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5 Best Naira trading accounts

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Different Nigerian Naira Notes
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Nigeria’s official currency is the Nigerian Naira, which denoted by the acronym NGN. The Central Bank of Nigeria (CBN) manages and distributes the country’s official currency.

Forex trading has become extremely popular in Nigeria, but not all brokers offer Nigerians access to Naira-based trading accounts, which come with the benefits of no conversion fees and immediate transactions performed by local financial institutions.

In this article, we explore the best Naira trading accounts offered by brokers who additionally provide excellent trading conditions.

1.     FXTM Advantage Account

Overview

One of the most popular. Naira trading accounts the Advantage Account from FXTM has spreads starting at 0. 01 pip, which is lower than most similar brokers, and instead of the standard spread markup, traders will pay between $0.4 and $1.2 each side, depending on how much money they’re trading.

Pros and Cons

PROS CONS
Superb customer service Inactivity and withdrawal fees
High maximum leverage Limited product portfolio
Great educational tools
Read Also:  FIRS gives one month window for taxpayers to settle foreign currency tax liabilities in naira

Features

Feature Information
Regulation CySEC, FCA, FSCA
Minimum deposit from $100
Average spread from 0.9 pips
Commissions from No commission
Deposit/Withdrawal Fees $3
Maximum Leverage 1:500 on average
Bonuses $300 Trading Bonus
Customer Support 24/5

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2.     HotForex Zero Spread Account

Overview

Spreads on the EUR/USD start at 0 pips, making it one of the few market-based Naira trading accounts.

Note that only significant currency pairs have spreads of zero. For major currency pairings, you’ll pay a commission of 40 ZAR/3 USD every lot (a total round-turn fee of 80 ZAR/6 USD), as with all raw spread accounts.

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

3.     7bForex Standard Account

Overview

The Standard Account from 7bForex is part of our selection of best Naira trading accounts due to its low minimum deposit and access to high leverage ratios.

Pros and Cons

PROS CONS
Tight spreads Limited product portfolio
Low minimum deposit
MT4 available

Features

Feature Information
Regulation None
Minimum deposit from 1000 Naira
Average spread from 0.1 pips
Commissions from Variable according to asset
Deposit/Withdrawal Fees None
Maximum Leverage 1:1000
Bonuses Yes
Customer Support 24/5

4.     Alpari ECN Account

Overview

ECN accounts at Alpari are better suited to more experienced traders. In return for a 3 USD roundturn commission, the Forex ECN Account has spreads starting at 0.4 pips (EUR/USD) and requires a minimum deposit of 500 USD.

With a starting spread of just 0.4 pips (EUR/USD) and no commissions, the Pro Account is one of the industry’s lowest-cost trading accounts.

Pros and Cons

Pros

Advanced copy trading software available

Wide selection of tradable assets

Low minimum deposit

Excellent multilingual customer support

Cons

Limited educational resources and research tools

Features

Feature Information
Regulation Financial Services Commission (FSC)
Minimum deposit from $100
Average spread from 1.2 pips on majors
Commissions from charged at 4 units of the Base currency
Deposit/Withdrawal Fees None
Maximum Leverage 1:1000
Bonuses Cashback Promotion
Customer Support 24/5

5.     Exness Pro Accounts

Overview

The five Pro Accounts from Exness, which require a minimum deposit of $500 USD but offer substantially narrower spreads, are of appeal to more experienced traders. For EUR/USD, one of the Pro Accounts has spreads as low as 0.6 pips, with no commission.

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

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