{"id":2630,"date":"2020-09-16T13:16:26","date_gmt":"2020-09-16T13:16:26","guid":{"rendered":"https:\/\/kobotalk.com\/?p=2630"},"modified":"2025-07-04T19:45:35","modified_gmt":"2025-07-04T19:45:35","slug":"forex-brokers","status":"publish","type":"post","link":"https:\/\/kobotalk.com\/BLOG\/forex-brokers\/","title":{"rendered":"5 Reliable Online Forex Brokers for African Traders"},"content":{"rendered":"Reading Time: <\/span> 6<\/span> minutes<\/span><\/span>
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More and more Africans are taking to online trading of currency and other derivative instruments such as stocks, commodities and cryptocurrencies to earn a living.\u00a0 However, a major challenge most African traders face is getting reliable Forex brokers to deal with.\u00a0\u00a0<\/span><\/p>\n\n

Unfortunately, the majority of Forex brokers hardly accept traders from Africa.\u00a0 African traders are therefore on a constant search of credible platforms to fulfill their needs.\u00a0 And very often they fall victim of fraudsters who parade themselves as Forex brokers.<\/span><\/p>\n

If you are from Africa and you are desirous of trading the global market but are constrained because you have not been able to get a credible Forex broker to use; here is a list of online brokers that accept African traders on their platforms.<\/span><\/p>\n

This post addresses the need of new traders or experienced traders who are looking for reliable online brokers to use for their online trading activities.\u00a0 If you are new to online trading and seeking the knowledge to get you started, check out this other post: Online Trading of Financial Assets: It’s Not Be As Difficult As You Think<\/p>\n

Three Types of Brokers<\/b><\/span>\u00a0\u00a0<\/span><\/h2>\n

Many people really don’t realize that all brokers are not the same.\u00a0 \u00a0And most importantly, the type of broker you deal with, to a very large extent determines the kind of trading experience that you will have.<\/span><\/p>\n

There are three classes of Forex brokers:<\/span><\/p>\n

Market Maker<\/span><\/h2>\n

The first and most common type of Forex brokers are the dealers or market makers. This type of broker helps the trader route his trade to the market.\u00a0 Thus, they operate the Dealing Desk model.<\/span><\/p>\n

They collect your order, process it and route it through the market. What this means is that when you are buying, you buy from the broker and when you sell, you also sell to them.\u00a0 Trading via a Dealing Desk Broker or market maker offers some benefits.\u00a0 The most important of this is that you are able to trade in really small lot sizes.<\/span><\/p>\n

However, market makers take the opposite side of your trade and may not likely hedge.\u00a0 What this simply means is that they gain when you lose money and lose money when you gain.\u00a0 Would such a broker protect your interest?\u00a0 Not likely at all.\u00a0\u00a0<\/span><\/p>\n

STP Broker<\/span><\/h2>\n

The other type of Forex brokers is the STP or Straight Through Processing Broker.\u00a0 He is a non-dealing desk broker and what this means is that the broker routes your orders directly to the liquidity provider.<\/span><\/p>\n

Liquidity providers are usually financial institutions that play in the inter bank market.\u00a0 They include the Banks, Hedge Funds and Mutual Funds.\u00a0 How the STP broker makes money is on the spreads.\u00a0\u00a0<\/span><\/p>\n

Thus the more you win as a trader, the more money the broker makes.\u00a0 If you are losing money, the broker is very likely to lose money also. So it is in his best interest that you make money.\u00a0 However, you may not be able to trade in small lot sizes.<\/span><\/p>\n

ECN Broker<\/span><\/h2>\n

The other type of non-dealing desk broker is the ECN (Electronic Communication Network) Broker.\u00a0 The ECN broker not only gives the trader routes your order directly to the Liquidity Provider but also allows you to interact with them on their network.<\/span><\/p>\n

The ECN broker does not earn money on the spread but charges the trader a commission on all trades.\u00a0 So whether the trader makes money or not he is entitled to his commission.<\/span><\/p>\n

So what type of broker should you be using?\u00a0 The one whose business model meets your trading goals!\u00a0 However, it’s important that we add that to trade with an ECN broker, you have to be experienced.<\/span><\/p>\n

How to Choose An Online Forex Broker<\/b><\/h2>\n

Here are some of the things you have to watch out for:<\/span><\/p>\n

Regulated Broker\u00a0<\/strong> <\/span><\/h2>\n

So many online Forex brokers are not regulated,\u00a0 particularly in Africa.\u00a0 Dealing with an unregulated financial services provider puts your funds at risks. Since there is no authority to report to in the event of an infraction,\u00a0 you and your money are at the mercy of the broker.\u00a0<\/span><\/p>\n

History and Reputation<\/strong>\u00a0 \u00a0<\/span><\/h2>\n

It is in your interest to choose a Forex broker that has been around for sometime, has positive reviews by clients, and has the financial muscle to do their.\u00a0 When you deal with a fragile institution, your investment is likely to go down when the institution goes down.\u00a0<\/span><\/p>\n

Account Type Offered<\/strong>\u00a0<\/span><\/h2>\n

Choose a broker that has a variety of accounts that caters for different skill levels: beginner,\u00a0 intermediate and advanced. These brokers offer demo accounts with virtual money that traders can use to learn and get used to the trading environment before commuting real money to trade.\u00a0<\/span><\/p>\n

Instruments Offered\u00a0<\/strong><\/span><\/h2>\n

we selected online brokers that offer a variety of products that appeal to the interest of individual traders.\u00a0 These include stocks,\u00a0 currency,\u00a0 commodities,\u00a0 stock indices, cryptocurrencies and ETFs.\u00a0<\/span><\/p>\n

Minimum Deposit Required<\/strong>\u00a0 \u00a0<\/span><\/h2>\n

To many traders, the minimum they will need to open an account is a very important factor.\u00a0 Some brokers accepts as little as USD5 while others can go as high as USD1000. <\/span>\u00a0The firms we list here accept minimal sums for account opening, some as little as USD10.<\/span><\/p>\n

Local Office\u00a0 or Support<\/strong>\u00a0<\/span><\/h2>\n

Particularly for African traders, it is important you deal with a broker that has a local office or representative in your country.\u00a0 This will help to facilitate support and technical assistance where and when needed.<\/span><\/p>\n

Best Online Forex Brokers for African Traders<\/b><\/h3>\n

Now here are our list of best online Forex brokers for Nigeria and African traders and those<\/span><\/p>\n

#1. Fintrust Managers<\/b>\u00a0\u00a0<\/span><\/h3>\n

Fintrust Managers is an \u2018A\u201d book online broker with a strong presence in Africa and Europe.\u00a0 It offers access to the global financial markets with a robust platform that allows users to trade Forex, stocks, commodity CFDs as well as cryptocurrency and ETFs.<\/span><\/p>\n

Fintrust Managers<\/span> offers financial services to clients around the world and complies with the regulations of each country where they have a presence.<\/span><\/p>\n

With as little as US$20 one can open an account and start trading on the fintrust platforms.\u00a0 These platforms can be accessed on desktop, mobile app and the web.\u00a0 And the best part, their flexible deposit options allows their clients to fund their accounts in their domestic currency and trade in foreign currency.<\/span><\/p>\n

For a reliable trading platform that offers low and flexible deposit options, low spreads, no hidden fees, leverage of up 1:1000 and a variety of instruments, then check out fintrust managers.<\/span><\/p>\n

Fintrust Managers have their offices in Nigeria and offers their services globally.<\/span><\/p>\n

Open account with fintrust here.<\/span><\/p>\n

#2. Deriv<\/b><\/h3>\n

Formerly binary.com, this company has a robust 20 years history of providing trading platforms and services for over one million traders worldwide.\u00a0<\/span><\/p>\n

This company delivers its trading services via three platforms namely:\u00a0 DTrader (a web based platform), MT5 and DBot (an automated trading system).\u00a0 This is in addition to Binary.com\u2019s Smart Trader.<\/span><\/p>\n

Deriv<\/span><\/a> is licensed in multiple jurisdictions including Malta, Lauban, British Virgin Islands and <\/span>Vanuatu.\u00a0 It offers tight spreads and minimal trading fees.\u00a0 And with just USD5, one can open an account and start trading over the 100 products on offer spread across currency pairs, binary options<\/a>, stock indices, synthetic indices and commodities.<\/span><\/p>\n

Deposit and withdrawal of funds is easy and can mostly be achieved within 24 hours.\u00a0 Options available include bank wires, credit\/debit cards, e-wallets and cryptocurrencies like <\/span>Bitcoin, Ethereum, Litecoin and Tether.<\/span><\/p>\n

Deriv has a large network of Affiliate and IB Managers in Africa and they are available to provide you with support.<\/span><\/p>\n

Create a trading account on Derive here<\/span><\/a><\/p>\n

#3. Hot Forex<\/b><\/h3>\n

This online Forex broker is based in Cyprus.\u00a0 It is a brand name of HF Market (Europe) licensed by the CySEC.\u00a0 It also has some cross border licenses authorizing it to offer trading services in these jurisdictions including Dubai, England, South Africa and more.<\/span><\/p>\n

Thus, Hotforex offers services in most parts of the world including Africa with representative offices in Nigeria and Kenya.\u00a0\u00a0\u00a0<\/span><\/p>\n

The company was set up in 2010.\u00a0 It boasts of having created over 2 million accounts, employed over 200 people globally, supports more than 27 languages and has over 35 industry awards in its belt.<\/span><\/p>\n

Hotforex is an STP broker, offers 17 trading tools and over 150 instruments in Forex and CFDs.\u00a0 This includes indices, metals, energy, stocks, commodities, bonds and cryptocurrencies.<\/span><\/p>\n

Minimum amount to open an account and trade through this platform is USD5.\u00a0 They offer fixed\u00a0 and floating leverage which is good for traders with smaller accounts.\u00a0 With about 6 account types, traders have a variety of options with the benefit of negative balance protection.<\/span><\/p>\n

Visit Hotforex to create an account<\/span><\/p>\n

#4. Alpari<\/b><\/h3>\n

Founded in 1998, Alpari is one of the world\u2019s oldest Forex brokers with a presence in Africa.\u00a0 They have local presence in Abuja, Nigeria and offers and offer friendly trading platform support, competitive spread, and options to make deposits in local currency.<\/span><\/p>\n

Alpari is an ECN broker with very low fees and offer a wide range of instruments including Forex, indices and spot metals.\u00a0 New users can open a trading account with zero amount.<\/span><\/p>\n

Alpari is fully licensed and regulated by the Financial Services Commission of Mauritius.<\/span><\/p>\n

Create an Account on Alpari here<\/span><\/a><\/p>\n

#5. FXTM<\/b><\/h3>\n

FXTM has a very high rating in Nigeria.\u00a0 It’s a trusted broker that has a cross border registrations in UK, Cyprus, and Belize.<\/span><\/p>\n

FXTM offers a variety of account types and allows deposit in your domestic currency.\u00a0 The minimum amount for opening an account for its Nigerian customers is NGN2000 (or USD5).\u00a0 Deposit and withdrawal of funds is easy with many options including cash deposit, debit and credit cards<\/span><\/p>\n

Apart from trading Forex, FXTM also offers CFDs in commodities.\u00a0 They also provide free resources to help their learn and trade better. These resources come in the form of news, commentary, analysis,\u00a0 articles, eBooks, and webinars.<\/span><\/p>\n

FXTM has offices in Lagos and Abuja, Nigeria.\u00a0 It worn the best broker awards in Nigeria in 2020.<\/span><\/p>\n

Open an account with FXTM here<\/span><\/a><\/p>\n

In conclusion<\/b><\/h4>\n

Someone once told me: \u201cIf you choose the wrong broker, it\u2019s got to make you a lot broker\u201d.\u00a0 You see there are a lot of scammers out there, so you have to exercise care when deciding on a Forex broker to deal with.<\/span><\/p>\n

Always know that trading in financial instruments, much more so, derivatives is risky.\u00a0 Don\u2019t compound the risk by dealing with the wrong broker.\u00a0 Define your objectives clearly.\u00a0 Consider the options and do your due diligence and select the Forex broker that best meets your needs.<\/span><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 6<\/span> minutes<\/span><\/span>More and more Africans are taking to online trading of currency and other derivative instruments such as stocks, commodities and cryptocurrencies to earn a living.\u00a0 However, a major challenge most African traders face is getting reliable Forex brokers to deal…<\/p>\n","protected":false},"author":1,"featured_media":2636,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3,5],"tags":[76,36,169],"class_list":["post-2630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-ideas","category-investing","tag-forex","tag-investing","tag-online-trading"],"a3_pvc":{"activated":true,"total_views":699,"today_views":0},"yoast_head":"\n5 Reliable Online Forex Brokers for African Traders - KOBOTALK BLOG<\/title>\n<meta name=\"description\" content=\"Online forex brokers play important roles in trading currency and CFD instruments. 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for\u00a0 anyone to buy and sell financial instruments leveraging the internet What Financial Instruments Can You Trade Online A financial\u2026","rel":"","context":"In "Investing"","block_context":{"text":"Investing","link":"https:\/\/kobotalk.com\/BLOG\/category\/investing\/"},"img":{"alt_text":"","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2020\/05\/Financial-Instruments.jpg?fit=627%2C418&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2020\/05\/Financial-Instruments.jpg?fit=627%2C418&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2020\/05\/Financial-Instruments.jpg?fit=627%2C418&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":1093,"url":"https:\/\/kobotalk.com\/BLOG\/binary-options-trading\/","url_meta":{"origin":2630,"position":1},"title":"Binary Options Trading: Another Way to Make Money Online","author":"Kobotalk","date":"July 21, 2019","format":false,"excerpt":"Binary options trading is gaining popularity and fast becoming one of the easy ways smart people earn money online. However, of all the financial instruments that are traded such as spot forex, stocks, commodities and indices, binary options are the most controversial and often misunderstood. 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