Best Forex Brokers in Africa

Tap into emerging trends in African Forex Market.

Risk Warning: Remember financial trading is highly speculative & may lead to the loss of your funds.

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FSCA

Best Regional Regulator

Runners up: ASIC, FCA, CySec

12

Legal FX Countries

Based on research in 2021.

Forex

Popular Trading Asset

Runners up:  Stocks, Indices CFDs & Crypto.

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The African continent has recently emerged on an international Forex trading scene and is quickly becoming one of the major Forex destinations. Africa has a strong regulatory framework for local Forex trading brokers and delivers high-quality market standards to African traders. Hence, the list of regulated Forex brokers in Africa is quite long with several famous multinational companies featured in it.

Even though some African countries have market regulators that are mainly national banks or governmental institutions, such as the Bank of Uganda (BoU), or the Capital Markets Authority (CMA) in Kenya, the strongest and the most reputable financial regulatory authority of the region is the FSCA. The Financial Services Conduct Authority is an independent authority established in South Africa. The FSCA monitors and regulates all financial sectors within the region and licenses the brokerage companies to lawfully conduct their business in compliance with the legal framework and international standards.

The FSCA regulated Forex brokers can be found in any corner of the world. It is thanks to the institution that more and more offshore brokerage companies have begun to focus on African traders and provide special offers for them. The newer concept is Islamic accounts that quite a few brokerage companies support now for Muslim traders residing in certain African countries, such as Nigeria. Apart from it, many African brokers also provide their website or customer support services in numerous African languages.

In addition to various benefits that Forex traders in Africa are entitled to receive, they also can access a plethora of payment solutions with the best African Forex brokers. Along with the traditional payment methods such as Visa/Mastercard or bank wire transfers, the brokers also support popular e-payment platforms like PayPal, Skrill, and Africa’s favorite M-Pesa mobile wallet.

Top 5 Forex Brokers in Africa

Multiple brokerage companies are famous for their service excellence and offer their platforms to local Forex traders in Africa. Several things have to be taken into account when choosing the best Forex broker in Africa including regulatory frameworks, supported trading software and platforms, financial instruments, and so on.

Below we provide a short overview of the top 5 Forex brokers in Africa and what distinguishes them from average brokerage companies.

AvaTrade XM Exness VT Markets Key To Markets
Trading Platform MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade MetaTrader 4, MetaTrader 5 MetaTrader 4, MetaTrader 5, Exness Terminal MetaTrader 4, MetaTrader 5 MetaTrader 4, MetaTrader 5
Max Leverage 400:1 1000:1 Unlimited 500:1 500:1
Available markets (mainly CFDs**) Forex, Stock CFDs, ETFs, Commodities, Indices, Cryptocurrencies Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Metals, Energies, Shares Forex, CFDs on stocks, Indices, Commodities, Cryptocurrencies Forex, Commodities, Indices, Shares as CFDs Forex, Commodities, Indices, Cryptocurrencies, Shares as CFDs
Regulations Australia, British Virgin Islands, Ireland, Israel, Japan, South Africa, UAE Australia, Belize, Cyprus, UAE, UK British Virgin Islands, Curaçao, Cyprus, Kenya, Mauritius, Seychelles, UK Australia, South Africa, St. Vincent, and the Grenadines Mauritius, UK
Min. Deposit 100 USD 5 USD 10 USD 100 USD 100 USD
Available account currencies* USD, GBP, EUR, ZAR USD, EUR, GBP, JPY, CHF,AUD, HUF, PLN, RUB, SGD, ZAR Account currencies available to clients registered in the Kenyan entity are KES, USD, GBP, AUD, USC, GBC, and AUC EUR, USD, GBP, AUD, CAD EUR, USD
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*Account currency is the currency traders open their live accounts in. It is important to choose a currency type that you use daily to save money on conversions.

** CFDs stand for Contracts for Difference and they enable traders to take advantage of asset price fluctuations without owning the underlying security. CFDs are best for short and medium-term market speculation. However, investors that are looking for long-term investment opportunities prefer purchasing the assets themselves rather than CFDs.

XM
Trading Platform:
MT4, MT5
Max Leverage:
1:1000
Instruments:
Forex, Crypto, Stock CFDs, Turbo Stocks, Commodities, Equity Indices, Precious Metals, Energies, Shares.
Regulation:
CySEC, ASIC, IFSC
Min. deposit:
$5
Open an account
Exness
Trading Platform:
MT4, MT5, App
Max Leverage:
1:Unlimited
Markets:
Forex, CFDs, Crypto
Regulations:
FSA, CySEC, FCA, FSCA, CBCS
Min Deposit:
$10
Open an account
VT Markets
Trading Platform:
MT4, MT5
Max Leverage:
500:1
Markets:
Forex, CFDs, Crypto
Regulations:
ASIC, CIMA
Min Deposit:
$100
Open an account

AvaTrade

AvaTrade is a CFD and Forex broker established in 2006. The broker provides trading services for a wide range of financial instruments including currency pairs, stock CFDs, ETFs, commodities, indices, and cryptocurrency derivatives. The broker offers up to 400:1 leverage and traders can open live accounts for as little as 100 USD. The company is based in Dublin, Ireland, and is regulated by several financial authorities. On the African continent, the broker is regulated by the South African Financial Sector Conduct Authority (FSCA No.45984). The South African branch is managed by Ava Capital Markets Pty.

AvaTrade’s monthly total trading volume surpasses 60 billion dollars and the company serves more than 400 thousand registered customers globally. AvaTrade provides its clients with 24-hour multilingual customer support through various channels, including live chat, email, and over the phone. The broker offers low trading fees and more than 1,250 tradable assets. However, it should be mentioned that real shares are not available for trading with this broker.

AvaTrade
Min deposit: 100
Deposit to Qualify
€800
AvaTrade
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
8
Open an account

XM

XM is one of the leading brokerages in Asia which offers a secure and transparent trading experience. It is one of the best options for the best Asian Forex traders for a number of reasons. First of all, the broker is regulated by reliable regulatory authorities including Cyprus Securities and Exchange Commission, Australian Securities and Investments Commission, Financial Conduct Authority, and the International Financial Services Commission. Even though XM does not hold an Asian license at the moment, all four regulatory bodies, CySEC, ASIC, FCA, and IFSC are cooperating with Asian regulators such as FSA in Japan and DFSA in Dubai.

Furthermore, XM offers Islamic trading account types for Muslim traders from Asian countries. The XM Islamic account frees its clients from paying interest rates, such as swap fees or rollover charges on overnight positions. This account type is in full compliance with Shariah laws. Moreover, XM Islamic account has won an award for the best Islamic account of 2020.

The website of the broker, as well as the customer support, is available in multiple languages including Chinese, Arabic, Japanese, and South Korean. In addition to it, the broker also supports various base currencies for traders from Asia and allows them to establish an account in Japanese yen (JPY).

XM
Min deposit: $5
Deposit to Qualify
€600
XM
Deposit Bonus, Live Education
Sponsorships Remaining
10
Open an account

XM is one of the top Forex brokers in Asia for its dedication to the best customer service. The broker offers a 30 USD no deposit bonus for all new registering clients from Asian countries without any investment requirements. Furthermore, Asian traders can start trading with XM for just a 5 USD minimum deposit.

Exness

Exness is a global financial broker that provides access to trading various asset classes including: Forex pairs, CFDs on Stocks, Indices, Commodities and Cryptocurrencies. The broker was established in 2008 and since its creation has managed to attract clients from all over the globe. Currently Exness has more than 1.8 registered customers. Out of which more than 300,000 are trading actively with more than 470 Billion monthly traded volume. 

Exness Group is regulated in 7 jurisdictions and therefore considered safe. The list of regulatory bodies include: Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC), The Financial Conduct Authority in the United Kingdom (FCA), South Africa Financial Sector Conduct Authority (FSCA), Central Bank of Curacao and Sint Maarten (CBCS), Financial Services Commission in British Virgin Islands (FSC) and Financial Services Commission in Mauritius (FSC). In addition to being strictly regulated, Exness increases the level of safety by providing negative balance protection. What’s more, the broker is a member of The Financial Commission Compensation Fund and keeps clients’ money in segregated accounts.

Exness
Min deposit: $10
Deposit to Qualify
$800
ECS
EAs discounts
Exness
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
10
Open an account

What makes Exness stand apart from the competition is the speed of execution and the fact that they are regulated by the FSCA.

The Exness Group offers the full set of MetaTrader platforms and an easy-to-use, custom-built Exness Terminal. To suit various types of traders, the broker provides Standard and Professional account types. Spreads and commissions vary across different accounts, but in general, are very reasonable. The maximum leverage offered by the broker is unlimited. To be able to open a Pro account you need to deposit at least $200. As for the Standard account, the minimum amount is starting from $10 and the amount depends on the payment system.

It should be noted that the Exness Group does not accept clients from several countries including the USA. However, all African residents are free to register.

VT Markets

VT Markets is a multi-asset broker established in Sydney, Australia. The broker has more than 10 years of experience in the industry and is strictly regulated by top tier regulatory bodies such as ASIC, FCA of the UK and  the Cayman Islands Monetary Authority (CIMA). VT Markets operates globally and serves more than 70,000 client accounts. With more than $100 Billion monthly trading transactions. 

The broker offers two types of accounts that are suitable for both intraday and position trading. What’s more, trading fees are affordable and very competitive. In addition, there’s no inactivity fees and most deposit/withdrawal options are not charged by the broker. 

VT Markets has won a number of prestigious awards such as: Best Customer Service (2021 Forex Expo), Fastest Growing Broker in Europe (2021 Global Brands Magazine) and others. Amazing customer service available 24/5 and user-friendly web page truly sets VT Markets apart from the competition.

You can trade various instruments with this broker. Including Forex pairs, Indices, Soft and hard commodities, US CFD shares, UK CFD shares, EU CFD shares and HK CFD shares. The total number of instruments is more than 1,000. The broker provides access to a full set of MetaTrader software including mobile apps and web trading platforms. 

VT Markets
Min deposit: $100
Deposit to Qualify
$800
ECS
EAs discounts
VT Markets
Tailored Support, Fund Segregation & Overall Security
Sponsorships Remaining
10
Open an account

The maximum leverage available for trading stock CFDs is 20:1. As for the FX pairs, leverage is up to 500:1. The minimum initial deposit required to open a live account with this broker is 100 base currency. 

Key To Markets

Key To Markets is a global CFD and Forex broker founded in 2010. The broker provides financial services to institutional, corporate, and individual clients. The broker is well-regulated by the Financial Services Commission (FSC) in Mauritius, and by the Financial Conduct Authority (FCA) in the UK. The FCA is known to be a very strict and highly respected financial regulator, as such, we can safely say that Key To Markets is a trustworthy broker. 

The broker offers access to various financial instruments, including currency pairs, commodities, indices, crypto derivatives, and shares as CFDs. Traders need at least 100 USD to open live accounts with this broker.  

Some benefits that clients of Key To Markets receive include ECN technology and fast trade execution, fast withdrawals, access to Standard and Pro accounts, and good customer service. 

Key to Markets
Min deposit: $100
Deposit to Qualify
€800
Key To Markets
1:500 Leverage for EU traders
Sponsorships Remaining
8
Open an account

The broker offers MetaTrader 4 and MetaTrader 5 platforms for both Standard and Pro accounts. The Standard account charges 0 commissions. On the other hand, spreads on EUR/USD start from 1 pip, making this account type best suited for swing and position traders. The Pro account type is best suited to active traders that trade more frequently. The account type charges no spread markups. Spreads that traders experience are raw and market price action based. On the other hand, there is a 6 Euro or 8 USD commission per lot round turn. 

In addition, PAMM accounts are also available. PAMM stands for Percentage Allocated Money Manager, and the account types help fund managers to access financial markets and trade using investors’ funds. 

Reliable brokers in Africa with the lowest fees on Forex

When trading currency pairs, your spreads and commissions need to be as low as possible. There are various strategies that traders can use to lower fees. However, it’s always best to pick the broker that offers low fees to start with.

The Forex market is not centralized and brokers have various liquidity providers. The more liquidity the broker gets, the lower the spreads it can offer to its clients. In addition, brokerage companies need to function and to keep providing financial services they need income. Typically brokers have trading fees integrated into their spreads, or there are commissions or both. High-frequency traders prefer commission-based accounts and no spread markups. For low-frequency traders, it’s the other way around.

In addition to fees, traders need to take into account the number of available tradable instruments. Currencies are grouped into three main categories: Majors (most liquid: EUR/USD, USD/JPY, GBP/USD, etc.), Minors (less liquid than Majors: EUR/GBP, EUR/JPY, GBP/JPY, etc.), and Exotics (the least liquid: USD/HKD, USD/SGD, USD/ZAR, etc.)

All of the top trusted Forex brokers we have included in our article offer access to major and most minor pairs. However, if you are looking for exotic pairs, the more instruments the broker offers, the higher the number of available exotic currencies.

AvaTrade XM Exness VT Markets Key To Markets
Number of Forex pairs 64 57 98 49 65
Trading fees From 0.3 pips From 0.6 pips From 0.3 pips From 1.2 pips From 1 pip
Inactivity fees 50 USD/EUR/GBP per month after 3 months of inactivity 5 USD per month after 90 days of inactivity 0 USD 0 USD 0 USD
Fees on deposits 0 USD 0 USD 0 USD 0 USD 0 USD
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For trading currencies, Exness offers more pairs and low trading fees. However, it should be mentioned that if your goal is to pay low trading fees, your focus should not be on trading exotics. Major pairs offer the tightest spreads. In addition, most day traders only trade during the most liquid hours (during London and New York sessions) to pay fewer market fees. 

Best trusted Forex broker in Africa with the widest selection of CFDs

We’ve already mentioned earlier in this article that CFDs are the best vehicles for short and medium-term market speculation.

CFDs are popular in financial trading for a number of reasons, including:

  • CFDs enable traders to trade using leverage, meaning, they can increase their purchasing power dramatically
  • CFDs can be traded in both directions. For instance, when trading gold vs USD, you can go long or short, since it’s just a contract and not a physical asset. Therefore, CFD traders can make money in both falling and rising markets
  • It’s easier to start trading CFDs. There are so many brokers to choose from and there are fewer legal barriers compared to trading real assets
  • Increased liquidity. Trading CFDs gives traders the advantage of trading in a highly liquid market with better market spreads 
AvaTrade XM Exness VT Markets Key To Markets
Number of CFDs on Stocks 629 1,261 100 800 65
Number of crypto derivatives  19 31 35 N/A 4
Number of CFDs on indices 30 14 10 24 15
Number of CFDs on commodities  17 8 13 22 7
The number of total assets including FX, real shares, etc. 1,250+ 1,471+ 256 1,000+ 156
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The Bottom Line for African FX Brokers

African traders are very much like the rest of the traders globally, however, they do have special requirements that the best Forex brokers in Africa have to address. For instance, many African FX traders would prefer to have access to the accounts with local base currency. XM is one of the first brokers to satisfy this requirement and offer ZAR Forex trading accounts to South African traders. Also, for the security and safety reasons the best option for trading Forex in Africa is to go for locally regulated companies. That is why AvaTrade stands out among its competitors as one of the best choices in the region.

Regulations and safety are important but they are not enough to provide the best trading experience to African clients. The trading costs, starting capital, available platforms and promotional campaigns are what drive the clients to a specific broker. All the five brokerage companies that we have discussed in the article are famous for their low trading costs and low minimum deposit requirements. Furthermore, all of them feature advanced trading platforms such as MT4, MT5 or WebTrader and support various payment options on their website.

Education is another key player in the Forex industry and that is why the top Forex brokers in Africa will focus on delivering extensive educational resources to their clients. XM, HYCM, Monfex, Milton Prime, and AvaTrade all provide free educational tools, research, analysis, webinars, eBooks, and other types of material that are incredibly helpful both for beginners and intermediate traders. Some of these brokers, notably XM, will also offer promotional campaigns like deposit and no deposit bonuses to encourage new traders to smoothly enter the vast realm of the Forex trading industry.

FAQs on Africa Forex Brokers

Which broker is the best in Africa?
XM and AvaTrade are two of the best Forex brokers Africa can offer. These brokers are different from each other but both offer a highly secure and safe trading environment. They hold numerous authorizations from international regulatory bodies. AvaTrade is regulated by the local authority, as well - FSCA in South Africa. Furthermore, both XM and AvaTrade provide extensive educational resources for traders from Africa. XM additionally supports promotional campaigns that include 30 US dollar no deposit bonus and 50%+20% deposit bonus programs. These two brokers have flexible leverage 1:400 and 1:888 for XM and AvaTrade respectively and offer ultra-tight spreads starting at 0.7 pips on Forex currency pairs.
Which forex broker has the lowest minimum deposit?
XM Forex broker offers the lowest minimum deposit requirement for new registering clients on its platform.The users can start trading with just 5 US dollar minimum deposit investment. This requirement is the same for all three account types of the broker - Micro account, Standard account and XM-Ultra low trading account types. XM also has the fourth, special account type - the Shares account which comes with a 10000 USD deposit requirement and is dedicated to trading with stocks only. XM also supports multiple base currencies including ZAR for South African traders. The XM minimum deposit in ZAR is 72 South African rands.
How to start Forex trading in Africa?
You will need to open a real trading account with the Forex broker that you choose. To find the best online Forex brokers in Africa you will have to conduct a small research and identify regulated brokerage companies with tight spreads and ideally no-commission fee structure. Afterward, you register with the broker and either start testing out its services on a Demo account or open a real trading account type. After registration, you will have to verify your identity and residential address and fund your account. The funding should occur in compliance with the minimum deposit requirements of the broker. As soon as your account is validated and active you will have access to the trading platforms and financial instruments of the broker and it will be a green light for you to start trading Forex in Africa.

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