You have heard about Forex Trading and decided to give it your best shot, but there is one problem, you find it difficult choosing the best forex broker to trade with. Worry not, in this article, we cover all that and more!
If you want to get straight to the answer, the best forex broker you can use, as a beginner in the forex trading industry is Just Forex. There are other equally good brokers, but they do not offer the flexibility and smoothness you can when you trade Just Forex.
When it comes to broker’s every website seem to attribute the best forex broker to their broker of preference, this is okay, however, the problem arises when these broker’s that are acclaimed to be the best, actually do not serve the country you reside in.
Since Forex brokers need to be regulated, they are limited in a way to the number of countries they can operate in, and this limitation gives room for other unregulated brokers to work in countries without very strict regulatory environments.
Regardless of these challenges, there are some brokers in Africa who are regulated and offer some of the best services you could ever hope for. In this article, we bring expertise from the best forex coach who has trained thousands of Forex Traders as well as the best Online Investment Platforms in Nigeria, who deal primarily in Forex trading to generate profits.
My interview with these astute players in the Forex industry has led to the conclusion below, and we would continue to investigate more Forex trader’s from different parts of Africa, to share their opinion on who the best forex broker is, at least in their country to further help our readers.
The Best Forex Broker for 2021
Forex Time is authorized and licensed in:
1. Europe: Regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12
2. South Africa: licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614.
3. United Kingdom: The company is also registered with the Financial Conduct Authority of the UK with the number 600475.
The Company was established in 2011, Forex Time has been a global leader in the online trading business, creating opportunities in the world for people in various country’s.
The Company offers a trading platform for instruments such as :
2. Spot Metals
3. Stock CFDs
4. CFDs on Commodities
5. CFDs on Indices
Register with Forex Time today and experience some of the best trading conditions available.
Just Forex is registered and regulated by the Financial Services Authority in Saint Vincents and Grenadines with license number 23993 and has operated since 2012 providing some of the best forex brokerage services.
Just Forex has some of the tightest spreads in the market starting from 0 pips.
Leverage for clients is up to 1:3000 depending on the account type you chose, which means that for each dollar you put in, you get spending power up to $3000.
You can use both MT4 and MT5 platforms with this broker and all trading strategies are allowed, you would not be banned from using your advance bots to trade on your behalf.
170+ trading instruments including Forex, Stocks, and cryptocurrencies are available on this platform. Instant order executions from 0.01s makes this broker an excellent choice for traders who prefer trading in volatile markets.
Payment Systems Available with Just Forex
- Perfect Money
- Bitcoin Cash
- Credit Card
- Mobile Money ( Yes! You read right, instant deposits and withdrawals)
- 10 USDCoin and many others this makes Just Forex the best forex broker for beginners.
By far Just Forex has one of the widest payment systems available for African Forex Traders. This means withdrawals and deposits fast and easy.
Just Forex is one of the few brokers in the world with whom you can issue withdrawal and receive the money in your mobile money or other E-wallet systems within a few minutes.
Just Forex has proven to be the best forex broker especially for African countries due to the detailed attention they give to Africans.
CM Trading is a local broker in South Africa with international reach, they are focused on 3 main things;
- Trade and
While I recommend this broker, You should not bank your hopes on their training programs. Neither should you focus on their forex signals?
- There are over 150+ tradable assets on CM Trading
- Spreads start from 1.5 pips (EUR USD)
- Leverage of up to 1: 200
While CM Trading does not match up to the volume of assets or ranges of assets, nor the tight spreads or fast execution experienced on Just Forex they have managed to win some of the best awards in Africa.
If you necessarily need to use a broker based on African soil, CM trading might be your best bet.
Pepperstone is a Forex broker registered with the FCA with registration number 684312. This broker has some of the best spreads in the market and has proven to be reliable over the years.
At a speed of 30ms, Pepperstone has some of the best execution speeds in the industry, their spreads start from 0 pips but only if you are on the razor account, other account types have spreads a bit higher.
Pepperstone has over 180+ trading instruments to chose from covering Forex, Commodities, Index CFD’s, Cryptos etc.
Their regulatory oversight (FCA) makes them one of the most preferred Forex brokers for residents in the United Kingdom.
My personal experience however points out that sometimes, especially during volatile market periods, their platform would freeze making it impossible for me to place or close trades.
That aside, their deposits and withdrawals and their support system, make pepperstone, one of the best forex brokers in the world.
Forex.com is regulated by the Cayman Islands Monetary Authority, and 6 other jurisdictions in the world.
They provide faster trades, and near instant execution of orders. Did you place a limit order? Great, because with Forex.com you get even better prices on limit orders.
Over 4500 markets including Forex, Indices, Commodities, Equities and Crypto’s.
Tighter spreads on over 90 spreads including currencies and spot metals. Leverage is 1:50 with Forex.com, while this leverage might be low, as compared to Just Forex, if you have a huge account size, this leverage is best for you to protect you from blowing your account.
Etoro offers a wide range of assets to trade on its platform. Users trade in stocks, cryptos and the Forex market.
The average annual return for social trading accounts on Etoro is 29.1%, this offers several opportunities for you to earn passive income while learning how to trade forex.
From 2003 to date, IG has been exceptional in providing some of the best brokerage services in the world. To many trader’s IG.COM is the undisputed leader in Forex brokerage services.
Why do we classify IG.COM as one of the best forex brokers in the world? Stay with me:
IG.com is registered with the Commodities Futures Trading Commission and the National Futures Association.
IG.com provide services to the US except the state of Ohio.
It is said that over 80% of traders who start in the Forex market lose money, while this is alarming, this is at par with every other business out there. Thus the outrage about Forex trading in my humble opinion is outrageous.
However, like every other business, you not only need the best forex broker, but also the right skill set to be profitable.
It is this time frame, the learning phase that many would-be successful forex traders actually gives up altogether, those who persist, may take years to become profitable, however, it is entirely possible to become extremely profitable trading the Forex market, if you would take the opportunity to learn by taking a professional forex trading course.
You can skip this step, but remember, the price you would pay for trading the market with half knowledge far exceeds the price you would pay to be properly mentored.
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