Forex Brokers With Naira Account

Nigerian traders often seek forex brokers that offer Naira-based accounts for convenience when transacting. Trading with a local currency like the Naira account offers many benefits like eliminating the need for multiple currency conversions and reducing transaction costs. Luckily, there are various brokers in the market that offer Naira accounts. Nigerians can choose from the various accounts and find the one that better suits their needs.

This review will look at some of the best brokers with Naira accounts in the market. We will look at some of the features they offer to see which ones stand out.

What is a Naira account?

The Naira is the national currency of Nigeria, issued and controlled by the Central Bank of Nigeria. It is the primary currency for everyday transactions by Nigerian citizens and only operates within the country’s borders. A Naira account is a type of trading account that supports the Naira currency as its base. Nigerians will not need to convert their currency when depositing and withdrawing funds from the account.

Benefits Of A Naira Account

• Convenience - Deposits and withdrawals on the Naira account are easy and quick. This is because no currency conversion is needed on the Naira account for Nigerian traders.
• Saving on Conversion Fees - Most brokers charge fees on currency conversion. With a Naira account, Nigerian traders do not have to worry about this fee when making deposits or withdrawals.
• Accessibility - Naira accounts cater specifically to Nigerian traders, potentially offering localised support and resources. This goes a long way in improving market accessibility to Nigerian traders.
• Easier Calculations - It is easier to track profits and losses accurately without exchange rate fluctuations affecting calculations.

Now that we understand this, let’s take a look at some of the best forex brokers with Naira accounts.

Best Forex Brokers With Naira Account

Exness

Exness is one of the largest brokers that offer Naira accounts to Nigerian traders. This broker supports a ton of base account currencies and the Naira is one of them. This means that traders can use the Naira as a base account currency on all Exness trading accounts. This is one of the reasons why Exness is such a popular choice among Nigerian traders and has a significant presence in Nigeria. The minimum deposit on this broker is a mere $10 which is approximately 16,456 NGN at the time of writing this.

Positively, Exness allows diversification of trading portfolios due to its variety of trading instruments. The broker's range of market instruments includes CFDs on forex, indices, commodities, stock, and crypto. Traders can invest in this wide range of markets using world-class trading platforms that the broker offers. The platforms include MetaTrader 4, MetaTrader 5, Exness trader app, and Exness terminal.

Further, traders can access some of the lowest spreads in the market when trading with Exness. The broker features spreads as low as 0.2 pips on the standard account with no commission. The standard cent account has a spread from as low as 0.3 pips, also without a commission. Meanwhile, the Zero account offers ultra-tight spreads starting at 0.0 pips on the top 30 instruments, with commissions starting at $0.2 per side per lot. In contrast, the Pro account provides spreads as low as 0.1 pips, with no commissions charged. Finally, the raw spread account provides spreads as low as 0.0 pips with a fixed commission of $3.5 per side per lot.

Exness stands out from its competitors with regulations from several organisations in the market. The broker is not regulated in Nigeria but has regulations from the CySEC in Cyprus, the FCA in the UK, the FSCA in South Africa, and the CMA in Kenya, among others.

Remember that forex and CFDs available at Exness are leveraged products and can result in the loss of your entire capital.
Please ensure you fully understand the risks involved.

HFM

HFM is another highly popular broker that offers Naira accounts to its traders. The broker accepts Naira as one of the account-base currencies that traders can adopt. Also, the broker does not have a minimum deposit requirement hence traders can start trading with any amount they want. Only two accounts on the broker site have a minimum deposit requirement.

The various accounts available to traders to use include the Premium, the Cent, the Zero, the Top-up bonus, the Pro, and the Pro Plus accounts. The Premium and Cent accounts offer spreads starting from 1.2 pips on major currency pairs. The Top-up Bonus account offers spreads starting at 1.4 pips. All three accounts offer commission-free trading. Meanwhile, the Pro account offers traders spreads from as low as 0.5 pips on major currency pairs. Additionally, the Pro Plus account has a spread that starts from 0.2 pips for major currency pairs. Importantly, no commission is charged when trading forex on any of these five accounts. In contrast, the Zero account features spreads as low as 0.0 pips with low commissions starting from as low as $3 per side per lot.

Further, HFM gives clients access to a variety of trading instruments from which its traders can choose. The broker gives clients access to over 1,000 market products including CFDs on forex, metals, energies, commodities, indices, stocks, bonds, cryptocurrencies, and ETFs. Moreover, the market can be accessed on various advanced trading platforms the broker offers. The platforms include MetaTrader 4, MetaTrader 5, and the HFM Platform.

Finally, HFM also has regulations by a variety of financial watchdogs in the market. These include the FCA in the UK, the FSCA in South Africa, the CMA in Kenya, the CySEC in Cyprus, and the DFSA in the DIFC.

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.

FXTM

FXTM also offers Naira accounts to Nigerian traders. For the smallest account, the Micro account, the minimum deposit is set at ₦10,000. For the other two accounts, the minimum deposit requirement is higher at ₦80,000. Favourably, clients can invest over 1,000 CFDs on forex, stocks, commodities, indices, cryptocurrencies, indices, and shares. The diversification of trading instruments allows traders to spread their risk across the various markets. What's more, FXTM traders can choose various trading platforms including MetaTrader 4, MetaTrader 5, and FXTM Trader.

There are many accounts on FXTM that a trader can choose from including the Advantage and Advantage Plus accounts. the Advantage account has spread from as low as 0.0 pips with a commission of $3.5 per lot on forex. On the other hand, the Advantage Plus features spreads from 1.5 pips with no commission.

Lastly, FXTM has regulations from the FCA in the UK, FSCA in South Africa, and CMA in Kenya. Brokers with multiple regulations will always stand out among competitors.

OctaFX

OctaFX offers a broad range of base account currencies, including the Naira for Nigerian traders. The broker supports different minimum deposit requirements based on the region and account currency. In Nigeria, traders can begin investing with as little as ₦15,000. After making a deposit, Nigerian traders gain access to a wide selection of market products for trading.

At OctaFX, traders can access CFDs on forex currency pairs, stocks, indices, cryptocurrencies, and commodities. These assets are available across three different trading accounts. All the accounts offer competitive spreads starting from 0.8 pips, with no commissions charged. Additionally, traders can choose from three platforms: MetaTrader 4, MetaTrader 5, and OctaTrader.

On a positive note, this broker is a regulated entity. It holds licenses from both the FSCA in South Africa and CySEC in Cyprus. While regulation alone doesn't guarantee everything, it's generally safer to invest with brokers that are regulated by several organisations.

Hantec Markets

Another broker that supports the Naira as a base account currency is Hantec Markets. The minimum deposit accepted by this broker is a reasonable $25 which is approximately 41,132 NGN at the time of writing this. This gives traders access to a wide range of markets totalling over 2,560 different assets. Particularly, investors can trade CFDs on forex, bullion, stocks, indices, commodities, and cryptocurrencies. The trading platforms available for traders include MetaTrader 4, MetaTrader 5, Hantec Social App, and Hantec Market Trading App.

Hantec Market account types include the cent account and the standard account. The cent account features spread from as low as 1.2 pips while the standard account spreads are from as low as 0.1 pips. 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. Lastly, the broker has regulations from several reputable organisations including the FCA in the UK, the ASIC in Australia, and the FSA in Seychelles, among others.

SuperForex

Finally, Superforex is a broker that gives Nigerian traders access to Naira accounts. The minimum deposit a trader can deposit on SuperForex is $1 which is approximately 1,606 Naira at the time of writing this. SuperForex offers a wide range of market products to its traders. These include forex, cryptocurrencies, metals, stocks, and indices. The platforms available for trading the various instruments include MetaTrader 4 alongside the company’s in-house trading app, Superforex. 

Additionally, a wide range of trading accounts is offered, including 7 STP accounts and 5 ECN accounts. The STP Standard account features spreads starting from 2.0 pips with no commission. Other accounts offer varying spread structures tailored to different trader preferences. For instance, ECN accounts typically charge a commission with spreads starting from 0.0 pips.

In terms of regulations, the broker is regulated by the FSC in Belize. Unfortunately, this is one of the weakest regulators in the market today. It would be good for the broker to obtain additional regulatory licenses from respected organisations.

Final Thoughts

There are a lot of benefits for Nigerian traders who trade on Naira accounts. They eliminate the complexities of currency conversions, resulting in reduced transaction costs and enhanced convenience. The brokers highlighted in this review offer a diverse range of features, including competitive spreads, a variety of trading instruments, and access to advanced trading platforms. 

These brokers offer great choices for Nigerians who want to invest in financial markets. However, it's crucial to conduct thorough research and consider factors such as regulatory oversight, the broker's reputation, and minimum deposit requirements before making a decision.