SuperForex Review.
SuperForex can be summarised as a trustworthy broker that provides Contracts for Difference (CFDs) and trading facilities on shares, forex, commodities, and more to a large global market. SuperForex is currently not regulated by the CBN.
Updated : March 27, 2023.
Regulation and Safety of Funds.
Account Types and Features.
Range of Markets.
Deposits and Withdrawals.
Education and Research.
Account Activation Time.
SuperForex At a Glance:
��️ Headquartered Belize ��️ Nigerian Based Office No �� Accepts Nigerian Traders? Yes �� Year Founded 2013 �� Nigerian Office Contact Number None ⚖️ Regulation None that could be verified �� License Number None ⚖️ CBN Regulation No ✴️ Regional Restrictions United States, Ukraine, North Korea ☪️ Islamic Account Yes �� Demo Account Yes �� Retail Investor Accounts 11 �� Offers a Nigerian Account? No �� Dedicated Nigerian Account Manager? Unknown �� Affiliate Program Yes �� Order Execution Market, Instant �� Average spread From 0.0 pips EUR/USD ✴️ Margin Call 30% �� Stop-Out 40% �� Minimum Trade Size 0.01 lots �� Maximum Trade Size Unlimited �� Crypto trading offered yes �� Maximum Leverage 1:2000 �� Leverage Restrictions for Nigeria? None �� Minimum Deposit (₦) 400 NGN or an equivalent to $1 �� Nigerian Naira Deposits Allowed? Yes �� Active Nigerian Trader Stats +-20 000 �� Nigeria Daily Forex Turnover Unknown.
SuperForex Review – 16 key points quick overview:
SuperForex Overview SuperForex Regulation and Safety of Funds Account Types and Features Account Registration SuperForex Vs Alpari VS AvaTrade – Broker Comparison SuperForex Trading Platforms Range of Markets Trading and Non-Trading Fees Deposits and Withdrawals Education and Research Bonuses and Promotions SuperForex Affiliate Program SuperForex Social Responsibility Verdict on SuperForex SuperForex Pros and Cons Frequently Asked Questions.
SuperForex Overview.
Overall , SuperForex is the broker with the most trading account options and Naira-based accounts in the industry, with over 400 trading products to choose from. SuperForex offers a grand selection of tradable instrument, competitive trading conditions, and low commission charges on trades.
SuperForex is based in Belize and does not have regulation through the Central Bank of Nigeria (CBN) or any local offices in the region.
They provide competitive online trading conditions using MetaTrader 4 platforms for web, desktop, and mobile devices, all of which are user-friendly and easy to use. This features low spreads (fixed or variable), no commission costs, and lightning-fast trade executions.
SuperForex also provides a social trading platform, a wide range of account kinds, and a high level of leverage.
This SuperForex review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
SuperForex Distribution of Traders.
The distribution of traders with SuperForex is as follows:
️ South Africa – 6.6%
️ Islamic Republic of Iran – 5%
Popularity among traders who choose SuperForex.
�� While SuperForex does not occupy a significant market share in Nigeria, the broker is a popular option for African traders overall, ranking it in the Top 50 forex brokers for Nigerian traders.
SuperForex Regulation and Safety of Funds.
�� SuperForex claims to be regulated by the International Financial Services Commission (IFSC) in Belize. However, there is no license or reference number given and upon further investigation, SuperForex’s regulatory status cannot be confirmed.
�� While SuperForex is unregulated, the broker claims that it has a “segregated funds” approach. SuperForex claims not to utilize any of its customers’ money in its day-to-day activities. For the safety of the customers’ funds, they should be held in separate bank accounts and only utilized to finance trading activity.
�� Secure Socket Layer (SSL) certificates have been implemented by SuperForex to safeguard the safety of its customers. Clients’ access devices and SuperForex servers are protected by this technique.
�� SuperForex advises customers to double-check their contact information, including their email and phone number, to better secure their accounts.
�� Anti-Money Laundering (AML) policy paper from SuperForex outlines the need for every customer to submit a government-issued ID card and a utility bill document to comply with anti-money laundering legislation. To complete the registration process for new customers, Nigerian traders must do this verification as part of the process.
�� A log-in history can be seen by clients on their accounts and the log records each login’s IP address, as well as the location, date, and time, as well as the computer’s operating system and web browser. The goal is for a client to be able to quickly identify any unauthorized login activity.
�� Customers can also store all their access devices in the Client’s Cabinet. Clients’ accounts cannot be accessed by any devices that do not appear on this list.
�� In addition, customers have the option of creating a list of IP addresses from which they want to restrict access to their account. Clients’ accounts are protected by these features, which prevent hackers from gaining access to them.
Account Types and Features.
�� Traders at SuperForex can choose from a broad range of account types. Nigerian traders must choose the account type that best suits their objectives and approach. Each account type has its own set of conditions and limitations.
�� In addition to STP accounts, direct access to the Forex market with ECN accounts eliminates the need for intermediate banks. Subsequently, with the ECN accounts, there are no intermediaries or requotes between market players. This means that Nigerian traders can expect instant order execution through this technology and advantage.
�� The full comprehensive list of accounts offered by SuperForex include:
➡️️ Standard Account.
➡️️ Swap-Free Account.
➡️️ No Spread Account.
➡️️ Micro Cent Account.
➡️️ Profi STP Account.
➡️️ Crypto Account.
➡️️ ECN Standard Account.
➡️️ ECN Standard Mini Account.
➡️️ ECN Swap-Free Account.
➡️️ ECN Swap-Free Mini Account.
➡️️ ECN Crypto Account.
Live Trading Accounts.
Standard Account.
�� This is a typical account with basic trading conditions that cater to most Nigerian traders.
Account Features Value �� Account Base Currency Options USD, EUR, GBP, RUB, ZAR, NGN, CNY, BDT, INR, THB �� Minimum Deposit 400 NGN or an equivalent to $1 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:1000 �� Commissions charged None �� Instruments available on this Account All �� Bonuses offered All �� Position Size for the Account 10,000 USD �� Swaps Included, Fixed �� Average Spreads EUR/USD – 2 pips XAU/USD – 7 pips XAG/USD – 7 pips AAPL – 1 pip Brent Crude Oil (BRT) – 2.5 pips SPX – 13 pips NAS100 – 13 pips SVXY.US – 7 pips �� Forex Copy-trading offered Included.
Swap-Free Account.
�� This is a designated account for Nigerian Muslim traders, exempting them from swap fees.
Account Features Value �� Account Base Currency Options USD, EUR, GBP, RUB, IDR, MYR, AED, ZAR, NGN, BDT �� Minimum Deposit 400 NGN or an equivalent to $1 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:1000 �� Commissions charged None �� Instruments available on this Account All �� Bonuses offered All �� Position Size for the Account 10,000 USD �� Swaps Included, Fixed �� Average Spreads EUR/USD – 2 pips XAU/USD – 7 pips XAG/USD – 7 pips AAPL – 1 pip Brent Crude Oil (BRT) – 2.5 pips SPX – 13 pips NAS100 – 13 pips SVXY.US – 7 pips �� Forex Copy-trading offered Included.
No Spread Account.
�� This is an account that offers the lowest spreads to algorithmic traders, scalpers, active traders, and other fast-paced trading strategies.
Account Features Value �� Account Base Currency Options USD, EUR, GBP �� Minimum Deposit 400 NGN or an equivalent to $1 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:1000 �� Commissions charged Yes, from 0.017% �� Instruments available on this Account Forex, Precious Metals, Stocks, Commodities, CFDs, Futures �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 10,000 USD �� Swaps Included, Fixed �� Average Spreads EUR/USD – 0.1 pips XAU/USD Spot – 0.1 pips AAPL NS – 0.1 pips Brent Crude Oil (BRT) – 2.5 pips �� Forex Copy-trading offered Included.
Micro Cent Account.
�� This is an ideal account for beginner traders because of its smaller position sizes and lower risks.
Account Features Value �� Account Base Currency Options USD, EUR �� Minimum Deposit 400 NGN or an equivalent to $1 �� Maximum Deposit 1,000,000 NGN or an Equivalent to $3,000 �� Maximum Leverage offered 1:1000 �� Commissions charged None �� Instruments available on this Account Forex �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 10,000 USD �� Swaps No, Fixed �� Average Spreads EUR/USD – 2 pips USD/CHF – 2 pips NZD/USD – 3 pips USD/CAD – 3.5 pips USD/ZAR – 48 pips �� Forex Copy-trading offered None.
Profi STP Account.
�� This is an advanced account that is aimed at maximizing traders’ profit potential.
Account Features Value �� Account Base Currency Options USD, EUR, GBP, ZAR �� Minimum Deposit 207,000 NGN or an equivalent to $500 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:2000 �� Commissions charged Yes, from 0.013% �� Instruments available on this Account All, except ETFs �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 10,000 USD �� Swaps No, Fixed �� Average Spreads EUR/USD – 0.1 pips XAU/USD Spot – 0.1 pips AAPL NS – 0.1 pips Brent Crude Oil (BRT) – 2.5 pips SPX – 13 pips NAS100 – 13 pips �� Forex Copy-trading offered None.
Crypto Account.
�� This account is designed to cater specifically to cryptocurrency trading.
Account Features Value �� Account Base Currency Options USD �� Minimum Deposit 41,000 NGN or an equivalent to $100 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:10 �� Commissions charged Yes, from 0.75% �� Instruments available on this Account Forex Major, Crypto �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 10 BTC �� Swaps No, Fixed �� Average Spreads EUR/USD – 2 pips BTC/USD – 190 pips ETH/USD – 50 pips BCH/USD – 15 pips LTC/USD – 15 pips DOGE/USD – 20 pips XRP/USD – 1 pip �� Forex Copy-trading offered None.
ECN Standard Account.
�� This provides traders with the basic account features but the benefit of ECN execution.
Account Features Value �� Account Base Currency Options USD, EUR, GBP �� Minimum Deposit 41,000 NGN or an equivalent to $100 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:1000 �� Commissions charged Between $8 to $10 on Forex �� Instruments available on this Account Forex, CFDs, Precious Metals, Indices, ETFs, Futures �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 100,000 USD �� Swaps Included, Variable �� Average Spreads EUR/USD – 0.0 pips XAU/USD – 0.0 pips XAG/USD – 0.0 pips AAPL – 0.0 pips NAS100 – 0.0 pips �� Forex Copy-trading offered None.
ECN Standard Mini Account.
�� This is an ideal account for traders who want to test their trading strategies in live market conditions with reduced risks.
Account Features Value �� Account Base Currency Options USD, EUR, GBP, NZD, TZS, UGX, GHS, KES, MYR, BRL, NGN, ZAR �� Minimum Deposit 400 NGN or an equivalent to $1 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:1000 �� Commissions charged None �� Instruments available on this Account Forex, CFDs, Precious Metals, Indices, ETFs, Futures �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 10,000 USD �� Swaps Included, Variable �� Average Spreads EUR/USD – 0.0 pips XAU/USD – 0.0 pips XAG/USD – 0.0 pips AAPL – 0.0 pips NAS100 – 0.0 pips �� Forex Copy-trading offered None.
ECN Swap-Free Account.
�� This is a standard ECN Islamic account for Muslim traders.
Account Features Value �� Account Base Currency Options USD, EUR, GBP �� Minimum Deposit 41,000 NGN or an equivalent to $100 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:1000 �� Commissions charged Between $10 on Forex Majors and $40 on Energies �� Instruments available on this Account Forex, CFDs, Precious Metals, Indices, ETFs, Futures, Energies �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 100,000 USD �� Swaps No, Variable �� Average Spreads EUR/USD – 0.0 pips XAU/USD – 0.0 pips XAG/USD – 0.0 pips XBR/USD – 0.0 pips XTI/USD – 0.0 pips AAPL – 0.0 pips NAS100 – 0.0 pips �� Forex Copy-trading offered None.
ECN Swap-Free Mini Account.
�� This account caters especially for Muslim Nigerian traders who are just starting their trading journey, providing them with competitive trading conditions and ECN execution.
Account Features Value �� Account Base Currency Options USD, EUR, GBP �� Minimum Deposit 400 NGN or an equivalent to $1 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:1000 �� Commissions charged Between $10 on Forex Majors and $40 on Energies �� Instruments available on this Account Forex, CFDs, Precious Metals, Indices, ETFs, Futures, Energies �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 10,000 USD �� Swaps No, Variable �� Average Spreads EUR/USD – 0.0 pips XAU/USD – 0.0 pips XAG/USD – 0.0 pips XBR/USD – 0.0 pips XTI/USD – 0.0 pips AAPL – 0.0 pips NAS100 – 0.0 pips �� Forex Copy-trading offered None.
ECN Crypto Account.
�� This account only offers crypto trading with the benefit of ECN execution.
Account Features Value �� Account Base Currency Options USD �� Minimum Deposit 41,000 NGN or an equivalent to $100 �� Maximum Deposit Unlimited �� Maximum Leverage offered 1:10 �� Commissions charged Yes, from 0.6% �� Instruments available on this Account Forex Major, Crypto �� Bonuses offered Welcome, Energy, Hot, Dynamic �� Position Size for the Account 10 BTC �� Swaps No, Variable �� Average Spreads EUR/USD – 0.0 pips BTC/USD – 0.0 pips ETH/USD – 0.0 pips BCH/USD – 0.0 pips LTC/USD – 0.0 pips DOGE/USD – 0.0 pips �� Forex Copy-trading offered None.
Demo Account.
�� A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
�� There is a certain degree of risk involved when trading financial markets and SuperForex offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
�� The details that Nigerian traders can expect from the SuperForex Demo Account include:
➡️️ Account base currency between USD and EUR.
➡️️ Minimum virtual deposit of 500 USD.
➡️️ A maximum virtual deposit of 50,000 USD.
➡️️ Minimum trade size of 0.01 and a maximum trade size of 100 USD.
➡️️ Maximum leverage up to 1:1000.
➡️️ Access to swaps.
➡️️ Fixed spreads offered on the demo account.
Islamic Account.
�� Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
�� This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
�� SuperForex offers the following designated Islamic Swap-Free Accounts to Muslim Nigerian traders:
➡️️ STP Swap-Free Account.
➡️️ ECN Swap-Free Account.
➡️️ ECN Swap-Free Mini Account.
Account Registration.
It only takes a few minutes for traders to register an account with SuperForex. Traders can visit the official website of SuperForex where they can select the option to register. They can then complete a short online application, providing them access to the web-based platform and the new trading account.
From here, traders can complete their registration and upload the necessary documents to verify their identity and proof of residence. Once this has been verified, traders can fund their accounts and start trading.
How to Register an Account on Plus500.
1. Step 1 : Start-Process.
In order for the applicant to start the process, they can simply click on the “Open Account” button located at the top, right-hand side of the webpage.
2. Step 2 : Accept Agreement.
The next step is to accept the Public Offer Agreement. Applicants must make sure that they fully understand what they are agreeing to before they continue.
3. Step 3 : Complete Registration.
The third step in the account application process is to complete a short, simple registration form. Once the registration form has been completed, the applicant can simply click “Open Account” to complete it.
The Trader will now be met with a Welcome message, congratulating them on registering their brand new SuperForex live trading account. The trader can now click on Continue to take a look around.
SuperForex Vs Alpari VS AvaTrade – Broker Comparison.
SuperForex Alpari AvaTrade ⚖️ Regulation None FSC Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA �� Trading Platform MetaTrader 4 SuperForex App MetaTrader 4 MetaTrader 5 • AvaTradeGO • AvaOptions • AvaSocial • MetaTrader 4 • MetaTrader 5 • DupliTrade • ZuluTrade �� Withdrawal Fee Yes Yes No �� Demo Account Yes Yes Yes �� Minimum Deposit 400 NGN 1,000 NGN 41,500 NGN �� Leverage 1:2000 Up to 1:1000 1:400 �� Spread From 0.0 pips From 0.4 pips Fixed, from 0.9 pips �� Commissions From 0.013% $1.5 None ✴️ Margin Call/Stop-Out 30%/40% 60% and 40% 25%/10% ✴️ Order Execution Market, Instant Instant and Market Instant �� No-Deposit Bonus Yes No No �� Cent Accounts Yes No No �� Account Types Standard Account Swap-Free Account No Spread Account Micro Cent Account Profi STP Account Crypto Account ECN Standard Account ECN Standard Mini Account ECN Swap-Free Account ECN Swap-Free Mini Account ECN Crypto Account • Forex Standard Account (MT4) • Forex Micro Account (MT4) • Forex ECN Account (MT4/5) • Forex Pro Account (MT4) • Retail Investor Account • Professional Account ⚖️ CBN Regulation No No No �� NGN Deposits Yes Yes No �� Nigerian Naira Account Yes Yes No �� Customer Service Hours 24/5 24/5 24/5 �� Retail Investor Accounts 11 4 1 ☪️ Islamic Account Yes Yes Yes.
SuperForex Trading Platforms.
�� SuperForex offers the following trading software that can be used to connect Nigerian traders to global financial markets:
➡️️ MetaTrader 4.
➡️️ SuperForex App.
Desktop Platforms.
➡️️ MetaTrader 4.
�� In terms of reliability and innovation, the MetaTrader 4 platform provided by SuperForex is the best available. MetaTrader 4 is the trading platform of choice for professionals. Fast and accurate brokerage services are provided to clients in the FX and CFD markets using this platform.
WebTrader Platforms.
➡️️ MetaTrader 4.
�� MetaTrader 4 offers a wide range of charting capabilities, indicators, analysis, and more, which can be accessed using any web browser. Any online browser and any operating system (Windows, Mac, Linux) can use the MetaTrader 4 web platform to trade Forex. Simply log into a trading account and begin trading in just a few seconds.
�� Because it is an integral element of the desktop platform, the MetaTrader 4 web client offers all the benefits of the native client. Web platform stability and interoperability with the MetaTrader 4 ecosystem are ensured as a result. Encrypted data is sent and received securely via the application.
Trading App.
➡️️ SuperForex App.
➡️️ MetaTrader 4.
�� To keep up with today’s fast-paced financial markets, SuperForex built a range of mobile apps to keep Nigerian traders always linked to their trading profession so that they can make lightning-fast trading choices.
�� Whether traders want to check on existing trades or open or close new ones, the SuperForex app development team’s applications are here to deliver a comprehensive trading experience right from any mobile device.
�� The MetaTrader 4 mobile apps are available for iOS and Android-powered smartphones and tablets, allowing users to trade on the financial markets. As with the desktop version, the mobile apps contain interactive quotes, complete trading orders and the most popular analytical tools.