This article will explore the best ECN brokers in Nigeria.
ECN brokers in Nigeria are appealing because they provide direct market access, eliminating potential conflicts of interest for the trader and lowering trading costs by charging a volume-based trading commission on top of a tight spread fee.
As a part of our test, we confirmed their status as ECN brokers by studying their client agreements and reviewing their trading costs to ensure they always have variable spreads with an additional commission.
We confirmed that there were no dealing desks present, that we experienced both positive and negative slippage, and that there were no trading limits.
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List of 10 Best ECN Brokers in Nigeria
Here are the 10 best ECN brokers in Nigeria
- FXTM: Best Local Naira Account Overall
- Exness: is a multi-award-winning broker.
- HotForex: Nigeria’s Best Overall Broker
- Khwezi Trade: is a licensed over-the-counter (OTC) broker in Africa.
- IG: NGN Deposits with a Low Minimum
- FXCM: Outstanding Technical Instruments
- Tickmill: NGN Converted at Lowest Overall Cost
- Trade Nation: Nigeria’s best FCA-approved broker.
- Plus500: A high level of trust in Nigeria
- AvaTrade: Designed for Nigerian Traders
1. FXTM
FXTM is a reputable broker that offers CFDs and trading on stocks, currency, commodities, cryptocurrencies, ETFs, options, and indices to a global market.
Pros
- Customer service is outstanding.
- Excellent Teaching Aids There is no fee for inactivity,
Cons
- Fees for CFDs on Stocks are Exorbitant
- There is no fee for making a deposit.
2. Exness
Exness may be summarized as a dependable and worthwhile broker with meager trading fees (against major currency pairs). The spread is also relatively modest, and new traders can take advantage of a sign-up bonus.
Pros
- Negative balance protection that is well-regulated
- MetaTrader 4 and 5 are two versions of MetaTrader.
Cons
- No US clients; limited financial instruments; no multi-currency accounts
3. HotForex
HotForex is a reputable broker that offers Contracts for Difference (CFDs) and cheap spreads on various trading products.
One tier-1 (highest level of trust) and three tier-2 regulators are in charge of it. (trustworthiness of medium) It has a 95% trust rating.
Pros
- FSCA-Regulated ZAR Accounts are one of the benefits.
Cons
- Limited deposit options and a lack of education are disadvantages.
3. Khwezi Trade
Khwezi Trade may be summarized as a reputable, South African-owned broker that offers its clients user-friendly trading circumstances. With a minimum investment of R500 ZAR, it can be established in a Khwezi Trade Live trading account.
Pros
- FSCA-Regulated ZAR Accounts are one of the benefits.
Cons
- Limited deposit options
- Lack of Education and Limited Deposit Options
4. IG
IG Group may be summarized as a dependable broker that offers user-friendly trading conditions and high-quality educational resources. It is a low-risk option that is ideal for experienced traders.
Pros
- Exceptional Web-Trading Platform Educational Tools
- Deposit and withdrawal options are excellent.
Cons
- Expensive fees, a limited product portfolio, and a
- Exorbitant fees, a limited product portfolio, and a lack of support
5. FXCM
FXCM is a low-risk broker that may be summarised as trustworthy and dependable. FXCM provides a user-friendly trading environment with minimal spreads and substantial leverage in trading conditions. The company has a 92 out of 99 total trust rating.
Pros
- Excellent technical tools
Cons
- High fees due to a limited product portfolio
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6. Tickmill
In terms of trading costs and spreads, Tickmill is highly competitive. With a trust score of 97 out of 99, Tickmill can be summarized as a safe and reliable regulated broker (High Trust).
Pros
- A well-regulated full MetaTrader suite
Cons
- Platforms are limited.
- Classic account pricing is less competitive.
8. Nation of Trade
With just an overall trust score of 79 out of 99, Trade Nation is classified as a low-to-medium-risk broker. The FCA, ASIC, FSCA, and SCB regulate and license Trade Nation, summarized as trustworthy and reliable (high trust).
Pros
- Rewarding cash back
- Outstanding Assets
- Excellent customer service
Cons
- There is no minimum deposit.
- No account tiers, high forex fees, and a lack of safety
- There will be no trading in cryptocurrency.
9. Plus500
Plus500 is a registered tier 1 forex and CFD broker with cheap trading and commission fees. With a low-risk trading environment, it gets a high overall trust score of 97 percent out of 100.
Pros
- Low Trading Fees for Users Listed on the London Stock Exchange
Cons
- Limited product range, lack of research tools, average education
10. AvaTrade
Overall, Avatrade is a low-risk forex broker that can be summarized as a reliable forex broker. Avatrade promises fast trading speeds and secure trading environments regarding spread and security. Avatrade has more than 500 000 registered clients around the world.
Pros:
- No Deposit Fees Low Trading Fees User-Friendly
Cons
- Offers are limited.
- Administration Fee for Inactivity
While ECN brokers do not have the same inherent conflict of interest as market makers, you will still be charged a commission on your transactions. ECN accounts will also have a larger minimum deposit, making them inaccessible to many new traders.
Watch the video below to know the best ECN brokers in Nigeria:
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