Forex trading in Africa is an ever-growing phenomenon. A dizzying array of forex brokers is meeting the demand. Some are most definitely better than others.

What we have strived to do here in this 5 best Forex Brokers in Africa review is take some of the workloads off your shoulders. We have narrowed down the five forex brokers we consider the best for clients across Africa. This shortlisting has significantly reduced how much time you have to spend trawling through endless websites for the information. You’re welcome.

See the list of the best Forex Brokers for African traders: 

Broker:Review:Regulation:Spreads:Assets:Advantages:Open Account:
1. IQ Option
IQ Option logo
5 out of 5 stars (5 / 5)
➜ Read the review
CySECStarting 0.0 pips variable500+
(41+ currency pairs)
+ Best platform
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$

(84% of retail CFD accounts lose money)

2. Olymp Trade
Olymp Trade logo
5 out of 5 stars (5 / 5)
➜ Read the review
IFCStarting 0.0 pips + fixed % commission (depending on leverage is used)200+
(30+ currency pairs)
+ Trade with 1$
+ Options and Forex
+ Bonus program

(Your capital is at risk)

3. BDSwiss
BDSwiss logo
5 out of 5 stars (5 / 5)
➜ Read the review
CySEC, FSCStarting 0.0 pips + $ 2.0 commission per 1 lot250+
(52+ currency pairs)
+ Individual offers
+ Trading signals
+ Raw Spreads
+ Leverage up to 1:500
+ Best education
+ Personal support

(Your capital is at risk)

4. FxPro
FxPro logo
4.9 out of 5 stars (4.9 / 5)
➜ Read the review
FCA, CySEC, FSCA, SCBStarting 0.0 pips variable250+
(50+ currency pairs)
+ High liquidity
+ NDD Broker
+ No requotes
+ No commissions

(79.58% of retail CFD accounts lose money)

5. eToro
Etoro logo
4.9 out of 5 stars (4.9 / 5)
➜ Read the review
CySEC, FCA, ASICStarting 1.0 pips variable2,000+
(50+ currency pairs)
+ Best platform
+ Social Trading
+ Cryptocurrencies
+ PayPal

(71% of private investor accounts lose when trading CFDs)

Who’s the best Forex Broker in Africa?

To arrive at the top five, we drew up criteria we think you would consider essential in selecting a forex broker. These criteria span trustworthiness, transparency, ease of use, learning and training resources, and reliability and back end operations. By weighing all this up, we could arrive at a definitive list of the five we reckon are the tops for African forex traders. Please read our review and see if you agree with our top forex broker picks for 2021.

5 Best Forex Brokers in Africa:

  1. IQ Option – Good for beginners
  2. Olymp Trade – Quality player
  3. BDSwiss – Financial knack from Switzerland
  4. FxPro – Multi-award winners
  5. eToro – The bull of social trading networks

1. IQ Option

IQ Option forex broker in Africa

IQ Option forex broker in Africa

This broker is a useful and feature-rich online forex trading platform, with a reputation for its intuitive and easy-to-navigate platform.

It’s a highly rated and trusted broker regulated by CySEC, the financial regulator of Seychelles. This combination of trust, transparency, and ease of use propels IQ Option into our list of the five best forest brokers in Africa. This trio of traits also makes IQ Option a natural home for beginner forex traders. But there is also much to attract more advanced traders who are catered for just as much as novices.

This forex broker’s appearance in our review is also due to its overall robustness as a trading platform. However, as you will see, there is much to commend IQ Option.

Best of all, you can get started with forex trading for a minimum deposit of just $10. This minimum is a great incentive for anyone wishing to set off on their forex trading journey. As you would expect, IQ Options make it easy to deposit money into your forex trading account. Among the options are credit and debit cards, Skrill, Maestro, CashU, Webmoney, Moneybookers, and Neteller. Withdrawals are processed at their end within one working day.

Launched in 2013, the company is the offspring of the parent company, IQ Option. They are based in Cyprus, so are regulated there by the Cyprus Securities and Exchange Commission. They are licensed as a Cypriot Investment Firm.

However, they are very much a global firm with a strong focus on forex. This worldwide outlook has helped IQ Option grow into one of the most popular multinational platforms there is. Today it boasts 72 million registered users. The monthly investing volume has hit $380 million while monthly withdrawals amount to $10 million.

Clearly, people are voting with their feet – and their money. There are many reasons for this. Not least their proprietary award-winning trading platform. Many get endeared to IQ Option because of its sheer user-friendliness and ease of use. It’s by no means a maze-like some trading platforms you may have encountered in the past. By contrast, the IQ Option offering is intuitive and richly featured with various trading tools available in 13 languages. The suite of tools is nicely graphic and include multi-charts, technical analysis, volatility alerts, economic reports, and market updates. In short, everything you must know about the state of play in the forex markets.

IQ Option advantages: 

  • Nice interface
  • Appealing interface
  • Plenty of educational resources
  • Start trading with $10
  • Spreads from 0.0 pips
  • Unlimited demo accounts
  • Robust reputation
  • Proprietary platform
  • Respected forex broker
  • Compatible with a wide number of devices
  • Mobile app available
  • Many great trading features

(Risk Warning: Your capital can be at risk)

2. Olymp Trade

Olymp Trade forex broker in Africa

Olymp Trade forex broker in Africa

Olymp Trade is huge, and all the indications are that it will get even more enormous. This expansion, generally speaking, is a good thing. Strength in numbers, as they say.

And indeed, the numbers where Olymp Trade is concerned are relatively impressive. In the six years they have been around, the forex broker has not put a foot wrong in the game. That’s why they can now operate 25 million user accounts and handle some 30 million transactions per month on the platform. Other impressive monthly stats you will want to know about are the $150 million monthly turnover and the $8 million on average that’s being pocketed each month by investors.

Plainly there’s much to like about Olymp Trade. Traders in 134 countries would tend to back up this assertion. Not to mention that the platform’s interface has been localized into 13 languages, including English, French, and Portuguese.

So what else is making forex traders weak at the knees over Olymp Trade?

To begin with, there is a low minimum deposit of just $10 and a minimum trade of $1. These are both massive incentives if you are new to the forex trading game and still have to earn your stripes.

There’s also the massive plus point that is the platform itself. It’s simple to use and intuitive. There is little or no guesswork involved as you navigate through the platform and trade. These are giant tick marks when it comes to finding a forex platform that lets you get on with the business of trading without having first to fight the platform.

We are suitably impressed too with the forex learning materials that have been produced. They are pitched at an acceptable level for novice beginners and comprehensive. You will be well-armed to start forex trading after having worked through the training program.

That said, there are plenty of resources too for the more advanced trader as well. Acknowledgment that there’s no end-point to learning forex trading. There’s always new stuff to keep abreast of no matter how long you have been a forex trader.

Olymp is, in conclusion, more than worthy of making it into the top five.

Olymp Trade advantages:

  • Learning and training resources
  • Swift and easy withdrawals
  • Unlimited demo accounts
  • Multi-award winner
  • 100% deposit bonus
  • Low $10 or €10 minimum deposit
  • Platform customization to suit your needs
  • Multiple types of account
  • User-friendly and transparent
  • Multiple charts and indicators

(Risk Warning: Your capital is at risk)

3. BDSwiss

BDSwiss forex broker in Africa

BDSwiss forex broker in Africa

For such a significant player in the forex trading market, BDSwiss appears to be missing a massive trick. The giant Switzerland-based behemoth hasn’t yet introduced social trading.

Despite this glaring omission, there is still much to commend this ‘traditional’ online forex broker. They have been around since 2012 and have strong foundations steeped in Switzerland’s financial world, the bankers that serve the world.

In eight years or so, BDSwiss has proliferated into an international organization with offices in 10 countries, including Cyprus and Germany. As you would anticipate, BDSwiss is a class-leading forex operation with top-tier regulation in Seychelles, Mauritius, Cyprus, and the USA.

In tandem with this top-flight financial regulation, BDSwiss operates several security and safety measures for their customers. These comprise stop-loss protection that automatically prevents your account balance from going into negative territory. In other words, you can’t lose any more than the balance in your trading account, which is somewhat reassuring.

Further, like many forex brokers, BDSwiss use segregated accounts at top-tier banks. This arrangement means that if BDSwiss ever ran into severe financial trouble, your deposits would be protected.

Thanks to measures like these, their standing, transparency, and platform, BDSwiss has received several awards, including four major wins in 2020. Namely, Best Market Research Provider in the FXScouts Awards, Best Trading Conditions in the World Finance Awards, Best FX and CFD Provider in the International Investor Awards, and Best Partnership Program Asia in the Global Banking and Finance Awards. These are prestigious accolades that are difficult to come by. They add to BDSwiss’s already long list of awards and prizes.

As of June 20, 2020, BDSwiss had registered more than 1.5 million users, with clients in 186 countries.

But there’s no requirement to plunge in head-first. You can open a 30-day demo account to help you weigh up the platform and see if it is as easy to use as you have read. When the 30 days are up, you either walk away or sign up for a live trading account with $100. Even here, you can take your time and take advantage of the extensive learning materials before you get going with forex trading.

BDSwiss advantages:

  • Commission-free withdrawals and deposits
  • Islamic accounts
  • $100 minimum deposit
  • Numerous payment methods, including cryptocurrencies
  • You can have five trading accounts
  • 24/5 customer support
  • MetaTrader 4/5
  • Forex learning resources
  • Easy and quick account opening
  • Swiss financial chops
  • A reputable and safe company

(Risk Warning: Your capital is at risk)

4. FxPro

FxPro forex brokers in Africa

FxPro forex brokers in Africa

Headquartered in the UK, FxPro is one of the better forex platforms and easily makes it into our top 5 Best Forex Brokers in Africa. We have hesitation in placing FxPro in the top flight as it has grown into a global forex powerhouse since its launch way back in 2006.

So if you are hunting for a reliable and safe forex broker, you would be well advised first to check out FxPro. The platform has a lot going for it and has unsurprisingly, perhaps, carved out quite a niche for itself in the world of forex trading.

If you are a beginner in forex trading, you will find the FxPro platform straightforward. If you are unfamiliar with forex trading, the last things you want to see are complex platforms, arcane investment jargon, and less than transparent fee structures. With FxPro, you will have none of these worries. It is a straight-talking, no-nonsense forex broker that’s reliable and more than capable be you a novice or a seasoned forex trader.

Being a good fit with your forex broker is essential. You are in a working relationship, so you want to be sure you are a good match. This compatibility is something that FxPro goes to pains to ensure. And this has been recognized. Not only by its diverse client base but by the industry itself in the form of multiple awards wins.

While FxPro enables trading in several different asset classes, it’s best known for forex. Foreign exchange trading is its first love, and this shows. With customers worldwide, the platform is available in 15 languages. It demands only a minimum deposit of $100 to get started with forex trading. If you are already up to speed with forex trading, dive in and register for a live trading account; it’s fast and straightforward.

If you are still finding your benefit, it would be best to open a demo account to get a proper handle on the platform and study the extensive learning materials. You will need these. Fortunately, they are quite accessible for even the greenest of forex traders. The learning courses will give you a good grounding before you set yourself loose with real cash.

Like most forex brokers, the learning and training courses are also aimed at advanced traders who want to refresh their knowledge or keep up to date with the latest trends.

FxPro advantages:

  • Multiple award winners
  • MetaTrader 4 & 5, c Trader support
  • No charges for deposits and withdrawals
  • Extensively regulated
  • $100 minimum deposit
  • Trade over 70 currency pairs
  • You can use trading bots
  • Tight spreads
  • Choice of instant execution or market execution
  • Free real-time market news and technical analysis

(Risk Warning: Your capital is at risk)

5. Etoro

Etoro forex broker in Africa

Etoro forex broker in Africa

There are no half measures with eToro. You either love it or loathe it. That said, we have included eToro in our top 5 Best Forex Brokers in Africa as we are very much in the former camp. However, you would be well-advised to head over there and check it out with an open mind.

But take it from us, there really is much to love about eToro. First up, it has easily been the biggest shake-up in fintech for a decade. It came out of nowhere and completely revolutionized not only forex trading but most other asset classes into the bargain.

Today, it is the largest social trading network on the planet. And eToro’s lead looks unassailable at present. Others in the forex trading space are scrambling to keep up and look relevant to a whole new generation of traders.

So if your curiosity has been piqued, here’s the lowdown on eToro.

There’s no denying that eToro is at the top of its game. It’s the social trading network of choice for millions now, lured in by the leading-edge technology, its reliability, and excellent customer service that some others ought to emulate.

It operates across 140 countries, serving to date over 328 million trades through its top-rated and patented social trading app, CopyTrader. Signing up enables you to join the social trading bonanza, connect with other forex traders, and discuss your forex trading strategies.

But the ace in the pack is, of course, CopyTrader. This technology allows you to automatically copy the trades of other traders with proven track records. When they win big, you do too.

The average yearly profit of eToro’s 50 most copied traders in 2019 was 29.1%. You won’t get anywhere near that kind of return at any bank. However, this is tempered somewhat because over 70% of their retail accounts lose money.

The message here is never trade with money you can’t afford to lose, as obvious as that sounds. eToro themselves point out on their website that their platform is appropriate for traders looking for gains from short-term risk. They also point out you should have a good understanding of the risks involved and maintain a diversified portfolio to spread the risk.

eToro advantages:

  • The premier social trader platform
  • Copy the trading moves of successful investors
  • $200 minimum deposit
  • Accepts numerous currency payments
  • Trades 47 currency pairs
  • Leverage up to 1:30
  • Over 327 million trades executed
  • Regulated by FCA & CySEC
  • Class-leading security to protect your funds
  • Millions of users

(Risk Warning: Your capital is at risk)

Which is the most reliable forex broker in Africa?

After extensive research, the five forex brokers we have identified in our review fit the bill. They are all well regulated, trustworthy, and offer an excellent pathway into forex trading.

  1. IQ Option
  2. Olymp Trade
  3. BDSwiss
  4. FxPro
  5. Etoro

Conclusion on the best Forex Brokers in Africa

There is no shortage of forex brokerages catering to traders in Africa. With multiple payment methods, multiple currency support, and multiple language support, there’s little to stop you from getting onboard. Minimum deposits range from zero to $200; so there’s a forex broker to suit your needs and forex trading objectives, be you an utter novice or a dyed-in-the-wool forex trader.

All the brokers we feature here offer demo accounts that allow you to try out their platform before switching to a live trading account. They also all offer extensive learning and training content. You would be well advised to study the material on offer to minimize your risk and maximize your returns.

Like many things, you only get out what you put in. And none more so with doing your forex trading homework first. Knowledge, they say, really is power.