Best Brokers for Scalping available in Nigeria
Scalping is a trading strategy that is widely used in Forex and Indices Trading, mainly because they are the most liquid markets and trade large volumes. Check out which are the best brokers that allow Scalping strategies.
Best Brokers for Scalping available in Nigeria
AvaTrade is regulated in multiple jurisdictions worldwide, which makes the company a reliable, trustworthy, and transparent brokerage services provider.
AvaTrade allows you to optimize your scalping with excellent trading conditions such as low spreads, transparent pricing of assets, and fast execution on all entry and exit orders. Also, AvaTrade has a variety of trading platforms that are seamlessly accessible on both mobile and desktop devices. This aids in successful scalping because traders can enjoy similar functionality across all devices.
Of Australian origin, Pepperstone is one of the largest brokers that offer MT4. Recommended for Scalping for its fast execution and minimal spreads on their 'Razor' account. The company holds several licenses across countries like Australia, UAE, Kenya and Germany, ensuring your money is protected. In addition, Pepperstone encourages scalping strategies: when presenting their Razor account, they comment that it is the perfect account for Scalpers and other algorithmic operators.
Pepperstone's Razor account is an excellent vehicle for scalpers to use. It offers access to raw spreads from 0.0 pips with a commission charge applied, allowing scalpers to move in and out of positions at a lower cost.
In terms of liquidity, Pepperstone allows scalpers to have all of their FX trades filled in full (99.6% fill rate based on December 2021), fast execution and no partial execution or requotes on market orders. In addition, there is no dealing desk intervention, and their quotes come straight from their liquidity providers.
Pepperstone also offers over 1200 different instruments for scalping clients to trade to take advantage of the dynamic nature of market opportunities.
One of the largest MT4 and MT5 Forex brokers, XM has been a popular choice among traders who perform Scalping Trading strategies. XM has several trading account types, and the performance of your scalping trades will vary, depending on the account type you choose due to the difference in the symbol, leverage, trading cost and spread. Using XM, it's recommended that scalper traders use XM's Ultra Low Spread account or XM Zero account type since both account types provide raw spread, which is the lowest FX spread XM can provide (starts from 0.1 pips). Some stats: XM had a 100% execution rate (no rejection of orders), and 99.35% of all orders were executed in less than 1 sec, with a strict no re-quotes policy.
How to categorize good Brokers for Scalping?
The main characteristics for a Trading platform to be considered suitable for Scalping are the following:
First and, above all, the Broker must accept Traders who use Scalping strategies. Some brokers define their terms and conditions as not offering their trading platforms for Scalping.
Second, the Broker should be available to local traders. Every Broker has restrictions in terms of geographies. Our top list only includes Brokers that open Scalping Accounts in Nigeria.
The Broker must offer competitive commissions (Both the trade's opening commission and the spread) to keep the costs of each position to a minimum.
The platform must allow opening orders with a user-designed setup. The setup details the pips in which the order will be closed, both profit and loss.
The platform must have swift order execution. It is useless to be a high-frequency scalper if the platform takes a second to open or close the order, when the price may have varied widely. As a guide, the Broker should have Electronic Communications Networks (ECN) or Straight Through Processing (STP) for instant execution of orders.
The platform must provide good technical analysis indicators. For obvious reasons, a scalper requires good data to simplify decision making.
It must allow opening and closing orders with a few clicks: A scalping strategy loses all its power if many clicks of the type "Are you sure you want to open this order?" are required to negotiate an order? Or "Confirm the operation by clicking".
The Broker should be regulated in a reliable and respectable jurisdiction. When Scalping, you should avoid unregulated Brokers or if they are regulated in offshore jurisdictions. It is essential that the execution of your trades (In other words, the accounting of profits/losses) is carried out correctly, and a competent regulator oversees the Broker's accounting. A scammer Broker may quickly liquidate the scalper with incorrect, unaudited information. A broker that operates from the proper jurisdiction has no way of scamming its users because it would be soon banned.
Without further ado, below we present our Top 3 Trading Platforms for Scalping.