HERE IS WHAT TO DO IF YOU WANT TO HAVE A FOREX ACCOUNT IN NAIRA
Best Forex Brokers With Naira Accounts
Access to Naira-denominated accounts is often a significant priority for Nigerian traders. It streamlines the deposit process and eliminates conversion costs, making trading more accessible. Brokers offering NGN accounts, therefore, hold a clear advantage in this market.
This guide reviews the top forex brokers that support Naira as a base currency. First, what exactly is an NGN account?
What is a Naira account?
The Naira is Nigeria's national currency, issued and regulated by the Central Bank of Nigeria. As the primary currency used by Nigerian citizens, it's the most accessible option for local traders.
An NGN account is a forex trading account denominated in Naira. These accounts offer significant convenience for Nigerian traders, who can deposit funds directly from their local bank accounts without currency conversion. This seamless process allows traders to fund their accounts and begin trading immediately. By offering NGN accounts, brokers lower barriers to entry and attract more Nigerian traders to their platforms. So which brokers support Naira accounts?
Best Forex Brokers with Naira Accounts
HFM
Trading Forex and CFDs entail risk.
Your capital is at risk.
HFM (formerly known as HotForex) is one of the most popular brokers in Nigeria that does offer Naira accounts for Nigerian traders. The Naira is one of the five currencies that the broker supports. Notably, this broker has a low entry point that sits at 4,000 NGN when making a deposit via bank transfer. For other payment methods, the minimum deposit is slightly higher, but still quite low.
Regarding trading costs, the Pro and Pro Plus accounts feature spreads from 0.5 pips and 0.2 pips* respectively, with no commissions. The Premium and Cent accounts also offer commission-free forex trading with spreads from 1.2 pips on major pairs. For tighter pricing, the Zero account provides spreads from 0.0 pips with low commissions starting at $0.03 per 1k lot.
HFM enables portfolio diversification across multiple asset classes, including CFDs on forex, metals, energies, indices, stocks, commodities, bonds, ETFs, and cryptocurrencies. Traders can access these markets through MetaTrader 4, MetaTrader 5, or the HFM Platform. Notably, HFM maintains a strong presence in Nigeria and regularly hosts offline webinars in Lagos, Abuja, and Port Harcourt.
Nigerian traders will find reassurance in HFM's regulatory standing. The broker holds licenses from leading authorities, including the CMA, the CySEC, the FCA, the FSCA, and the FSC.
Exness
Exness is the world’s largest retail broker by trading volume that also supports a Naira account. This is also one of the reasons why Exness is so popular among Nigerian traders. The minimum deposit at Exness is approximately 15,000 NGN. The broker offers Nigerians access to more than 250 different trading instruments.
At Exness, we can trade in the forex, stocks, indices, commodities, and cryptocurrency markets.The trading platforms available to choose from include MetaTrader 4, MetaTrader 5, and Exness Terminal.
Further, Exness provides traders with five different accounts to choose from. These include two standard accounts and three professional accounts. The standard and the standard cent account both have spreads that start from 0.3 pips with no commissions. On the other hand, the raw spread account provides spreads as low as 0.0 pips with a fixed commission of $3.5 per side per lot.
Further, the zero account gives traders spreads from 0.0 pips on the top 30 instruments and commissions from $0.2 per side per lot and upwards. Finally, the pro account has spreads from as low as 0.1 pips with no commissions paid.
On regulations, Exness follows the strict financial laws of some of the best regulators in the market. Specifically, Exness has regulations from the CySEC in Cyprus and the FCA in the UK. On top of that, this broker has regulations in Africa by the CMA in Kenya and the FSCA in South Africa.
Octa
Trading Forex and CFDs entail risk.
Your capital is at risk.
Octa supports a wide variety of base account currencies including the Naira for Nigerian traders. In Nigeria, traders can start investing from as little as 15,000 NGN. Once Nigerian traders make a deposit, they gain access to a wide variety of market products to trade.
Specifically, traders at Octa gain access to CFDs on forex currency pairs, stocks, indices, cryptocurrencies, and commodities. These market products are available to trade on three different trading accounts. These accounts feature industry-standard spreads starting from 0.8 pips with no commission required on any of the accounts.
Further, there are three different trading platforms that include MetaTrader 4, MetaTrader 5, and OctaTrader. The broker offers attractive welcome bonuses, such as deposit bonuses, along with trading contests for real money.
On another good note, this broker is a regulated entity. It holds regulatory licenses from the FSCA in South Africa and the CySEC in Cyprus. While regulations alone are not enough, it is better to invest with brokers with regulations from well-known organizations.
FXTM
Trading Forex and CFDs entail risk.
Your capital is at risk.
FXTM is yet another reputable forex broker that has a Naira account. On its smallest account, the Micro account, the minimum deposit sits at 75,000 NGN. On the other two accounts, the minimum deposit is higher sitting at ₦750,000. The Micro account and the Advantage Plus account both feature spreads that start from as low as 1.5 pips with no commissions paid. In comparison, the Advantage account has spreads from 0.0 pips with commissions based on trading volumes. The average commissions on the account are between $0.4 to $2.
On a positive note, FXTM offers traders a variety of market instruments to trade. With this broker site, traders can invest in forex, metals, commodities, indices, forex indices, stocks, stock baskets, and stock CFDs. This ensures that all types of traders can trade without missing out. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and FXTM Trader.
It goes without mentioning that all traders should only invest with well-regulated brokers in the market. Luckily, FXTM has regulatory licenses in a variety of jurisdictions, Specifically, the broker is under the supervision and examination of the FCA and the CySEC, two of the best regulators in the market. The broker is also regulated by the FSCA and the FSC.
SuperForex
SuperForex is another broker that allows traders to have an NGN trading account. Nigerian traders can make deposits and withdrawals using the Naira. This helps them avoid additional conversion efforts and fees. The minimum deposit supported by this broker sits at $1 which is approximately 1,500 NGN at the time of writing this.
Notably, SuperForex gives its traders exposure to a wide variety of trading instruments. On this broker site, investors can speculate on various global markets including forex, cryptocurrencies, indices, metals, stocks, gold, oil, and ETFs. To trade these markets, traders have access to MetaTrader 4 and the company’s in-house trading app, SuperForex.
Further, there is a plethora of trading accounts available including 7 STP accounts and 5 ECN accounts. The spreads are as low as 2.0 pips on the STP Standard account with no commission required. The various other accounts come with different spread structures depending on the trader’s preference. As an example, the ECN accounts primarily charge a commission plus spreads from as low as 0.0 pips. On regulations, this broker operates under the supervision of the FSC which is based in Belize.
Hantec Markets
Hantec Markets is a forex and CFDs broker that has been in the market for over 30 years. Today, the broker has regulations by the FCA and the ASIC, two of the stringent regulators in the market today. Remember that regulations alone are not enough. However, this company has been operating since 1990 without any major legal issues.
Positively, this broker allows its clients to trade over 2,650 different trading instruments. This allows traders to greatly diversify their portfolios if interested. Particularly, investors can trade CFDs on forex, bullion, stocks, indices, commodities, and cryptocurrencies. The trading platforms available to use include MT4 and MT5.
Further, the spreads involved when trading with Hantec Markets are competitively low and most traders will afford them. The spreads start from as low as 0.9 pips for major currency pairs. The company reveals that some commissions apply when trading CFDs. To view all the charges that apply, traders can check under each CFD when placing a trade.
Benefits of Using Forex Brokers with Naira Accounts
What are the benefits of using forex brokers with Naira accounts?
Closing Remarks
Trading with a forex broker with a Naira account comes with significant advantages for Nigerian traders. While there may be many brokers that offer NGN accounts, not many of them are reputable. The brokers we have here have reputable regulations and fairly competitive trading conditions. While it's very important for traders to have access to Naira accounts, it is not the only feature to look at. This is why it is important to look at the regulations and the trading conditions offered.