The Five Best Forex Brokers In Africa
Forex trading is highly lucrative, especially in Africa. The continent is home to some of the fastest-growing economies in the world.
But there are also drawbacks: Forex trading is a complex process requiring a lot of time and effort. In addition, many scams and frauds take advantage of people who don’t know what they’re doing—and it’s easy for those scammers to get away with it.
This article will help you understand how forex trading works and where you can find the best forex brokers in Africa and avoid losing your hard-earned cash to charlatans.
The Best Forex Brokers In Africa
Regulation and licensing are essential factors when selecting a forex broker.
Additionally, you want to look for an organization that has been around for at least two years and has an established track record of providing customer services.
Finally, check out their offerings to see if they match your trading style and sizes. It is no use if you choose a broker that meets your needs.
|Broker||Best For||Number Of Currency Pairs||Average Spreads|
|Tickmill||Best Overall||60+ pairs||1.6 pips||100 USD|
|IC Markets||For The Everyday African Trader||61 pairs||0.77 pips||200 USD|
|Roboforex||For Easy and Instant Payment||36+ pairs||1.3 pips||10 USD|
|FXTM||For traders who love to explore||60+ pairs||1.5 pips||10 USD|
|HFM (HF Markets)||For Educational Resources and Ease of Use||50+ pairs||1.3 pips||5 USD|
So, if you want to trade currencies from across the continent without any hassle or headache, consider checking out this list of what we have found to be the best forex brokers for residents of Africa.
Traders who trade with Tickmill have one chorus: low commissions. These traders have 60 forex pairs to trade with through this broker with a minimum deposit of $100, all without worrying about a deposit or withdrawal fee or even the very common inactivity fee.
Spreads on its Classic account start from 1.6 pips with no commissions whatsoever. And the Pro account, which has spreads as low as 0.0 pips, only has a commission of $2 per each standard lot traded.
While the mentioned commissions are indeed great, Tickmill still has a lot to do if it would like to compete with the others on this list in the trading platforms department. The broker only offers MT4 and MT5 trading platforms, which, despite their popularity, some may argue that they are far from being the best charting platforms in the market.
This flaw is not so significant, however, as many free charting platforms exist on the internet.
- Low commission fees
- No deposit and withdrawal fees
- Quick account opening and verification
- Trading platforms could be better
IC Markets has been operating since 1999 and is regulated by the Financial Conduct Authority (FCA).
It has a good reputation for offering quality services and is one of the best mobile apps available on the market. You don’t have to worry about the safety of your money.
Honestly, this broker’s $200 minimum deposit requirement has discouraged many forex traders, which is understandable. However, on the other side of this seeming downside is the best broker in the world.
IC Markets offer one of the fastest execution speeds for trades. They ensure you get into the market at the best price and the smallest spread possible. For day traders and scalpers, this is an enticing combination!
Unless you expect an instant response from their live chats (which is slow, by the way), customer support is excellent! They are available every hour of the week and have enough knowledge to walk you through any concerns or issues.
- Zero deposit or withdrawal fees
- Fast order execution speed
- 24/7 customer support
- Higher Minimum deposit
- Slow live chat supports
HFM (formerly, HotForex) is an award winning forex broker that has been around for more than ten years. It offers different accounts, including a demo account and its proprietary trading platform (HFM Pro). With their low minimum deposit, they have made forex trading available to almost everyone.
Beginners can use their demo accounts or trade a live account for as low as a $5 deposit to master their skills. They have bonuses and loyalty programs for outstanding clients.
HFM offer highly professional educational programs aimed at refining the skills of their clients. They offer webinars and enough research resources you can find helpful in making informed professional decisions.
- Remarkable Educational Resources
- Low minimum deposit
- Excellent research and trading tools
- High-leverage and bonus programs
- Customer support is unavailable on weekends
- HFCopy, HFM’s copy trading platform requires a minimum balance of €300 to copy trading strategies
FXTM appeals to the African market by making forex trading inclusive to different social classes. Their minimum deposit is relatively low while providing leverage as high as 1:2000 so that the low capital traders can have a glimmer of hope of winning big.
Also, by providing access to a wide range of currency pairs and trading instruments, FXTM makes itself a one-stop shop for traders who love to explore various markets and assets.
- Fast withdrawals
- Wide range of currency pairs
- Low minimum deposit
- 24/5 Customer support
- Great educational resources
- Withdrawal fees
- Inactivity fees ($5 per month after 6 months of no trading activity).
In Africa, some countries have limits on how much they can spend with their debit cards, and this can be challenging, especially leaving traders with no choice but to deposit way below what they had planned. The solution to this is to make as many varying deposit options as possible. Roboforex nailed this!
If you happen to be in any of these countries, you can deposit any amount into your account using over 25 different methods (from bank transfer to e-wallets and all sorts of vouchers); you don’t always have to be frustrated with the limit that comes with your debit card.
Roboforex, unlike some brokers highlighted on this list, charges for every withdrawal made on the platform. However, the withdrawal is instant, and you don’t have to wait for days.
Roboforex also offers Islamic accounts for Muslim traders, which comes with the normal advantages (for example, Islamic accounts don’t charge swaps).
- Wide range of accounts (e.g., Islamic account)
- Instant withdrawals
- Generous Bonus program
- Unique copy trading and investment platform (CopyFX)
- Withdrawal fees
- Smaller number of currency pairs available (36 pairs)
Here’s how these brokers compare when you pit them against one another:
|Tickmill||IC Markets||Roboforex||FXTM||HF Markets|
|Bank Wire Funding||Yes||Yes||Yes||Yes||Yes|
|China Union Pay Funding||Yes||Yes||Yes||No||No|
|Inactivity Fees||Free||Free||Free||$5 monthly||$5 monthly|
|Tickmill||IC Markets||Roboforex||FXTM||HF Markets|
|Metatrader 4 (MT4)||Yes||Yes||Yes||Yes||Yes|
|Metatrader 5 (MT5)||Yes||Yes||Yes||Yes||Yes|
What You Need To Know About Trading Forex In Africa
The forex trading industry is growing in popularity in Africa, and anybody with the proper training and mindset can participate. However, it’s essential to know what you’re getting into before starting this path.
Here are some things every forex trader in Africa should know:
Is Forex Trading Legal in Africa?
The short answer is yes; forex trading is legal in most countries.
Can You Make Money Online by Forex Trading in Africa?
Yes, you can make money online by forex trading in Africa.
How much you can make depends on your knowledge and experience, but it’s not a matter of luck. The more you know about the forex markets, the better your chances of making money through this medium are.
How to Choose a Good Forex Broker
When choosing a forex broker in Africa, here are some things to look at:
1. Your Needs
Without understanding your needs, the best you can only do in choosing a broker is to guess!
If your need is clear, you’d know what features to prioritize in a broker. For example, a professional trader doesn’t need a broker with as many educational resources as a beginner does.
When you are looking at the regulation of a forex broker, you should check if it is a member of any regulatory body, such as The Financial Conduct Authority (FCA), The National Futures Association (NFA), or an international body.
If not, then there’s no point in dealing with them. A lack of registration means that this firm cannot legally offer its services within Africa – so make sure that yours does!
3. Educational Material
If you are a beginner, you want to look for a broker with a wide range of educational material.
The more education you have, the better prepared you will be for trading in your chosen currency pair(s).
4. Customer support
Customer support is one of the most important factors when choosing a forex broker. While some brokers may offer an extensive customer support team, others will only provide email or phone support.
Ensure you choose a broker with excellent customer support, as you’ll need help every once in a while throughout your trading career.
5. Transactional Fees
Trading is also a business, and it comes with some costs. However, you want to choose a broker that doesn’t charge much, especially when starting out.
Transactional charges can come in different ways: spread, commission, withdrawal fees, etc. you should check that you are getting the best value for every transaction fee spent.
6. Demo account
If you are a beginner or just trying out a platform for the first time, you might want to try out the demo account first; this gives you a feel of what to expect from a broker without any risk.
A demo account can also be where you regularly practice your skill until you are pretty confident in your abilities to go live and investing your own money.
Which Broker Is The Best Forex In Africa
We have narrowed down the never-ending list of forex brokers in Africa to these five based on our research and experience:
Who is the best forex broker in Africa? We are sure that going with any of the above brokers is a good step towards suitable trading. However, we will let you determine what you want based on your needs because the best broker is the one that meets your most pressing needs.