Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best ECN Brokers in Nigeria for 2024. Five companies that enjoy huge popularity in Nigeria were selected and compared between each other.
1
RoboForex - Best in Nigeria for 2024
RoboForex bonus programs are the company's strong points. Every trader gets a $30 Welcome Bonus, if they deposit $10 or more to their account. Additional bonuses include 5%-15% cash back on the fees depending on the trading volume, as well as additional 10% extra funds for more than 1,000 traded.
The minimum deposit on all accounts except R StockTrader is $10. The minimum deposit for trading stocks on the R StocksTrader and copying trades on the CopyFx platform is $100. The spread on Prime and ECN accounts is floating, from 0 pips, on Pro and ProCent accounts – floating from 1.3 pips. You can trade 36 currency pairs, metals and CFDs on this type of account.
For trading, RoboForex has available the following applications: MetaTrader 4, MetaTrader 5, and R StocksTrader, as well as its web terminal, on which you can work on real and demo accounts.
Leverage is up to 1:300-1:500 depending on the account type, as required by the regulatory authorities. The leverage on the cent account is up to 1:2000. On standard accounts, manual increase of leverage to 1:2000 is possible during registration, but this option is subject to certain rules. This parameter is appreciated by experienced traders and amateurs of aggressive trading. With RoboForex, you can earn not only on trading but also on the affiliate program, making a profit from users you have referred to a broker. Multilingual support helps market participants solve their pressing problems 24/7.
2
Exness - Best in Nigeria for 2024
Due to an expanded range of trading accounts, Exness is suitable for both professionals and novice traders with little or no experience. The former trade on Pro accounts, and the latter trade on standard and cent accounts. Occasionally, Exness pays bonuses to its new and existing clients.
Not every broker can compete with the range of trading instruments offered by Exness. The company provides 5 classes of CFDs. Commodities can be split into two more groups — metals and energies. The choice of currency pairs is one of the widest on the market. There are over 100 pairs, including majors, minors, and exotics. Leverage is up to 1:2,000 on all account types. Further, active traders can use unlimited leverage subject to requirements for the number of traded lots. The requirements for standard and professional account types are 5 lots, for the cent account, it is 500 lots. The swap-free option is available for all account types.
Market execution is available for trades with currency pairs, indices, stocks, and commodities. Trades on the Pro account are executed instantly. This rule doesn’t apply to cryptocurrencies. Only market execution is available when trading those. Trading conditions on one account type on different platforms are similar. That is, swaps and spreads for Standard account types on MT4, MT5, or Exness in-house platforms are the same.
3
FBS - Best in Nigeria for 2024
The FBS brokerage company offers very attractive trading conditions for traders living all over the world. The minimum trade volume is 0.01 lot for all trading accounts. The minimum deposit is EUR 10 and the spread is 1 pip. Traders can connect an Islamic account option to all live accounts, allowing them to trade according to Sharia law. Popular and exotic currency pairs, indices, futures, and metals are offered as trading instruments.
4
TeleTrade - Best in Nigeria for 2024
TeleTrade offers its clients rather enticing trading conditions. The minimum trade volume is 0.01 lots for all trading accounts, and the minimum spread is 0.2 pips. The minimum deposit is $10. The company's clients can trade on three types of real accounts, as well as copy trades of experienced traders. The broker offers wide range of financial instruments: in addition to currency pairs, you can trade indices and cryptocurrencies.
5
FTMO - Best in Nigeria for 2024
FTMO offers a classic set of trading instruments: from currency pairs and stock assets to cryptocurrencies. Trading platforms are MetaTrader4, MetaTrader5, and cTrader. Trading conditions during testing and on a real account are the same.
What Are ECN Brokers?
ECN (Electronic Communications Network) brokers are intermediaries who provide access to financial markets through electronic networks, providing their clients with direct access to the market. ECN brokers allow traders to place trades directly into the interbank marketplace without passing them through a dealing desk. This enables traders to benefit from direct market access, full transparency and better execution.
ECN brokers charge a commission for their services. However, these charges are generally lower than the spreads charged by traditional brokers as they have access to larger liquidity pools.
What Is the Difference Between an ECN Broker and a Market Maker Broker?
The main difference between an ECN broker and a Market Maker broker is that ECN brokers provide direct access to the interbank market. In contrast, Market Maker brokers serve as their own counterparties in all transactions. This means that when trading with a Market Maker broker, traders are not trading in the real exchange, but rather, they are trading against the broker.
ECN brokers don’t act as counterparties to their clients' trades, meaning that traders benefit from true market prices with no conflict of interest between the trader and broker. Furthermore, ECN brokers provide their clients with faster execution speeds due to direct access to the interbank market, as well as deep liquidity pools, which makes it easier to enter and exit trades.
In terms of transparency, ECN brokers are usually more transparent than Market Makers as they provide their clients with direct access to the prices available in the interbank market. This allows traders to make more informed decisions and have a better understanding of where their trades will be executed.
How to Choose the Best ECN Broker
If you are planning to trade on the foreign exchange market, finding the right ECN broker is the first step to ensuring that you are investing in the right way. With so many ECN brokers available, it can be challenging to choose the right one. Here are some tips to help you find the best ECN brokers in Nigeria.
1. Regulatory Compliance
Regulatory compliance is essential when selecting an ECN broker in Nigeria. It is important to ensure that the broker is regulated by a reputable regulatory body. Check if the broker is registered and licensed by the right authorities. Verify their registration numbers with the regulatory body before making any commitments.
2. Trading Conditions
Choosing an ECN provider that provides competitive trading conditions can help to improve your trading performance. Consider ECN brokers in Nigeria who offer low spreads, minimal commissions and fast order execution speeds. Check the minimum deposit and account balance requirements as well.
3. Account Types
An excellent online ECN broker in Nigeria should offer various account types to cater to different traders' needs. Look for a broker that offers a demo account to help you practice trading in a risk-free environment. Additionally, ensure that they offer a variety of trading accounts to choose from, including micro, standard, and premium accounts.
4. Customer Service
Customer service is a critical factor when comparing ECN trading companies. Look for a broker that provides timely and efficient customer support via various channels, including phone, email, and live chat. Ensure that the broker has a responsive customer service team ready to assist you whenever you need help.
5. Trading Platform
The best ECN trading platform will usually provide a reliable trading platform with all the necessary trading tools for traders. Ensure that the trading platform is user-friendly, with a mobile app for trading on the go. Top ECN Brokers also have quick order execution time, real-time charts, and a news feed.
How to Get Started with ECN Brokers in Nigeria
Beginning the journey with ECN trading brokers in Nigeria is simple and straightforward. Here's a step-by-step guide to getting started:
1. Choose an ECN Broker
Research different ECN trading brokers in Nigeria and review their services and trading conditions. Compare the brokers and select one that offers the best value for your money.
2. Select an Account Type
Top ECN brokers in Nigeria offer different types of trading accounts designed to meet the needs of all traders. Select a trading account type that best suits your needs and objectives. You may want to start with a demo account to learn the basics and practice trading.
3. Choose Your Strategy
Trading with ECN brokers requires a well-thought-out approach. Have a clear strategy and risk management plan in place before you begin trading. For instance, you can choose to focus on a long-term or short-term trading strategy.
4. Fund Your Account
Once you've decided on a broker and account type, fund your trading account with the minimum deposit required. Most ECN brokers in Nigeria accept deposits via debit/credit cards, wire transfers, e-wallets, and other payment methods.
5. Start Trading
You are now ready to start trading. Log in to your online trading platform and begin placing trades according to your strategy. Monitor your positions regularly and adjust your strategy as needed.
TU Expert Review for the best ECN Brokers in Nigeria
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best ECN Brokers in Nigeria is posted below.
RoboForex - TU Expert Review
Over the years, this broker has shown itself to be a reliable and trusted partner. RoboForex provides clients with the best conditions: tight spreads from 0 pips, the highest execution speed, and micro-accounts with a lot of 0.01. The positive feedback from real traders about RoboForex, instant withdrawal of funds, and operational support are what impress me about this broker. The brokerage company offers quality services to both beginners and seasoned traders. Over the years of cooperation with RoboForex, the broker has not received any significant claims against it. Therefore RoboForex is quite popular among Traders Union clients. All financial issues and claims on the broker's work are resolved by the company's representatives as quickly as possible and within minimum time. RoboForex always meets its clients and partners halfway. Following the mass of positive reviews about the work of roboforex.com, Traders Union recommends this company as a trusted broker with a high trust rating.
Exness - TU Expert Review
Exness has been providing its services since 2009. Over this period, the company has opened its representative offices worldwide, obtained licenses from many regulatory authorities, and provided in-house platforms for active and passive trading. Its client investments are protected by the Compensation Fund of the Financial Commission. Additional security measures, such as holding client funds in segregated accounts, ensure their safety and blocking from unauthorized use. Today, Exness is one of the biggest European and global brokers with a monthly trading volume of $4.44 trillion. This data is provided on the company’s website in the public domain. Also, there are reports of independent audits regularly held by Deloitte, a highly reputable auditor. Exness wants to be a universal broker for traders with any capital, experience, and strategy. Moreover, its partnership programs with favorable conditions allow the broker to expand its already extensive client base.
FBS - TU Expert Review
The FBS broker fulfills its obligations as a partner to Traders Union and is recognized by the members of the Union as a company that offers clients optimal trading conditions. The FBS brokerage company provides traders with several trading accounts to choose from: a free demo account and several types of real accounts with different conditions. This allows its clients to choose the best option based on the trading strategy and financial instrument, as well as individual requirements. The broker provides all traders with negative balance protection. Considering all this, we can say that the FBS broker is suitable for both novice traders and professionals of foreign exchange trading. It should be noted that the company's support service works around the clock, 7 days a week, and you don't have to wait long for an answer. The broker's website is simple, you can understand it intuitively.
TeleTrade - TU Expert Review
Traders Union has been working with the company since 2012. Over this time, a lot of reviews have been received about the broker from the TU clients, which you can find on this page. All reviews are moderated and then published. Therefore, they contain relevant information about traders’ experience of working with TeleTrade. Each TU client who opened an account with a brokerage company is entitled to free legal support, as well as advice on general issues related to the broker’s performance. TeleTrade Company offers its clients the opportunity to trade 28 currency pairs, as well as metals, indices, stocks and energies. Cryptocurrency trading is also available. Traders canopen a free demo account and trade virtual funds. The broker also provides several types of real accounts, which allows you to choose the best option in terms of conditions. Thanks to a large analytical section and loads of educational information, the company attracts a lot of novice traders. A wide range of technical analysis tools and the possibility to use various strategies, including pipsing, are the main reasons why experienced traders open an account with TeleTrade.
FTMO - TU Expert Review
FTMO is a managing prop firm operating on the principle of a prop company. To receive money under management, a potential trader must successfully complete a two-stage active trading test. At each stage, requirements are set for the maximum allowable daily loss, total loss, and target profit level. The prop firm’s conditions are relatively loyal, but still, they can be difficult to successfully navigate. Regardless of the chosen testing package, the limits are 10% of the total loss. For comparison: other prop companies have allowable drawdowns of 15-20%. Despite the strict requirements for the test period, FTMO has a relatively low test cost beginning at €155. By comparison, in most companies in this sector, the entrance fee for passing the test is from €400-500. Another advantage is the availability of standard MT4/MT5 platforms and mobile app. Most other prop companies have their own or adapted platforms, while FTMO has standard platforms. This allows you to work with any custom indicators and advisors previously honed in the MetaTrader tester. My impression of FTMO remains positive. But after studying the conditions, it is clear that without trading experience, it makes no sense to try your hand at the test. Testing conditions are favorable for those who have worked previously with a demo account and are good at risk management. However, you can also gain experience on the company’s platform itself. There is a free version of the test that fully corresponds to the paid test.
Summary
Many brokers operate in Nigeria, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best ECN Brokers in Nigeria 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best ECN Brokers in Nigeria
| RoboForex | Exness | FBS | TeleTrade | FTMO | |
|---|---|---|---|---|---|
|
Overall score |
8.61 |
7.58 |
8.28 |
7.19 |
7.37 |
|
Execution of orders |
8.95 |
9.6 |
9.5 |
3.21 |
8.6 |
|
Investment instruments |
8.2 |
8.79 |
6.96 |
6.7 |
4.89 |
|
Withdrawal speed |
9.71 |
8.79 |
9.57 |
7.79 |
7.21 |
|
Customer Support work |
9.17 |
9.29 |
7.58 |
8.41 |
8.01 |
|
Variety of instruments |
8.75 |
8.02 |
7.02 |
8.75 |
7.52 |
|
Trading platform |
6.86 |
1 |
9.03 |
8.29 |
7.96 |
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FAQ
Which ECN is best?
As of 2024, RoboForex is considered the best ECN broker in Nigeria. The broker offers a wide range of trading instruments, competitive fees, and excellent customer service.
Are there true ECN brokers?
Certainly! Many brokers offer true ECN trading conditions, including low spreads and lightning-fast order execution. However, be sure to research the broker's reputation before signing up.
What are the risks of ECN?
ECN trading can be quite risky as it involves trading on the Forex market. Traders can potentially lose if their positions move against them. To reduce risk, make sure to have a solid trading strategy and practice proper risk management.
What is the disadvantage of an ECN broker?
One disadvantage of trading with an ECN broker is that there may be extra costs and fees associated with the account. Research the fee structure of the broker before signing up to make sure you understand all the costs involved.
Why is a license important for a broker?
License is the key document testifying to the broker’s reliability. It means that the company complies with the requirements of the financial regulatory authority that issued it. It is recommended that you choose brokers with licenses from top financial regulators: the USA, European Union, the UK, as these jurisdictions have the strictest licensing requirements.
What factors are important when you are choosing a broker?
When you are choosing a broker, it is important to make sure it is a reliable company, consider its fees, the list of trading instruments, deposit and withdrawal methods and other factors. It is important to study a broker in detail, before opening an account with it.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
Can you earn passive income in the financial markets?
Yes, the best brokers of Nigeria offer passive income options. These could include copy trading, PAMM accounts, managed portfolios, etc.
Best ECN Brokers by Countries
Team that worked on the article
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.