Best African Forex Broker 2023

Who should make use of this forex comparison? – Both newbs and pros

A spike in forex trading has been noticed in Africa as more people become enlightened about the trillion-dollar market. Several local and renowned international brokers targeting African traders have emerged, with some having offices in Africa and allowing traders to transact in local currency. Whether you’re looking to join the market as a part-time or full-time trader, your journey starts with choosing the best forex broker in Africa.

But what is the best forex broker in Africa? The trading market has a low barrier of entry for both traders and brokers alike. However, not all brokers are worth signing up with. In as much as forex trading has the potential to multiply your capital, it can do the same with your losses. The best African forex broker tries to ensure your trading success using various initiatives outlined here. Whether you’re a new or seasoned trader, you’ll benefit from this in-depth comparison guide that helps you pick the best broker for your needs.

Is forex trading legal in Africa? – Different rules for different countries

Before picking the best forex platform in Africa, you need a clear understanding of the legal parameters to avoid skirting on the wrong side of the law. For the longest time, forex trading was dominant in most parts of the world,  excluding Africa. Things are shifting as more brokers create platforms that meet African forex trading demands and circumstances. While forex trading is legal in most parts of Europe, one can’t help but wonder if the same goes for Africa?

We can confirm that forex trading is legal and prevalent in certain parts of Africa, with over a million African traders participating in the trade. Countries like Nigeria and South Africa lead the pack. Then you’ll find countries like Angola, Nambia, and Kenya, where trading is slowly gaining traction. However, in most countries, forex trading is still a legal grey area, with no laws explicitly banning or regulating the market.

Of course, countries like Algeria and Egypt that uphold strict Sharia laws don’t welcome forex trading. Some countries allow it but with minor restrictions. Even so, any limitations imposed aim to deter fraudulent activities rather than prohibit trade. In the case of South Africa, the forex trading market is regulated by the South African Financial Sector Conduct (FSCA). Despite being one of the active forex trading countries in the continent, Nigeria doesn’t regulate fx trading. As a result, most Nigerian traders prefer to use foreign brokers.

Top 6 steps for a secure & fair forex trading experience – set yourself up for success

Not every broker you find has sincere intentions. For every top forex broker in Africa, several bad apples exist, looking to scam unsuspecting traders. Careful deliberation is key to uncovering the best African forex broker that’ll guarantee you a secure and fair trading experience. You also need to take heed of the following factors before making your pick.

This is how our experts test forex brokers – And always get the best ones

As we mentioned before, every broker you see on TradersBest.com has been analysed with a microscopic lens to establish credibility. Our experts use tried and tested evaluation criteria to keep up with the best forex broker in Africa. Here are some of the factors we look at.

Usability

The best African forex broker makes it easy for traders to find their way around their platform. Check if you manage to identify the search function the minute you land on the platform. Everything from navigating the research page to switching to the trading screen should be as seamless as possible. Forex trading is pretty complex as it is. Identifying different sections and functions on the platform shouldn’t be.

Trading platforms

When evaluating brokers, we like to look at the features available on the trading platform. Does it offer treading tools and resources to make trading easier? Does it provide real-time news and applicable African market data that helps traders make informed trading decisions?

Account types

Our team also likes to assess the different account trading types, how they impact users, and who they accommodate. Ultimately, we recommend brokers that offer demo, standard, and pro accounts to accommodate as many users as possible.

Payment options

Our experts also check the type of payment methods available. Traders should have numerous card, eWallet, and bank transfer payment options familiar in their countries to pick from. Just as the best forex broker in Asia will likely offer region-specific banking methods, the best forex broker in Africa facilitates local currency deposits for its customers. We also look at how long transactions take to settle and the fees associated.

Customer support

Even if a broker has the best resources and features, everything falls flat if the customer service is questionable. Ideally, we like to recommend the brokerage with a responsive support team.

Check out our top picks for the best Forex brokers in Africa:

1.

Interactive Brokers Review

Players from United States of America accepted

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The risk of loss in online trading of stocks, options, futures, currencies, foreign equities, and fixed Income can be substantial.

2.

Robinhood Review

Players from United States of America accepted

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All investments involve risks, including the possible loss of capital.

3.

FOREX.com Review

Players from United States of America accepted

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Checklist: This is how you find your perfect forex broker! – Every time

Here’s a little secret; no two traders are the same. You’re bound to be in different places in your trading journey. As a result, you’re likely to have different goals, trading styles, and strategies. That means even the best forex platform worldwide may not suit you! The idea is to first establish what type of investor you are before selecting a brokerage. Why not answer the following questions to decide on the best African forex broker that meets your unique needs?

1. Are you still just starting your trading journey? 
   If you’re a new trader, you’ll benefit from a broker that offers consolidated resources for beginners. The best forex broker in Africa offers beginner topics like fundamental analysis, how-to guides, and an introduction to portfolio diversification. Such information should get you up to speed in no time.
2. Are you looking to improve your trading experience? 
   If you’re refining your trading skills, a broker that eases you into the art risk-free is what you need. After all, learning the fundamentals is the easy part, but you need to put your knowledge to practice. If you’re looking to hone your trading skills, the best forex broker in Africa allows you to practice paper trading and test out new strategies without incurring losses.
3. Are you a seasoned trader? 
   Experienced traders will do well to steer clear of free trading platforms. At this stage of your journey, you’re probably willing to pay a premium for certain bells and whistles to match your trading skills. Look for the broker that allows you to automate trades, customise chart patterns for prices, and access indicators for a better trading experience.
4. Do you prefer trading for extended hours?
   Even though the forex trading market is open 24/7, not all brokers allow trading during extended hours. Check the broker’s operating hours or if you have to pay a fee for extended trading hours. While you’re at it, look for the broker that offers round-the-clock support as and when required.
5. Are you looking for the lowest broker fees?
   Broker fees differ depending on the platform. Compare costs for all our reviewed brokers on TradersBest.com to find one that suits your expectations.

What else can you trade online in Africa? – More baskets for your eggs

Trading isn’t only restricted to forex. The African forex trading market is open to plenty other investment and trading instruments. Simply pick one that suits your financial objectives. Part of choosing the best African forex broker is checking if they allow you to trade other instruments. If you’re looking to explore new trading markets or extend your portfolio, below are a few other things you can trade in Africa:

• Commodities: Commodity trading is pretty big in countries like South Africa. You can buy and sell commodities like livestock, crude oil, energy, and gasoline products. African traders can also trade agricultural products like cotton and wheat.
• Stocks: African traders can trade stocks and shares of companies like Google and Facebook. Stock trading is widespread in Nigeria.
• Exchange-traded funds: Often referred to as EFTs, investors can trade investment funds such as sector indexes. This type of trading is also common in South Africa.
• Cryptocurrency: The cryptocurrency craze has taken the global trading market by storm, and Africa isn’t about to be left behind. Cryptocurrency trading is on the rise in many African countries allowing users to trade in cryptocurrencies like Bitcoin, Ethereum, Dogecoin, and Litecoin.

Conclusion – What are the key takeaways?

Are you ready to pick a brokerage? Choosing the best African forex broker isn’t a simple task. The process requires you to understand what top brokers have to offer and then carefully evaluate the available options against tested criteria. Sticking to licensed, reputable brokers will save you a lot of disappointment. Also, the goal is to pick the best trading platform for you. The best forex broker in USA or Asia may not necessarily suit your trading preferences. Rule out platforms that don’t allow you to trade in niche currencies or other financial instruments you’re interested in. After going through the processes outlined in this guide, you’ll be sure to start your trading journey on the perfect note.

Best forex broker in Africa FAQ