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 2024.
Brokers With NGN Accounts
These are the 4 best brokers that offer accounts with NGN as the base currency:
Brokers With NGN Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Visit |
|---|---|---|---|---|
|
$10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, MT4, MT5, TradingCentral | Visit |
|
$10 | Digital Options on Stocks, Indices, Forex, Commodities, Cryptos | Web Platform, Mobile App | Visit |
|
$5 | Forex, CFDs, Stocks, Commodities, Indices, Crypto | MT4, MT5 | Visit |
|
$10 | Binary Options on Forex, Metals and Cryptos | MT4, TradingView | Visit |
#1 - Exness
Why We Chose Exness
Exness is a Cyprus-based forex and CFD brokerage established in 2008. With over 260,000 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.
"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."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, Crypto
- Regulator: FSA, CySEC, FCA, FSCA, FSC, CBCS
- Platforms: Exness Trade App, MT4, MT5, TradingCentral
- Minimum Deposit: $10
- Minimum Trade: 0.01 Lots
- Leverage: 1:2000
Pros
- Experienced strategy providers can open social trading accounts, with monthly commissions up to 50%
- Unlike many other brands, Exness doesn't charge any account maintenance or inactivity fees
- Local payments are available, plus deposits in BTC and USDT
Cons
- There are several regional restrictions for retail traders including the USA, Europe and the UK
- Unlike most competitors, Exness doesn't provide its own education section
- There are no promotional deals or loyalty schemes for high-volume day traders
#2 - Quotex
Why We Chose 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.
"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."
- DayTrading Review Team
- Instruments: Digital Options on Stocks, Indices, Forex, Commodities, Cryptos
- Platforms: Web Platform, Mobile App
- Minimum Deposit: $10
- Minimum Trade: $1
Pros
- Daily signals are useful for finding opportunities, especially for newer traders
- The $10 starting deposit and $1 minimum stake make Quotex.io accessible to beginners
- Quotex maintains its position as an excellent choice for short-term binary trading with turbo contracts from 5 seconds
Cons
- There is no copy trading, which could support new traders looking to learn from experienced investors
- Despite advertised payouts of up to 98%, testing shows average payouts trail best-in-class broker Pocket Option
- Quotex is unregulated, which means traders may receive limited safeguards
#3 - Alpari
Why We Chose 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.
"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."
- DayTrading Review Team
- 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
Pros
- Cashback schemes are available for high-volume traders
- There's an excellent choice of funding options with no fees
- 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 market analysis and research tools are limited
- The lack of educational resources is disappointing compared to alternatives
#4 - GC Option
Why We Chose 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.
"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."
- DayTrading Review Team
- Instruments: Binary Options on Forex, Metals and Cryptos
- Platforms: MT4, TradingView
- Minimum Deposit: $10
- Minimum Trade: $1
Pros
- Spin-off brokerage of reputable Grand Capital
- 30 popular trading assets
- Double-touch binaries available
Cons
- Poor regulatory oversight reducing safety score
- No copy trading
- Limited educational resources
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.