4 Best Naira Currency Forex Brokers (Checked and Ranked!)
Most Forex brokers will convert your Naira to US Dollars, Euros, or British Pounds when you fund your trading account. However, if you wish to avoid currency conversion fees, NGN Forex companies provide trading accounts in Naira.
If you have an NGN account, you can deposit and withdraw money from your trading account more quickly and easily via local bank transfers. However, only a few brokers currently offer Naira forex trading accounts, and we have listed the four best options in this article.
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7bForex
Overview
Operating as a pure Forex broker, 7bForex caters to Nigerian traders and offers highly extensive incentive and promotion programs.
Nigerian traders can avoid exchange rates and costs by using leverage of up to 1:000 and deposits as low as 1,000 Naira. This makes transactions easier for them. According to 7bForex, their spreads are the narrowest in the industry and can go as low as 0.01 pip.
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 |
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HotForex
Overview
HotForex has been regulated by the FSCA since 2016, making it a popular choice for Nigerian traders seeking a trading account with Naira as the base currency and STP execution. For NGN accounts, the minimum deposit is 2000 Naira.
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 |
You might also be interested in: Top Forex Brokers in Nigeria
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AvaTrade
Overview
As a beginner-friendly CFD trading platform, AvaTrade is regulated around the world and offers a highly secure and competitive trading environment. AvaTrade’s AvatradeGO trading app has gained widespread acclaim from the industry.
Pros and Cons
| PROS | CONS |
| Broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 available | |
| Excellent educational resources |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
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Exness
Overview
With over 200,000 customers worldwide, Exness is a Russian CFD broker that offers trades on more than 100 different currency pairs, a few cryptocurrencies, and more than 70 different stock CFDs, indices, and commodities.
Exness features nine account types for the MT4 and MT5 platforms, which is more than other brokers can say the same.
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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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FXTM
Overview
As an award-winning market maker/ECN, FXTM offers trading in forex, commodities, metals (including gold and silver), stocks (including the Dow Jones Industrial Average), and indices.
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 |
