How to Choose a Broker on Neway: ESX Trading Members Explained

ByCapital251

When you register on Neway, you reach a screen that asks you to select a broker. It looks like a small step, but it decides who holds your cash, who sends your orders to the exchange, and who you call when something goes wrong.

This guide explains what an ESX trading member does, lists the firms ESX currently shows, and gives you a practical checklist for choosing one. We don’t rank brokers here. ESX doesn’t publish fee comparisons, and we won’t guess at numbers that affect your money.

If you haven’t installed the app yet, start with our Neway download guide.

What a trading member (broker) does for you

You can’t trade on the Ethiopian Securities Exchange directly. Trading is open only to licensed trading members, and your orders reach the exchange through one of them. According to ESX, trading members:

  • Execute your orders by entering your buy and sell orders into the exchange’s system.
  • Give you access to the trading platform, which is what Neway connects you to.
  • Handle compliance, including identity checks (KYC) and anti-money-laundering rules.
  • Make sure trades settle, meaning your cash and securities are available on settlement day.
  • Keep records and send reports to you, the exchange and regulators.
  • Offer client services such as research, advice or portfolio management, depending on the firm.

Your cash matters most here. ESX’s trading manual says a buy order must be backed by enough money in your cash account with the broker. Your broker is holding your money, so trust and reliability count more than a flashy app.

Does your choice affect the price you pay?

Not in the way many beginners think. According to ESX, orders from all trading members go into one central order book, matched by price and then time. Your broker doesn’t change the market price. What differs between brokers is the service around the trade: fees, funding methods, support, tools and how easy the firm is to deal with.

ESX’s current trading members

ESX’s official Trading Members page lists these firms as of October 5, 2026. Contact details can change, so confirm them on the firm’s own website.

A few cautions:

  • The list is growing. ESX reported five trading members in January 2026, and the page now shows eight. One launch report said ten licensed brokerage members funded the app, so some firms may be licensed but not yet admitted. Check ESX’s page for the latest.
  • The Neway broker list may differ. The app’s “Select your broker” screen may not show every firm on ESX’s page. If it doesn’t show the broker you want, ask that broker how to open an account.
  • Firm types differ. ESX licenses brokers, dealers, broker-dealers and investment banks. Ask any firm directly whether it opens accounts for individual retail investors and handles Neway onboarding.

How to choose: the checklist

Contact two or three firms and ask the same questions of each. Write down the answers so you can compare.

1. Is the firm genuinely licensed?
Ask for its ECMA license number, and confirm the firm appears on ESX’s official trading members page. A real trading member must be licensed by the Ethiopian Capital Market Authority.

2. Do they take retail investors, and can you join through Neway?
Ask whether individuals can open accounts, and whether the firm appears in the app’s broker list.

3. What does it cost?
Ask:

  • What commission do you charge per trade, and is there a minimum fee?
  • Are there account, deposit or withdrawal fees?
  • Are there any other charges, such as for statements or transfers?
  • Get the answers in writing.

4. How do I put money in and take it out?
Ask which banks and payment methods you can use, how long deposits take to show up, and how long withdrawals take after you sell. Remember that equity trades settle two business days after the trade date (T+2), so cash from a sale isn’t available instantly.

5. How is my money held?
Ask how client money is kept separate from the firm’s own money. A summary of ESX’s rulebook mentions rules on client fund management and a Clients’ Compensation Fund. Ask the broker how any such protection applies to you, and read the rules yourself.

6. How do I get support?
Check their phone, email and office hours, and whether there’s a branch you can visit. When an order gets stuck, you need to reach someone fast. ESX’s rules let the member who entered an order change or cancel it, so a responsive broker matters.

7. Can I switch later?
Ask what happens if you want to move to another broker, whether it’s allowed, and what it costs. We couldn’t find an official answer, so ask each firm.

8. What extras do they offer?
Some firms may offer research, advice or portfolio services. Decide whether you want them or only a simple trading account.

Red flags

Walk away if a firm or person:

  • Promises guaranteed or fixed returns.
  • Asks you to send money to a personal bank account or mobile wallet.
  • Won’t show a license or isn’t on ESX’s official list.
  • Asks for your PIN, password or one-time code.
  • Pressures you to deposit quickly or hides its fees.
  • Contacts you first on social media offering to “manage your account.”

What to send when you contact a broker

You can copy and send this by email or message:

Hello, I’m an individual investor interested in opening an account to trade on the Ethiopian Securities Exchange through the Neway app. Please tell me: (1) your ECMA license number; (2) the commission and any other fees you charge; (3) how I can deposit and withdraw money and how long each takes; (4) how client money is held; (5) your support hours and contact methods; (6) whether you appear in Neway’s broker list; and (7) what happens if I want to move to another broker. Thank you.

If something goes wrong with a broker

  • Talk to the firm first, and keep a record of your messages.
  • Complain to ESX. ESX has an official complaint submission form on its website.
  • Keep your statements, receipts and any written fee information.

If the broker list won’t load

If the “Select your broker” screen is blank, it’s usually a connection or app problem. See our Neway troubleshooting guide for the steps to try.

Frequently asked questions

Do I need a broker to use Neway?
Yes. To trade real money you must be linked to a licensed ESX trading member.

How many brokers does ESX have?
ESX’s page lists eight trading members as of October 5, 2026. The list is growing, so check it for updates.

Which broker is best?
We don’t rank brokers, because we don’t have verified fee and service data for each. Compare them using the checklist above.

Does my broker change the price I pay?
No. Orders from all members go into one central order book. Brokers differ in fees, service and funding options.

Can I use more than one broker?
We couldn’t find an official answer. Ask each firm.

Are brokers and the exchange the same thing?
No. ESX runs the market. Trading members are licensed firms that trade on it on behalf of clients.

What if my broker isn’t in the Neway list?
Ask the broker how to open an account with them. The app’s list may not match ESX’s list exactly.

Sources

Before you choose

This guide is general information, not a recommendation of any firm and not financial advice. Capital251 is independent and is not affiliated with ESX, Infotech, the Ethiopian Capital Market Authority or any broker named here. Contact details, fees and services change, so always confirm them directly with the firm and with ESX before you deposit money.

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