Economy
Experts Have Selected The Best Tools For Traders In The FX Market
The Forex and related trading markets are rapidly expanding, reaching a $6.6 trillion daily turnover and a global value of $2.49 quadrillion in 2019. As the market continues to grow, more people are becoming interested in participating. To enhance their trading experience, both beginners and experts can benefit from using trading software and tools in 2023. Traders Union experts will help you to sort out this issue.
Trading software: How it can help
Trading software offers various ways to assist with your trades. Understanding their functions is essential for selecting the right application. Here, analysts at Traders Union explore different types of trading software and how they benefit traders. Discover the latest and most effective tools for traders to optimize their trading strategies and boost profits:
- Trading Signals: These applications provide real-time signals and trends to help you spot profitable opportunities. You can customize signals by creating a profile on certain platforms.
- Trade Analyzers: This software continuously analyzes industry trends, incorporating expert trades and asset histories to make predictions. It aids in deciding which equities or assets to trade.
- Automated Bots: Using AI technology, these bots learn from top traders and automatically copy their positions on your account, closely monitoring their trades.
Subcategories exist, such as algorithm trading software that combines analyzers and AI to identify suitable trades and execute them at the right moment.
Other software types are available, aiming to facilitate trades, identify opportunities, and offer a convenient account overview.
Useful day trading software
TU experts consider that day trading is highly profitable, but risky. With proper education and tools, it can be lucrative. To find the best opportunities, use trading apps that analyze trends and provide predictions. Here are some applications for day traders:
- TradingView: Offers real-time, customizable charts for various markets like cryptocurrencies and currencies.
- MooMoo: Advanced market analysis tool accessible on multiple devices, providing analytical data and graphs.
- Robinhood: Ideal for beginners, this platform, created by expert investors, offers investment opportunities and money management tools for free.
Best trading platforms
While there are numerous trading platforms available, they vary significantly in their features and usability. After thorough research, TU experts have selected the top five platforms suited for different purposes:
- Webull: Ideal for stock trading with low fees, easy account opening, and a user-friendly interface.
- FxPro: Excellent for day trading, offering great customer service, free education, and multiple deposit and withdrawal options.
- XM: Best for forex trading, with low withdrawal fees, fast account approval, and access to various educational tools.
- Admiral Markets: Suitable for beginners, with two decades of experience, multiple assets to trade, and affordable entry-level fees.
- eToro: Perfect for copy trading, featuring built-in social features and copy trading options. Traders Union experts have prepared a detailed review of the broker and also answered the question: What is leverage on eToro?
Best stock trading software
Stock trading offers opportunities for short-term profits. While some investments may yield profits over longer periods, most people aim to profit within a few days. There are two categories of individuals in stock trading: investors with long-term strategies and traders seeking immediate profits.
Here are some top stock trading software options for market analysis from experts at Traders Union:
- Powrbot: Provides comprehensive research tools, focusing on valuable data and insights into businesses, aiding decision-making.
- StockTwits: A mobile and web app resembling social media, offering real-time news and events affecting stock markets to help with buying and selling decisions.
Conclusion
According to Traders Union analysts, trading is a popular money-making option, whether as a full-time pursuit or for part-time earnings. The right trading software and tools can reduce risks and enhance the trading process. A combination of these applications assists in determining the right trades to initiate, when to hold stocks, and when to sell.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange opened the week with a 0.52 per cent rise on Monday, July 20, driven by renewed buying interest.
The volume of securities traded during the opening session surged by 6,663.3 per cent to 52.6 million units from the previous 777,002 units, and the value of securities rose by 200.9 per cent to N191.2 million from the preceding session’s N104.2 million, while the number of deals depreciated by 15.2 per cent to 28 deals compared to the preceding session’s 33 deals.
Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion in trades, and Central Securities Clearing System (CSCS) Plc with 75.4 million units exchanged for N5.3 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
Yesterday, there were two price gainers and three price losers, led by FrieslandCampina Wamco Nigeria Plc, which slid by 66 Kobo to end at N141.15 per unit versus last Friday’s N141.81 per unit, Food Concepts Plc lost 24 Kobo to close at N2.31 per share versus N2.55 per share, and Geo-Fluids Plc declined by 17 Kobo to settle at N2.25 per unit compared with the previous closing price of N2.42 per unit.
Conversely, CSCS Plc chalked up N5.19 to close at N99.33 per share versus N94.14 per share, and Mass Telecoms Plc appreciated by 3 Kobo to sell at 35 Kobo per unit from 32 Kobo per unit.
As a result, the market capitalisation increased by N13.57 billion to N2.606 trillion from N2.593 trillion, and the NASD Security Index (NSI) gained 22.6 points to quote at 4,343.27 points, in contrast to the previous 4,320.67 points.
By Adedapo Adesanya
The Naira almost traded flat against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, July 20. It gained 7 Kobo during the session to sell at N1,380.11/$1, in contrast to last Friday’s value of N1,380.18/$1.
It also appreciated against the Euro in the same market window during the session by N1.64 to close at N1,575.95/€1 versus the preceding session’s N1,576.99/€1, but depreciated against the Pound Sterling by N2.93 to trade at N1,857.35/£1 compared with the previous trading day’s N1,854.42/£1.
At the GTBank forex desk, the Nigerian Naira lost N1 against the US Dollar to quote at N1,389/$1 versus N1,388/$1, and at the black market, it traded flat at N1,405/$1.
Data from the Central Bank of Nigeria (CBN) showed that interbank FX turnover settled at $266.2 million, 7.5 per cent lower than the previous close of $287.8 million. Also, the number of deals at the interbank FX market declined to 68 from 106.
Despite this, there are signals that the Naira has pillars that can prop up its stability. Updated data from the apex bank showed Nigeria’s gross foreign exchange reserves increased to $51.92 billion as of July 16, 2026, reflecting continued improvements in the country’s external position.
A slew of analysts predict further increases will lift the gross balance above $52 billion this week, the highest seen since 2009.
Also, there are expectations that the country will be able to boost remittances into the country to $1 billion on a monthly basis by the end of the year; this will help ease pressure on the FX markets.
Meanwhile, in the crypto market, Bitcoin (BTC) climbed to about $65,500, reaching a two-week high, as the semiconductor selloff that dragged crypto lower last week reversed and Asian chip stocks led a broad risk rally. It rose by 2.4 per cent to $65,676.01.
There was also support from five straight days of inflows into US spot Bitcoin ETFs totalling more than $600 million, marking the strongest stretch of institutional buying since mid-July.
Cardano (ADA) jumped by 8.3 per cent to $0.1756, Ethereum (ETH) grew by 4.0 per cent to $1,930.33, Ripple (XRP) improved by 3.9 per cent to $1.13, Solana (SOL) appreciated by 3.2 per cent to $78.34, Binance Coin (BNB) added 1.9 per cent to sell for $575.34, and Dogecoin (DOGE) expanded by 1.7 per cent rise to $0.0729.
However, TRON (TRX) declined by 0.1 per cent to $0.3261, and the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each
By Dipo Olowookere
Sustained bargain-hunting in local stocks further lifted the Nigerian Exchange (NGX) Limited by 1.12 per cent on Monday.
The buying pressure was across the major sectors of Customs Street, though the consumer goods space came under profit-taking, closing flat.
But the banking counter expanded by 3.14 per cent, the industrial goods index gained 2.82 per cent, the insurance sector increased by 0.25 per cent, and the energy segment soared by 0.08 per cent.
Consequently, the All-Share Index (ASI) surged by 2,721.83 points to 246,183.96 points from 243,462.13 points, and the market capitalisation went up by N1.755 trillion to N158.812 trillion from N157.057 trillion.
Custodian Investment and NEM Insurance chalked up 10.00 per cent each to sell for N75.90 and N30.80, respectively, BUA Cement rose by 9.98 per cent to N303.10, First Holdco improved by 9.95 per cent to N105.50, and FTN Cocoa advanced by 9.94 per cent to N9.29.
On the flip side, SUNU Assurances shrank by 10.00 per cent to N3.60, Tripple Gee slipped by 9.77 per cent to N3.51, ABC Transport tumbled by 9.62 per cent to N7.05 per cent, Abbey Bank crashed by 9.00 per cent to N9.10, and Coronation Insurance dipped by 7.69 per cent to N2.40.
The market breadth index was flat yesterday, as there were 31 price gainers and 31 price losers.
First Holdco led the activity chart during the session, with a turnover of 203.9 million shares valued at N21.5 billion. Access Holdings sold 190.7 million equities worth N4.8 billion, UBA traded 29.2 million stocks for N1.4 billion, Zenith Bank transacted 24.7 million shares valued at N2.9 billion, and Sterling Holdings exchanged 23.6 million equities worth N187.4 million.
When trading activities ended at 4 pm, investors traded 851.6 million stocks for N49.6 billion in 56,873 deals compared with the 685.9 million stocks valued at N42.7 billion transacted in 44,134 deals last Friday, representing a rise in the trading volume, value, and number of deals by 24.16 per cent, 16.16 per cent, and 28.86 per cent, respectively.
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