Brokers With NGN Accounts

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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
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William Berg
William contributes to several investment websites, leveraging his experience as a consultant for IPOs in the Nordic market and background providing localization for forex trading software. William has worked as a writer and fact-checker for a long row of financial publications.
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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. 1
    Exness

    Ratings
    4.5 / 5
    4.3 / 5
    4.2 / 5
    4.8 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5

    $10
    0.01 Lots
    1:2000
    FSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    Exness Trade App, MT4, MT5, TradingCentral
    Wire Transfer, Credit Card, Visa, Mastercard, Bitcoin Payments, Boleto
    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
  2. 2
    Quotex
    30% Deposit Bonus

    Ratings
    1.8 / 5
    4 / 5
    3.5 / 5
    4.5 / 5
    3.3 / 5
    1 / 5
    1.8 / 5
    1.8 / 5
    4.2 / 5
    4.1 / 5

    $10
    $1
    Digital Options on Stocks, Indices, Forex, Commodities, Cryptos
    Web Platform, Mobile App
    Credit Card, Visa, Mastercard, Perfect Money, Bitcoin Payments, Wire Transfer, Ethereum Payments, Maestro, Debit Card
    USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH
  3. 3
    Alpari
    30% up to $100 (terms apply)

    Ratings
    2.5 / 5
    3.8 / 5
    3.3 / 5
    3.8 / 5
    3.8 / 5
    2.8 / 5
    2.5 / 5
    1.5 / 5
    3.6 / 5
    3.6 / 5

    $5
    0.01 Lots
    1:1000
    FSC, SEBI, JFSA
    Forex, CFDs, Stocks, Commodities, Indices, Crypto
    MT4, MT5
    Mastercard, Credit Card, FasaPay, Volet, Wire Transfer, Bitcoin Payments, Ethereum Payments
    USD, EUR, GBP, CZK, NGN
  4. 4
    GC Option
    Risk Free Trading Days

    $10
    $1
    Binary Options on Forex, Metals and Cryptos
    MT4, TradingView
    Wire Transfer, Credit Card, Debit Card, Mastercard, Bitcoin Payments, Ethereum Payments, FasaPay, Perfect Money, Paytrust, Maestro, AstroPay, PayRedeem
    USD, EUR, INR, MYR, IDR, NGN

Here is a short overview of each broker's pros and cons

  1. 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.
  2. 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.
  3. 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.
  4. 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
Broker Minimum Deposit Instruments Platforms
Exness logo
$10 CFDs, Forex, Stocks, Indices, Commodities, Crypto Exness Trade App, MT4, MT5, TradingCentral
Quotex logo
$10 Digital Options on Stocks, Indices, Forex, Commodities, Cryptos Web Platform, Mobile App
Alpari logo
$5 Forex, CFDs, Stocks, Commodities, Indices, Crypto MT4, MT5
GC Option logo
$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 AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Crypto
RegulatorFSA, CySEC, FCA, FSCA, FSC, CBCS, CNMV
PlatformsExness Trade App, MT4, MT5, TradingCentral
Minimum Deposit$10
Minimum Trade0.01 Lots
Leverage1:2000
Account CurrenciesUSD, 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

  • Unlike many other brands, Exness doesn't charge any account maintenance or inactivity fees
  • The broker is accessible for beginners with low minimum deposits from $10 and flexible payment methods
  • There's excellent 24/7 multilingual customer support via telephone, email and live chat

Cons

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

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 Offer30% Deposit Bonus
Demo AccountYes
InstrumentsDigital Options on Stocks, Indices, Forex, Commodities, Cryptos
PlatformsWeb Platform, Mobile App
Minimum Deposit$10
Minimum Trade$1
Account CurrenciesUSD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH

Pros

  • 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
  • The platform continues to delivers a superb trading environment with strong charting tools for technical traders

Cons

  • Quotex trails industry leaders when it comes to education and market research
  • Despite advertised payouts of up to 98%, testing shows average payouts trail best-in-class broker Pocket Option
  • There is no copy trading, which could support new traders looking to learn from experienced investors

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 Offer30% up to $100 (terms apply)
Demo AccountYes
InstrumentsForex, CFDs, Stocks, Commodities, Indices, Crypto
RegulatorFSC, SEBI, JFSA
PlatformsMT4, MT5
Minimum Deposit$5
Minimum Trade0.01 Lots
Leverage1:1000
Account CurrenciesUSD, EUR, GBP, CZK, NGN

Pros

  • Cashback schemes are available for high-volume traders
  • Copy trading and PAMM services are also available for day traders
  • Low or no commissions are available and there are tight spreads on ECN accounts

Cons

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

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 OfferRisk Free Trading Days
Demo AccountYes
InstrumentsBinary Options on Forex, Metals and Cryptos
PlatformsMT4, TradingView
Minimum Deposit$10
Minimum Trade$1
Account CurrenciesUSD, EUR, INR, MYR, IDR, NGN

Pros

  • Payouts up to 86%
  • 30 popular trading assets
  • Low minimum deposit requirement of $10

Cons

  • No copy trading
  • No binaries on stocks
  • 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

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.