The 5 best Forex Brokers in Guinea-Bissau – Comparisons and reviews

Finding the best forex broker among the many that accept Guinea-Bissau traders can be tough. It is difficult to find a reputable broker charging low trading fees. 

We have done the tough tasks of testing several forex trading platforms. This article introduces the best ones and explains all you need to know about forex trading in Guinea-Bissau. 

See the list of the best Forex Brokers in Guinea Bissau:

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.)

The list of the 5 best forex brokers in Guinea-Bissau includes the following ones:

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

An introduction to each broker’s services:

1. Capital.com

The official website of the forex broker Capital.com

Capital.com is a London-based online CFD and forex broker, having offices in Seychelles, Belarus, Cyprus, and Poland. Capital.com holds licenses from the United Kingdom’s FCA, Cyprus’ CySEC, Australia’s ASIC, and Belarus’ National bank (NBRB).

Capital.com offers several account types that suit beginners and experienced traders. Guinea-Bissau’s customers can use the MT4 or Capital.com app to trade various markets, including CFDs, indices, cryptocurrencies, stocks, and forex. Traders require a $20 minimum deposit to start trading here. 

Capital.com account types are zero commissions. Traders can expect an average spread of 0.8 pips on majors. The broker offers a free demo and charges zero withdrawal fees when you move funds from your account.

(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 New Zealand-based forex broker that started operations in 2014. BlackBull Markets has offices in the United Kingdom, Malaysia, and Japan. The broker operates under licenses from the Financial Service Authority of Seychelles FSA and the Financial Markets Authority of New Zealand FMA.

BlackBull Markets offer both commission-free and zero-commission account types. Guinea-Bissau’s traders can choose their preferred fee model and trade a good choice of assets, including forex, ETFs, stocks, metals, energies, and indices. The MT4, MT5, and the BlackBull Markets app are provided for these trading services.

BlackBull Markets provides ECN account types with an average spread of 0.4 pips. The raw ECN account attracts a $3 commission fee. Muslim Bissau-Guineans can use interest-free Islamic accounts. A free demo is also available for tests and practice.

(Risk Warning: Your capital can be at risk)

3. RoboForex 

The official website of the Forex Broker RoboForex

RoboForex is a famous financial technology company offering online forex trading services. RoboForex is based in Belize and registered with the International Financial Service Commission of Belize (IFSC).

RoboForex offers multiple platforms to trade a wide range of financial instruments. Guinea-Bissau’s traders can use the MT4, MT5, cTrader, or RTrader to trade forex, stocks, indices, and thousands of other assets. The minimum deposit is $10, and new customers get a $30 trading bonus once they sign up.

RoboForex charges an average spread of 0.4 pips on its raw ECN account. This is a commission-based account charging $2 per trade. A free demo and interest-free Islamic account are also available. The two easiest payment methods for Guinea-Bissau traders are provided. That’s MasterCard and Visa.

(Risk Warning: Your capital can be at risk)

4. Pepperstone 

The official website of the Forex Broker Pepperstone

Pepperstone is an international broker based in Australia with offices in Kenya, Dubai, the United Kingdom, Cyprus, and Germany. Pepperstone operates with licenses from these regions, including UK’s FCA, Australia’s ASIC, Kenya’s CMA, and Cyprus’ CySEC. 

Pepperstone offers ECN and STP order executions on its several account types. Guinea-Bissau’s traders can trade various financial assets through MT4, MT5, and cTrader. The products available are forex, CFD stocks, indices, commodities, and metals. Pepperstone allows trading with any amount, so its required minimum deposit is $0. However, the broker encourages traders to start with $200 if they can.

Pepperstone charges an average spread of 0.4 pips on its ECN account. There is a $3 commission fee per side. Guinea-Bissau’s traders can use Visa, MPesa, or MasterCard for deposits and withdrawals with the broker. A free demo is available for testing the broker’s services. Islamic accounts are also provided for Sharia-compliant trading.

(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 an online forex and binary options broker based in Cyprus. IQ Option has other offices in the United Kingdom and Seychelles. The broker operates with licenses from the Cyprus Securities and Exchange Commission CySEC and the Financial Service Authority FSA.

Bissau-Guineans can use the IQ Option app to trade different assets such as forex, ETFs, metals, binary, and digital options. IQ Option offers one standard account, requiring a $10 minimum deposit. Traders can move to VIP status if they deposit $1900 to trade. A free demo and an Islamic account are also offered. 

The average spread with this broker is 0.8 pips, with zero commission charges. IQ Option provides several payment methods, and Guinea-Bissau traders can use Visa or MasterCard options to deposit and withdraw on its platform.

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

What are the financial regulations in Guinea-Bissau?

Guinea-Bissau is not among the popular forex trading destinations in Africa. Financial markets investment is low in this region, and the country does not operate a capital market of its own.

Guinea-Bissau’s stocks and securities exchange activities take place in one of Africa’s regional exchange markets, the Bourse Regionale des Valeurs Mobilieres BRVM. BRVM is a stock exchange market serving several African countries, including Benin, Ivory Coast, Niger, Mali, Senegal, and Guinea-Bissau. This institution does not regulate online CFD and forex trading in these countries.

Being a member country of the West African Economic Monetary Union (WAEMU), Guinea-Bissau shares the same national currency as other member countries. That is the West African CFA franc. The Central bank of West African States is the issuer and regulator of this currency. This Central bank is regarded as the country’s financial regulator.

UEMOA logo

This bank concerns itself with its major functions, which include:

  • Issuing the CFA, a common currency for WAEMU member countries.
  • Providing credits to commercial banks, governments, and other financial institutions of WAEMU member states.
  • Holding the member countries’ external reserves on their behalf.

Guinea-Bissau’s forex trading sector remains completely unregulated. The Central Bank of West African States hardly concerns itself with online CFD and forex trading in Guinea-Bissau. The country’s government does not provide any regulatory framework for the activity. Bissau-Guineans are free to engage in forex trading and are fully responsible for themselves and their funds.

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

Security for traders in Guinea-Bissau 

Online forex and CFD trading are not very popular in Guinea-Bissau. There is no restriction and regulation in the activity. Many brokers see huge potential here and advertise their service to Bissau-Guineans online.

Traders from this region can have many options of brokers and must be careful in choosing a broker. The lack of restriction and regulation invites fraudsters to the sector. 

Bissau-Guineans should choose only globally recognized brokers operating with one or more licenses from a respected financial body. These brokers have a reputation and operate under strict regulations. So, traders are safe to deal with them. 

Examples of well-known and respected financial bodies are:

Brokers that operate with an additional license issued within Africa are equally safe and may offer added peace of mind to the trader. Bissau-Guineans should confirm the broker’s license on the regulator’s website before signing up. 

Is it legal to trade Forex in Guinea-Bissau?

Flag of Guinea-Bissau

Yes, it is. There is no law against forex trading in Guinea-Bissau. Therefore, the activity is legal. Traders should confirm a broker’s license to trade safely.

How to trade Forex in Guinea-Bissau – Tutorial

Forex trading with any of the recommended brokers above is easy to start. But the trader needs to get the basic tools for trading online. That is a smart device and subscription to a good internet service.

The smart device can be a smartphone, a tablet, or a computer. The internet connection must be smooth. Unstable internet can, while trading can cause a loss of funds or profit. It can prevent you from opening or closing trades when you should.

Once you have these two basic things, all you need is a trustworthy broker to begin. 

Below, we explain how to choose a trusted broker:

  • Confirm their license
BlackBull Markets regulation

The brokers’ regulations details are often written in smaller prints at the bottom of the webpage. The details should include the regulator’s name, address, and license number. You can check the regulator’s website to confirm. Ensure the broker’s name is on the regulator’s list.

  • Compare spreads and commission 
BlackBull Markets account types

The spread is the difference between the ask and bid price on the quote that the broker gives you. It is the broker’s fee for the transaction. Some brokers provide direct access to the liquidity pool. These charge commission for the trade because the spread is often non-existent or insignificant. The trader should compare these prices and avoid the broker whose fees are higher than the market average. 

  • Free demo account offering
Opening a demo account with BlackBull Markets

Credible brokers often provide a free demo account for customers to test their services before signing up. Ensure your chosen broker also offer this account type. You should have access to the free demo for at least 30 days.

  • Accessible customer service
BlackBull Markets - Customer service and live chat

Reputable brokers ensure that support is available round-the-clock during trading days. The service must be easily accessible. Many brokers provide multiple language support service that includes Portuguese and French.

  • Available payment options
IQ Option payment methods

Good brokers ensure they provide popular payment methods to deposit money and withdraw from the trading account. If the payment options are available in the country, using them becomes easier.

Follow the steps below to start trading forex:

1. Open account for Guinea-Bissau traders

Opening an account with BlackBull Markets - The creation process

Type the broker’s web address in your browser to visit the webpage meant for your region. The page will most likely load in the country’s official language.

The create account tab should be clearly displayed at the top right or middle of the page. Click on it to begin the signup process. 

Only your name and email address will be required at this stage. Type in the information and click on signup. The broker then sends you a verification email. 

Open your mailbox, in the broker’s message, click the link to confirm your email, and continue the signup process. 

The broker may request a national ID and utility bill to confirm your identity before setting up your account. Scan and send this per the broker’s instructions, and the account should be ready in less than two days.

2. Start with a demo or real account 

Opening a demo account with BlackBull Markets

The next step after completing the signup process is the test. Use the broker’s free demo to experience the broker’s platform. Practice trading the forex market if you are new.

Brokers usually fund the demo account with sufficient virtual cash to conduct several test transactions. Experienced traders can test their strategies to see if the broker’s platform is suitable. 

Some traders prefer to test the broker with a real account instead. We recommend a cent or micro account for this. 

3. Deposit money for live trading 

BlackBull Markets deposit

If you prefer to conduct the test or practice in a live trading environment, you must first deposit money into the real account. 

The broker would probably assist with this process. But it should be straightforward and hassle-free if the payment methods are accessible in the region. 

Click on the funding tab on the platform. Select the deposit option to reveal the payment methods. Choose the one you wish to use and follow the rest of the instructions to fund the account. 

The money you send should reflect within a few minutes to an hour. The broker’s support rep will be on hand to resolve any issues if they arise. 

Notice:

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

4. Use analysis and strategies 

Before trading live, ensure you perform the necessary market analyses for the currencies you wish to trade. Market analysis gives you valuable insight into the currencies. You understand the price movements and make better trade decisions.

Market analysis also lets you choose the best forex strategies for the currencies you wish to speculate on.

Here are three crucial forex market analyses:

  • Technical analysis 
  • Fundamental analysis 
  • Sentiment analysis

Technical analysis in forex is about studying past prices to find patterns that can indicate the best trading opportunities. The trader has to use the various tools on trading platforms to conduct this analysis. Technical analysis is popular among forex traders, and there is a wealth of information available for the trader to educate themself about it. It is crucial to forex trading because past price movements give you insight into supply and demand influences on the asset. You can then accurately predict future price movements. 

Fundamental analysis is essential to forex trading. It explains the causes of exchange rates increase and decrease since it examines the economies that power the currencies. The trader analyzes economic factors, such as gross domestic product (GDP), interest rates, inflation rate, employment rate, etc. These elements give insight into the country’s economic status. The trader can determine if the exchange rate will rise or fall once they are informed.

Sentiment analysis involves studying the forex pair’s demand and supply volume to understand market participants’ behaviors. Market sentiment knowledge helps the trader make better forecasts. Some technical indicators on trading platforms help with this analysis. The trader should learn to use them for better trading decisions. 

These analyses are important for trading the forex market successfully. The trader chooses the most suitable strategy for the asset once they have conducted proper analyses.

The most popular trading strategies:

  • Trend trading strategy 
Trend Countering and trend trading

Trend trading is among the most popular strategies. Trend refers to the ongoing market condition. It can be bullish, bearish, or sideways. Bullish is an uptrend condition where prices are seeing an increase. Bearish is the opposite and is also called a downtrend. Sideways market means there is no rising or falling in the asset’s price. Instead, the price moves within two points. The trader has to identify the prevailing trend correctly. Then place trades in the same price direction. 

  • Momentum strategy 
Momentum indicators in forex trading

The momentum trading approach is best used with currency pairs that tend to experience medium-term trends. Not too long, but not short. The trader believes that the asset’s price will continue in its trending direction for a specific period. They place and hold the trade for this period. Correctly identifying the prevailing trend is key to gaining from this strategy. 

  • Price action 
Forex - Price action trading

Price action trading refers to studying the naked price chart to identify trading opportunities. The trader does not use complex technical indicators in this strategy. Instead, they examine the candlesticks to see the opening, closing, highs, and lows of the asset’s price. The trader determines the best move from these details.

Many forex strategies are available, but not all are effective for all assets. Market analyses will help you determine the best ones for the forex pair you wish to trade. 

5. Make a profit 

The proper analysis and a suitable strategy will lead to success in forex trading. It would be best if you started to make a profit soon.

Withdrawing the profits should be as easy as depositing money to trade. Follow the same steps by clicking on the funding tab. This time selects the option for withdrawal. 

Choose your preference once the different payment methods pop up and fill out the instructions. The broker will receive this request and starts to process it immediately. 

The funds should hit your account within two days in most cases. Some brokers and payment methods take lesser time, and others take longer.

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

Conclusion: The best Forex Brokers are available in Guinea-Bissau

After reading this, choosing the most suitable broker in Guinea-Bissau should be easy. Many are willing to do business with Bissau-Guineans. But the trader must find regulated ones with the most conducive trading environment.

FAQ – The most asked questions about Forex Broker Guinea-Bissau :

Which trading instruments are available with a forex broker in Guinea Bissau?

A forex broker in Guinea Bissau will offer you all the greatest underlying assets for trading. You can trade your local currency and a more profitable one. Brokers such as Capital.com, IQ Option, Pepperstone, etc., offer traders several currency pairs for trading. You can pick your desired currency pair and place your forex trade. Signing up with these brokers will give you a perfect trading experience.

Can a beginner trade forex with a forex broker in Guinea Bissau?

Yes, a beginner can trade with a forex broker in Guinea Bissau. Most brokers will allow you to access the feature of a demo account. A demo account is perfect for learning to trade. This trading account is a powerful tool that lets you in on the trading basics of forex without paying anything. Besides, a demo account will allow you to use all essential features for building your strategy. 

How does a trade use a forex broker in Guinea Bissau?

A trader can use a forex broker in Guinea Bissau by signing up for a trading account. Clicking on the ‘signup’ option and entering your details will allow you to sign up and trade forex with the best brokers. 

Last Updated on January 27, 2023 by Arkady Müller