SuperForex Launches ECN Accounts in 7 New Local Currencies

In an industry saturated with reliable Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term brokers, companies have to find other ways to become indispensable to their customers.

Comfort and convenience are thus becoming increasingly more important.

Many brokers strive to improve the flexibility and inclusivity of their services rather than focusing on adding new offers that only a few can benefit from.

In one such move, SuperForex decided to make its ECN service more accessible.

The company achieved this by adding seven new currencies that can serve as the base of this type of account.

Keep reading if you would like to find out about the local currency ECN accounts offered by SuperForex.

What Are ECN Accounts?

From ‘Electronic Communications Network,’ ECN accounts have long been a favorite among professionals. Thanks to the connectivity between multiple devices on the back end, ECN accounts tend to operate much faster.

This improved speed is their main advantage because it allows for a much smaller margin between bid and ask prices. When trading via an ECN account, you are getting the most accurate quotations.

What Local Currencies Does SuperForex Support?

SuperForex has had ECN accounts in several major currencies for years. But it only recently started adding local base currencies. The company’s customers can now open accounts in the following ones:

• MYR
• IDR
• NGN
• BRL
• ZAR
• TZS
• KES

Advantages of Local Currencies

Every time a trader makes a deposit or a withdrawal, they may be subject to Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term fees and commissions by the company performing the exchange.

This is the case when the bank account, card, or e-wallet the trader is using is in a different currency from their trading account.

Local currencies eliminate this problem. Someone with a bank account in MYR, for example, and an ECN account in the same base currency won’t have to spend time and money on exchanging funds for each transaction.

This in turn leaves more funds available for actual trading.

Try It Yourself

You can see for yourself what the benefits of local currency ECN accounts are by opening a SuperForex account here.