To trade forex in the forex market, retail traders will need access to a trading platform, trading app, and a forex broker to facilitate the trades. Forex brokers are also referred to as currency trading brokers and each has its trading conditions that they offer to an array of African traders.
There is such a wide range of forex brokers in the industry that African traders may feel overwhelmed or uncertain of who they should choose. The following list will narrow down the search, allowing forex traders to easily pick their ideal forex trading broker.
NAGA
NAGA has been in operation since 2015 and is regulated by the reputable Cyprus Securities and Exchange Commission (CySEC) which oversees trading activities and ensures that NAGA offers fair, transparent CFD trading, a transparent trading schedule, and compensation for eligible traders if the broker cannot fulfil its financial obligations.
NAGA is well-known for its advanced trading platforms, comprehensive mobile trading app, and variable spreads as part of its comprehensive offering. With NAGA, both experienced traders and beginners can expect access to a range of markets, advanced trading tools, and the best market conditions in the industry.
| PROS | CONS |
| User-friendly proprietary trading platforms | Withdrawal fee charged |
| Ultra-low spreads | |
| Range of instruments | |
| Transparent trading schedule |
BDSwiss
BDSwiss is one of the best-regulated brokers in the industry that offers reliable trading platforms, a low minimum deposit, a range of educational materials, and access to a wide range of financial markets in which beginner forex traders, as well as advanced traders, can participate.
BDSwiss is trusted forex and CFD trading provider that ensures the segregation of client funds and offers retail traders a wide variety of helpful, advanced trading tools and competitive trading conditions that are suited to both beginners and professional traders.
In addition, BDSwiss also offers commission-free trading and a range of online trading services that traders can easily access either through the website or trading platforms.
| PROS | CONS |
| Well-regulated | Fixed spreads not offered |
| More than 250 financial instruments | Restricted leverage for EU clients |
| Trading academy and webinars offered |
AvaTrade
AvaTrade is a well-known, multi-regulated, and multi-award-winning online broker that provides traders with a range of trading platform options, and comprehensive trading solutions that consists of tight and competitive spreads, a range of trading instruments spread across several asset classes, a range of trusted deposit and withdrawal options, and more.
AvaTrade is one of the most popular choices for retail investors that cater for Islamic Accounts, crypto trading, social trading, commission-free trading accounts, and a range of solutions for active forex traders, and mobile apps that are available on both Android & IOS.
| PROS | CONS |
| Multiple industry awards | Spreads are not the tightest |
| Fast and reliable execution | US Clients not allowed |
| Commission-free trading accounts | |
| Powerful and flexible trading platforms |
Exness
Established in 2008, Exness is one of the most trusted online trading brokers that have regulation and authorisation with SFSA, CySEC, and FCA in providing the trade in several financial markets.
Exness has a divided nature which puts it in the perfect position to provide global clients with tailored services and investment solutions, providing traders with a plethora of trading opportunities.
Exness serves traders from the EEA regions, South Africa, and the world, and the broker has built a good reputation for itself in the financial industry.
| PROS | CONS |
| MetaTrader offered | Limited instruments |
| Demo account offered | Accounts are not multi-currency. |
| Islamic Accounts offered | |
| Negative balance protection applied to retail accounts |
HotForex
As the brand name of HF Markets, HotForex has made a name for itself by offering trusted, regulated solutions to traders from around the world. HotForex is well-regulated by several reputable regulatory bodies such as CySEC, FCA, DFSA, and FSCA in facilitating the trade in a wide range of financial instruments.
HotForex also offers traders a choice in retail accounts from the Micro Account to the Auto Account which supports and encourages the use of forex robots.
HotForex provides retail traders with an immersive experience and the trading tools that they need to refine and improve their trading strategies and trading decisions overall.
| PROS | CONS |
| Global presence | US Clients not accepted |
| Islamic Account options offered to Muslim traders | |
| Choice of standard account types | |
| Powerful trading platforms |
FBS
Founded in 2009, FBS is a Belize-based ECN and STP broker that is known for its wide range of forex and CFD trading instruments, powerful trading platforms, low fees, tight variable spreads, and rapid trade execution.
Retail and professional traders can benefit from the competitive trading conditions that FBS offers along with the range of trading tools which includes market analysis, educational materials, and flexible funding methods.
| PROS | CONS |
| Ultra-low minimum deposit | Wider spreads offered on the entry-level account |
| Quick and easy account funding | Inactivity fee charged |
| Demo trading account offered | |
| Dedicated customer support |
Tickmill
Tickmill has been operating for the past 6 years as a reputable, well-regulated ECN and STP online broker that connects retail and professional traders to more than 80 tradable financial instruments.
Tickmill is known for its vast selection of trading tools and choice of trading platforms. Traders can also expect the safety of funds and a transparent, dynamic trading environment when they trade with Tickmill
| PROS | CONS |
| Access to FIX API and BPS | No fixed spreads |
| AutoChartist offered | Cryptocurrency trading not offered |
| Commission-free trading offered | Limited educational material |
| Segregated client funds |
