10 Best
Forex Trading Platforms and Brokers in
Ethiopia

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Many comparison websites which offer traders Online Forex Broker and trading platform reviews will provide a positive recommendation crowning a single online investment platform as “The Best Online Broker in Ethiopia” and while we could not find any local online foreign exchange players, many excellent, regulated global forex brokers do indeed accept traders from Ethiopia.

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Here is an overview of the 10 Best Forex Brokers and Trading Platforms in Ethiopia

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 most popular currency pairs are the following: EUR/USD, USD/JPY, AUD/NZD, GBP/USD, EUR/JPY.

 

One of the major plus points of IQ Option is the customer service which is available 24/7 through email, live chat or via telephone. For traders who want to speak or search in their native language, IQ Option has also translated their website and offers customer support in a dozen different languages including Vietnamese, Mexican and Portuguese.

HotForex

HotForex

The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.  HotForex is regulated by the St. Vincent & the Grenadines regulatory authority, the CySEC in Cyprus, and the FSC of the Republic of Mauritius under the HF Markets name.

 

The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

 

Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs.

 

Key features include:

 

  • Supports: MT4, MT5 for desktop, web & mobile
  • Minimum deposit: $5
  • Leverage: 1:1000

 

Trading Instruments include – Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals.  Traders can contact HotForex via live chat, which is available 24/5 in multiple languages plus options for phone and email support are in more than nine languages including English and Greek.

fx pro

FXPro

FXPro is an online broker founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies trading.  FXPro is a global broker and has a head office located in the UK.  Since 2007, FXPro has been regulated by CySEC and operates under the CIF license number 078/07. As a CySEC regulated broker, FXPro is also a member of the Investor Compensation Fund scheme.

 

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

What can be traded with FXPro?

 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

FXPro Trading benefits include:

 

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

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

Olymp Trade

Olymp Trade

Founded in:                        2014

Headquarters:                   St. Vincent and the Grenadines

Regulation:                         ‎IFC

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 traders multiple asset classes, 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 are also offered access to educational resources and training materials.

 

Pros

Cons

No deposit or withdrawal fee

Only one trading platform available

Free Demo Account available

Not available for trading in all countries (EU, UK, and USA included)

Member of the Financial Commission

Long withdrawal process

Customer service available 24\7

 

 

Olymp Trade is part of an international organization, the Financial Commission, and the minimum amount required is $10 to start investing and open a live account. Technical support is available 24/7 in a multitude of languages by a team of specialists, through email, phone and chat.

XM Group

XM Group

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.

 

Pros

Cons

Used by 700,000+ traders

Inactivity Fee

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.

 

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Micro account 

Bank Transfer

Low min deposit 

Standard account 

Payoneer

Offers Negative Balance Protection 

Zero spread account 

Neteller

Trading Features:

Islamic account

 

Allows scalping 

 

 

 

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.

alpari

Alpari

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
  • 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.  Alpari is Regulated by the FSC.

AvaTrade

AvaTrade

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.

 

Pros

Cons

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.

 

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Micro account 

Bank Transfer

Low min deposit 

Mini account 

PayPal

 

Standard account 

Skrill

 

Islamic account 

Payoneer

 

 

Neteller

 

AvaTrade support a wide range of languages including English, Italian, German, French, Greek, Hebrew, Spanish, Arabic, Malay, Russian, Chinese, Portuguese and Dutch.

Forex Time (FXTM)

FXTM

Leverage:                            1:30 | 1:200

Regulation:                         CySEC, FCA, FSCA

Min. Deposit:                    US$200

HQ:                                        Cyprus

Platforms:                           MT4, MT5

Founded in:                        2011

 

The FXTM or Forex Time company was launched in 2011 with its headquarters situated in Cyprus (Limassol) It is also authorized by Financial Conduct Authority and other regulators.

 

Pros

Cons

One of the best Forex Brokers worldwide

Withdrawal fee

Regulated by the CySEC and several other Forex authorities

High Stocks trading Spread

Numerous industry awards

 

Low Deposit Requirement

 

Tight Spreads

 

 

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.

 

Pros

Cons

Customer-friendly design

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.

FBS

FBS

FBS offers traders a choice of four accounts and all accounts offer market execution and the chance to trade in micro lots in Cent accounts for more precise risk management. FBS is regulated by the International Financial Services Commission.

 

Account type

Minimum deposit

Minimum trade size

Maximum leverage

Spreads

Cent

$1

0.01 lot

1:1000

from 1 pip

Standard

$100

0.01 lot

1:3000

from 0.5 pips

Zero Spread

$500

0.01 lot

1:3000

0 pips + $20/lot

Micro

$5

0.01 lot

1:3000

fixed, from 3 pips

ECN

$1000

0.1 lot

1:500

from -1 pip + $6/lot

 

FBS is a popular international broker and offers clients competitive trading conditions, a wide range of trading accounts, payment methods, a choice of fixed and variable spreads, Metatrader 4 and MetaTrader 5, as well as various promotions.  An account with FBS can be opened for just $1.  As for now FBS offers around the clock support in English, with more languages to be introduced soon.

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.

 

To find the best online Forex Broker in Ethiopia, we went ahead and did further research and after testing, analysing and comparing multiple brokers, 5 more made it to the top in the Ethiopia list .

trading212 best forex

Trading 212

Trading 212 is a global online broker which was founded in 2006 and offers trading in Stocks, Forex, Commodities and Indices. With Trading 212 new traders will need a minimum deposit of $1 to start and they have the option to sign up for a demo accountTrading 212 is regulated by the Financial Conduct Authority (FCA) and Financial Supervision Commission (FSC).

 

Trading 212 accommodates traders on various levels, whether it be experienced or novice.  Trading 212 is regulated and supervised by reputable organisations and have won numerous industry awards over the past 14 years that they have been in operation.

 

Traders can trade in over 3000 instruments and over 177 currency pairs.  Trading 212 offer traders a user-friendly custom trading platform which is also available as a browser-based web application alongside mobile apps for Android and iOS.

 

Trading 212 benefits include:

 

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

 

Trading 212 also offers traders a good selection of educational resources and offers customer support in a wide range of languages including English.

 

IC Markets

 

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and has 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.

eToro best brokers

eToro

eToro is a leading social trading platform for trading major financial markets including stocksforex 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.

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.

pepperstone best broker

Pepperstone

Pepperstone Limited is an online forex and CFD broker which providers traders with low-cost pricing across all forex, CFDs and commodities.  Pepperstone is considered safe since it’s regulated by two top-tier financial authorities, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).

 

Pepperstone offers a range of online trading platforms which include: 

 

  • MetaTrader 4 (MT4)
  • cTrader
  • WebTrader
  • 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.

 

Pros

Cons

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.

 

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Mini account 

Bank Transfer

Offers STP 

Standard account 

PayPal

Low min deposit 

MAM/PAMM account 

Skrill

Offers Negative Balance Protection

Islamic account

Payoneer

 

 

Neteller

 

Pepperstone supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Final Thoughts –

Unfortunately, no one trading platform can offer all of the most wanted features but many platforms may offer most.  Before a trader even thinks of depositing their money with a broker, they must make sure that the broker is a member of a trusted regulatory body as mentioned above.  Each broker that features forex investments has advantages and disadvantages and traders should look into everything the broker has on offer before making their final decision.

EXNESS is this month's #1 Broker