HERE IS WHAT TO DO IF YOU LIVE in NIGERIA AND WANT TO HAVE AN FX 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 Naira 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 Naira 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.
Naira 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 Naira 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
Exness is one of the top brokers that supports a Naira account. This broker has a lot of currencies that traders can use as the base account currency and the Naira is one of them. This is one of the reasons why Exness is so popular among Nigerian traders. Moreover, this broker offers Nigerians access to more than 250 different trading instruments.
The trading instruments available to traders include CFDs on forex, energies, stocks, indices, and cryptocurrencies. A broker that offers such great diversity always stands out among the multitude of competitors. 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 is yet another reputable forex broker that has a Naira account. On its smallest account, the Micro account, the minimum deposit sits at 10,000 NGN. On the other two accounts, the minimum deposit is higher sitting at ₦80,000. 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.
HFM also has 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 as it does not have a minimum deposit requirement. The only account on this trading site with a minimum deposit requirement is the Pro account with a minimum deposit of ₦50,000.
The Pro account offers traders spreads as low as 0.5 pips 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.
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.
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 0.1 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?
Trading with a forex broker with a Naira account comes with significant advantages for Nigerian traders. While there may be many brokers that offer Naira 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.