HFM Naira Account & Minimum Deposit in Nigeria
Accepts Nigerian Clients
HFM is a forex and CFDs broker with over 2.5 million trading accounts of traders from all around the world. This broker allows its traders to invest in over 1,000 different market products using industry-standard trading platforms. Understandably, it is an attractive choice for traders in Nigeria due to its ability to diversify portfolios. More importantly, this broker allows Nigerian traders to open and trade on Naira accounts. In this article, we want to focus specifically on this account. We are going to be looking at the HFM (HotForex) Naira account details and minimum deposit in Nigeria. Let’s begin.
Understanding the HFM Naira Account
Many brokers have understood the growing demand for accessible and tailored trading accounts for traders in different regions. HFM supports a variety of national currencies to accommodate traders from different regions. In Nigeria, traders can deposit, withdraw, and trade using the Naira as HFM supports it as one of the account base currencies. This gives traders the convenience of trading in their local currency without the need for currency conversion.
Positively, HFM offers its traders a variety of Naira accounts. Let’s take a look at the various accounts that support the Naira as a base account currency.
Risk warning: Remember that forex and CFDs available at HFM are leveraged products and can result in the loss of your entire capital. Please ensure you fully understand the risks involved.
HFM Naira Accounts
The Premium and Cent Accounts
The premium and cent accounts have no minimum deposit requirement and offer traders spreads from as low as 1.2 pips on major currency pairs. Interestingly, there is no commission required when trading forex on these accounts.
The Cent account allows investors to trade in cents, allowing them to practice money management with minimal risk. Further, both the Premium and the Cent accounts have swap-free options for traders who do not pay overnight fees.
Pro Account
This account caters to more experienced traders seeking tighter spreads. It offers traders spreads from as low as 0.5 pips on major currency pairs plus no commission is required. Notably, this account is the only one that requires a minimum deposit of ₦50,000.
The Zero Account
The Zero account also has no minimum deposit requirement. Traders can start investing with whatever amount they have. This account allows traders to invest with spreads as low as 0.0 pips with low commissions starting from as low as $0.03 per 1k lot. There is a swap-free version of the account available to traders, meaning no overnight interest charges.
Pros of HFM Naira Accounts
There are various reasons why Nigerian traders use the HFM Naira accounts. Here are some of the advantages of using these accounts.
A Review of HFM’s Asset Collection
HFM offers traders a deep collection of market products to invest in. On this broker site, traders gain access to over 1,000 different trading instruments which are all CFDs. The market products that are available include:
- Forex - Investors looking to trade forex have a great selection of currency pairs that include majors, minors, and exotics.
- Metals - A selection of metals are also available to trade on the HFM broker site including Gold, Silver, Palladium, and Platinum.
- Energies - Another great asset class to trade on the HFM trading site is the Energies class. Here, investors can trade spot oil or oil futures.
- Indices - Some of the most popular indices and others are available to speculate on. Traders can diversify their portfolio greatly using this broker site.
- Stocks - HFM also allows its traders to speculate on the price movement of the stocks of a variety of companies. These include popular companies such as Amazon and Alibaba alongside many others.
- Commodities - Both soft and hard Commodities, such as cocoa, coffee and copper, can be used as standalone trading opportunities or as part of a diversified portfolio.
- Bonds - CFDs on bonds issued by the world’s leading economies are also available to trade on the HFM trading site.
- ETFs - Finally, traders can trade a range of ETF CFDs across markets, sectors, currencies and commodities.
HFM Supported Deposit and Withdrawal Methods
There are a variety of payment options that Nigerian traders can use to deposit and withdraw funds. These include:
- Wire Transfers.
- Credit and Debit cards.
- WebMoney.
- Neteller.
- Skrill.
- Cryptocurrencies.
HFM Credibility
While it is important to access accounts in local currencies, it is more crucial to only invest with credible brokers. Offering Naira-based accounts is an attractive feature of HFM for Nigerian traders. However, above that, this broker is regulated by several organisations and has a solid rating online. On regulations, this broker operates under the examination of the FSCA in South Africa, the CMA in Kenya, the DFSA in the DIFC, and the FSC in Mauritius, among others. Having regulations from several financial watchdogs is a sign of a broker that is willing to follow the financial laws of the countries in which it operates.
On another note, HFM has a good rating online, particularly on Trustpilot. It has a rating of 4.3 stars out of 5 after 287 reviews. This shows a generally positive reception of the services of the broker by the clients.
Final Comments
HFM provides Nigerian traders with a convenient and diverse range of Naira accounts tailored to their needs. All of these accounts do not have a minimum deposit requirement except the pro account. Additionally, the accounts offer competitive trading conditions on top of seamless transactions. Traders gain access to over 1,000 trading instruments across various asset classes. This means that they can diversify their portfolios effectively. Supported by a solid regulatory framework and positive client feedback, HFM (HotForex) stands as a credible option for Nigerian traders looking to engage in the global financial markets.