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The 10 Best Trading App in Nigeria for 2024
Swen Keller
Best for Currency Convertion
$500 on $1000 Deposits Bonus
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Best for Educational Resources
50% of Your First Deposit Bonus
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Best For Selection Of Cryptocurrency
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In this article, we list the best trading apps in Nigeria including the best trading Forex trading apps in Nigeria and best stock trading apps.
We cover the pros and cons, unique features, security, and fees applicable.
To compile our list of the best Forex trading apps in Nigeria we got first-hand experience of each stock trading app, Forex trading apps, etc., analyzed user reviews, and considered expert opinion.
Best Trading App in Nigeria: Our Take
From our extensive testing of trading apps in Nigeria, our pick as the best trading app is Exness.
The trading app offers the widest selection of investable assets, supports deposit and withdrawal in naira, and offers unlimited leverage to experienced traders.
Founded in 2008, Exness stands out from other stock trading apps for its unlimited leverage.
There is no maximum leverage for traders, this means you can choose leverage as high as you wish.
Exness offers a wide range of cryptocurrencies (26+).
It offers tight spreads and has a low minimum deposit of $10.
Exness supports several fiat currencies including the Nigerian Naira, which means you can make deposits in Naira using any of the supported deposit methods.
Key Features of Exness
Exness Terminal
Exness Terminal is a web-based trading terminal custom-built by Exness engineers. It is exclusively available to Exness traders using the MetaTrader 5 demo account and real account.
Through the Exness Terminal, you can the best charting functionality in the industry. It features 100 indicators, 50 drawing tools, and over a hundred of the popular CFDs.
Exness Terminal has other features that you can use to improve your trading experience including portfolio tracking, watchlists of trading instruments, notifications on certain events, etc.
Exness Security
Exness is a stock trading app regulated by CySEC. It holds clients’ funds in segregated bank accounts and always ensures that it has enough funds to compensate clients in case of any unfavorable occurrence. It also conducts regular financial audits.
Users’ accounts are protected with security tools like Support PIN and Security types. This consists of a 6-digit code, One-Time-Pin, Email TOTP, and PIN.
Exness Fees
Exness charges low spreads from 0.0 pip for professional accounts and 0.3 pips for standard accounts.
It also charges up to $3.50 commission on each side per lot for professional accounts.
That said, Exness does its best to cut down on deposit and withdrawal fees even those charged by third-party processors.
Pros
- Unlimited leverage
- Low minimum deposit
- Supports Nigerian Naira
Cons
- Some deposit methods may be restricted in Nigeria
OQtima - Best Trading App for Tight Spreads in Nigeria
OQtima supports a wide range of tradable assets under Forex, ETFs, Indices, Shares, Metals, Energies, and Cryptocurrency. Supported assets get up to 1,000+.
The app also made it on our list of the best stock trading apps in Nigeria for its fast execution speeds with an average of 3.0ms and low spreads starting at 0.0 pips.
Also, OQtima has a low minimum initial deposit when compared to other forex and stock trading apps in Nigeria ($20).
Key Features of OQtima
OQtima Demo Account
OQtima offers a demo account for its 2 account types including ECN+ Demo account and Demo One account.
Both of these demo accounts have a balance of 1,000 EUR in simulated funds and have a leverage of 1:500.
Also, OQtima demo accounts mirror the live market movements making the results on the platform a lot more realistic.
Security of OQtima
OQtima is regulated by several governmental bodies across the world including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority (FSA) of Seychelles.
As with most trading apps in Nigeria, OQtima separates client funds and does not use them for its business processes.
Fees of OQtima
OQtima uses multiple pricing aggregators and top-tier banking institutions to offer arguably very tight spreads from 0.0 pips and competitive commission pricing when compared to similar trading platforms.
Pros
- Fast execution speeds
- Low spreads from 0.0 pips
- Fully regulated
- Large selection of tradable assets
Cons
- No proper educational resource for beginners
Oanda - Best Trading App in Nigeria For Currency Conversion
Founded in 1996, Oanda is one of the oldest and one of the best stock trading apps in the industry.
Aside from being a well-regulated Forex and CFD broker, Oanda stands out for its exceptional currency conversion features.
Oanda supports lots of fiat currencies and currency pairs. It also supports 12 cryptocurrency CFDs.
There is no minimum initial deposit requirement for Oanda. And the platform offers a welcome bonus of $500 on $1,000 deposits.
Also, the maximum leverage offered varies by location but goes as high as 200:1.
Oanda supports popular trading platforms like MetaTrader 4 and MetaTrader 5. It offers several features including a demo account, a currency converter, and an Exchange Rates API.
Key Features of Oanda
Oanda Currency Converter
With the Currency Converter, you can check the latest foreign exchange rates and convert all major world fiat currencies. Oanda also offers global money transfer services tailored to meet the FX needs of traders.
This Oanda money conversion service is offered in partnership with Shift.
Aside from providing real-time exchange rates, with the Oanda Currency Converter, you can access exchange rates dating back to January 1990 for over 200 fiat currencies.
Security of Oanda
Oanda is not just one of the best stock trading apps in Nigeria, it is also one of the best Forex trading apps in the world. It is regulated by several regulatory bodies. It uses up-to-date industry best practices and AI-powered security technologies to ensure the security and privacy of users’ data. It also partners with several industry-leading security firms and conducts regular audits.
Just like most stock trading apps, Oanda users’ accounts are secured with two-factor authentication.
Oanda Fees
Oanda does not charge any fees for deposits through any of the supported payment methods. It also does not charge withdrawal fees for credit or debit card withdrawals.
That said, Oanda spreads start from 1 pip while commissions on CFDs start from 1%.
Like most trading apps, Oanda charges overnight financing fees. Overnight fees are determined by the size of the position
Pros
- Great reputation and well-regulated
- Offers welcome bonus
- No minimum initial deposit
- Offers currency conversion services
Cons
- Limited cryptocurrencies available
- High spreads
BDSwiss - Best Trading App for Corporate Accounts
BDSwiss stands out for its support for corporate accounts.
It offers corporate accounts to legal or registered corporations or businesses that wish to take advantage of its favorable trading conditions.
These businesses have access to over 250 underlying instruments across 5 asset classes and dedicated customer support.
Aside from the corporate accounts, BDSwiss also stands out for its CFD trading offerings of major crypto pairs like Bitcoin Cash and XRP.
It also supports copy trading, offers a demo account, and has a mobile app.
The minimum initial deposit for BDSwiss is $100.
It offers a 30% deposit bonus and a maximum leverage of 1:1000.
Key Features of BDSwiss
Trade Companion
The BDSwiss Trade Companion is a tool that functions as a trader’s mentor. which you can use to improve your trading skills. It gives traders a comprehensive view of their trading pattern and history, this enables traders to know how they perform.
The trade companion takes note of small (negligible) patterns in your trading behavior which could be affecting your trading results.
It interprets these unconscious behaviors, identifies the flaws, and helps you make modifications that guarantee the success of your trading strategies.
BDSwiss Security
BDSwiss is a regulated stock trading platform that complies with regulatory standards and AML legislation.
To open a personal or corporate account on BDSwiss, you must undergo KYC verification by submitting personal documents to prove your identity, economic profile, and residence.
That said, users’ data are protected using state-of-the-art security software.
The trading app also offers Negative Balance Protection to users.
BDSwiss Fees
BDSwiss charges up to 72.9% in cryptocurrency CFD spreads.
It does not charge for deposits and withdrawals via credit or debit card.
Wire deposits equal to or higher than 100 EUR however attract a 10 EUR fee.
BDSwiss charges a monthly $30 inactivity fee. It also charges dynamic fees for currency conversion.
Pros
- Suitable for businesses
- Trade Companion allows traders to monitor their trade performance
- Industry average spreads
Cons
- Limited crypto selection
OctaFX - Best Trading App for Copy Trading in Nigeria
OctaFX was founded in 2011 and offers trading services such as Forex trading and CFD trading for cryptocurrencies and commodities.
Currently, OctaFx in Nigeria offers 230 trading instruments, 3 crypto pairs for weekend trading, and an $8 welcome bonus or 50% deposit bonus.
Its supported stock trading apps in Nigeria include MetaTrader 4, MetaTrader 5, and a proprietary trading app called the OctaFx trading app.
That said, OctaFX made it to our list of the best stock trading apps in Nigeria for its copy trading feature that enables beginner Nigerian traders to mirror the trades of professional traders.
With its trading services, FTX helps retail and institutional traders diversify their crypto trading portfolios. Multiple trading products are available on the platform. FTX services are specifically designed in a way to cater to the needs of professional traders in the market.
OctaFX Key Features
OctaFX Social Trading App/Copy Trading App
The OctaFx copy trading app allows beginner traders to copy the trading strategies of professional traders.
This feature is only available on the OctaFx MetaTrader 4 trading platform.
To be eligible for this feature, users must have a verified account on the platform and fund their wallets.
Traders can copy any number of masters and close trades manually at will. OctaFX also allows copiers to add funds to boost or protect an open copied investment from unpredictable market movements.
It is important to note that OctaFx does not display stop loss or take profit on a copier’s page but if the master’s trade features those parameters it will be added to the copied trade automatically.
OctaFX Security
As with most Forex and stock trading apps in Nigeria, OctaFx stores clients’ funds in a segregated account and does not use them for business purposes.
The app also offers negative balance protection, which means that users cannot lose more than they invested.
For account security, OctaFx requires email authentication for all withdrawals from the platform.
OctaFX Fees
OctaFX, unlike most trading apps in Nigeria, does not charge commissions; rather, it adds a markup to its spreads. That said, spreads start from 0.9 for Forex trading pairs.
Pros
- Copy trading is available
- Offers welcome bonus
- Supports the Nigerian naira
Cons
- Copy trading is only supported on one app
Pepperstone - Best Trading App in Nigeria For Beginners
Founded in 2010, Peperstone is an online trading app that was created to improve the online trading space.
It stands out as one of the trading apps in Nigeria with an intuitive user interface and good user experience.
The trading app is also suitable for beginners and inexperienced traders who need an easy-to-navigate trading app.
Pepperstone has no minimum deposit, You can deposit any amount you wish.
It offers a referral bonus of $100 and a maximum leverage of up to 500:1
Pepperstone also supports popular payment methods, which makes funding easy for Nigerian traders.
Key Feature of Pepperstone
Pepperstone Active Trader Program
The Pepperstone Active Trader program offers Forex cash rebates to active traders based on their trading volumes and also helps them save on trading commissions.
The rebates earned are determined by the number of standard standard lots you trade each month.
Pepperstone offers 3 rebate tiers based on the trade volume.
To remain an active trader member you must meet the volume requirement for 3 months.
Active Traders enjoy other Pepperstone benefits including advanced insight and reports, VPS Hosting, and priority client support.
Pepperstone Security
Pepperstone is an award-winning stock trading app that is licensed in several countries.
It stores users’ funds in segregated accounts at regulated banks with the European Union and does not use clients’ funds for hedging trades or any other purpose.
Pepperstone is also regularly audited by external parties.
Pepperstone Fees
Pepperstone charges up to 1 pip spread markup.
It only charges commissions on Razor accounts when trading CFDs in Forex.
The commission varies based on the trading platform used to execute the trades but it can get up to $3.50 in commissions per 7-round USD turn.
Pros
- Beginner-friendly
- No minimum deposit amount
- Supports several payment methods
- Offers forex rebates through its Active Trader Program
Cons
- Not suitable for advanced traders
Vantage Markets - Best Trading App For Educational Resources in Nigeria
Vantage Markets is one of the few stock trading apps in Nigeria that supports a wide range of crypto CFDs.
It supports over 40 cryptocurrencies and other trading instruments.
Vantage Markets also charges low fees and tight spreads.
It has a user-friendly interface suitable for both beginners and advanced traders. It also stands out for its large selection of educational resources and tools as well as a demo account.
This makes it ideal for beginners who wish to improve their trading skills.
That said when compared with other trading apps, Vantage Markets has a high minimum initial deposit.
It requires a minimum initial deposit of $200 for standard accounts and $500 for RAW accounts.
The Maximum leverage on Vantage markets is 500:1.
Key Features of Vantage
Social Trading
Vantage Markets offers inexperienced traders the opportunity to copy the trades of experienced traders through its social trading/ copy trading feature.
Social Trading is only available on the mobile app, it is not available on the web trading platform.
You can copy more than one trader at a time as long as you have sufficient funds in your wallet.
Vantage Security
Vantage Markets is a regulated multi-asset CFD trading service provider regulated by several regulatory bodies. It is also an authorized Financial Service Provider.
Users’ accounts on this app are protected with fingerprint locks and pattern locks.
Vantage Fees
Vantage Markets charges zero commissions for CFDs with spreads ranging from 0.0 pips to 1.6 pips in spreads.
It also charges up to $2 in RAW account commissions.
Pros
- Large selection of cryptocurrencies
- User-friendly interface
- Lots of educational tools and resources
- Low fees and tight spreads
Cons
- High minimum deposit
AvaTrade - Best Trading App in Nigeria For Demo Trading
Founded in 2006, AvaTrade is an outstanding Forex and stock trading app suitable for beginners, intermediate, and undercapitalized investors looking for an easy platform with competitive spreads.
Avatrade offers a beginner-friendly demo account where inexperienced traders can practice their trading strategies and get familiar with the platform before trading in the actual market.
The Maximum leverage you can trade on Avatrade ranges from 30:1 to 400:1.
The minimum deposit on Avatrade is $100.
Aside from the demo account, AvaTrade offers other features including AvaSocial, AvaProtect, etc.
Key Features of AvaTrade
The Avatrade demo account allows you to practice trading on Avatrade’s Web Trader, AvaTrade Go mobile app, MetaTrader 4, and MetaTrader 5.
The demo account gives you access to the full range of financial instruments available on Avatrade.
Avatrade gives you $10,000 or its currency equivalent in virtual funds to trade with on the demo account.
You also have access to 10 asset classes, technical indicators, and real-time prices.
AvaTrade Security
AvaTrade is a secure stock trading app with several security features in place to ensure a secure trading environment and the security of your funds.
AvaTrade is WebTrust compliant and protects users from identity theft and card fraud using McAfee Secure.
AvaTrade Fees
AvaTrade charges up to 0.35% in spreads.
It charges an undisclosed fee for holding positions overnight. It also charges an inactivity fee after 3 consecutive months of inactivity on the platform.
Pros
- Beginner friendly
- Supports social trading
- Offers a demo account
- High leverage
Cons
- Limited cryptocurrencies available
Capital.com - Best Trading App for Large Selection of Cryptocurrencies in Nigeria
Capital.com is the best fit for beginner traders in Nigeria looking for retail investor accounts that offer CFD trading.
It also stands out for having one of the largest selections of cryptocurrencies (400+) with low spreads and low overnight fees.
Capital.com offers a low minimum deposit of $20 and a low maximum leverage of 1:30.
It supports several payment methods including debit cards, bank transfers, Skrill, etc.
Key Features of Capital.com
CFD Calculator
This is a tool that enables traders to work out the hypothetical profit or loss of their CFD trades.
The calculator shows you an estimate of how much you stand to gain or lose if the price of the CFD you are trading moves in either direction according to the selected order size and leverage of the asset.
With the CFD calculator, you can plan and refine your trading strategies before executing trades. You can use the calculator for both long and short positions.
Capital.com Security
Capital.com is a regulated broker that pays close attention to the security of its platform and users’ funds.
The app is constantly monitored and enhanced to ensure that the security is not compromised.
It employs several security measures and features including the use of firewalls, encrypted Transport Layer Security, two-factor authentication, etc.
Capital.com Fees
Capital.com charges zero commissions and up to 2 pips in spreads.
It charges overnight fees but the interest charged as overnight fees varies depending on the instrument being traded.
Pros
- Low minimum initial deposit
- Large selection of cryptocurrencies
- Low overnight fees
- Low spreads
Cons
- Low maximum leverage
- Does not offer trading instruments like Options
FxPro - Best CFD Trading App in Nigeria
Launched in 2006, FxPro offers a large selection of trading products including crypto CFD trading, spread betting, Forex, algorithmic trading, stock, indices, and much more (over 2100 tradable instruments).
That said, it made it on our list of the best trading apps in Nigeria for its stock trading app services.
FxPro allows traders to trade popular stocks via its CFD trading services including Amazon, Tesla, Meta, etc.
The platform also supports 4 stock trading apps including MetaTrader 4, MetaTrader 5, cTrader, and Edge.
Key Features of FxPro
FXPro offers a robust educational resource center that hosts a large selection of topics targeted at both beginner and advanced Forex traders.
You can access topics on various trading subjects like leveraging, lot size, etc.
The education center is also free for all users and non-users as well.
FxPro Security
FxPro is regulated by the Cyprus Securities and Exchange Commission (CySEC) and like most stock trading apps in Nigeria, FxPro does not store users’ assets with its funds.
Rather, user funds are stored alone in reputable financial institutions.
FxPro Fees
FxPro charges industry average floating spreads. This means that its spreads aren’t fixed but change based on market movement.
It also charges a high commission of $3.50 per lot and a commission fee of 35 USD for every USD 1 million traded on Forex and metals.
Pros
- Large selection of tradable products
- Offers popular stocks
- Industry average execution speed
Cons
- Does not support the naira as a base currency
- High commissions
| TRADING APP | MIN. INITIAL DEPOSIT | MAXIMUM LEVERAGE | PROMOTION | TRADING FEES | N. CRYPTOS AVAILABLE | PAYMENT METHODS | WITHDRAWAL METHODS |
|---|---|---|---|---|---|---|---|
| Exness | $10 | 1:unlimited | Occasional deposit bonus | Spread from 0.0 for professional accounts and 0.3 pips for standard accounts, up to $3.5 commission each side per lot for professional accounts | 26+ | Electronic Payment Systems (EPS), Bank debit cards and credit cards (MasterCard, Visa, and JCB), Exness Bitcoin wallet, mobile banking, bank cashier | Electronic Payment Systems (EPS), Bank debit cards and credit cards (MasterCard, Visa, and JCB), Exness Bitcoin wallet, mobile banking, bank cashier |
| OQtima | $20 | 1:500 | N/A | Spread from 0.0 pips, commission of $3.5 Per Lot Traded ($7 Round Turn), Swap rollover fees | 45 crypto pairs | Credit card (Visa and MasterCard), Revolut, debit card (Visa and MasterCard), Skrill, Neteller, Bank transfer, crypto, and Wise | Credit card (Visa and MasterCard), Revolut, debit card (Visa and MasterCard), Skrill, Neteller, Bank transfer, crypto and Wise |
| Oanda | No minimum deposit | 1:200 | Welcome bonus of $500 on $1000 deposits | Spreads starting from 1 pip and commissions starting from 1% on CFDs | 12+ | Credit card and debit card, bank transfer, Skrill, and Neteller | Credit card, debit card, bank transfer, Skrill, and Neteller |
| BDSwiss | $100 | 1:1000 | 30% deposit bonus | Up to 72.9 in cryptocurrency CFD spreads, overnight charges, currency conversion, inactivity fee | 26 | Credit/Debit cards, Bank Wire transfers, Skrill, Neteller, and local funding methods | Credit/Debit cards, Bank Wire transfers, Skrill, Neteller, and local withdrawal methods |
| OctaFX | $25 | 1:500 | $8 welcome bonus | Up to 140.0 in stocks spread, up to 12.0 in crypto CFD trading, Commissions are included as spread markups | 30 | Bank transfer, credit card, debit card, e-wallets (Skrill, Neteller, Perfect Money), Bitcoin | Bank transfer, Bitcoin, Skrill, Neteller, Litecoin, Dogecoin, Tether TRC-20, Perfect Money, Ethereum |
| Pepperstone | N/A | 1:500 | Referral bonus ($100) | Up to 1 pip spread markup, $3.50 in commissions per 7 round USD turn | 20+ | Credit card, debit card, PayPal, MPESA, and bank transfer | Credit card, debit card, PayPal, MPESA, and bank transfer |
| Vantage | $200 for Standard Account and $500 for RAW account | 1:500 | 50% of your first deposit | Zero commission for CFDs (spreads), 0.0 to 1.6 pips in spreads, up to USD 2 in RAW account commission charges | 40+ | China Union Pay, Neteller, Wire transfer, credit card and debit card (Visa and MasterCard), Skrill, AstroPay, Thailand Instant Bank Transfer, FasaPay, Broker-to-Broker Transfer, JCB, Domestic EFT, Domestic Fast Transfer (Australia), International EFT | Credit card, local bank transfer, Sticpay, Bitwallet, PerfectMoney, cryptocurrency-USD/BTC, Neteller, FasaPay, Skrill, UnionPay, AstroPay |
| AvaTrade | $100 | 1:30 to 1:400 | 20% deposit bonus which of overall funding | Up to 0.35% in spreads, overnight financing, inactivity fees ($100) | 17+ | Credit and debit card, wire transfer, e-payments (Skrill, Neteller, WebMoney) | Credit card, debit card, wire transfer, e-payments (Skrill, WebMoney, Neteller) |
| Capital.com | $20 | 1:30 | Refer-a-friend bonus (Up to $250 in rewards) | Zero commissions, Up to 2 pips in spreads | 400+ | Debit card, credit card, wire transfer, MultiBanco, WebMoney, Bank transfers, Skrill, Qiwi, IDeal, Sofort, and Trustly | Debit card, credit card, wire transfer, MultiBanco, WebMoney, Bank transfer, Skrill, Qiwi, IDeal, Sofort, and Trustly |
| FxPro | $100 | 1:500 | N/A | Commission of $3.50 charged per lot, commission fee of 35 USD for every 1 million USD traded (FX and Metals), Swap charges, Industry-average floating spread | 26+ | Bank wire transfer, PayPal, Neteller, Skrill, debit card, and credit card | Bank wire transfer, PayPal, Neteller, Skrill, debit card, and credit card |
Which Trading App is Best to Trade with Naira?
Exness is arguably the best trading app to trade within naira as it supports both Naira deposits and withdrawals.
What are Trading Apps?
Trading apps are web, desktop, or mobile applications that allow users to invest in various financial assets like stocks, forex, cryptocurrency, etc.
How to Choose the Right Trading App in Nigeria?
To choose the right trading app you need to consider the following:
- Ease of use
- Local payment and withdrawal methods are available
- Minimum initial deposit
- Maximum leverage available
- Forex and stock trading apps available on the platform
Final Thoughts
The above-mentioned trading apps are the best stock trading apps in Nigeria. However, to pick the right trading app for your particular needs use the aforementioned parameters in the “How to Choose the Right Trading App in Nigeria”.
FAQ
Most frequent questions and answers
OctaFx offers an $8 welcome bonus to new signups.
Exness is the best online trading app in Nigeria and it is the largest retail market maker in the world as well.
Again, the Exness trading app is currently the best in Nigeria as it supports local deposit and withdrawal methods and offers unlimited leverage to experienced traders.
A lot of trading apps work in Nigeria including the OctaFx trading app, FxPro stock trading app, OQtima app, etc.
Yes, OctaFx is a legitimate trading platform that is regulated by several governmental bodies.
We always try to provide the most accurate information available, and make sure our team follow through.
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