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

If you are a citizen of Mali or you live here and are looking to start as a forex trader, you should begin with choosing the right brokerage firm. 

See the list of the best Forex Brokers in Mali:

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.)

This article provides you with information on the best broker out there in the broker’s business and gives you insights about Forex trading before you begin your journey.

The list of the best 5 Forex platforms in Mali includes the following brokers and platforms:

  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 new broker but has a good reputation already; and it was formed in 2016 and currently has many traders on its platform. They have bodies in charge of regulation and supervision across the nations.

If you want to start an account with Capital.com, it’s as easy as possible. The platform only requires its traders for a means of identification and proof of residency. This way, the system can know that you are human trading with them and provide security for the other traders in their space.

Capital.com account verification

Capital.com provides its traders with various assets to pick from and start trading. Some of these assets include crypto, metals, and commodities. It also cares about the beginner traders as they have videos, articles, and courses they can read and study to familiarize themselves with Forex trading.

Capital.com is also a secure broker’s platform that cares for the traders. Some international bodies well regulate it, and its clients are under proper protection of the law. They are also top-notched for customer service and have many languages for their customer support.

Usually, only Forex traders willing to spare a considerable sum of money can trade on Capital.com. They have a minimum deposit that requires traders to pay 3000 USD before they can trade on their platform. 

Capital.com logo

Pros of Capital.com

  • A demo account that beginners can use to train themselves before delving into the real stuff
  • Provision of articles, videos along with courses that help new traders get information about the market
  • It has the most considerable spread in business.
  • Traders have access to an effective customer service system.

Cons of Capital.com

  • Capital.com has a very high deposit rate of $3000
  • Excludes clients from the US

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

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

BlackBull Markets was founded in 2014 by experts in Forex trading, data security, and Fintech from New Zealand. Their unique server system works with the fastest speed when carrying out transactions. They also have assets available.

The platform is under the regulatory body of the Financial Service Provider. This body secures the whole trading experience of their clients and makes the broker have a Financial trading license. 

BlackBull Markets is mainly known for trading MT4 with a growing product lineup and compatibility with some third-party social copy trading sites. Unlike most brokers out there, BlackBull Markets does not have any means of teaching its traders. Whether new or old, how to strengthen their trading skills and, as such, is not so much patronized.

BlackBull Markets MetaTrader 5

One good thing about this platform is that it has an Electronic Communication Network, deep liquidity, and severe price tug-of-war. All of these make trading on the platform enjoyable and unique from other platforms that deal with forex.

Their platform’s market review articles and video uploads are in-house findings and research. All these give the traders an excellent insight into the strategic market analysis. You can be sure of its quality and credibility.

BlackBull Markets is also great for traders who want to start up with a premium account because it has two kinds of accounts available that traders can pick from. That is the standard account and the ECN prime account. Traders with excellent performance enjoy more premium offers like a commission and then a more competitive price spread.

BlackBull Markets account types

Pros of BlackBull Markets

  • Easy to start an account on BlackBull Markets.
  • BlackBull Markets is a very flexible trade platform as it has both a web version and a mobile app.
  • The web version does not need desktop app installation, and you can choose to trade directly on the web.

Cons of BlackBull Markets

  • Traders pay a particular amount of money when they want to withdraw their funds.
  • Customer service is not available 24/7

(Risk Warning: Your capital can be at risk)

3. RoboForex

The official website of the Forex Broker RoboForex

They have branches in over 160 countries worldwide, and many traders use its platform to trade their preferred assets. The platform supports 18 different languages, bringing down any wall that might have stopped traders from using their broker’s platform.

RoboForex presents traders with MetaTrader platforms (MT4 & MT5) and cTrader platform. According to research, millions of traders trade MT4. This has made the platform popular and functional. MT5 is not patronized as MT4, but it has a more improved platform.

RoboForex MetaTrader 4 benefits and properties

They also provide traders with necessary tests, skills, and improvements to know how good you’ve become in trading. And how familiar you are with Forex terms. It was established in 2009 and regulated by the IFSC, Internation Financial Services Commission.

The platform trades different assets such as Commodities, Metals, Forex, and Crypto. The customer support works in 18 languages, providing a quality and home felt communication system for their traders.

RoboForex Logo

Pros of RoboForex

  • Easy withdrawal of money
  • RoboForex has a more considerable amount of deposits and swifter trading conditions.
  • There is more software selection on the platform.
  • A demo account is available to start learning how forex works.

Cons of RoboForex

  • Slow customer service response.
  • The currency set is not as vast as some of its big competitors.

(Risk Warning: Your capital can be at risk)

4. Pepperstone

The official website of the Forex Broker Pepperstone

Pepperstone is one broker with many international bodies managing the platform and ensuring that it is a secure and safe space for its traders. These bodies include the Australian Securities and Investment Commission, Federal Financial Supervisory Authority, FCA; DMSA; and the Standard Chartered Bank. 

The in-house market research and results help traders connect with market requirements. They were established in 2010 and have several users from around the globe. Investments traded include – Crypto, Forex, and Metal. They are allowing traders to choose which asset they would like to trade.

Pepperstone - tradable assets

Traders using Pepperstone are required to pay a minimum deposit of $200. You also have access to MetaTrader 4, MetaTrader 5, and cTrader as platforms for traders to begin their journey. They also have plug-ins that enhance the trading experience of clients.

When users start on Pepperstone, it provides two different accounts. Depending on what you aim to have in the end and which will be more favorable will allow you to pick the account that suits you best.

Their Standard account has a Forex Spread starting at one (1) pip, and there is no commission, while their Razor account has a Forex Spread beginning at zero (0) pip and has a commission. Traders can pick the account that fits them most.

Pepperstone logo

Pros of Pepperstone

  • The platform has plug-ins that enhance the overall experience of the MetaTrader platform.
  • There is more than one social copy marketing platform
  • Good in-house research work
  • Traders on the Razor account enjoy more price aggression.

Cons of Pepperstone

  • The platform lacks interactive courses, tests, and development tracking for traders.
  • Pepperstone tutorial products are not comparable to those brokers in top companies.

(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 first started as a binary marketing platform, and in later years, it delved into CFDs marketing. IQ Option was set up in 2013, and they provide various financial instruments. Some of these instruments include ETFs, Stocks, and Forex. This platform today is one of the most reliable brokers around the globe.

The platform is one of the easiest to use out there. And it is created for both desktop and mobile versions. This way, traders can invest from anywhere and anytime and is not just restricted to one device.

IQ Option on multiple devices, including desktop and mobile phone

Starting an account IQ option is very easy. The platform also requires traders a means of legal identification and proof of residency. It has a non-extinguishable demo account. So if you are a newbie to Forex trading, you can practice with this account till you feel you are ready to start trading real assets.

They also have courses, forums, and webinars to help traders connect and gain helpful knowledge from top forex traders worldwide. IQ Option has its HQ in Cyprus and is regulated by the CySEC.

IQ Option is a well-known platform, and its services can be proved because of the number of awards it has received over the years.

IQ Option logo

Pro of IQ Option

  • You can easily open an account with them.
  • There is no deposit fee.
  • The use of the platform is very flexible.
  • Traders can pick the kind of chart that suits them best.

Cons of IQ Option

  • No availability of MetaTrader platforms on IQ Option
  • Some traders in specific countries can not use this platform.
  • Withdrawal via bank takes some days.

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

What are the financial regulations in Mali?

Mali is a country under the Banque Centrale des Etats (BCEAO). The BCEAO serves as the Central Bank in Mali, and it is responsible for the financial regulations in the country. The BCEAO combines eight countries that came together to form it. 

BCEAO logo

The countries are all French-speaking. Mali is also a member of the West African Economic and Monetary Union, which makes her subject to the financial regulation of the body along with the other members of WAEMU and BCEAO.

WAEMU logo (UEMOA)

Even with her existence as a member of the Banque Centrale des Etats, there are still commercial and microfinance banks that operate in the country. Mali also has local securities exchange commissions that work within it and determine the country’s financial regulation. 

For example, the Bourse Régionale des Valeurs Mobilières (BRVM) Security for Traders plays a vital role in determining cash flow in the country. 

BRVM logo

Although the BCEAO refuses to trade any franc currency taken outside the CFA region, the country’s government did not restrict foreign exchange. 

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

Security for traders from Mali

Are traders of forex secure? Their funds, identity, and privacy. Online trading can be pretty tricky and highly untrustable due to the amount of fraud and cybercrimes that are going on around the globe. The internet brought many opportunities to the table, both good and bad. And though the good qualities of the internet are many, so are the bad ones. 

In an instant, all of your investments can clear up in an eye. There have been results of many traders falling into the hands of false brokers platform, and after only a few months of investing in it, the platform abruptly or suddenly does not exist. You will notice that this is most common with broker’s platforms that do not have an international regulatory system.

To ensure security as a trader in Mali, you should go for those broker platforms with an international regulatory system, just like our list above. These bodies provide the necessary security and legitimacy for the company in charge. Mali only recognizes these brokers, so you should avoid them as a trader if they do not fall within the category.

Is it legal to trade Forex in Mali?

Flag of Mali

The government in Mali does not discredit Forex trading. Forex trading in Mali is legal, although traders must do the necessary finding to see that the broker you may choose has international regulators for their benefit. Dealing with a broker platform with global regulatory bodies makes it credible and legit. 

Though some believe that it is unsafe to trade Forex in Mali, it should be known that this misconception is not the case. Forex is an essential aspect of import and export. Therefore it is vital because it allows for market currency exchange.

Although the Malian government is very concerned about fraud through forex because it is an online asset trading market, the government still affirms that the place is a trade-free zone. And if traders in Mali were to go into forex, they must be without on brokers platforms with international regulatory bodies.

How to trade Forex in Mali – Tutorial

Open account for Forex trader

How to open an account with Capital.com

First, know the step to take involves you opening your Forex account in Mali. In starting an account with your preferred broker, you will be asked for proof of citizenship. This can be through an identity card with your image, driver’s license, or National passport, and even a voter’s card, after which you will also need proof of where you stay, like a utility bill.

Start with a demo account or real account

Capital.com real or demo account

After you’re through with providing the necessary information, the next step is to get started with a demo or real account. Now, if you’re new to Forex trade, do not by any means delve into trading with a real account. The demo account can be used to practice FX trade as the money in the account simply shows you how the forex spread works. The real account is where you trade and gain real profit or loss.

Deposit money

Depositing money

Once you’re ready to begin trading, you’d need to deposit money into your Forex account. The broker you are trading on has a minimum amount to deposit. And you’d need to know the payment method your broker is using to deposit funds into the account. They usually infuse a general payment method into their system, like a Master Card or Visa card.

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

Traders usually have a specific means by which they go about their trade. This is what is called the use of analysis and strategies. This helps traders make critical decisions that will either make them have profit or loss or observe market movement. 

Some strategies are as follows below:

Scalping

Capital.com - Scalping

This strategy involves setting many trades down and focusing on getting little profits from each of them. It is an excellent strategy if you want to be careful.

Day trading

Capital.com - Day Trading

As the name goes, day trading is when a trader sets a trade down only for a whole day. Immediately the day is past. The trader takes out his gains until another day comes.

Position trading

Capital.com - Position trading

This one can be seen as the opposite of day trading. Position trading is when a trader takes the same position on the chart for an extended period, usually weeks or even years.

Make Profit

Lastly, to make their gain, traders must close open trade for that day before they can make a profit. Your profit or loss is determined by the movement of the currency set when the general market stops. 

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

Conclusion: The best Forex Brokers are available in Mali

Starting in forex, as you have seen, is not hard. Opening an account with your broker platform is online and straightforward. With the use of technology in the modern world, things have become accessible, and even stock marketing, crypto, and metals are way easier to trade. And the fact that these things are done through the internet creates healthy market competition.

Forex trade is perfect and secure with the best forex brokers. Forex trade continues to grow as the world economies continue to grow too. More and more people are beginning to trade forex. Since it is legal in Mali, you will not want to get left out. 

FAQ – The most asked questions about Forex Broker Mali:

What are the best forex brokers in Mali?

The best forex brokers in Mali are BlackBull Markets, IQ Options, Capital.com, RoboForex, and Pepperstone. These are the most trusted and safe forex brokers in Mali. Forex trading in Mali is extremely high. So, any trader desirous of earning money through forex trading in Mali can sign up with a broker.

Is forex trading legal or illegal in Mali?

Also, it is lawful. There are rules for forex trading in Mali, so the traders are not scammed. The forex brokers in Mali also operate within a regulated environment. So, a trader in Mali can trade forex in a well-protected environment. Besides, the brokers offer the best-in-class services to traders.

Who regulates the forex market in Mali?

There are no jurisdictions on forex, but have rules and laws to stay safe from scams. Dealing with terrorism financing has slowed the procedure.
There are no local regulations in forex trading in Mali.

What minimum amount is needed to sign up with a forex broker in Mali?

The minimum amount needed to sign up with a forex broker in Mali is only $10., Brokers such as IQ Option allow traders to sign up with an amount this low.

Last Updated on January 27, 2023 by Arkady Müller