The 5 best Forex Brokers and platforms Burundi – Comparison and reviews

The world’s economy depends on currency exchange to have a good economy one way or another. They need to interact with other countries to have good relations, and in this circle, Burundi is not out of it. Burundi also depends on the exchange of currencies, whether from individuals, organizations, government, or non-government. 

See the list of the best Forex Brokers in Burundi:

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.)

Trading in Forex is not such a tricky thing; neither is it an easy thing, but with the right broker and the proper steps, you can be sure to be an expert in forex trading, which is why you are reading this article. This article is to help you know how to start with the forex trade and the precautions you need to take.

But first, here is the list of the five best broker platforms you can pick to start trading in Burundi:

  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 great broker that has been in existence since the year 2016. The platform has incredible technology and is equipped with various trading instruments, including metals, commodities, and cryptocurrencies, which is a great way to improve an individual’s wealth or you as a trader.

Capital.com is an excellent Forex platform for newcomers in the forex business. This is said because they provide their clients with readable materials and videos to watch that will help them learn about FX trading. Aside from the videos and readable content, the platform has quizzes in which traders can participate. It’s a great way to know your improvement as a trader.

Capital.com education section

Also, the broker is licensed by the FCA, which regulates and controls the organization. This makes it possible for it to act for exactly why the company came about in the first place. Capital.com is also widely known. It has a trader range of about 500,000, which one will consider a high amount.

It also comes with a demo account which can never be extinguishable. Capital.com offers new traders a demo account to practice trading. It is also easy to open an account on Capital.com.

The platform has a mobile device version and web version for its traders so that traders’ trading abilities are not just stock to a device. It has a high minimum deposit of $20, which is pretty low compared to other brokers.

Capital.com trading app

Pros of Capital.com

  • Academic resources of Forex trade in readable and watchable materials
  • Demo account with eternal funds
  • In-house market sources which are very helpful to traders

Cons of Capital.com

  • The minimum deposit is not affordable for everyone
  • Clients in the US cannot trade on Capital.com

(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 considered one of the fasted transaction platforms that exist. The platform was formed in 2014 by a group of tech geeks and Forex traders in Europe, precisely New Zealand, to improve the online Forex trade of investors in the business. The speed allocated to it is because the server of BlackBull Market is connected to a server on Wall Street which gives the platform incredible speed. 

It is well known to have quite a number of assets provided to traders. Some of which include metal, stocks, and commodities. But the platform does not have crypto available to trade. The trader platform is so swift because it is a MetaTrader, comprising both MT4 and MT5. This, in all, makes the platform to be developed and provides security for the traders.

BlackBull Markets MetaTrader 5

It has a minimum deposit of $200, but this is on the standard account. The standard account is an excellent start for you as a trader if you’re new to trading Forex. If you want to upon the ECN account, you would have to deposit an amount of $2000 in it. This ECN account is known to have a more competitive spread and offers traders a commission of about $3.

BlackBull Markets offers unique information from within the market. This is very helpful to their traders and can help them master their market value and price. This also enables proper planning and strategy for Forex market changes. 

The only downside of the platform is that it does not provide for its traders means articles to read and improve and test their forex trading abilities.

BlackBull Markets logo

Pros of BlackBull Markets

  • It offers two accounts for traders to pick from
  • The ECN platform provides a very competitive spread
  • Transactions are performed quickly due to its server on Wall Street.

Cons of BlackBull Markets

  • Customer service takes time to answer clients.
  • Materials and courses are not available on the platform

(Risk Warning: Your capital can be at risk)

3. RoboForex

The official website of the Forex Broker RoboForex

RoboForex was founded in 2009, and it has foundationally built itself in 120 countries across the globe. The platform is well famous for being a MetaTrader platform and a cTrader platform, which means it is made with well-advanced technology, and the security for traders on the platform is top-notched.

RoboForex is also known to have a customer care that supports 11 languages. This is very impressive because traders can call customer service and receive the best understandable and relatable response in their language if they have it. It has well over a million traders from across the globe.

The broker has assets such as Gold, commodities, and stock from which the trader can trade. Aside from that, the minimum deposit starts from $10, which encourages even more people to go into a forex trade.

RoboForex Logo

Pros of RoboForex

  • Traders can withdraw cash easily and fast
  • Has MT4, MT5, and cTrader platforms
  • Minimum deposit of just 10 dollars

Cons of trading with RoboForex 

  • Though withdrawal is fast, it attracts an amount of deduction
  • Customer support is not always available to traders

(Risk Warning: Your capital can be at risk)

4. Pepperstone

The official website of the Forex Broker Pepperstone

Pepperstone is a beautiful platform in all forms that it can be. Traders can trade assets on the platform, such as Stock, Cryptocurrencies, Groceries, and more. All these allow traders to have more than one choice of asset that they would like to market on the Forex platform.

Pepperstone is concerned about their amateur traders because they have a separate account for them. Not necessarily for them because some professionals still prefer to trade with that account. But new traders should use the standard account. The standard account has an FX spread that starts from 1, and traders with this account do not get any form of advantage.

Pepperstone Razor Account vs. Standard Account
Pepperstone Razor Account vs. Standard Account

Professionals usually use the Razor account because of the price competition in the account type. The account’s FX spread starts from 0, but traders enjoy an advantage of $3 at the end of every market closing. The account types make for differents in deposit amount. But the standard account starts at $200, and the razor is $2000.

Pepperstone is a licensed broker, which makes trading with them secure and reliable. The company has been in existence since the year 2009. It has even won an award for the best MT platform for 2022. This shows that it is a MetaTrader platform which means that the platform offers better technology and security for traders.

They have a demo account that only allows users to practice with it for a month. After which, the demo account becomes disabled. The broker platform provides its traders with unique training materials and offers in-house market analysis and strategies that help its traders perform better in market positioning and timing.

Pepperstone logo

Advantages of Pepperstone

  • There is a commission when you trade with the Razor account
  • The platform offers both market resources and educational materials
  • Has plug-ins available to improve trader’s experience

Disdvantages of Pepperstone

  • The demo account does not last
  • Customer service is not reachable on Saturdays and Sundays.

(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

Opening an account with IQ Option is elementary and quick. The platform offers a demo account that can continually be refreshed or does not finish. It is an excellent way for new traders to trade on their platform. Demo accounts are helpful if you are a new Forex trader, you can learn how the forex market works and how to start working out your strategy.

IQ Option logo

IQ Option is also a good platform for a new Forex trader. This is so because the broker platform offers a community for traders worldwide to connect. There is the presence of a forum where you can see traders from around the world discuss and know how big market economies of the world operate. This will enable you to plan and strategize. Aside from that, webinars are also conducted by some professional traders. This helps new traders on how to start their forex journey.

They start with a minimum deposit of $10 which encourages people to trade with them, starting with such a small amount. The platform also provides educational courses for its traders. And IQ Option is an award-winning forex broker. It has won not just one but numerous awards, which shows how amazing it is.

IQ Option awards

The platform is also made for mobile apps and desktops. Trading is much more swift and not constrained to one device. It started as a binary company in 2013 but later expanded its technology and began to have many assets such as FX, Metals, Stocks, and Energies. The platform is licensed under CySEC in Cyprus.

Pros of IQ Option

  • The smallest amount you can deposit is $10
  • They have in-house market information that is reliable
  • Withdrawal is free

Cons of IQ Option

  • Withdrawal can take days if you choose the direct bank transfer
  • If you’re a trader from the US, you won’t be able to open an account on IQ Option

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

What are the financial regulations in Burundi?

Commercial banks occupy the Burundian financial industry, containing a few official non-bank financial organizations, mostly development banks, and a rising microfinance network. The insurance and retirement industries are underdeveloped, which makes resource generation and maturity change difficult. 

The Bank of the Republic of Burundi (BRB) is working hard to enhance the country’s regulation and supervision of financial institutions under its control but still facing substantial challenges. The microfinance sector is also facing impactful difficulties, and its supervision shows the Bank of the Republic of Burundi’s limits.

Bank of the Republic of Burundi logo

Burundi has no clear-cut policy on Forex trade in the legislation. It does have things on the foreign exchange policy, which does encourage Burundi’s trading affairs with some African countries and European countries.

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

Security for traders in Burundi – Good to know

It is not very simple to find credible brokers, which is why this article is here. The internet is a handy tool that can be used for both good and terrible things. Money laundering can be done through the internet, scamming, and many other nasty things can be done through the internet.

This is why it is advised that traders should trade with Forex Brokers with international licensing bodies. This is so because if you trade with a Burundian Forex broker, a local broker, it might not have the means to trace it and cannot be helped for any fraudulent activity it performs to its traders. 

Even the country’s government advises that Burundian Traders trade with brokers with international licensing organizations such as FCA, ASIC, CySEC, and SCB. These make such a platform trustworthy and credible because it is regulated by well-known international financial and marketing licensing organizations.

Is it legal to trade Forex in Burundi?

Flag of Burundi

Forex trading in Burundi is legal. Traders are, however, cautioned against using unregulated brokers’ platforms and are encouraged to carefully evaluate the broker they have in mind to choose, as some unlicensed brokers can be out there in the market looking for traders to cheat.

Globally licensed brokers are more suitable to trade with because they are more secure and have more legal standing than brokers that do not have licenses.

It is also important to note that because forex trade is not as widespread as in some African countries in Burundi, not many people know of it. There is no proper financial legislation regulating brokers and traders who might want to start forex trading in the country. It is the choice of the Burundian trader to do appropriate homework about the broker they want to pick.

How to trade Forex in Burundi – Tutorial

Open an account for a Burundian trader

How to open an account with Capital.com

Opening a Burundian Forex trading account is not a hard thing to do. As long as you already have a broker that you want to use, you can start an account with that broker. When opening an account for the first time with the broker, you would be asked to provide one of the three for identity – a driver’s license, a national passport, or a national identity card. And then, for proof of where you live, you would be asked to provide a utility bill.

Start with a demo account or real account

Capital.com real or demo account

Once you’ve opened an account with the broker, you will be first shown this account if there is a demo account. It is used to help new traders know how the forex market works and how the spread is on the broker. No real profit or loss is made on this account, and the amount in it cannot be withdrawn. But your real account has real profit and loss.

Deposit money

Depositing money

Deposit money into your real account to begin Forex trading. This can be done through any of the payment methods that are provided on the broker platform.

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

Analysis and strategies are suitable methods for traders to monitor market changes. Traders usually have an approach to help them be better traders and not make mistakes while trading, which could cost them much money in the end.

Some of the strategies that can be used include the following methods:

Scalping

Capital.com - Scalping

A general forex trading approach. It has to cope with traders opening multiple markets in a single day and closing at the end of that day to gain from each one. It’s a methodical approach.

Day trading

Capital.com - Day Trading

As implied by the name. Day trading is an fx method in which a trader takes the same stance for the entire day. The strategy is employed not just in Forex but also in the mainstream economy.

Position trading

Capital.com - Position trading

This entails holding the same trade stance for more than one week and can potentially extend to years. Long trading positions are advantageous to traders.

Make profit

The last and most important goal is to make money. Profit is made based on your position when the Fx market ends for the day. After making your profit, you can then withdraw your funds via any of the methods provided by the broker platform.

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

Conclusion: The best Forex Brokers are available in Burundi

Burundi Traders must beware of the broker they are trading with. The internet is a wild place, and many people often fall into the hands of fraudsters and criminals. Trading with a well-regulated broker platform is the best thing you can do for yourself as a trader. They offer protection and credibility to those who are trading on their platform.

It is also relatively easy to start up an account and start trading. Be sure to read any article or watch any video you see that shares tips on being the best trader out there. They are beneficial and can help you begin your journey as a forex trader.

FAQ – The most asked questions about Forex Broker Burundi:

What are the pros of trading forex with the best forex brokers in Burundi?

The best forex brokers in Burundi offer traders the best trading services. The most important benefit of trading with a leading forex broker is that a trader can access a versatile trading platform. It strengthens his trading skill and also helps him earn the best profits. It happens because a trader can access all the top features. 

Can a forex trader in Burundi trade all the leading forex currencies?

Yes, a trader in Burundi can trade all the leading forex currencies the broker offers. Thus, they can have first-hand trading experience and improvise their trading skills. Brokers offer all leading international currency pairs, such as USD/JPY, and GBP/USD, among others. 

How can a trader make profitable trades with a forex broker in Burundi?

Traders in Burundi can make profitable trades by following good trading practices. It involves following the news and keeping an eye on the trends. A trader must also conduct a proper technical analysis using all the tools and technical indicators offered by the brokers. A good technical analysis will reap the trader’s desirable profits while trading with a forex broker in Burundi.

Last Updated on January 27, 2023 by Arkady Müller