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.
- Louis Schoeman
Updated : March 27, 2023
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
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 |
| 💳 Deposit Options | Bank Transfers Credit Card Debit Card Skrill Sticpay Neteller Triv Fasapay Perfect Money OnlineNaira BitWallet AstroPay MPesa Airtel MTN Vodacom Zamtel Crypto Wallets Local Payments SuperForex Money |
| 💰 Segregated Accounts with Nigerian Banks? | No |
| 💻 Trading Platforms | MetaTrader 4 SuperForex App |
| 💰 Tradable Assets | Forex Precious Metals Stocks Indices Cryptocurrencies Commodities Energies ETFs Futures CFDs |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English, Russian, Arabic, Thai, French, Spanish, Chinese (Simplified), Chinese (Traditional), Italian, Polish, Indonesian, Vietnamese, Portuguese, German, and several others. |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | No |
| 💰 Bonuses and Promotions for Nigerians | Yes |
| ✴️ Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | Yes |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️ Is SuperForex a safe broker for Nigerians? | Yes |
| ✔️ Rating for SuperForex Nigeria | 9/10 |
| ✔️ Trust score for SuperForex Nigeria | 99% |
| 👉 Open an account | 👉 Open Account |
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:
️ Algeria – 8.3%
️ South Africa – 6.6%
️ Ghana – 5.5%
️ Kenya – 5.5%
️ 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.
Overall Rating
- 4.5/5
Min Deposit
USD 1 / 415 NGN
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Range of Markets
👉 The range of Markets that Nigerian traders can expect include:
➡️️ Forex
➡️️ Precious Metals
➡️️ Stocks
➡️️ Indices
➡️️ Cryptocurrencies
➡️️ Commodities
➡️️ Energies
➡️️ ETFs
➡️️ Futures
➡️️ CFDs
SuperForex Broker Comparison for Range of Markets
| SuperForex | RoboForex | LiteFinance |
|
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | No | Yes |
| ➡️️ ETFs | Yes | No | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | Yes | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | No | Yes |
| ➡️️ Bonds | No | No | No |
Trading and Non-Trading Fees
Spreads
👉 The spreads that traders can expect from SuperForex will depend on the financial instrument that they trade, the market conditions when they trade, and the financial instrument that is being traded. SuperForex offers a comprehensive breakdown of all the spreads that traders can expect according to their account type.
👉 The average spreads that SuperForex charges on EUR/USD per the account type are as follows:
➡️️ Standard Account – Fixed, 2 pips
➡️️ Swap-Free Account – Fixed, 2 pips
➡️️ No Spread Account – Fixed, 0.1 pips
➡️️ Micro Cent Account – Fixed, 2 pips
➡️️ Profi STP Account – Fixed, 0.1 pips
➡️️ Crypto Account – Fixed, 2 pips
➡️️ ECN Standard Account – Variable, from 0.0 pips
➡️️ ECN Standard Mini Account – Variable, from 0.0 pips
➡️️ ECN Swap-Free Account – Variable, from 0.0 pips
➡️️ ECN Swap-Free Mini Account – Variable, from 0.0 pips
➡️️ ECN Crypto Account – Variable, from 0.0 pips
Commissions
👉 SuperForex charges commissions on certain account types and financial instruments. While most accounts are commission-free, the following accounts can expect commission charges:
➡️️ No Spread Account – form 0.017%
➡️️ Profi STP Account – from 0.013%
➡️️ Crypto Account – from 0.75%
➡️️ ECN Standard Account – Between $8 to $10 on Forex
➡️️ ECN Swap-Free Account – Between $10 on Forex Majors and $40 on Energies
➡️️ ECN Swap-Free Mini Account – Between $10 on Forex Majors and $40 on Energies
➡️️ ECN Crypto Account – From 0.6%
Overnight Fees, Rollovers, or Swaps
👉 SuperForex charges overnight fees on certain accounts and only on different forex pairs. The average overnight fees that Nigerians can expect according to some of the supported forex pairs are as follows:
➡️️ EUR/USD – a long swap of -0.018 and a short swap of 0.006
➡️️ USD/CAD – a long swap of -0.29 and a short swap of 0.18
➡️️ AUD/CHF – a long swap of 0.52 and a short swap of -0.63
➡️️ CHF/JPY – a long swap of -0.06 and a short swap of -0.06
➡️️ USD/ZAR – a long swap of -1.115 and a short swap of 0.545
Deposit and Withdrawal Fees
👉 SuperForex does not charge any deposit fees, but the following withdrawal fees are charged:
➡️️ Bank Transfers (All) – 3% along with 35 USD
➡️️ Bank Transfers (ZAR) – from 1.4% to 3.8%
➡️️ Bank Transfer (IDR, MYR, THB, VND) – 3%
➡️️ Bank Transfer (BRL, MXN) – 5$
➡️️ Credit and Debit Card – 3% + 10 USD
➡️️ UnionPay – 3%
➡️️ Skrill – 1 USD if amount less than 50 USD, 1.5% if amount more than 50 USD
➡️️ Neteller – 2%
➡️️ Sticpay – 2.5% + $0.3
➡️️ Triv, Fasapay, and Perfect Money – 0.5%
➡️️ OnlineNaira – 2%
➡️️ BitWallet – 4%
➡️️ AstroPay – 5%
➡️️ MPesa, Airtel, MTN – 3%
➡️️ Crypto Wallets – 5%
➡️️ Local Payments – Local Bank Wire Fees
Deposits and Withdrawals
👉 SuperForex offers the following deposit and withdrawal methods:
➡️️ Bank Transfers
➡️️ Credit Card
➡️️ Debit Card
➡️️ Skrill
➡️️ Sticpay
➡️️ Neteller
➡️️ Triv
➡️️ Fasapay
➡️️ Perfect Money
➡️️ OnlineNaira
➡️️ BitWallet
➡️️ AstroPay
➡️️ MPesa
➡️️ Airtel
➡️️ MTN
➡️️ Vodacom
➡️️ Zamtel
➡️️ Crypto Wallets
➡️️ Local Payments
➡️️ SuperForex Money
How to Deposit Funds with SuperForex
👉 To deposit funds, Nigerians can follow these steps:
➡️️ Log into the Client’s Cabinet
➡️️ Select the account that must be funded
➡️️ Navigate to “Financial Operations” on the lefthand side and select the option to “Deposit Money”
➡️️ A page will load, displaying all the supported payment methods that can be used
➡️️ Once traders have decided on their deposit method, they can click on the green “Deposit” button to proceed
➡️️ A more detailed overview of the payment method that traders selected will open and traders can provide the amount to deposit in the “Deposit Details” fields, followed by clicking on “Deposit Money”
➡️️ Traders will be redirected to the relevant webpage for the payment method that they selected to complete the transaction
How to Withdraw Funds with SuperForex
👉 To withdraw funds, Nigerian traders can follow these steps:
➡️️ To withdraw funds, traders can log into their Client’s Cabinet and select “Money Withdrawal”
➡️️ Traders will be redirected to the page where they will find the supported withdrawal methods
➡️️ To use a withdrawal method, traders can click on the “Withdraw” button which will redirect them to an information page about the payment method
➡️️ Here, traders can enter their withdrawal amount and they can select “Withdraw Money”
➡️️ Traders will be redirected to the relevant webpage where they can complete their withdrawal through the selected payment method.
Education and Research
👉 SuperForex offers the following Educational Materials:
➡️️ Training Centres
➡️️ Seminars
➡️️ Educational Videos
➡️️ Glossary
➡️️ Pattern Graphix
👉 SuperForex offers Nigerian traders the following Research and Trading Tools:
➡️️ Technical Analysis
➡️️ Economic News
➡️️ Fundamental Analysis
➡️️ Video Analysis
➡️️ Weekly Review
Bonuses and Promotions
👉 SuperForex offers the following bonuses, contests, and Promotions:
➡️️ Welcome Bonus of 50% with every deposit
➡️️ 300% hot Bonus when traders deposit $100 or more
➡️️ An Easy Deposit Bonus of up to 3,000% on all deposits up to $750
➡️️ A no-deposit bonus of $88
➡️️ 60% Energy Bonus on each deposit made
➡️️ Gold Rush Contest
➡️️ Bitcoin Mania Contest
➡️️ Auto Reset Balance offer
➡️️ Interest Rate on Equity Offer
➡️️ Membership Club Promotion
➡️️ Account Packages Promotion
SuperForex Affiliate Program
👉 As part of the SuperForex Affiliate and Partnership Program, the broker provides clients with the chance to grow their own company by suggesting comprehensive trading services to their connections. SuperForex rewards its partners with a generous bonus for each new customer they bring on board.
👉 When Nigerians become SuperForex partners, they will have access to many different tools and resources, including a pre-built website for their company, a variety of eye-catching promotional materials, and an affiliate link that allows affiliates to keep track of all their partner data.
How to Sign Up for the SuperForex Affiliate Program
👉 Step 1 – Go to superforex.com
➡️ Go to the official SuperForex website at www.superforex.com
👉 Step 2 – Go to the Partner option in the menu
➡️ Go to “Partner” in the menu and click on “Partnership program”.
👉 Step 3 – Click on “become a partner”
➡️ Click on the “become a partner” button and fill out your details.
SuperForex Social Responsibility
👉 Although SuperForex has established itself as a worldwide leader in the financial brokerage industry, the broker chooses to put its success to good use. The broker is not oblivious to the plight of the world’s people.
👉 Subsequently, SuperForex makes every effort to collaborate with business partners and donate their time, energy, and resources to non-profit organizations that aid the less fortunate across the globe. Some of the projects that SuperForex has participated in include:
➡️️ Christmas Giving 2021 where various goods and supplies were distributed in Lagos, Nigeria.
➡️️ Supporting 2 orphanages in Indonesia during Ramadan in 2021.
➡️️ Helping children in orphanages in Songea, Tanzania in 2021.
Verdict on SuperForex
👉 Traders can choose from a wide variety of trading instruments at SuperForex, all of which come with zero, fixed, or floating spreads. SuperForex offers a wide range of tradable instruments and a selection of trading accounts that suit every type of trader.
👉 For beginners, SuperForex is a good choice, thanks to its wide selection of order execution methods, cheap minimum deposit, promotions, and instructional material. However, its lack of regulation is a concern that could jeopardize client fund security, even if the broker claims that it keeps funds in segregated accounts and applies the necessary protections.
SuperForex Pros and Cons
| ✔️ Pros | ❌ Cons |
| SuperForex offers eleven account types with varying trading conditions and features | Unregulated |
| The minimum deposit requirement is very low | MetaTrader 5 is not offered |
| There are several convenient deposit and withdrawal options, and Nigerians can use local options | Limited trading tools provided |
| Nigerians have access to Naira-denominated trading accounts | |
| There are a few trading tools and educational materials offered | |
| There are Islamic accounts offered | |
| There is a demo account provided | |
| Traders can register managed accounts which are managed by SuperForex Bank |
Frequently Asked Questions
Is Superforex regulated?
Superforex Ltd is the owner of Superforex. Superforex Ltd is an offshore company who is registered in Belize and regulated by the International Financial Services Commission (IFSC).
Which platforms are supported by SuperForex?
SuperForex provides the popular MT4 trading platform
Does SuperForex offer a demo account?
Yes, Superforex does have a demo account option
Is SuperForex a recommended forex trading broker for experts and beginners?
SuperForex offers a fair trading environment for most types of traders.
What is the overall rating out of 10 for SuperForex?
The overall rating of Superforex is 6/10.
