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6 Best Naira Forex Trading Accounts in Nigeria

The 10 Best Forex Trading Brokers that offer Naira / NGN 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…

Updated : June 18, 2022

6 Best Naira Forex Trading Accounts in Nigeria – Comparison

Broker✔️ Naira Trading Account?👥 Nigerian-Based Customer Support📈 Leverage👉 Open Account
FXTM✔️ Yes✔️ Yes1:2000👉 Open Account
7B Forex✔️ Yes✔️ Yes1:1000👉 Open Account
Alpari✔️ Yes✔️ Yes1:1000👉 Open Account
Tifia✔️ Yes✔️ Yes1:1000👉 Open Account
Hotforex✔️ Yes❌ No1:1000👉 Open Account
Exness✔️ Yes❌ NoUnlimited👉 Open Account

6 Best Naira Forex Trading Accounts in Nigeria (2022)

  1. FXTM – Best Regulated Broker with NGN Accounts
  2. 7B Forex – Best Educational Materials and Naira Trading Tools
  3. Alpari – Best Nigerian-Based Broker
  4. Tifia – Best Local Broker for advanced traders
  5. HotForex – Best Options for Naira Trading Accounts
  6. Exness – Best for Instant Withdrawals for Nigerians

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. FXTM 

Overall Rating

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

FeatureInformation
📈 Account Base CurrenciesUSD, EUR, GBP, and NGN
📊 Minimum Spread0.0 pips EUR/USD

💳 Nigerian Deposits/WithdrawalsYes

⚖️ CBN RegulationNo
📊 Account TypesMicro Account, Advantage Account, Advantage Plus Account

⚖️ RegulationCySEC, FSCA, FCA, FSC

📈 Leverage1:2000

📊 Micro Account Offered?Yes
📈 Trading ToolsEconomic Calendar, Forex and Financial News Timeline, Market Analysis Videos, Podcasts, FXTM Invest, Guide to Copy Trading, Video Guides

💻 Educational MaterialBeginners Guides to Forex Trading, What is Forex, Forex Trading Strategies, eBooks, CFD Trading Articles, Forex Glossary, Educational Videos, Articles and Tutorials

👥 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
Well-regulated and reputable international broker for beginners and experienced tradersInactivity fees are charged
Offers a wide range of tradable instruments spread across financial marketsFXTM 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.

2. 7B Forex 

7bforex

Overall Rating

Min Deposit

12 USD / ₦5,000

Regulators

No Regulation

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

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

FeatureInformation
📈 Account Base CurrenciesNigerian Naira
📊 Minimum SpreadFrom 1.3 pips EUR/USD
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNo
📊 Account TypesStandard Account, Elite Account, Classic Account
⚖️ RegulationNone
📈 Leverage1:1000
📊 Micro Account Offered?No
📈 Trading ToolsNone
💻 Educational MaterialWhat is Forex, Why Trade Forex, What are CFDs, FAQs, Understanding 7BForex Account Types, Understanding 7BForex Commissions
👥 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
MetaTrader 4 mobile trading apps, desktop platform, and web-based platform providedUnregulated broker based in Nigeria
There are several financial instruments to choose from that can be tradedThere are no advanced trading tools or additional features offered
There is a choice between three retail investor accounts denominated in Nigerian NairaThere are limited account funding options
Educational resources are offered to beginner tradersThe 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.

3. Alpari

Overall Rating

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

FeatureInformation
📈 Account Base CurrenciesUSD, EUR, GBP, NGN
📊 Minimum Spread0.4 pips EUR/USD
💳 Nigerian Deposits/WithdrawalsYes
⚖️ CBN RegulationNo
📊 Account TypesForex Standard Account (MetaTrader 4), Forex Micro Account (MetaTrader 4), Forex ECN Account (MetaTrader 4 and MetaTrader 5), Forex Pro Account (MetaTrader 4)
⚖️ RegulationFinancial Services Commission Mauritius (FSC)
📈 Leverage1:1000
📊 Micro Account Offered?Yes
📈 Trading ToolsManaged Accounts (PAMM), Trading Signals, Currency Converter, Market Reviews, Forex Economic Calendar, FxWirePro Newsfeed, Alpari CopyTrade, AutoChartist
💻 Educational MaterialLearn to trade, Forex Trading Webinars, Beginners Guide to Trading, Forex Trading Strategies, Commodity Trading Guide, Precious Metals Trading Guide
👥 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
Alpari has Nigerian-based offices and supportThere 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 appsThere are no fixed tight spread accounts
Trading Signals are offered through AutoChartist, one of the best third-party providers in the trading industryThe 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.

4. Tifia

Overall Rating

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

FeatureInformation
📈 Account Base CurrenciesUSD, EUR, NGN, PLN, GBP
📊 Minimum Spread0.0 pips EUR/USD

💳 Nigerian Deposits/WithdrawalsYes

⚖️ CBN RegulationNo
📊 Account TypesMT4 Micro Account, ECN Classic Account, ECN Pro Account
⚖️ RegulationFSC in Mauritius
📈 Leverage1:1000
📊 Micro Account Offered?Yes
📈 Trading ToolsFinancial Markets Analysis, Analytics From Claws & Thorns, Trading Calculators, Economic Calendar, Fundamental Analysis, Market Review, Technical Analysis, Social Trading Platforms
💻 Educational MaterialTrading Strategies, Trading Indicators, Educational Videos, Trading Glossary, Video Courses, Forex eBook
👥 Nigerian-Based Customer SupportYes

 

✔️ Pros❌ Cons
Offers access to MetaTrader 4 and MetaTrader 5The best trading conditions require more premium accounts
Several asset classes can be tradedThere are no individual stocks for trading
The broker offers some of the most competitive spreads and low trading costsThere 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.

5. HotForex

Overall Rating

Min Deposit

USD 5 / 2073 NGN

Regulators

CySEC, FSC, FSCA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

50+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

👉 HotForex 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, HotForex is the ideal choice for Nigerian traders who want an NGN-denominated trading account.

 

👉 In addition to MetaTrader 4, HotForex also provides MetaTrader 5 for its clients. Both novice and experienced traders may benefit from the retail investor accounts offered by HotForex.com, which cater to both novice and experienced traders.

 

Advanced Features Offered

FeatureInformation
📈 Account Base CurrenciesUSD, ZAR, NGN
📊 Minimum Spread0.0 pips EUR/USD

💳 Nigerian Deposits/WithdrawalsNo

⚖️ CBN RegulationNo
📊 Account TypesMicro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC
📈 Leverage1:1000
📊 Micro Account Offered?Yes
📈 Trading ToolsHF App, VPS Hosting Services, AutoChartist, Trading Calculators, myHF Client Area, Advanced Insights, Economic Calendar, Traders’ Board, One-Click trading, and more
💻 Educational MaterialEducational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos

👥 Nigerian-Based Customer SupportNo

 

✔️ Pros❌ Cons
HotForex is well-regulated by reputable market regulators around the globeThere are no variable spread accounts
There is a low minimum deposit requirementThere are limited funding options offered
HotForex 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

🥇 HotForex has a trust score of 83% and an overall rating of 9/10.

6. Exness

Overall Rating

Min Deposit

USD 10 / 4145 NGN

Regulators

CySEC, FSA, FCA, FSCA, FSC.

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

FeatureInformation
📈 Account Base CurrenciesAED, 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 Spread0.0 pips EUR/USD

💳 Nigerian Deposits/WithdrawalsYes

⚖️ CBN RegulationNo
📊 Account TypesStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📈 LeverageUnlimited
📊 Micro Account Offered?No
📈 Trading ToolsAnalytical tools, Trading calculators, currency converter, tick history, economic calendar
💻 Educational MaterialNone

👥 Nigerian-Based Customer SupportNo

 

Exness Pros and Cons

✔️ Pros❌ Cons
Exness has a global presence and has authorization and regulation with market regulators around the globeThere is a limited selection of tradable instruments and only a few asset classes
Exness offers instant withdrawals and depositsThere 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.

Conclusion

👉 This “7 Best” was a comprehensive study of the FX market done by our staff in March 2022. This article has guided more than 350 new traders in Nigeria in making informed trading decisions.

👉 To verify that all data is current, our forex research team double-checked it on the broker’s official website and datasheet. The newest information on the trading offers of each broker was also confirmed by contacting their online live chat support.

👉 The criteria for the list were based on seven parameters that most Nigerian Traders consider when selecting a broker:

  1. Best Customer Support
  2. Lowest Spreads and Commissions
  3. Regulation
  4. Variety of trading instruments
  5. Highest leverage
  6. Negative reviews by their clients
  7. Minimum Deposit to start trading

 

👉 Based on the results of the case study, we examined the trading data we had and selected the best forex brokers based on that evaluation. For your convenience, we have provided the information in a scannable format.

➡️ Global GT

➡️ HotForex

➡️ NumberOne Capital Markets

➡️ M4Markets

➡️ XM

➡️ Alpari

➡️ FXGT

👉 Now it is your turn to participate:

➡️ Which broker from this list do you intend to test out?

➡️ What was the determining factor in your decision to engage with a certain broker?

➡️ Was it because of the minimum deposit or because of leverage?

👉 Regardless, please share your thoughts in the comments below.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.8/10 - (14 votes)
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