This Best Forex Brokers in Benin review conducted in South Africa shows that with forex trading exploding around the globe, especially in African countries such as Benin, forex traders may still be unsure about the best brokers to trade this market with.
Beninese traders looking for a broker that offers competitive trading conditions along with comprehensive trading solutions and services need not look further than the list below.
10 Best Forex Brokers in South Africa for 2025
Rank
Broker
Review
Regulators
Min Deposit
Official Site
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HFM
Overview
HFM is a forex broker company that is based in St. Vincent and the Grenadines. It was established in 2010 and operates with well-known brands such as HFM and Hot Forex.
Although being based offshore, this broker is regulated in several jurisdictions and deemed as a trustworthy ECN/STP broker that offers a variety of tradable assets.
Pros and Cons
| PROS | CONS |
| Highly attractive spreads offered | Charges inactivity fee on idle accounts |
| No deposit or withdrawal fees charged | Does not accept clients from the US |
| Offers wide range of tradable assets | |
| Regulated in multiple countries |
Features
| Feature | Information |
| Regulation | FCA, CySEC, FSCA, DFSA, FSA |
| Minimum deposit | $100 |
| Average spread | 1 pip |
| Commissions | $0.03 per 1K lot |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support and hours | 24/7 |
Compass FX
Overview
Compass FX is a broker from the United States of America that acts as an introducing broker for several other reputable forex brokers.
The company was founded in 1990 and is regulated by the National Futures Association (NFA).
Compass FX offers a Standard Account and Micro Account and gives traders access to the best trading opportunities possible over all asset classes through its introductory service.
Pros and Cons
| PROS | CONS |
| Excellent customer service | High spreads |
| Fast and reliable trade execution | No information about payment methods |
| Platform in 12 languages for global reach | |
| Popular Internet trading software |
Features
| Feature | Information |
| Regulation | National Futures Association (NFA), Australian Securities and Investment Commission (ASIC) |
| Minimum deposit | $250 |
| Average spread | Depend on brokers they introduce for |
| Commissions | Depend on brokers they introduce for |
| Deposit/Withdrawal Fees | Depend on brokers they introduce for |
| Maximum Leverage | Depend on brokers they introduce for |
| Bonuses | No |
| Customer Support and hours | 24/7 |
Exness
Overview
Exness was founded in 2008 and is registered and authorised in Seychelles by the FSA, in Cyprus by CySEC and the FCA in the United Kingdom.
The broker offers MT4 and MT5 and a WebTerminal as trading platforms, with access to more than 130 currency pairs, metals, cryptocurrencies, energies, and Indices as trading instruments to trade.
Pros and Cons
| PROS | CONS |
| 1$ minimum deposit required | Deposit fee in certain regions |
| Free of charge withdrawals | |
| USD and EUR account currencies |
Features
| Feature | Information |
| Regulation | CySEC, SFSA FCA, FSA(JP) |
| Minimum deposit | $1 |
| Average spread | 0.1 pips |
| Commissions | $10- $30 |
| Deposit/Withdrawal Fees | Deposit fee in some regions |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support and hours | 24/5, 11 languages; 24/7 in English and Chinese |
XM
Overview
XM was founded in 2009 in Cyprus and is authorised and regulated by CySEC, IFSC, FCA, ASIC and the DFSA.
The broker offers many secure payment methods and MT4 and MT5 trading platforms for trading Forex, Stocks, CFDs, Commodities, Equity Indices, Precious Metals, Energies and Shares.
Pros and Cons
| PROS | CONS |
| Allows scalping and hedging | No managed accounts provided |
| Minimum deposit from $55. | No US clients accepted |
| Offers negative balance protection | |
| Properly regulated |
Features
| Feature | Information |
| Regulation | CySEC, IFSC), FCA, ASIC and DFSA |
| Minimum deposit | $5 |
| Average spread | 1.7 pips |
| Commissions | $3.5 per lot per trade |
| Deposit/Withdrawal Fees | Bank withdrawals below $200 – $15 |
| Maximum Leverage | 500:1 |
| Bonuses | No. |
| Customer Support and hours | 24/5 |
Orbex
Overview
Orbex is a forex broker company in Cyprus in operation since 2011.
Orbex requires a minimum deposit of just $200 but offers zero spread accounts for deposits from $5 000. Its asset selection is suitable for less-advanced traders.
Orbex offers the MT4 trading platform and TradeWorks, a third-party automated trading tool for new traders.
Pros and Cons
| PROS | CONS |
| Access to Trading Central | High fees charged |
| Regulated | High minimum deposits needed |
| Zero spread accounts available |
Features
| Feature | Information |
| Regulation | CySEC, FSC |
| Minimum deposit | $200 |
| Average spread | 1.9 pips |
| Commissions | $8 per lot |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
Tickmill
Overview
Tickmill is a member of the Tickmill Group, which is regulated by the Seychelles Financial Services Authority (FSA) and the Financial Conduct Authority (FCA) in the UK.
Tickmill offers three different live accounts as well as a demo account. Tickmill provides its own proprietary WebTrader and MetaTrader 4 and traders get access to forex currency pairs, stock indices and oil, precious metals, and bonds for trade.
Pros and Cons
| PROS | CONS |
| Fast and easy account opening | Average CFD fees |
| Free deposit and withdrawals | Only basic news feeds |
| Low forex fees | |
| No inactivity or withdrawal fee |
Features
| Feature | Information |
| Regulation | FSA, FCA |
| Minimum deposit | $100 |
| Average spread | 0.13 pips |
| Commissions | None |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:500 |
| Bonuses | $30 welcome bonus |
| Customer Support and hours | 24/5 |
eToro
Overview
eToro was established in 2007 and is based in Israel. It is authorised and regulated by the CySEC, the FCA and ASIC.
eToro’s services are used by more than 1.5 million customers in more than 130 countries, including in Africa, due to its transparent and user-friendly tools for trading currencies, indices, and commodities online.
Pros and Cons
| PROS | CONS |
| Low minimum deposit | High forex fees and non-trading fees |
| No deposit fee charged | Only one account base currency |
| Offers free stock and ETF trading in the EU | |
| Seamless account opening | |
| Social trading allowed |
Features
| Feature | Information |
| Regulation | FCA, ASIC, CySEC |
| Minimum deposit | 30 USD |
| Average spread | 1.0 pips |
| Commissions | 0.09% |
| Deposit/Withdrawal Fees | $5 on withdrawals |
| Maximum Leverage | 1:20 |
| Bonuses | Welcome and referral bonuses |
| Customer Support and hours | 24/5 |
Trading 212
Overview
Trading 212 was founded in 2006 and is headquartered in the United Kingdom. The broker provides free, advanced, and user-friendly platforms to trade equities, stocks, currencies, commodities, indices, and cryptocurrencies.
Trading 212 offers zero-commission accounts and claims to use only the best advanced modern technology.
Pros and Cons
| PROS | CONS |
| Demo accounts offered | Does not allow scalping |
| Minimum deposit from $10 | Inactivity fee incurred on idle accounts |
| Regulated | Limited research options provided |
| Zero commission |
Features
| Feature | Information |
| Regulation | FCA, FSC |
| Minimum deposit | £100 /$100/€150 |
| Average spread | 1.2 |
| Commissions | Zero |
| Deposit/Withdrawal Fees | For bank wires |
| Maximum Leverage | 1:30 |
| Bonuses | None |
| Customer Support and hours | 24/5 |
Go Markets
Overview
GO Markets is a forex broker company established in 2006 that operates in Melbourne in Australia.
GO Markets was recognised as the first MT4 broker in Australia and provides MT5, mobile trading and a web-based platform.
The broker offers spread-based and commission-based trading accounts with more than 350 tradeable CFD instruments including Forex, Shares, Indices and Commodities and Cryptocurrencies.
Pros and Cons
| PROS | CONS |
| Allows scalping and hedging | Limited range of instruments |
| Regulated by ASIC | Only two account types available |
| Used by over 10 000 traders |
Features
| Feature | Information |
| Regulation | ASIC, AFSL |
| Minimum deposit | 200 AUD |
| Average spread | Depends on region |
| Commissions | $2.5 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 500:1 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
City Index
Overview
City Index is a global FX and CFD and Spread Betting broker based in London, United Kingdom. It was founded in 1983 and is registered and authorised by the FCA, ASIC and of MAS.
City Index gives clients access to global markets with more than 12 000 assets to choose from Forex, Indices, Shares and Commodities.
Pros and Cons
| PROS | CONS |
| Low fees for forex and index CFDs | Limited product portfolio |
| No withdrawal or deposit fee | High stock CFD fees |
| Diverse research tools | Inactivity fee |
| Low forex fees |
Features
| Feature | Information |
| Regulation | FCA, ASIC, MAS |
| Minimum deposit | None |
| Average spread | 0.5 pips |
| Commissions | 0.1% |
| Deposit/Withdrawal Fees | £25 for payments less than £5 000 |
| Maximum Leverage | 1:200 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
Pepperstone
Overview
Pepperstone is a reputable and commended Australian forex broker regulated in Australia and the United Kingdom, with offices also in the United States, China, and Thailand.
Pepperstone was established in 2010 in Melbourne and offers low forex fees, easy deposit and withdrawals and advanced trading platforms.
Pros and Cons
| PROS | CONS |
| Fast and fully digital account opening | High bank withdrawal fee outside EU/Australia |
| Free deposit and withdrawal | No investor protection for non-EU clients |
| Low forex and equity index CFD fees | |
| Low non-trading fees |
Features
| Feature | Information |
| Regulation | FCA and ASIC |
| Minimum deposit | $200 |
| Average spread | 0 pips |
| Commissions | 7 units of the base currency per lot of the FX pair |
| Deposit/Withdrawal Fees | $20 for clients outside the EU and Australia |
| Maximum Leverage | 500:1 |
| Bonuses | No |
| Customer Support and hours | 24/5. |
AvaTrade
Overview
AvaTrade is a forex broker company founded in 2006 and based in Dublin, Ireland with sales centres in several countries on different continents to serve clients globally.
AvaTrade is regulated by financial watchdog authorities in Europe, the British Virgin Islands, Australia, Japan, and South Africa. The company’s own AvaTradeGO app is available with user-friendly interface and innovative tools.
Pros and Cons
| PROS | CONS |
| Great educational tools | Inactivity fee charged |
| Multiple payment options | Limited research tools |
| No withdrawal fee | Offers only CFDs, forex, and cryptos |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit | $100 |
| Average spread | 0.6 pips |
| Commissions | Zero |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:400 |
| Bonuses | Occasionally |
| Customer Support and hours | 24/5 |
FP Markets
Overview
FP Markets is an Australian forex broker company established in 2005 and based in Sydney and Kingstown, St. Vincent, and the Grenadines. It offers traders access to CFDs trading across forex, indices, commodities, stocks, and cryptocurrencies.
FP Markets is a four-time winner of a “Best Trade Execution” award and was voted as most satisfied by traders for five years running.
Pros and Cons
| PROS | CONS |
| Fast account opening | High stock CFD fees |
| Multi-lingual support | Limited product portfolio |
| Quick deposit and withdrawal | |
| Tight spreads |
Features
| Feature | Information |
| Regulation | ASIC, CySEC, SCB |
| Minimum deposit | $100 |
| Average spread | 0.09 |
| Commissions | Commission rates are complex and are obtainable from Support. |
| Deposit/Withdrawal Fees | No fees except international withdrawals |
| Maximum Leverage | 1:500 |
| Bonuses | Deposit bonus |
| Customer Support and hours | 24/5 |
FXTM
Overview
FXTM is a forex broker based in Limassol, Cyprus. It was established in 2011 and runs offices worldwide with regulation across Europe, the Middle East, Africa, Asia, and Latin America.
FXTM offers excellent services and products, segregated accounts at top-tier banks, secure deposits and withdrawals, competitive leverage, and tight spreads.
Traders have access to and can trade more than 250 instruments.
Pros and Cons
| PROS | CONS |
| Digital and fast account opening | High stock CFD fees |
| Great educational tools provided | Inactivity and withdrawal fees charged |
| Low EURCHF and EURGBP fees | Limited product portfolio available |
| No deposit fees charged | |
| Quick deposit and withdrawal possible |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit | $10 |
| Average spread | 0.1 pips |
| Commissions | None |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:30 for the EU and UK, 1:1000 under other entity |
| Bonuses | Only for international brand. |
| Customer Support and hours | 24/5 |
CMC Markets
Overview
CMC Markets is United Kingdom-based and is a market-maker broker established in 1989, and regulated and authorised by FCA, ASIC, MAS, FMA, and IIROC.
The broker provides trading platforms such as Next Gen and MetaTrader 4. Clients can trade more than 10 000 financial instruments across several asset classes.
CMC Markets offer comprehensive analysis, a variety of trading tools, educational materials, and the advantage of no minimum deposit requirement.
Pros and Cons
| PROS | CONS |
| Innovative platform tools provided | No copy trading platforms |
| Multi-regulated | No fixed spread accounts |
| No minimum deposit | Not for US Clients |
| Segregated client funds |
Features
| Feature | Information |
| Regulation | FCA, ASIC, MAS, FMA, IIROC |
| Minimum deposit | $0 |
| Average spread | 0.7 |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Oanda
Overview
OANDA is an AMERICAN forex broker company that is based in New York City. OANDA was founded in 1996.
OANDA has offices in eight financial centres in the United States of America, Canada, the United Kingdom, Japan, Singapore, and Australia and serves clients in 200 countries, offering Forex and CFD trading, corporate FX payments and exchange rate services for many companies and investors all over the world.
Pros and Cons
| PROS | CONS |
| Account opening process is fully digital | High withdrawal fee for bank transfers |
| Easy and digital account opening | Only FX and some CFDs available |
| Easy-to-use web trading platform | |
| No minimum deposit required |
Features
| Feature | Information |
| Regulation | CFTC, FCA, ASIC, IIROC, MAS and FFAJ |
| Minimum deposit | $0 |
| Average spread | 0.1 pips |
| Commissions | $0.01 USD per trade |
| Deposit/Withdrawal Fees | No deposit fees but high withdrawal fees for bank transfers |
| Maximum Leverage | 1:50 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
Alpari
Overview
Alpari was established in Russia in 1998, but also runs offices in Saint Vincent and the Grenadines, Russia, and Africa. Alpari has been a properly regulated broker for more than two decades with experience in offering traders comprehensive trading solutions globally.
The broker’s services are used by more than 2 million registered traders in more than 150 countries. Traders can rely on competitive trading conditions, with powerful trading platforms and multilingual customer support.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 and 5 as trading platforms | Offshore broker |
| Multilingual customer support | |
| PAMM Accounts offered | |
| Regulated broker |
Features
| Feature | Information |
| Regulation | FSC, FSA |
| Minimum deposit from | $5 |
| Average spread | 0.4 pips |
| Commissions | $1.5 per lot per side |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
HotForex
Overview
HotForex is a popular broker based in Cyprus and regulated by multiple regulatory entities. It offers competitive trading conditions and comprehensive, all-encompassing trading possibilities.
Traders can choose between dynamic account types, powerful trading platforms, and a variety of financial instruments to trade.
Pros and Cons
| PROS | CONS |
| Competitive trading conditions | Commissions are charged |
| Strong international presence | No 24/7 customer support available |
| Variety of account types available | No US Clients accepted |
| Well-regulated by several authorities |
Features
| Feature | Information |
| Regulation | CySEC, FCA, DFSA, FSCA |
| Minimum deposit | $5 |
| Average spread | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Forex.com
Overview
Forex.com is a STP and ECN broker that was established in 2001 and operates from Australia.
Forex.com is authorised and regulated by several reputable entities and offers traders in multiple countries a secure and dynamic trading environment with which they can trade more than 300 financial instruments via advanced trading platforms.
Pros and Cons
| PROS | CONS |
| Advanced, powerful trading platforms | Fixed spreads not offered |
| Strictly regulated by several authorities | Limited payment methods |
| US Clients welcome |
Features
| Feature | Information |
| Regulation | ASIC, CFTC, FCA, FSA, IIROC, JFSA, NFA |
| Minimum deposit | $50 |
| Average spread | $0.11 on XAU/USD |
| Commissions | $0 – $5 |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:50 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Admiral Markets
Overview
Admiral Markets Group was founded in 2001 and provides services in several countries through regulated trading companies.
Deposits to trading accounts can be made in most national currencies and you can have multiple trading accounts in different currencies at the same time.
Admiral Markets offers trading with Forex and CFDs on indices, metals, energies, stocks, bonds, and cryptocurrencies.
| PROS | CONS |
| Advanced trading tools provided | No bonuses |
| Negative balance protection is available | No fixed spread accounts |
| Segregated accounts for client funds |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit | $200 |
| Average spread | 0.6 pips |
| Commissions | 0 |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 500:1 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
IQ Option
Overview
IQ Option is a Cypriot forex broker established in 2013 and based in Limassol but managed and owned by IQ Options Europe Ltd.
Its trading platform features a variety of tools for traders of all skills, knowledge, experience, or trading style. IQ Option provides financial services to clients from the European Economic Area (EEA) with a vast amount of tradable financial instruments across several asset classes.
Pros and Cons
| PROS | CONS |
| Advanced trading platform | Clients not accepted from the US |
| Segregated client funds and member of ICF | No fixed spread accounts |
| Strictly regulated | Restricted leverage |
| Vast variety of financial instruments |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit | $10 |
| Average spread | 5 pips on GBP/USD |
| Commissions | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support | 24/5 |
OlympTrade
Overview
OlympTrade is a forex broker company in St. Vincent and the Grenadines and is operating since 2014. OlympTrade offers traders a low minimum deposit requirement and 24/7 multilingual customer support. Market news is regularly supplied.
The broker has membership of the International Financial Commission and customers are secured by up to a € 20 000 indemnification amount.
Pros and Cons
| PROS | CONS |
| Low minimum deposit | No MetaTrader platform |
| Market news and analysis | No social trading allowed |
| Multilingual 24/7customer support | No US and UK clients |
| Proprietary trading platform | Not properly regulated |
Features
| Feature | Information |
| Regulation | Unknown |
| Minimum deposit | $10 |
| Average spread | None |
| Commissions | 0.004 % |
| Deposit/Withdrawal Fees | Some may apply |
| Maximum Leverage | 1:500 |
| Bonuses | No |
| Customer Support | 24/7 |
InstaForex
Overview
InstaForex was established in 2007 and is regulated by several authorities. This multi-award-winning broker offers more than 300 financial instruments to be traded with MetaTrader 4 and MetaTrader as platforms.
InstaForex provide a variety of flexible trading accounts, some of which offer commission-free trading, free VPS, a variety of trading tools and educational material.
Their quality of services is confirmed by more than dozen awards.
Pros and Cons
| PROS | CONS |
| Commission-free trading | Charges commission |
| MetaTrader 4 and 5 available | EU-clients restricted on leverage |
| Variety of account types and instruments | US clients not accepted |
| Variety of financial |
Features
| Feature | Information |
| Regulation | CySEC, BVI, SVGFSA |
| Minimum deposit | $1 |
| Average spread | 0.0 pips |
| Commissions | 0.03% |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
CM Trading
Overview
CM Trading is an STP broker based on African soil – in South Africa – and offers traders on the rest of the continent opportunities to trade in a variety of financial instruments through MetaTrader 4 and Sirix. CM trading offers competitive trading conditions and is properly regulated to trade Forex, Index and Commodities, including Cryptocurrencies.
Pros and Cons
| PROS | CONS |
| Regulated | High minimum deposit needed |
| Hedging and scalping allowed | Charges fees for deposits and withdrawals |
| Daily market analysis provided | |
| Commission-free accounts available |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit | $250 |
| Average spread | 0.9 pips |
| Commissions | $0 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:200 |
| Bonuses | Yes |
| Customer Support | 24/5 |
RoboForex
Overview
RoboForex is a global online financial trading platform and multi asset broker founded in Cyprus in 2009 and offering over 13 000 trading instruments, including more than 40 currency pairs, 11 700 stock CFDs, 26 cryptocurrency CFDs, and more than 100 soft commodity ETFs. It allows high leverage ratios and offers attractive bonuses.
RoboForex provides tight spreads, quality insurance for client funds, and access to multiple account types for different trading styles.
Pros and Cons
| PROS | CONS |
| Tight spreads | No fixed spread accounts |
| Low minimum deposit | |
| Wide range of trading instruments | |
| Bonuses available |
Features
| Feature | Information |
| Regulation | CySEC, IFSC |
| Minimum deposit | $10 |
| Average spread | 0.0 pips |
| Commissions | None |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
SuperForex
Overview
SuperForex was founded in 2013 and is based offshore in Belize but operates globally. Unfortunately, it is only regulated by the International Financial Services Commission (IFSC). They offer a wide range of financial instruments for trading, investment, and funds management services in more than 150 countries.
Pros and Cons
| PROS | CONS |
| Large variety of accounts | Not properly regulated |
| Leverage offered | Offshore broker |
| More than 300 trading instruments |
Features
| Feature | Information |
| Regulation | IFSC |
| Minimum deposit | $1 |
| Average spread | fixed from 0 pips |
| Commissions | 0 |
| Deposit/Withdrawal Fees | Withdrawals charged |
| Maximum Leverage | 1:1000 |
| Bonuses | Welcome bonus |
| Customer Support and hours | 24/7 |
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Frequently Asked Questions
What are the most popular forex trading strategies used in Benin?
According to our research the most popular trading strategies in Benin are Reversal candlesticks and Double top.
What are the best forex brokers in Benin?
All the forex brokers in Benin on this list have been tested and found good to trade with.
Do forex brokers in Benin offer demo accounts?
Most of the forex brokers in Benin you will find on this list do offer Benin traders the option of registering a demo account.
Are Islamic forex accounts available in Benin?
Yes, you will find forex brokers in Benin in this article who do offer Islamic forex trading swap free accounts.
How many forex traders are there in Benin?
There is an estimated 130 0000 daily forex traders active in Benin.
Top 4 Brokers
