For Nigerian traders, apart from fees or other charges, the trading platform remains the most important consideration when choosing your forex broker. The best forex trading platforms should offer a downloadable desktop, mobile apps or web-based trading platforms.
If you are wondering how to choose the best forex trading platform in Nigeria, make sure you look for one that has excellent trading features, live data, custom views and flexible charts to secure your profits.
Nigerian forex traders need a platform they can trust during the trading process.
To help you find the best forex trading platform, we've tested every platform. Here we go.
6 Best Forex Trading Platforms in Nigeria for 2022
- FXTM Metatrader – Best Forex Trading Platform in Nigeria
- Hotforex – Best Metatrader Trading Platform with Deposit Bonus
- XM– Best forex trading app for fast order execution
- Tickmill MT4 – Best NDD Trading Platform with Fast Execution
- Alpari ECN MT5 – Low Spread Platform
Best forex trading platforms in Nigeria
Here is our detailed list of brokers offering the best forex trading platforms in Nigeria. We compare usability, functionality, trading costs, order execution and more over the last 6 months:
1. FXTM Metatrader: Instant Order Execution & MT5 Platform
general evaluation9/10
Visite FXTM
- Supports:Metatrader for desktop, web and mobile
- Minimum deposit:₦2000
- maximum leverage:1:1000
- Trading Instruments:Forex, cryptocurrencies, CFDs on stocks
#1 Forex Platform in Nigeria
MT4 and 5 are FXTM's forex trading platforms. It comes with full web, desktop, and mobile support.
FXTM's MetaTrader software is one of the best we've traded with to date and offers Nigerian forex traders the most advanced features. For traders, this includes over 250 trading instruments, fast order execution, trading signals, a wide range of order types, news feed, privacy protection and much more. FXTM MT4 and MT5 platforms are available for Desktop, iPhone, iPad, Android and Mac. The MT5 WebTrader platform is also available.
Advanced technical analysis charting tools include: Fibonacci and Gann tools, channel lines, etc.) and nine timeframes. In addition, the technical analysis package includes 30 built-in indicators, over 2,000 free custom indicators, and 700 purchasable indicators.
Their platform also supports multiple orders including market orders, limit orders, stop loss and more. They also have a newsfeed built into their metatrader. Additionally, FXTM offers VPS for automated trading.
The FXTM platform also supports copy trading. This is an innovative FXTM program in which Forex traders can invest by copying the manager's trades.
Benefits
- MT4 and MT5 platforms available for web, desktop and mobile
- Advanced charting tools, indicators and support for EAs
- Run jobs quickly without freezing or downtime
- There is a wide range of trading instruments available
- News feed is available to all traders
- Supports multiple order types including limit orders, stop loss, etc.
Disadvantages
- FXTM webtrader can only be used for technical analysis as it does not support news updates
- Fewer stocks and CFDs available than other platforms
- Their spread and trading fees with their standard accounts are higher than other forex brokers. But the fees are competitive with ECN accounts.
To learn more, read our in-depth FXTM review
2. Hotforex – Best Metatrader Trading Platform
general evaluation9/10
Visite Hotforex
- Supports:MT4, MT5 for desktop, web and mobile
- Minimum deposit:$ 5
- maximum leverage:1:1000
- Trading Instruments:Forex, cryptocurrencies, CFDs on stock indices, commodities, metals
#2 Forex Platform in Nigeria
HotForex offers the latest Metatrader 5 and MT4 platforms for Nigerian traders. It supports mobile, desktop and web devices. For trading currency pairs, HotForex offers an impressive but risky leverage ratio of 1:1000.
The HotForex MT5 terminal offers 21 different timeframes, superior analytical tools, trading on HotForex asset classes, nearly 100 simultaneous charts, hedging and one-click trading. Offers over 80 technical indicators and a built-in economic calendar.
The value of its platform is that you can access the account from anywhere with your iPhone, interactive charts for 9 timeframes, advanced trading features, one-click trading, 24 analytical objects and 30 technical indicators.
Another plus point is that Hotforex Metatrader offers fast order execution, a news feed, multiple order types and support for EAs.
Benefits
- Hotforex offers MT4 and MT5 with desktop, mobile and web-based versions
- Lower spread than other forex brokers for most currency pairs
- More technical indicators are available on its platform
- Supports news feeds and various order types
- Copy trading support with HF Copy
Disadvantages
- We haven't found any downsides with their platform so far. We'll update you as soon as we find something new.
Also read our detailed Hotforex review
3. OctaFX MT4: Fast order execution and low fees
general evaluation8.9/10
Visite a OctaFX
- Supports:MT4, MT5 and cTrader for desktop, web and mobile
- Minimum deposit:$ 100 (₦ 36.000)
- maximum leverage:1:500 (variable depending on account type)
- Trading Instruments:28 currency pairs, 3 cryptocurrencies, CFDs on indices, metals
Ranked 3rd forex platform in Nigeria
OctaFX offers Metatrader 4 with your Micro account, MT5 platform with your Pro account and cTrader with your ECN account. All of their platforms support cross-device for web, desktop, and mobile.
OctaFX is one of the few forex brokers that offers both Metatrader and cTrader.
They offer market execution with all their platforms and most orders are executed quickly and without slippage. Furthermore, they allow for scalping and hedging, as well as Expert Advisors and custom indicators. VPS service is also available with your MT4 platform.
On the other hand, their platforms have limited assets. Its currency pairs are limited to 28 and CFDs are limited to 4 metals, 2 energies, 10 indices and 3 cryptocurrencies i.e. H. Bitcoin, Ethereum and Litecoin, limited.
Benefits
- In addition to offering MT4, OctaFX is one of the few brokers to offer cTrader and the latest MT5.
- Their platforms support hedging, scalping and EAs
- Its order execution time is very fast as 97.5% of orders are executed without slippage
- They offer local deposits and withdrawals through GT Bank on their platforms
- Mobile trading support (using MT4, MT5 and cTrader) and availability of multiple order types and up to 21 timeframes with your MT5 platform.
Disadvantages
- OctaFX's MT4 platform has limited features. Only 28 currency pairs, CFDs on 2 metals, 4 indices and 3 cryptos.
- While they offer local deposits and withdrawals in NGN, Naira accounts are currently not available. You can only open a USD or EUR trading account.
Also read our detailed OctaFX review
4. XM - Best Forex Trading App for Fast Order Execution
general evaluation8.8/10
XM Tour
- Supports:MT4, MT5 for desktop, web and mobile
- Minimum deposit:$ 5
- maximum leverage:1:888
- Trading Instruments:Forex, 1000+ CFDs on stocks, indices, commodities, metals
Ranks #4 Forex Platform in Nigeria
XM also offers Metatrader trading app, desktop app and web app. XM is one of the most reputable low cost forex trading platforms regulated by ASIC and CySEC.
5. Tickmill MT4: NDD platform with very competitive distribution
general evaluation8.5/10
Visite Tickmill
- Supports:Metatrader for desktop, web and mobile
- Minimum deposit:$ 100 (~₦ 36.000)
- maximum leverage:1:500
- Trading Instruments:Forex, CFDs on stock indices, precious metals
Ranked 5th forex platform in Nigeria
Tickmill offers the Metatrader4 and Webtrader platform with its Classic and Pro accounts. But they don't offer the latest MT5 platform. Their MT4 platform supports all devices including desktop, web and mobile.
Tickmill has a 100% NDD forex platform, which means there is no conflict of interest with its clients. Your MT4 has full support for EAs, various charts, news, limit orders and much more. They offer market execution and we have found order execution to be very fast with no delays.
Furthermore, your MT4 is compatible with Windows, Mac, Android, iOS and Webtrader. Their platform has 62 currency pairs, which is more than other platforms, but their other instruments are limited. They only offer 15 stock indices and 2 metals in addition to forex trading.
Benefits
- Metatrader 4 for multiple devices including web, desktop and mobile.
- Tickmill does not have a dealing desk platform, so there is no conflict of interest with its clients and orders are placed directly with its liquidity providers.
- Very competitive spread for most currency pairs and fast order execution speed.
- Their platform supports multiple charts, order types and EAs for automated trading.
- Forex trading available for 62 currency pairs.
Disadvantages
- They don't offer the latest MT5 trading platform.
- Very few trading instruments other than forex. Your CFD trading options for stock indices and metals are limited.
6. Alpari ECN MT5: Low Dispersion
general evaluation8/10
Visit to Alpari
- Supports:MT4 and MT5 with multi-device support
- Minimum deposit:€ 0
- maximum leverage:1:1000
- Trading Instruments:46 forex pairs, cryptocurrency, CFDs on indices
6th ranked forex platform in Nigeria
Alpari offers Metatrader MT4 and MT5 platforms and also offers its proprietary mobile trading app for Android and iOS. In addition, they have the Alpari Invest app for PAMM investors and account holders.
Alpari has the latest MT5 software for Nigerian traders and offers solid features with no freezes or downtime. They offer instant order execution with Nano, Standard accounts and market execution with their ECN accounts.
Their Metatrader has multiple timeframes, order types and many technical indicators for technical analysis. Also, they have an integrated news feed to follow all the news during your trading.
They also have a PAMM account for investors and an app to help you keep track.
Benefits
- MT4 and latest MT5 platforms supported on all 3 devices. They also have their own mobile app.
- Instant order execution with your nano and standard accounts. And very low spread for most currency pairs.
- 46 currency pairs available with your MT5 ECN account and 18 CFDs.
- The News Feed and Education section is available
- Supports limit and stop loss orders.
- Alpari has its own app for investors with PAMM accounts.
Disadvantages
- Fewer options for currency pairs with your Nano and Standard Metatrader accounts.
Read our in-depth Alpari reviewto see why we rank them #6 across platforms.
How to choose the best Forex trading platforms in Nigeria?
Forex trading platforms can vary widely and offer different functionality and features. To find the best solution, it's important to ask the right questions.
If you are a new trader, you need simple and easy to use platforms without too many indicators or complex ordering functionality to confuse you. Professional or advanced traders may need more advanced charting tools and indicators, including EAs and code add-ons implemented directly in the platform.
Nigerian forex traders should only choose a platform that is best suited for their trading strategy. Good forex trading platforms simplify research and analysis, making even the most advanced charting tools and EAs easy to use.
Your trading skills and strategy should be the determining factor which platform you should choose. In general, be sure to look for one with excellent trading features, lag-free live data, flexible charting tools, EAs and fast order execution.
All forex brokers offer their trading platforms to their demo and live clients free of charge and can be downloaded from the broker's website.
Here are the tips to remember when choosing a forex trading platform:
1. Mobile, desktop and web support
Some brokers only allow trading through a web-based interface or only on mobile without a desktop interface.
Choose a broker that offers trading platforms that are compatible with all devices such as Mobile and Tablet as well as desktop so you can easily trade on the go or remotely.
Suddenly, you may need to open or close your orders even if you are not in front of the trading screen. A broker that offers a platform with a mobile interface would allow you to do just that. You can trade easily and conveniently.
2. Support for multiple order types
A good platform gives you the opportunity to place multiple types of orders. The most common orders you may need to place on the market are market orders, entry limit orders, entry stop orders, stop loss orders, trailing stop orders, one triggers the other and more.
For advanced traders, the availability of various order types should be a very important requirement. And beginners would also need to place limit orders and stop losses.
It is even more important for traders to opt for only one platform that makes it possible to place all types of orders. So first ask your broker what types of orders they support on their platform and then decide.
3. Fast order execution with no delays or requotes
The trading platform must also be quick to load, place orders, close orders and perform any necessary actions without crashing or crashing.
Orders must be placed quickly and the trading platform must have a good track record of managing requotes with minimal downtime.
Any delay in executing your order could mean the difference between a profitable trade or a losing one. Find out whether your platform has instant/fast order execution or not.
In our research,Forextimeprovides market execution andXM-Forexclaims no bounce policy with guaranteed execution, and both scored top marks in terms of fulfilling orders without delays.
4. Technical tools available on the platform
Does your trading platform offer extensive charting tools such as trend lines, moving averages, EAs, the ability to add technical indicators and much more?
A good trading platform should provide easy access to many technical tools for analyzing financial instruments and markets.
The platform should also have a variety of features and functionality that include simultaneously browsing charts, changing chart types, scheduling and automatic execution of trades, analytical tools and news updates. Notifications, alerts, analytical objects, technical indicators and charting tools must be up to date.
Therefore, look for a platform that has extensive technical analysis tools.
5. News feed and educational updates on the platform
Even if you are not a fundamental trader, you still cannot ignore the news. What if you place your order without knowing about upcoming news that could affect your trading and increase market volatility, which could result in the impact of your stop loss?
Because of this, news and educational updates on the platform can provide valuable market insights for all traders. Intermediate and advanced traders can benefit from news updates that provide actionable information before placing a trade.
Also, updates on training and free video tutorials on one platform, FAQs and multilingual support are a nice bonus for beginners. This provides a good opportunity to familiarize yourself with trading tools and increase your experience or further enhance your trading skills.
6. Is the spread small?
The spread and trading fees offered by the broker on its platform is an absolutely vital consideration.
For each executed trade you will be charged a fixed or variable spread by the broker. These are brokerage fees, which represent the difference between the purchase and sale price of assets before profits can be liquidated.
You should choose a platform with a broker that offers the lowest spread for the currency pairs and instruments you want to trade. Also, check for any hidden commissions and fees for using the platform.
While the platforms are free with most brokers, some brokers may even charge additional fees for using their platform and may also charge additional fees during inactivity. So make sure you check the brokerage fees for using the platform before committing to it.
Diploma
The trading platform is one of the most important considerations you need to take into account when looking for the right FX broker in Nigeria.
The platform should be user-friendly with symbols like currencies and analytics on different timeframes. Technical indicators must be easily accessible.
Exceptional forex trading platforms must have accurate forex quotes and reliable trade execution. good order placement, accounting, technical and fundamental analysis tools, strong data security and minimization of system downtime.
Popular trading platforms include MetaTrader 4 and 5. These are popular and versatile trading platforms in the forex market. These platforms offer simple charting tools and quick multi-order placement, analysis over timeframes, and technical indicators for popular currency pairs.
The MT4 and MT5 platforms also offer automated trading and social/copy trading features. Therefore, it is better to choose a broker that offers Metatrader platforms.
Comparison table of best forex trading platforms in Nigeria
| forex broker | Forex Trading Platform(s) | Supports | to enjoy | account minimum | Trading platform(s) | start trading |
|---|---|---|---|---|---|---|
| FXTM | MT4, MT5, Web Trader | Computer, web and mobile | 1:1000 | ₦2000 | 50+ Forex, Cryptocurrencies, Metals, Stock CFDs | starting |
| Hotforex | MT4, MT5 | Computer, web and mobile | 1:1000 | $ 5 | Forex, Cryptocurrencies, Metals, Stocks | starting |
| OctaFX | MT4 (my Micro account), MT5 (Pro account) and cTrader (ECN account) | Computer, web and mobile | 1:500 (variable) | $ 100 (₦ 36.000) | 28 currency pairs, 3 cryptos, CFDs on 4 metals, 10 indices | starting |
| XM | MT4, MT5 | Computer, web and mobile | 1:888 | $ 5 | Forex, CFDs on metals, stocks | starting |
| Tickmühle | MT4 | Mobile, Web, Desktop | 1:500 | $ 100 | 62 currency pairs, CFDs on 2 metals, 15 indices | starting |
| Alpari | MT4, MT5 from Alpari Invest-App | Computer, web and mobile | 1:1000 | € 0 | 46 currency pairs Forex, cryptocurrencies, CFDs on metals, indices | starting |
common questions
What is the best platform for forex trading in Nigeria?
FXTM,HotForex& Exness are considered to be good forex trading platforms for traders in Nigeria. Any forex broker that is well regulated with multiple high level regulations, has low fees, a MetaTrader platform and easy withdrawals is considered good.
Which Forex trading platform is good for beginners?
Beginners should consider a broker's platform that is regulated by one or more top tier regulations. This makes it a secure platform for traders and you can be confident that your trading funds are protected. The... Thetrading platformsin our list are considered low to medium risk brokers.
Can I start trading forex with $10?
While there are forex brokers that accept a deposit as low as $5 like HotForex, it is recommended not to trade with too little capital. Trading with little capital usually means going for very high leverage and putting a lot of your money at risk. You should trade with enough capital that you don't have to use more than 1:30 leverage in Forex.
FAQs
What is the best forex trading platform in Nigeria? ›
- AvaTrade - Trading App with Great Risk Management.
- FXTM - Best App for Automated Trading.
- HFM - Best App for Forex Analysis.
- XM - Fastest Execution Speed.
- IC Markets - Best cTrader Mobile Experience.
- Skilling - Best Trading App for Beginners.
- markets.com - Most Instruments to Trade in an App.
- XTB - Best Regulated Trading App.
FBS – Best Forex Broker in Nigeria
Who FBS is for: With a wide range of accounts, FBS will appeal to experienced traders looking for high leverage and low fees or beginners looking for low minimum deposits and cryptocurrency trading.
- Best Forex Brokers.
- CMC Markets: Best Overall and Best for Range of Offerings.
- London Capital Group (LCG): Best for Beginners.
- Saxo Capital Markets: Best for Advanced Traders.
- XTB Online Trading: Best for Low Costs.
- IG: Best for U.S. Traders.
- Pepperstone: Best for Trading Experience.
- Manage expectations when trading a $100 trading account.
- Risk management still applies.
- Get a broker that offers you nano lots.
- Get your feet wet, but look to scale up your trading account over time.
- If you can't find a broker that offers you nano lots, then trade a lower timeframe with a smaller stop loss.
- Pepperstone. Pros. Extensively regulated. No minimum deposit. ...
- XTB. Pros. Regulated by the FCA. Low forex fees. ...
- AvaTrade. Pros. Worldwide regulated. ...
- Olymp Trade. Pros. Low minimum deposit. ...
- FXTM. Pros. Regulated by FCA and CySEC. ...
- Saxo Bank. Pros. Heavily regulated.
- PiggyVest. One of the most reliable investment apps in Nigeria is PiggyVest. ...
- Cowrywise. Cowrywise has been in existence for over 20 years. ...
- Pillow. ...
- I-invest. ...
- Carbon. ...
- AfrInvestor.
The Euro/US dollar pair is regarded as the most profitable currency pair in forex for the following reasons; High Liquidity: The European economy is the second-largest globally, while the US is the largest.
What is the name of the richest Forex trader? ›Paul Tudor Jones
Jones was also the chairman of the New York Stock Exchange between 1992-1995 and found the Robin Hood foundation. Today, according to Forbes, he is the richest forex trader in the world with an estimated net worth of $7.5 billion.
Cardinalstone Securities Limited, Stanbic IBTC Stockbrokers Limited, APT Securities and Funds, and seven other firms have emerged as the top-performing stockbroking firms in Nigeria, having traded shares worth 66.02 percent of the value of transactions on the trading floor of the Nigerian Exchange Limited (NGX) in 2022 ...
What is the most trusted trading platform? ›- Merrill Edge.
- Interactive Brokers IBKR Pro.
- J.P. Morgan Self-Directed Investing.
- TradeStation.
- Zacks Trade.
- Firstrade.
- Ally Invest.
- Charles Schwab.
Which forex broker is safest? ›
Winner: IG
All jurisdictions considered, we ranked IG as the most trusted forex and CFDs broker for our 2023 Annual Awards.
With 1:100 leverage, your need to choose ($500 * 0.02) / 100,000 * 100 = 0.01 lots. With $1000 on your account, you will be able to trade ($1000 * 0.02) 100,000 * 100 = 0.02 lots.
How much can you make with $1000 in forex? ›In the foreign exchange markets, leverage is commonly as high as 100:1. This means that for every $1,000 in your account, you can trade up to $100,000 in value. Many traders believe the reason that forex market makers offer such high leverage is that leverage is a function of risk.
What lot size is good for $50 forex account? ›$5,000 x 1% (or 0.01) = $50. In this case, at 10 000 units (or one mini lot), each point move is worth $0.1.
Which platform is legit in Nigeria? ›Bamboo is another legit investment platform in Nigeria. Bamboo is an investment company that allows Nigerians to invest in 3000+ US Stocks on the go, from their smartphones. Bamboo allows Nigerians to invest using Naira or Dollars. Additionally, investments can be diversified by using ETFs.
Which app is better to trade? ›Answer: Angel Broking, 5paisa Online Trading app, Sharekhan app, Motilal Oswal MO Investor app, HDFC Securities, and Stock Edge are some of the best stock trading apps for beginners. They offer you learning resources and expert guidance for maintaining your portfolio.
Which trading platform is best for beginners? ›- TD Ameritrade — Best Online Broker for Beginners.
- Fidelity Investments — Runner Up, Best Online Broker for Beginners.
- Charles Schwab — Best Online Broker for Customer Service.
- Fidelity — Runner Up, Best Online Broker for Customer Service.
- TD Ameritrade — Best Online Broker for Educational Resources.
Stock and Forex trading is legal in Nigeria, provided that the trader or broker adheres to the regulations and guidelines that govern the industry. Surprisingly, unlike in many other parts of the world, such as the USA, Forex trading in Nigeria is not heavily regulated.
Is forex profitable in Nigeria? ›Even though Forex trading is a relatively new development in Nigeria, it has become quite popular. Many people are interested in joining forex trading and becoming consistently profitable traders. Nigeria is a developing country, and Nigerian traders nowadays have many opportunities to make money.
How do I start trading forex in Nigeria? ›- Get an online connection. You can get connected to a forex broker through any online device, but it's usually good to trade primarily from a home office. ...
- Pick a reputable broker. ...
- Open your account. ...
- Fund yourself. ...
- Install your trading platform. ...
- Profit.
Who is the richest Nigerian forex trader? ›
Uche Paragon $20 million
Making the number 1 on our list of the top 10 richest forex traders in Nigeria in 2022 is Uche Paragon. He is Nigeria's wealthiest forex trader, with an estimated net worth of over $20 million.