Most Forex brokers will convert your Naira to US Dollars, Euros, or British Pounds when you fund your trading account. However, if you wish to avoid currency conversion fees, NGN Forex companies provide trading accounts in Naira.
Your trading funds will be held in local bank accounts, making bank transfer deposits and withdrawals easier and faster. As such, only a few worldwide brands have NGN Forex trading accounts.
In this guide we take a closer look at the three best Forex brokers that offer naira trading accounts, along with excellent trading conditions and sound regulation.
1. HotForex
Overview
Regulated by CySEC, the FCA and the FSCA, HotForex is available throughout Europe, the United Kingdom and in Nigeria. The broker’s STP execution on a No-Dealing Desk (NDD) results in lower spreads on all trades.
Nigerian traders can open a Naira trading account with HotForex. On the Micro Account, you can leverage up to 1000:1 with tight spreads. Both new and seasoned traders will benefit from the in-depth market analysis, and the company’s customer service is top-notch.
Pros and Cons
| Pros
No deposit or withdrawal fees Competitive spreads | Cons
High commission charges on the Zero account |
Features
| Feature | Information |
| Regulation | CySEC, DFSA, FCA, FSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0,0 pips |
| Commissions from | USD 0.03 per 1K lot. |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | 100% Supercharged Bonus |
| Customer Support | 24/5 |
2. Exness
Overview
In addition to 100+ Forex pairs, the Russian CFD broker Exness offers a good selection of cryptocurrencies and 70+ stock CFDs, as well as indices and commodities.
Deposits and withdrawals are free of charge for Nigerian traders, and customer assistance is available around the clock.
With nine account types available on the MT4 and MT5 platforms, Exness stands out from the rest of the market. Minimum deposits start at 500 USD for the Pro Account, while there is no minimum deposit requirement for any of the Standard Account. Open an account and start trading today.
Pros and Cons
| PROS | CONS |
| Well-regulated | |
| Tight spreads | |
| Over 130 currency pairs |
Features
| Feature | Information |
| Regulation | CySEC, FCA |
| Minimum deposit from | $1 |
| Average spread from | 1.3 pips |
| Commissions from | 3 USD and 10 USD per 1 lot for CFDs |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Standard +10% Bonus Programme |
| Customer Support | 24/5 – multilingual |
3. FXTM (ForexTime)
Overview
In addition to offering forex, commodities, metals, equities, and indices, FXTM is an award-winning market maker/ECN broker. FXTM’s spreads on the EUR/USD start at 1.5 pips on its two commission-free accounts.
Support for MT4, MT5, and FXTM’s proprietary FXTM Trading App, as well as a variety of trading tools, including a virtual private server (VPS), are available from FXTM.
FXTM’s unique copy trading platform, which allows traders to mimic the trades of strategy providers, will also help novice traders.
Pros and Cons
| PROS | CONS |
| Superb customer service | Inactivity and withdrawal fees |
| High maximum leverage | |
| Great educational tools |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 1.5 pips |
| Commissions from | No commission |
| Deposit/Withdrawal Fees | $3 |
| Maximum Leverage | 1:500 on average |
| Bonuses | $300 Trading Bonus |
| Customer Support | 24/5 |
Read more: 7 Best Regulated Forex Brokers in Nigeria
