As a forex trader, it is important to know which ECN Forex brokers are the best and most genuine. Understanding the strengths and weaknesses of using an ECN (Electronic Network Communication) can significantly increase your income. In this article, we take a look at the best ECN Forex brokers South Africa used for trading stocks, indices, binary options, CDFs, ETFs, Forex and cryptocurrencies like Bitcoin and Ethereum.
What are ECN Brokers?
An ECN broker is a financial link that uses an electronic communications network (ECN) to provide its clients with direct connections with other participants in the securities and currency markets. ECN brokers coordinate transactions between different market participants. You cannot do business against the clients. ECN spreads are usually narrower than traditional brokers, but ECN brokers still charge a fee per transaction.
What are the best ECN brokers in South Africa?
AvaTrade offers over 2,000,000 trades to over 200,000 active traders worldwide every month. Founded in 2006, it is one of the most regulated and reputed brokers in the market and is renowned for its extensive business experience. AvaTrade is popular for its wide range of instruments, low margins, and excellent customer service. Education and training is one of AvaTrade’s fundamental beliefs that gives traders the very best materials and makes it easier for them to fulfill their business desires. Customer registration is very easy and is supported by a messaging service providing efficient service via email, phone and live chat.
XM strives to be one of the leading brokers in the industry. Since entering the market in 2009, its customer base has grown to over 3,000,000 customers. Traders have access to the internet and mobile platforms, but they are more likely to find mobile platforms that provide a better experience. Traders of all experience levels appreciate the amount of information available, such as educational and training materials. Setting up user accounts is easy and the support team is quick to respond to apps, but it sometimes requires more work to figure the whole setup out.
- FP Markets
FP Markets is an Australian brokerage firm founded in 2005 that allows traders to trade Forex, Indices, Commodities, Stocks and Cryptocurrencies with low spreads and high trading conditions. It is very easy to create a cheap account. Getting the job done is a quick process. In addition, they have separate messenger accounts, so they are closely monitored for security purposes.
- Alpari International
Alpari International (Alpari) is a fast growing international company that has achieved success in the world of foreign exchange transactions. Novice traders can access incredible resources in the form of an advertising account. The goal is to stay in the symbolic environment as quickly as possible. Alpari’s product packages will definitely appeal to customers of all skill levels. For those who consider themselves experienced traders, Alpari offers positions of strategic management. This feature allows sellers to share their trade policy with other sellers, and if the policy is profitable then the advising seller will share the profit.
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