This is a complete guide on Forex trading and Nigeria’s best Forex trading platform. In this in-depth guide, you’ll learn:
- What is a trading platform?
- How to choose the best Forex trading platform in Nigeria
- The best Forex trading platform in Nigeria.
So, if you’re ready to go into Forex trading and want to know the best Forex trading platform in Nigeria, this guide is for you.
Trading platforms are software applications offered to traders by Forex brokers. To trade Forex, you need a trading platform to make trades. A trading platform allows users to buy and sell stocks and commodities. Trading platforms allow users to manage their opening and closing positions on multiple markets, usually through an intermediary like an online broker.
Best Forex Trading Platform In Nigeria
Success starts with the best trading. All these platforms are available for Nigerian account holders; therefore, they offer access to the markets in a remarkably similar way. So, let’s look into the best Forex trading platform in Nigeria.
1. MetaTrader 4
MT4 is the best Forex trading platform in Nigeria because it is considered the Forex trading industry standard due to its speed, customisability, broker adoption, and security. MT4 runs smoothly and performs trades speedily, even on slower internet connections. But it is most famous for its customization options.
2. MetaTrader 5
MetaTrader 5 has a more modern appearance and features than MT4. MT4 supports access to CFDs, like equities, stocks, and commodities markets, through modifications to the platform. This more comprehensive range of CFDs is suitable for brokers: it lets them give more products to traders in a single platform. These make MetaTrader 5 one of the best Forex trading platforms in Nigeria.
cTrader is a multi-asset trading platform that allows users to trade Forex and other CFDs. cTrader offers high-speed performance with a clean user interface which is one of the reasons why it is one of the best Forex trading platforms. cTrader also enables automated trading with the built-in cTrader Automate.
- There is no minimum deposit
- The fees are low, and the withdrawals are primarily free
- cTrader has a good customer service
- There is no investor protection for clients outside the UK, EU, and EEA.
- There is a withdrawal fee for clients outside the EU and Australia.
4. Olymp Trade
Traders see Olymp Trade as one of the best Forex trading platforms because one can buy and sell stocks, commodities, Forex, cryptocurrencies, and ETFs with a minimum deposit of $10. All deposits and withdrawals are free, and whether you use bank transfers, cards, or e-wallets, there is an inactivity fee after 180 days of $10 or equivalent per month.
- There is a low minimum deposit.
- There are free deposits and withdrawals.
- The interface is friendly to use.
- There is an inactivity fee.
- There is limited regulation
Public.com is focused on community investing. You’ll be able to mirror the market moves of profiteering site members, which can take much of the guesswork out of Forex trading. Public.com is one of the best Forex trading platforms in Nigeria because they list 100% commission-free stocks and ETFs. You’ll get to keep every penny of the profits you earn. Additionally, Public.com lists a $0 account minimum, so you won’t have to deposit anything if you decide this platform isn’t the right fit.
- The low minimum deposits.
- There are free deposits and withdrawals
- There are good educational resources and trading tools
- The interface is friendly to use.
- Inactivity fee
- Limited regulation.
Xstation controls your take-profit and stop-loss directly on the chart or through the integrated trading calculator. The filter instrument classes and set favorites with the market analysis dashboard and has a fully customizable layout.
- Regulated by the FCA
- Low Forex fees
- Fast withdrawal and deposit with no fee
- Live chat customer service
- There is a limited product portfolio
- There are high fees for stock CFDs
SaxoTraderGO is the number one of the best Forex trading platforms in Nigeria for active traders and provides on-the-go access to over 35,000 financial instruments across all asset classes. There are no account, withdrawal, or deposit fees, but if you do not trade for 180 consecutive days, there is a $150 inactivity fee for Nigerian accounts.
- Heavily regulated
- Low forex fees
- No withdrawal fees.
- High fees for options, futures, and bonds
FXTM in Nigeria, one of the base currencies used is NGN. Deposits are accepted through bank transfers, credit and debit cards, and various electronic wallets. There are no conversion fees for using NGN as it is one of the base currencies. Fees are low for trading Forex but high for CFDs, and there are no account fees.
- Low minimum deposit
- Demo account
- Accepts a range of payment methods
- Withdrawal fees
- Inactivity fee
AvaTradeGo was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTradeGo provides a stable trading experience with an advanced dashboard, intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. AvaTrade’s fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
10. HotForex HF
HotForex HF features include in-app fund transfers, advanced charting, and access to HotForex’s HFcopy and PAMM copy-trading accounts. It also enables a live rate stream for CFDs on Forex, commodities, stocks, and indices, a market news stream, and the latest analysis published by the HotForex research team.
Things to Consider While Choosing a Forex Trading Platform in Nigeria
Having the right trading platform will help you monitor your risk, protect your capital, trade in the way that suits you best, and provide reliable access to the markets you want to trade. Let’s look into the things to consider while choosing the best Forex trading platform in Nigeria.
- The Security
- The Fees
- The Types of Investment
- The Education/Research/Analysis
- The Alerts
- The Ease of Use
- The Customer Support
- The Trading Tools and Features
There are many other niche Forex trading platforms, mainly for more advanced traders, but this article covered Nigeria’s best Forex trading platform. A trading platform is only a tool to connect you with the market, and your success or failure will depend entirely on your trading choices. Make sure that those choices are educated, low-risk and decisive. Every trader should look for a platform that offers competitive fees, high levels of security, and the features that will be most useful.