Forex Trading Platforms and Brokers in
Finding the best online Forex broker and trading platform as an Equatoguinean can be a difficult process. It is true that Equatorial Guinea continues to struggle to emerge from the economic recession caused by the 2014 slump in oil prices but the popularity of Forex Trading has steadily grown over the past few years. We have listed the best online forex brokers and trading apps that will let Equatoguinean traders trade Forex and Stocks.
Here is a breakdown of some of the best forex trading brokers and platforms available to traders in Equatorial Guinea:
- Minimum Deposit: $10
- Minimum Trade Amount: $1
- Maximum Return: Up to 85%
- Tradable Assets: 80
- Trading Platform: Proprietary Trading Software
- Regulated by: CROFR
- Demo Account: Yes
Binomo was established in 2014 and is a binary options broker registered in St. Vincent and the Grenadines under the trading name of Dolphin Corporation. There are three account types on offer, all of which require different deposit amounts and offer a range of benefits:
Standard Account: Traders can open a Standard account with just $10 and benefits include:
- Access to most of the assets
- Profits of up to 85%
- Minimum $1 trades
- Withdraw money in up to 3 working days
- Technical support and great customer service support
Gold Account: Requires a minimum deposit of $500 and in addition to the benefits that are offered by the Standard Account, Gold account holders will receive an extended range of assets to choose from such as faster withdrawals (up to 24 hours), increased bonuses, advice and analytical support plus a weekly cashback amount of 5%.
VIP Account: Requires a minimum deposit of $1,000 and the account holder not only receives all of the above-mentioned benefits but also bonuses of up to 100%, fixed trade profits of up to 87%, withdrawals in less than 4 hours and a weekly cash-back of 10%.
Binomo also offers a demo account which gives traders virtual funds of $1,000 in return for their email address. Binomo offers a mobile app which is available on the App Store, for iOS users and Google Play, for those using an Android device.
- Access to Transaction History
- Trading Signals
- Quick Access to Charts and Indicators
- Browse Real-Time Pricing
- 24/7 Support
When it comes to payment methods, Binomo offers extraordinary flexibility and users can deposit/withdraw their funds using any of the following methods:
- Wire Transfer
Binomo offers customer service via a live chat function, Skype or email. A physical address and a message box are also on offer.
XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10). The XM Group provides the entire suite of MetaTrader platforms plus over 1300 tradeable instruments. Pricing at XM Group varies by account type.
XM Account Types on offer:
There are four trading accounts available, Micro, Standard and Zero. All accounts allow up to 200 open/pending positions per client.
- Micro Accounts:Micro accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the base currency and can be opened with a minimum deposit of $5USD. 1 micro lot is 1,000 units of the base currency.
- Ultra-Low Accounts: XM Ultra Low Accounts, can use EUR, USD, GBP, AUD, ZAR, SGD as the base currency and traders will require a minimum deposit of $50 USD. 1 Standard Ultra lot is 100,000 units of the chosen base currency, and 1 Micro Ultra lot is 1,000 units of the base currency.
- Standard: Standard accounts can use USD, EUR, GBP, CHF, AUD, JPY, HUF and PLN as the base currency and traders can get started with just $5USD. 1 standard lot is 100,000 units of the chosen base currency.
- Zero Accounts: Zero accounts can use USD, JPY and EUR as the base currency and traders will require a minimum deposit of $10USD. Like the Standard account, 1 standard lot is 100,000 units of the chosen base currency.
The XM Group offers traders CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs. The commissions and fees at XM Group is depended on the type of account used.
XM Group is a MetaTrader-only broker offering the standard experience which includes both MT4 and MT5 and is available on a number of Android and Apple devices, including Apple iPhone, Apple iPad and Android tablets and Android phones.
XM Group offers Customer Service in over 30 languages available 24/5 via phone, chat and email.
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.
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 most popular selection of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.
IQ Option offers 3 types of trading accounts, a standard trading account, a VIP account and a demo account. To open a standard account, a minimum deposit of $10 is required, the VIP trading account – a minimum deposit of $1900 (or currency equivalent). A demo account is also on offer. The Demo account does not require a “pre-deposit” and comes pre-loaded with $1000 “practice money”.
IQ Option offers customer service 24/7 via email, live chat and phone.
Founded in: 2014
Headquarters: St. Vincent and the Grenadines
Platforms: Olymp Trade WebTrader
Leverage: 1:500 on FX Trading
Minimum Deposit: USD$10
Olymp Trade is a well-known online trading platform, which offers trader multiple different assets, including binary options. Safety measures and precautions are put first by this platform and it is considered a financial organization which keeps the interests of their clients in mind at all times.
Traders can trade on a demo account or opt for two different types of ‘real’ accounts:
- Standard Account: To open a standard account a minimum deposit of £10 and trades can be made at a minimum of £1, and up to a maximum of £2,000. The minimum withdrawal amount is £10, with no maximum withdrawals. The standard account offers spreads in the region of 1.1 pips.
- VIP Account: To qualify a deposit off at least £2,000 needs to be made and this account offers traders some additional benefits in comparison to the features available from a standard account. VIP account holders are allowed to make trades up to a maximum of £5,000.
The Olymp Trade platform can be accessed via the web, a dedicated desktop application (available for Windows and Mac) and a smartphone/tablet app (available for Android/iOS). These can be easily downloaded by searching for Olymp Trade in the Google Play Store/Apple App Store respectively.
It is possible to make deposits via the following methods:
- Credit/debit card
- Bank transfer
Olymp Trade is part of an international organization, the Financial Commission, and the minimum amount required to start investments and open a live account plus Technical support is available 24/7 in a multitude of languages by a team of specialists, through email, phone and chat – both quickly and efficiently.
CFD, Forex, Crypto, Stocks
$200 ($50 in US)
iOS, Android and Windows
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.
eToro offers over 1,083 different instruments to trade, including over 47 currency pairs.
Trading Accounts on Offer include:
eToro provides only one standard type of trading account with a minimum deposit of $200 required. A “Popular Investor” program is also available at a minimum deposit of $1000 to qualify.
Free mobile trading apps can be downloaded and installed onto smartphones and mobile devices, for both iOS and android powered mobile devices. eToro supports a wide range of languages including English, German, Spanish, French, and Italian and customer service is available via live chat and a web-based ticketing system.
- Allows scalping
- Allows hedging
- Offers STP
- Low min deposit
- Live chat
Vantage FX was founded in 2009 and offers retail forex and CFD traders the Metatrader platform suite, ChartIQ, as well as auto trading on ZuluTrade and Myfxbook and is considered average-risk. Vantage FX is mainly a MetaTrader broker and offers traders the popular platform suite developed by MetaQuotes Software Corporation, which includes MetaTrader4 (MT4) and MetaTrader 5 (MT5).
Vantage FX is regulated by ASIC (Australian Securities and Investment Commission).
Vantage FX offers three distinct account types, with the Pro ECN account requires a massive minimum deposit of $20,000. Most retail traders will find it more beneficial to choose between the Standard STP account, with a minimum deposit of $200, or the Raw ECN account with a minimum deposit of $500.
Forex: Spot Trading
Currency Pairs (Total Forex pairs)
CFDs – Total Offered
Social Trading / Copy-Trading
Cryptocurrency traded as actual
Cryptocurrency traded as CFD
Regardless of the platform a trader chooses to use, the trading cost at Vantage FX depends on the account opened and seeing that Vantage FX is a MetaTrader broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Google Playstore, respectively.
Customer support is offered 24/5 via call, email, or live chat.
Swiss Markets is a forex broker which operates out of the two offshore jurisdictions Mauritius and the Seychelles, but not Switzerland as the name would suggest. Even though Swiss Markets is based offshore it is still regulated by the relevant government agencies in the two countries, the Seychelles Financial Services Authority (SFSA) and the Financial Services Commission (FSC) of Mauritius.
For traders who want to trade in wide selection of assets, Swiss Markets offers trading in over 50 currency pairs and stocks of about 130 American and European companies to choose from. In addition to this, stock indices, various commodities, and popular cryptocurrencies are also on offer.
Trading Instruments available include:
50+ Currency Pairs
Based on major and minor world currencies.
6 Crypto Pairs
Based on Bitcoin, Ethereum, Litecoin.
12 Indices CFDs
Based on baskets of different blue-chip stocks.
4 Metal Spot CFDs
Based on Gold, Silver and Platinum.
3 Energy Spot CFDs
Based on Crude Oil (WTI, Brent) and Natural Gas.
130+ Stock CFDs
Based on shares of US, UK and EU companies.
Swiss Markets offers traders the MetaTrader 4 (MT4) platform plus a multitude of different account types to choose from, depending on how much capital is deposited and how often trades are made.
Accounts to choose from include:
- Classic STP Account
- Raw STP – Swiss11
- Raw STP – Swiss8
- Raw STP – Swiss5
All trading accounts can be opened with either EUR, USD, GBP, CHF, or PLN as the base currency and can be funded with payment cards like Visa or MasterCard, bank wire transfer, or e-wallet platforms like Skrill, Neteller, Sofort, and iDeal, and more. Customer service is offered via local phone lines with local language support in English, Spanish, German, and Greek plus live chat.
ExpertOption is an online trading platform which allows users to trade a range of financial instruments on an easy to use interface via their website or by downloading one of the apps.
Regulation: Financial Services Authority St. Vincent and the Grenadines (SVGFSA)
Minimum Balance: $10
Asset Coverage: CFDs ,Forex, Cryptocurrency, Shares, Commodities, Indices
There are five types of accounts available from ExpertOption:
The Basic account: Requires a deposit of $50 but allows users to upgrade to a higher status
when they are ready to do so.
Silver account: The most common starting point, requiring a $500 minimum deposit.
Gold account: Start at $2,500, and Platinum accounts start at $5,000.
Exclusive account: By invitation only.
Demo Account: $10,000 Practice money
With ExpertOption, clients can trade a range of assets which includes cryptocurrency, equities, forex, commodities, and stocks.
- For fiat trading pairs, ExpertOption has all the major crosses, such as CHF, EUR, AUD, USD, NZD, and GBP.
- The equities include Coca-Cola, Tesla, Amazon, and Baidu.
- In terms of commodities, users can trade oil, silver, and gold.
- Cryptocurrency offerings include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Bitcoin Gold, Dash, Ethereum Classic, Litecoin, IOTA, Monero, Tether, and Zcash.
ExpertOption customer support is available in either English or Hindi. The English support comes with its own email contact and phone number and is available 24/7 whereas the Hindi support has a unique phone number and unique email address with support from 10:30 to 19:30 India time. Online chat, a contact form and 24/7 customer care via the mobile applications are also on offer.
Traders should take their time when looking for a forex broker because a wrong and uninformed decision can be a costly one. Top brokers will offer clients not only robust resources but low trading costs and handle their money with care, no matter how small the account.