Here is our list of the best brokers for traders in Nigeria.
Broker | Features | Broker Reviews | Visit |
 | * 1:1000 leverage * 210+ instruments * $15 min. deposit * Free education | ||
 | * 1:1000 leverage * 1200+ instruments * $50 min. deposit * Tight spreads | ||
 | * 1:500 leverage * 80+ instruments * $200 min. deposit * Excellent support | ||
 | * Low deposit | ||
 | * 1:1000 leverage | ||
 | * 1:1000 leverage * 200+ instruments * $1 min. deposit * Copy trading | ||
 | * 1:500 leverage * 1000+ instruments * $200 min. deposit * Crypto CFD trading | ||
 | *1:500 leverage | ||
 | * 1:2000 leverage * 140+ instruments * Great bonuses |
What Is A Naira Account?
A Naira account is a trading account that you can fund using Naira. Many international forex brokers only accept deposits in major currencies such as USD, EUR and GBP. However, forex brokers that specialise in forex trading in Nigeria will often allow you to deposit money in NGN.
Why Trade With A Naira Account?
- Local Accounts – One benefit of having a Naira account is that your funds will be held in a Nigerian bank. They will also be accessible if your broker declares bankruptcy. If you open a USD account with an international forex broker, then this will not be the case: Even if your funds are held in a segregated account, they will still be held in a segregated account in another country.
- Fast Transfers – Another benefit of a Naira account is faster bank transfers. If you try to fund a USD account using a credit card or bank transfer, then you can lose up to 10% of the value of your deposit due to conversion charges and added fees. If you try to fund a Naira account, then you will benefit from faster transfers and less fees.
How To Choose The Best Naira Account Broker
- Low Minimum Deposits – One of the main advantages of trading with naira accounts is that they offer easy market access. To keep things simple, look for forex brokers that offer low minimum deposits and convenient payment options. This will enable you to learn how to trade without incurring high costs.
- Low Trading Costs – One of the other main advantages of trading with naira accounts is that they require less initial budget. You are less likely to lose money due to fees. To keep your costs low, try to also look for forex brokers that are offering good trading conditions and tight spreads.
- Secure Trading Environments – One of the top priorities for all new traders should be finding a reliable, regulated forex broker. This is because they offer better trading conditions and are more likely to treat you fairly. To keep your money safe, look for reputable brokers that are offering good client fund protection.