Abstract：Forex trading has become increasingly popular in Nigeria today. Many foreign brokers have seen the potential of the youthful population of this country who prefer quick and easy money-making business and sought to extend their services within the country. Given our preference for ECN brokers over other rest, we have provided a list of the most popular ten brokers operating in Nigeria today as well as the Wikifx rating for these brokers.
By: Damian Okonkwo
Who are ECN brokers？
The term ECN is used to refer to those brokers that operate through an Electronic Communication Network. This type offers its traders direct access to the market with very little spread charged. They equally offer a Straight Through Processing (STP) for all orders placed at the market. ECN brokers are highly regulated brokers recommended for long-term investors in the forex market.
List of best ten ECN brokers operating in Nigeria today and approved by Wikifx
« Hantec Markets: An award-winning broker as the most transparent broker in Africa. Very popular in Nigeria today with four branch offices in Nigeria located at Enugu, Lagos, PortHarcourt, and Abuja. Offers excellent copy trade services. This broker was founded in 1990 in Hong Kong China but has since then extended its branches across the globe with over 22 branches in different countries
« ATFX: This is one of the online brokers operating in Nigeria today but with Headquarters and offices in Hong Kong China, London, and Cyprus. This broker provides a fast trade execution with low spreads too. ATFX Global Markets (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom and also regulated by Cyprus Securities and Exchange Commission (CySEC) in Cyprus.
« Exness: This is a very popular broker founded in 2008. This broker is well known for its deep understanding of traders' needs and excellent trading platforms.
« FP Markets: This is a global broker founded in 2005. FP Markets has kept an excellent record so far in addressing their customer's concerns. They are registered and regulated by the Australian Securities and Investment Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), and the European Securities and Markets Authority (ESMA).
« FXTM: This broker was founded in 2011. They are regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
« Pepperstone - This broker was founded in 2010 in Melbourne, Australia. They have multiple regulations under ASIC, SCB, FCA, DFSA, CMA, BaFin, and CySEC. This broker has no Minimum Deposit.
« XM: This broker was established in 2009. XM has become one of the worlds largest forex brokers in Asia & Africa with large trading volumes. They are registered and regulated by the Australian Securities and Investments Commission (ASIC), International Financial Services Commission (IFSC), and Cyprus Securities and Exchange Commission (CYSEC).
« Hot forex: Hot Forex is a reputable broker founded in 2010. This is one of the brokers with offices in Nigeria. Hotforex is registered and regulated by: CySEC, FSC, FCA, FSA, and DSA.
« IC Markets: IC Markets is a global forex broker founded in 2007 with headquarters in Australia. This broker is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA), and the Australian Securities and Investments Commission (ASIC).
« Vantage FX: this broker was founded in 2009. They are registered and regulated by the Cayman Islands Monetary Authority (CIMA), Securities Investment Business Law (SIBL), VFSC, and CYSEC.
Advantages of choosing an ECN broker
There are numerous benefits why ECN brokers remain the best for traders today. These advantages include:
« Fast Executions: ECN brokers use high-speed networks to find the best pricing available and execute trade orders as quickly as possible.
« Regulations: Another interesting reason for choosing an ECN broker is based on the fact that they are well regulated. Virtually all ECN brokers have multiple regulations under the major tier regulators such as FCA, FSA, and ASIC.
« Financial Instruments offered: ECN brokers provide a wide range of pairs for trading such as Commodities, FX, Stocks, Indices, and Crypto. These financial instruments could come as CFDs or Spot trading.
« Educational tools: ECN brokers are known to provide rich educational and other tools to make trading easy for their traders. Very often ECN brokers are more preoccupied with making sure that their traders make massive profits from the market.
Conotoxia, the retail trading arm of Poland-based fintech Cinkciarz, has launched an investment advisory service with no entry barriers and a low threshold. It is the first company in the forex and contracts for the different industries to offer the product on a large scale. The service is available to retail traders from Europe and will provide individual investment recommendations on selected financial instruments.
WikiFX Chrome Plugin is a browser extension that helps traders verify the authenticity of a broker's website quickly and easily. The plugin accesses WikiFX's database to provide essential information about the broker's credibility, including regulatory compliance, background, and customer feedback. It helps traders avoid fraudulent brokers and make informed decisions about their investments.
At 11:38 UTC on 24th March, the largest crypto asset platform Binance halted its spot trading operations along with deposits and withdrawals. Needless to say, this unexpected halt shocked the market.
Online trading platform eToro has informed customers who invested in Ethereum 2.0 on its site that the pledged ETH and related incentives will be unlocked by the Ethereum network shortly. eToro's ETH 2.0 staking services on its crypto wallet will be discontinued and pledged ETH and incentives will be withdrawn and sent to users' wallets. eToro will notify customers by email when the process is complete, and while it may take some time, eToro is committed to ensuring a seamless and efficient payout process.