The number of investors engaged in foreign exchange in Nigeria grows year after year. So, to encourage new traders and help them work in the most comfortable conditions, we offer our top list of the most user-friendly mobile applications for Forex trading that can easily compete with desktop services in terms of functionality and convenience.
Also, to make your search quicker and easier, we will provide prompts about the most essential benefits of each service:
2. IC Markets ― the most advantageous option for professional traders who search for advanced functionality;
3. eToro ― the most popular choice for copy trading, which is a perfect method for those who seek passive income;
4. AvaTrade ― the best Forex trading app Nigeria for novice traders;
5. IG ― over 19,000 instruments, including ETFs, share CFDs, indices, bonds, commodities, crypto, options, and others;
6. FBS ― the highest leverage, which allows staking big sums even when your budget is limited;
7. InstaForex ― the biggest no-deposit welcoming bonus, which will help you make an effective start regardless of the size of your initial budget;
8. Admiral Markets ― the most comfortable support for local traders along with a huge selection of analytical data, video tutorials, and other educational content.
How to choose among the platforms mentioned?
1. Check regulation. Local traders are recommended to choose either brokerage companies licensed by the Central Bank of Nigeria or those platforms that are regulated in tier 1 countries (the EU, the UK, or Australia). However, all the sources on our list are properly regulated.
2. Look through reviews by other users to make sure you can trust the company chosen.
3. Find out how the broker selected adjusts its services to the needs of clients from Nigeria.
4. Evaluate available assets, functions, research materials, as well as execution speed provided.
5. Make sure there is a demo account. Testing one’s skills via such a risk-free account is a must for every newbie. Yet, experienced users often utilize this function to evaluate the quality of service a particular broker delivers.
6. Register a real account. In case it is your first trading experience, it is safer to stick to small sums until you become confident of your knowledge and skills.
In sum, in Nigeria, Forex trading is treated as a legal business sphere and is monitored by local authorities. Hence, if you work with reliable brokers only, you will not have to worry about safety or legal problems.