NIGERIA'S TOP 10 FOREX TRADING APPLICATIONS, ACCORDING TO DOWNLOADS, AS OF AUGUST 2022

Many Nigerians now rely heavily on their income from forex trading. Although this business is relatively new in Nigeria, it has already gained a lot of popularity there, particularly among young people, with an estimated daily transaction volume of N300 to N450 million.

Because of technology, it is no longer true that only forex specialists can trade because a variety of trading apps now make it simple for anyone to do so. Even if it doesn't eliminate the hazards, it has enabled a lot more Nigerians to profit from the multibillion-dollar currency market.

Numerous apps are now available for convenient currency trading both internationally and locally Nigeria. Here are the top forex apps that have been downloaded the most in Nigeria on the Google Play Store, which unlike Apple's App Store does not display the number of downloads for apps:

AvaTrade (1 million downloads)

AvaTrade is a reputable FX and CFD trading broker known for providing top resources and trading tools. The platform's give users a responsive and streamlined trading experience.

AvaTradeGO provides traders in Nigeria with a variety of features, including easy-to-use position management tools, charting capabilities, educational resources, and more. Additionally, Nigerians have access to societal trends, market trend technologies, and technical analysis that can guide traders' investment decisions.

More than a million people have downloaded this application.

HotForex (1 million downloads)

Incorporated in 2007, HotForex is thoroughly governed by the FCA, CySEC, DFSA, FSCA, and SFSA.

The is one of the most well-liked forex applications with over 1 million downloads.

FXTM (1 million downloads)

In Nigeria, FXTM is a well-liked forex trading program. A vital factor for traders in Nigeria is that one of the base currencies utilized by this CFD and Forex broker is NGN.

Traders get access to the full selection of FXTM, including Forex, spot metals, 180 company shares, commodities, indices, and cryptocurrencies, using the FXTM Trader mobile app. With FXTM Trader, you can manage your close positions quickly, get real-time currency rates, and keep an eye on your FXTM Invest copy-trading account. Several financial regulators, notably the Cyprus Securities and Exchange Commission and the UK Financial Conduct Authority (FCA), oversee FXTM (CySEC). Over a million people have downloaded the app from the Google Play Store.

FBS (5 million downloads)

FBS is a global broker with operations in more than 150 nations, including Nigeria.

The FBS app has been downloaded more than 5 million times as of August 2022 from the Google Play store.

FXPro (5 million downloads)

With over 870 000 clients in 173 countries, FXPro has a far larger clientele than most other brokers, making it one of the most reputable Forex brokers in the business. FxPro provides trading on six asset classes, including Forex, shares, indices, futures, metals, and energy, with a no-dealing desk execution methodology.

One of the most popular forex apps is FXPro, with over 5 million downloads.

eToro (10 million downloads)

The eToro mobile app is well known for its straightforward, user-friendly layout and resemblance to the eToro desktop trading platform. eToro was one of the first and most well-known social trading and investing platforms. On the multi-asset platform of eToro, traders may find and invest in specific equities, commodity CFDs, and more

The eToro app is one of the few forex apps that has surpassed the 10 million download threshold on the Google Play Store due to its popularity among traders.

ExpertOption (10 million downloads)

One of the simplest trading platforms for beginners is the ExpertOption FX trading app. Thanks to its social trading feature, more than 55 million registered members, and a variety of cutting-edge trading and investment tools, ExpertOption claims it has the potential to become a top social trading network. Users of ExpertOption can effortlessly build a diverse trading portfolio without incurring any additional fees.

Apple, Facebook, Gold, Oil can be traded using the app without paying any deposit fees. Visa and MasterCard have validated ExpertOption, and all data is protected in compliance with PCI DSS guidelines.

ExpertOption app, one of the most popular FX apps, has more than 10 million downloads to date and is continually growing.

OctaFX (10 million downloads)

Users of the OctaFX Trading App can trade CFDs, foreign currencies on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. By granting traders financial flexibility as they trade their money online, the online trading software improves traders' CFD trading experiences. When trading commodities, indices, precious metals like gold and silver, and more, users can keep track of their performance on the exchange

Over 10 million people have downloaded the app from the Google Play store.

Olymp Trade (50 million downloads)

One of the most well-known online brokers in the world, Olymp Trade is still expanding due to a variety of factors. Over a million traders utilize the platform for a variety of reasons, but dependability and trustworthiness are likely the main ones. Other benefits include a cheap minimum deposit ($10 USD), no deposit or withdrawal fees, and access to expert analytical tools.

Over 50 million people have downloaded the app from the Google Play store, making it one of the most popular FX apps.

IQ Option (50 million downloads)

With its trading platform, minimal minimum deposits, and affordable trading fees, IQ Option caters to newcomers. One live commission-free account with competitive spreads (beginning at 0.80 pips on the EUR/USD) and a low minimum deposit requirement of just 10 USD is available through the app.

It's interesting to note that the app has over 50 million downloads on the Google Play Store, making it one of the most popular FX apps worldwide.