Forex trading has become a major source of income for many Nigerians today. While this is a relatively new venture in Nigeria, it has become quite popular in the country, especially among the youths, with an estimated daily trading volume of N300 to N450 million.
With technology, the initial notion that only the experts can trade in forex is no longer tenable as various trading apps now make it easy for anybody to trade. While that does not take away the risks involved, it has helped many more Nigerians to participate in the multi-billion-dollar forex market and make money.
Today, there are many apps available globally and also accessible in Nigeria to facilitate easy trading in forex. While Apple iStore does not show the number of downloads for apps, here are the top most downloaded forex apps on the Google Play Store which are available in Nigeria:
AvaTrade (1 million downloads)
AvaTrade is trusted forex and CFD trading broker that is recognized for offering its customers the best trading tools and resources. The platform’s primary goal is to provide traders with a smooth and responsive trading experience.
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Some of the features that AvaTradeGO offer to Nigerian traders include intuitive position management tools, charting capabilities, educational material, and more. In addition, Nigerians can access market trend technology, social trends, and key information provided by fundamental analysis and technical analysis that can help direct traders’ investment decisions.
This app has been downloaded over 1 million times.
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HotForex (1 million downloads)
HotForex was established in 2007 and is well regulated by FCA, CySEC, DFSA, FSCA, and SFSA.
Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs and 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading, and 80+ technical indicators plus an in-built economic calendar.
Key features of its accounts include the use of both MT4 and MT5 for desktop, web, and mobile, with a minimum deposit requirement of just $5 and the availability of a maximum leverage ratio of up to 1:1000. Trading Instruments include Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, and metals.
The is among popular forex apps that have crossed 1 million downloads and still counting.
FXTM (1 million downloads)
FXTM is a popular forex trading app in Nigeria. This is a CFD and Forex broker known for its tremendous customer service, and crucially for traders in Nigeria, one of the base currencies used is NGN.
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. FXTM is regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). The app has been downloaded over 1 million times on the Google Play Store.
FBS (5 million downloads)
FBS is an international broker with more than 150 countries of presence, including Nigeria. FBS is a well-regulated international broker with a wide range of accounts, including a dedicated crypto account and a low-cost entry-level account, over 100 cryptocurrency pairs, and an easy-to-use mobile trading app. The platform provides a welcoming environment for beginner traders, with an excellent selection of educational and market analysis materials, and 24/7 customer support.
As of August 2022, the FBS app has been downloaded over 5 million times on the Google app store.
FXPro (5 million downloads)
FXPro is one of the most respected Forex brokers in the industry because it is well regulated and has a much larger client base than most other brokers, with over 870 000 clients in 173 countries. FxPro offers a no-dealing desk execution model and trading on six asset classes, including Forex, shares, indices, futures, metals, and energies.
FxPro offers five live accounts, all with a minimum deposit requirement of only 100 USD, but trading costs that are higher than other similar brokers. Spreads start at 1.41 pips (EUR/USD) on its Metatrader accounts and 0.31 pips on its cTrader account in exchange for a commission of 9 USD round turn.
With over 5 million downloads, the FXPro app is one of the most downloaded by forex traders globally.
eToro (10 million downloads)
The eToro mobile app is famous for its simple, intuitive design and its similarity to the eToro desktop trading platform. When it comes to social trading and investing platforms, eToro was one of the earliest and most successful. Traders can discover and invest in individual stocks, commodities CFDs, and more on eToro’s multi-asset platform.
Due to its popularity among traders, the eToro app has become one of the few forex apps that have crossed the 10 million mark on the Google Play Store.
ExpertOption (10 million downloads)
ExpertOption forex trading app is considered one of the easiest trading platforms for beginners. With its social trading feature ExpertOption says it has the potential to become a leading social trading network, thanks to more than 55 million registered users, and an array of innovative trading and investment tools. ExpertOption allows users to easily create a diversified trading portfolio with no hidden costs.
The app allows to trade Apple, Facebook, Gold, Oil and other top assets without deposit fees. ExpertOption is verified by Visa and MasterCard, and all data is secured in accordance with the PCI DSS standard.
As one of the most used forex apps, ExpertOption app has recorded over 10 million downloads and still counting.
OctaFX (10 million downloads)
The OctaFX Trading App enables users to trade foreign currencies, CFDs, and other assets on MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The online trading app enhances traders’ CFD trading experience by providing financial flexibility as they trade their money online. Users can track their performance on the exchange while trading preсious metals like gold and silver, indices, commodities, and more.
OctaFX offers market execution with all their platforms and allows scalping and hedging, Expert Advisors, and custom indicators. OctaFX is only regulated in Cyprus, with another non-regulated offshore entity in Saint Vincent and the Grenadines (SVG). The minimum deposit of $5 and leverage of 1:500 make it an attractive option to trade 28 currency pairs, 3 Cryptocurrencies, CFDs on Indices and metals.
The app has been downloaded over 10 million times on the Google app store.
Olymp Trade (50 million downloads)
Olymp Trade is one of the most popular online brokers in the world and it is continuing to grow for many reasons. Factors such as reliability and trustworthiness are perhaps the top reason over a million traders use the platform, but other features such as a low minimum deposit ($10 USD), no deposit/withdrawal fees, and access to professional analytical tools add to Olymp Trade’s attractiveness. Olymp Trade is an international broker that provides its users access to 100+ financial instruments on its platform.
The mobile app is native for both iOS and Android and is designed to have the full functionality of the web and desktop platform, with notifications and alerts.
The app is one of the most downloaded forex apps at over 50 million downloads on the Google app store.
IQ Option (50 million downloads)
IQ Option appeals to beginners with its unique social trading platform, low minimum deposits, and low trading costs. The app offers one live commission-free account with competitive spreads (starting at 0.80 pips on the EUR/USD) and a minimum deposit of only 10 USD. However, while deposits are free, IQ Option charges unreasonably high withdrawal fees and an inactivity fee of 10 EUR (or equivalent) per month after 90 days of inactivity.
IQ Option’s global entity is registered in Saint Vincent and the Grenadines (SVG FSA). The SVG FSA is not a Forex broker regulator and does not supervise any trading-related activities, but IQ Option claims to segregate all client funds from its operating capital and provides traders with negative balance protection. IQ Option platform provides clients with an opportunity to trade 500+ assets: including currencies, indices, commodities and stocks. With IQ Option, shares, oil, gold and many more assets can be traded on the same platform.
Interestingly, the app has been downloaded over 50 million times on the Google Play Store to emerge one of the most downloaded forex apps globally.