With forex trading exploding around the world, especially in African countries such as Somalia, forex traders may still be unsure over the best brokers to trade this market.
Somalia 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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Synergy FX
Overview
Synergy FX is a forex broker founded in 2011 and based in Sydney, Australia.
Synergy FX was acquired by ACY Capital in September 2018.
Its execution is performed through a No Dealing Desk and an improved pureECN account with extra benefits is offered, making its services suitable for beginning and professional traders.
FX pairs, precious metals and stock indices can be traded with MT4 and MT5.
Pros and Cons
| PROS | CONS |
| Free access to education resources and complimentary social trading | Islamic Account only for day trading |
| Low min deposit | |
| Rapid executions of trades | |
| Rapid executions of trades | |
| Segregated client funds used | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | ASIC, VFSC |
| Minimum deposit | 100 USD |
| Average spread from | 1 pip |
| Commissions from | zero |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 500:1 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
ADS Securities
Overview
ADS Securities (ADSS) is a forex broker company in the United Arabic Emirates (UAE) with its headquarters in Abu Dhabi and offices in the United Kingdom and Hong Kong.
ADS Securities is duly authorised by the appropriate jurisdictions in each country, including the FCA and SFC in Hong Kong. It offers several basic live account types and requires a minimum deposit of 100 AUD to open an account.
Pros and Cons
| PROS | CONS |
| Commission-free trading | Limited and outdated educational content |
| Free deposits and withdrawals | Too few funding methods |
| Regulated by multiple entities | |
| Swap-free accounts |
Features
| Feature | Information |
| Regulation | FCA in UK and the SFC in Hong Kong, UAE Central Bank, FSRA |
| Minimum deposit | 100 AUD |
| Average spread from | 1.6 pips |
| Commissions from | Zero |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 500:1 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
CM Trading
Overview
CM Trading is an STP broker based in South Africa, offering traders in the rest of Africa 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 |
| Commission-free accounts | Charges fees for deposits and withdrawals |
| Daily market analysis offered | High minimum deposit requirement |
| Hedging and scalping allowed | |
| Regulated |
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 |
Spreadex
Overview
Spreadex is a financial online trading platform based in the UK and licensed by the Financial Conduct Authority.
Spreadex was established in 1999 as a financial trading service with online spread betting and followed with the trading platform in 2006.
Clients can access more than 10 000 global markets trading indices, shares, Forex (also with Bitcoin), commodities, bonds, options, and ETFs.
Pros and Cons
| PROS | CONS |
| FCA regulated | No demo account |
| High leverage for professionals | Only one account type |
| Leverage ratios of up to 500:1 | |
| Segregated accounts |
Features
| Feature | Information |
| Regulation | FCA |
| Minimum deposit | None |
| Average spread from | 0.6 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 500:1 |
| Bonuses | No |
| Customer Support and hours | 24/7 |
Compass FX
Overview
Compass FX is a forex broker in the United States of America that acts as an introducing broker for other 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.
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 from | Depend on brokers they introduce for |
| Commissions from | 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 |
HFM
Overview
HFM is a forex broker company in in St. Vincent and the Grenadines. It was founded in 2010 and includes well-known brands such as HFM and Hot Forex.
The broker is a highly regulated and trustworthy ECN/STP broker and offers a variety of tradable assets.
Pros and Cons
| PROS | CONS |
| Highly attractive spreads | Charges inactivity fee |
| No deposit or withdrawal fees | 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 from | 1 pip |
| Commissions from | $0.03 per 1K lot |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support and hours | 24/7 |
Turboforex
Overview
Turboforex is an online forex broker that was established in New Zealand in 2010 and is regulated by the Financial Disputes Resolution Scheme in New Zealand to offer trading of Forex currency, derivatives on commodities, stocks, and global indices.
Turboforex clients may use an automated system of copying trades called Turboforex Social and use high leverage ratios. The minimum deposit to open an account is only $10.
Pros and Cons
| PROS | CONS |
| Different account options | Contradictory information on website |
| Offers high leverage | Not properly regulated |
Features
| Feature | Information |
| Regulation | Only FMRRC |
| Minimum deposit | $10 |
| Average spread from | 1.0 pip |
| Commissions from | No |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support and hours | 24/7 |
Z.com
Overview
Z.com TRADE is a global brand of the Tokyo-headquartered GMO CLICK Group, one of the world’s largest retail forex providers. It operates since 2011 and was rebranded in 2015.
Z.com Trade UK Limited is regulated by the Financial Conduct Authority (FCA), SFC and JFSA and the GMO Internet Group is a Tokyo Stock Exchange-listed company.
Forex, Spot Metals, Indices, Oil and Soft Commodities can be traded.
Pros and Cons
| PROS | CONS |
| In operation since 2011 | Little to now research and educational content on website |
| Parent company is listed on Tokyo Stock Exchange | Low leverage for retail clients |
| Properly regulated |
Features
| Feature | Information |
| Regulation | FCA, SFC and JFSA |
| Minimum deposit | No |
| Average spread from | 2.0-2.3 Pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | Depend on payment method |
| Maximum Leverage | 1:200 for professional clients, 1:30 for retail |
| Bonuses | No |
| Customer Support and hours | 24/5 |
MGK Global
Overview
MGK Global is an a-book forex broker company in Labuan, Malaysia which was founded in 2015 and offers forex trading services of currencies and commodities via MetaTrader 4 and MT4 Mobile trading platforms.
MGK Global is only regulated by the FSA in Malaysia and offers traders the option of two account types as well as an Islamic Account. Leverage levels up to 1:500 can be used.
Pros and Cons
| PROS | CONS |
| Good trading tools offered | Limited account types offered |
| Segregated client funds used | Not well regulated |
Features
| Feature | Information |
| Regulation | Financial Services Authority of Labuan, Malaysia |
| Minimum deposit | $30 |
| Average spread from | 1 Pip |
| Commissions | Yes |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:500 |
| Bonuses | Yes |
| Customer Support and hours | Monday to Friday between 09:00 and 18:00. |
PrimeXBT
Overview
PrimeXBT is a Bitcoin-based trading platform that offers digital assets, including Bitcoin, Ethereum, Litecoin, and Ripple for trading.
PrimeXBT was founded in 2018 under the name PrimeXBT Trading Services in the Seychelles. In 2019 the broker opened offices in St. Vincent and the Grenadines and moved its infrastructure and headquarters to Switzerland.
The broker does not hold a license with a reputable regulator.
Pros and Cons
| PROS | CONS |
| High leverage allowed | Little research options |
| Offers digital assets to trade | No demo account |
| Run a blog for customers | Not licensed or regulated |
Features
| Feature | Information |
| Regulation | Not regulated |
| Minimum deposit | 0.001 BTC (about $10) |
| Average spread from | Not indicated |
| Commissions from | 0.001% |
| Deposit/Withdrawal Fees | 0.0005 BTC withdrawal fee |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support and hours | 24/7 |
Skilling.com
Overview
Skilling.com is a brokerage launched in 2019 with offices located in Cyprus, Malta, and Spain.
Skilling.com is licensed with CySEC and customers can trade currency pairs, CFDs on crypto, indices, commodities, and equities with leverage of 1:30.
The broker provides its own platform and multiple payment methods.
Pros and Cons
| PROS | CONS |
| CySEC regulated | MT4 not provided |
| Segregation of client funds | Only two account types |
Features
| Feature | Information |
| Regulation | CySEC |
| Minimum deposit | $50 |
| Average spread from | 1,4 pips |
| Commissions | Yes |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support and hours | 13/5 |
ICE FX
Overview
ICE FX is a Forex and CFD broker founded in 2015 and based and registered in Malaysia as well as in the Republic of Vanuatu.
The broker provides the standard MetaTrader 4 trading platform to trade Forex pairs, Metals, Indices, Commodities and Crypto.
Pros and Cons
| PROS | CONS |
| Several account options | Not properly regulated |
| Variety of trading instruments | Offshore broker |
Features
| Feature | Information |
| Regulation | Labuan IBFC |
| Minimum deposit | $50 |
| Average spread from | 1.1 pips |
| Commissions from | 0.0025% |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:300 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
INTERACTIVE INVESTOR
Overview
INTERACTIVE INVESTOR is a forex broker company in the United Kingdom.
INTERACTIVE INVESTOR was founded in 1995 to provide front-end research to the investment community and a platform for investors and has more than 300 000 customers and over one million users. It is regulated by the Financial Conduct Authority (FCA), offers stocks, ETFs, funds, and bonds, but funds and bonds cover only the UK market. Clients can choose from 9 base currencies for accounts.
Pros and Cons
| PROS | CONS |
| A choice of base currencies | Funds and bonds cover only the UK market |
| Regulated by the FCA | Valuable information lacking on website |
Features
| Feature | Information |
| Regulation | FCA |
| Minimum deposit | 0 |
| Average spread from | Service plans determine cost |
| Commissions from | None |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | Not indicated |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
Tradershome
Overview
Tradershome is a global broker established in 2018 with head office in St. Vincent and the Grenadines.
Tradershome is not properly authorised or regulated by a reputable watchdog but makes use of the latest trading technologies to render its services globally.
The broker guarantees professional investment guidance, the security of funds, user-friendly platforms and more than 500 financial instruments to trade.
Pros and Cons
| PROS | CONS |
| Advanced platform available on Windows, Android, and iOS | Offshore broker |
| Fast withdrawal with no charges | Unregulated |
| Flexible leverage | |
| Market analyses | |
| Over 500 financial instruments |
Features
| Feature | Information |
| Regulation | Not properly regulated |
| Minimum deposit | $250 |
| Average spread from | 0,3 pips |
| Commissions | Yes |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:400 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
Go Markets
Overview
GO Markets is a forex broker company established in 2006 and based 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 for all traders. |
| Used by over 10 000 traders |
Features
| Feature | Information |
| Regulation | ASIC, AFSL |
| Minimum deposit | 200 AUD |
| Average spread from | Depends on region |
| Commissions from | $2.5 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 500:1 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
JustForex
Overview
JustForex is a forex broker based in Kingstown, Saint Vincent, and Grenadines.
JustForex was founded in 2012 and is registered by the Financial Services Authority.
JustForex provides several trading options on the MetaTrader 4 platform as well as a wide choice of accounts and conditions.
JustForex offers a fair choice of popular payment methods, lots of financial instruments, tight spreads, no limits on trading strategies and a range of beneficial partner programmes.
Pros and Cons
| PROS | CONS |
| Commission-free trading accounts. | No MetaTrader MAC version |
| Low minimum deposit | Only offshore regulation |
| Many payment methods | |
| Regulated by FSA | |
| Tight spreads | |
| Wide range of asset classes |
Features
| Feature | Information |
| Regulation | FSA |
| Minimum deposit | $1 |
| Average spread from | 1 pip |
| Commissions from | 0 |
| Deposit/Withdrawal Fees | Yes |
| Maximum Leverage | 1:3000 |
| Bonuses | Yes |
| Customer Support and hours | English support: 24/7 |
Globex360
Overview
Globex360 is a forex broker based in South Africa, which offers trading with Forex and CFDs, indices, precious metals, energy, and cryptocurrencies. The company uses state-of-the-art software to provide clients with the best trading experience.
The company is authorised to provide financial services to clients around the world, complying with the legislation of each country it operates. Globex360 was founded in 2017
Pros and Cons
| PROS | CONS |
| Several types of trading accounts | Does not provide negative balance protection |
| Regulated by proper authorities | Only MT4 trading platform |
| Variety of trading instruments | Withdrawal process is slow |
Features
| Feature | Information |
| Regulation | FSCA, FIAMLA 2002, POCA 2002, POTA 2002 |
| Minimum deposit | $25 |
| Average spread from | Not clearly indicated |
| Commissions from | 0 |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
Aetos
Overview
Aetos Capital Group is a market-leading Australian broker based in Sydney and established in 2007, offering customers in more than 100 countries worldwide access to a wide range of markets including forex, metals, energy, and indices.
Regulated by two separate world authorities, it offers three different accounts with an initial deposit of 250 USD.
Pros and Cons
| PROS | CONS |
| Segregated client funds used | Demo account use limited to 14 days |
| Well-regulated | US Clients not accepted |
Features
| Feature | Information |
| Regulation | ASIC, FCA |
| Minimum deposit | $250 |
| Average spread from | 0.8 |
| Commissions from | 0 |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1400 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
Advanced Markets
Overview
Advanced Markets is an ECN-broker that was established in 2006 and is being regulated by the Australian Securities and Investments Commission (ASIC) and the National Futures Association (NFA).
The broker offers currency pairs, precious metals, and CFDs on financial products and commodities but requires a large minimum deposit of $2 500. It provides only one type of trading account for individuals.
Pros and Cons
| PROS | CONS |
| Broker is regulated by reputable authority | High minimum deposit required to open an account |
| Instant Execution of trades | Limited account options provided |
| No re-prices or re-quotes | No Islamic account option provided |
| One-click or two-click trading | Only one way to withdraw funds |
| Segregated accounts used for customers’ funds |
Features
| Feature | Information |
| Regulation | NFA, ASIC, FCA |
| Minimum deposit | $2500 |
| Average spread from | 0.5 |
| Commissions from | $20.00 per USD Million |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 100:1 |
| Bonuses | Yes |
| Customer Support and hours | 24/7 |
MarketsX / Markets.com
Overview
MarketsX is a forex broker company that offers services in South Africa, also known as Markets.com.
The broker operates since 2008 and listed on the London Stock Exchange and a constituent of the FTSE 250. It is regulated in five jurisdictions and offers four trading platforms from which traders have access to over 2 200 assets.
Pros and Cons
| PROS | CONS |
| Member of an investor compensation scheme | Fixed spread accounts not offered |
| Negative balance protection offered | Limited account types offered |
| Proprietary trading platform offered | |
| Segregated client funds used | |
| Swap free or Islamic Account available | |
| Well-regulated |
Features
| Feature | Information |
| Regulation | CySEC, FCA, ASIC, FSC, FSCA |
| Minimum deposit | $250 /£250 /€250 |
| Average spread from | 2.4 pips |
| Commissions from | 0 |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:300 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
Direct FX
Overview
Direct FX is a forex broker company in Australia.
The broker was founded in 2006 and is licensed and regulated by the Australian Securities and Investment Commission (ASIC) and a member of the Financial Ombudsman Service (FOS), an Australian dispute resolution system that deals with complaints about financial services.
Direct FX offers trading through the STP trading model, and more than 40 currency pairs, precious metals (Gold and Silver), and some CFDs on commodities, indices, bonds, equities, as well as binary options are available to trade.
Pros and Cons
| PROS | CONS |
| Several account types | Website lacks valuable information |
| Well regulated |
Features
| Feature | Information |
| Regulation | ASIC |
| Minimum deposit | $100 |
| Average spread from | 1 pip |
| Commissions from | No |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:400 |
| Bonuses | Yes |
| Customer Support and hours | 24/7 |
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 | 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 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 |
eToro
Overview
eToro was established in 2007 and is based in Israel. It is authorised and regulated by CySEC, the FCA and ASIC.
eToro boasts more than 1.5 million customers in more than 130 countries and has transparent and user-friendly modes of trading currencies, indices, and commodities online.
Pros and Cons
| PROS | CONS |
| Low minimum deposit | High forex fees and non-trading fees |
| No deposit fee | Only one account base currency |
| Offers free stock and ETF trading in the EU | |
| 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 | Welcome and referral bonuses |
| Customer Support and hours | 24/5 |
AvaTrade
Overview
AvaTrade is an Irish forex broker company founded in 2006 and based in Dublin with sales centres in several countries.
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 |
| 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 from | 0.6 pips |
| Commissions from | Zero |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:400 |
| Bonuses | Occasionally |
| 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 |
| Free deposit and withdrawal | No investor protection for non-EU clients |
| Low forex and equity index CFD fees | Only forex, CFDs, and crypto |
| Low non-trading fees |
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 | 500:1 |
| Bonuses | No |
| Customer Support and hours | 24/5. |
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Frequently Asked Questions
Is forex trading legal in Somalia?
Yes. Forex trading is legal in Somalia.
Who are the best forex brokers in Somalia?
All the brokers on this list are regarded as good brokers in Somalia to trade with.
Do forex brokers in Somalia offer demo accounts?
Yes, most of the forex brokers in Somalia do offer demo accounts for practice trading.
Are Islamic forex accounts available in Somalia?
Yes, there are brokers in Somalia that offer Islamic trading accounts.
Will I have to pay tax on forex profits in Somalia?
Yes, profits gained from trading in forex is taxable in Somalia.
Top 4 Brokers
