Veteran forex traders worldwide acknowledge how the team at TradersBest.com has intimate knowledge of how different regional markets work. If you’re looking for the best forex broker in Africa, you have every reason to trust our judgement.
But just knowing the top brokerage firms on the continent won’t really help your bottom line. That’s why this guide will share some tips on how you can get decent trading outcomes. We’ll also outline how our experts consistently spot the top forex broker in Africa. You’ll also get a quick intro on what else you can trade in different African countries.
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.
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.
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.
We can’t overemphasise this point—always verify that any broker you’re considering registering with is licensed by a reputed broker. The best African forex broker is registered with a recognised regulatory body, and the registration number is usually located at the bottom of the broker’s homepage. Visit the regulator’s website to validate the registration. If things go south with your trading experience, you can approach the body in question for recourse.
When picking a broker, the safety of your deposits is always a top priority. Security features differ among brokers. The best forex broker in Africa offers security aspects like two-factor authentication, time-sensitive codes, and encryption technology.
Sometimes the best way to guarantee a quality trading experience is to test the platform. The best African forex broker allows you to open an account for free. Consequently, you can access the trading tools without paying to get an idea of the quality of the broker’s service offering.
All brokers put their best foot forward during the marketing of their services, often concealing the not-so-rosy bits. To get an unbiased picture of what you think may be the best online trading platform, start by reading a couple of reviews to ascertain how they treat users. Several forex trading forums exist and can provide you with a balanced opinion.
Still, on getting intel on a forex broker’s operation, our in-depth and objective reviews on TradersBest.com give you an idea of how brokers should function. Such reviews cover various components like usability, performance, and safety to aid your selection of the best forex broker.
The best forex broker in Africa maintains some transparency to establish traders’ trust. They readily make critical information like contact details available to customers. Be wary of brokers that don’t display any contact information on their pages.
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.
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.
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?
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.
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.
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.
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?
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:
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.
The best forex platform in Africa stands out from the rest where security and safety are concerned. Our review reveals the factors you must consider to guide you into picking a platform that’ll provide a safe and fair trading experience.
Africa has certainly caught up with the rest of the world and boasts a sizeable chunk of the global forex trading market. As for the legalities at play, our guides will reveal how different countries handle forex trading in their respective jurisdictions. This information should give you an idea of whether forex trading is legal in your country.
Even though forex trading constitutes a big chunk of the African financial markets, it’s not the end-all. Alternative financial instruments are available to trade if you’re hoping to explore new markets or broaden your trading portfolio. Our guides cover numerous trading instruments that will likely satisfy your trading interests.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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