10 Best
Forex Trading Platforms and Brokers in
Cameroon

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4.2/5
alpari

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4.1/5

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Avatrade

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4.2/5

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fxtm

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4.3/5

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Blackstone Futures

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4.1/5

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HotForex

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4.1/5

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XM Group

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4.6/5

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3.3/5

Finding the best brokerage firm as a Cameroonian trader can be a difficult process and to make it slightly easier on traders we have added our top 10 picks plus 5 extra for (traders’) consideration. Especially finding a broker which accepts Cameroonian traders plus allow them to invest in your currency, the CFA franc. 

The Best Forex Trading Platforms and Brokers in Cameroon

BDSwiss

BDSwiss

BDSwiss is a large forex & CFD broker mainly based in Cyprus with separate entities registered in Mauritius and the Seychelles and is regulated by both CySEC and FSC.  When it comes to instruments available for trading, BDSwiss offers nearly all of the commonly traded major and minor forex pairs, over 20 cryptocurrency CFDs, major stock indices and various commodity CFDs. BDSwiss also offers stock CFD trading in over 100 companies from the UK, US, and Europe.

70+ Currency Pairs

Based on major and minor world currencies.

21 Crypto Pairs

Based on Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, Monero, Ripple, Zcash, OmiseGO, EOS, IOTA, NEO, TRON.

12 Indices CFDs

Based on baskets of different blue-chip stocks.

4 Metal CFDs

Based on Gold, Silver and Palladium.

3 Energy CFDs

Based on Crude Oil (WTI, Brent) and Natural Gas.

100+ Stock CFDs

Based on shares of US, UK and EU companies.

BDSwiss offers traders its own proprietary web platform plus the downloadable desktop platform MetaTrader 4 (MT4, as well as its successor MT5. 

Traders with BDSwiss can choose between three account types, a Basic Account, a Raw Spread Account, and a Black VIP Account. Demo accounts are also on offer.  Account funding is available with the e-wallets Neteller, Skrill, iDeal, and Sofort plus bank wire transfers and credit cards. Trading accounts can be opened in euros, US dollars, or British pounds.

BDSwiss offers customer care via local phone numbers with support for 10 different languages, WhatsApp and Telegram 24 hours a day on trading days.

Roboforex robo forex best brokers

Roboforex

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.

Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total. RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

Roboforex Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Roboforex Trading Accounts include ‚Äď Demo, Micro, Mini, Standard, Zero, ECN, STP and Islamic.

XM Group

XM Group

The XM Group provides the entire suite of MetaTrader platforms plus over 1300 tradeable instruments.

  • The XM Group is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction, making it a safe broker (average-risk) for forex and CFDs trading. XM¬†Global Limited is authorised and¬†regulated¬†by the International Financial Services Commission (IFSC) (60/354/TS/19).
  • Pricing at XM Group varies by account type.¬†

XM Group is considered as an average-risk, and is not publicly-traded and does not operate a bank. 

Offering of Investments

The XM Group offers traders CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs. 

Commissions & Fees

The commissions and fees at XM Group is depended on the type of account used. 

Spreads: In the XM Zero account, average spreads on the EUR/USD stand at 0.1 pips (according to XM Group website data, and not including commission), compared to the commission-free Standard and Micro account, which had average spreads of 1.7 pips for the same pairs.

Commissions: Even after including the USD $3.5 per side commission ($7 per Round Turn), and average spreads of 0.1 pips on the EUR/USD, the all-in cost to trade is 0.8 pips (0.1 spread + 0.7 RT commission), making the XM Zero account the firm’s most competitively priced offering.

Platforms & Tools

XM Group is a MetaTrader-only broker offering the standard experience which includes both MT4 and MT5. 

XM Group’s research offering consists of:

  • Content generated by an in-house team of analysts including:
  • Daily market recaps and¬†
  • Technical and fundamental analysis articles and videos.¬†
  • An economic calendar powered by Investing.com

Trading signals: The XM Group offers its trading signals hub to live account holders but, trading signals that can be automated are currently limited to the Signals Market available within the MetaTrader platform. 

Technical analysis:  The XM Group offers Tradepedia, which provides educational Forex and CFD content.

Video news analysis:  The XM Group creates daily forex news videos with market analysis explained in a TV interview-style format.

Customer Service

  • Average Connection Time:¬†<1 minute
  • Average Net Promoter Score:¬†6.66 / 10
  • Average Professionalism Score:¬†5.2 / 10
  • Overall Score:¬†6.7 / 10
  • Ranking:¬†24th¬†out of 43 brokers
Forex Time (FXTM)

Forex Time (FXTM)

Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms. 

Forex Time (FXTM) User Likes and Dislikes:

Likes

Dislikes

Provides multiple execution methods by account type

Leverage caps and margin restrictions on ECN accounts

Regulated in several jurisdictions, including outside the EU

Certain range of markets segmented across account types

Offers Cryptocurrency CFDs

On ECN accounts, stop and limit levels can be added only post execution

FXTM Invest for auto trading

Low max order size of 30 standard lots per trade

FXTM is considered average-risk and is not publicly traded and does not operate a bank. FXTM is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust). FXTM is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295.

 

FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.  Three accounts are offered under the Standard category.

Customer Service

  • Average Connection Time:¬†<1 minute
  • Average Net Promoter Score:¬†6 / 10
  • Average Professionalism Score:¬†6.4 / 10
  • Overall Score:¬†6.8 / 10
  • Ranking:¬†23rd of 43 brokers

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

FXCM

FXCM

FXCM caters to multiple trader types including High-volume traders, algorithmic traders, and traders who appreciate robust trading tools and quality market research.¬† FXCM is considered low-risk.¬†FXCM’s parent company is publicly-traded, does not operate a bank, and is authorised by three tier-1 regulators (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust) like the UK FCA and the Australian ASIC.

FXCM offers a growing range of trading platforms and tools including: 

  • Trading Station desktop:¬†FXCM‚Äôs flagship trading platform, caters well to forex traders of all skill levels.¬†
  • Trading Station web:¬†The web version of Trading Station features includes news, videos, research, market data signals, and links to external resources.¬†
  • Ninja Trader:¬† Features numerous trading tools, including automated trading capabilities.¬†
  • Algorithmic Trading:¬†The FXCM App store provides various add-ons, technical indicators, and automated trading robots.¬†

FXCM provides a wide variety of market research and related resources. A combination of Trading Station and MetaTrader4 (MT4), FXCM delivers a reliable, feature-rich mobile offering for forex traders.  FXCM provides free phone support for the residents of 42 countries plus support via SMS, e-mail and via live chat.  Support agents speak over 20 languages.

ic markets

IC Markets

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

Feature

IC Markets

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

63

CFDs – Total Offered

41

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

IC Markets supports a wide range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German and more.

xtb best broker

XTB

XTB is a trusted multi-asset broker regulated in several major financial centres and provides a well-rounded, competitive offering including excellent customer service and the xStation 5 trading platform.  XTB was founded in 2002 and is publicly-traded and regulated in one tier-1 jurisdiction, making it a low-risk broker for forex and CFDs trading. XTB is the top choice for 230,000+ Forex traders globally.  XTB Ltd is authorised and regulated by the Financial Conduct Authority.

Feature

XTB

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

49

CFDs – Total Offered

1894

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

XTB offers traders a Standard (for UK and Ireland residents only) and a commission-based Pro account and each account will come with its own execution method and spread model, in terms of commissions and fees.  The xStation 5 is the primary platform offering alongside the full MetaTrader 4 suite. Since xStation 5 does not support automated trading, MT4 must be used. A Mobile trading option is also on offer.

Traders can reach customer service in multiple languages, including some minor ones like Hungarian or Romanian.

eToro best brokers

eToro

eToro is a leading social trading platform for trading major financial markets including stocks, forex and cryptocurrencies.  eToro is a well-known social trading broker which was established in 2007 and is considered safe because its regulated by top-tier financial authorities, FCA, ASIC and CySEC, and it is a well-known fintech start-up.  

Pros

Cons

Used by 6,000,000+ traders

Doesn’t allow scalping

Established in 2006

Inactivity Fee

Regulated by Financial Conduct Authority, CySEC, ASIC

Limited range of instruments

Min. deposit from $200

 

eToro offers over 1,083 different instruments to trade, including over 47 currency pairs.

Trading Features:

Accounts offered:

Funding methods:

Offers STP 

Demo account

Credit cards

Low min deposit 

Micro account 

Bank Transfer

 

Mini account 

PayPal

 

Standard account 

Skrill

 

Islamic account 

Payoneer

  

Neteller

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

easyMarkets

EasyMarkets

EasyMarkets is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner and established forex traders:

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy to use forex trading platform

Risk Management Tools on offer include:

  • Guaranteed Stop Loss Orders
  • Negative Balance Protection

EasyMarkets offers award winning customer service during market hours via live chat, email, fax or telephone.  EasyMarkets customer service is available in four languages to include English, Polish, Chinese, and Arabic. 

FP Markets

FP Markets

FP Markets is a global, online broker which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.  FP Markets is regulated by the Australian ASIC and the Cypriot CySEC.

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

FP Markets Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

trading212 best forex

Trading 212

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.

IQ Option logo

IQ Option

Founded in:  2013

Headquarters:  Cyprus

Regulation:  CySEC

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. 

Pros

Cons

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.

Cityindex best broker

City Index

City Index is an online broker which was founded in 1983 and offers Forex, CFDs and Spread Betting trading and traders can trade in over 12,500 instruments and over 100 currency pairs on the popular MT4 forex trading platform.  City Index also offer mobile apps for Android and iOS.

City Index is a global broker and has a head office situated in the UK and new traders will need to make a minimum deposit of $25 to make a start. City Index is regulated by top-tier financial authorities, such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC) or Monetary Authority of Singapore (MAS).

City Index Trading benefits:

  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

City Index Trading Accounts on Offer include:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • STP account
  • Managed account

City Index support a wide range of languages including English, Spanish, German, Arabic, Polish, and Chinese and has a triple AAA grade support rating.

oanda best broker

OANDA

OANDA is the Most Regulated Forex Broker and operate across six of the most credible authorities including:

  • Australia AISC (Australian Securities and Investments Commission)
  • United States CFTD (Commodity Futures Trading Commission)
  • Europe and UK FCA ‚Äď (Financial Conduct Authority)
  • Japan IFFA (Institute Financial Futures Association)
  • Singapore MAS (Monetary Authority of Singapore)
  • Canada IIROC (Investment Industry Regulatory Organization of Canada)

OANDA Focuses on Transparency 

OANDA is focused on pricing transparency and customer satisfaction and they offer real-time data from liquidity providers and finds mid-points across instruments. When it comes to customer support, OANDA boasts multiple customer service awards for 24 hours/6 days a week support. Live chat, emails and phone support is available. 

Interactive Brokers

Interactive Brokers

Interactive Brokers is an online broker which was founded in 1977 and offers Forex trading of over 100 instruments and over 10 currency pairs on a user-friendly custom trading platform, available as a browser-based web application. Interactive Brokers is a global broker and has a head office in United States and traders need to make a minimum deposit of $10000 as a start.  Interactive Brokers is regulated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the New York Stock Exchange, the Financial Conduct Authority and other regulators and self-regulatory organizations.

Interactive Brokers Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP

Interactive Brokers Trading Accounts Offered include:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Managed account

Interactive Brokers support a wide range of languages including English, Mandarin, Cantonese, Nihongo and more.

In Conclusion

Interactive Brokers is our top choice even if left for last on the list, and is the best international online broker in Cameroon to date. Interactive Brokers offers a wide range of products, research tools and is very well Regulated.  But in truth, all of these brokers listed are considered as great choices and traders must pick a broker which suits their individual trading needs.