Names of forex brokers

True ECN and STP brokers are types of forex brokers without a say when it comes to control on spread provided.

Best forex bonuses

Names of forex brokers, names of forex brokers.

These brokers have no control on spread offered since it’s the liquidity provider that determines the spread which is to be provided. True ECN and STP forex brokers do not care about how much their particular traders make. Therefore, these types of brokers allow traders to utilize scalping techniques to close their respective positions. Note that false ECN and STP brokers cannot allow you to use scalping techniques as a trader since they will be disadvantaged anytime you make small profits.

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Till about a decade ago, you had to make use of the telephone if you wanted to invest in the financial markets. You had to call up your broker for placing as well as closing orders. Introduction of online trading has, however, simplified every aspect of the investment process. You can carry out trades from the convenience of your home or on-the-go using the platform provided by brokers. Sounds simple, but the problem is there are umpteen number of forex brokers that offer trading platforms out there in the market. And, you need to work with the best forex broker if you want to achieve your financial goals. So, it all boils down to identifying the right broker to work with and it is definitely not an easy task. Read on to find out as to how you can identify the best forex brokers. In this post, various aspects you need to take into consideration when choosing a forex broker are discussed in detail so that the selection process becomes simpler and easier for you.

Top recommended and the best forex brokers for 2021

info	bonus	open account
min deposit: $5 spread: from 0.2 pips leverage: 500:1 regulation: FSA (saint vincent and the grenadines), cysec	50% deposit bonus, real contest 1st prize luxury car BMW X5 M, copy trading, trade&win.	Visit broker
min deposit: $1 spread: from 0 pips leverage: 3000:1 regulation: cysec, IFSC	$100 no-deposit bonus, 100% deposit bonus	visit broker
min deposit: $5 spread: from 0 pips leverage: 888:1 “*this leverage does not apply to all the entities of XM group.” regulation: ASIC, cysec, IFSC belize	“50% +20% deposit bonus up to $5,000, loyalty program bonus “*clients registered under the EU regulated entity of the group are not eligible for the bonus and the loyalty program”	visit broker
min deposit: $1 spread: from 0 pips leverage: 2000:1 regulation: FCA UK, cysec, FSP, bafin, CRFIN	35% of the account deposit	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 400:1 regulation: FCA UK, NFA, CFTC, ASIC, IIROC, FSA, CIMA	visit broker
min deposit: $300 spread: floating, from 0 pips leverage: 500:1 regulation: FCA UK reference number 579202	visit broker
min deposit: $200 spread: starting 0 pips leverage: 500:1 regulation: ASIC australia, FCA UK	visit broker
min deposit: no minimum deposit spread: 1.2 pips leverage: 50:1 regulation: CFTC, NFA, FCA, MAS, ASIC, IIROC	visit broker
min deposit: $10 spread: leverage: regulation: cysec	-	visit broker
min deposit: $200 spread: from 3 pips leverage: 400:1 regulation: NFA, FCA, cysec	visit broker
min deposit: $100 spread: starting 0 pips leverage: up to 500:1 regulation: FCA UK, ASIC australia, MAS singapore	visit broker
min deposit: $1 spread: fixed spread from 3 pips leverage: up to 1:1000 regulation: CBR, cysec and FFMS	30% forex deposit bonus	visit broker
min deposit: $250 spread: as low as 0.1 pips leverage: up to 400:1 regulation: ASIC australia and FCA UK	visit broker
min deposit: €100 spread: the spread can be as low as 0.01%” (0.01% = spread for EUR/USD) leverage: 1:294 regulation: ASIC, cysec, FCA (UK)	visit broker
min deposit: $100 spread: starting from 0.9 pips leverage: 400:1 regulation: MIFID, FSB & ASIC	visit broker

Risk warning: cfds are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.4% of retail investor accounts lose money when trading cfds with this provider. You should consider whether you understand how cfds work and whether you can afford to take the high risk of losing your money.

Main parameters to be checked for identifying the best forex brokers:

#1: regulations and licenses

It is highly recommended that you choose only forex brokers that are regulated or authorized by leading regulatory bodies such as commodity futures trading commission (CFTC), national futures association (NFA) and financial conduct authority (FCA in UK), among many others. This is because regulated brokers are more reliable than their non-regulated counterparts. Further, your hard earned money remains safe with such brokers for two reasons: they will be appropriately capitalized and they maintain segregated accounts for theirs as well as traders’ funds.

#2: forex trading platform

The online trading platforms that recommended forex brokers provide would not only be simple, but also intuitive and easy to operate or navigate. It, therefore, makes sense to try out a few online forex platforms and see for yourself as to which one has a better user interface and is easily navigable.

#3: customer support services

Customer support is a key aspect that you need to evaluate. Best fx brokers would often be aware of the needs of the traders and provide good, efficient and responsive customer support services. During the course of trading forex on an online broker’s platform, there will be times when you need certain time sensitive clarifications. If the customer support service of the broker you are planning to work with is not good enough, you could end up losing money. It is, therefore, recommended that you evaluate the brokers’ customer support service both by speaking to their representatives on telephone and by communicating with them through email.

Leverage offered for forex trading varies from one broker to another. If the leverage is high, the trader can make more profits. However, the risk of accumulating losses is also equally higher. Therefore, you should choose a broker that offers leverage suiting to your needs and based on your style of trading.

Brokers often try to attract you by offering high capital bonuses when you make your first deposit. This is good because you get more money for trading. You can choose the broker that offers the highest first deposit bonus, but you should make sure other aspects discussed above and those that are discussed below suit your needs.

#6: deposits and withdrawals

It is important that you understand the brokers’ policies related to deposits and withdrawals. The features to be evaluated when choosing top forex brokers are minimum amount to be deposited to start trading, deposit methods offered, currency options provided, minimum withdrawal amount specified and waiting time for withdrawals, among others. Further, it makes sense to go through all other written policies in detail.

Brokers make money by charging a fee for each of the trading transactions that you execute on the forex trading platform provided by them. As far as the broker and you are concerned, the significant source of revenue would be the spread, the difference between ask and bid prices. It pays, therefore, to check as to how the brokers you have shortlisted handle spreads:

Do they offer fixed or variable spreads?
What is the average and maximum spread for the currency pairs that you are planning to trade?
What spreads are offered when the volatility is very high?
Do you have to pay any commission for each trade apart from the spread?

Before buying a car, you always go for a test drive. Similarly, look for forex brokers that offer demo accounts. This helps you to open a practice account. You can try out their platform and find out for yourself as to which of the shortlisted brokers is best suited to your requirements. Most brokers offer practice accounts these days. So, it is easy for you to get a feel of the brokers’ platform before committing to depositing money and trading.

#9: other parameters for identifying the best forex brokers

The forex brokerages that offer very low account minimums can be considered for evaluation under the category “best forex brokers”. This is good because you don’t have to deposit large amounts of money in order to trade forex. Minimum account balance can be as low as $5 in the case of some of the reliable forex brokers.

Online forex brokers often try to snatch business through promotions. Do not fall prey to their sales gimmicks. Best forex brokers would never make unbelievable and unachievable promotional offers. It is true that cash and prizes form part of the game, but they should be reasonable.

Another aspect to look for when evaluating online forex brokers is the educational services offered by them. This helps you to master the art of forex trading. Brokers that provide you with a variety of educational tools for assisting you in assessing the forex market are the best forex brokers to work with.

Why expert traders trade with regulated forex brokers

If you’re looking to become a successful forex trader, then working with a skilled and trustworthy broker is very crucial. In the forex market, the two main types of brokers you’ll get include the regulated and the non-regulated brokers. Obviously, the former typically operates under regulations stipulated by a forex regulator. Regulated forex brokers must also be fully licensed and registered in their country of operation, unlike their non-regulated counterparts.

Role of regulation

Of course, the role of regulation in forex market cannot be underestimated. Regulation ensures that all players in this booming industry are strictly supervised. This way, merchants are protected from the many unscrupulous traders out there looking to swindle them off their hard earned money. Another thing, regulation also builds trust between merchants and their brokers, since most merchants don’t have enough time to monitor every investment.
Let’s take a quick look at some of the leading regulatory agencies:

CFTC and NFA: commodity futures trading commission and national futures association, regulate the financial services sector in united states of america (USA).

Cysec: the cyprus securities and exchange commission is the regulatory watchdog within the cysec domain. It offers services to the EU member states.

FCA: the financial conduct authority regulates the operations of over 56,000 financial services and companies in the UK.

ASIC: the australian securities and investment commission regulate the financial services sector in australia.

FSB: the financial services board is a south african agency which oversees functioning, regulation, and licensing of south african forex brokers.

Bafin: bafin is a financial supervisory authority providing its services to forex companies in germany.

Advantages of regulated forex brokers

With regulated brokers, you’ll always have some peace of mind when carrying out your real-money transactions. To expound more, here are the main reasons why expert traders prefer regulated brokers:

1. Credibility

It’s an open secret that most of us like to deal with trusted organizations, especially when money is involved. That being said, the credibility of any forex broker is greatly enhanced if the company is regulated by the relevant agencies. Remember that all regulated forex brokers are mandated to follow some strict rules put in place by their respective regulatory bodies. Furthermore, their regulatory bodies expect them to regularly present a copy of their audit report. Therefore, if a broker is listed on its regulatory body list, then it’s safe to say that the forex broker has fully complied.

2. Compensation

Getting compensated in case of any unfortunate scenario is arguably the best reason why most expert traders opt for regulated brokers. With most regulated brokers, you can rest assured that all your hard earned money will be refunded in case your brokerage firm goes down. For example, brokers operating under cysec are required to remit their contribution to the ICF (investor compensation fund). This pool of funds is to help settle any form of customer claims in case of any eventuality.

3. Effective customer service

Before choosing a forex broker, it’s always recommended that you settle for one who can effectively and immediately resolve all customer issues. In this case, most regulated brokers are always competent enough when dealing with technical support or account issues. In addition, they are very helpful and kind during the whole account opening process.

4. Quick deposits and withdrawals

Any reputable forex broker will allow their merchants to make deposits and withdrawals without any hassle. A regulated broker should have no reason whatsoever to make your earnings process difficult because they don’t have control over your funds. All they have to do is to facilitate the platform to make it convenient enough for you to trade.

5. Updated trading platform

Most regulated brokers are mandated by their respective regulatory authorities to provide their clients with the latest, powerful, and easy-to-use trading platforms. In fact, most of their platforms will readily provide you with all that you need to begin trading immediately. You’ll get a lot of educational materials including webinars, videos, articles, seminars, and e-courses at no extra charge. It goes without saying that regulated brokers also offer their clients free demo accounts to help them sharpen their skills before going live.

6. Legality

All over the world, governments are struggling to deal with issues concerning money laundering. Some of them have even gone ahead to pass very strict anti-money laundering laws. So to be on the safe side, you should always trade with a regulated broker. Most regulated forex brokers will ask you to provide some of your personal identification documents such as proof of address and photo ID. This might sound tedious to you but it’s always safe to be part of a regulated organization that can prove your money is being used in a legal way.

To sum it up, regulated forex brokers are always the best as well as the safest option to trade with. This is because they are always ahead in terms of legality, security, and safety of your funds. All in all, you can manage your risks better if you opt for a regulated forex broker.

Understanding true ECN vs STP broker

The foreign exchange market, also known as currency market, is a universal decentralized market that provides traders an opportunity to trade currencies. It is a market which incorporates all aspects of buying, selling, and exchanging currencies at the present-day or determined rates.

There are different kinds of forex brokers that you can choose to trade forex with. However, though all the brokers in forex are intended to provide a similar basic solution, the way they operate behind the scenes is different. Different types of brokers have varying techniques of operation, and the specific broker you cooperate with can significantly determine your success rate as a forex trader. Here are some crucial factors that will enable you determine which broker between a true ECN and STP broker is the best one to trade forex with:

Understanding true ECN vs STP broker

True ECN i.E. Electronic communications network brokers operate without their individual dealing desk. These brokers provide an electronic trading platform where professional market makers at monetary organizations such as banks, and other online trading participants including traders can enter bids and offers through their particular systems.

STP i.E. Straight through processing brokers are brokers without a dealing desk also. These brokers apply some of the techniques utilized by market makers to provide their particular clients with trading conditions which are more flexible. By STP brokers hiring some of the tactics of market makers, they are able to bypass the limitations connected to trading exclusively within the interbank market.

General overview of true ECN and STP brokers

Use of scalping techniques

True ECN and STP forex brokers do not care about how much their particular traders make. Therefore, these types of brokers allow traders to utilize scalping techniques to close their respective positions. Note that false ECN and STP brokers cannot allow you to use scalping techniques as a trader since they will be disadvantaged anytime you make small profits.

True ECN and STP brokers are types of forex brokers without a say when it comes to control on spread provided. These brokers have no control on spread offered since it’s the liquidity provider that determines the spread which is to be provided.

Though true ECN and STP brokers can add markups when necessary, they cannot in any way take it further down than the amount provided.

Difference between true ECN and STP brokers

Commission charged

On true ECN accounts, as a trader you will be required to pay a fixed commission to open and close trades. The spreads offered on true ECN accounts are determined by the rates of liquidity providers.

When using STP accounts as a trader, you will not be required to pay any commissions.

Pros of trading forex with a true STP broker

Cannot bankrupt themselves

True ECN brokers cannot trade against their specific clients to bankrupts themselves.

Similar price rates

If you are a forex trader, trading with a true ECN broker means you are guaranteed of price rates that are similar to those of the interbank market.

Negative balance protection

As a trader utilizing the trading account of a true ECN broker, the broker will be accountable for any dues with liquidity providers should your account read negative as a result of any reason beyond their control.

Cons of choosing a true ECN broker

Dealing with a true ECN broker will require you to pay rollover fees and commission at times.

Pros of trading forex with an STP broker

Their rates and the interbank prices are same

They provide their clients low entry capital requirements

Cons of choosing an STP broker

Choosing an STP forex broker means when you enter a trade you’ll not be informed what spread to expect.

Most true ECN and STP brokers are linked to several liquidity providers at the same time period. Despite both true ECN and STP brokers having incredible trading solutions which can meet your needs as a trader, their terms of operation vary. Whether you will choose a true ECN or STP broker, the rule of thumb is always ensuring you minimize losses and maximize profits as much as you can when trading forex. Ensure you compare carefully the terms of service of both a true ECN and STP broker before you choose one to handle your trading needs.

Brokers

Regulated forex brokers

When viewing the forex broker or a trading platform, it is the paramount priority to choose from the hundreds the most reliable one and the best forex provider, as it will determine the whole trading experience. Indeed, doing research and compare the vast number of forex brokers with many aspects to consider, maybe not an easy choice, as well time-consuming. So here we are ready to assist your selection and answer the most common questions.

Can I trade forex without a broker?

This may be the first question you would ask, as indeed forex market, FX or currency market is the largest global non-centralized exchange where trading process performed electronically via networks. While main forex participants are international banks and financial institutions operating huge volumes through a need to exchange currencies, presented as currency pairs, and assist international business with the conversion which is known as the interbank market.

Therefore, in order to trade fx you should be authorized dealer to do so, as well as operate a quite sufficient amount so before forex brokers were introduced to retail traders and global community it was not possible for trade markets. For this reason, forex trading brokers are the companies or agent if you like that gives retail forex traders access through its platform to operate forex market and trade various markets including commodity futures, indices, bonds, etc.

Do I need license to trade forex?

So this is another pleasant and great opportunity which is given by forex brokers, as you may access trading without financial or dealer license. Moreover, there are hundreds of opportunities with a relatively small investment which allows you to trade forex, do technical analysis and analyze markets almost instantly.

Are forex brokers regulated?

And now we will check the most crucial question if forex broker can be regulated, since the market is decentralized, and is it safe to trade forex? Obviously, this is the biggest trump you may fall as a retail trader if you choose a non-reliable, mainly non-regulated or offshore firm without a proper license you may easily fall into a scam and lose money.

So due to increasing demand and mainly that traders got no easy access to trading or financial education, the world countries established particular organizations or authorities in order to oversee the market proposals and regulate forex broker firms. So yes, forex brokers are regulated while holding a license from a local authority alike world known FCA in the UK, ASIC in australia, commodity futures trading commission CFTC in the USA, MAS in singapore and more.

What does a regulated broker mean?

The whole concept of regulation is to oversee forex business in a particular country or region, protect clients and ensure safe conditions while trading forex. So in simple words, regulated broker means a safe and legit broker that is compliant to various rules and criteria set by the international authority with the purpose to provide secure trading and good customer service. So its trading environment and provided services like technical analysis, education and tools are also aligned to the best practices.

In addition to its constant check on the service providing, authorities protecting clients throughout compensation schemes and other security checks, however, these conditions may vary from the regulator to another.

How do I know if my forex broker is regulated?

In order to check if broker is regulated or not, you should verify this information through the official brokers’ website first, as regulated companies always provide its licenses. And the next step is to verify a license through the official regulatory website. However, in our forex broker review you will find all the necessary information and license check as well.

It is a fact, unscrupulous brokers may easily fake information and assure you of its license while its not true, so always verify information through the official source. As well, adhere to trade with brokers regulated in serious jurisdictions, not the offshore once, as they luck of strong regulation, requirements and necessary safety measures. Read more by the link why avoid brokers from st vincent & the grenadines.

How to choose best forex broker?

Security of funds is always first in forex trading, for that reason, we recall your attention to open an account with regulated brokers only. Making it simple, regulated broker means that you will trade forex with proper security of funds and investment itself, so first of all good broker is a sharply regulated broker.

Further on, you should also check the necessary conditions and select offer suitable for you and trading strategy you deploy.

For this reason, we assist your selection and provide an assortment of efficient regulated brokers with updated on a weekly basis in-depth forex broker list. A professional detailed analysis with trading fees account overview, platform breakdowns while sorted by regulation, country or trading conditions, along with traders comments so smarter decision is easier now.

Best forex brokers in nigeria for 2021

We compared & then selected the 8 best forex brokers in nigeria that are regulated with FCA (UK), cysec & FSCA.

Forex trading is a popular financial instrument for investing in the markets. However, choosing the right forex broker can be a tricky task.

In a rapidly developing country such as nigeria, there are so many good brokers, but there are also a lot more scam brokers operating in the market. So it is really important to only choose trusted & regulated nigerian forex brokers and avoid the bad ones.

In order to help you find the best forex broker, we have tracked & compared over 10 different brokers that accept nigerian investors.

List of 8 best regulated forex brokers in nigeria for 2021

There are various aspects that we looked into in order to assess each broker, these include the broker’s compliance with multiple top-tier regulations, broker reviews, the amount of fee charged (even the hidden charges), leverage offered, minimum deposit, funding & withdrawal methods and time taken etc.

Our below vetted list is created especially for nigerian traders; it will quickly allow you to compare the key features that you need to look for in any reputed forex broker.

Best forex brokers in nigeria

Here’s our updated list of the 8 best performing forex brokers in nigeria in terms of trading & non-trading fees, promptness of deposits & withdrawals, trade execution, support & deposit bonus (last 6 months):

1. FXTM – best forex broker in nigeria (instant order execution, low deposit & easy withdrawals)

Overall rating 9/10

Fees: 1.9 pips average spread for EUR/USD with standard account. And 0.3 pips (plus $0.4 per mini lot) with ECN MT5 account.

Account minimum: ₦2000 or $10 (cent account)

Leverage: 1:1000

Promotion: no deposit bonus available currently

Ranks #1 forex broker in nigeria

Forextime or FXTM is the best forex broker in nigeria, and they are one of the few forex brokers that has local office & phone number in nigeria. They are safe for nigerian traders as they are regulated under various trusted jurisdictions such as the FCA in UK, cysec in cyprus, FSCA and FSC of mauritius. FXTM is our recommended forex broker for nigerian traders.

FXTM’s was founded in 2011 & they are a FCA regulated forex broker, which is a top tier regulation, so we consider them to be a safe broker. They offer various account types, all of them can be funded in USD or naira & have very low minimum deposit requirements starting from just ₦2000 with the cent account. This makes FXTM a very good choice for nigerian traders.

Apart from forex trading, FXTM also offer other instruments such as cfds on commodity futures and cfds on spot metals making them a very attractive choice for traders looking to diversify their portfolio. They have also recently upgraded its range of currencies & now offer 57 major & minor currency pairs.

Another important factor that we look for in a broker is their promptness of support & withdrawals, and FXTM beats other brokers hands down in this area.

FXTM broker offers local customer support in english & has 19 deposit & withdrawal options which includes many methods for nigerian traders including bank deposit & card payment. Even allows users to create a demo account in order to build their confidence and learn the art of trading. FXTM also offers a wide range of educational material to its clients, including trading webinars.

FXTM is a highly regulated forex broker, so trading with them is safe. They are regulated globally with 3 top tier regulators i.E. FCA(UK), FSCA & cysec.

You can start trading with ₦2000 deposit, making them a good option for new traders.

Low spreads for most major & minor currency pairs including EUR/USD with ECN MT5 account.

Fast withdrawals in nigeria.

Live chat support is available 24/5 & for few hours during weekends. Their support overall is quite good.

FXTM has bit higher spread with their standard accounts compared to other brokers. For ex. Their typical EUR/USD spread with standard account is around 1.9 pips on average, but its still competitive.

2. Hotforex – best regulated forex broker with low spread & 100% deposit bonus

Overall rating 9.0/10

Typical fees: 1.2 pips spread for EUR/USD with micro account & 0.3 pips with zero account. This would be variable depending in the market conditions.

Account minimum: $5 (₦2000)

Leverage: 1:1000

Promotion: get 100% bonus on new deposits with at-least ₦30,000 deposit required.

Ranks #2 forex broker in nigeria

Hotforex is our recommended low cost broker for nigeria. They have a local office & phone support in nigeria & are a highly regulated broker (FCA, FSCA & cysec). They are a 100% STP broker which ensures very fair dealing. Plus they offer very good order execution on all trades, have really low spreads for EUR/USD & other majors, and very good customer support as well. We highly recommend hotforex for beginner traders looking for a well regulated low cost broker in nigeria.

Hotforex was established in the year 2010. They are regulated with FCA (UK), cysec & even financial sector conduct authority (south africa), so we find them to be a trusted broker for nigerians.

They have very low minimum deposit, as low as $5. Also, they offer extremely competitive spread of 0.3 pips for EUR/USD with zero account (1.2 pips with premium, micro accounts), 0.8 for USD/JPY, 0.6 for GBP/USD (this may vary depending on the market fluctuations).

Further, hotforex offers trading on various platforms that can be accessed from android, iphone and desktop. You can trade on the metatrader 4 or metatrader 5 platforms, both of which are the most widely used trading platforms in the world.

Hotforex also offers local bank withdraw and deposit methods for nigerian traders, and there are many wallet options as well. Plus, hotforex have ongoing deposit bonus promotion available for traders in nigeria.

Hotforex is a highly regulated broker, as they are regulated by 3 top-tier regulatory authorities FCA, FSCA & CYSEC. This ensures very fair dealing.

Low minimum deposit requirements of $5.

Hotforex has one of the lowest spread of all the brokers that we have compared. Around 0.3 pips typical spread for EUR/USD with their zero account.

Very attractive 100% sign up bonus for new customers & good loyalty program for existing customers.

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.

Very good support available via live chat, phone & emails.

100% depoit bonus available for every deposit of $250 or higher.

Their commission per lot of $6 (roundturn) with zero account is higher than other brokers like IC markets, FXTM that offer similar low spread ECN type accounts.

3. Octafx – low spread broker, commission free local deposits, withdrawals & 50% deposit bonus

Overall rating 8.9/10

Fees: 1.1 pips typical spread for EUR/USD with MT4 micro accounts. And 0.7 pips (plus $0.3 per mini lot) with ECN ctrader account.

Account minimum: $50 (₦18,000)

Leverage: 1:500

Promotion: 50% deposit bonus on all deposits

Ranked #3 forex broker in nigeria

Octafx is a cysec regulated forex broker that also accepts nigerian clients. They offer good trading conditions including competitive spread, fixed as well as variable spread MT4 accounts, local nigerian bank deposit & withdrawal methods, and multiple trading platforms i.E. MT4, MT5 & ctrader for mobile, web, and desktop.

Octafx is a forex & CFD broker that was established in 2011. They have 3 account types i.E: MT4 micro account for new traders with spread starting from 0.4 pips, the MT5 account for expert traders with 0.2 pips spread & ctrader ECN account for professional traders with the lowest raw spread & direct market execution. All their accounts have good trading conditions with support for scalping & hedging.

Their trading instruments on offer are limited though, as octafx offers forex trading on 28 currency pairs, and CFD trading on metals, energies, indices & cryptocurrencies. But they have competitive spread on their available trading assets, especially for traders who are looking to trade major currency pairs, and 3 main cryptos (bitcoin, ethereum and litecoin).

Their support is also very responsive in handing issues. Their live chat support is available for 5 week days, and email support is available 24/7. They also have whatsapp text support available. But they don’t have a nigerian phone number currently.

The funding & withdrawal options at octafx are very wide for nigerian traders. They offer instant funding via skrill, neteller, and quick zero fees funding via bank transfer, or cash, or ATM in their gtbank account. Also they offer BTC funding & withdrawal.

Octafx is a cysec regulated forex broker, so it is considered safe for nigerian traders to trade with them.

Their spreads for major currency pairs is quite competitive. For ex. Their spread for EUR/USD starts from 0.4 pips even with their beginner MT4 micro account.

Local deposit & withdrawals options available in nigeria, and they don’t charge any fees with this method. Also instant wallet funding and withdrawals options are available.

Their support overall is good, as their live chat support is available 24/5, and their email support is available 24/7.

They have a 50% deposit bonus available for all deposits.

Octafx has lesser trading assets available as compared to other forex brokers. They have 28 currency pairs, cfds on 4 metals, 10 indices & 3 cryptos (bitcoin, litecoin, ethereum).

Forex brokers list

Finding the best online forex broker isn't an easy task.

Forexbrokerz offers you hundreds of forex brokers sorted by country, regulation, dealing, trading platfrom, payment methods and trading conditions.

Every single forex broker listed on forexbrokerz.Com is reviewed and rated by experienced traders.

Platform	country	payment
metatrader 4 brokers	US brokers	paypal brokers
metatrader 5 brokers	UK brokers	skrill brokers
custom platfrorm brokers	swiss brokers	neteller brokers
dealing model	australian brokers	bitcoin brokers
ECN brokers	canadian brokers	spread
market makers	singapore brokers	fixed spread brokers

broker	country	regulation	platform	min deposit	review
	cyprus, UK, mauritius	cysec, FCA, FSC, FSCA	MT4, MT5, web	$10	review website
	cyprus, SVG	cysec	MT5, web, ctrader	$100	review website
	australia, cyprus	ASIC, cysec	MT4, MT5, iress	$100	review website
	cyprus,belize, australia	cysec, IFSC, ASIC	MT4, MT5	$5	review website
	UK, australia, south africa	FCA, ASIC, FSCA, cysec	MT4, trading station, ninjatrader	$50	review website
	UK, cyprus, UAE, south africa	FCA, cysec, DFSA, FSB	MT4, MT5, fxpro markets, ctrader	$100	review website
	belize	IFSC	MT4, MT5	$100	review website
	cyprus, UK, south africa, UAE	cysec, FCA, FSCA, DFSA	MT4, MT5, web	$5	review website
	UK	FCA	MT5	$5	review
	cyprus	cysec	MT4	$500	review
	switzerland	FINMA	MT4, web, jforex	$5000	review
	australia, cyprus	ASIC, cysec	MT4, MT5, ctrader	$200	review
	US, UK, canada, australia, japan, singapore	CFTC/NFA, FCA, ASIC	MT4, web, fxtrade	$1	review
	australia	ASIC	web	$1	review
	UK, cyprus	FCA, cysec	MT4	-	review
	UK	FCA	MT4	$2000	review
	UK	FCA	MT4, MT5	N/A	review
	australia	ASIC	web	review
	UK, cyprus	cysec, FCA	MT4, AFX fast	$100	review
	UK	FCA	MT4	$0	review
	UK	FCA	MT4	$200	review
	germany, uk	FCA, bafin	web, tradehub	€100	review
	cyprus, UK, russia	cysec, FCA	web	$100	review
	UK	N/A	MT4, web, LMAX mobile	$1000	review
	USA	FINRA/SEC	web, thinkorswim	$2000	review
	UK	FCA	MT4	£100	review
	cyprus	cysec	MT4, colmex pro trader/expert	$400	review
	UK, autralia, belarus	FCA, ASIC, NBRB	MT4, web, fortrader	$100	review
	UK	FCA	MT4, MT5, darwinex	$500	review
	UK	FCA	MT4	$200	review
	UK, australia	FCA, ASIC	MT4, MT5, web, mirror trader	$1	review
	denmark, UK	FSA, FCA, ASIC	web, saxotrader	$10 000	review
	australia	ASIC	MT4	$500	review
	cyprus	cysec	sirix	$200	review
	cyprus, UK	cysec, FCA	etoro webtrader, etoro openbook	$200	review

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Further on, you should also check the necessary conditions and select offer suitable for you and trading strategy you deploy.

Forex training group

The names used to describe forex broker account types available to a trader vary among the many different online brokers, although most of them will offer a variation on certain basic themes to their clients.

Since different account types may be aimed at benefitting certain trader types — as well as the size of the account they have to trade with — it is quite important to choose the best forex broker account for the particular needs and resources of the individual trader.

Most forex online brokerages will allow the client to open a spot forex trading account that is either a demo account or a funded live account that might offer different features depending on the level of the initial deposit made.

To check a broker out without committing any funds, a trader can usually open a brokerage account with virtual money. This is known as a demo account and it allows the trader to evaluate the brokerage firm’s services and their trading platform.

In addition, the demo account allows a trader to test their trading strategy out without any commitment of funds as would be required in a live forex trading account. In fact, the forex demo account has become one of the most popular features offered by online brokerage firms.

Once a trader is comfortable with using a brokerage firm they have researched and evaluated in a demo account, they can then move on to deposit funds into a live account so they can trade with real money.

Online forex brokers typically offer a variety of account types when the trader is ready to commit to a funded forex trading account and these live accounts tend to fall into a few basic categories.

The following sections will describe what features forex trading accounts might have and will discuss the basic types of forex trading accounts available at most of the top online forex brokers.

The two primary forex broker account types

You can easily divide the basic types of forex broker account types into two primary categories. The first category is the forex demo account, which is an account that uses virtual money so that the trader takes no monetary risk when trading. The second type is the live forex trading account, which is funded with real money and can result in actual gains and losses for the trader. These two main account types are described further below.

Forex demo account – A forex demo account allows the trader to test their trading plan for profitability, drawdowns and other performance measures. It also allows a trader to evaluate the brokerage firm offering the account without the commitment of actual funds. Most online brokerages will let you open a demo account without any obligation by providing a minimal amount of personal information. These practice accounts often have a limit in terms of how much virtual funding is provided, as well as a time limit after which the demo account will expire and require the trader to create a new one or switch to a live account.

Live forex trading account – A live forex trading account can typically be funded with anywhere from $50 to whatever limit the online forex brokerage has placed on client deposits. Once the live account is opened and funded with real money, the trader can then initiate and liquidate trades in the forex market. Depending on the type of account chosen and its capitalization, the trader might be able to trade currency pairs in full lots, mini lots or micro lots.

Most prudent traders will test out an online forex broker, its trading platform, execution service and other perks using a demo account first before creating a funded account if the broker’s performance turns out to be satisfactory.

What tends to differ among live forex trading account types

Different online forex brokers tend to offer different perks and services that might either be useful to a trader or not. When a trader is contemplating using a particular broker, they should go through the services offered and see whether all of the services they require are provided, and then take some time to determine whether any of the additional services offered might be useful either in the present or perhaps in the future.

The following list includes some of the ways in which live forex trading accounts tend to differ both between brokers and between accounts offered by the same broker. Make sure to review a broker’s list of services thoroughly for any live account you may be considering opening to assess whether they are sufficient and appropriate for your needs.

Initial deposit amount – the initial deposit amount is one of the key factors that online forex brokerages take into consideration when a forex trading account is opened. Most online forex brokers will offer VIP or special accounts when the initial deposit is substantial. These accounts will offer the client more services and features than the standard account, which generally requires a lower initial deposit, or a micro account that usually requires only a nominal amount to open up.

Dealing desk access – access to a dealing desk can be an advantage for traders wishing to obtain directional, flow and other market advice from professional customer service dealers. The availability of this feature will depend on the type of broker and the type of account you open, with higher level accounts more likely to offer this feature. If the broker is an ECN or electronic communications network broker that allows you to trade directly with the interbank market using an electronic platform, then you will generally not get dealing desk access, although you might be able to speak to market professionals to get advice. On the other hand, if the broker is a market maker that takes the other side of your trades, they might well have a dealing desk with sales staff that you can speak to directly and deal with over the telephone.

Trading platform – an easy to use and navigate trading platform is of utmost importance to traders looking to maximize their trading speed and capacity. While most online forex brokers offer metatrader 4 or 5 as an option, many forex brokerages also offer their own proprietary trading platforms. The screenshot below shows a sample view of a metatrader 4 dealing screen that also includes charts, indicators, spot quotes for a variety of instruments and position information.

Figure 1: A screenshot of the metatrader 4 forex dealing platform.

Analytics – in addition to the many technical indicators offered on the metatrader trading platform, many brokers offer signal generators and other forms of analytical trading tools that can be very helpful to use when timing the initiation and liquidation of forex positions.

API access for automated trading – an API or application programming interface enables a software program to initiate and liquidate forex trades automatically when certain pre-specified market conditions are achieved. Such automated trading programs are also called “expert advisors” or eas when they run in the metatrader trading platform, but they can also be custom programmed to run in many other proprietary forex trading platforms using the broker’s API. This type of software is typically either available for programming by the trader or their programmer, or it comes preprogrammed as a black box from the developers that can sometimes allow a user to adjust and optimize parameters.

News services – many funded forex accounts include access to a business newswire service, such as reuters, which can appear as a scrolling news feed on the trading platform or somewhere else on the broker’s website. In addition, the metatrader trading platform includes its own market related news feed.

Minimum trade size – most forex brokerages have a minimum trade size which is known as the lot size and is generally expressed in units of the base currency. For example, standard lots are typically 100,000 units of the base currency, mini lots are usually 10,000 units of the base currency, and micro lots are 1,000 units of the base currency. Depending on the type of account, the minimum trade size will vary, with accounts requiring a higher initial deposit usually having a standard lot size while those with a minimal initial deposit offering micro lots as the lowest trading denomination.

Common types of live currency trading accounts

Most online forex brokerages currently offer four main types of accounts, with features that vary depending on the size of the initial deposit and suitable minimum trading units. One of these account types will generally fit most traders’ requisites for the size of trades and their overall risk profile. They are:

Micro account – the micro account usually lets traders open the account with a minimal initial deposit like $50 to $100. In addition, the minimum trade size is usually one micro lot or 1,000 units of the base currency. These accounts can be ideal for small traders or new traders.

Mini account – the mini account requires a larger initial deposit and has a minimum trade size of one mini lot or 10,000 units of the base currency. These accounts can be a step up for beginners, or they may suit those who need more control over their trade size.

Full account– these accounts are generally for more seasoned traders and have a higher initial deposit. The full account usually has a standard minimum trading size of 100,000 units of base currency, although some might allow traders to operate in mini lots as well.

VIP account – these are the premiere accounts for experienced, high volume traders with the largest initial deposits required. Such accounts often feature access to additional analytics, a personal advisor and the tightest dealing spreads.

Managed forex accounts

Managed accounts generally involve some sort of external management activity separate from the trader or owner that funds them.

The account types that fall into this category often require a substantial initial investment and are offered to people who do not wish to deal with the hassle of trading or trade decision making.

Five common types of managed accounts that are sometimes offered by online forex brokers include:

Individual – this is a personal account that is managed by the forex broker’s staff or software. It might also follow the broker’s proprietary “black box” trading signals. This type of account uses the client’s capital, but trades are initiated and liquidated by an account manager. Typically, the investor sets their goals and parameters in this type of account.

Pooled – with this type of account, money is deposited into a mutual fund with the funds of other investors, and profits are then divided among the participants. Pooled accounts can offer different risk/reward ratios, with higher returns hopefully seen for accounts with a higher risk/reward profile.

Discretionary – A discretionary account involves paying an account manager a fee and/or a percentage of profits to trade the account for its owner. These accounts generally require a large initial deposit and often have restrictions on withdrawals.

Social trading account – this account type is one of the latest innovations in forex trading. In a social trading account, a trader can selectively follow other traders with a good track record. Execution can be discretionary, where a communication is received about an expert trader’s new trade, or it can be automatic where the expert trader’s transaction is matched in currency pair and direction but can be scaled according to the owner’s wishes.

Automated – this type of account allows access to an API, which is available for automating trading activities. Automated accounts can be managed, or they can use the trader’s own parameters to initiate and liquidate trades.

A forex brokerage account comparison

Choosing the best forex broker account type to open will depend on a number of factors related to the trader’s experience level and how they wish to run their forex trading business.

If the trader wants to implement a trading plan and test it in a demo account, then opening a demo account with a broker that could match their performance in a live account would be the ideal situation.

A trader that has ample experience combined with a good size initial deposit and knows exactly what they want in a broker, trading platform and customer service features would probably opt for opening a full forex trading account after first trying the broker out with a demo account.

The trader must evaluate the features offered, the trading platform, and the broker’s dealer spreads. In addition, a trader must evaluate the broker model – whether the broker is an ECN, a market maker or dealing desk and decide which model best suits their trading goals.

If the potential forex trader does not want to get involved in the day to day market activities and prefers to let others work with their funds instead, then a managed or automated account would probably make the most sense.

A word of caution with managed or automated funds is warranted as your capital is always at risk whether the account is being managed by a professional or is trading on an automated system.

How to open a forex trading account with online brokerage firms

Ideally, you will want to open a brokerage account with a top forex broker. Many of the best brokerage firms offer multiple account types to choose from. Depending on the level of the initial deposit, many brokerages offer bonus incentives, such as additional capital to trade with. These bonuses are nice but not always substantial, with maybe a $100 bonus offered for an initial deposit of $5,000.

With that in mind, opening an online forex trading account with a broker is very easy, especially when opening a demo account. Typically, if you have metatrader 4 or 5 already downloaded then that will save you time, since the great majority of online forex brokers support this platform.

Once metatrader is downloaded, the trader can open a demo account with the broker of their choice, or they can open multiple demo accounts with more than one broker.

After building confidence in the broker’s platform, pricing and dealing features using the demo account, the trader can then proceed to open a live account that will usually involve filling in an online form and providing identification required by the broker.

Many seasoned traders will begin by funding the account with the minimum amount of capital to see if the broker’s live performance meets that of its demo account, as well as to see whether the broker allows order slippage or uses requotes. Testing the broker’s fund withdrawal policy can also make sense to make sure that funds are returned promptly upon request.

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