If you’re a forex trader, you know how important it is to stay on top of market trends and monitor your trades throughout the day.
To help you manage your daily trading activities; we’ve compiled a list of reliable apps that you can use to trade. It’s crucial to choose the right trading app to avoid any significant losses, so we’ve done the research for you and put together a comprehensive list of the best forex trading apps in Lagos, Nigeria.
This list includes apps with beginner-friendly features, as well as those for experienced traders. You’ll find everything you need to know about forex trading apps in this post.
What is a Forex Trading App?
Foreign exchange, also known as Forex, is a decentralized global marketplace where individuals exchange foreign currencies at specific rates, known as exchange rates.
Forex trading involves buying and selling these currencies at varying rates. The market remains open 24/7, allowing investors to trade currencies digitally. It’s important to note that exchange rates are constantly fluctuating and can change at any time.
A forex trading app serves as a bridge between traders and the stock market, facilitating transactions through a network of interconnected computer systems that connect traders from all over the world.
Best Forex Trading App in Lagos, Nigeria
- HFM App
- AvaTrade
- Exness
- RoboForex
- OctaFX
- FXTM
- InstaForex
7 Best Forex Trading Apps in Lagos, Nigeria
1. HFM App
HFM formerly known as Hot Forex, is one of the best Forex Trading apps in Lagos. Founded in 2010 by HF Markets and incorporated as an international trading company in 2015, HFM offers trading on forex, commodities, shares, bonds, and ETFs through its mobile app.
The app has received 4.5 stars on the Google Play Store and has been downloaded over 1 million times. It’s available on all mobile devices and has a naira base currency account, making it easy to fund. Nigerian traders using the app are registered under an offshore regulation.
The HFM app is very beginner-friendly, with a minimum deposit of 5 USD. You can also learn how to trade using the demo account, so you don’t have to worry about wasting your money.
However, it’s important to note that HFM charges an inactivity fee of $6 after 6 months of not using your account to trade. Before signing up for the HFM App, make sure to read the terms and conditions thoroughly.
App Features
- 2FA & Fingerprint Security
- Low minimum deposit
- Trading Calculators
- Analytical Tools
- Supports Naira accounts
2. AvaTrade
If you’re looking for a safe and reliable trading app, AvaTrade is definitely worth considering. With its extensive selection of trading instruments and regulations in multiple jurisdictions, you can be sure that you’re trading in a secure environment. On the Avatrade app, you can trade forex, CFDs, Crypto, Stock, ETFs, Derivatives, and Commodities.
The app is easy to use and available on both mobile and web platforms. Plus, if you need extra assistance with trading, you can access exclusive resources such as videos, ebooks, and daily market analysis through Sharp Trader.
Just keep in mind that AvaTrade does have a high inactivity fee of $50 per quarter after 3 consecutive months of inactivity, so make sure to stay active on your account to avoid any extra charges.
App Features
- 24/7 Support
- Mobile Trading
- Automated Trading
- Deep Market Analysis
- Educational Assistance
3. Exness
Exness is a great app for traders who prefer trading on the go. Their user-friendly mobile trading platform is packed with features and tools that make it easy to trade Forex, Metals, Futures, Cryptocurrencies, Energies, Stocks, and Indices.
Additionally, the app is available on both Android and IOS devices, so you can trade from any device with ease. Exness offers four different account options, each with its own set of features. These include the Standard account, Raw account, Zero account, and Pro account. The Standard account is commission-free, while the other accounts require a minimum deposit of $200.
Overall, Exness is a great trading app that offers a lot of flexibility and convenience for traders.
App Features
- Market Analysis Tools
- Multiple Language Support
- Social Trading
- Third-Party Tools
4. RoboForex
RoboForex is an excellent forex broker that offers a long list of trading solutions for its users.
With over 12,000 instruments across 9 asset classes and trades starting at just 0.01 lots and 0 pips average spreads, there’s something for everyone.
The app is user-friendly and allows users to trade CFDs, Forex, Stocks, Indices, Commodities, Crypto, EFT’s, and more. In addition, RoboForex accepts over 19 payment options, including wire transfers, bitcoin, visa, Neteller, and more.
The app is regulated by the IFSC of Belize and also provides a variety of features and tools like negative balance protection to ensure that traders enjoy the best possible trading experience.
With RoboForex, you’ll have everything you need to improve your trading results.
App Features
- Daily Market Analytics and Forecast
- Robust Trading Spreads
- Copy Trading Assistance
- Cash Back Rebates
- 10% Account Limits
5. OctaFX
OctaFX is a leading online forex trading app that offers traders a top-notch trading experience. The app allows trading on multiple instruments including, cryptocurrencies, CFDs, currencies, metals, and Indices.
OctaFX also offers exclusive local commission-free deposits, local bank transfer and withdrawal options for Nigerian traders, making it a popular choice for traders in Lagos. The app is easy to use and works on all mobile devices, so you can trade on the go and never miss out on market opportunities.
In addition, OctaFX has a strong customer service team that can help you with any questions or issues that you may have. Overall, if you’re looking for a high-quality trading experience, OctaFX is the way to go.
App Features
- Commission Free Deposits
- User-Friendly Interface
- Customer Support
- Trading Webinars
- MetaTrader
- Social Trading
6. FXTM
If you’re new to trading, FXTM is a great choice. Founded in 2011, this top-notch trading app offers beginner-friendly solutions that cater to traders of all levels of experience.
FXTM is regulated by CySEC in Europe and offers Negative Balance Protection to all clients, ensuring that your trading experience is safe and secure.
The app provides real-time access to market news and data, as well as powerful analytical tools that help traders make informed decisions. FXTM also features a simple interface that makes trading fast and efficient. With FXTM, you can trade with confidence and ease.
App Features
- Negative Balance Protection
- 24/5 Support
- MT4/MT5 Trading
- Copy Trading
7. InstaForex
For those looking for a reliable forex and CFD brokerage, InstaForex is a great option. The platform offers a variety of tradable assets, competitive spreads, and powerful trading platforms.
With the Insta Forex Trading App, traders can access real-time quotes, charts, and analysis with ease. The app is user-friendly and provides a seamless experience for mobile forex trading. Overall, InstaForex is a top choice for traders who want to trade with confidence.
App Features
- Margin Trading
- Video Tutorials
- Online Webinars
- Negative Balance Protection
