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5 Best Naira trading accounts

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 |
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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