While currency exchange rates fluctuate on a daily basis, the foreign exchange market is considered to be very stable in nature. This is because the currencies are always bound to each other and they depend on each other. It is important to note that if one currency loses value, another one gains value.
The sheer size of Forex also means that there’s never a shortage of trading opportunities. This is because the foreign exchange market has no single location as it is decentralized. All of these factors make Forex an extremely attractive option for traders and investors who want to earn money from the financial markets.
Table of Contents
Best Apps For Forex Traders
Trade Interceptor
Trade Interceptor is another popular trading app available for iPhone and Android users. The app provides traders with a host of options, including the ability to trade currency pairs, binary options, and commodity futures through a choice of forex brokers. The interface offers analysis and technical trading tools, including nearly 100 technical chart indicators.
Trade Interceptor also provides access to live, streaming price quotes and price charts, including the latest Bitcoin prices. Traders can set alerts for price levels or news releases, and the app provides access to the daily economic news calendar and real-time market news. There is also a feature that allows traders to do simulated trading and backtest trading strategies using historical price data.
Bloomberg Business Mobile App
Bloomberg offers a number of mobile applications for iPhone and Android, but access to some of these apps requires that the users have current subscriptions to Bloomberg services. However, even its basic business mobile app is more than sufficient for most traders whose primary interest is real-time access to the latest market news.
The app offers access to global financial markets and business news, market price data, and portfolio tracking tools. The menu is customizable, and the app’s Watchlist feature lets traders track and analyze their current market positions in currencies, commodities, stocks, mutual funds, and exchange-traded funds (ETFs) with charts and information summaries. Users can also watch Bloomberg TV live through a streaming video feed.
thinkorswim Mobile
One of the most popular trading apps provided by a broker is TD Ameritrade’s thinkorswim Mobile, a full-service trading platform application. thinkorswim allows TD Ameritrade clients to trade currencies, options, futures, and stocks with an easy-to-use, on-screen interface. Users can access live, streaming charts that they can load with common technical indicators or even chart study tools that the user has created for themselves.
For up-to-the-minute business and financial market news, users can access live, streaming CNBC broadcasts. Active traders can use the thinkorswim Mobile app to monitor their positions, orders and accounts, make account deposits, and modify trading orders or alerts through their smartphones. The myTrade community feature lets users connect and communicate with fellow traders. Additionally, investors can test out their trading strategies with the paperMoney trading simulator feature on thinkorswim Mobile.
Learn the Basics of Trading and Investing
Looking to learn more about trading and investing? No matter your learning style, there are more than enough courses to get you started. With Udemy, you’ll be able to choose courses taught by real-world experts and learn at your own pace, with lifetime access on mobile and desktop. You’ll also be able to master the basics of day trading, option spreads, and more. Find out more about Udemy and get started today.
forex mobile apps
To create this list we tested the trading apps of 160+ Forex brokers in Nigeria. All these trading apps are verified safe to use and free to download. They all provide traders with ways to open and close trades from a mobile device.
To test these mobile apps, we downloaded and installed them on Android and iOS devices and connected our live trading accounts. While trading on the mobile apps, we tested the platform stability and execution speed. We also compared their fees and checked how easy it was to deposit and withdraw money from our trading account.
Below this list are reviews of each trading app highlighting their features and explaining why they are on the list. We also share our expert knowledge on the advantages and disadvantages of trading on a mobile phone. These are the best Forex trading apps in Nigeria for 2022.
AvaTrade – Best Forex Trading App
HotForex – Best App for Forex Analysis
XM – Fastest Execution Speed
FBS – Highest Leverage Mobile Trading
IC Markets – Best cTrader Mobile Experience
markets.com – Most Instruments to Trade in an App
XTB – Best Regulated Trading App
FXTM – Best App for Automated Trading
Best Forex Trading Apps 2022
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How to Choose a Forex Trading App
Forex trading apps are all different, but the best apps will have fast trade execution speeds, comprehensive functionality, platform stability and the full range of assets to trade.
Fast Execution Speed: Fast execution speed is an essential feature of the best Forex apps. While execution speed still partially depends on the mobile device’s connection to the internet, the app itself mustn’t suffer any loss in execution speed when compared to the desktop version of the platform.
Full Functionality: Trading apps should match their desktop versions’ functionality and feel familiar to the desktop platform users. While charts on a mobile device will be less customizable than on a desktop, there should be some of the more popular custom indicators and common timeframes functions found on the desktop version.
Platform Stability: A stable iOS or Android trading app is an absolute necessity. Should your app crash while trades are open, you risk losing capital should the markets are move against your position. Platform stability is an absolute necessity and should never be compromised.
AvaTrade – Best Forex Trading App
AvaTrade’s flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTradeGo provides a stable trading experience with an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. AvaTrade’s fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
AVATRADEGO FEATURES
Choose from over 1,000 instruments to trade, including Forex pairs, Commodities, Stocks, Cryptocurrencies and more
AvaProtect loss protection: Any losses are fully refunded, but any gains are the traders to keep
Market Trends: Monitor social trends, see what other traders buy and sell, and stay on top of your trades
Secure deposits, FSCA-regulated and 24/5 Customer Support
REGULATION [4]
TRADING CONDITIONS [5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [5]
Pros
Good for beginners
Well regulated
Low minimum deposit
Cons
Dealing desk
Limited market analysis
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
HotForex – Best App for Forex Analysis
HotForex offers trading on Forex, commodities, indices, shares, bonds, and ETFs through the new HotForex HF App. Other app features include in-app fund transfers, advanced charting, and access to HotForex’s HFcopy and PAMM copy-trading accounts. Other features include a live rate stream for CFDs on Forex, commodities, stocks and indices, a market news stream and the latest analysis published by the HotForex research team.
HF APP FEATURES
Micro Account: with a 5 USD minimum deposit, fast market execution and spreads starting at 1 pip.
Analytical tools: Daily Market Analysis from experts, a market sentiment tool, and Trader’s Board – a 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.
A dedicated section for copy-trading: Monitor the status of investments, allocate funds and manage your portfolio.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [5]
Pros
Low minimum deposit
Tight spreads
Well regulated
Good range of accounts
Cons
Limited base currencies
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
XM – Fastest Execution Speed
XM is a well-regulated broker supporting MT4 and MT5 native XM apps with three account types: A Micro Account, Standard Account and a commission-based XM Zero Account with super-tight spreads. Each account offers tight spreads, with the EUR/USD starting at 1.6 pips on the Micro and Standard Account. The XM Zero Account has spreads down to 0.1 pips with a commission of 7 USD round trip. For beginners, education and research are some of the best globally.
XM APP FEATURES
Both MT4 and MT5 trading platforms are available as apps
Trade on Forex, stock CFDs, commodities, equities, precious metals, energies, and shares
99% of trades are executed in less than a second with a 100% execution rate. No re-requotes or rejections of orders.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [5]
Pros
Well regulated
Excellent education
Free deposits and withdrawals
Cons
Dealing desk
Wide spreads on its entry-level accounts
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 888:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
FBS – Highest Leverage Mobile Trading
Founded in 2009 and regulated by the FSCA in South Africa, FBS is a hybrid STP/ECN broker offering trading on Forex, commodities, cryptocurrencies, metals, and equities on the MT4 and MT5 trading platforms and the FBS Trader app. With five live accounts and a minimum deposit of 1 USD on its smallest account, clients have access leverage of up to 3000:1 on most accounts. Only available on Android, but coming to iOS devices soon, the new FBS Trader app offers an all-in-one multi-asset trading platform for online trading anywhere.
FBS TRADER FEATURES
More than 100 global and local payment methods. Deposit and withdraw at any time, 24/7
20% Cashback for every order on trading Forex, stocks, and other assets
24/7 chat support and demo trading from inside the app
Trade over 35 crypto pairs and crypto crosses 24/7
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [3]
EDUCATION & RESEARCH [4.5]
Pros
Tight spreads
Low minimum deposit
Excellent education
Excellent market analysis
Cons
Limited range of assets
Extreme leverage
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.80 pips on trading account with lowest minimum deposit. Max leverage 3000:1. Islamic account available. MT4 & MT5 platforms supported. FBS is regulated by ASIC, CySEC, the FSCA, and the IFSC.
IC Markets – Best cTrader Mobile Experience
IC Markets is an Australian ECN broker with two Raw Spread Accounts and a Standard Account, all with variable spreads, on the MT4, MT5 and cTrader platforms. Mobile apps are supported for all trading platforms, but for traders interested in the best mobile cTrader experience, IC Market’s cTrader Raw Spread account is industry-leading and available on the IC Markets cTrader app for iOS and Android.
The cTrader Raw Spread Account features a smaller commission than the normal Raw Account (3 USD per lot vs 3.50 USD per lot), and spreads are often down to 0 pips, averaging 0.1 pips on the EUR/USD pair. The cTrader app provides the same access to tight spreads, deep liquidity and reliable 24/7 customer service that IC Market is known for, it also features single-tap execution and a split-screen interface for tablets.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [5]
DEPOSIT & WITHDRAWAL [4]
EDUCATION & RESEARCH [5]
Pros
Well regulated
Tight spreads
Wide range of assets
Great platform choice
Cons
High minimum deposit
Limited market analysis
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.
Markets.com – Most Instruments to Trade in an App
Markets.com mobile trading app, called Marketsx, offers fast, low-cost trading on over 2,200 financial instruments. The app has been natively designed for both iOS and Android, providing a smooth and stable trading experience. Founded in 2010, Markets.com’s offers trading on financial instruments including stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds.
MARKETSX FEATURES
Low trading costs, with spreads starting at 0.6 pips on the EUR/USD and no commission.
Over 2000 global shares, 67 currency pairs, 41 global indices, 27 commodities (including everything from gold and copper to wheat, cotton, and heating oil), 60 ETFs, 7 cryptocurrencies, and 4 government bonds.
23 of Marketsx exclusive Blends CFDs. Blends are stock baskets of industry-leading companies.
Built-in advanced charting – trendlines, channels, pitchforks, Fibonacci Retracements, and more.
A range of tools that use data from leading analysts, hedge funds, and commentators. Each tool has integrated buy and sell buttons.
REGULATION [4.5]
TRADING CONDITIONS [5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [4.5]
EDUCATION & RESEARCH [3.5]
Pros
Well regulated
Tight spreads
Wide range of assets
Fast and free withdrawals
Cons
High minimum deposit
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4, MT5, and Marketsx platforms supported. Markets.com is regulated by the FCA, CySEC, ASIC, and the BVI FSC
XTB – Best Regulated Trading App
XTB has successfully incorporated many of its desktop xStation trading platform’s features into the xStation mobile app. With a smooth and intuitive design, the transparent charts (also available horizontally) allow clients to track market movements accurately. XTB has relatively low fees compared to many brokers, with no minimum deposit requirement and spreads averaging 0.9 pips (EUR/USD). XTB offers trading on over 1500 financial assets including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies.
XSTATION APP FEATURES
Access XTB’s award-winning market analysis and market sentiment from inside the trading app
Control your take-profit and stop-loss directly on the chart or through the integrated trading calculator
Filter instrument classes and set favourites with the market analysis dashboard.
Fully customisable layout. Traders can also choose between light and dark mode, saving battery and keeping clarity.
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4]
DEPOSIT & WITHDRAWAL [3]
EDUCATION & RESEARCH [5]
Pros
Well regulated
Tight spreads
Low minimum deposit
Good for beginners
Cons
Limited platform choice
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.40 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. xStation5 platform supported. XTB Group is regulated by CySEC, FCA, the DFSA, and the IFSC
FXTM – Best App for Automated Trading
Through the FXTM Trader mobile app, traders can access FXTM’s complete range of CFDs, including Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies. With FXTM Trader you can open and close positions in seconds, fetch live currency rates, manage your trading accounts, and supervise your FXTM Invest copy-trading account. Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker.
FXTM TRADER FEATURES
Monitor your FXTM Invest, FXTM’s leading copy trading system
Micro Account with a 50 USD minimum deposit
Trading on Forex, commodities, metals, stocks, and indices from within the trading app
Access to the MyFXTM dashboard, letting you deposit, withdraw and monitor your funds in seconds
Enable 1-click trading for even quicker buying and selling
REGULATION [4]
TRADING CONDITIONS [4.5]
TRADING PLATFORMS [4.5]
DEPOSIT & WITHDRAWAL [3]
EDUCATION & RESEARCH [5]
Pros
Good for beginners
Excellent education
Well regulated
Low minimum deposit
Copy trading accounts
Cons
Expensive withdrawals
Visit Broker
Read Review
AlertAccepts Nigerian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.
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