
6 Best Naira Trading Accounts in Nigeria
The 10 Best Forex Trading Brokers that offer Naira Trading accounts for Nigerians revealed.
We tested them side by side and verified their regulation status with the Central Bank of Nigeria (CBN).
This is a complete guide to forex brokers that are licensed naira trading operators in Nigeria.
In this in-depth guide you’ll learn:
- What is a Naira Forex Account?
- Who are the brokers that accept Naira trading options?
- NGN forex brokers with a $1 minimum deposit in Nigeria.
- How to compare the brokers offering Naira accounts?
- How to sign up with your ideal broker?
- Which brokers offer a signup bonus?
- Which brokers have offices in Nigeria e.g. Lagos?
- Best NGN apps on IOS and Android for traders on the go?
- Can I trade with 100 or 500 Naira?
So if you’re ready to go “all in” with trading the local Nigerian base currency the NAIRA, this guide is for you.
Let’s dive right in…

- Louis Schoeman
6 Best Naira Forex Trading Accounts in Nigeria – Comparison
Broker | ✔️ Naira Trading Account? | 👥 Nigerian-Based Customer Support | 📈 Leverage | 👉 Open Account |
HFM | ✔️ Yes | ✔️ Yes | 1:1000 | 👉 Open Account |
FXTM | ✔️ Yes | ✔️ Yes | 1:2000 | 👉 Open Account |
7B Forex | ✔️ Yes | ✔️ Yes | 1:1000 | 👉 Open Account |
Alpari | ✔️ Yes | ✔️ Yes | 1:1000 | 👉 Open Account |
Tifia | ✔️ Yes | ✔️ Yes | 1:1000 | 👉 Open Account |
Exness | ✔️ Yes | ❌ No | Unlimited | 👉 Open Account |
What is a Naira Trading Account?
6 Best Naira Forex Trading Accounts in Nigeria (2023)
Overview
👉The official currency of Nigeria is the Nigerian Naira (NGN), which is issued by the Central Bank of Nigeria (CBN) and distributed across the country. Nigerian traders can trade on the global financial markets, but there are just a few brokers that allow NGN as the base account currency because of the shortage in liquidity.
👉 If you have a Naira-denominated account with an NGN-based forex broker and wish to avoid paying currency conversion costs, you have an advantage over forex traders from other countries that use other currencies like EUR, USD, or GBP.
👉 Deposits and withdrawals can be made quicker and easier with an NGN trading account because client funds are held in local bank accounts. In addition to this, the Financial Sector Conduct Authority (FSCA) normally regulates and licenses brokers that provide services to Nigerian traders as the main regulator for Africa.
👉 Many offshore brokers also cater to Nigerian investors. However, Nigerian traders must thoroughly research these foreign exchange brokers before they put their money into them. Because NGN accounts are only available to Nigerian traders, anybody wishing to open an actual trading account must provide evidence of their Nigerian citizenship during account application.
👉 To make it easier for Nigerian traders to select a broker that can cater to their unique trading objectives and needs, we have compiled a comprehensive list of the best forex brokers that offer NGN-denominated accounts.
1. HFM
Total Pairs
50+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 HFM is a world-renowned CFD and forex broker with branches all over the globe, headquartered in Cyprus. With its competitive trading conditions, variety of trading services, and innovative solutions, HFM is the ideal choice for Nigerian traders who want an NGN-denominated trading account.
👉 In addition to MetaTrader 4, HFM also provides MetaTrader 5 for its clients. Both novice and experienced traders may benefit from the retail investor accounts offered by hfm.com, which cater to both novice and experienced traders.
Advanced Features Offered
Feature | Information |
📈 Account Base Currencies | USD, ZAR, NGN |
📊 Minimum Spread | 0.0 pips EUR/USD |
💳 Nigerian Deposits/Withdrawals | No |
⚖️ CBN Regulation | No |
📊 Account Types | Micro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account |
⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC |
📈 Leverage | 1:1000 |
📊 Micro Account Offered? | Yes |
📈 Trading Tools | HF App, VPS Hosting Services, AutoChartist, Trading Calculators, myHF Client Area, Advanced Insights, Economic Calendar, Traders’ Board, One-Click trading, and more |
💻 Educational Material | Educational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos |
👥 Nigerian-Based Customer Support | No |
✔️ Pros | ❌ Cons |
HFM is well-regulated by reputable market regulators around the globe | There are no variable spread accounts |
There is a low minimum deposit requirement | There are limited funding options offered |
HFM welcomes Nigerian traders and offers a Naira-denominated account | |
There is a decent selection of educational materials and trading tools | |
There are several retail investor accounts to choose from |
Trust Score and Overall Rating
🥇 HFM has a trust score of 83% and an overall rating of 9/10.
2. FXTM
Min Deposit
USD 10 / 4145 NGN
Regulators
CySec, FSCA
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 ForexTime Ltd (FXTM) is one of the best, most popular CFD and Forex brokers for Nigerian traders, with a large market share of over 9%. With FXTM, traders have access to NGN-denominated retail investor accounts where they can trade a range of financial markets including:
➡️️ Forex major currency pairs, minor pairs, and several exotic currency pairs
➡️️ Spot Metals
➡️️ Individual Stocks
➡️️ Commodities
➡️️ Forex Indices
➡️️ Index CFDs
➡️️ Stock CFDs
➡️️ Stock Baskets
👉 FXTM offers tight spreads, reliable order execution, reliable regulations, and a local customer support team to its Nigerian traders. There are several payment alternatives and traders can deposit funds in their local currency, exempting them from costly fees related to currency conversions.
Advanced Features Offered
Feature | Information |
📈 Account Base Currencies | USD, EUR, GBP, and NGN |
📊 Minimum Spread | 0.0 pips EUR/USD |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
📊 Account Types | Micro Account, Advantage Account, Advantage Plus Account |
⚖️ Regulation | CySEC, FSCA, FCA, FSC |
📈 Leverage | 1:2000 |
📊 Micro Account Offered? | Yes |
📈 Trading Tools | Economic Calendar, Forex and Financial News Timeline, Market Analysis Videos, Podcasts, FXTM Invest, Guide to Copy Trading, Video Guides |
💻 Educational Material | Beginners Guides to Forex Trading, What is Forex, Forex Trading Strategies, eBooks, CFD Trading Articles, Forex Glossary, Educational Videos, Articles and Tutorials |
👥 Nigerian-Based Customer Support | Yes |
✔️ Pros | ❌ Cons |
Well-regulated and reputable international broker for beginners and experienced traders | Inactivity fees are charged |
Offers a wide range of tradable instruments spread across financial markets | FXTM does not offer its trading service to United States clients |
There are several account funding methods offered including a bank transfer option | |
Offers a powerful proprietary trading platform | |
Tight spreads and reliable trade execution speeds | |
There are no commissions per trade | |
There is a low initial deposit requirement | |
Suited to experienced traders | |
There is a decent selection of educational materials |
Trust Score and Overall Rating
🥇 FXTM has a trust score of 93% and our overall rating for this forex broker is 9/10.
3. 7B Forex
Min Deposit
0 USD / ₦0
Regulators
No Regulation
Trading Desk
MetaTrader 4
Crypto
No
Total Pairs
80
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 7BForex, headquartered in Lagos, Nigeria, is an online brokerage service that offers traders the MT4 trading platform. They use the STP execution approach, which enables them to access interbank markets. They provide traders with the ability to trade a wide variety of financial products, including Forex major, minor, and exotic currency pairs, gold, silver, commodities, stocks, digital currencies, and indexes.
Advanced Features Offered
Feature | Information |
📈 Account Base Currencies | Nigerian Naira |
📊 Minimum Spread | From 1.3 pips EUR/USD |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
📊 Account Types | Standard Account, Elite Account, Classic Account |
⚖️ Regulation | None |
📈 Leverage | 1:1000 |
📊 Micro Account Offered? | No |
📈 Trading Tools | None |
💻 Educational Material | What is Forex, Why Trade Forex, What are CFDs, FAQs, Understanding 7BForex Account Types, Understanding 7BForex Commissions |
👥 Nigerian-Based Customer Support | Yes |
✔️ Pros | ❌ Cons |
MetaTrader 4 mobile trading apps, desktop platform, and web-based platform provided | Unregulated broker based in Nigeria |
There are several financial instruments to choose from that can be traded | There are no advanced trading tools or additional features offered |
There is a choice between three retail investor accounts denominated in Nigerian Naira | There are limited account funding options |
Educational resources are offered to beginner traders | The broker does not accept United States traders |
Competitive trading conditions are offered across accounts including competitive spreads, some of the lowest commissions per trade, instant withdrawal, and low conversion fees. |
Trust Score and Overall Rating
🥇 7BForex has a trust score of 60% and an overall rating of 6/10.
4. Alpari
Min Deposit
USD 100 / 41450 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Alpari is one of the most recognized online brokers for trading a range of markets, operating on a no-dealing-desk (NDD) basis, and using both ECN and STP execution methods. Alpari’s customer base consists of over 2 million registered members from over 150 countries.
👉 Alpari was founded in 1998 and has evolved to become one of the industry’s leading trading brokers, having operations in Saint Vincent and the Grenadines, Russia, and Nigeria. Alpari is well-known for providing a diverse range of financial products across several asset classes, which are transacted using sophisticated trading technologies.
👉 Additionally, Alpari provides its customers with rapid and dependable execution, competitive spreads, and robust and advanced trading tools and technology. Since its beginning, Alpari has received several industry accolades for its superior service.
Advanced Features Offered
Feature | Information |
📈 Account Base Currencies | USD, EUR, GBP, NGN |
📊 Minimum Spread | 0.4 pips EUR/USD |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
📊 Account Types | Forex Standard Account (MetaTrader 4), Forex Micro Account (MetaTrader 4), Forex ECN Account (MetaTrader 4 and MetaTrader 5), Forex Pro Account (MetaTrader 4) |
⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
📈 Leverage | 1:1000 |
📊 Micro Account Offered? | Yes |
📈 Trading Tools | Managed Accounts (PAMM), Trading Signals, Currency Converter, Market Reviews, Forex Economic Calendar, FxWirePro Newsfeed, Alpari CopyTrade, AutoChartist |
💻 Educational Material | Learn to trade, Forex Trading Webinars, Beginners Guide to Trading, Forex Trading Strategies, Commodity Trading Guide, Precious Metals Trading Guide |
👥 Nigerian-Based Customer Support | Yes |
✔️ Pros | ❌ Cons |
Alpari has Nigerian-based offices and support | There are limited tradable instruments |
The broker is a member of the Financial Commission (FC) | There is a lack of comprehensive educational materials for novice traders |
Offers popular forex trading platforms including proprietary trading platforms and trading apps | There are no fixed tight spread accounts |
Trading Signals are offered through AutoChartist, one of the best third-party providers in the trading industry | The broker does not have regulation or authorization through the Financial Conduct Authority |
PAMM Managed Accounts are offered | |
News on the website is streamed through FxWirePro | |
There is multilingual customer support offered | |
Commission-free trading options provided | |
Welcomes traders despite their trading style or trading experience | |
Offers competitive trading conditions across trading accounts including some of the lowest spreads on leveraged trading |
Trust Score and Overall Rating
🥇 Alpari has a trust score of 95% and an overall rating of 9/10.
5. Tifia
Min Deposit
USD 10 / 4146 NGN
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
60+
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Tifia is a reputable Forex and CFD broker that provides a diverse selection of financial products for online trading at competitive rates through MetaTrader 4/5 platforms for desktop, web, and any mobile device that runs iOS or Android.
👉 The broker offers a variety of account options, including ECN trading, which features fast trade execution, tight spreads, and minimal transaction costs. Tifia delivers professional analysis via ‘Claws & Horns’ and social trading signals to aid traders with market analysis and research.
👉 The lowest amount required to get started is merely 4,100 NGN, and demo accounts are accessible for free, allowing traders to practice trading before risking real money. Additionally, traders who fulfil certain trading volume criteria are eligible for a free VPS.
Advanced Features Offered
Feature | Information |
📈 Account Base Currencies | USD, EUR, NGN, PLN, GBP |
📊 Minimum Spread | 0.0 pips EUR/USD |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
📊 Account Types | MT4 Micro Account, ECN Classic Account, ECN Pro Account |
⚖️ Regulation | FSC in Mauritius |
📈 Leverage | 1:1000 |
📊 Micro Account Offered? | Yes |
📈 Trading Tools | Financial Markets Analysis, Analytics From Claws & Thorns, Trading Calculators, Economic Calendar, Fundamental Analysis, Market Review, Technical Analysis, Social Trading Platforms |
💻 Educational Material | Trading Strategies, Trading Indicators, Educational Videos, Trading Glossary, Video Courses, Forex eBook |
👥 Nigerian-Based Customer Support | Yes |
✔️ Pros | ❌ Cons |
Offers access to MetaTrader 4 and MetaTrader 5 | The best trading conditions require more premium accounts |
Several asset classes can be traded | There are no individual stocks for trading |
The broker offers some of the most competitive spreads and low trading costs | There is no regulation through the Financial Conduct Authority or any other popular, strict regulatory authority |
There are three retail investor accounts to choose from | |
There are several flexible deposit options | |
Daily market research and analysis is provided | |
There is a quality analysis and various trading signals offered | |
Social trading opportunities are provided | |
Demo accounts and Islamic accounts are offered | |
There are educational materials offered | |
There is Nigerian-based customer support offered |
Trust Score and Overall Rating
🥇 Tifia has a trust score of 75% and an overall rating of 7/10.
6. Exness
Min Deposit
USD 10 / 4145 NGN
Regulators
CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA
Trading Desk
MT4, MT5, MT4 WebTerminal, mobile (iOS & Android, Exness Trader)
Crypto
Yes
Total Pairs
97
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 An international currency broker based in Cyprus, Exness has offices in the UK, Seychelles and South Africa as well as the British Virgin Islands and Curaçao. Nymstar Limited, Tortelo Limited, and Vlerizo (Pty) Limited are some of the companies that Exness partners with to provide its services.
👉 In addition, its worldwide presence ensures that traders are provided a wide variety of options for retail trading, as well as personalized financial services and investment solutions. Today, Exness has more than 257,000 active customers with a monthly trading volume over $1.5 trillion.
Exness Advanced Features Offered
Feature | Information |
📈 Account Base Currencies | AED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR |
📊 Minimum Spread | 0.0 pips EUR/USD |
💳 Nigerian Deposits/Withdrawals | Yes |
⚖️ CBN Regulation | No |
📊 Account Types | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
📈 Leverage | Unlimited |
📊 Micro Account Offered? | No |
📈 Trading Tools | Analytical tools, Trading calculators, currency converter, tick history, economic calendar |
💻 Educational Material | None |
👥 Nigerian-Based Customer Support | No |
Exness Pros and Cons
✔️ Pros | ❌ Cons |
Exness has a global presence and has authorization and regulation with market regulators around the globe | There is a limited selection of tradable instruments and only a few asset classes |
Exness offers instant withdrawals and deposits | There are only a few funding options offered |
Nigerian traders have a choice between several dynamic account types | |
Client fund safety is guaranteed and there is investor protection offered | |
Exness offers 24/7 customer support that is both prompt and helpful | |
There are tight and variable spreads offered with competitive commissions |
Trust Score and Overall Rating
🥇 Exness has a trust score of 97% and an overall rating of 8/10.
What to look for when choosing a forex broker in Nigeria
Regulation
👉 Brokers who are regulated are frequently overseen and controlled. After locating a licensed broker, ensure that the site is user-friendly and equipped with all the tools you want.
👉 Finally, following all of this, investigate the broker’s account types and the additional features that are offered. Traders must consider the following when they evaluate account types:
➡️️ Micro Account – this is the perfect option for beginner traders, those who want to test trading strategies, and those who have financial restrictions. The account allows for a lower minimum deposit requirement and smaller positions sizes, which subsequently means a lower degree of risk.
➡️️ Mini Account offers lots sizes up to 10,000 units of the base currency. This allows Nigerian traders to trade larger positions sizes and invest more capital.
➡️️ Standard Accounts have standard lots that are 100,000 units of the base currency. This is the typical account type offered by forex brokers. With this account, Nigerian traders must understand that profit comes with some degree of risk when trading complex instruments.
➡️️ ECN Accounts, Professional Accounts, VIP Accounts are typically tailored to advanced traders and professional investors who are experienced and who have effective risk management strategies and protocols in place to minimize the risk of loss.
👉 In terms of safety of funds, traders must ensure that they deal with a forex broker that employs a wide range of security measures, protocols, and policies such as KYC where traders must confirm their email addresses, identity, and their residential address before they are given the option for funding their account.
👉 By employing such measures, brokers instil and increase investor confidence in the firm and create a safer forex market.
Regulation in Nigeria
👉 Nigeria’s currency market is regulated similarly to those of other nations. Numerous brokers provide high leverage at a low margin, while others in some countries offer low leverage at a high profit.
👉 Nowadays, it is very difficult for brokers to do business without a license since they risk prosecution. The Central bank of Nigeria ensures currency’s effectiveness by issuing licenses to both local and foreign traders.
Trading Platform
👉 The trading platform is an important factor that traders must consider before engaging in Forex trading with Nigerian brokers. MetaTrader 4 is the most popular trading platform in the forex market.
👉 If the broker does not provide this platform, or any other known trading platform such as cTrader or MetaTrader, you should consider carefully whether to register an account.
👉 With a licensed trading platform such as MetaTrader or cTrader, Nigerian traders can easily place multiple orders on foreign currencies, precious metals, commodities, digital currencies, and several other instruments.
👉 Brokers often offer proprietary platforms, but traders must ensure that these software applications are licensed before using them.
Commissions and Spreads
👉 When you trade-in financial markets, brokers charge a fee for facilitating the trade. While stock trading typically involves a fixed fee for their services, forex trading works differently. Depending on the broker’s execution model, they can charge either a spread or a flat commission, which covers the broker’s fee.
👉 Traders must pay attention to the commission per trade and calculate their profit and loss accordingly.
👉 Typically, where a tight spread is charged, there will be commissions charged and other brokers may include their fee in the spread by adding a mark-up. Nigerian traders must evaluate the fees that brokers offer to ensure that they gain access to competitive spreads according to their trading plan.
Additional features and services
👉 This includes educational material that covers educational videos, articles, eBooks, Forex courses, and others. In addition, brokers also offer advanced trading tools that help traders refine their trading and improve their trading decisions.
👉 The broker should offer basic information on the financial markets such as exchange rates, market conditions, whether there is a volatile market, forex trading market statistics, and several others. Additional features can also include bonuses and promotions where new and existing traders can benefit from their broker.
Quality of Customer Service
👉 Customer support is another important component, especially when traders run into issues or problems. Traders should be able to contact customer support and get the help they need promptly and effectively. If the broker only relies on automated responses such as chat robots or if customer support is slow and uninformative, this could be a red flag.
👉 Traders must ensure that they have access to support in a language that they are comfortable with communicating, with most forex brokers offering English language customer support.
Deposits and Withdrawals
👉 The ease with which traders can withdraw and deposit funds is another key component to evaluate. The broker should offer reliable deposit options and withdrawal methods. The fees charged should be transparent and the broker must be able to indicate what the processing times are on withdrawal requests. If a broker makes excuses not to pay money owed to the trader, it is a red flag.
👉 Traders must also evaluate the deposit fees and withdrawal fees that are charged, ensuring that this is aligned with their financial plan.
Frequently Asked Questions
What are the advantages of an NGN account?
The greatest advantage for Nigerian traders is that an NGN account will exempt them from currency conversion fees when they fund their trading account. However, traders must note that there are volatile market conditions between NGN/USD currency pairs.
Why are NGN forex Accounts rare?
Brokers who offer NGN accounts must have the support of large commercial Nigerian banks because there are only a few NGN liquidity providers. To offer these accounts, forex brokers must have large amounts of Naira or Naira liquidity pools that can cover the trades of clients. Unfortunately, there are only a few banks in Nigeria that can provide this funding.
How do I choose the best NGN Account?
Nigerian traders can evaluate the brokers that offer these accounts to find the one that is aligned with their trading plan, financial restrictions, and trading objectives.
Should I use an NGN Account?
If you are a Nigerian trader who is concerned about currency conversion fees and the processing times on deposits and withdrawals, the answer is yes.
How can I open an account for forex trading in Nigeria?
You must find a broker that accepts Nigerian traders that meets the criteria, register a demo account to test their trading conditions, trading platform, and customer support, and proceed to register an account.
Which is the best forex broker in Nigeria?
FXTM and Alpari are currently the best forex brokers in Nigeria.
What is the best trading platform in Nigeria?
MetaTrader 4 is currently the best trading platform in Nigeria, especially among mobile users.