Brokers With NGN Accounts

Written By

James Barra

Edited By

Jemma Grist

Fact Checked By

William Berg

Updated

Jun 27, 2024

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 2024.

Brokers With NGN Accounts

These are the 4 best brokers that offer accounts with NGN as the base currency:

Click a broker for details

1

Exness

Go To Exness
Exness Review

Ratings

Regulation & Trust 4.5 / 5

Accounts & Banking 4.3 / 5

Assets & Markets 4.2 / 5

Fees & Costs 4.8 / 5

Platforms & Tools 4.3 / 5

Customer Support 4.5 / 5

Research 4.3 / 5

Education 3 / 5

iOS App 4.4 / 5

Android App 4.3 / 5

Minimum Deposit $10

Minimum Trade 0.01 Lots

Leverage 1:2000

Regulator FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV

Instruments CFDs, Forex, Stocks, Indices, Commodities, Crypto

Platforms Exness Trade App, MT4, MT5, TradingCentral

Payment Methods Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto

Account Currencies USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR

Go To Exness
2

Quotex

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Quotex Review

New Customer Bonus Offer 30% Deposit Bonus

Ratings

Regulation & Trust 1.8 / 5

Accounts & Banking 4 / 5

Assets & Markets 3.5 / 5

Fees & Costs 4.5 / 5

Platforms & Tools 3.3 / 5

Customer Support 1 / 5

Research 1.8 / 5

Education 1.8 / 5

iOS App 4.2 / 5

Android App 4.1 / 5

Minimum Deposit $10

Minimum Trade $1

Leverage

Regulator

Instruments Digital Options on Stocks, Indices, Forex, Commodities, Cryptos

Platforms Web Platform, Mobile App

Payment Methods Credit Card, Visa, Mastercard, Perfect Money, Bitcoin Payments, Wire Transfer, Ethereum Payments, Maestro, Debit Card

Account Currencies USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH

Go To Quotex
3

Alpari

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Alpari Review

New Customer Bonus Offer 30% up to $100 (terms apply)

Ratings

Regulation & Trust 2.5 / 5

Accounts & Banking 3.8 / 5

Assets & Markets 3.3 / 5

Fees & Costs 3.8 / 5

Platforms & Tools 3.8 / 5

Customer Support 2.8 / 5

Research 2.5 / 5

Education 1.5 / 5

iOS App 3.6 / 5

Android App 3.6 / 5

Minimum Deposit $5

Minimum Trade 0.01 Lots

Leverage 1:1000

Regulator FSC, SEBI, JFSA

Instruments Forex, CFDs, Stocks, Commodities, Indices, Crypto

Platforms MT4, MT5

Payment Methods Mastercard, Credit Card, FasaPay, Volet, Wire Transfer, Bitcoin Payments, Ethereum Payments

Account Currencies USD, EUR, GBP, CZK, NGN

Go To Alpari
4

GC Option

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GC Option Review

New Customer Bonus Offer Risk Free Trading Days

Minimum Deposit $10

Minimum Trade $1

Leverage

Regulator

Instruments Binary Options on Forex, Metals and Cryptos

Platforms MT4, TradingView

Payment Methods Wire Transfer, Credit Card, Debit Card, Mastercard, Bitcoin Payments, Ethereum Payments, FasaPay, Perfect Money, Paytrust, Maestro, AstroPay, PayRedeem

Account Currencies USD, EUR, INR, MYR, IDR, NGN

Go To GC Option

Here is a short summary of why we think each broker belongs in this top list:

Exness - Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 800,000 clients, several awards and reputable licensing, the broker has maintained its position as a highly respected global brand. Active day traders can access the popular MT4 and MT5 platforms, raw spreads and multiple account types.
Quotex - Quotex has been a top binary options broker since 2019, offering over 400 binaries across currencies, commodities, stocks, and crypto. With contracts spanning 5 seconds to 4 hours, short-term traders enjoy flexibility while payouts that exceed 95%, offer high potential returns. Continuously adapting to trader demands, Quotex provides a user-friendly platform for trading binaries.
Alpari - Alpari is an offshore multi-asset broker that offers traders a wide range of forex trading opportunities as well as stock, index and commodity CFDs. The broker also offers fixed costs with payouts known upfront. Trading takes place on the reliable MT4 and MT5 platforms, plus the brand's mobile app. Alpari offers tight ECN spreads which will serve active day traders.
GC Option - GC Option is a binary options broker offering contracts with flexible contract lengths and payouts up to 86% on 27 instruments. This is one of the few binary options brokers to support MetaTrader 4, which it provides alongside two proprietary trading platforms.

Brokers With NGN Accounts Comparison

Brokers With NGN Accounts Comparison
Minimum Deposit	Instruments	Platforms
$10	CFDs, Forex, Stocks, Indices, Commodities, Crypto	Exness Trade App, MT4, MT5, TradingCentral
$10	Digital Options on Stocks, Indices, Forex, Commodities, Cryptos	Web Platform, Mobile App
$5	Forex, CFDs, Stocks, Commodities, Indices, Crypto	MT4, MT5
$10	Binary Options on Forex, Metals and Cryptos	MT4, TradingView

Exness

"Exness remains an accessible broker for all experience levels, though experienced day traders will particularly appreciate the ultra-low commission rates, fast withdrawals and high-quality charting software."
Tobias Robinson, Reviewer

Exness Quick Facts

Demo Account	Yes
Instruments	CFDs, Forex, Stocks, Indices, Commodities, Crypto
Regulator	FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV
Platforms	Exness Trade App, MT4, MT5, TradingCentral
Minimum Deposit	$10
Minimum Trade	0.01 Lots
Leverage	1:2000
Account Currencies	USD, EUR, GBP, CAD, AUD, NZD, INR, JPY, ZAR, MYR, IDR, DKK, CHF, HKD, SGD, AED, SAR, HUF, BRL, NGN, THB, VND, UAH, KWD, QAR

Pros

The broker offers fast execution speeds for short-term traders, averaging under 25ms
Top-tier licensing with the FCA and CySEC and a strong reputation with over 10 years in business
Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips and low commissions from $2 per side

Cons

There are several regional restrictions for retail traders including the USA, Europe and the UK
There are no promotional deals or loyalty schemes for high-volume day traders
Unlike most competitors, Exness doesn't provide its own education section

Visit Exness

Exness Review

Quotex

"Quotex is best for making short-term trades on popular markets. The payouts up to 98% are above average and enhancements to the platform have ensured it's easy to use for beginners. That said, the lack of regulatory oversight, limited education and weak support are key drawbacks."
Jemma Grist, Reviewer

Quotex Quick Facts

Bonus Offer	30% Deposit Bonus
Demo Account	Yes
Instruments	Digital Options on Stocks, Indices, Forex, Commodities, Cryptos
Platforms	Web Platform, Mobile App
Minimum Deposit	$10
Minimum Trade	$1
Account Currencies	USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH

Pros

The platform continues to delivers a superb trading environment with strong charting tools for technical traders
Daily signals are useful for finding opportunities, especially for newer traders
Account funding is straightforward thanks to the wide range of payment methods, zero fees and intuitive cashier portal

Cons

Customer support has been weak during tests with no live chat and slow response times
Despite advertised payouts of up to 98%, testing shows average payouts trail best-in-class broker Pocket Option
Quotex trails industry leaders when it comes to education and market research

Visit Quotex

Quotex Review

Alpari

"Alpari will suit short-term binary options traders with a low $5 deposit, powerful charting terminals, and a rebate scheme. Forex traders also get very high leverage with tight spreads while the broker's PAMM service will appeal to hands-off investors."
Tobias Robinson, Reviewer

Alpari Quick Facts

Bonus Offer	30% up to $100 (terms apply)
Demo Account	Yes
Instruments	Forex, CFDs, Stocks, Commodities, Indices, Crypto
Regulator	FSC, SEBI, JFSA
Platforms	MT4, MT5
Minimum Deposit	$5
Minimum Trade	0.01 Lots
Leverage	1:1000
Account Currencies	USD, EUR, GBP, CZK, NGN

Pros

Cashback schemes are available for high-volume traders
Low or no commissions are available and there are tight spreads on ECN accounts
The broker offers high leverage up to 1:1000 for experienced clients

Cons

There are fairly high charges for strategy manager copy trading tools
The lack of educational resources is disappointing compared to alternatives
The market analysis and research tools are limited

Visit Alpari

Alpari Review

GC Option

"Binary options traders who favor the MetaTrader 4 platform should try out GC Option. The double-touch contracts and selection of expiry times offer a good range of trading opportunities."
William Berg, Reviewer

GC Option Quick Facts

Bonus Offer	Risk Free Trading Days
Demo Account	Yes
Instruments	Binary Options on Forex, Metals and Cryptos
Platforms	MT4, TradingView
Minimum Deposit	$10
Minimum Trade	$1
Account Currencies	USD, EUR, INR, MYR, IDR, NGN

Pros

MetaTrader 4 and proprietary WebTrader platforms
Payouts up to 86%
Free demo account

Cons

No copy trading
No binaries on stocks
Limited educational resources

Visit GC Option

GC Option Review

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.

FAQs

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.