The forex market is seeing an influx of traders from across the globe, with more traders gaining access to trading services and solutions through reputable brokers, more traders are experiencing the volatile, and fast pace world where currencies are exchanged in massive volumes daily.
However, those who are just starting out may see the forex market as intimidating and daunting, with the process of selecting the right broker feeling like a mountain before them. However, the list below will provide Senegal traders with a comprehensive overview of some of the best forex brokers, offering their services to traders despite their trading experience or skill.
You might also like: BEST FOREX BROKERS IN SAO TOME & PRINCIPE
FP Markets
Overview
Established in 2005, FP Markets is a reputable DMA, STP, and ECN broker that offers traders with access to more than 10,000 tradable financial instruments. In addition, trades are also offered with the use of award-winning platforms, offering traders with fast execution speeds and trading tools to add a competitive edge to their trading.
Pros and Cons
| PROS | CONS |
| Well-regulated by reputable entities | US clients not accepted |
| Range of tradable financial instruments | Fixed spreads not offered |
| Commission-free trading offered | |
| ECN-Pricing model |
Features
| Feature | Information |
| Regulation | ASIC, CySEC, SVGFSA |
| Minimum deposit from | AU$100 |
| Average spread from | 0.0 pips |
| Commissions from | US$3 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
XTB
Overview
XTB is one of the largest CFD and forex brokers in the industry. XTB is only one of the few brokers listed on a stock exchange, offering traders with the reassurance that they are dealing with a reputable and trusted broker.
Traders are provided with a variety of financial instruments which can be traded along with a choice in dynamic account types, negative balance applied to retail accounts, and comprehensive services and solutions.
Pros and Cons
| PROS | CONS |
| Strict regulation | US Clients not allowed |
| Competitive trading conditions offered | EU Clients restricted to leverage of 1:30 |
| Negative balance protection offered | Fixed spreads not offered |
| Variety of financial instruments | |
| Islamic Account provided as a standalone account |
Features
| Feature | Information |
| Regulation | ACPR, BaFin, CNMV, FCA, IFSC, KNF |
| Minimum deposit from | $250 |
| Average spread from | 0.1 pips |
| Commissions from | $3.50 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Trading 212
Overview
Trading 212 was established in 2006 and offers traders with more than 2,000 tradable financial instruments which can be traded through a proprietary trading platform. Traders are also offered with competitive trading conditions consisting of tight spreads, zero commissions, and a low minimum deposit requirement when registering a live trading account.
Pros and Cons
| PROS | CONS |
| Strict regulation | US clients not allowed |
| Member of FSCS | Limited leverage for non-professional traders |
| Commission-free trading | MetaTrader not offered |
| Intuitive and user-friendly trading platform | |
| Low minimum deposit |
Features
| Feature | Information |
| Regulation | FCA, FSC |
| Minimum deposit from | $1 |
| Average spread from | Not indicated |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:300 |
| Bonuses | None |
| Customer Support | 24/7 |
Pepperstone
Overview
Pepperstone has been in operation for a decade and it is one of the largest online trading brokers in the industry. As a reputable ECN and STP broker, traders can expect a safe, secure trading environment, tailormade solutions, and a variety of trading opportunities as part of Pepperstone’s comprehensive offering.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US clients |
| Award-winning customer support | No fixed spread accounts |
| Competitive trading conditions | |
| Social trading offered | |
| Hedging and scalping allowed |
Features
| Feature | Information |
| Regulation | ASIC, FCA, DFSA |
| Minimum deposit from | $200 |
| Average spread from | 1 pip |
| Commissions from | AU$3.5 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
FXPRIMUS
Overview
FXPRIMUS is a well-regulated ECN and STP broker that offers traders from around the world with comprehensive trading solutions. FXPRIMUS is regulated and authorised by CySEC, FSCA, and VFSC in facilitating the trade of a variety of financial instruments.
In addition, traders are also provided with a variety of account types, negative balance protection, and the benefit of commission-free trading on some accounts.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Negative balance protection offered | No FCA Regulation or authorization |
| Commission-free trading on some accounts | Restricted leverage of 1:30 for EU-clients |
| ECN Accounts offered | VIP Account necessary to gain access to the best trading conditions |
Features
| Feature | Information |
| Regulation | CySEC, FSCA, VFSC |
| Minimum deposit from | $500 |
| Average spread from | 0.0 pips |
| Commissions from | £10 per lot |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
City Index
Overview
City Index was established in 1983 and offers traders with competitive trading conditions and some of the best trading solutions in the industry. Traders are offered with variable and tight spreads, negative balance protection, low commission charges, and access to a variety of trading signals.
Pros and Cons
| PROS | CONS |
| Advanced platforms and tools | Fixed spreads not offered |
| Negative balance protection offered | US Clients not allowed |
| Strictly regulated | Limited payment methods supported |
| Tight spreads, low fees, and superior execution speeds | |
| Trading signals provided |
Features
| Feature | Information |
| Regulation | ASIC, FCA, MAS |
| Minimum deposit from | $100 |
| Average spread from | 0.5 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Markets.com
Overview
Markets.com was established in 2008 and offers traders from around the world with comprehensive solutions. Based in Australia, Cyprus, and South Africa, Markets.com is regulated and authorised through the reputable ASIC, CySEC, and FSCA in offering the trade in a variety of financial instruments.
Pros and Cons
| PROS | CONS |
| Strict regulation | No regulation by FCA |
| Wide variety of financial instruments | No US clients |
| Commission-free accounts offered | Best trading conditions requires a professional account |
| Advanced trading tools | |
| Fixed spreads offered |
Features
| Feature | Information |
| Regulation | ASIC, CySEC, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.6 on EUR/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:300 |
| Bonuses | Yes |
| Customer Support | 24/5 |
eToro
Overview
eToro is a reputable broker in addition to being the leading social online trading platform in the industry. As a Market Maker broker, eToro offers traders with competitive trading conditions, fixed spreads and commission-free trading as the broker fees are worked into the spreads.
Traders can make use of eToro’s proprietary trading platform through which trades can be executed seamlessly. Apart from the number of social trading opportunities that traders have access to, traders are also offered with access to a large online trading community.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Commission-free trading offered | Fixed spread accounts not provided |
| Large online trading community | MetaTrader 4 and 5 not offered |
| Leading social trading platform |
Features
| Feature | Information |
| Regulation | ASIC, FCA, CySEC |
| Minimum deposit from | $200 |
| Average spread from | 3 pips on EUR/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/6 |
CM Trading
Overview
CM Trading has been in operation since 2011 and is a well-regulated STP broker which is headquartered in South Africa, with strict regulation through the reputable FSCA. CM Trading facilitates the trade in a variety of financial instruments which can be traded through powerful, innovative trading platforms.
In addition, traders are also offered with commission-free trading options, daily market analysis, and a variety of educational materials, tools, and resources.
Pros and Cons
| PROS | CONS |
| Commission-free accounts offered | Fixed spread accounts not offered |
| Daily Market analysis offered | High minimum deposit requirement |
| Hedging and scalping allowed | US Clients not accepted |
| Regulated | |
| Variety of educational resources provided |
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 |
AvaTrade
Overview
AvaTrade is one of the most popular brokers in the trading industry, offering traders from around the world with ample trading opportunities and more than 250 financial instruments. Traders are also offered with fixed, tight spreads, social trading opportunities through ZuluTrade, and dedicated customer support.
Pros and Cons
| PROS | CONS |
| Award-winning broker | Variable spreads not offered |
| Competitive trading conditions | Only one account type for either retail or professionals |
| Fast trade execution | US Clients not allowed |
| Social trading offered | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC, BVI, CBI, FFAJ, FSA, FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Exness
Overview
Exness has been in operation since 2008 and is a reputable broker with regulation through CySEC, FCA, and SFSA, offering traders from around the world the trade in a variety of financial instruments. Traders are also provided with powerful trading platforms through which trades can be executed seamlessly.
Pros and Cons
| PROS | CONS |
| Strictly regulated | US Clients not allowed |
| High maximum leverage offered | Accounts are not multi-currency |
| Powerful trading platforms supported | |
| Variety of financial instruments |
Features
| Feature | Information |
| Regulation | CySEC, FCA, SFSA |
| Minimum deposit from | $1 |
| Average spread from | 0.0 pips |
| Commissions from | From $3.5 per lot per side |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | None |
| Customer Support | 24/5 |
Blackstone Futures
Overview
Blackstone Futures is a well-regulated and reputable South African-based broker that offers traders with a variety of financial instruments which can be traded. In addition, Blackstone Futures also offers traders with a secure trading environment in which they can trade with confidence.
Traders are also offered with a choice in trading tools, superb education materials, tools, and resources, and a range of intuitive and reliable trading platforms.
Pros and Cons
| PROS | CONS |
| Well-regulated | US Clients not allowed |
| Wide range of financial instruments | Limited account options offered |
| Multiple trading tools offered | Limited payment methods supported |
| Superb education | Spreads are not the tightest |
| Intuitive trading platforms | Cryptocurrency trading not supported or offered |
Features
| Feature | Information |
| Regulation | FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.6 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | None |
| Customer Support | 24/5 |
RoboForex
Overview
RoboForex is a Belize-based Market Maker, ECN, and STP broker that offers traders with more than 9,400 tradable financial instruments. RoboForex is a reputable and award-winning broker with competitive trading conditions, flexible account types, and multiple trading platforms through which trades can be executed seamlessly.
Pros and Cons
| PROS | CONS |
| Strictly regulated | No US Clients |
| Negative balance protection provided | Fixed spread accounts not offered |
| Flexible account types offered | |
| Multiple trading platforms supported |
Features
| Feature | Information |
| Regulation | IFSC |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | $0.0045 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/7 |
IC Markets
Overview
IC Markets has been in operation since 2007, offering traders from around the world with comprehensive trading solutions. IC Markets make use of ECN pricing and execution, offering traders with some of the best trading conditions. Traders can also expect low trading and non-trading fees, tight and competitive spreads, and the ability use both hedging and scalping strategies.
Pros and Cons
| PROS | CONS |
| ECN-pricing model | No fixed spread accounts |
| Hedging and scalping allowed, and social trading supported | US Clients not allowed |
| 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 |
easyMarkets
Overview
easyMarkets has been offering its services and solutions for two decades, with traders from around the world making use of its services to trade in global financial markets. With easyMarkets, traders can expect commission-free trading options, fixed spread accounts, and the advantage that negative balance protection is applied to retail accounts.
Pros and Cons
| PROS | CONS |
| Commission-free trading offered | Forex spreads start from 1 pip |
| Fixed spread accounts offered | Variable spread accounts not offered |
| Free guaranteed stops | US Clients not allowed |
| Negative balance protection | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC, CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
XM
Overview
XM, established in 2009, is one of the largest online brokers in the world. With more than 2.5 million registered traders from 196 countries, XM has established itself as a reputable and trustworthy facilitator of trades.
Traders can expect a variety of trading accounts, negative balance protection, and competitive trading conditions that suit the varying needs of traders whether they are beginners or professionals.
Pros and Cons
| PROS | CONS |
| Competitive trading conditions | Fixed spreads not offered |
| Negative balance protection offered | US Clients not allowed |
| Well-regulated |
Features
| Feature | Information |
| Regulation | FCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $1 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:888 |
| Bonuses | Yes |
| Customer Support | 24/5 |
IQ Option
Overview
IQ Option is a reputable Market Maker broker which is based in Cyprus, with corresponding and strict regulation through CySEC in facilitating the trade of financial instruments spread across several asset classes.
Pros and Cons
| PROS | CONS |
| Strictly regulated | US Clients not allowed |
| Segregated client funds and member of ICF | Restricted leverage for non-professional traders |
| Wide variety of financial instruments | Fixed spread accounts not offered |
| User-friendly trading platform | |
| Advanced trading tools |
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 | No |
| Customer Support | 24/5 |
FBS
Overview
FBS is a Belize-based broker that has been in operation since 2009, offering traders from around the world with the trade in a variety of forex and CFD instruments through the popular MetaTrader platforms.
Traders are provided with multiple account types, ample social trading opportunities and access to a range of trading tools that can be used to refine and hone trading skills.
Pros and Cons
| PROS | CONS |
| Competitive trading conditions | High spreads on some accounts |
| Multiple account types offered | Limited tradable assets |
| Social trading supported | Limited trading platform and tools offered |
| Ultra-low minimum deposit requirement | Several countries restricted including US, UK, Japan, Israel, and others |
| Well-regulated |
Features
| Feature | Information |
| Regulation | IFSC, CySEC |
| Minimum deposit from | $1 |
| Average spread from | 0.0 pips |
| Commissions from | $6 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:3000 |
| Bonuses | Yes |
| Customer Support | 24/7 |
FXTM
Overview
FXTM is a reputable broker with offices in the UK, Cyprus, South Africa, and Mauritius, with respective and corresponding regulation through reputable entities. Traders are provided with a range of tradable financial instruments, commission-free trading options, low minimum deposit requirements, and a variety of dynamic accounts.
Pros and Cons
| PROS | CONS |
| Strictly regulated by several entities | US clients not accepted |
| Range of tradable assets | Restricted leverage for EU-clients |
| Commission-free trading offered | |
| Low minimum deposit required | |
| Variety of accounts offered |
Features
| Feature | Information |
| Regulation | CySEC, FCA, FSC, FSCA |
| Minimum deposit from | $10 |
| Average spread from | 0.0 pips |
| Commissions from | $2 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Alpari
Overview
Established in 1998, Alpari is a well-regulated broker with offices in Saint Vincent and the Grenadines, Russia, Nigeria, and several other locations. Alpari offers its comprehensive trading solutions and services to more than 2 million traders from these jurisdictions.
Traders can expect dedicated customer support, and the use of MetaTrader 4 and 5 through which trades can be executed.
Pros and Cons
| PROS | CONS |
| MetaTrader 4 and 5 offered | Fixed spread accounts not offered |
| PAMM Accounts offered | Limited financial instruments offered |
| Superior multilingual customer support | Restriction on traders from some countries |
| 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 |
OctaFX
Overview
OctaFX has been in operation since 2011 and is a reputable ECN and STP broker offering a variety of forex and CFD instruments to traders from around the world. With Octa, traders can choose between several fixed spread accounts, a variety of financial instruments, and the use of a variety of trading strategies including hedging and scalping.
Pros and Cons
| PROS | CONS |
| Well-regulated | No US Clients |
| Commission-free trading offered | Limited financial instruments |
| Fixed spread accounts offered | |
| Negative balance protection | |
| Hedging and Scalping allowed |
Features
| Feature | Information |
| Regulation | FSA SVG, CySEC |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | $0.02 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
Olymp Trade
Overview
Olymp Trade is a STP broker that has been in operation since 2014. Traders are provided with access to a variety of financial instruments, 24/7 customer support, a proprietary trading platform through which trades can be executed, and market news and analysis.
Pros and Cons
| PROS | CONS |
| Low minimum deposit requirement | No MetaTrader |
| Market news as well as analysis | No regulation |
| Multilingual customer support available 24/7 | Social trading not offered |
| Proprietary trading platform | Trade automation not supported by trading platform |
| Training resources offered | US and UK clients not accepted |
Features
| Feature | Information |
| Regulation | None |
| Minimum deposit from | $10 |
| Average spread from | None charged |
| Commissions from | 0.00400% |
| Deposit/Withdrawal Fees | Some fees may apply |
| Maximum Leverage | 1:500 |
| Bonuses | No |
| Customer Support | 24/7 |
HotForex
Overview
HotForex is a reputable broker with a strong international presence, offering traders with competitive trading conditions, a variety of account types, and a range of bonuses, rewards, and promotions.
Traders are also offered with a safe and secure trading environment, a range of trading platforms, and a range of trading tools and education.
Pros and Cons
| PROS | CONS |
| Strictly and well-regulated | US Clients not allowed |
| Strong international presence | |
| Competitive trading conditions offered | |
| Vast variety of account types offered |
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 |
FxPro
Overview
FxPro is a popular, well-regulated, and well-established NDD broker headquartered in the UK with regulation through several entities to facilitate the trade in a variety of financial instruments. With FxPro, traders are provided with multiple modern trading platforms, premium trader tools, and expert analysis which is provided by Trading Central.
Pros and Cons
| PROS | CONS |
| Strict and multiple regulations | US, Iraq, and Canada clients not accepted |
| Multiple modern trading platforms | Managed accounts and social trading not supported |
| Premium trader tools | Crypto trading not supported |
| VPS access | Wide spreads |
| Expert analysis from Trading Central | High commissions |
Features
| Feature | Information |
| Regulation | FCA, CySEC, FSCA, DFSA, SCB |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | $4.5 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | None |
| Customer Support | 24/5 |
Oanda
Overview
Oanda has been in operation since 1989 and offers traders with a variety of trading opportunities, tailored to the various trading needs and objectives of traders. Traders can expect advanced trading tools, the use of flexible trading platforms, and zero minimum deposit fees when registering a live trading account.
Pros and Cons
| PROS | CONS |
| Advanced trading tools | No fixed spread accounts |
| Flexible trading platforms | Social trading not supported |
| Member of FSCS and CIPF | Spreads not the tightest in the industry |
| Multi-regulated | |
| No minimum deposit |
Features
| Feature | Information |
| Regulation | CFTC, NFA, IIROC, FCA, MAS, ASIC, FFAJ |
| Minimum deposit from | $0 |
| Average spread from | 1.2 pips EUR/USD |
| Commissions from | $0 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:100 |
| Bonuses | None |
| Customer Support | 24/5 |
Tickmill
Overview
Tickmill was established in 2015 and is a regulated STP and ECN broker that offers traders with more than 80 financial instruments to trade. Traders can expect a variety of trading tools at their disposal along with powerful trading platforms through which trades can be executed.
Pros and Cons
| PROS | CONS |
| Commission-free trading offered | Cryptocurrency trading not supported |
| Powerful trading platforms supported | Fixed spreads not offered |
| Strictly regulated by multiple regulatory entities | US Clients not allowed |
| Variety of financial instruments | |
| Variety of trading tools offered |
Features
| Feature | Information |
| Regulation | FCA, CySEC, FSA |
| Minimum deposit from | $100 |
| Average spread from | 0.0 pips |
| Commissions from | From $1 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support | 24/5 |
You might also like: BEST FOREX BROKERS IN RWANDA
Frequently Asked Questions
Are the forex brokers in Senegal regulated?
All the forex brokers in Senegal on this list are regulated.
What are the advantages of trading with XTB in Senegal?
Advantages of trading with XTB is that it is a well regulated broker who offers competitive trading conditions as well as negative balance protection, an Islamic account option and a good variety of financial instruments to trade.
Can beginners in Senegal trade in forex?
Yes, beginners in Senegal can trade in forex.
Do forex brokers in Senegal offer demo accounts?
Yes. The forex brokers in Senegal on this list offer traders the option of registering a demo account.
Is forex trading legal in Senegal?
Yes. Forex trading is legal in Senegal. However, there is no regulatory framework in the country regulating the trade in forex.
Top 4 Brokers
