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Trading Forex in Africa

Find a forex broker that accepts African traders in our table below. When it comes to forex trading, Africa offers traders plenty of opportunities. However, there are a few things to consider when choosing a forex broker to trade with. 

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Forex Brokers Africa

3.8
Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
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Pros
  • Easy to understand spread prices
  • No minimum deposits
  • In-depth FAQ section to help new traders
  • Excellent customer support
Cons
  •  UK traders can’t use the rewards programme due to regulation
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Tickmill Review
3.3
Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
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Read Full Review
Pros
  • Low-cost and super-fast trading
  • Lots of third-party trading signal services
  • Strong regulatory framework
  • Gets the most out of the MetaTrader platforms
Cons
  • A relatively limited number of markets
  • It doesn’t accept clients from the USA
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Risk Warning: Trading financial products on margin carries a high degree of risk and is not suitable for all investors. Losses can exceed the initial investment. Please ensure you fully understand the risks and take appropriate care to manage your risk.

4.2
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

Fees
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Read Full Review
Pros
  • An experienced broker with offices in 11 countries and complies with seven regulatory agencies
  • Over 1,000+ tradable instruments in portfolio
  • MT4 and proprietary trading platforms
  • Excellent award-winning training materials and a YouTube channel for beginners

 

Cons
  • Professional spreads are competitive, but retail spreads could be better
  • Inactivity fees apply
  • Research could be improved

 

 

Take Me Broker Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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.

4.6
Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
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Read Full Review
Pros
  • High levels of regulatory compliance and customer protection
  • Excellent customer support
  • Huge range of high-quality learning and research resources
Cons
  • Relatively few advanced trading courses offered
  • Limited social and copy-trading features
Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

4.6
Pros
  • Transparent and competitive pricing
  • High-quality trading experience
  • Negative balance protection
  • Strong Charting package
  • Regulatory and operational strength
Cons
  • High fees for Stock CFDS
  • Limited product suite
  • High fee for international bank withdrawal
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Read Full Review
Pros
  • Transparent and competitive pricing
  • High-quality trading experience
  • Negative balance protection
  • Strong Charting package
  • Regulatory and operational strength
Cons
  • High fees for Stock CFDS
  • Limited product suite
  • High fee for international bank withdrawal
Take Me Broker Read Full Review

4.1
Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Fees
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Markets & Products
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Read Full Review
Pros
  • Heavily regulated, safe and secure broker (FCA, CySEC, FSCA)
  • Competitive spreads in currency pairs – 0.6 pips EUR/USD
  • MT4 and user-friendly proprietary OvalX platform
  • Experienced staff, over two decades in the forex space

 

Cons
  • Limited copy trading offering – MT4 only via EAs
  • Research could be better
  • No US or Canada customers accepted at this time

 

Take Me Broker Read Full Review

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.2% of retail investor accounts lose money when spread betting or trading CFDs with OvalX. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.

3.6
Pros
  • Decent offering of forex pairs to trade
  • Commission-free trading
  • Zero deposit fees
  • Transparent fee structure that is clear and easy to find
Cons
  • Number of CFDs on offer could be improved
  • Limited research resources
  • High deposit minimums on best-value trading accounts
Fees
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Read Full Review
Pros
  • Decent offering of forex pairs to trade
  • Commission-free trading
  • Zero deposit fees
  • Transparent fee structure that is clear and easy to find
Cons
  • Number of CFDs on offer could be improved
  • Limited research resources
  • High deposit minimums on best-value trading accounts
Read Full Review

Trade.com broker platform review
4.3
Pros
  • Negative account balance protection
  • Good customer service
  • Live chat
Cons
  • High spreads on some pairs
  • More fees than other brokers
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Pros
  • Negative account balance protection
  • Good customer service
  • Live chat
Cons
  • High spreads on some pairs
  • More fees than other brokers
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next markets broker platform review
4
Pros
  • Innovative trading platform
  • Wide range of trading instruments offered
  • Bank advisor recommendations
Cons
  • No MT4 platform
  • Only one account offered
  • Not many funding options offered
  • Not many reviews available
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Read Full Review
Pros
  • Innovative trading platform
  • Wide range of trading instruments offered
  • Bank advisor recommendations
Cons
  • No MT4 platform
  • Only one account offered
  • Not many funding options offered
  • Not many reviews available
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fxpro broker platform review
4.3
Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
Fees
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Read Full Review
Pros
  • FxPro is a fully regulated, award-winning, online broker offering a wide range of tradable instruments via CFDs.
  • Customer support is responsive, easy to access, and available in several languages.
  • Wide range of trading instruments offered.
  • Large client base from 170 countries.
Cons
  • All fees and charges are displayed on the website, but the fee structure is a little complex.
  • Not many funding options offered.
  • Some complains about trade execution.
  • No Crypto.
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Direktbroker-FX Broker Platform Review
4
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cmtrading broker platform review
4.5
Pros
  • Very few fees
  • There is also no commission charged on CFD shares beyond the spread fees
  • Offer free signal service
 
Cons
  • CM Trading is not regulated in Europe
  • Complains about customer service reply time
  • Doubtful accuracy of the signal service
  • Some complaints about deposits arriving swiftly
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Read Full Review
Pros
  • Very few fees
  • There is also no commission charged on CFD shares beyond the spread fees
  • Offer free signal service
 
Cons
  • CM Trading is not regulated in Europe
  • Complains about customer service reply time
  • Doubtful accuracy of the signal service
  • Some complaints about deposits arriving swiftly
Read Full Review

binaryrobot 365 review
3.3
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FXCM broker review
4
Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
Fees
Rating
Platforms
Rating
Markets & Products
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Read Full Review
Pros
  • Choose from the best trading platforms on the market
  • System upgrades and institutional grade quality of execution
  • Excellent client support in terms of research, analysis and customer services
  • Strong regulatory framework
  • High-spec mobile trading functionality
Cons
  • Limited number of markets to trade
Read Full Review

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% 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.

InvestLite Logo
4
Pros
  • Full trading transparency
  • Extra-tight spreads
  • 350+ CFDs on multiple assets
  • Free demo version
Cons
  • Minimum deposit of $250
  • Not available in US and Canada
  • Monthly inactivity fees
Fees
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Read Full Review
Pros
  • Full trading transparency
  • Extra-tight spreads
  • 350+ CFDs on multiple assets
  • Free demo version
Cons
  • Minimum deposit of $250
  • Not available in US and Canada
  • Monthly inactivity fees
Read Full Review

iTrader Broker Platform Review
4.4
Pros
  • ITRADER is an international online broker offering outstanding services and conditions that fit traders with different experiences and backgrounds.
  • Online CFD trading on Forex, commodity, stock, index markets brings unlimited trading opportunities right to a trader’s phone or laptop.
Cons
  • The more account remains dormant, the more a trader needs to pay.
  • No live chat.
Fees
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Markets & Products
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Read Full Review
Pros
  • ITRADER is an international online broker offering outstanding services and conditions that fit traders with different experiences and backgrounds.
  • Online CFD trading on Forex, commodity, stock, index markets brings unlimited trading opportunities right to a trader’s phone or laptop.
Cons
  • The more account remains dormant, the more a trader needs to pay.
  • No live chat.
Read Full Review

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Trading forex is increasingly common in Africa. There is an estimated 1.3 million forex traders across the continent, with almost 400,000 of those based in South Africa and Nigeria, Africa’s two largest economies. Other African countries that have high numbers of traders in forex, CFDs and crypto include Kenya, Egypt, Tanzania, Namibia and Angola. 

 

What to look for when choosing a forex broker in Africa

As a continent with 54 different countries, the ease and accessibility of forex trading in Africa will depend on where you are, but there are plenty of brokers, both local and international, that offer forex trading to investors based in Africa. Always look for a broker that offers the features you need when it comes to forex trading, such as an intuitive trading platform, a reasonable minimum deposit, low fees, good customer service and easy mobile trading.

Fees and commissions

Forex brokers in Africa may work on a commission-free model, taking their profits from the spreads, or they may charge a commission in the form of a fee per trade. Check all the fees and costs involved before signing up with any particular broker. Find out about things such as inactivity fees and withdrawal charges. African forex traders might prefer a local broker that offers accounts in their own currency. Also, look at the payment methods that the broker offers, and make sure that they are available in your region.

Regulation – are they safe?

Countries such as South Africa and Namibia have strict forex trading rules and regulating bodies, such as the FSCA in South Africa. However, many African countries lack a national regulating body for forex trading.

When it comes to finding a regulated forex broker, Africa has plenty of choices to offer. However, many African forex traders use international brokers that are regulated in their own countries through bodies such as the FSCA, FCA and CySEC. African traders should be aware, though, that international regulation may not guarantee them the same protection as it does citizens of the country where the regulator is based.

Forex trading platform

African forex brokers tend to offer a range of trading platforms, including the world-leading MT4 and MT5. Remember, the best forex trading platform for you is the one you are comfortable with and find easy to use. Consider using a demo account to get a feel for how a trading platform works.

Customer service 

African forex traders will want to make sure that their broker has reliable and responsive customer service, preferably with an office in their own country, with a local phone line. This will not be the case with many international brokers, so check that you can easily access customer support, through the available channels, before signing up. You’ll also want to make sure that customer support is available in a language you feel comfortable with.

 

FAQS 

 

Can you trade forex in Africa?

Yes, you can trade forex in many countries across Africa, but the level of regulation and client protection offered does vary a lot from one country to another.

How many forex traders in Africa?

It has been estimated that there are around 1.3 million forex traders in Africa, with the majority of retail forex traders based in South Africa, followed by Nigeria.