Best Forex Trading platforms in Nigeria 2020

Best Forex Trading platforms in Nigeria 2020

For Nigerian traders, besides fees or other charges, trading platform remains the most important consideration while choosing your forex broker. The best forex trading platforms should offer a downloadable desktop, mobile apps or web-based trading platforms.

If you’re wondering how to choose the best forex trading platform in Nigeria, be sure to look for one with excellent trading capabilities, live data, custom views and flexible charts, to lock in your profits.

Nigerian forex traders need a platform they can rely on, during the trading process.

In order to help you find the best forex trading platform, we have tested all the platforms. Here we go.

Best Forex Trading platforms in Nigeria

Here’s our detailed list of the brokers that offer the best forex trading platforms in Nigeria. We have compared the ease of use, functionality, trading costs, order execution & more for the last 6 months:

1. FXTM Metatrader: Instant order execution & MT5 platform

FXTM Nigeria

Overall Rating 9/10

Visit FXTM

  • Supports: Metatrader for desktop, web & mobile
  • Minimum deposit: ₦2000
  • Max. Leverage: 1:1000
  • Trading Instruments: Forex, Cryptocurrencies, CFDs on Shares

Ranks #1 Forex platform in Nigeria

The MT4 and 5 are the FXTM’s forex trading platforms. It comes with full support for web, desktops and mobile devices.

MetaTrader software at FXTM is one of the best that we have traded on so far, and offers Nigeria forex traders the most advanced features. For traders, this includes over 250 trading instruments,  fast order execution, trading signals, an extensive range of order types, news feed, data protection and more. FXTM’s MT4 & MT5 platforms are available for desktop, iPhone, iPad, Android, and Mac. The MT5 WebTrader platform is also available.

The advanced charting tools for technical analysis include: Fibonacci and Gann tools, channels lines, etc) and nine timeframes. Further, the technical analysis package comprises 30 in-built indicators, 2000+ custom indicators for free and 700 indicators that can be purchased.

Their platform also provides support for various orders including market order, limit orders, stop loss and more. Plus, they have inbuilt news feed in their Metatrader. Moreover, FXTM offers VPS for automated trading.

The FXTM platform also supports copy trading. This is an innovative FXTM program where a forex traders can invest by copying the manager’s trades.

Pros

  • MT4 & MT5 platforms that are available for web, desktop & mobile
  • Advanced charting tools, indicators, and support for EAs
  • Fast Order execution with no freezing or downtime
  • A vast range of trading instruments are available
  • News feed is available for all traders
  • Supports multiple order types including limit orders, stop loss etc.

Cons

  • FXTM’s webtrader can only be used for technical analysis as it does not support news updates
  • Less shares & CFDs available that other platforms
  • Their spread & trading fees with their Standard accounts is higher than other forex brokers. But the fees with competitive with ECN accounts.

to know more read our detailed FXTM review

2. Alpari ECN MT5: Low spread

Alpari Nigeria

Overall Rating 8.9/10

Visit Alpari

  • Supports: MT4 & MT5 with multi device support
  • Minimum deposit: ₦0
  • Max. Leverage: 1:1000
  • Trading Instruments: 46 Forex pairs, Cryptocurrency, CFDs on Indices

Ranks #2 Forex platform in Nigeria

Alpari offers Metatrader platforms MT4 & MT5, and they also offer their proprietary mobile trading app for Android & iOS. Also, they have Alpari invest app for investors & PAMM account holders.

Alpari has the latest MT5 software for Nigerian traders, and it has solid features without an freezing or downtime. They offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts.

Their Metatrader comes with multiple timeframes, order types and many technical indicators for technical analysis. Plus, they have an inbuilt news feed to keep track of any news during your trade.

They also have a PAMM account for investors, and an app where you can keep track.

Pros

  • MT4 & latest MT5 platforms with support on all 3 devices. They also have their own mobile app.
  • Instant Order execution with their Nano & Standard account. And very low spread for most currency pairs.
  • 46 currency pairs available with their MT5 ECN account, and 18 CFDs.
  • News feed & education section is available
  • Supports limit & stop loss orders.
  • Alpari has their own app for PAMM account investors.

Cons

  • Less currency pair options with their Nano & Standard metatrader accounts.

read our detailed Alpari review to see why we ranked them #2 in platforms

3. OctaFX MT4: Quick order execution & low fees

OctaFX Nigeria

Overall Rating 8.9/10

Visit OctaFX

  • Supports: MT4, MT5 & cTrader for desktop, web & mobile
  • Minimum deposit: $100 (₦36,000)
  • Max. Leverage: 1:500 (variable based on account type)
  • Trading Instruments: 28 currency pairs, 3 Cryptocurrencies, CFDs on Indices, metals

Ranks #3 Forex platform in Nigeria

OctaFX offers Metatrader 4 with their Micro account, MT5 platform with their Pro account and cTrader with their ECN account. All their platforms come with multi device support for web, desktop & mobile.

OctaFX is one of the very few forex brokers that offers Metatrader as well as cTrader.

They offer Market execution with all their platforms, and most of the orders with them are executed quickly without any slippage. Plus, they allow scalping & hedging, and Expert Advisors, custom indicators. VPS service is also available with their MT4 platform.

On the downside, their platforms have limited assets available. Their currency pairs are limited to 28, and CFDs are limited to 4 metals, 2 energies, 10 indices, and 3 cryptocurrencies i.e. Bitcoin, Ethereum & Litecoin.

Pros

  • Besides offering MT4, OctaFX is one of the few brokers that offer cTrader & latest MT5.
  • Their platforms allows support for hedging, scalping & EAs
  • Their order execution time is very quick with 97.5% of the orders executed without any slippage
  • They offer local funding & withdrawals via GT Bank on their platforms
  • Support for mobile trading (with MT4, MT5, & cTrader), and availability of multiple orders types & upto 21 timeframes with their MT5 platform.

Cons

  • OctaFX’s MT4 platform has limit assets. Only 28 currency pairs, CFDs on 2 metals, 4 indices & 3 cryptos.
  • Although they offer local funding & withdrawals in NGN, but Naira accounts are not available currently. You can open trading account in USD or EUR currency only.

also read our detailed OctaFX review

4. Hotforex MT4 & MT5: Fast order execution & low spread

Hotforex Trading Platform

Overall Rating 8.9/10

Visit Hotforex

  • Supports: MT4, MT5 for desktop, web & mobile
  • Minimum deposit: $5
  • Max. Leverage: 1:1000
  • Trading Instruments: Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals

Ranks #4 Forex platform in Nigeria

HotForex’s offers newest Metatrader 5 & MT4 platforms for Nigerian investors. It has support for mobile, desktop and web. For trading currency pairs, HotForex offers an impressive but risky leverage ratio of 1:1000.

The HotForex’s MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading. It offers 80+ technical indicators and an in-built economic calendar.

The value of their platform is being able to access the account from anywhere using your iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Another good points are that Hotforex’s Metatrader has fast order execution, news feed, multiple order types, support for EAs.

Pros

  • Hotforex offers MT4 & MT5 that has desktop, mobile & web-based versions
  • Lower spread than other forex brokers for most currency pairs
  • More technical indicators available in their platform
  • Supports news feeds, and multiple order types
  • Support copy trading with HF Copy

Cons

  • We did not find any cons with their platform so far for now. We will update it once we find something new.

also read our detailed Hotforex review

5. Tickmill MT4: NDD platform with very competitive spread

Tickmill Nigeria

Overall Rating 8.5/10

Visit Tickmill

  • Supports: Metatrader for desktop, web & mobile
  • Minimum deposit: $100 (~₦36,000)
  • Max. Leverage: 1:500
  • Trading Instruments: Forex, CFDs on Stock Indices, precious metals

Ranked #5 Forex platform in Nigeria

Tickmill offers Metatrader4 & Webtrader platform with their Classic & Pro accounts. But they don’t offer the latest MT5 platform. Their MT4 platform comes with support for all devices including desktop, web & mobile.

Tickmill has a 100% NDD forex platform, which means that there is no conflict on interest with their clients. Their MT4 has full support for EA’s, multiple charts, news, limit orders & more. They offer market execution, and we have found their order execution to be very fast with no delays.

Moreover, their MT4 is supported on Windows, Mac, Android, iOS, as well as webtrader. Their platform has 62 currency pairs which is more than other platforms, but their other instruments are limited. They only offer 15 stock indices, and 2 metals other than forex trading.

Pros

  • Metatrader 4 for multiple devices including web, desktop, and mobile.
  • Tickmill has No dealing desk platform, so their is no conflict of interest with their clients, and orders are placed directly with their liquidity providers.
  • Very competitive spread for most currency pairs & quick order execution speed.
  • Their platform supports mutiple charts, order types, and EAs for automated trading.
  • Forex trading available on 62 currency pairs.

Cons

  • They don’t offer the latest MT5 trading platform.
  • Very few trading instruments other than forex. Their CFD trading options for stock indices, and metals are limited.

How to choose best Forex trading platforms in Nigeria?

Forex trading platforms can vary across a wide array, offering distinct functionalities and features. To find the best fit, asking the right questions is important.

If you are a new trader, you would require user-friendly, simple platforms without many indicators or complex order capabilities that could confuse you. Professional or advanced traders could need more advanced indicators on charts and tools, including EAs and code add-ons directly implemented into the platform.

Nigerian forex traders should only choose a platform that is most fit for their trading strategy. Good forex trading platforms simplify research and analysis, making it easy to use even the advanced charting tools, and EAs.

Your trading skills & your strategy should be the factor to determine which platform you should be choosing. In general, be sure to look for one with excellent trading capabilities, live data without any delays, flexible charting tools, EAs and quick order execution.

All forex brokers offer their trading platforms for free to its demo & live customers, and it can be downloaded from the broker’s website.

Here are the tips that you should consider while choosing the forex trading platform:

1. Mobile, desktop & Web Support

Some brokers only permit trading through a web-based interface, or only mobile without any desktop interface.

Choose a broker that offers trading platforms compatible across devices, like mobile and tablet, and also desktop, so you can trade on the go or remotely with ease.

You may suddenly need to open or close your orders, even when you are not in-front of your trading screen, so a broker that offers platform with mobile interface would allow you to do just that. You will be able to trade easily & conveniently.

2. Support for Multiple Order Types

A good platform will offer you the ability to place multi order types. The most common orders that you may need to place in the market are Market orders, Limit Entry orders, Stop Entry orders, Stop Loss orders, Trailing Stop, One-Triggers-the-Other and many more.

For advanced traders, availability of multiple order types should be a very important requirements. And beginner traders would also need to place limit orders & stop loss.

So it is even more important for traders to only go for a platform that allows placing all various different types of orders. So ask your broker first, what types of orders do they support in their platform & then decide.

3. Fast Order Execution without delays or Re-quotes

The trading platform should also have be quick to load, place orders, close orders & perform any action when required without freezing or hanging.

Orders should be placed quickly and the trading platform should have a good past record for managing re-quotes with minimal downtime.

Any delay in your order execution can be a difference between a profitable trade or a loss. Search whether your platform has instant/fast order execution or not.

In our research, Forextime offers market execution & XM forex claims no rejection policy with guaranteed execution, and both performed the best in terms of order execution without delays.

4. Technical Tools available in the platform

Does your trading platform offer wide charting tools like trendlines, moving averages, EAs, ability to add technical indicators, and more?

A good trading platform should offer easy access to many technical tools for analyzing the financial instruments and markets.

The platform should also have a multitude of features and functionalities, ranging across browsing charts simultaneously, changing chart types, scheduling and automatic transaction execution, analysis tools and news updates. Notifications, alerts, analytical objects, technical indicators, and charting tools should be up to the mark.

So look for a platform that has wide tools for technical analysis.

5. News Feed & Educational Updates in platform

Even if you are not to fundamental trader, you still cannot ignore the news. What if you are placing your order without being aware of an upcoming news that could affect your trade & increase market volatility that could cause your stop loss to hit.

For this reason, news and educational updates on the platform can offer valuable market intelligence for all traders. Advanced and intermediate traders can benefit from news updates which offer actionable insights before placing any trade.

Moreover, updates on training and free video tutorials in a platform, FAQs and multilingual support are good bonus for beginner traders. These offer a good opportunity to get well acquainted with trading tools and build your expertise or further hone your trading skills.

6. Is the spread low?

The spread & trading fees offered by the broker on their platform is absolutely vital consideration.

On each trade executed, you will be charged a fixed or a variable spread by the broker. This is the broker’s fees, which is the difference between buying and selling price of assets before profits can be settled.

You should choose a platform with a broker that offers the lowest spread for the currency pairs & instruments that you are looking to trade. Moreover, be sure to check out if there are any commissions and hidden charges for using the platform.

Although platforms at most brokers are free, some brokers may even charge extra fees for using their platform, and they may also charge extra fees during inactivity. So make sure to properly check out the broker’s fees for using the platform before choosing it.

Conclusion

The trading platform is one of the most important considerations you need to take into account while searching for the right FX broker in Nigeria.

The platform should have an easily usable with symbols like currencies and analysis on different time frames. Technical indicators should be readily accessible.

Exceptional forex trading platforms should have accurate forex quotes and reliable trade execution. good order placement, management of accounts, technical and fundamental analysis tools, strong data security and minimize system downtime.

The MT4 and MT5 platforms offer automated trading and social/copy trading features as well. So it is best to choose a broker that offers Metatrader platforms.

Summary: best forex trading platforms in Nigeria

Forex Broker Forex Trading Platform(s) Supports Leverage Account minimum Trading Platform(s) Start Trading
FXTM MT4, MT5, Webtrader Desktop, web & mobile 1:1000 ₦2000 50+ Forex, Cryptocurrencies, Metals, Share CFDs get started
Alpari MT4, MT5 & Alpari Invest App Desktop, web & mobile 1:1000 ₦0 46 Forex currency pairs, Cryptocurrencies, CFDs on metals, indices get started
OctaFX MT4 (with Micro account), MT5 (Pro account) & cTrader (ECN account) Desktop, web & mobile 1:500 (variable) $100 (₦36,000) 28 currency pairs, 3 Cryptos, CFDs on 4 metals, 10 indices get started
Hotforex MT4, MT5 Desktop, web & mobile 1:1000 $5 Forex, Cryptocurrencies, Metals, Shares get started
Tickmill MT4 Mobile, web, desktop 1:500 $100 62 currency pairs, CFDs on 2 metals, 15 indices get started