Forex Trading Platforms and Brokers in
When it comes to forex trading on the African continent, forex trading is as popular as in all other parts of the world, and at the same time it deserves distinct attention due to its thorough anti-fraud protection and regulating systems. Forex trading practices in Africa are quite young compared to other continents, which simply means that forex trading is still in its growth phase in Africa. The financial sectors in Africa offers great prospects to forex traders due to very liberal legal and economical regulations.
Many globally recognized forex brokers have their representative offices in South Africa and whilst big names do speak for themselves, some in-depth research of the background of a selected company is never a waste of time. In this article we have listed the 10 Best Forex Brokers and Platforms in Africa.
The Best Forex Trading Platforms and Brokers in Algeria
BlackBull Markets was founded in 2014 by forex traders and fintech developers and is based in New Zealand. BlackBull Markets specializes in forex trading and more than 64 currency pairs are available to be traded on the very popular MetaTrader 4 platform. The company is registered with the Financial Service Provider Registry or FSPR and is a member of the Financial Service Complaints Limited (FSCL). BlackBull Markets act with the highest security standards.
- Forex (more than 64 currency pairs)
- CFDs (Indices)
- Crypto currencies
BlackBull Markets offers traders 3 types of real accounts and the account type is dependent on a trader’s deposit amount and account balance.
Leverage up to:
$6.00 per Lot
BlackBull Markets offers 24-hour support on working days in English via phone, email, or chat.
AMarkets is not regulated by a globally-recognised financial regulator but is indeed a member of the Financial Commission, and provides insurance for traders up to a fixed monetary amount and AMarkets has their execution audited on a monthly basis by independent firm Verify My Trade. AMarkets is registered as an International Business Company (IBC) in Saint Vincent and the Grenadines under the number 22567.
AMarkets offers traders a wide variety of available markets to trade on with AMarkets.
50 Currency pairs
AUDUSD, GBPUSD, USDCAD and more.
11 Commodity markets
Brent, Cocoa, Coffee and more.
26 Index markets
ASX200, DAX30, DOWJONES30 and more.
2 Bond markets
BUND 10Y, TNOTE
XAUUSD, XAGUSD, Aluminium and more.
BTCUSD, DSHUSD, LTCUSD and more.
146 U.S Stock CFDs
Apple, Amazon, Facebook and more.
Traders can easily download the MetaTrader 4 or MetaTrader 5 Android and iOS trading app directly from the Google Play, Apple Store or from the AMarkets website itself. AMarkets offers traders customer support, 24 hours a day, 5 days a week through Live Chat, Email, Phone, Telegram and WhatsApp in multiple languages including English, Russian, Arabic, Farsi and Kazakh.
LiteForex is a global forex and CFD broker which was established in 2005 and is situated in the Marshall Islands. LiteForex offers forex, stock, indices, commodities and cryptocurrencies for trading on its platforms. LiteForex is an established ECN broker.
- LiteForex is regulated in certain jurisdictions
- Established and Experienced
- Several country offices in a localized reach
- Social trading available
- Multiple payment options, which includes 6 cryptocurrencies
The following instruments are available for trading on LiteForex:
Number of Instruments
Indices and Stock CFDs
Three trading platforms are made available to traders including the MT4, MT5 and the Social trading platform. The MT4 and MT5 are available as desktop and mobile applications. Customer support is available 5 days a week via Live web chat, email, phone and social Media. The support desk is multilingual and within different countries.
IronFX (trade name of Notesco Limited) is a company situated in Bermuda and offers traders a multi-asset class Forex and CFD trading experience with 7 different account types and over 200+ financial instruments covering Forex, Metals, Indices, Commodities, Futures and Shares.
Website easy to navigate
Stale research and news resources
Powerful third-party add-ons
No volume discounts
Well-documented spreads and fees
Cryptocurrency trading not integrated
IronFX provides users with the ability to trade on the globally-recognised MetaTrader 4 trading coupled with additional trading features from Trading Central, plus – a wide selection of markets and trading accounts with variable commissions, spreads and costs. the MetaTrader 4 trading platform is available for PC, Mac, Web, Android and iOS.
IronFX provides trader 24/5 customer support via email and live chat in 30 different languages with active Twitter and Facebook portals.
Orbex is a Forex broker which was founded in 2011 and is based in Cyprus. Orbex has been regulated by the Cyprus Securities and Exchange Commission (License Number 124/10) since 2015. Orbex offers traders 36 currency pairs, two metals, one energy and five cash indices to trade with four account types plus a swap-free Islamic account on the very popular MT4 Trading Platform.
Three unique features offered by Orbex is Trading Central, Strategizer and Free VPS Hosting.
No US Clients
No Stocks or Crypto
$200 Min Deposit
Advanced Trading Tools
No support for Social Trading
Orbex offers customer service 24/5 in multiple languages via e-mail, live chat or call support directly. Orbex also offers a call-back service.
Since 2009, XM Group has become one of the largest and unshakable investment firms with more than 1,500,000 clients worldwide. XM Group is a group of online regulated brokers, and to open a live account, traders will need a minimum deposit of at least $5.
Used by 700,000+ traders
Established in 2009
Not FCA Regulated
Regulated by IFSC, CySEC, and ASIC
Min. deposit from $5
XM Group offers over 261 different instruments to trade, including over 55 currency pairs.
Low min deposit
Offers Negative Balance Protection
Zero spread account
XM Group supports a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish.
AvaTrade is one of the largest online trading platforms with approximately 200,000 registered clients who complete up to 2 million trades per month – approximately $60 billion of trading volume.
AvaTrade offers traders a range of financial trading instruments including indices, commodities, shares, forex, digital currency, bonds and exchange traded funds.
Used by 200,000+ traders
Doesn’t offer VPS
Established in 2006
Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI
Min. deposit from $100
To open a live AvaTrade account, traders will need a minimum deposit of at least $100, alternatively, a demo account is on offers which can use for practice. AvaTrade offers both of the MetaTrader platforms; MT4 and MT5.
Low min deposit
AvaTrade support a wide range of languages including English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch.
Trading 212 are an online broker which was founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading. Trading 212 are a global broker and has a head office situated in UK.
- Regulated by: Financial Conduct Authority (FCA), Financial Supervision Commission (FSC)
- Used by over 14,000,000 traders.
- Trading 212 are the UK’s number one trading and investment app with over 14,000,000 downloads, thus a large userbase but is not available in the following countries: US
Trading 212 Trading benefits:
- Allows hedging
- Offers STP
- Low min deposit
- Guaranteed stop loss
- Offers Negative Balance Protection
Trading 212 Trading Accounts Offered:
- Invest account
- ISA account
- CFD account
- Demo account
Trading 212 offers an outstanding, highly responsive customer service team available 24 hours a day across a variety of platforms and in 16 different languages.
Pepperstone Limited is an online forex and CFD broker which providers traders with low-cost pricing across all forex, CFDs and commodities.
Pepperstone offers a range of online trading platforms which include:
- MetaTrader 4 (MT4)
- Mobile apps for iPhone, Android and tablets
Recently, Pepperstone has made the announcement that they will in future also be offering the MetaTrader 5 (MT5) platform.
Segregates client funds
Limited range of instruments
Established in 2010
Regulated by Financial Conduct Authority, UK and ASIC
Min. deposit from $200
To open a live account, traders will need to make a minimum deposit of at least $200, alternatively, Pepperstone offers a demo account. Pepperstone also offers traders over 170 different instruments to trade, including over 61 currency pairs.
Low min deposit
Offers Negative Balance Protection
Pepperstone supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.
Leverage: 1:30 | 1:200
Regulation: CySEC, FCA, FSCA
Min. Deposit: US$200
Platforms: MT4, MT5
Founded in: 2011
The FXTM or Forex Time company was launched in 2011 with its headquarters situated in Cyprus (Limassol) is also authorized by Financial Conduct Authority and other regulators.
One of the best Forex Brokers worldwide
Regulated by the CySEC and several other Forex authorities
High Stocks trading Spread
Numerous industry awards
Low Deposit Requirement
FXTM offers their clients convenience by means of separate accounts for Forex trading and Invest Accounts in the form of 6 account types.
- Fast Account Opening, fully Digital
- 6 Account types with ECN and Standard execution
- Great options for a particular trading style
- Low Minimum deposit
- Free deposit
FXTM offers good range selection of markets and account features, with trading platforms which include MT4 and MT5.
No proprietary platform
A comprehensive range of tools
Automated trading capabilities
Clear look and feel report
Industry leading software
Education material and automated strategies available
FXTM offers applications for mobile or tablet devices, to access an account at a trader’s personal convenience. The design is clear and customizable. The FXTM customer support desk is available 24 hours a day, on regular weekdays via email, telephone and Lice Chat. FXTM has support centres with dedicated focus on China, India, Indonesia, Malaysia, Nigeria, South Korea and Thailand.
The criteria for traders to choose a forex broker in Africa might include options such as availability of micro/mini accounts for beginner traders, a social trading component, and which trading platform is on offer. Other Factors may include whether the broker charges commissions on the trades and whether there are attractive bonuses and promotions for traders on offer. This is just a few key points and for traders who are still looking for “the best” broker to suit their needs and trading style, here are 5 more mention worthy businesses (brokers) who offer their services to traders in Africa.
EasyMarkets is an award-winning online forex and CFDs broker providing access to more than 300 global markets to clients to clients in over 160 countries. EasyMarkets Is the Best Forex Broker for Beginners and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:
- Enhanced risk management tools as standard
- Fixed spreads on all forex pairings
- An easy to use forex trading platform
Available assets: Forex, CFDS, Vanilla Options, Bitcoin, Ripple, Ethereum
Platforms: EasyMarkets Platform, EasyMarkets Trading App, MetaTrader4
EasyMarkets accounts start from $100 and a global customer service team is available 24 hours a day via mail, phone or live chat in Arabic, Chinese, English, French, Italian, Polish, Spanish.
Alpari offers the latest MT5 software coupled with solid features without a freezing or downtime. Alpari also offer instant order execution with Nano, Standard accounts, and market execution with their ECN accounts and comes with multiple timeframes, order types and many technical indicators for technical analysis. There is a news feed built in to keep track of any news during trading and a PAMM account for investors are also on offer with an app where traders can keep track.
Alpari Key Features:
- Supports: MT4 & MT5 with multi device support
- Minimum deposit: ₦0
- Max. Leverage: 1:1000
- Trading Instruments: 46 Forex pairs, Cryptocurrency, CFDs on Indices
Alpari offers customers support in multiple languages including English, Spanish, Portuguese, Indonesian and many more.
Think Markets group accepts clients from all over the world but exclude traders from the USA, Canada, Japan and some other countries where restrictions apply.
- Authorised and regulated by credible government agencies.
- Various tutorials, guides, educational materials and trading tools.
- More than a thousand stocks and dozens of ETFs.
- Negative balance protection promised.
- Tight spreads on major currency pairs.
- Bitcoin funding accepted.
Trading Instruments on offer include:
35+ Currency Pairs
Based on major and minor world currencies.
5 Crypto Pairs
Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Ripple.
14 Indices CFDs
Based on baskets of different blue-chip stocks and US Dollar Index.
7 Metal CFDs
Based on Gold, Silver, Platinum and Copper.
3 Energy CFDs
Based on Crude Oil (WTI, Brent) and Natural Gas.
6 Soft Futures
Based on Cocoa, Coffee, Cotton, Corn, Soybean, Wheat.
1200+ Stock CFDs
Based on shares of AU, US, UK, EU, South Africa and Hong Kong companies.
50+ ETF CFDs
Based on exchange-traded funds containing various tradable assets.
ThinkMarkets has a double AA grade support rating and supports traders in a wide range of languages including English, Chinese, and Japanese.
HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.
Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.
a wide variety of instruments and currency pairs are available for trade:
- Over 100 instruments
- Over 40 currency pairs
HYCM Trading benefits:
- Allows scalping
- Allows hedging
- Low min deposit
HYCM Trading Accounts on offer include Demo, Micro, Mini, Standard and Islamic and the minimum and maximum trade requirements will vary depending on the trader and the instrument. HYCM offers support in a wide range of languages including English, Chinese, Chinese (Traditional), Arabic, and Russian.
Founded in: 2013
Platforms: In-House Platform
Leverage: 1:30 and/or 1:1000
Minimum Deposit: USD$10
IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.
Regulated by the Cyprus Securities and Exchange Commission (CySEC)
Does not provide MT4 and MT5 trading platforms
Easy and convenient method of opening an account
Not available for traders in the US, Canada, Australia, Japan, and other countries
Wide range of trading instruments
No deposit and withdrawal fees
The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.
Africa is a rapidly developing and emerging continent in the World and it is not surprising that the continent enjoys one of the most reliable and established regulatory bodies for those who want to trade Forex and pursue lucrative economic trading opportunities. Selecting a well-regulated broker which keeps client funds segregated from its own and deposits them with a major bank makes the most sense, but a trader must always keep in mind, which broker suits their individual needs best.