HERE IS WHAT TO DO IF YOU WANT TO HAVE A FOREX ACCOUNT IN NAIRA
Best Forex Brokers With Naira Accounts
Nigerian traders are always looking for forex brokers that support the Naira as a base account currency. This takes away the need to convert their cash into another currency before they make a deposit. The small inconvenience of having to convert a currency before making a deposit can discourage people from investing. As such, brokers that feature NGN accounts are bound to attract investors from Nigeria.
In this review, we are going to be looking at the best forex brokers with Naira accounts. But first, what is a NGN account in the first place?
What is a Naira account?
The Naira is the national currency of Nigeria issued and controlled by the Central Bank of Nigeria. This currency is only used within Nigerian borders. This is the main currency that Nigerian citizens use in their day-to-day lives.
NGN accounts are forex trading accounts whose base account currency is the Naira. They are convenient for traders in Nigeria as they readily have Naira in their banks and in other accounts. When using a NGN account, traders can simply make a deposit and start trading. By bringing this convenience to Nigerian traders, brokers can steadily attract new traders to their platforms. So which are the brokers with Naira accounts?
Best Forex Brokers with Naira Accounts
HFM
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.
The Pro and Pro Plus accounts offer traders spreads as low as 0.5 pips and as low as 0.2 pips* respectively with no commission. The Premium account and the Cent account also have no commissions on forex and both have spreads as low as 1.2 pips for major currencies. In contrast, the Zero account has spreads as low as 0.0 pips with low commissions starting from as low as $0.03 per 1k lot.
HFM offers its traders the ability to diversify their portfolios by investing in a variety of markets. The market instruments available to trade include forex, metals, energies, indices, stocks CFDs, commodities, bonds, ETFs, physical stocks, and cryptocurrencies. The trading platforms available to use include MetaTrader 4, MetaTrader 5, and the HFM Platform. Additionally, due to the broker's very strong presence in Nigeria, it frequently holds offline webinars in Lagos, Abuja and Port Harcourt.
Nigerian traders will be interested to know that HFM is a regulated broker. The company holds licenses from the CySEC, the FCA, the FSCA, and the FSC, among others. Trading with a broker with top-tier regulations is always the safest bet.
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.
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.
OctaFX
Trading Forex and CFDs entail risk.
Your capital is at risk.
OctaFX supports a wide variety of base account currencies including the Naira for Nigerian traders. Additionally, the broker supports different minimum deposits depending on the region and account currency. 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 OctaFX 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.
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.
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.