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 2025.
Brokers With NGN Accounts
These are the 5 best brokers that offer accounts with NGN as the base currency:
This is why we think these brokers are the best in this category in 2025:
- Exness - Established in 2008, Exness has maintained its position as a highly respected broker, standing out with its industry-leading range of 40+ account currencies, growing selection of CFD instruments, and intuitive web platform complete with useful extras like currency convertors and trading calculators.
- Quotex - Established in 2019, Quotex is a binary broker that offers 400+ assets, including forex, stocks, indices, commodities, and cryptocurrencies. The platform emphasizes user-friendly features, complete with short-term contracts that span 5 seconds to 4 hours alongside payouts that can reach 95%.
- JustMarkets - JustMarkets is a multi-asset broker with both CySEC-regulated and offshore branches. Offering ultra-low spreads, copy-trading services, 170+ tradeable instruments and MetaTrader support, JustMarkets has a lot to offer both beginner and experienced traders.
- 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.
- FXTM - FXTM is a forex and CFD broker established in 2011 and operating across four continents. The company is secure and regulated by leading authorities, including the FCA. Offering 1,000+ markets and three account types, they cater to all levels of trader.
Brokers With NGN Accounts Comparison
| Broker | Minimum Deposit | Instruments | Platforms |
|---|---|---|---|
| Exness | $10 | CFDs, Forex, Stocks, Indices, Commodities, Crypto | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Quotex | $10 | Binary Options on Stocks, Indices, Forex, Commodities, Cryptos | Web Platform |
| JustMarkets | $1 | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures | MT4, MT5 |
| Alpari | $5 | Forex, CFDs, Stocks, Commodities, Indices, Crypto | MT4, MT5 |
| FXTM | $200 | CFDs, Forex, Commodities, Indices, Stocks, Crypto | FXTM Trader, MT4, MT5 |
Exness
"After slashing its spreads, improving its execution speeds and support trading on over 100 currency pairs with more than 40 account currencies to choose from, Exness is a fantastic option for active forex traders looking to minimize trading costs."
Christian Harris, Reviewer
Exness Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Crypto |
| Regulator | CySEC, FCA, FSCA, CMA, FSA, CBCS, BVIFSC, FSC, JSC |
| Platforms | Exness Trade App, Exness Terminal, MT4, MT5, TradingCentral |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:Unlimited |
| 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, KRW, MXN, KES, CNY |
Pros
- Highly competitive spreads, reduced for USOIL and BTCUSD in 2024, are available from 0 pips with low commissions from $2 per side.
- Fast and dependable 24/7 multilingual customer support via telephone, email and live chat based on hands-on tests.
- Exness was the first brokerage to pass the $1 trillion and $2 trillion marks in monthly trading volumes, highlighting its legitimacy.
Cons
- Retail trading services are unavailable in certain jurisdictions, such as the US and the UK, limiting accessibility compared to top-tier brokers like Interactive Brokers.
- MetaTrader 4 and 5 are supported, but TradingView and cTrader still aren’t despite rising demand from active traders and integration at alternatives like Pepperstone.
- Exness has expanded its range of CFDs and added a copy trading feature, but there are still no real assets such as ETFs, cryptocurrencies or bonds
Quotex
"Quotex is ideal for binary traders looking to make short-term trades on global markets with above-average payouts of up to 95% and a platform that’s regularly improved, features daily trading signals, and proved intuitive for new users during testing. "
Quotex Quick Facts
| Bonus Offer | 30% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options on Stocks, Indices, Forex, Commodities, Cryptos |
| Platforms | Web Platform |
| Minimum Deposit | $10 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, GBP, INR, JPY, MYR, IDR, RUB, BRL, NGN, THB, VND, UAH |
Pros
- A free demo account with $10,000 in virtual funds lets new traders practice strategies and test the platform without risking real money. It's an excellent tool for beginners to gain experience.
- The web-based platform and app are intuitive based on our hands-on tests, with a clean design and simple order execution. They include multiple indicators and built-in trading signals, making them practical solutions for both beginners and more experienced traders.
- Quotex lets you start trading with just $10, making it accessible for beginners and those wanting to test the platform with minimal risk. Withdrawals also start from $10, allowing easy access to funds.
Cons
- Quotex offers few market analysis tools and lacks real-time financial news, economic calendars, or in-depth research reports. Educational resources, such as courses, webinars, and expert insights, are also absent, making it less ideal for beginners.
- Customer service is only available via email and social media, which can lead to slow response times in our experience. Competitors like Videforex provide 24/7 live chat and phone support, ensuring you get help quickly during technical or withdrawal problems.
- Quotex is an offshore broker operating in a jurisdiction known for loose regulatory oversight. Unlike regulated brokers, it does not offer the same level of investor protection, dispute resolution, or fund security, making it riskier.
JustMarkets
"With some of the most affordable pricing in the game and access to the powerful MT4 and MT5 platforms, JustMarkets is a good choice for any investor."
Tobias Robinson, Reviewer
JustMarkets Quick Facts
| Bonus Offer | $30 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFDs, indices, shares, commodities, cryptocurrencies, futures |
| Regulator | CySEC, FSA, VFSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:3000 |
| Account Currencies | USD, EUR, GBP, ZAR, MYR, IDR, AED, NGN, THB, VND, KWD, CNY |
Pros
- Welcome bonus for new traders
- MetaTrader 4 integration
- Fast order executions from 0.01 seconds
Cons
- Limited availability with clients not accepted from the US, UK, Japan, Germany and other countries
- Non-forex asset list is light with just 65 stocks plus a handful of indices and commodities
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."
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
- Alpari supports both the MT4 and MT5 platforms with support for Expert Advisors (EAs)
- Low or no commissions are available and there are tight spreads on ECN accounts
Cons
- The lack of educational resources is disappointing compared to alternatives
- The market analysis and research tools are limited
- There are fairly high charges for strategy manager copy trading tools
FXTM
"FXTM is ideal for experienced day traders with account options designed for short-term strategies, even winning DayTrading.com's 'Best ECN Account' award, alongside tight spreads that have been reduced and VPS support for algorithmic trading. "
FXTM Quick Facts
| Bonus Offer | 30% up to $100 via Exinity Ltd |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Commodities, Indices, Stocks, Crypto |
| Regulator | FCA, FSC, CMA |
| Platforms | FXTM Trader, MT4, MT5 |
| Minimum Deposit | $200 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:3000 |
| Account Currencies | USD, EUR, GBP, NGN |
Pros
- FXTM’s UK entity offers excellent client protections, notably industry beating coverage up to $1 million per client and segregated accounts, enhancing security for traders with large balances.
- FXTM’s Advantage and Advantage Plus accounts offer tight spreads (from 0.0 pips) and low or no commissions, designed for short-term traders looking to minimize costs.
- FXTM supports a terrific range of payment methods, especially local options in Africa and Asia like M-Pesa and TC Pay Wallet. And with e-wallet withdrawals processed in as little as 30 minutes, this suits traders who require quick access to funds.
Cons
- FXTM’s strong UK regulation doesn’t extend globally, so despite negative balance protection, non-British traders may have limited recourse options in case of disputes.
- FXTM charges a $10 inactivity fee after only three months of no trading - shorter than many brokers, which can be frustrating for those who don’t trade continuously.
- FXTM's educational offerings have come a long way, notably its informative e-books, but they are often tailored to beginners, making them less appealing to experienced traders.
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
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.