The 5 best Forex Brokers and platforms in Benin – Comparison and reviews

As a developing country, forex trading is not too popular compared to other countries. But with the help of the internet, forex trading has become more available to traders in Benin. The trading industry is now easy to access for an average Benin trader.

See the list of the best Forex Brokers in Benin:

Forex Broker:
Review:
REgulation:
Spreads:
Assets:
Advantages:
Open account:
1. Capital.com
Capital.com logo
CySEC, FCA, ASIC
Starting 0.0 pips variable & no commissions
6,000+
(70+ currency pairs)
+ Best platform
+ TradingView charts
+ MT4
+ Leverage up to 1:500
+ Best education
+ Personal support
Live-account from $ 20(Risk warning: 79% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets logo
FSPR, FSCL
Starting 0.0 pips & negotiable commission per 1 lot
500+
(64+ currency pairs)
+ ECN Broker
+ Deep pool execution
+ High liquidity
+ Best execution
+ Leverage 1:500
+ MT4/MT5
Live-account from
$ 200(Risk warning: 79% of retail CFD accounts lose money)
3. RoboForex
RoboForex logo
IFSC
Starting 0.0 pips & $ 4.0 commission per 1 lot traded
9,000+
(50+ currency pairs)
+ Huge variety
+ Micro accounts
+ Free bonus program
+ Leverage up to 1:2000
+ ECN accounts
+ MT4/MT5/cTrader
Live-account from $ 10(Risk warning: 79% of retail CFD accounts lose money)
4. Pepperstone
FCA, ASIC, DSFA, SCB
Starting 0.0 pips & $ 3.5 commission per 1 lot
1,000+
(40+ currency pairs)
+ Fast execution
+ Large FX Broker
+ Good service
+ MT4/MT5/cTrader
+ TradingView Charts
Live-account from
$ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
IQ Option logo
CySEC
Starting 0.1 pips variable & no commission
500+
(25+ currency pairs)
+ Easy to use
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
+ Lowest spreads on main trading hours
Live-account from $ 10(Risk warning: Your capital might be at risk.)

Before you trade in Benin, ensure to read this article. This article will explore some critical information that will guide you through the entire forex trading process, right from the beginning to the end.

The list of the 5 best forex brokers and platforms in Benin includes:

  1. Capital.com
  2. BlackBull Markets
  3. RoboForex
  4. Pepperstone
  5. IQ Option 

1. Capital.com

The official website of the forex broker Capital.com

Capital.com was established in 2016. It is owned by Capital.com SV Investments Ltd. Capital.com provides quality research, outstanding educational content, and an innovative website. These make it stand out among other trading platforms. Capital.com has few regulatory licenses, and it also provides several tradable assets. Capital.com’s performance in the forex industry is above average.

Capital.com is regulated and authorized by the UK’s Financial Conduct Authority, the Cyprus Securities and Exchange Commission, and the Australian Securities and Investments Commission. Capital.com’s registration number is 10506220. Their customer service is top-notch, and it is available round the clock.

On the Capital.com trading platform, traders have access to cryptocurrency trading, and you can also trade in stocks, ETFs, and CFDs. Capital.com has both the web and smartphone versions of the platform for traders to trade on with ease.

In the first four months of 2022, Capital.com recorded a 27% increase in traders.

Capital.com reviews on Trustpilot and awards

Merits of Capital.com

  • Trading orders are executed very fast on the Capital.com trading platform. 
  • Customer support is available 24 hours for seven days.
  • Capital.com has a market-leading spread.
  • Capital.com offers a low minimum deposit to its traders.
  • As a trader on Capital.com, you are provided with excellent trading materials.
  • Your demo account on the Capital.com trading platform doesn’t expire.

Demerits of Capital.com

  • Capital.com doesn’t accept US traders.
  • To trade overnight on Capital.com, you have to pay a fee.

(Risk warning: 79% of retail CFD accounts lose money)

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

BlackBull Markets is a worldwide trading forex platform established in 2014 with its headquarters in New Zealand. It is regulated by the Financial Markets Authority of New Zealand (FMA) and the Financial Services Authority of Seychelles (FSA), which are regulated reputable bodies that make BlackBull Markets safe for traders to trade on.

BlackBull Markets is a standard MetaTrader trading platform with a wide range of assets you can trade with and many third-party social copy trading platforms. 

Besides, the platform has ten years of experience in the forex industry. The trading platform is an ECN, and as a trader on BlackBull Markets, you have access to great platforms such as Myfxbook and ZuluTrade.

BlackBull Markets MyFxBook integration

Advantages of BlackBull Markets

There are several reasons why you will love to trade on BlackBull Markets.

These reasons include but are not limited to:

  • On BlackBull Markets, you trade commission-free.
  • BlackBull Markets offers its traders low forex and CFD trading fees.
  • There are no deposit fees charged on BlackBull Markets. 
  • BlackBull Markets has a fast and user-friendly process for opening accounts. 

Disadvantages of BlackBull Markets

  • On the BlackBull Markets trading platform, shares and cryptocurrencies are not available. 
  • BlackBull Markets does not accept US traders.
  • Withdrawal fees are charged on BlackBull Markets. 

(Risk Warning: Your capital can be at risk)

3. RoboForex

The official website of the Forex Broker RoboForex

RoboForex is a trading platform that was established in 2009. It offers its services to traders in about 170 countries around the globe and has over 3.5 million clients.

RoboForex is a worldwide recognized forex trading platform that offers traders online and worldwide services in the financial industry. As a trader on the RoboForex trading platform, you have access to 7 types of assets to trade with, including currency pairs, stocks, indices, ETFs, commodities, metals, and energies.

The IFSC in Belize licenses and regulates RoboForex. RoboForex offers support to its clients in 11 different languages. 

RoboForex - Supported languages

Merits of RoboForex

  • RoboForex provides its clients with favorable trading environments as well as conditions.
  • RoboForex uses a unique investment program such as CopyFx.
  • If you have an affiliation with RoboForex, you get affiliate payments starting from $5 for each lot.
  • When you withdraw your funds, you get them immediately without any form of delay.

Demerit of RoboForex

  • When you open an account on the RoboForex trading platform, you have to deposit $10. This is the minimum deposit amount. 
  • Trading with cryptocurrency instruments is not available on the RoboForex trading platform.

(Risk Warning: Your capital can be at risk)

4. Pepperstone

The official website of the Forex Broker Pepperstone

Pepperstone brokerage firm was established in 2010. An office was also set up in London in 2015 to serve its clientele in Europe better.

As a beginner in the forex industry, to make a significant profit and reduce the risk of losing money, Pepperstone is your best option. Pepperstone is supervised by top-tier financial bodies, including the Australian Securities and Investments Commission (ASIC), the UK’s Financial Conduct Authority (FCA), and then Germany’s BaFin. This makes Pepperstone a secure trading platform. 

Benefits of Pepperstone

  • The account opening process on the Pepperstone trading platform is easy and fast.
  • You get immediate customer support on the Pepperstone trading platform. 
  • The deposit and withdrawal process on Pepperstone is quick and easy.
  • Pepperstone protects its traders in the UK should there be any instability in the industry. 

Drawbacks of Pepperstone

  • The MetaTrader Platform on Pepperstone is quite basic.
  • Pepperstone has substandard website maintenance.

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

5. IQ Option

The official website of the forex broker IQ Option

IQ Option is a trading platform established in 2013 under the IQ Option Europe company, with its headquarters located in Cyprus. IQ Option is licensed by the Cyprus Securities and Exchange Commission, CySEC, which is situated in Cyprus. Furthermore, the platform provides services to clients in the EEA zone.

As a trader on IQ Option, you can trade with the following assets: stocks, shares, ETF, currencies as well as binary options (only for professional traders and outside EAA countries). IQ Option has over 25 million traders worldwide in about 178 countries. But they can provide their services to traders in the US, Sudan, Syria, Japan, Turkey, and some restrictions.

IQ Option app analysis

IQ Option trading platform has its website in 13 different languages. This helps clients navigate the platform better. You can trade in other options as a trader, including RUB, EUR, USD, GBP, Yuan, IDR, and MUR.

Benefits of IQ Option

  • IQ Option is a regulated trading platform that makes trading safe for traders.
  • It is easy to open an account on IQ Option.
  • There are various trading tools available for you to trade with.
  • On IQ Option, you are not charged a withdrawal or deposit fee.

Drawbacks of IQ Option

  • IQ Option doesn’t provide service to traders in the US and other countries.
  • MT4 and MT5 trading platforms are not on IQ Option.

(Risk warning: Your capital might be at risk.)

What are the financial regulations in Benin?

The payment methods used in Benin for importation include bank drafts, money wire, credit cards, checks, letters of credit, and cash. For local transactions, most people pay using cash. Some businesses collect cheques from their clients that patronize them often. 

In Benin, the Central Bank (regional) supervises the banking industry. Banks in Benin are owned by a private institution or an international or regional institution. Banks in Benin rarely give loans for the long term.

BCEAO logo

€1 is equivalent to approximately 655.957 CFA, depending on what date you are reading this. Foreign transactions must be appropriately documented, and the exchange control authorities also approve it except for the following foreign education and foreign travels.

As an investor who is not a citizen of Benin that decides to invest in a Beninese company, you must declare this to the Ministry of Finance and Economy. When you are making a foreign transfer in Benin, you are required to produce the following information. 

The party involved, the name and the address of the person you are sending the money to, and the equivalent amount you are sending in CFA Francs. The sender is also expected to provide the account number, the banking country of the person you are sending money to, and finally, the reason for the transaction with documents to support it. In Benin, traders or investors will find that 13 banks are in operation, two regional banks, and the commercial banks are 11.

(Risk warning: 79% of retail CFD accounts lose money)

Security for traders from Benin – Good to know

There is no security for traders in Benin, and as a trader, you are to look out for yourself. As an intending trader in Benin, it is easy. You need to go on the internet, open an account with a broker, deposit money into your account, and start trading.

Besides, you must make sure that the broker you have decided to trade with is a reputable broker that is registered and regulated by a well-known regulatory body. Also, ensure that the broker you want to trade with is recognized outside Benin. If the broker is not identified outside Benin, you don’t trade with such a broker to avoid losing your hard-earned money.

It is essential that you conduct extensive research about the trading platform and check the clients’ reviews regarding how good their service is. Check their spread as well as the commission rates. Ensure the trading platform has excellent customer support too.

Is it legal to trade Forex in Benin?

Flag of Benin

Trading forex in Benin is legal; there is no limit to how much profit you can make. The process of converting your local currency (CFA franc) into the currency you wish to trade in is entirely free. You are free to deposit as much money as you want into your forex account.

Fact that Benin is a developing country, forex trading is not popular among the citizens. But with the help of the internet, forex trading is now well known in most African countries; hence some lawmakers have found it challenging to keep up with the current change in the financial industry. 

This means you will come across illegal brokers carrying out their operations through Benin. Ensure that you do thorough research about a broker or a trading platform before trading with them. This can not be overemphasized; this will help you avoid illegal brokers. In your research process, check if the broker is licensed, you can do this by checking with the Central Bank of West African States.

How to trade Forex in Benin – A guideline for traders

As a newbie in the forex trading industry, ensure you write from the beginning to the end; this will give you comprehensive details about trading in Benin.

To start trading, you will need a good internet connection, fast, reliable, and stable. Ensure you don’t open your trading account on a public computer. Hence you need a personal computer.

Open an account

How to open an account with Capital.com

After you have gotten reliable internet and a personal computer, the next step is to open an account. Do your research on which broker or trader platform you want to trade; afterward, you open an account.

To open an account on any trading platform, you are required to produce your proof of identity and your proof of residency. Proof of identity means you should prove any valid identity card you have. Proof of residence can either be your bank statement or any utility bill. 

Start with a demo account or real account

Capital.com demo account

A demo account refers to an account that mimics a real trading account. You can trade with a demo account just like you do with a real account, but you do not get to lose money or profit with a demo account.

Most brokers provide demo accounts to traders to help them get familiar with the trading platform and master the type of strategy that works best for them without losing money. As a beginner in the forex industry, you must first trade with a demo account before you start trading with real money.

Deposit money

Depositing money

You are expected to deposit a minimum amount into your account after you open it to start trading. Brokers also provide you with various types of accounts.

There are different ways available to fund your account, although the method primarily depends on the broker you are trading with. You can also choose the currency you want to trade-in. Some of the ways you can fund your account include; debit cards, wire transfers, and electronic payment systems such as Skrill and Paypal. These two are the most common electronic payment systems.

Input your credit card information into the trading platform, and your money will reflect in your trading account within the next working day. 

Notice:

The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.

Use analysis and strategies

 Before you start trading with a broker, is it essential that you familiarize yourself with strategies available for you to trade with and you know which one works best for you. Forex trading strategies help you make the best decisions about when to buy or sell the currency you are trading in.

Below are some of the best strategies you can you to trade forex:

Position trading

Capital.com - Position trading

This strategy involves you maintaining your position as a trader for an extended period, between a few weeks to a year or more. This is a long-term trading strategy. As a long-term trading strategy, this strategy requires you to take a critical view of the forex industry and be able to withstand the smart change that may occur affecting your position.

When a trader uses this strategy, it is expected to overview the industry and withstand minor market changes against its position.

Scalping

Capital.com - Scalping

Scalping is a strategy method well known to many traders, aiming to make small profits on more significant numbers of trades by having their focus on the small market changes. The aim of using this strategy by traders is to make maximum profit by getting profit from a large number of trades.

The scalping strategy helps traders to earn more by getting small profits on a large number of trades. Position trading is simply the opposite of scalping.

Day trading

Capital.com - Day Trading

Day trading is the simple process of trading in currencies with a time frame of 24 hours. Day trading strategy is popularly used in the forex market. When you use this trading strategy, all traders are supposed to be open and closed on the same day.

To avoid the risk of losing money, as a trader do not open a trader overnight. Unlike the scalping trading strategy where traders are kin on being in the market for a short period, traders that use day trading strategy are required to manage and oversee their trades all through the day.

Make profit

Every business-oriented person ventures into business to make a profit. The same goes for forex trading, forex traders who want to make a profit. To ensure that happens, always have a thought-out plan and a written plan. Also ensure to make a forex contract with the help of a reliable broker, that is recognized internationally and regulated by reputable bodies. 

Make sure you practice with a demo account to know which strategies work best for you. If you do this, you will make a profit.

(Risk warning: 79% of retail CFD accounts lose money)

Conclusion: The best Forex Brokers are available in Benin

As a trader just starting in Benin’s forex industry, do not let the fear of losing money stop you from trading forex. If you follow the above-written procedures judiciously, you do not have to worry.

FAQ – The most asked questions about Forex Broker Benin:

Is trading with forex brokers in Benin popular?

Forex trading in Benin might be in its infancy. However, there are a lot of brokers that allow traders to trade forex in this nation. Numerous traders associate themselves with forex brokers in Benin for the best trading experience. They are making a good amount of wealth by trading with forex brokers. 

What’s advantageous about selecting the top forex brokers in Benin?

Traders can avail themselves of many advantages when choosing the best forex broker in Benin. They can enjoy learning with a demo account at their pace. The best forex brokers in Benin, such as BlackBull Markets, IQ Option, RoboForex, etc., make trading fun for traders. 

Can traders use a demo account with the forex brokers in Benin?

Yes, traders can use a demo trading account with the forex brokers in Benin. These brokers offer virtual currency in your trading account equivalent to $10,000. You can use this amount and trade the best underlying assets while learning how to trade. A trader does not have to use his own money. 

What minimum deposit amount do forex brokers in Benin stipulate for traders?

The forex brokers allow traders to signup for a trading account for only $10. 

Last Updated on January 27, 2023 by Arkady Müller