The 5 best Forex Brokers and platforms in Burkina Faso

Burkina Faso is one of the countries in West Africa. West African Monetary Union (WAMU) was founded in 1994, and Burkina Faso is one of the eight countries in West Africa in this union.

See the list of the best Forex Brokers in Burkina Faso:

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: 78.1% 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: 78.1% 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: 78.1% 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.)

Finding reliable Forex Brokers and platforms in Burkina can be difficult, mainly because not all Forex Brokers accept Burkinabe traders. This write will help you make educated decisions in finding and choosing the best trading platform to trade on that will allow you to trade in the Burkinabe franc (CFA)

The top best forex brokers and platforms include the following:

  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 is a fast-growing investment trading platform that encourages people to partake in financial markets.

Capital.com was established in 2016 in the UK. Capital.com was established by a group of bankers and software developers. It has its offices located in the following location; Netherlands, Germany, India, and the United Kingdom.

Capital.com is regulated by the Financial Conduct Authority in the United Kingdom as well as many other regulatory bodies around the world, which include the following regularly bodies:

Capital.com has clients from over 15 countries globally; these countries include the following but are not limited to; Australia, China, Hong Kong, and Canada.

All you will need to open an account on Capital.com are proof of residency and identity. As a trader on Capital.com, you can deposit in euros or dollars to your account. You can also have your money converted into your local currency, and you will be charged for doing so.

On the Capital.com trading platform, there are different assets available for you to choose which to trade; these assets include; foreign exchange, indices, stocks, commodities, and cryptocurrencies. All traders on Capital.com are protected by law, which makes this platform very popular among traders.Capital.com has only one type of account structure, keeping it as simple as possible.

Capital.com logo

Merits of Capital.com

  • There are no additional charges on Capital.com; all you have to pay for is the spread and overnight fees.
  • On the Capital.com trading platform, you can trade both stocks and cryptocurrency in a single trade.
  • As a trader on Capital.com, you get a devoted account manager assigned to you.
  • It is straightforward to trade on the Capital.com trading platform.

Demerits of Capital.com

  • Capital.com does not offer a referral program.
  • Capital.com doesn’t have a small currency account.

(Risk warning: 78.1% of retail CFD accounts lose money)

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

BlackBull Markets is a Forex trading platform that was established in 2014. Its headquarters is located in Auckland, New Zealand. BlackBull Markets is regulated by regulatory bodies such as the Financial Markets Authority of New Zealand (FMA) and the Financial Services Authority of Seychelles (FSA). These top regulatory bodies regulate Black Bull Markets. The platform is considered reliable and trustworthy.

BlackBull Markets platform is a platform that is easy to trade on with speed and precision. This platform is an ECN broker platform that offers over 300 assets to trade with on the MT4 and MT5 platforms.

Traders on BlackBull Markets have the opportunity to access extra tools such as Myfxbook and ZuluTrade, as well as other reputable platforms.

BlackBull Markets logo

Benefits of BlackBull Markets

  • BlackBull Markets provides an adequate MetaTrader suite.
  • BlackBull Markets platform supports the use of several third-party trading platforms.
  • You get to trade on the platform without commission charges.
  • You are not charged an additional fee when you deposit into your account on BlackBull Markets.

Drawbacks of BlackBull Markets

  • As a trader on BlackBull Markets, you have access to limited research tools.
  • You are charged withdrawal fees.

(Risk Warning: Your capital can be at risk)

3. RoboForex

The official website of the Forex Broker RoboForex

RoboForex is a forex trading platform that is registered internationally. RoboForex provides service to clients online worldwide. There are seven types of assets available on the RoboForex platform: ETFs, currency pairs, indices, stocks, energies, and metals. There are a total number of 12,000 trading tools available on the RoboForex platform.

RoboForex has five accounts available to their clients with a minimum deposit amount of 10 USD/EUR. As a beginner, you are allowed to create a demo account on the RoboForex platform. This helps you get well familiar with the platform.

One of RoboForex that makes it stand out among others is the R StocksTrader terminal which has a built-in Trading strategy builder. This feature allows you to test and run strategies of your choice without dealing with the hassle of coding.

RoboForex enjoys different types of bonuses, including a welcome bonus of about 30% for new traders on the platform, a Profit share bonus of about 60% when you deposit money into your account, and a Classic bonus of nearly 120%.

RoboForex Logo

Merits of RoboForex

  • Both retail traders and investment companies can trade on RoboForex.
  • RoboForex live support works round the clock.
  • You get to withdraw your money immediately.
  • If you are affiliated with the RoboForex platform, you get a fee starting from $5 upward.

Demerits of RoboForex

  • As a trader on the RoboForex platform, you will be charged $10 when you deposit into your account.
  • There are cryptocurrency tools available on the RoboForex platform.

(Risk Warning: Your capital can be at risk)

4. Pepperstone

The official website of the Forex Broker Pepperstone

Pepperstone is a forex trading platform that provides its clients with CFEs. It was published in 2010 and started operating in London in 2015 to serve its European clients better. RoboForex has offices in Dubai, London, Melbourne, Limassol, Nassau, Nairobi, and Dusseldorf.

Pepperstone is a safe trading platform to trade on mainly because top financial bodies regulate the platform: the UK’s Financial Conduct Authority (FCA), the Australian Securities and Investment Commission (ASIC), and Germany’s BaFin.

Opening an account on the Pepperstone platform is very easy, fast, and straightforward. Also, the whole process has been digitized. The method of withdrawing and depositing is seamless and user-friendly, and no extra charges apply to most of these processes.

Pepperstone logo

Benefits of Pepperstone

  • The trading processes on the Pepperstone platform are fully digitalized.
  • Pepperstone offers excellent customer service to its clients.
  • The withdrawal and deposit process is seamless on the Pepperstone trading platform.
  • Pepperstone offers low forex fees.

Drawbacks of Pepperstone

  • Pepperstone offers mostly CFDs to their clients.
  • As a trader on the Pepperstone platform, it will be higher to hold a position overnight.

(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 Forex trading platform where you can trade with various tools, which include the following but are not limited to; CFDs on Forex, commodities, ETFs, indices, and stocks.

IQ Option is one of the rapidly growing Forex trading platforms worldwide. This platform was established in 2013 as part of IQ Options Ltd’s existing company. At the moment, it has over 40 million clients. IQ Option headquarters is located in Cyprus, and it is regulated by Cyprus Securities and Exchange Commission, their license number is #247/14.

IQ Option gives its traders educational videos for all the trading patterns available on the platform. You get to learn how to trade using the strategies highlighted in the provided video within a short period, mainly because the videos are well-detailed and informative.

IQ Option logo

Advantages of IQ Option

  • To open an account on IQ Option is a simple process.
  • You have various tools to choose from when you want to trade on the platform.

Disadvantages of IQ Option

  • MT4 and MT5 trading platforms are not available on the IQ Option trading platform.
  • IQ Option does not provide services to clients in Japan, Canada, and Australia.

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

What are the financial regulations in Burkina Faso?

Agriculture is the primary driving force for the economy of Burkina Faso. Most of the working population in the country is employed in the Agricultural sector. The cultivation of cotton makes up some amount of the country’s income. Burkina Faso has been referred to as having the highest cotton production in Africa. There are very few natural resources available in the country. Zinc and gold are the most significant natural resources that have been exported.

Burkina Faso’s financial system comprises 16 insurance companies, 13 commercial banks, and 153 microfinance banks.

The following bodies regulate these entities:

The WAEMU banking Commission is responsible for the supervision of the banking sector. They give or cancel operating licenses to all accredited banking institutions apart from microfinance institutions. The Ministry of Finance oversees the affairs of microfinance institutions.

Banks majorly dominate Burkina Faso’s financial section. The official lending rate in Banks in Burkina Faso is 7.54% as of 2016.

(Risk warning: 78.1% of retail CFD accounts lose money)

Security for traders from Burkina Faso – Good to know

Burkina Faso is an African country located in the Western part. It occupies 274,200 square kilometers and has a population of over 20 million, with about 1.8 million of the population trading Forex online.

Trading of Forex online is now popular. As an investor, all you need to do is use the technologies available to you to work with brokers remotely instead of visiting them.

As a trader, before you trade on any platform, the first thing you need to do is to ensure that internationally recognized bodies regulate them. If the broker you are planning to trade with does not have any recognized presence outside Burkina Faso, you should avoid such brokers.

Next, you look at the historical spreads made available by different brokers. Spread means the amount you pay to your broker at the end of each trade. It would help if you decided to choose the broker with the smallest spreads. The customer service a broker offers matters; make sure they provide excellent customer service.

As much as possible, avoid Bucket retailers. Bucket retailers are unlicensed brokers that trade on your behalf. As much as they want you to make a profit from your trade, all they are after is the extra amount they get to pocket.

Is it legal to trade Forex in Burkina Faso?

Flag of burkina faso

Trading in Burkina Faso is considered legal; you can trade on any trading platform as a retailer or a professional trader. Just make sure the platform you are trading on is reliable.

As a trader who trades in Burkina Faso, what you need; is to be sure of is if the platform you are trading on is reliable. If the platform is trusted and a recognized body regulates it, then you can trade on the platform worldwide from Burkina Faso.

Trading of trusted broker platforms in Burkina Faso is legal and secure. You can use any of the top 5 trading platforms and brokers listed above.

How to trade Forex in Burkina Faso

Open an account for Burkina Faso traders

How to open an account with Capital.com

Before starting trading on any forex trading platform in Burkina Faso, you have to open an account first. You will be required to provide proof of identity, which refers to any valid identity card you possess, and proof of residency, which can be either a utility bill or your bank statement. After you have provided the requested documents, you can complete opening a forex trading account.

Start with a demo account or real account

Capital.com demo account

After you have opened an account, you either choose to start trading with a demo account or real money. The majority of the Forex trading platforms offer their customers the opportunity to open a demo account.

It is highly recommended that you open a demo account first; trading with a demo account before you start trading with a real account will help you familiarize yourself with the trading platform and get informed about the best strategy.

Deposit money

Depositing money with Capital.com

After picking the Forex broker you want to trade with, and you have also opened an account, what is next for you is to deposit money into your account, and then you can start trading.

You can fund your account through several means, bank transfer, PayPal, Skrill, and others. Depending on the platform you are trading with, some Forex trading platforms charge you a deposit fee every time you deposit into your account.

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

As a forex trader, there is always the need to use Forex analysis; this helps you determine when to sell or buy currencies. It could be a simple process. It is essential to state that chart software is also necessary.

Below are some of the strategies that you can use as a Forex trader in Burkina Faso;

Scalping

Capital.com - Scalping

Scalping is one of the well-known strategies used in Forex trading. The scalping process involves you opening a large number of trades and aiming to make small returns on all the trades. The entire concept of scalping involves holding trades for a very short period. 

However, when scalping in forex, it is important to understand the currency pairs, market situation, and other important factors so as not to lose money. 

Day trading

Capital.com - Day Trading

Day trading is exchanging currencies in a single trade within one day. You can use day trading in many trading markets, but it is popularly used in Forex trading. When you use the day trading strategy, you are expected to open and close your trade in one day.

Position trading

Capital.com - Position trading

Position Trading is another form of strategy that traders use; the process involves you as a trader keeping the same position on the trade market for a speculated period, usually between a few weeks to a few years. Using this strategy as a trader, you are expected to take a macro view of the trading market and tolerate the minor changes in the market that may oppose your position.

Make profit

Every trader trades to make a profit, however little the profit is. Always try your best possible that you make a profit from every trade you close. To make a profit for every trade, you close, study the platform you are trading on extensively, find out which of the strategies works best for you, and stick to it.

(Risk warning: 78.1% of retail CFD accounts lose money)

Conclusion: The best Forex Brokers are available in Burkina Faso

Burkina Faso is blessed abundantly in the agricultural sector; hence a large percent of the country’s revenue comes from Agriculture.

As a new trader in the industry, you might lose more at the beginning, but you shouldn’t give up. You need to look through the strategies, select the strategy that suits you best, and then try again. You also get to understand how the Forex market works. With time you start getting a handle on things and making a profit. 

When you are trading, ensure that you do thorough research about the platform you want to trade on before starting trading. Make sure the platform you choose is recognized internationally and is regulated by credible bodies to avoid falling into the hands of fraudsters.

Also, have a pen down and proven strategy (that is, you write down the method t.you intend to use in trading, make sure the technique has been proven to work) you want to use to trade before you start trading. This saves you much time and makes the trading process seamless for you.

FAQ – The most asked questions about Forex Broker Burkina Faso:

Can a trader in Burkina Faso trade forex with forex brokers?

Yes, forex trading is possible and legal in Burkina Faso. A trader can trade as much forex as he wishes and make immense wealth. They can enjoy trading under a regulated environment as all rules support forex trading in this nation. Traders can access a lot of forex brokers in Burkina Faso that improve their trading journey. 

What does a trader need in a forex broker in Burkina Faso for the best trading experience?

Among other things, a trader would need a platform that offers the best trading features. The broker should offer the leading trading platforms such as MT 4 and MT 5. Apart from this, the trader must be able to access all the top features that make trading fun. The forex brokers in Burkina Faso should offer them the best customer support. 

Which forex brokers in Burkina Faso offer traders a platform with low fees and commissions?

If you wish to sign up with a forex broker in Burkina Faso that charges low fees and commissions, you can choose one among the following brokers. 

BlackBull Markets
Pepperstone
IQ Option
Capital.com
RoboForex

These brokers have the best spreads and a low inactivity fee. So, you can sign up with them for the best trading practices. 

Last Updated on January 27, 2023 by Arkady Müller