ECN vs STP: SuperForex Pros, Account Setup & Global Reach

SuperForex Overview

Founded in 2013, SuperForex is an online securities and derivatives broker. The company offers over 400 instruments on the MetaTrader 4 platform, utilizing ECN and STP execution. Today, SuperForex operates in Europe and serves clients in more than 150 countries. With offices worldwide, including in Zambia, Malaysia, Indonesia, Zimbabwe, and South Africa, the broker is regulated by the International Financial Services Commission (IFSC) and implements robust identity verification and login security measures.

SuperForex Pros and Cons

Pros of SuperForex

- Wide selection of real accounts

- Free demo account with a minimum deposit of just $1, offering a low entry barrier for beginners

- Hundreds of assets across six different categories combined with high leverage, providing significant profit potential

- Trading on the MT4 platform with no trading restrictions

- Copy trading service allowing signal providers and investors to register for additional income opportunities

- Customer support available via phone, email, LiveChat, and messaging platforms

Cons of SuperForex

- No other trading platforms are offered

- Traders from Australia, Ukraine, North Korea, and some other countries cannot work with this broker

- Regulated by the U.S. NFA, but operating under an “exceeding limits” status

Is SuperForex Legit?

SuperForex has implemented certain measures in terms of fund segregation, account security, and transparency, such as segregated funds, SSL encryption, strict account verification, and login security features. However, its regulatory oversight is relatively weak, primarily relying on IFSC regulation, and its NFA regulatory status is limited. For beginners and small-scale traders, SuperForex offers a low-risk entry opportunity, but for large-scale traders or those with stringent regulatory requirements, further evaluation of its security may be necessary.

Overall, SuperForex demonstrates moderate performance in terms of security, making it suitable for users with higher risk tolerance. However, investors with extremely high security requirements may need to consider other brokers regulated by stricter authorities.

Comparison of SuperForex Account Types

SuperForex offers two main categories of accounts: STP accounts and ECN accounts. There are 7 types of STP accounts, ranging from swap-free accounts suitable for long-term traders to crypto accounts for digital asset enthusiasts. SuperForex covers a wide range of needs and does not impose a maximum deposit limit. Most accounts do not offer swap-free options.

ECN accounts support more currencies, with minimum deposits starting from $5, and all feature floating spreads. Many accounts have low entry barriers, starting from $1, making them suitable for small-scale traders and beginners. High leverage options (up to 1:3000) cater to aggressive traders. Most accounts are compatible with welcome bonuses and other promotions, providing additional value. However, only a few accounts support Forex copy trading. Some accounts, such as Profi-STP and ECN accounts, may have higher minimum deposit requirements or commissions. Below is a detailed table comparing STP Accounts and ECN Accounts:

STP Accounts

ECN Accounts

Summary

• STP Account: Suitable for small to medium-sized traders, especially those who want to avoid dealing desk intervention and are sensitive to commissions. Offers low spreads and fast execution but may experience slippage.
• ECN Account: Ideal for high-frequency traders, institutional investors, and those highly sensitive to spreads. Offers extremely low spreads and high transparency but typically charges commissions, making it suitable for large-volume traders.

Demo Account

SuperForex's demo account offers a risk-free environment for trading Forex, gold, and shares, with support for USD and EUR. It features high leverage (1:1000), fixed spreads, and flexible lot sizes (0.01-100 USD), making it ideal for beginners to practice. However, the lack of bonus compatibility and Forex copy trading may limit its appeal for advanced users. Overall, its a solid tool for learning but may not meet all trading needs.

How to Open an Account?

1. Visit the Account Opening Page: Go to the SuperForex website and click on the “Open Account” or “Register” button.
2. Fill in Personal Information:
1. Full Name: Enter your full name (e.g., John Doe).
2. Email: Provide a valid email address (e.g., john@example.com).
3. Country: Select your country of residence (e.g., Afghanistan).
4. City: Enter your city.
5. Phone: Provide your contact phone number (e.g., +93 70 123 4567).

3. Select Account Type: Choose the appropriate account type from the dropdown menu (e.g., Standard Account).
4. Choose Account Currency: Select your preferred account currency (e.g., USD).
5. Agree to Terms: Read and agree to SuperForex's Public Offer Agreement and Privacy Policy.
6. Submit Application: Click the “Open Account” button to submit your application.
7. Verify Account: Provide identification and proof of address as required by SuperForex to complete the account verification process.
8. Deposit and Start Trading: Once your account is verified, you can deposit funds using various payment methods and start trading.

SuperForex Deposit & Withdrawal

SuperForex offers a variety of payment methods, including bank transfers, credit cards, e-wallets, and cryptocurrencies, catering to different user preferences. Deposits are very convenient, with most methods charging no fees and processing times often being instant, allowing you to start trading quickly. E-wallets and local payment systems (such as M-Pesa and Skrill) are particularly user-friendly, with low fees and fast processing, making them ideal for small deposits.

You should be aware of the fees when withdrawing funds. Bank transfers and credit card withdrawals come with higher fees (e.g., 3% + 35 USD or 3% + 10 USD), which might be inconvenient for some users. In contrast, e-wallets and local payment systems have lower withdrawal fees and faster processing times, making them suitable for small withdrawals. While cryptocurrency withdrawals are convenient, they also incur additional fees (3 USD + 5%).

If you frequently deposit funds, SuperForex's payment systems are very user-friendly, with low fees and fast processing. However, if you often withdraw funds, especially large amounts, you may need to consider higher fees. It is recommended to use e-wallets or local payment systems to reduce withdrawal costs.

Trading Platforms

SuperForex clients have access to the widely popular MetaTrader 4 (MT4) platform, which can be downloaded onto desktop devices. The terminal is compatible with both Windows and macOS systems.

MT4 not only offers an intuitive interface and customization options but also provides:

- 39 graphical objects

- Live news feeds

- Customizable charts

- 4 types of pending orders

- Full trade history view

- One-click order execution

- SuperForex Lightning MT4 for scalpers

- 50+ built-in technical indicators

- A user-friendly, multilingual interface

SuperForex 100% Welcome Bonus

SuperForex offers a 100% deposit bonus for new users, applicable to all account types and covering forex, metals, and indices. The bonus boosts trading capital with no time limits or trading volume requirements, allowing flexible trading and instant profit withdrawals.

Conclusion

SuperForex offers clients access to over 400 assets and provides a variety of account types, including mini accounts, standard accounts, swap-free accounts, and zero-spread accounts. These accounts differ in trading details, catering to the needs of different investors. Additionally, SuperForex has a low minimum deposit of just $1, making it very beginner-friendly. Although SuperForex has developed a simple and transparent copy trading platform, it has not yet been officially launched. Given that most of its clients use the MT4 platform, this decision is reasonable. Traders can choose between floating or fixed spreads, and regardless of the choice, there are no trading commissions.

Of course, SuperForex has some drawbacks. For example, SuperForex charges withdrawal fees, even though many brokers have eliminated such fees. There are regional restrictions, and apart from MT4, there are no alternative trading platforms. Additionally, many point out that its regulatory oversight is relatively weak. SuperForex claims to be regulated by the International Financial Services Commission (IFSC) of Belize, but IFSC's regulatory requirements are less stringent, with lower capital requirements and limited investor protection measures. IFSC's regulatory strength is generally considered weaker than that of stricter regulators such as the UK's FCA, the US's NFA, or Australia's ASIC. Therefore, for investors seeking high security and strict regulation, SuperForex may not be the best choice.

Situations Suitable for Trading with SuperForex

- If you prefer using the MetaTrader 4 platform, as SuperForex uses this popular platform known for its familiarity and functionality.

- If you require 24/7 customer support, as SuperForex offers multilingual customer support to ensure continuous assistance.

Situations Not Suitable for Trading with SuperForex

- If regulatory oversight from well-known institutions such as the FCA or SEC is crucial to you, then SuperForex may not be suitable, as it lacks such regulation.

- If you are a beginner trader or have a low risk tolerance. Given the significant risks associated with CFDs and leveraged trading, SuperForex may not be the best choice.