The 5 best Forex Brokers & platforms in Ivory Coast – Comparison & reviews
Table of Contents
Generally, forex trading in Ivory Coast is challenging, primarily because of the government’s perspective on the trade. However, this review will highlight important things you should be aware of as a potential forex trader in the country.
Whenever you have decided to trade in Ivory Coast, you should be aware of the options available to you, the necessary preparations to be carried out, and finally, regulations applicable from the government relating to forex trading in the country. This guide will also detail the strategies that can be used to achieve a profitable forex trading business.
See the list of the best Forex Brokers in Ivory Coast:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Capital.com  | 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  | 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  | 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  | 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.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)Here’s the list of the top 5 brokers in Ivory Coast:
- Capital.com
- BlackBull Markets
- RoboForex
- Pepperstone
- IQ Option
1. Capital.com
Built by a successful team of software programmers in the United Kingdom, Capital.com launched into the mainstream forex market in 2016. The platform utilizes a unique but efficient forex trading method while offering commission-free trading. The good thing is that you only pay for the forex trading cost, and you can kick-start your trading activities.
As one of the leading brokers owned by Capital Com SV Investments Limited, the platform has global recognition and accepts traders from the Ivory Coast and other countries worldwide. Aside from the international acceptability of Capital.com, they are regulated by many agencies that are responsible for checks and balances for forex trading. Trading with the broker, you have access to varieties of Forex assets over 37000, such as stock options, cryptocurrencies, about 138 currency pairs, commodities, and many more.
The platform’s vast reach, growth, flexibility, and reputation make it one of the most used brokers among forex traders in the Ivory Coast. To attract more users, Capital.com provides detailed instructional guides on how to use the platform and consequently educates both new and long-term traders.
Merits of Capital.com
- Free to use for all traders (No hidden fees or commission chargebacks)
- Advanced technological revolutionized platform
- 24/7 live support and customer service accessibility in multiple languages.
- Free demo account for practical training and understanding of the platform
- Competitions and rewards for winners up to $10,000. (Note Capital.com competition isn’t accessible to clients from Australia)
Demerits of Captial.com
- The platform does not allow US clients to trade on its systems
- You are subject to overnight fees from the broker.
(Risk warning: 78.1% of retail CFD accounts lose money)
2. BlackBull Markets
Indeed, forex is a volatile market that needs to be traded with extra caution. However, if you are looking for a low-risk broker with a good reputation and a handful of products and options to trade with, you might want to check out BlackBull Markets. As a forex trader in Ivory Coast, you can leverage the benefit the broker offers its clients and transact all your forex activities on the platform.
The broker is regulated by many organizations responsible for checking and balancing forex trading operations worldwide. The Financial Services Authority of Seychelles (FSA), Financial Market Authority of New Zealand, and some other reputable organizations are the regulatory bodies that keep the platform in check of all activities carried out. BlackBull Markets is a safe platform as it is regulated and controlled by the top-tier regulatory organization in New Zealand.
Generally, as a forex trader, you might want to settle for BlackBull Markets because of its affordable CFD and low forex fees. Aside from that, the platform provided all users with detailed educational materials to help them understand what the platform has to offer and how to navigate their accounts quickly. A demo account to allow you to know how to easily trade and make a profit is also available from the broker.
Pros of BlackBull Markets
- Affordable CFD and Forex fees
- A friendly, easy and quick account opening process
- Free training resources available for the users of the platform
- You do not need to install any web trader
Cons of BlackBull Markets
- Users are expected to pay withdrawal charges
- The minimum deposit amount is high ($2000)
(Risk Warning: Your capital can be at risk)
3. RoboForex
If you are a novice trader looking to maximize your profit and reduce risk, leveraging a RoboForex trading platform is good. A platform founded in 2009, it has its presence in about 169 countries, including the Ivory Coast. Robo Forex attracts more than 3.5 million users globally and has been recognized as one of the leading trading platform developers.
Most forex trading financial experts recognized the platform as a reliable and profitable broker to trade with. Over the years of RoboForex’s existence, it has won several awards for its outstanding performance and continuous support for traders.
To be distinctive from other brokers, the RoboForex group has been licensed and certified to carry out forex trading activities by international regulatory bodies like the European CySEC, FSC Belize, and others.
With its headquarters located in Cyprus, the broker has extended its services across the EU and EEA region making it a reliable and responsible platform to trade with. As a trader, you get to participate in the ContestFX. The contest is held for demo accounts weekly, and prizes are given to the contest winner to facilitate them start their trading journey on the platform.
RoboForex continues to serve its traders with various options to trade with
Advantages of RoboForex
- Minimal deposit amount to help traders kickstart their careers.
- An investment program for users called CopyFX
- Good affiliate payout, which starts to form $5
- Instant withdrawal of your funds
Disadvantages of RoboForex
- A limited number of currency pairs (36) available for traders
- No cryptocurrency trading tool is available on the platform
(Risk Warning: Your capital can be at risk)
4. Pepperstone
Pepperstone broker has emerged as one of the top-performing trading platforms for forex transactions. The company has built a highly competitive market where other brokers envy the platform’s features. Commodities like shares, forex, metals, cryptocurrencies, currency pairs, and many more are open to traders to explore on the platform.
With a minimum deposit of $200 as a new trader, you can quickly get into the trading game. Although most people are skeptical about forex trading platforms, you can rest assured that Pepperstone stands tall among other brokers as it is registered with the Financial Conduct Authority in the United Kingdom and regulated by the same agency.
Besides, the broker is also regulated and licensed by the Australian Securities and Investments Commission, which makes it stand out among other generic trading platforms on the internet.
Pepperstone does not allow US clients to trade on its platforms like many other forex brokers due to government regulations. The broker species differs from individual accounts and company accounts, thereby providing all traders with extra security to secure their funds during market crises.
With a 24/5 chat and support system provided by the company, you can make complaints, requests, and suggestions, while you can also read the FAQs section to understand the company’s policies.
Above all, the Pepperstone company has developed various web-based software, mobile apps, and other products, including educational materials, to help make trading easier and less risky than it has always been in the past. You can also open multiple accounts and use a demo account to learn how to start trading.
Benefits of Pepperstone
- Regulated and licensed by UK FCA
- Offers extra protection to clients in the UK in case of market instability
- Offers different solutions to ensure easy clients usage
- Low FX spreads.
Drawbacks of Pepperstone
- Website maintenance is poor
- US clients are not allowed on the platform
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
With over 213 countries supported on the IQ Option platform as a newbie or a professional trader looking to switch to another broker, the platform might be a good option for you. The broker is one of the most reputable platforms worldwide due to its long age in the forex business and varieties of services provided to its users.
Founded in 2013, the intrusive trading broker is a platform that both experienced and amateur traders can use. A variety of assets like ETFs, stocks, shares, binary options (for professional traders and outside of EAA countries only), commodities, cryptocurrency, and currency pairs are available on the trading platform.
There is a variety of trading you can perform. Since its founding years, IQ Option has rapidly grown to become one of the formidable trading platforms with an estimated 1 million transactions each day. Traders from various countries like South Africa, Malaysia, Ivory Coast, Nigeria, India, and many more are welcome on the platform.
Unlike some other platforms where every user uses generic marketing tools, IQ Option has positioned itself as the forex brokers’ leader in customizing each user’s experience with a custom-built solution for everyone.
Merits of IQ Option
- Affordable Minimum Deposit ($10)
- A variety of trading platforms are available for all users categories (Android, Windows, macOS)
- Variety of digital trading assets such as currency pairs, cryptocurrency, and many more
- Regulated by CySEC
- Easy payment methods.
Demerits of IQ Option
- No MT4 and MT5 trading features available on the platform
- Traders from countries like the United States, Canada, and Australia are not allowed on the platform.
(Risk warning: Your capital might be at risk.)
What are the financial regulations in the Ivory Coast?
As one of the significant economic locations in west Africa Ivory Coast has been on its continuous economic expansion journey. The digitization of the financial sector has also brought in more investments from the EU and other western world countries.
Between 2011 and 2019, there was a sharp rise in Ivory Coast GDP, which swelled by almost 8 percent per year. The growth brought the country to the second-fastest growing economy in Africa. However, the global pandemic caused the country’s economy to slow down by 1.8 percent by 2020.
The financial regulatory authorities in the Ivory Coast have their principal regulatory body as the central bank. Ivory Coast’s financial activities fall under the regulations carried out by the Central Bank of West African States (BCEAO), including countries like Senegal, Burkina Faso, Benin, Guinea-Bissau, Niger, and Mali.
Several policies have been instituted to help regulate all the financial activities carried out in the country, including currency regulation, the interest rate on deposits, and financial inclusion. The primary goal of all the rules is to strengthen the country’s currency and increase growth per capita.
In February 202, the central bank and the International Islamic Trade Finance Corporation (ITFC) partnered to adopt a policy that will promote international and interregional trade, security, and adoption of CBDC.
Some other legal and regulatory concerts were discussed at the workshop that facilitated the partnership. With the penetration of digitalization and mobile telephones, transfer, bill of payment, and the growth of the financial sector in Ivory Coast has been on the positive side. Innovations and partnerships have also driven the country’s financial industry to grow exponentially, with economic ties with Namibia and Cabo Verde.
(Risk warning: 78.1% of retail CFD accounts lose money)
Security for traders from the Ivory Coast
Although there is no strict regulation put in place by the government of the Ivory Coast to protect forex traders in the country, the trading platforms available to traders are primarily licensed.
Moreover, there are no specific restrictions on capital, overall income earned, and profits from investments that can be converted to foreign currency. Some people might have reservations about the financial market in Ivory Coast regarding its safety, but this isn’t the accurate picture.
There are policies and regulations to protect the country’s economy, obviously, and these policies are being reviewed and reshaped to fit the modern-day demands of foreign exchange used within the borders of the Ivory Coast. As a forex trader, you should be cautious about brokers you trade on and declare your profit or loss of proper tax filing with the appropriate government agency.
Is it legal to trade Forex in the Ivory Coast?
Forex trading in the Ivory Coast is legal and safe for traders. Forex trading is compared to a currency buying and selling a business, while this sector forms an integral aspect of the company economy.
More so, the country benefits from the activities of the forex traders basically because it attracts foreign investors and helps increase the availability of foreign exchange for export purposes.
With that in mind, the crucial thing is that whenever you decide to carry out any forex activity, you must ensure that you carry out all the necessary research and background check on the broker to be on the safe side.
There are quite a handful of international brokers available for forex traders in the Ivory Coast to leverage on. Most regulated and licensed brokers offer a good trading platform and provide necessary training resources to get you going.
How to trade Forex in the Ivory Coast – Tutorial
Open account for Ivory Coast traders
To start trading forex, you need to find a broker of your choice. Read the broker’s policy and understand what is required for account opening. You might be required to provide an identity card to verify you as a legitimate trader.
Start with a demo account or real account
If you are new to forex trading, you should open a demo account to learn about the platform and how to trade. More so, read up on the platform’s educational materials and watch tutorial videos that would equip you with the necessary knowledge. After fully understanding all the required forex trading procedures, you can open a live account to carry out all your trading activities.
Deposit money
With your live account ready for trading activities, the next thing is to deposit it into your account. The Deposit method can vary from one broker to another. Platforms like IQ Option, and Pepperstone allow users to make deposits into their accounts using Mastercard, Visa, Wire transfer, and many other deposit methods. Aside from that, you should choose a secure platform and ensure your deposits are made without any hassle.
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
Forex trading isn’t just a free platform where you can easily make a profit. You must implement strategies that will help you win in the market. Using charts, history, and prediction tools can help you stand out in the forex market.
Some of the strategies that can be implemented are:
Scalping
This is often referred to as a short-term strategy that helps the trader make a marginal profit. These profits are made when there’s a slight shift in the forex market prices. Scalpers often buy currency pairs, hold them for some period, and sell them off to make a little profit.
Day trading
Day trading is considered a strategy used by traders to buy sticks throughout the day with the hope of selling back minutes later to make a profit. This type of strategy can help traders make a massive gain if there is a significant rise in stock price, while there can be a potential loss if there is a considerable drop in the share prices. The day trading strategy is to close each day with a good profit.
Position trading
Here’s a long-term strategy for forex traders. The idea is to wait for a significant price move and make a considerable gain. Position trading philosophy is held in a predefined position for an extended period. This is the opposite of the day trading strategy.
Make profit
The primary aim of forex trading is to profit and benefit from all transactions you are involved with as a trader. However, it would help if you equipped yourself with the necessary knowledge and understanding of the market to trade and profit from your transactions.
(Risk warning: 78.1% of retail CFD accounts lose money)
Conclusion: The best Forex Brokers are available in Ivory Coast
Ivory Coast is one of the developing countries in West Africa, with a population of 27 million. Forex traders in the country are regarded as an economic booster of the nation. The government is a potential market for forex brokers.
Meanwhile, forex traders in Ivory Coast should only leverage regulated brokers and agencies allowed into the country’s internet space. In addition, before settling for any broker, it is best to carry out all necessary background checks on the company.
FAQ – The most asked questions about Forex Broker Ivory Coast:
What are the best forex brokers in Ivory Coast?
There are many forex brokers in Ivory Coast, but the best are BlackBull Markets, Pepperstone, IQ Option, RoboForex, and Capital.com. There are more than 20 forex brokers in Ivory Coast. However, these are the best ones. Traders might find it challenging to pick the best forex market, but still, a few fulfill the trading requirements of any trader.
Are the forex market and the forex brokers in the Ivory Coast legal or illegal?
The forex market in Ivory Coast is legal. Therefore certain rules and laws are followed by traders to avoid scams. The rules are important because there has been a sharp rise in forex trading scams. Besides, the forex brokers in Ivory Coast also offer great trading services to traders. They enjoy the best features that enhance their trading experience.
Who regulates the forex market in the Ivory Coast?
There are no hindrances in foreign exchange. Once the speculation is done, the government accepts the settlement of allowance. There is no such regulatory body in the Ivory Coast. So, you must choose a forex broker in Ivory Coast very wisely if you wish to ditch any scams that might come your way.
Last Updated on January 27, 2023 by Arkady Müller
