Like the MT4 Micro account, this is a spread only account but has a higher minimum deposit. This account uses MetaTrader 5 and is best for the trader looking to trade large volumes due to the lower cost. AvaTrade is a broker that only offers fixed spreads This can make AvaTrade a good choice for scalpers as spreads are predictable and for traders wanting a level of protection in a volatile market.
AvaTrade is a multi-regulated broker that offers tight fixed spreads on a range of currency pairs and CFDs. As a market maker broker, AvaTrade uses internal liquidity pools and a dealing desk to execute orders. Following a fixed pricing model, the brokers fixed spreads are commission-free and do not fluctuate with changes in market conditions as variable spreads do. While AvaTrade charges no commission fees, there are general trading and account costs that customers may incur.
For instance, if you hold a forex and CFD position open for longer than one day you will pay or receive overnight financing fees, also known as swap rates. With this feature, you can buy time to decide if you wish to reverse your trade. This feature can be handy in the event price movement go against you for a set amount of time after your trade.
In addition to AvaProtect, all AvaTrade clients will get negative balance protection. AvaTrade also offers a mobile app specifically designed for options trading. Options trading can be complicated and many standard CFD trading platforms lack design features that allow you to truly make the most of the potential with options trading. Although the broker only offers one main forex and CFD trading account as all spreads are fixed and commission-free, AvaTrade caters to Islamic traders by offering a swap-free account type.
Islamic Accounts are designed for traders that follow Sharia law where you cannot earn or receive interest. Rather than interest rate-based payments, Islamic traders pay a flat-rate daily administration fee for forex positions help open overnight. When it comes to pricing they offer real-time data from liquidity providers and finds mid-points across instruments.
This is communicated to traders to be transparent about spreads. Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material and a plethora of free tools and resources. If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs. The downside is the CFD provider offers low leverage, spreads are not as competitive as Pepperstone and IC Markets and trading markets such as cryptocurrencies are not available.
This can be traded on their real money or demo account to get a feel for these markets. Overall, Plus is recommended for those looking for a detailed forex trading demo account that works on their desktop or mobile devices and offers a large list of tradable instruments from currency to crypto. You can view the full review of Pepperstone here.
Justin Grossbard Justin Grossbard has been investing for the past 20 years and writing for the past What Changed? Fact Checked We double-check broker fee details each month which is made possible through partner paid advertising. Learn more this here. Visit Site. Our Rating. Pepperstone Review. IC Markets Review. FP Markets Review. FXTM Review. ASIC Australia. FCA UK. Raw Spread. Commissions USD Base. Commission Rebates. Minimum Deposit.
Swap Free Account. No Inactivity Fees. Funding Methods. No Funding Fees. Currency Pairs. Cryptocurrency CFDs. Index CFDs. Share CFDs. Commodities CFD. Retail Max. Professional Leverage. MetaTrader 4 MT4. MetaTrader 5 MT5. Proprietary Platform. Automated Trading. Standard Stop Loss. Guaranteed Stop Loss. Guaranteed Neg Protection. Demo Account. Unique Feature 1. Unique Feature 2.
Key features that make Markets. No commission forex spreads as low as 0. Access to 2, different CFD products, derived from 8 asset classes forex, indices, commodities, shares, ETFs, cryptos, bonds and blends. Maximum leverage of when trading forex. Marketsx Trading Tools Markets. Sentiment Tools Sentiment tools help you to analyse and measure market sentiment, providing you with a potential indication on how various financial markets might move. Advanced Charting with a range of technical indicator for sophisticated analysis and modelling Related Instruments with correlation to specific financial assets Fundamental Analysis Fundamental analysis tools help you stay up to date with the myriad of economic events that impact financial markets.
Why Is Markets. Total Fees. Visit Broker. Standard Account: Forex spreads from 1. Raw Account: ECN spreads starting from 0. Trading Conditions Regardless of the account type or trading platform you choose, you can enjoy excellent trading conditions with low spreads and fast trade execution. As well as low spreads, the NDD broker offers: A low likelihood of requotes and slippage. Low latency order execution. Over 60 major, minor and exotic currency pairs.
In addition to forex, commodities, shares, and indices are available to trade as CFDs. An Islamic trading account for traders of Muslim faith, with no interest-based swap rates. MT4 and MT5 demo accounts. Financial Regulation The broker is popular among the Nigerian forex trading community as it is overseen by multiple top-tier financial authorities. Vincent and the Grenadines FSA. HotForex — Good Broker With High Leverage HotForex is a good choice if you are looking for a broker that offers high leverage as they offer leverage of which is higher than most other brokers will permit.
The main features of HotForex include: High Leverage of Choice of trading accounts Bonus offers High Leverage of While most brokers offer a maximum and in Europe leverage when trading, HotForex allow trading with with their Micro account. Each of these accounts can be summarised as: Micro — Good for traders with low trading experience. This account has low deposits, commission-free trading and leverage of Premium — Similar to the Micro account but with a higher minimum deposit and lower leverage.
OctaFX — Top Islamic Swap Free Account Nigeria has the largest population of Muslims in West Africa, so it makes sense we should mention a trading broker that offers trading account complaints with sharia law. Fees will vary depending on the account you are using and the currency pairs. MT5 Pro Account This account has a flat fee for every 3 days you keep an open position.
FXPrimus is an online broker founded in offering Forex trading, and Social Trading, and is global broker with a head office in Cyprus. Roboforex are an online, global broker which was founded in and offers traders Forex and CFDs trading.
When starting off with Roboforex traders will need to make a minimum deposit of US Dollar 1 and there is an option available for a demo account for those who would like to get acquainted with the platform. Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs. Roboforex offers over instruments and over 35 currency pairs in total. Roboforex also offer mobile apps for Android and iOS.
FP Markets is a global, online broker which was founded in and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of US Dollar and a demo account is on offer with a wide variety of instruments and currency pairs on offer. Over instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform. XM Group is considered as an average-risk, and is not publicly-traded and does not operate a bank.
The XM Group offers traders CFDs on stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs. Choose a reputable broker in Nigeria, open account, fund yourself, install trading platform and trade. Blackwell Global Demo Account. RSS Feed.
Open a Free Trading Account. Top 10 Regulated Forex Brokers. Forex No Deposit Bonus. Live Charts. Economic Calendars. EasyMarkets EasyMarkets has a trading platform which is perfect for Beginners and offer the choice of MT4 or their own online trading platform. OANDA OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. Deposit Max.
Leverage Min. Benefits of trading with Forex. What can be traded with FXPro? Admiral Markets Admiral Markets is an online broker which was founded in and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK. Axitrader Axitrader is an online broker which was founded in and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.
Swissquote Swissquote is an online broker which was founded in and offers Forex and Social Trading, is a globally recognized broker and has a head office situated in Switzerland. Trading Trading is a global online broker which was founded in and offers trading in Stocks, Forex, Commodities and Indices trading.
FP Markets FP Markets is a global, online broker which was founded in and offer Forex trading and has a head office situated in Australia. XM Group XM Group is considered as an average-risk, and is not publicly-traded and does not operate a bank. The XM Group is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker average-risk for forex and CFDs trading.
Pricing at XM Group varies by account type. An economic calendar powered by Investing. Ensure that the Trading Platform has the ability to get deposits and withdrawals processed within a shorter time period. Ensure the forex brokers have offices in Nigeria. Stick with CBN regulated forex brokers. Yes, if your broker is licensed to trade. Which forex broker in Nigeria is the best for trading?
See our list of 26 Best Forex Brokers in Nigeria. Do forex brokers in Nigeria want you to lose? How can I trade forex in Nigeria? Is forex lucrative in Nigeria? Yes, it is. Beans Blaine. Table of Contents:. Author Details. Louis Schoeman. Best Rated Forex Broker. Open an Account. Latest Forex News. A - Z Brokers:. As seen on. Want to stay in the loop? Subscribe to receive exclusive offers, latest broker news and academy tips and tricks.
Sentiment tools help you to analyse and measure market sentiment, providing you with a potential indication on how various financial markets might move. Sentiment data and analysis is a great tool to gauge whether traders are buying and selling, as well as overall market confidence. Technical analysis tools play a vital role when developing trading strategies.
Marketsx advanced charting tools help you identify trading opportunities and confirm market trends. The planforms technical analysis tools allow you to visualise charting patterns while understanding how different financial instruments are correlated. Fundamental analysis tools help you stay up to date with the myriad of economic events that impact financial markets.
Marketsx tools allow you to observe significant events in real-time while analysing the effects on different financial markets. The trading tools available on Marketsi focus on share trading and stock market analysis. For instance, the platforms Investment Strategy Builder allows you to find share trading opportunities and develop strategies by filtering stocks based on company information such as PE ratios or market cap. Although Marketsx and Marketsi offer an excellent range of unique sentiment, technical and fundamental analysis tools, certain traders will prefer MetaTrader 4 MT4 or MetaTrader 5 MT5 due to the platforms algorithmic trading capabilities.
If you are a beginner trader and do not feel comfortable writing your own EAs, there are thousands of EAs available to download from the MetaTrader Marketplace online. MT4 and MT5 offer a narrower product range with no bonds or blends available while Marketsx or Marketsi users gain full market access and can trade over 2, CFDs. As a dealing-desk broker, Markets.
Regardless of your level of experience, the broker offers an appropriate trading platform MT4, MT5, Marketsx or Marketsi with tools to help you develop trading strategies with over 2, CFDs to choose from. View Markest. All fx trading platforms come with a free demo account with allow Nigerian traders to test out forex broker and platform for 30 days. These third-party tools give traders the edge on the most popular forex trading platforms.
Pepperstone is the best forex broker in Nigeria not just for their platforms but also their fees. There are two forex accounts available. The first is the standard account which has no commissions but higher spreads which is how the forex broker makes its money.
The second is the Razor account often called an ECN forex account where the spreads are primarily determined by the market not the fx broker. Instead, the forex broker makes its money from commissions. Overall the Razor account has some of the tightest spreads of any forex broker worldwide. The second way a forex broker makes its money is from commissions which apply to the Razor account.
If you choose cTrader the commission is 7 unit charges per lot based on the base currency. The final way forex brokers make money is through deposit and withdrawal fees. There are no such fees for Pepperstone. Below shows the overall costs for different brokers with our exclusive forex brokerage calculator. Pepperstone is the most awarded CFD provider when it comes to customer service.
This includes investment trends which survey, actual forex traders, to gauge their performance. Pepperstone customer support ranges from global call centres, live chat and e-mail. Pepperstone is regulated by the two most credible regulators:. Pepperstone is also in the process of receiving regulatory approval from the Financial Services Conduct Authority of South Africa.
The table below compares IC Markets to other major forex brokers in Nigeria when it comes to average spreads. Across many currency pairs, IC Markets has the lowest spreads. They also were awarded in with the best forex Islamic account. IC Markets has no charges on any account deposits or withdrawals to any forex account. Any fees that may be charged will be from the local bank if an international bank transfer is chosen.
Below shows the funding methods available with IC Markets. Regardless of the account type or trading platform you choose, you can enjoy excellent trading conditions with low spreads and fast trade execution. The no dealing desk broker executes your orders using straight-through processing STP and multiple liquidity providers.
The broker is popular among the Nigerian forex trading community as it is overseen by multiple top-tier financial authorities. With STP order execution, the broker can offer ultra-tight ECN spreads via its raw account, or low no commission spreads through its standard account. Both account types enjoy excellent trading conditions with fast execution speeds on MetaTrader 4 or MetaTrader 5.
ForexTime offer social trading copy trading which means a trader:. ForexTime also offers local seminars in Nigeria locations such as Port Harcourt. This is run by industry experts and complements the forex trading eg webinars offered on the website. With the highest leverage of any Nigeria fx broker of 1,, detailed training and social trading options, they are ideal for time-poor traders want to test CFDs financial markets.
HotForex is a good choice if you are looking for a broker that offers high leverage as they offer leverage of which is higher than most other brokers will permit. The main features of HotForex include:. While most brokers offer a maximum and in Europe leverage when trading, HotForex allow trading with with their Micro account. HotForex offers a choice of 5 trading accounts. Most retail traders will want the Micro, Premium or Zero Spread account as these are built for traders that plan to manage their own trading activities.
Each of these accounts can be summarised as:. HotForex also offers two unique accounts. These are designed for a trader that wish to use trading automation or copy trading. HF Forex has a large range of bonus offers which means extra cash to trade with. HotForex offers include the following:. Visit HotForex. Nigeria has the largest population of Muslims in West Africa, so it makes sense we should mention a trading broker that offers trading account complaints with sharia law. Key offerings of OctaFX include:.
If you are an Islamic trader and have a need to comply with Sharia law then OctaFX has an account that does no charge swaps or interest for active positions held overnight. This account has a flat fee for every 3 days you keep an open position. This fee is applied on a weekly basis. OctaFX offers a choice of 3 trading platforms. These are MetaTrader 4, MetaTrader 5 and cTrader, while the MetaTrader platform is going to be the most likely choices as these are the most popular trading platforms worldwide, cTrader is a worthwhile platform to consider.
While cTrader is available with a number of other brokers, one feature that OctaFX offers few other cTrader brokers offer is cTrader Copy. This feature allows you to follow and copy the trades of other brokers by using the signals they provide. OctaFX offers a choice of 3 trading accounts. The MT4 Micro account is a good choice if you desire an account with a low minimum deposit, no commissions and want to trade small amounts. One of the benefits of this account that you can choose between floating and fixed spreads.
Fixed spreads can be a good choice if you are not an experienced trader or when the market climate is volatile. Unlike variable spread which can change dramatically in extreme events, fixed friends remain stable which give you an element of protection when things go bad. This account uses MetaTrader 4. The MT5 Pro account is for the serious investor. Like the MT4 Micro account, this is a spread only account but has a higher minimum deposit.
This account uses MetaTrader 5 and is best for the trader looking to trade large volumes due to the lower cost. AvaTrade is a broker that only offers fixed spreads This can make AvaTrade a good choice for scalpers as spreads are predictable and for traders wanting a level of protection in a volatile market. AvaTrade is a multi-regulated broker that offers tight fixed spreads on a range of currency pairs and CFDs. As a market maker broker, AvaTrade uses internal liquidity pools and a dealing desk to execute orders.
Following a fixed pricing model, the brokers fixed spreads are commission-free and do not fluctuate with changes in market conditions as variable spreads do. While AvaTrade charges no commission fees, there are general trading and account costs that customers may incur. For instance, if you hold a forex and CFD position open for longer than one day you will pay or receive overnight financing fees, also known as swap rates.
With this feature, you can buy time to decide if you wish to reverse your trade. This feature can be handy in the event price movement go against you for a set amount of time after your trade. In addition to AvaProtect, all AvaTrade clients will get negative balance protection. AvaTrade also offers a mobile app specifically designed for options trading. Options trading can be complicated and many standard CFD trading platforms lack design features that allow you to truly make the most of the potential with options trading.
Although the broker only offers one main forex and CFD trading account as all spreads are fixed and commission-free, AvaTrade caters to Islamic traders by offering a swap-free account type. Islamic Accounts are designed for traders that follow Sharia law where you cannot earn or receive interest. Rather than interest rate-based payments, Islamic traders pay a flat-rate daily administration fee for forex positions help open overnight. When it comes to pricing they offer real-time data from liquidity providers and finds mid-points across instruments.
This is communicated to traders to be transparent about spreads. Customer satisfaction is also enhanced through periodic trading news, instructor-led online trading education material and a plethora of free tools and resources. If regulation, transparency and satisfaction are your priority, OANDA is the best forex broker for your trading needs.
Three main trading accounts called the Pro Account, Classic Account and VIP Account is on offer, each which offers different minimum balances, maximum leverage, spreads and commissions respectively. Demo trading and Islamic swap-free accounts are also made available.
Across all markets, MetaTrader 4 gives traders access to over assets , 30 advanced charting tools , trading history, and other useful information. Customer support is available by email, phone, or live chat. Traders can choose between the standard, commission, and direct market access accounts paired with both the MT4 and MT5 trading platforms.
IQ Option offers the following underlying assets for FX trading. Traders can select the base currency of their preference from a large selection on offer. The minimum deposit for said account differs by country. Exness offers traders 5 different trading accounts to choose from. Standard Accounts include the Standard and Standard Cent. Demo accounts and Islamic swap-free accounts are also available. Exness offers over different instruments to trade, including over currency pairs.
XTB is a European broker which was founded in , and has offices in 13 countries across the globe. Traders can choose from 25 crypto CFDs 9 individual coins or 16 crypto pairs which are available 7 days a week from 3am Saturday to 9pm Friday. Traders can buy or sell digital coins with leverage and day expiry. Four different trading accounts are on offer — Standard, Premium, Prime and Professional, as well as access to a free demo trading account.
The broker offers traders more than currency pairs available to choose from, CFDs based on the stocks of more than 90 American companies, 5 cryptocurrency pairs , plus commodities and stock indices CFDs. Customer service is available via phone, telegram, WhatsApp and Skype. A free demo trading account is also available. A Free Demo account is also made available. Two trading platforms are available, Sirix and the MT4. Sirix is suited for Forex and Social trading over the web.
MT4 on the other hand is a downloadable platform which allows automated trading using robots. Each account offers different features and benefits respectively. A demo trading and swap-free accounts are also available. A free demo account is also made available for beginner traders.
Olymp Trade was Established in and boasts over 25k active traders each day. Vincent and the Grenadines. Apart from the demo account , there are two different accounts on offer — Standard and VIP. Olymp Trade offers users the opportunity to trade in the following markets:. There are many factors that a trader needs to consider when selecting their Forex Broker. With the help of this guide, Nigerian traders should be able to see which broker is best suited to their individual trading needs and style.
Once a trader has found the right broker to work with, they can focus on their trading activities and trade more confidently and efficiently, increasing their chances of successful trading the financial market. Great info, thank you. Table of Contents:. GOMarkets Minimum Deposit. RSS Feed. Open a Free Trading Account.
Top 10 Regulated Forex Brokers. Forex No Deposit Bonus. Live Charts. Economic Calendars.
Not all traders understand the immediate benefits of trading with an ECN broker, so here is a short list of them: There is no conflict of interest between a trader and an ECN broker. Better pricing. The chances are that you will be able to get a lower Ask for buying and higher Bid when selling.
A choice of liquidity providers and commission structure. When you trade a lot, you can negotiate such terms with your broker. Access to volume data and traders' sentiment information of your broker's liquidity pool. AAFX Trading. Ingot Brokers. ATC Brokers. Renesource Capital. Synergy Markets ex-Synergy FX. Trader's Way. Grand Capital. Blackwell Global. Euro Pacific Bank.
Price Markets. Invast Financial Services. Hantec Markets. ADS Prime. Bolmax Management. FX Giants. FP Markets. Thus, if you are looking for a Forex broker, you should check whether the broker is registered and licensed or not. The best brokers are usually the ones who have a clean track record and offer transparent services to the investors.
Another critical aspect to monitor is the reputation and reviews of the broker. There are numerous broker review websites including us available online that can provide you with editorial as well as user reviews regarding the brokers. In addition to this, another way is to ask the existing traders about the brokers. By comparing the reviews of brokers and analyzing their reputation, you will be able to make an informed decision as to which broker to choose.
Another aspect of the broker that you need to consider carefully is the trading platforms that a broker is offering. Usually, the best brokers in the business will give you multi-platform access i. There are some brokers which only allow you to trade only through a web-based interface. It is always better to choose a broker which has a mobile app interface as well, so that you can even trade remotely from your phone.
All the brokers that we have included in our list will allow you to trade on the most popular trading platforms i. Broker fee is another crucial factor to be kept in mind. It is really important that you carefully consider the various fees a broker might charge you before signing up. Spread is basically the difference between the bid price and the ask price of a currency.
The lower the spread, the better it is for you since you will have to pay lesser to the broker on your trade. One of the most important metric that we give importance to while comparing and recommending a broker is the standards of customer support. Also check if your broker has tools for risk management including: negative balance protection, guaranteed stop-loss feature, deal cancellation some brokers may offer this for extra fees. If you are a beginner trader then you must look for a broker that offers demo account, low spread commission free live accounts, must be regulated, and offer educational resources.
First you need to choose a good broker. For this you can check our list of best forex brokers for trading in Nigeria. There are few things that you must consider. A good broker will generally have more positive reviews by genuine clients, and also see how the broker responds to negative reviews as this is a good indication of their support. Disclosure: We earn a commission if you Sign Up with a broker through referral links in this review.
This helps us cover the expenses for running the website. NG is an Investment Comparison website with an aim to help Investors in Nigeria find the best forex brokers. Read More. Read full risk disclaimer.. All Rights Reserved, Fees: 2. And 0. Fast Withdrawals in Nigeria. Their support overall is quite good. For ex. Overall Rating 8.
Fees: On average 1. Ranks 2 Forex broker in Nigeria. Alpari Pros Alpari is one of the oldest forex broker with over 2 million customers, so they can be trusted. They even offer local bank deposit options. They offer PAMM accounts for investors.
Fees: 1. Their spreads for major currency pairs is quite competitive. Also instant wallet funding and withdrawals options are available. Typical Fees: 1. This would be variable depending in the market conditions.
Ranks 4 Forex broker in Nigeria. This ensures very fair dealing. Hotforex has one of the lowest spread of all the brokers that we have compared. Around 0. Hotforex offers local deposit options like bank transfers for Nigerian customers. You would need to talk to their Live chat for the local bank funding options. Fees: As Low as 0. And 1. And zero deposit fees. Ranks 5 Forex Broker in Nigeria. XM Pros XM is regulated with 2 top tier regulators i. XM has very competitive spread with Ultra Low account 0.
Their spread is around 1. Ranks 6 Forex broker in Nigeria. Very low spread of as low as 0. Instant withdrawal options are also available if you withdraw via EWallets. Fees: 0. They are a fixed spread broker, so their spread will remain the same regardless of the market conditions or time of the day you are trading.
Which are the best forex brokers for beginners?
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If your budget for investment is tight, within a range of a few hundred dollars say, you should open a micro account. Then, you will be able to trade 1k micro lots and not risk much. If you want to try deeper waters and can afford to invest a thousand or a few thousand dollars, you should try a mini account.
You will have the possibility to trade 10k size lots and hopefully, make bigger money than you would on a micro. Standard lot size is k. It means you need more than 10 thousand dollars to trade such huge amounts. However, if you can afford 20 or 50k investment size, a standard account might be a good choice for you. There is give and take between a broker and a customer.
He offers you the possibility to trade and a good service and you make him money by means of spreads. As a Nigerian trader, you should expect this service to be in your native language or dialect and you should also get it online 24 hours per day through the working week. If your broker is indifferent to your questions, problems, and issues, you should say goodbye to him and search for trading opportunities elsewhere. Additional services come in the form of educational materials: video, audio, and texts.
Ebooks are often offered by brokers to their clients on various topics. Recruited analysts try to foresee shifts in the policy of Central Banks and predict how that will affect exchange rates of currencies. Most brokers also have forums where traders can chat and help each other. Some even offer monthly trading contests that have high money prizes.
Your real money trading experience starts with your broker. In order to stay protected from unscrupulous brokers, it is advised to follow the steps laid out above. We hope they helped you to form a picture of what a reliable broker looks like. Your other option is to pick a broker from the below list. We have compiled this list based on objective research.
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FX Empire may receive compensation. Scroll for more details. Your capital is at risk. No dealing desk. MT4, MT5. Sponsored Sponsored. Give it a try with some play money before using your own cash. Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients. Visit Broker Your capital is at risk. FP Markets Review. Wide range of trading platforms and trading tools available.
Excellent customer support and education tools. The volume of choice of markets and accounts may be overwhelming for beginner traders. FXTM Review. Top Brokers. Best Brokers. Best Forex Brokers. Best Forex Platforms. Best CFD Brokers. Best Spread Betting Company. Best Crypto Trading Brokers. By Country. New Zealand.
South Africa. Kuwait Brokers. Hong Kong. United Arab Emirates. By Trading Platform. MetaTrader 4. MetaTrader 5. By Account Type. Demo Account. Islamic Account. Segregated Account. Managed Account. VPS Hosting. If you are a U. If you live in the United Kingdom, you might want a U. This is probably the easiest place to start and helps you narrow down the list considerably right away when choosing a Forex broker. The next step to consider is regulation and the safety of your deposit.
This might not matter so much to you if you only intend to deposit a relatively small amount of money that is not very important to you. If not, though, this is a very big issue. Some countries have a well-developed culture of financial regulation enforcement, which is always reassuring, and are just not places where the big fraudsters can thrive. Another big issue to consider is whether any protection is offered on your deposit.
This means that if you deposit that amount or less with a broker regulated by and based in the United Kingdom, if they steal from you or cheat you or even just go bankrupt, you should eventually receive your deposit back from the government there. This is a significant advantage, and provides a lot of reassurance.
If your deposit is a significant sum, you should seriously question whether it is wise to deposit it anywhere that does not offer government-backed deposit protection. You also should be biased towards reputable financial centers and away from tiny islands you never heard of before! The third factor to think about is the cost of trading. One way to compare spreads is to open demo accounts at each of your candidate brokers to see what their spreads really are.
One potential problem with this strategy, however, is that brokers have been known to make conditions in their demo accounts, including spreads, significantly better than those which prevail in their real money accounts. Fortunately, there are a few websites which compare the spreads of real money accounts in real time across a range of different brokers, so looking here is going to be a good idea.
Another serious factor to consider in choosing a broker is your style or intended style of trading i. Are you or are you going to be a scalper, day trader, swing trader or position trader? If you are making few trades but leaving your positions open for several days or even over weeks and months, you should consider how competitive are brokers are in terms of their overnight financing rates which are generally charged each day against positions left open at 5pm New York time.
For position traders, these rates can make more difference to overall profit and loss than the spreads charged, at least up to a point. However, if you are going to be leaving trades open for only minutes or hours but making many more trades, the spreads become a more influential factor, and overnight financing may not be an issue at all. This means that of two Forex brokers, one might be the most economical choice for you as an intraday trader, but not as a longer-term trader holding positions overnight.
Does it work smoothly, or does it have problems freezing up? It is easy, intuitive and pleasant to use, or not? Does the execution work in a manner that suggests the Forex broker is a true ECN broker or something close to it? Bonuses and other beneficial promotions could be interesting, but check the small print: accepting a bonus, deposit or otherwise, can mean you will be unable to withdraw a certain amount of your deposit until you have made a minimum number of trades.
One good think about choosing ECN brokers is that they tend to aim at a more sophisticated market than market-making brokers, meaning that you probably will not have to worry about misleading terms or hard sells. The most professional brokers of all sometimes have poor advertising and customer service, but they may be offering you the best ECN brokerage deal possible.
Thinking of switching from a traditional broker to an ECN Forex broker? Discover the differences between market makers aka standard Forex brokers and ECN brokers, and determine which one can meet your current trading needs. Read more ECN brokers require higher trade volumes than most other Forex brokers, but they do allow scalping and excellent spreads. Read on to learn if an ECN Forex broker is right for you.
ECN Forex Brokers - Top Rated. ECN trading with leverage up to Best Overall 9. Trading Platform. FP Markets Review. Great 9. Pepperstone Review. FXTM Review. Competitive ECN trading environment with scalping and hedging available.
Very Good 9.