If you are an African, living in Africa, here are the top and the best forex brokers you can trade forex or shares with in 2024.
The best part of trading with some of these brokers is that you can deposit to and withdraw from your trading account with local mobile money payment.
Our forex broker review process is simple; we are residents of Africa and trade with these forex brokers on live accounts.
Here are the best forex brokers in Africa to trade with in 2024.
Exness
 Open an Account | Quick info Founded: 2008 Regulator: FSA, Seychelles Minimum deposit: $1 Leverage: Up to 1:2000 Average spread: 0 (Zero and Raw spread) 0.3 – Standard Platforms: MT4, MT5, Web, Mobile |
| Why trade forex with Exness. – Super tight spreads – Instant automated Withdrawals and deposits 24/7 – Multiple withdraw and deposit methods – Negative balance protection – Regulated broker – Mpesa and Mobile money broker – Funding in local currency |
IC Markets
 Open an Account IC Markets Review | Quick info Founded: 2007 Regulator: ASIC Australia, FSA Seychelles, CySEC Cyprus Minimum deposit: $200 Leverage: Up to 1:500 Average spreads : 0 (cTrader and Raw spread) and from 1.0 – Standard Commissions : only on cTrader – $6.0 and Raw Spread – $7 per lot round-turn Platforms: MT4, MT5, cTrader, Web, Mobile |
| Why trade forex with IC Markets. – Super tight spreads – Multiple withdrawal and deposit methods – Supports PayPal deposits and withdrawal – Regulated broker |
HotForex
 Open an Account. | Quick info Founded: 2010 Regulator: FCA United Kingdom, FSA Seychelles, DFSA Dubai, FSCA South Africa Account currency: USD, EUR, GBP Minimum deposit: $5 Leverage: Up to 1:1000 Average spreads: EURUSD – 1 pip, GBPUSD Commissions: $7 per lot round-turn on the Zero Spread account. Platforms: MT4, Web, Mobile |
| Why trade forex with HotForex. – Up to 100% trading bonus on deposits on some accounts – Multiple withdrawal and deposit methods – Tight spreads on the Zero spread account – Regulated in many countries – Negative balance protection |
Tickmill
 Open an Account. | Quick info Founded: 2015 Regulator: FSA Seychelles, CySEC Cyprus, FCA United Kingdom Account currency: USD, EUR, GBP Minimum deposit: $5 Leverage: Up to 1:500 Average spreads: EURUSD – 1 pip, GBPUSD Commissions: $4 per lot round-turn – only on the Pro account. Platforms: MT4, Web, Mobile |
| Why trade forex with Tickmill. – Super tight spreads – Very low commissions – Multiple withdraw and deposit methods – Regulated broker |
XM
 Open an account | Quick info Founded: 2009 Regulator: CySEC Cyprus, IFSC, FCA United Kingdom, ASIC Australia, DFSA Dubai Base currency: USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, ZAR Minimum deposit: $5 on Standard and Micro and $50 on XM Ultra-Low Account Leverage: Up to 1:888 Average spreads: 1 pip (Standard and Micro) 0.6 – on XM Ultra-Low Account Platforms: MT4, MT5, Web, Mobile |
| Why trade forex with XM. – Multiple withdraw and deposit methods – Supports mobile money funding – Negative balance protection – Regulated in many countries |
I have experience trading with these and many other forex brokers since 2010 and am confident they are the best brokers to trade forex with in Africa.
I will now show you which broker is best in what.
The best forex broker for beginners
All the five brokers above qualify for beginning traders. They all have a low initial deposit.
In my list, Exness is the best forex broker for new traders. They have very low spreads, a small initial deposit, instant withdrawal options, and support many mobile money withdraw methods in Africa.
Next is Tickmill, then IC Markets. Hotforex and XM are great, but their standard accounts have the highest spreads if you want to trade with either then as a beginner signup for the Zero spread account or the XM ultra-low account, respectively.
The best brokers with low trading costs – Commission.
Tickmill has the lowest commission of $4 per lot round-turn on its Pro account an equivalent to an ECN account.
The best forex brokers with small spreads
Exness, IC Markets, and Tickmill compete for this spot. The spreads on Exness standard account, for instance, are almost equivalent to the Zero Spread account on Hotforex
Forex broker with the best customer service
Exness, IC Markets, HotForex, Tickmill, and XM. All five brokers have very responsive customer care service.
Forex broker with the best forex research and education.
Exness, IC Markets, HotForex, Tickmill, and XM. All the five brokers take their traders seriously with very insightful education and trading advice based on research.
Broker with the best Forex Trading Platforms
IC Markets has the most trading platforms followed by HotForex and XM
The best forex broker for Day Trading
Exness, IC Markets, HotForex, Tickmill, and XM forex brokers will all work well for day traders.
Forex brokers with a no deposit bonus
Both Tickmill and XM provide first-time clients a $30 no deposit bonus. The beautiful thing about this bonus is you can always withdraw the profits made from this bonus. A no deposit bonus is great if you want to test the live trading environment of any of these brokers.
Forex brokers with the best trading bonus
HotForex has the craziest bonuses to choose from. If you want to increase your trading equity by up to 100% of your deposit, then Hotforex is for you. XM also has some great bonuses and promotions.
Documents you need to verify a forex trading account.
Every trader is required to verify their account to comply with Anti Money Laundering regulation.
You need these documents to verify your trading account.
Proof of Legal Identity: Government-issued ID, Driver’s License, Passport, etc.
Proof of Address: Government-issued residential registration, reoccurring statements to the address – Water bill, Electricity bill, Tax bill, Tax clearance certificate, and Bank statements.
Frequently asked questions about forex brokers and forex trading.
Go here for answers to questions beginners ask about forex trading.
How do I calculate forex trading costs?
For spreads, your trading costs are the difference between the buying and selling prices.
For ECN or Raw trade accounts – commissions are transparently displayed by the broker. For instance, on Tickmill, the cost is $4 per standard lot round-turn – that is $2 when you enter and $2 when you close the trade.
Most brokers provide trading tools – like calculating margin requires – that can help you figure and plan for your trading.
Where do I learn how to trade forex?
All the forex brokers I recommend have great learning tools for both beginners and advanced traders.
If you are new to trading, I recommend starting with www.babypips.com
How do I choose a forex broker?
That’s the big question.
Here are the criteria we used to review and pick the forex brokers on this list out of the hundreds of forex brokers out there.
- Regulation – As a trader, your deposits must be safe. Only regulated brokers can give that assurance. They are required to meet stringent conditions before they are licensed. This protects your money.
- Withdrawal and deposit methods. Once you are sure that your money is secure, you want to know how fast and conveniently you can deposit and withdraw your money. Almost all these broker have the standard deposit and withdraw methods – VISA, Wire transfer – but those that go the extra mile to provide local withdrawal methods like Mobile Money win.
- Costs and fees – Even accounts that don’t have commissions have fees – we call those fees spreads. For scalpers, you want to trade with a broker who provides the tightest spreads and lowest commissions possible.
- Platform and trading tools – The weapons of warfare to a trader are their laptop or computer or mobile phone, running the right trading platforms and trading tools. Always trade with a broker who provides the platforms and tools you are most comfortable trading with. All the above brokers come with Metatrader 4 as the standard. Others have Metatrader 5, and ICM markets additionally have cTrader. They all have web traders and apps for mobile trading.
- Trade execution – It shouldn’t take ages to enter or get out of a trade. You want to get in when you click buy or sell and get out when you click close. It’s got to be fast—instant fast. You should keep in mind that your gadgets – computer, laptop, phone, internet connection – all play a big part in determining your trade execution speeds.
- Customer care and support – once in a while, you may need the help of the guys behind your computer. Hasn’t a deposit gone through? Can’t log in? Can’t trade? Anything happens; a good broker like your partner should be a call away, a chat away, or an email away with the help you need to execute your trades.
If you can get these six traits of a good forex broker in the companies you are looking for, then you are good to go.
The best and recommended forex Broker Reviews – compared side by side.
Use this table with reviews of the top forex brokers to compare all the FX brokers we have
Forex Broker Reviews
| Broker | Min Deposit | Demo | Trading Platforms | Bonus | Trading Costs |
| Exness | $1 | Yes | MT4, MT5, Web, Mobile | No | |
| Tickmill | $5 | Yes | MT4, Web, Mobile | Yes | $4 per lot round-turn |
| IC Markets | $200 | Yes | MT4, MT5, cTrader, Web, Mobile | No | |
| HotForex | $5 | Yes | MT4, MT5, Web, Mobile | Yes | |
| XM | $5 | Yes | MT4, MT5, Web, Mobile | Yes | $7 per lot round-turn |
Final thoughts on the best forex brokers in Africa.
In the last decade, I’ve experimented with tens of brokers, and these five; Exness, IC Markets, HotForex, Tickmill, and XM forex brokers are the best forex brokers I have traded with.
Each broker has an advantage over the other. Overall I am never afraid of the safety of my money with any of them.
In this article, I have shown you my list of the best forex brokers to trade with in Africa. Do trade with any of these brokers? Or which other forex brokers have you traded with? Share your thoughts and comments with other traders in the comments section below.
