Forex Brokers with Naira Accounts

Naira Accounts mean everything in your trading account is displayed in Naira, even when you get your statement of account transactions are displayed in Naira.

Naira Accounts also make trading Naira pairs like USD/NGN cheaper as no currency conversion needs to occur at a fee.

When you deposit & withdraw from your Naira account your broker doesn’t charge you a currency conversion fee.

Although forex trading is unregulated in Nigeria, brokers like Exnesswith naira accounts are perceived as credible, as they are more likely to keep your money in Nigerian Banks making withdrawals faster.

List of Forex Brokers with Naira Account

• Exness –Best Forex Broker with Naira Account
• HF Markets –Best Forex Broker with Naira Account for Beginners
• FXTM –Forex Broker with Naira Account& Fast Withdrawals

Which Forex Broker with Naira Accounts Should You Choose?

Review of Forex Brokers with Naira Account

1. EXNESS-Best Forex Broker with Naira Account

Exness (SC) LTD is a legit broker, regulated by FSAwith license number SD025,CySECunder number 178/12, and FCAunder number 730729. Exness is also regulated in Kenya & South Africa.

Exness broker offers 3 categories of Naira Trading Accounts:Standard Accounts, Professional Accounts, and Social Trading Accounts.

Exness minimum deposit for Standard Accounts is $10 (about N15, 000) while a $500 minimum deposit is required for Professional Exness Accounts.  Exness minimum withdrawal is $3 by Bank Transfer and $10 by Debit/Credit Cards.

• As a beginner, you can opt for the Standard Accountswith spreads starting from 0.2 pips, no commission and are swap-free.
• Experienced traders can open Professional Accounts like Pro, Zero, and Raw Spread. Pro Account has no commission, zero account charges from $0.05/side commission, and Raw Spread account pays $3.5/side commission. These accounts offer spreads starting from 0 pips and are swap-free.

• Social Trading Accountsare used forforex account management through copy trading on Exness. You can choose to invest by automatically copying trades of a Strategy Provider who will manage your funds remotely.

An Exness Account can be opened on their website or the Exness mobile app. Your Exness login details are sent to your email box and when your account is setup you can trade CFDs without owning the underlying assets:

Tradable CFDs are Forex, Commodities, Stocks, Indices, & Crypto. The highest leverage of 1: unlimited is accorded to forex CFD instruments.

Exness trading takes place using the Exness MT4, Exness MT5, Exness Mobile App, or Exness Web Trader Platforms.

Exness Naira Trading Accounts can be funded through Nigerian Banks.

Exness 24/7 live chat is great, simply type the word “agent” to chat with a human within seconds. There’s also Exness Telephone, social media, & email support

See how Exness Naira trading Accounts can be setup on the Exness website

2. Hotforex (HF Markets)–Best Naira Account Forex Broker with Deposit Bonus

HF Markets (SV) LTD is a legit broker, regulated by FCA in UK under the license number 801701, FSA in Seychelles with license number SD015, DFSA in Dubai under number F004885, CMA in Kenya under license number 155, and FSCA under number 46632, ensuring strict adherence to financial standards and conduct.

HFMarkets offers 5 Naira Trading Accounts:

The Zero Account is an expert level account intended for experienced traders who intend to use automated trading robots to take advantage of near zero spreads.

When you trade with the Zero Account you pay spreads, &commissions up to $3 per side every time you trade. However, like the name implies, the spreads are near zero, so they are low.

You can open the Zero Account with N6, 300minimumdeposits.

The Pro Account is a N50, 000 minimum deposit Naira denominated trading account where spreads start from 0.6 pips, and commissions on forex trading only are zero. It is suitable for beginners who can afford the starting deposit.

The PRO PLUS Account requiring at least a N200, 000 minimum deposit, HF Markets says this account will charge you low spreads from 0.2 pips, & zero commissions only when you trade forex. It’s also ideal for beginners

The Premium Account is the best HF Markets Naira Account for beginners. It charges high fees with spreads from 1.2 pips & zero commission when you trade forex only but has a N6, 300 minimum deposit.

Top-up Bonus Account: This Naira denominated account boosts your deposit potential with a 20% top-up bonus on every eligible deposit. It has a spread from 1.4 pips, no commissions, and is not swap-free. It has a N6, 300 minimum deposit.

HFM trades on the following CFD instruments:

HFMarketsdeposits& withdrawalsin Naira are through Bank Transfers. When using Nigerian Banks, HF Markets (Hotforex) deposits take 10 minutes & withdrawals take 24 hours.

For assistance, they offer 24/5 support through their live support, responding promptly. You can also contact them via email and by phone for more assistance.

Learn more about HF Markets Accounts here

3. FXTM (Forextime)–Forex Broker with Naira Account

FXTM is authorized and regulated by FCA in the UK under license number 777911, FSC in Mauritius with license number C113012295, CySEC in Cyprus under number 185/12, CMA in Kenya under license number 135, and FSCA under number 50320, ensuring strict adherence to financial standards and conduct.

FXTM offers 2 types of Naira Accounts:

The FXTM Advantage Accounthas an N80, 000 minimum deposit & charges a spread from 0.0 pip, with a commission charge from $0.4 to $2 based on volume, and you don’t pay overnight swaps when trading major instruments. Because this account charges both commissions & spreads it’s not suitable for beginners

The FXTM Advantage Plus Account also has an N80, 000 minimum deposit, charges a spread from 1.5 pip, nocommission, and is swap-free for major instruments.

Forex Account management on FXTM is available through FXTM Copy Trading but naira accounts cannot partake except you open a USD account & deposit $100.

FXTM has stopped offering Micro accounts but the FXTM Demo Account for forex trading is easy to open and does not expire fast making it ideal for beginners.

FXTM offers the following CFD instruments:

On FXTM you can deposit & withdraw from your Naira trading Account using Nigerian Banks & Neteller and there are no charges.

For assistance, they offer 24/5 support through their live support, responding promptly. You can also contact them via email by phone, WhatsApp, and telegram for more assistance.

Visit FXTM for more information

What is the Advantage of a Naira Forex Account?

Naira forex trading accounts prevent you from always paying currency conversion fees to your bank when you want to deposit & withdraw in Naira.

Banks always charge higher fees whenever a transaction involves a foreign currency so it’s cheaper to transact in Naira.

It’s also easier to source Naira as compared to sourcing US Dollar (or any foreign currency) in the current Nigerian business environment.

Naira Accounts are best suited for trading forex pairs involving the Naira such as USD/NGN because profit/loss is always calculated in the quote currency (currency pair on the right-hand)

So, if you trade USD/NGN your profit/loss is calculated in naira which corresponds to your account currency, making a conversion by your broker unnecessary.

Key Takeaways – Forex Brokers with Naira Accounts

How to open a Naira Account with a Forex Broker

To open a Naira account with a forex broker, follow these steps:

1. Choose a Forex Broker: Research and choose a reputable Forex broker that offers Naira trading accounts. Avoid being scammed by verifying your forex broker is legit.

To verify, check for the issuer of the forex broker’s license, then head to the issuer’s website to search for your broker’s name in the register of authentic brokers.

For example, if your forex broker is licensed by the FCA UK, go to the FCA’s website https://www.fca.org.uk/ and run a check.

2. Account Registration: Visit the broker’s official website or download the forex broker’s mobile appand click on “Open Account” or “Sign Up”. Fill in the required information, including personal details and contact information.

3. Select Account Currency: During the account setup, choose Naira (NGN) as the preferred currency for your account. Ensure to choose Naira (NGN) during the account opening, as changes cannot be made later.

4. Verification Process: Complete the broker’s verification process by providing government-issued ID, proof of address, and any other documents required by the broker.

5. Deposit Funds: After your account is verified, select deposit options like bank transfers, credit/debit cards, or other payment methods. Choose a suitable funding method and follow the instructions.

How to Withdraw Money from Forex Account

To withdraw money from your forex account:

1. Log into your forex trading account using the broker’s platform or website.
2. Go to the withdrawal section on your trading platform.
3. Choose the preferred withdrawal method. Common options include bank transfers, credit/debit cards, e-wallets, and other payment systems.
4. Specify the amount you wish to withdraw. Ensure it is within the minimum/maximum limits set by the broker.
5. Wait for your withdrawal to be processed as processing times vary depending on the broker and chosen withdrawal method.
6. Themonies will be transferred to the withdrawal method selected.

Frequently Asked Questions – Forex Brokers with Naira Account

Who is the best forex broker with a Naira Account?

Exness, HF Markets, & FXTM are best for Naira Accounts.

• Exness offers 4 different Naira Accounts that are swap-free.
• HF Markets offers 5 different Naira Accounts with swap-free forex trading including USD/NGN forex pair.
• FXTM offers 2 different Naira Accounts with swap free trading including USD/NGN, & EUR/NGN forex pairs.

Which Forex Broker with a Naira Account has the lowest spread?

Exness has the lowest spread amongst the forex brokers with Naira Accounts. The EUR/USD benchmark average spread at Exness Standard Account is 1.0 pip on Exness which is lower than the industry average of 1.2 pip.

Which forex broker with a Naira Account is best for Beginners?

HF Markets is beginner-friendly because it has a demo account and then eases the transition to real trading by having a Cent account that lets beginners trade with Cent lots and not have to invest many funds while trading.

Which forex broker with a Naira Account offers a deposit bonus?

HF Markets offers a 20% Top-up Bonus on every eligible deposit for 6 months after your Top-up account is opened.

Can I open more than one forex trading account in different currencies?

Yes, many forex brokers allow traders to have multiple accounts, and you can choose different base currencies for each account.

Can I change my account currency after opening the account?

No, once you set a currency for an account, it cannot be changed.

How much can you withdraw from a Forex account?

The amount to withdraw from a Forex account is dependent on the broker’s policies, your account balance, and any regulatory restrictions. Different brokers have diverse withdrawal limits.