Best Forex Brokers in Africa for 2024
It can be a difficult task navigating through a crowded marketplace searching for the Best Forex Brokers in Africa for 2024. That’s why we have put in the hard work, so you don’t have to. In this feature, we’ve picked out the top performing companies and narrowed them down into a top five shortlist, based on a range of assessed factors.
When looking at the Most Trusted Forex Brokers in Africa, the very first thing to do is check whether the company is fully licensed with a reputable authority, such as the Capital Markets Authority (CMA) in Kenya. It’s an important aspect to look at because it ensures the proper protection of client funds in Africa, with regulated brokers being bound by a strict set of rules and procedures designed to give traders confidence that their money is secure.
Keep reading on to discover the results of our research, where we’ve identified the Top-Rated African Forex Brokers that excel in a number of key areas. We’ve concentrated our focus on the key elements including regulatory compliance, security of funds, customer support, and online reputation. Only licensed brokers that have been shown to consistently deliver top-notch trading conditions, superior products, and tailored features for traders in Africa have been selected for the final list.
For traders in South Africa, you can explore the Best Forex Brokers in South Africa for 2024.
Best Africa Brokers Leaderboard
Score: 4.45 / 5
1,250+ Instruments Local Payment Methods Proprietary Platforms Good Education Section 24/7 Customer Support
Score: 4.3 / 5
550+ Instruments Good Presence in Africa Instant Withdrawals Localised SM Channels 24/7 Customer Support
*Trading carries a risk of loss
Score: 4.3 / 5
1,000+ Instruments No Account Funding Fees Excellent ‘Learning Center’ Varied Analytical Tools
Score: 4.15 / 5
500+ Instruments Multiple Account Types Dedicated Trader Academy Copy Trading Options
Score: 4.1 / 5
60+ Currency Pairs Local Payment Methods Wide Choice of Accounts 24/7 Customer Support
Score Breakdown
See the breakdown showing how the Best Forex Brokers in Africa for 2024, performed across six important criteria in our FX Trust Score Index.
| Regulatory Compliance | Security & Fund Protection | ||
| AvaTrade | 5/5 | AvaTrade | 5/5 |
| FBS | 5/5 | FBS | 5/5 |
| IronFX | 5/5 | FXGT.com | 5/5 |
| XM | 5/5 | IronFX | 5/5 |
| FXGT.com | 3/5 | XM | 5/5 |
| Customer Support | Localisation | ||
| FXGT.com | 5/5 | AvaTrade | 4/5 |
| AvaTrade | 3/5 | FBS | 4/5 |
| FBS | 3/5 | FXGT.com | 4/5 |
| IronFX | 3/5 | IronFX | 4/5 |
| XM | 3/5 | XM | 4/5 |
| Local Payment Methods | Online Reputation | ||
| AvaTrade | 4/5 | AvaTrade | 5/5 |
| FBS | 4/5 | FBS | 4/5 |
| FXGT.com | 4/5 | FXGT.com | 4/5 |
| XM | 4/5 | IronFX | 4/5 |
| IronFX | 3/5 | XM | 3/5 |
*Where scores are tied, brokers are listed in alphabetical order.
The FXTS Verdict
AvaTrade came out on top as the Best Forex Broker in Africa for 2024, after receiving high scores across many of the aspects we looked into. Available to traders in Ghana, Kenya, and Nigeria, the brokerage was a top performer, impressing in various categories. AvaTrade scored well for its dedication to security and fund protection and commitment to fulfilling its regulatory requirements. It currently holds licences with the FSCA in South Africa, ASIC in Australia, and the FSA in Japan, alongside several other leading entities. In addition, the company’s wide choice of instruments, local African payment methods, and 24/7 support helped it stand out from its nearest competitors.
Each of the remaining brokers in the top five shortlist have a solid presence in Africa, offering their trading services to residents of Ghana, Kenya, and Nigeria. FBS finished as the runner up on a tie break with XM thanks to its superior localisation, with numerous local payment methods and dedicated social media channels for multiple African countries. Meanwhile, XM ranked well for its varied account types, advanced analytical tools, and educational resources, while IronFX’s copy trading options and Africa-based promotions were positive aspects. FXGT.com rounds off the leaderboard, presenting a good range of trading accounts and an extensive array of local payment methods.
How did we choose the Best Forex Brokers in Africa for 2024?
When we set out to find the Best Forex Brokers in Africa for 2024, we made sure to be very thorough. We began the process by removing any brokers that didn’t meet the high standards needed to make it onto our list. Our focus was on finding brokers with a solid and proven presence in African markets, so that traders in this region can access the best possible options available to them.
We then checked out each broker’s website, paying close attention to the features they offer in key African countries like Ghana, Kenya, and Nigeria. Our focus then shifted to the critical factors that matter most to traders in these regions, such as fund protection, customer support, and online reputation. We also looked into whether the brokers offered local phone numbers, their supported languages, and whether they have offices within each country. Finally, we assessed the local payment options provided by these top brokers to get a clear understanding of how well they serve traders across Africa.
FAQs
Yes, you can trade forex in Africa. It’s legal in many countries across the continent, including in Ghana, Kenya, Nigeria, South Africa, and Egypt. To begin trading forex in Africa, you’ll need a reliable internet connection, open a trading account, and have some initial capital to deposit funds. You should always choose a licensed broker because it offers a greater level of security and protection for your investments. To discover the best regulated brokers in Africa, simply scroll up to check out our top five leaderboard.
The best forex broker in Africa largely depends on what your individual trading needs and preferences are but as a general rule, the better brokers tend to be licensed entities like the Kenyan Capital Markets Authority (CMA). Other factors to consider when choosing a broker include the trading conditions, available platforms, potential fees, customer support, and quality of its educational section. It’s also worth researching whether a broker that offers local payment methods, responsive customer service, and resources tailored to the African market. You can compare the best forex brokers in Africa by checking out the FX Trust Score guide above.
It’s difficult to put a figure on how many forex traders there are in Africa, with some estimates indicating that around 1.3 million active traders are operating within the entire continent. However, this number could be even greater, with hotspot areas like South Africa, Kenya, and Nigeria experiencing a growth in popularity for those participating in the world of online trading.
Some forex brokers offer trading pairs that include local African currencies such as the South African Rand (ZAR), Nigerian Naira (NGN), or Kenyan Shilling (KES). Availability of local currency pairs can be beneficial due to the trader’s familiarity with these currencies and their market behaviours.
Look for brokers that offer convenient deposit and withdrawal options that are accessible and cost-effective in Africa. These might include local bank transfers, major credit/debit cards, and popular eWallets. Additionally, consider the speed of these transactions and any associated fees.
Regulatory oversight varies by country within Africa. For instance, South Africa’s forex brokers are regulated by the Financial Sector Conduct Authority (FSCA). It’s important to choose a broker regulated by a reputable authority to ensure transparency and security in trading.
