Top 10 forex trading apps in Nigeria by number of downloads in August 2022

0

Forex trading has become a major source of income for many Nigerians today. Although it is a relatively new business in Nigeria, it has become very popular in the country, especially among young people, with an estimated daily trading volume of between 300 and 450 million naira.

With technology, the original notion that only experts can trade forex is no longer tenable as various trading apps now make trading easier for anyone. Although this does not remove the risks involved, it has helped many more Nigerians to participate in the multi-billion dollar foreign exchange market and earn money.

Today, many applications are available globally and also accessible in Nigeria to facilitate forex trading. Although Apple iStore does not display the number of app downloads, here are the most downloaded forex apps on Google Play Store which are available in Nigeria:

AvaTrade (1 million downloads)

AvaTrade is a trusted forex and CFD trading broker known for providing its clients with the best trading tools and resources. The main objective of the platform is to provide traders with a smooth and responsive trading experience.

The news continues after this announcement




Some of the features offered by AvaTradeGO to Nigerian traders include intuitive position management tools, charting capabilities, educational materials, and more. In addition, Nigerians can access market trending technology, social trends and key insights provided by fundamental analysis and technical analysis that can help guide traders’ investment decisions.

This app has been downloaded over a million times.

The news continues after this announcement




HotForex (1 million downloads)

HotForex was established in 2007 and is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

Metatrader by Hotforex offers fast order execution, newsfeed, multiple order types, support for EAs and 21 different timeframes, superior analysis tools, trading on HotForex asset classes, nearly 100 simultaneous charts, one-click hedging and trading, and over 80 technical indicators plus a built-in economic calendar.

The main features of its accounts include the use of 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 the popular forex apps that have surpassed 1 million downloads and still counting.


FXTM (1 million downloads)

FXTM is a popular forex trading app in Nigeria. It is a CFD and Forex broker known for its excellent customer service, and especially for traders in Nigeria, one of the base currencies used is NGN.

Through the FXTM Trader mobile app, traders can access FXTM’s full suite of CFDs, including Forex, spot metals, 180 company stocks, commodities, indices and cryptocurrencies. With FXTM Trader, you can open and close positions in seconds, retrieve live exchange rates, manage your trading accounts, and oversee your FXTM Invest trading copy 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 a million times on the Google Play Store.


FBS (5 million downloads)

FBS is an international broker with over 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 offers a welcoming environment for newbie 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 as it is well regulated and has a much larger customer base than most other brokers, with over 870,000 customers in 173 countries. FxPro offers a transaction-free execution and trading model across six asset classes, including Forex, Stocks, Indices, Futures, Metals and Energies.

FxPro offers five live accounts, all with a minimum deposit requirement of just $100, but higher trading fees than other similar brokers. Spreads start at 1.41 pips (EUR/USD) on his Metatrader accounts and 0.31 pips on his cTrader account in exchange for a round trip commission of 9 USD.

With over 5 million downloads, the FXPro app is one of the most downloaded by forex traders worldwide.


eToro (10 million downloads)

The eToro mobile app is famous for its simple and 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 first and most successful. Traders can discover and invest in individual stocks, commodity CFDs and more on eToro’s multi-asset platform.

Due to its popularity with traders, the eToro app has become one of the few forex apps to have crossed the 10 million mark on the Google Play Store.


ExpertOption (10 million downloads)

The ExpertOption forex trading app is considered one of the easiest trading platforms for beginners. With its social trading functionality, ExpertOption claims it has the potential to become a leading social trading network, thanks to over 55 million registered users and a range of innovative trading and investing tools . ExpertOption allows users to easily build a diversified trading portfolio with no hidden fees.

The app allows trading Apple, Facebook, gold, oil and other prime assets with no deposit fees. ExpertOption is verified by Visa and MasterCard, and all data is secured according to PCI DSS standard.

As one of the most used forex apps, the ExpertOption app has had over 10 million downloads and continues to count.


OctaFX (10 million downloads)

The OctaFX Trading app allows users to trade foreign exchange, CFDs and other assets on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The online trading app enhances traders’ CFD trading experience by providing financial flexibility when trading their money online. Users can track their performance on the stock exchange while trading precious metals like gold and silver, indices, commodities, and more.

OctaFX offers market execution with all of their platforms and allows scalping and hedging, Expert Advisors and custom indicators. OctaFX is only regulated in Cyprus, with another unregulated offshore entity in Saint Vincent and the Grenadines (SVG). The minimum deposit of $5 and the leverage of 1:500 make it an attractive option for trading 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 continues to grow for many reasons. Factors such as reliability and trustworthiness are perhaps the main reason over 1 million traders use the platform, but other features such as low minimum deposit ($10), no fees deposit/withdrawal and access to professional analysis tools add to the attractiveness of Olymp Trade. . Olymp Trade is an international broker that offers its users access to more than 100 financial instruments on its platform.

The mobile app is native for iOS and Android and is designed to have all the functionality of the web and desktop platform, with notifications and alerts.

The app is one of the most downloaded forex apps with over 50 million downloads on the Google app store.


IQ Option (50 million downloads)

IQ Option attracts beginners with its unique social trading platform, low minimum deposits and low trading costs. The app offers a commission-free live account with competitive spreads (from 0.80 pips on EUR/USD) and a minimum deposit of just 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.

The global entity of IQ Option is registered in Saint Vincent and the Grenadines (SVG FSA). The SVG FSA is not a Forex broker regulator and does not oversee any trading-related activities, but IQ Option claims to segregate all client funds from its working capital and offers traders protection against negative balances. The IQ Option platform offers clients the ability to trade over 500 assets: including currencies, indices, commodities and stocks. With IQ Option, stocks, oil, gold and many other assets can be traded on the same platform.

Interestingly, the app has been downloaded over 50 million times on the Google Play Store to become one of the most downloaded forex apps in the world.

Share.

About Author

Comments are closed.