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FXTM unveils Naira denominated accounts for Nigerian traders

Leading global broker and forex trading giant, Forex Time (FXTMhas enhanced its product offering to Nigerian traders, in partnership with leading Standard and ECN trading accounts available in Naira.

The launch of the new Naira currency accounts are exclusive to citizens and residents of Nigeria, demonstrating FXTM’s commitment to providing tailored products and services for local investors.

It was not clear if the development was driven by forex scarcity hitting the economy now.

However, as part of the new deal, Nigerian traders can open Cent Accounts with as little asNGN1,000, and Standard Accounts with NGN20,000, while also continuing to benefit from the excellent trading terms available across all FXTM’s Standard and ECN accounts, which include floating leverage up to 1:1000, low deposits fees and instant withdrawals, and the ability to implement hedging strategies via the MT5 ECN account.

The group said FXTM’s clients in Nigeria can rely on the broker’s instant execution and competitive spreads, while account funding will be easier than ever – with local transfer methods also available on the new Naira accounts.

Explaining more on the launched product, Jameel Ahmad, VP of Corporate Development and Market Research at FXTM said, “Supporting our clients around the world to get the most from their trading experience is key to FXTM’s mission. Having listened closely to the needs of our traders in Nigeria, we are pleased to now be one of a handful of brokers which offer the Naira as a base currency for trading. This is an exciting development for FXTM, and with these new Naira accounts, which have been launched specifically to cater to Nigerian traders, we expect to see even higher levels of demand for our products and services.”

FXTM’s world-class products and services for local traders were recently recognised when the broker was named Best Forex Broker, Nigeria 2016 by the Global Brand Awards.