Although forex trading is expanding around the world, especially in African countries like Congo, potential forex traders may still be unsure over the best brokers to trade this exciting market.
Congo 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.
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Tickmill
Overview
Tickmill brokerage is regulated by the Seychelles FSA and FCA in the UK.
Tickmill offers three live account types and its own proprietary WebTrader or MetaTrader 4 to trade forex currency pairs, stock indices and oil, precious metals, and bonds.
Pros and Cons
| PROS | CONS |
| Fast and easy account opening | High CFD fees |
| Free deposit and withdrawals | Offshore broker |
| Low forex fees | |
| No inactivity or withdrawal fee |
Features
| Feature | Information |
| Regulation | FSA, FCA |
| Minimum deposit | $100 |
| Average spread from | 0.13 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:500 |
| Bonuses | $30 welcome bonus |
| Customer Support and hours | 24/5 |
XTB
Overview
XTB is an English CFD, forex and crypto broker company founded in 2002 and based in London. It is regulated by several international authorities including the FCA.
XTB offers a range of educational materials and an award-winning platform. It offers trading of more than 1500 global markets and is listed on the Warsaw stock exchange.
Pros and Cons
| PROS | CONS |
| Free deposit and withdrawal | Limited product portfolio, mostly CFD and FX |
| Good educational material | No bonuses or promotions |
| Negative balance protection | |
| Regulated by FCA and others |
Features
| Feature | Information |
| Regulation | FCA and Polish KNF |
| Minimum deposit | £250/$250/€250 |
| Average spread from | 0.5 |
| Commissions from | No |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:30 in EU, 1:200 international |
| Bonuses | None |
| Customer Support and hours | 24/5. |
InstaForex
Overview
InstaForex was established in 2007 and is a regulated and award-winning broker that offers more than 300 financial instruments which can be traded with MetaTrader 4 and MetaTrader 5 platforms.
InstaForex provides several flexible trading accounts, some of which offer commission-free trading, a variety of trading tools and educational material. A free VPS is available.
Pros and Cons
| PROS | CONS |
| Commission-free trading offered | Charges commission on most accounts |
| MetaTrader 4 and 5 provided | EU-clients restricted on leverage |
| Several payment methods | US clients not allowed |
| Variety of account types and instruments |
Features
| Feature | Information |
| Regulation | CySEC, BVI, SVGFSA |
| Minimum deposit from | $1 |
| Average spread from | 0.0 pips |
| Commissions from | 0.03% |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
XM
Overview
XM is a Cypriot forex broker that was founded in 2009 and is authorised and regulated by CySEC, IFSC, FCA, ASIC and the DFSA (Dubai).
The broker offers many secure payment methods and traders can use the 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 |
| Minimum deposit from $5. | No US clients accepted |
| Offers traders negative balance protection | |
| Properly regulated by several authorities |
Features
| Feature | Information |
| Regulation | CySEC, IFSC), FCA, ASIC and DFSA |
| Minimum deposit | $5 |
| Average spread from | 1.7 pips |
| Commissions from | $3.5 per lot per trade |
| Deposit/Withdrawal Fees | $15 on bank withdrawals below $200 |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support and hours | 24/5 |
eToro
Overview
eToro was established in 2007 and is based in Israel. It is authorised and regulated by CySEC, the FCA and ASIC.
eToro services more than 1.5 million customers in more than 130 countries and provides transparent and user-friendly methods of trading currencies, indices, and commodities online.
Pros and Cons
| PROS | CONS |
| Free stock and ETF trading in the EU | High forex fees and non-trading fees |
| Low minimum deposit | Only one base currency for accounts |
| No deposit fee | |
| Seamless account opening | |
| Social trading |
Features
| Feature | Information |
| Regulation | FCA, ASIC, CySEC |
| Minimum deposit | 30 USD |
| Average spread from | 1.0 pips |
| Commissions from | 0.09% |
| Deposit/Withdrawal Fees | $5 on withdrawals |
| Maximum Leverage | 1:20 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
City Index
Overview
City Index is a global Spread Betting, FX and CFD broker in London, United Kingdom that was founded in 1983 and is registered and authorised by the FCA, as well as ASIC and MAS of Singapore.
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 |
| Diverse research tools | High stock CFD fees |
| Low fees for forex and index CFDs | Inactivity fees charged |
| No withdrawal or deposit fee |
Features
| Feature | Information |
| Regulation | FCA, ASIC, MAS |
| Minimum deposit | None |
| Average spread from | 0.5 pips |
| Commissions from | 0.1% |
| Deposit/Withdrawal Fees | £25 for payments less than £5 000 |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support and hours | 24/5 |
AvaTrade
Overview
AvaTrade is an Irish forex broker company based in Dublin and founded in 2006. It now has sales centres in several countries; thus it is regulated by financial watchdog authorities in Europe, the British Virgin Islands, Australia, Japan, and South Africa. The company makes its own AvaTradeGO app available with user-friendly interface and advanced tools.
Pros and Cons
| PROS | CONS |
| Great educational tools | Inactivity fee charged on idle accounts |
| Multiple account funding options | Limited research tools |
| No withdrawal fee charged | Offers only CFDs, forex, and cryptos |
Features
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
| Minimum deposit | $100 |
| Average spread from | 0.6 pips |
| Commissions from | Zero |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:400 |
| Bonuses | Only occasionally |
| Customer Support and hours | 24/5 |
FP Markets
Overview
FP Markets is an Australian forex broker company that was established in 2005 and is 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 is highly commended by traders.
Pros and Cons
| PROS | CONS |
| Multi-lingual support | Higher than average stock CFD fees |
| Quick deposit and withdrawal processes | Slightly limited product portfolio |
| Fast online account opening | |
| Tight spreads |
Features
| Feature | Information |
| Regulation | ASIC, CySEC, SCB |
| Minimum deposit | $100 |
| Average spread from | 0.09 |
| Commissions from | Commission rates are obtainable from Support. |
| Deposit/Withdrawal Fees | No fees except for international withdrawals |
| Maximum Leverage | 1:500 |
| Bonuses | Deposit bonus |
| Customer Support and hours | 24/5 |
Trading 212
Overview
Trading 212 was founded in 2006 and has its headquarters in London, United Kingdom. The broker provides free, smart, and easy to use apps to trade currencies, commodities, equities, indices, stocks, and cryptocurrencies.
Trading 212 uses the best advanced modern technology and offers zero-commission stock trading.
Pros and Cons
| PROS | CONS |
| Demo accounts can be opened | Does not allow scalping |
| Low minimum deposit from only $10 | Inactivity fee applicable |
| Regulated | Limited research selection |
| Several account currencies | |
| Zero commission on stock trading |
Features
| Feature | Information |
| Regulation | FCA, FSC |
| Minimum deposit | £100 /$100/€150 |
| Average spread from | 1.2 |
| Commissions from | Zero |
| Deposit/Withdrawal Fees | For bank wires |
| Maximum Leverage | 1:30 |
| Bonuses | None |
| Customer Support and hours | 24/5 |
TD Ameritrade
Overview
TD Ameritrade is an American forex broker based in Omaha, Nebraska. It is properly regulated by several authorities and the company is also listed on the NASDAQ.
TD Ameritrade offers customers a choice of platforms, mobile versions of the platforms and thinkorswim for traders that are derivatives focused.
Pros and Cons
| PROS | CONS |
| Free stocks and ETFs trading | High fund fees |
| Good customer support | No credit, debit cards or electronic wallets for money transfers |
| Good desktop and mobile trading platforms | Trade only possible in the US markets |
| Low trading and non-trading fees |
Features
| Feature | Information |
| Regulation | CySEC, FINRA, CFTC, MAS |
| Minimum deposit | No minimum |
| Average spread from | 1.2 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Wire transfer – $25. |
| Maximum Leverage | 2:1 |
| Bonuses | Welcome bonus |
| Customer Support and hours | 24/7 |
CMC Markets
Overview
CMC Markets is UK-based Market Maker broker established in 1989, and regulated and authorised by FCA, ASIC, MAS, FMA, and IIROC.
Clients can trade more than 10 000 financial instruments across several asset classes through trading platforms such as Next Gen and MetaTrader 4.
CMC Markets offer comprehensive analysis, a variety of trading tools, educational materials, and the advantage of no minimum deposit requirement when registering a trading account.
Pros and Cons
| PROS | CONS |
| Innovative platform tools provided | No copy trading possible |
| Multi-regulated | No fixed spread accounts |
| No minimum deposit | No PAMM or MAM accounts |
| Segregated client funds | No US Clients accepted |
Features
| Feature | Information |
| Regulation | FCA, ASIC, MAS, FMA, IIROC |
| Minimum deposit from | $0 |
| Average spread from | 0.7 |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Orbex
Overview
ORBEX is a forex broker company in Cyprus. It was founded in 2011 and offers the MT4 trading platform and TradeWorks, a third-party automated trading tool that is popular with new traders.
ORBEX requires a minimum deposit of just $200 but offers zero spread accounts for deposits from $5 000. Its asset selection is more suitable for less-advanced traders.
Pros and Cons
| PROS | CONS |
| Gives access to Trading Central | Fees extremely high |
| Regulated by CySEC | High minimum deposits required |
| Zero spread accounts are available |
Features
| Feature | Information |
| Regulation | CySEC, FSC |
| Minimum deposit | $200 |
| Average spread from | 1.9 pips |
| Commissions from | $8 per lot |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support and hours | 24/5 |
Pepperstone
Overview
Pepperstone is an Australian forex broker company regulated in Australia and the UK, with offices in the United States, United Kingdom, 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 |
| Low forex and equity index CFD fees | No investor protection for non-EU clients |
| Low non-trading fees | Only forex, CFDs, and crypto |
Features
| Feature | Information |
| Regulation | FCA and ASIC |
| Minimum deposit | $200 |
| Average spread from | 0 pips |
| Commissions from | 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 | 1:500 |
| Bonuses | None |
| Customer Support and hours | 24/5. |
FXTM
Overview
FXTM is a Cypriot forex broker company established in 2011 and based in Limassol, with regulations across Europe, the Middle East, Africa, Asia and Latin America and offices worldwide.
FXTM offers secure deposits and withdrawals, competitive leverage, tight spreads, excellent services and products, segregated accounts at top-tier banks, and the ability to trade 250+ instruments.
Pros and Cons
| PROS | CONS |
| Ample educational tools | High stock CFD fees |
| Digital account opening process | Inactivity and withdrawal fees |
| Low forex fees | Limited product portfolio |
| No deposit fees | |
| Quick deposit and withdrawal |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSCA |
| Minimum deposit | $10 |
| Average spread from | 0.1 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:30 for the EU and UK, 1:1000 under other entity |
| Bonuses | Only for international brands. |
| Customer Support and hours | 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.
The broker offers Forex and CFD trading.
OANDA is a trusted company and some of the biggest international companies make use of them.
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 (US), FCA (UK), ASIC (Australia), IIROC (Canada), MAS (Singapore) and FFAJ (Japan) |
| Minimum deposit | $0 |
| Average spread from | 0.1 pips |
| Commissions from | $0.01 USD per trade |
| Deposit/Withdrawal Fees | High withdrawal fees for bank transfers |
| Maximum Leverage | 1:50 |
| Bonuses | None |
| Customer Support and hours | 24/5 |
Alpari
Overview
Alpari is an experienced and properly regulated broker well known for offering global traders comprehensive and successful trading solutions.
Alpari was established in Russia in 1998, but now also has offices in Saint Vincent and the Grenadines, and Africa from where its services more than 2 million registered traders in more than 150 countries. Traders can enjoy competitive trading conditions, with powerful trading platforms and multilingual customer support.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 and 5 as trading platforms | No fixed spread accounts |
| Multilingual customer support | Offshore broker |
| PAMM Accounts offered | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | FSC, FSA |
| Minimum deposit from | $5 |
| Average spread from | 0.4 pips |
| Commissions from | $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 US Clients |
| Variety of account types | No 24/7 customer support |
| Well-regulated |
Features
| Feature | Information |
| Regulation | CySEC, FCA, DFSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 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, ECN, and DMA broker that was established in the United States in 2001 as one of the first companies offering online forex trading but now is one of the largest retail FX brokers globally, with more than 71 000 active clients.
Forex.com is authorised and regulated by several reputable entities and offers traders a secure and dynamic trading environment to 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 from | $50 |
| Average spread from | $0.11 on XAU/USD |
| Commissions from | $0 – $5 |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:50 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IC Markets
Overview
IC Markets is an Australian-based online retail forex and CFD broker headquartered in Sydney. It specializes in CFDs over Forex, Indices, Commodities, Bonds, and equity markets in Asia, Latin America, Middle East, Australia and Europe. IC Markets is well-regulated and offers traders more than 230 tradable financial instruments to trade via advanced trading platforms and competitive trading conditions.
Pros and Cons
| PROS | CONS |
| Allows hedging and scalping and supports social trading | No fixed spread accounts |
| ECN-pricing model | US Clients not accepted |
| Low trading and non-trading fees | |
| Tight and competitive spreads | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit from | $200 |
| Average spread from | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
IQ Option
Overview
IQ Option is a Cypriot forex broker since 2013 and based in Limassol but managed and owned by IQ Options Europe Ltd.
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. Its trading platform is intuitive and features a variety of tools for traders of all skills, knowledge, experience, or trading style.
Pros and Cons
| PROS | CONS |
| Advanced trading platforms | Leverage restricted |
| Substantial number of financial instruments | No fixed spread accounts |
| Segregated client funds and member of ICF | US Clients not allowed |
| Strictly regulated |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit from | $10 |
| Average spread from | 5 pips on GBP/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:30 |
| Bonuses | None |
| Customer Support | 24/5 |
OlympTrade
Overview
OlympTrade is a forex broker company in St. Vincent and the Grenadines and has been in operation since 2014. It is a member of the International Financial Commission, so customers are secured by up to a € 20 000 indemnification amount.
OlympTrade offers traders market news, a low minimum deposit requirement and 24/7 multilingual customer support.
Pros and Cons
| PROS | CONS |
| Low minimum deposit required | No MetaTrader |
| Market news and analysis | No social trading |
| Multilingual 24/7customer support | Offshore broker with no proper regulation |
| Proprietary trading platform |
Features
| Feature | Information |
| Regulation | None |
| Minimum deposit from | $10 |
| Average spread from | None |
| Commissions from | 0.004 % |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/7 |
Admiral Markets
Overview
Admiral Markets Group was founded in 2001 and provides financial services worldwide through regulated trading companies.
Admiral Markets offers trading with Forex and CFDs on indices, metals, energies, stocks, bonds, and cryptocurrencies.
Deposits to accounts can be made in most national currencies and traders can have multiple trading accounts in different currencies at the same time.
Pros and Cons
| PROS | CONS |
| Segregated accounts for client funds | No fixed spread accounts |
| Negative balance protection | No bonuses offered |
| Advanced trading tools |
Features
| Feature | Information |
| Regulation | FCA, ASIC |
| Minimum deposit | $200 |
| Average spread from | 0.6 pips |
| Commissions from | 0 |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 500:1 |
| Bonuses | None |
| Customer Support and hours | 24/5 |
CM Trading
Overview
CM Trading is an STP broker headquartered in South Africa, which aims to offer traders in the rest of Africa the best opportunities to trade in a variety of financial instruments. MetaTrader 4 and Sirix are provided as platforms for competitive trading conditions to trade Forex, index, and commodities, including cryptocurrencies.
Pros and Cons
| PROS | CONS |
| Commission-free accounts | Charges fees for deposits and withdrawals |
| Daily market analysis offered | High minimum deposit requirement |
| Hedging and scalping allowed | |
| Regulated by FSCA |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | $250 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:200 |
| Bonuses | Yes |
| Customer Support | 24/5 |
SuperForex
Overview
SuperForex was founded in 2013 and is based in Belize but operates globally and is 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 from | fixed from 0 pips |
| Commissions from | 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
Is forex trading in Congo safe?
There appears to be a misconception that forex trading in Congo is unsafe; however, forex trading in the Congo is very active and safe.
Do forex traders in the Congo pay tax?
When Congo traders start to generate a profit from forex trading they should ensure that all taxes for a financial year are paid.
Can beginners trade in forex?
Yes. Anyone can start trading in forex. However, traders must first ensure that they have a clear understanding of forex, the market, and the risks involved before they start trading.
Do these forex brokers offer demo accounts?
Yes. These brokers offer demo accounts that can be used to practice trading, test out strategies, or test out the broker’s offer.
Are these forex brokers regulated and safe to use?
All these brokers are regulated however, some are not regulated by the most reputable authorities.
Top 4 Brokers
