1. Overview
Nigeria’s official currency is the Nigerian Naira. Not all forex brokers in Nigeria allow Nigerians to open Naira-based trading accounts, which allow for no currency conversion fees and immediate transactions by local financial institutions.
Here, we’ll take a look at some of the best Naira Trading Accounts available from brokers who also offer great trading conditions according to Louis Schoeman from Forexbroker.ng
2. Exness
Overview
Exness provides a simple trading solution for both new and experienced traders, thanks to the wide range of accounts it offers. Among these accounts are commission-free, commission-based, and raw spread.
Many currency pairs are accessible for trading, with a wide range of trading options made available to traders.
Open a FREE Trading Account with Exness
Pros -Well-regulated -Tight spreads -Over 130 currency pairs | Cons |
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. HotForex
Overview
HotForex is a forex broker with a global presence, a sophisticated website, and a substantial variety of trading instruments available to users worldwide. The terminology used is simple to comprehend, and they do an excellent job of explaining the fundamentals of forex and CFD trading to beginners.
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 |
4. Forextime
Overview
In comparison to many of its rivals, Forextime is a well-established trading platform and broker. You may find an account with FXTM to suit your trading style, regardless of how advanced or novice you are.
On average, fees fall somewhere around the middle of the spectrum. Traders have a wide variety of ways to get in touch with customer service.
Pros -Superb customer service -High maximum leverage -Great educational tools | Cons -Inactivity and withdrawal fees -Limited product portfolio |
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 |
5. Alpari
Overview
If you’re seeking for some of the lowest Forex margins, Alpari is a good option. Regardless matter whether you’re a novice or a seasoned trader, the variety of accounts and features available will appeal to many.
The most recent platform is simple to use and has a rapid signup process. Many current traders are drawn to Alpari because of their commitment to providing comprehensive education.
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 |
6. 7bForex
Overview
In terms of trading circumstances and solutions, 7BForex is a locally based Nigerian broker that provides extensive options.
Trading in real time is available to Nigerians on three different trading platforms. Managing assets and receiving first-rate customer service is as simple as choosing from among the many accessible alternatives.
Pros -Tight spreads -Low minimum deposit -MT4 available | Cons -Limited product portfolio |
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 |
1. Overview
Nigeria’s official currency is the Nigerian Naira. Not all forex brokers in Nigeria allow Nigerians to open Naira-based trading accounts, which allow for no currency conversion fees and immediate transactions by local financial institutions.
Here, we’ll take a look at some of the best Naira Trading Accounts available from brokers who also offer great trading conditions according to Louis Schoeman from Forexbroker.ng
2. Exness
Overview
Exness provides a simple trading solution for both new and experienced traders, thanks to the wide range of accounts it offers. Among these accounts are commission-free, commission-based, and raw spread.
Many currency pairs are accessible for trading, with a wide range of trading options made available to traders.
Open a FREE Trading Account with Exness
Pros -Well-regulated -Tight spreads -Over 130 currency pairs | Cons |
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. HotForex
Overview
HotForex is a forex broker with a global presence, a sophisticated website, and a substantial variety of trading instruments available to users worldwide. The terminology used is simple to comprehend, and they do an excellent job of explaining the fundamentals of forex and CFD trading to beginners.
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 |
4. Forextime
Overview
In comparison to many of its rivals, Forextime is a well-established trading platform and broker. You may find an account with FXTM to suit your trading style, regardless of how advanced or novice you are.
On average, fees fall somewhere around the middle of the spectrum. Traders have a wide variety of ways to get in touch with customer service.
Pros -Superb customer service -High maximum leverage -Great educational tools | Cons -Inactivity and withdrawal fees -Limited product portfolio |
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 |
5. Alpari
Overview
If you’re seeking for some of the lowest Forex margins, Alpari is a good option. Regardless matter whether you’re a novice or a seasoned trader, the variety of accounts and features available will appeal to many.
The most recent platform is simple to use and has a rapid signup process. Many current traders are drawn to Alpari because of their commitment to providing comprehensive education.
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 |
6. 7bForex
Overview
In terms of trading circumstances and solutions, 7BForex is a locally based Nigerian broker that provides extensive options.
Trading in real time is available to Nigerians on three different trading platforms. Managing assets and receiving first-rate customer service is as simple as choosing from among the many accessible alternatives.
Pros -Tight spreads -Low minimum deposit -MT4 available | Cons -Limited product portfolio |
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 |
Source: https://www.financemagnates.com/thought-leadership/5-best-forex-brokers-with-a-naira-trading-account/