Foreign currency trading has develop into a significant supply of earnings for a lot of Nigerians as we speak. Though it is a comparatively new enterprise in Nigeria, it has develop into fairly widespread within the nation, particularly among the many youth, with an estimated day by day buying and selling quantity of N300 to N450 million.
With know-how, the preliminary concept that solely consultants can commerce in foreign exchange is not tenable as numerous buying and selling apps now make it simple for anybody to commerce. Though that doesn’t remove the dangers concerned, it has helped many extra Nigerians to take part within the multi-billion greenback foreign exchange market and make cash.
In the present day, there are lots of functions out there worldwide and in addition accessible in Nigeria to facilitate foreign currency trading. Though Apple iStore doesn’t present the variety of app downloads, listed below are probably the most downloaded foreign exchange apps on Google Play Retailer which are out there in Nigeria:
AvaTrade (1 million downloads)
AvaTrade is a trusted foreign exchange and CFD buying and selling dealer acknowledged for offering its purchasers with the very best buying and selling instruments and sources. The primary goal of the platform is to offer merchants with a clean and responsive buying and selling expertise.
The information continues after this announcement
A few of the options that AvaTradeGO gives to Nigerian merchants embody intuitive place administration instruments, charting capabilities, instructional materials and extra. As well as, Nigerians can entry market pattern know-how, social tendencies and key info offered by basic evaluation and technical evaluation that may assist information merchants’ funding selections.
This app has been downloaded over 1 million instances.
The information continues after this announcement
HotForex (1 million downloads)
HotForex was established in 2007 and is effectively regulated by FCA, CySEC, DFSA, FSCA and SFSA.
Hotforex Metatrader gives quick order execution, information feed, a number of order sorts, assist for EA and 21 totally different timeframes, superior evaluation instruments, HotForex asset class buying and selling, practically 100 simultaneous charts, hedging and buying and selling with one click on and greater than 80 technical strategies. indicators plus a built-in financial calendar.
The primary options of their accounts embody the usage of MT4 and MT5 for desktop, internet and cell, with a minimal deposit requirement of solely $5 and the supply of a most leverage ratio of as much as 1:1000. Buying and selling devices embody Foreign exchange, Cryptocurrencies, CFDs on inventory indices, commodities and metals.
It’s among the many widespread foreign exchange apps which have surpassed 1 million downloads and counting.
FXTM (1 million downloads)
FXTM is a well-liked foreign currency trading utility in Nigeria. It is a CFD and Foreign exchange dealer identified for its glorious customer support and crucially for merchants in Nigeria, one of many base currencies used is NGN.
By way of the FXTM Dealer cell app, merchants can entry FXTM’s full vary of CFDs, together with Foreign exchange, spot metals, shares of 180 firms, commodities, indices and cryptocurrencies. With FXTM Dealer you’ll be able to open and shut positions in seconds, get reside foreign money charges, handle your buying and selling accounts and monitor your FXTM Make investments copy account. FXTM is regulated by numerous monetary authorities, together with the UK Monetary Conduct Authority (FCA) and the Cyprus Securities and Alternate Fee (CySEC). The app has been downloaded over 1 million instances on the Google Play Retailer.
FBS (5 million downloads)
FBS is a world dealer with presence in additional than 150 international locations, together with Nigeria. FBS is a well-regulated worldwide dealer with a variety of accounts, together with a devoted crypto account and a low-cost entry-level account, over 100 cryptocurrency pairs and an easy-to-use cell buying and selling app. The platform gives a welcoming setting for starting merchants, with a superb collection of instructional and market evaluation supplies and 24/7 buyer assist.
As of August 2022, the FBS app has been downloaded over 5 million instances on the Google App Retailer.
FXPro (5 million downloads)
FXPro is likely one of the most revered Foreign exchange brokers within the trade as a result of it’s effectively regulated and has a a lot bigger buyer base than most different brokers, with over 870,000 clients in 173 international locations. FxPro gives a no-deal desk execution mannequin and trades in six asset courses, together with Foreign exchange, shares, indices, futures, metals and energies.
FxPro gives 5 reside accounts, all with a minimal deposit requirement of simply $100, however buying and selling prices are greater than different related brokers. Spreads begin at 1.41 pips (EUR/USD) in your Metatrader accounts and 0.31 pips in your cTrader account for a fee of 9 USD per spherical.
With over 5 million downloads, the FXPro app is likely one of the most downloaded by foreign exchange merchants worldwide.
eToro (10 million downloads)
The eToro cell app is known for its easy and intuitive design and its similarity to the eToro desktop buying and selling platform. With regards to social buying and selling and investing platforms, eToro was one of many first and most profitable. Merchants can uncover and put money into particular person shares, CFDs on commodities and extra on eToro’s multi-asset platform.
Attributable to its recognition amongst merchants, the eToro app has develop into one of many few foreign exchange apps to cross the ten million mark on the Google Play Retailer.
ExpertOption (10 million downloads)
ExpertOption foreign currency trading app is taken into account to be one of many best buying and selling platforms for newbies. With its social buying and selling characteristic, ExpertOption says it has the potential to develop into a number one social buying and selling community, because of greater than 55 million registered customers and quite a lot of modern buying and selling and funding instruments. ExpertOption permits customers to simply create a diversified buying and selling portfolio with no hidden prices.
The app means that you can commerce Apple, Fb, Gold, Oil and different main property with out deposit charges. ExpertOption is verified by Visa and MasterCard, and all information is protected in accordance with the PCI DSS commonplace.
As one of the vital used foreign exchange apps, the ExpertOption app has recorded over 10 million downloads and counting.
OctaFX (10 million downloads)
The OctaFX buying and selling utility permits customers to commerce foreign currency echange, CFDs and different property on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. The net buying and selling utility enhances merchants’ CFD buying and selling expertise by offering monetary flexibility whereas buying and selling their cash on-line. Customers can monitor their inventory market efficiency whereas buying and selling valuable metals similar to gold and silver, indices, commodities and extra.
OctaFX gives market execution with all its platforms and allows scalping and hedging, skilled advisors and customized indicators. OctaFX is barely regulated in Cyprus, with one other unregulated offshore entity in Saint Vincent and the Grenadines (SVG). The minimal deposit of $5 and the leverage of 1:500 make it a lovely choice for buying and selling 28 foreign money pairs, 3 Cryptocurrencies, CFDs on indices and metals.
The app has been downloaded over 10 million instances on the Google app retailer.
Olymp Commerce (50 million downloads)
Olymp Commerce is likely one of the hottest on-line brokers on this planet and continues to develop for a lot of causes. Components similar to reliability and trustworthiness are maybe the principle cause why greater than one million merchants use the platform, however different options similar to a low minimal deposit ($10 USD), no deposit/withdrawal charges and entry to skilled analytical instruments add to the attraction of Olymp Commerce. . Olymp Commerce is a world dealer that provides its customers entry to greater than 100 monetary devices on its platform.
The cell app is native to each iOS and Android and is designed to have full internet and desktop platform performance, with notifications and alerts.
The app is likely one of the most downloaded foreign exchange apps with over 50 million downloads on the Google app retailer.
IQ Possibility (50 million downloads)
IQ Possibility attracts newbies with its distinctive social buying and selling platform, low minimal deposits and low buying and selling prices. The app gives a commission-free reside account with aggressive spreads (beginning at 0.80 pips on EUR/USD) and a minimal deposit of solely $10. Nevertheless, though deposits are free, IQ Possibility fees excessively excessive withdrawal charges and an inactivity payment of EUR 10 (or equal) per thirty days after 90 days of inactivity.
IQ Possibility’s international entity is registered in Saint Vincent and the Grenadines (SVG FSA). The SVG FSA will not be a regulator of Foreign exchange brokers and doesn’t oversee any trading-related exercise, however IQ Possibility claims to segregate all consumer funds from its working capital and gives merchants safety towards unfavorable balances. The IQ Possibility platform gives purchasers the chance to commerce over 500 property: together with currencies, indices, commodities and shares. With IQ Possibility you’ll be able to commerce shares, oil, gold and lots of extra property on the identical platform.
Curiously, the app has been downloaded greater than 50 million instances on the Google Play Retailer to emerge as one of the vital downloaded foreign exchange apps globally.