Ecn forex broker in nigeria

I recomend it for everyone! RomanKh, Ukraine Jul 9, Excellent service for trading and a wide selection of instruments for investment strategies. In today's economically difficult situation, I do not consider commissions too high. Perhaps the web-portal is a bit overloaded with graphic elements.

Sincerely, RomanKh. I deeply recommand this broker for every one who is looking for a honest and serious broker. I have been improving myself by participating in this brokers contests. I am very satisfied with the broker because they always make their best to help. Never make problem. Withdrawing money takes almost a minute. You just should keep in mind that withdrawing money from trading account with open trade should be approved by human.

You can also get in touch with them through email and their response time is quite good. Overall, we consider Hotforex to be good with customer support. Spread is quite low with Zero account. Local Phone Support is available. Being licensed by these multiple Top Tier regulators indicates that FXTM is a relatively safe broker to trade through. Traders from Nigeria are registered under this regulation.

Even though the fees from their standard accounts may be considered high, the fees that charge for ECN account holders is quite low. If you sign up with their ECN account, then you may expect to be charged a typical spread of 0. They do not charge any deposit fees. However, they do charge a withdrawal fee of 1. Rather than a bank withdrawal, you may withdraw your funds to a wallet in order to avoid this fee.

You can also make deposits and withdrawals in Naira, which is convenient for Nigerian traders. The speed of order execution is quick. Through FXTM, you have the option of trading all major currency pairs along with several minor currency pairs. Customer Support — To contact customer support, you can get in touch with them through a local phone number.

This phone number is available at all times on weekdays. You can also contact them through email or Live Chat. Additionally, they have offices in Lagos and Abuja, so you can visit their offices if required. Overall, they offer quick and helpful customer support.

Low commission with ECN Account. Fees on Withdrawals with some methods. If the spread is low but the commission per lot is high, then also the overall fees becomes higher. You must also consider the fact that brokers will show you commission on their website for single side. The overall commission is calculated for both sides i. The fees also varies for different instruments. Another important fees to consider for traders that keep their positions open overnight is the Swap fees.

This fees can add up to a lot. Some brokers have higher Swap fees than other brokers, so make sure to compare the Swap fees exactly for the instruments that you trade. If the broker has a calculator on their website for calculating Swap, then use that calculator.

Similarly, HotForex also has similar calculator on their website. Get an idea of the exact overall trading fees that you will have to pay when you are trading an instrument of your choice. The broker probably could have other incentive for offering such a fees. Always check if the CFD broker is regulated by Top-tier financial regulators or not. If a brokers is regulated by most of these regulators then it is a good sign that they can be trusted. It is important to understand that all the Tier-1 regulated forex brokers that accept traders based in Nigeria register their clients under Offshore regulations to offer high leverage, and bonuses.

But if the broker is regulated with multiple major regulators, it is a sign that you can trust that broker, and your funds will be safe, with very low risk that the broker is a scam. Does it have support for Negative balance protection, is Naira based account available if that is your preference , how is the trading execution speed, what platforms are supported etc.

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If you sign up with their ECN account, then you may expect to be charged a typical spread of 0. They do not charge any deposit fees. However, they do charge a withdrawal fee of 1. Rather than a bank withdrawal, you may withdraw your funds to a wallet in order to avoid this fee. You can also make deposits and withdrawals in Naira, which is convenient for Nigerian traders.

The speed of order execution is quick. Through FXTM, you have the option of trading all major currency pairs along with several minor currency pairs. Customer Support — To contact customer support, you can get in touch with them through a local phone number. This phone number is available at all times on weekdays. You can also contact them through email or Live Chat. Additionally, they have offices in Lagos and Abuja, so you can visit their offices if required.

Overall, they offer quick and helpful customer support. Low commission with ECN Account. Fees on Withdrawals with some methods. If the spread is low but the commission per lot is high, then also the overall fees becomes higher. You must also consider the fact that brokers will show you commission on their website for single side. The overall commission is calculated for both sides i. The fees also varies for different instruments.

Another important fees to consider for traders that keep their positions open overnight is the Swap fees. This fees can add up to a lot. Some brokers have higher Swap fees than other brokers, so make sure to compare the Swap fees exactly for the instruments that you trade. If the broker has a calculator on their website for calculating Swap, then use that calculator. Similarly, HotForex also has similar calculator on their website.

Get an idea of the exact overall trading fees that you will have to pay when you are trading an instrument of your choice. The broker probably could have other incentive for offering such a fees. Always check if the CFD broker is regulated by Top-tier financial regulators or not. If a brokers is regulated by most of these regulators then it is a good sign that they can be trusted.

It is important to understand that all the Tier-1 regulated forex brokers that accept traders based in Nigeria register their clients under Offshore regulations to offer high leverage, and bonuses. But if the broker is regulated with multiple major regulators, it is a sign that you can trust that broker, and your funds will be safe, with very low risk that the broker is a scam.

Does it have support for Negative balance protection, is Naira based account available if that is your preference , how is the trading execution speed, what platforms are supported etc. Ask the broker questions regarding all the features that you need. If a broker claims to be an ECN broker but offers Instant execution, then it means that something is off.

Do a thorough check. In general, if the broker is well-regulated, then you can consider it to be low risk. And if such a broker offers ECN Type account, then your risk becomes lower as opposed to a broker that is unregulated.

Typical spread of 0. Essentially, ECN brokers connect you with other traders in the forex market so that you can affect your traders. If you have been trading with a market maker broker previously or if you are entirely new to forex, ECN forex trading will definitely provide you the flexibility, freedom, anonymity and transparency. These include Currenex, MT4 and cTrader. Traditionally, Currenex trading platform was the most ideal trading platform for institutional traders due to the advantages it offers.

However as ecn forex started gaining popularity with retail forex traders, all the three trading platforms hold their own forte. It is critical that you pay careful attention to the type of trading platform you choose to trade with. In fact to draw a parallel, it is very much like buying a car.

So when choosing a trading platform for ecn, be sure that you test the platforms before you decide to stick to one. For a full list of brokers click here and read on the reviews for the account types to gain better insights. The account type from one broker to another can vary a lot with differences such as leverage, minimum deposit amounts, margins and spreads.

Choose an ECN account type that is best suited to your requirements and pay attention to all the factors mentioned above. Commission Different ecn brokers charge different fees when it comes to trading lots. In other words, do not base your judgement solely based on the commissions charged but look into all other aspects as well. While the spreads displayed there may or may not be entirely accurate, it should be able to give you a basic idea on the spreads and the pricing.

Reading the ecn broker reviews will help you gain insights into the ecn broker and will provide you with the information needed in order to choose the right ecn broker. The above pointers, while seeming very basic actually plays an important role. Given the fact that with most ecn brokers the minimum investment requirement is usually higher than market maker brokers, it pays to conduct due diligence before you decide upon the ecn broker you want to sign up and start trading with.

At one time, market maker brokers had a reputation for engaging in several or more unscrupulous practices, and most experts would advise steering clear of this type. Regulation and trader awareness have had positive influence in reducing and eliminating bad practices. Today, it is entirely conceivable to find a dependable market maker broker in Nigeria. The critically important factor to consider is this: A market maker acts as the counterparty to you in your currency pair transactions.

This is an obvious conflict of interest. If the market maker you are considering is legitimate, they will disclose this clearly and unequivocally and ask you to sign documents acknowledging your understanding and acceptance of this. What makes this scenario acceptable is that the broker will have other traders that want to take the opposite position from you.

This brings to light another aspect to examine when considering a market maker: They should be willing to reveal the total amount of their market capitalization. Slippage — the term for describing what occurs when there is a significant lapse of time between when an order is placed and when it is filled, along with what that implies with regard to prices changing in the interim — is essentially nonexistent.

The chief advantages market makers offer are small minimum initial deposits to fund the account and small minimum trade sizes. This makes them ideal for someone who wants to try their hand at Forex trading with minimal risk. Some market makers will process an account application for as little as one dollar and have no minimum trade size. There are more considerations to make when choosing a broker and more than several ways to go about it. Some of these will follow after the ECN broker is examined.

The ECN broker differs from the market maker primarily in that, rather than take the opposite side against you in a trade, they simply exist to match your trade with that of another trader or traders who want to take the opposite position to yours. Many traders feel more comfortable for this reason.

Spreads — which is the difference between the purchasing and selling price of a currency pair and represents the amount the broker charges you for granting access to the markets, are generally lower and fixed, rather than variable as is often true of market makers. The other advantage the ECN offers is they have no incentive to manipulate price data, harvest stops or balloon spreads, practices that can unfairly tilt the trading results in favor of the broker.

One slight disadvantage of the ECN is that liquidity could be lower and slippage a potential if for some reason you should want to trade exotic pairs. Major pairs will still fill just as quickly as with the market maker, any difference measured in nanoseconds. The other disadvantage, the main one, presented by selecting an ECN broker in Nigeria, is that initial margin deposits are considerably higher than those for the market maker.

Minimum trade sizes are much larger, also. For people who are accustomed to having a steady, positive stream of income from salaries and wages, the psychological impact of seeing a trade work against them and money that took weeks, months or years to accumulate evaporating in minutes, hours or days might be too severe. The decision between the two types of brokers is ultimately a personal one. There are reputable, honest, transparent brokers among both market makers and ECNs.

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