads. Among such in our review are HotForex or FXTM. Many brokers also offer zero spreads, which are compensated by the presence of a commission per lot. It is necessary to calculate in advance which type of account will be more profitable for the trader. Also, find out if the broker has any additional fees and charges for using the platform or an inactive account.
Summary
The trading platform is one of the key elements of successful Forex trading, so it is given close attention when choosing a Forex broker in Nigeria.
The terminal, through which the broker gives the clients access to trade, should be able to work with different financial instruments, allow the trader to carry out full-fledged technical analysis with the help of indicators or charts built into the interface. Provide clients with exact quotations in the real-time mode, instantly open or close positions and protect personal data of clients.
The platforms considered in the rating are mainly MetaTrader4 and MT5, providing high quality execution of deals with simultaneous provision of all necessary applications and programs for complete market analysis and making timely decisions on open positions. Such software is easy to work with, both for the novice trader and the advanced trader. Therefore it is more reasonable to look for the broker promoting MT4 or MT5 applications.
