Brokers With NGN Accounts

Brokers with NGN accounts enable traders to manage their assets with the Nigerian Naira as the base currency. This means that investors can avoid paying conversion fees when making deposits and withdrawals, and traders using Nigerian payment methods will often benefit from faster transaction times.

This guide will go over how NGN trading accounts work, the benefits of using brokers that offer Nigerian Naira profiles, plus tips for comparing firms. We also list the top brokers with NGN accounts in 2023.

Brokers With NGN Accounts

  1. FXCL boasts a competitive range of leverage rates and tradeable instruments that can be accessed through the MetaTrader 4 terminal.

    Instruments
    CFD, Forex, Crypto, Commodities
    Regulator
    SVG FSA
    Platforms
    MT4
    Min. Deposit
    $1
    Min. Trade
    0.01 lots
    Leverage
    1:2,000
  2. Remitano is a competitive peer-to-peer crypto exchange with margin trading, investing, swapping and news services.

    Instruments
    Crypto
    Regulator
    -
    Platforms
    Own
    Min. Deposit
    No
    Min. Trade
    No
    Leverage
    -
  3. A+ Trader is a forex and CFD broker with MT4 access, MAM accounts and decent educational content, available for a minimum deposit of $100.

    Instruments
    CFD, Forex
    Regulator
    -
    Platforms
    MT4
    Min. Deposit
    $100
    Min. Trade
    0.01 lots
    Leverage
    1:1,000

What Is An NGN Trading Account?

Most brokers offer accounts in popular currencies such as USD, EUR or GBP, and trading profits are converted into the currency that the trader uses for banking. With NGN accounts, however, the currency for trading is already NGN so no conversion is necessary, and this is how transaction fees are avoided for traders based in Nigeria.

Aside from the fact that NGN accounts operate with Nigerian Naira and may keep trading funds in Nigerian banks, they work largely in the same way as any other trading account. This means you can transfer money into your online trading account from your local bank using a credit/debit card, wire transfer, or e-wallet. Profits from trading can then be transferred back into your bank account using the same methods.

Limited brokers offer NGN accounts due to a shortage in liquidity of the currency, but finding a brokerage that offers profiles denominated in the Nigerian Naira is possible.

Importantly, NGN accounts are normally offered to Nigerian traders only, and proof of your residence there is often required upon signing up.

NGN Currency Explained

The Nigerian Naira (sign: ₦; code: NGN) is the official currency of Nigeria issued by the Central Bank of Nigeria exclusively, and they control its circulation and financial stability of the currency. One Naira is made up of 100 Kobos, and as of December 2022, 1 USD is equivalent to around 446 NGN.

The Naira became the official currency of Nigeria in 1973, replacing the British Pound with a conversion rate of 2 NGN for every pound. This is due to British colonial rule which lasted until 1960 when Nigeria ceased to be a British territory and became the independent Federation of Nigeria. This was followed by a civil war lasting until the 1970s, which is when the country declared its own currency.

Due to inflation, the NGN had depreciated in value significantly by 2008 resulting in government plans to redenominate.

The most popular foreign exchange currency paired with the NGN is the USD (USD/NGN).

Benefits Of Brokers With NGN Accounts

No Conversion Cost

If you are using an NGN trading account with a Nigerian-based broker and you are also located in the country, then you will avoid paying for currency conversion when trading online.

If you were to trade in any other base currency such as EUR, GBP, or USD then the cost of conversion would potentially be high and ultimately detract from your trading profits.

Speed

If you are Nigeria-based and are using an NGN account then you will also benefit from faster deposits and withdrawals. This is because trading funds in NGN are often held in Nigerian bank accounts and therefore can be transferred quickly and easily.

In addition, brokers with NGN accounts are more likely to offer popular, local payment solutions with low-cost and near-instant transfers, such as Flutterwave.

Regulation

Most brokers that offer accounts to Nigerian traders are regulated by a local or trusted regulator, such as the Financial Sector Conduct Authority (FSCA).

This gives traders peace of mind that their funds are in safe hands and that they can trust the broker they are using.

How To Check A Broker Offers NGN Accounts

The first place to check is on the deposits and withdrawals section of a broker’s website – this is typically where brokerages highlight all of the currencies they offer accounts in. This information will also become apparent when you are opening a trading account.

If you are not able to find any information about whether your chosen broker offers an NGN trading account, then ask their support team.

Alternatively, head to our list of the top brokers with NGN accounts.

Comparing Brokers With NGN Accounts

  • Assets – NGN brokers will offer different assets. This might include forex pairs with NGN as the base currency, as well as equities that are listed on the Nigerian Stock Exchange. Leading brokers with NGN accounts will also offer trading on large US stocks and major forex pairs.
  • Regulation – Regulation is important because you need to make sure that your funds are secure and kept in segregated accounts. The top NGN brokers will be regulated by the likes of the FSCA which means that your trading funds are protected and insured. Otherwise, regulatory bodies such as the FCA, CySEC, or ASIC are also safe options. The more regulatory bodies a broker is backed by, the more trustworthy they are.
  • Platform – The trading platform that your broker offers plays a big part in the online investing experience. The majority of NGN brokers will offer MetaTrader 4, although some brands will also offer MetaTrader 5 and cTrader. All of these platforms are popular for a good reason – they offer excellent technical analysis tools, charting options, and a user-friendly interface suited to traders of all experience levels.
  • Customer Support – One of the benefits of using an NGN account as a Nigerian trader is that the customer support is likely to be locally based and in the same timezone as you, therefore easier to get a hold of.
  • Demo Account – Whether you’re a beginner, want to test a new strategy, or simply want to see if the platform works for you, using demo accounts is a good place to start.
  • Educational Material – Most NGN brokers will offer educational resources to improve your trading knowledge and understanding of various markets. This is particularly important if you are a beginner. The best brokers with NGN brokers will offer a range of educational materials like webinars, articles, videos, and trading tutorials.
  • Trading Conditions – Trading conditions refer to the spreads, overnight holdings fees, and leverage available, among other factors. Offshore brokers tend to offer high leverage of 1:500 or more. Spreads on popular currency pairs tend to come in at under 1 pip while less liquid pairs, such as the USD/NGN, often have wider spreads. Alternatively, ECN brokers tend to offer ultra-tight spreads alongside a commission per round lot turn.

Final Word On Brokers With NGN Accounts

Brokers with NGN accounts are hard to come by, but they do exist and offer several benefits to Nigerian traders such as payment speed, cost-effectiveness, and regulatory oversight.

All traders should ensure that they research brokers thoroughly beforehand to ensure they are trustworthy, as well as looking for brokers that offer good educational materials, a user-friendly platform, and reliable customer support.

Use our ranking of the best NGN trading accounts to get started.

FAQ

What Is An NGN Trading Account?

NGN trading accounts use the Nigerian Naira as the base currency, meaning that those trading in Nigeria do not have to convert their profits – every aspect of trading is carried out in NGN.

This can help lower conversion fees while increasing the likelihood that local payment solutions like Flutterwave will be accepted.

Should I Open An NGN Trading Account?

If you are trading in Nigeria and wish to avoid conversion fees and get faster transaction times, then opening an NGN account could be a good idea.

NGN trading accounts also make it easier to manage online investing activity as your client portal and associated balances will be visible in your native currency.

How Do I Open An NGN Trading Account?

The first step is to find a broker that operates with NGN as its base currency. Use our ranking of the best brokers with NGN accounts to find a suitable provider. Then simply fill in the relevant sign-up details and submit any requested documentation.

How Do I Choose An NGN Trading Account?

There are several things you should compare when selecting brokers with NGN accounts, including regulatory oversight, platforms and apps, the range of assets and trading vehicles, spreads and fees, educational resources, and customer support.

Head to our full guide for more information on how to compare NGN trading brokers.