This Best Forex Brokers in Togo review conducted in South Africa shows that with forex trading exploding around the world, also in African countries such as Togo, forex traders may appreciate some guidance about the best brokers to trade this market.
Togo 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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Exness
Overview
Exness was founded in 2008. It is registered and authorised by the FSA (Seychelles), by CySEC (Cyprus) and the FCA (United Kingdom).
The broker offers MT4 and MT5 and a WebTerminal and more than 130 currency pairs, metals, cryptocurrencies, energies, and Indices as trading instruments.
Pros and Cons
| PROS | CONS |
| 1$ minimum deposit | Deposit fee in certain regions |
| Free withdrawals | |
| USD and EUR as currencies |
Features
| Feature | Information |
| Regulation | CySEC, SFSA FCA, FSA(JP) |
| Minimum deposit | $1 |
| Average spread from | 0.1 pips |
| Commissions from | $10- $30 |
| Deposit/Withdrawal Fees | Deposit fee in some regions |
| Maximum Leverage | 1:30 |
| Bonuses | No |
| Customer Support and hours | 24/5 |
XM
Overview
XM is a Cypriot broker that was founded in 2009 and is authorised and regulated by CySEC, IFSC, FCA, ASIC and the Dubai FSA.
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 |
| Minimum deposit from $55. | No US clients |
| Offers negative balance protection | |
| Properly regulated |
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 | Bank withdrawals below $200 – $15 |
| Maximum Leverage | 500:1 |
| Bonuses | No. |
| Customer Support and hours | 24/5 |
XTB
Overview
XTB is an English CFD, Crypto and forex broker company founded in 2002, based in London and regulated by several international authorities including the FCA.
XTB offers a range of educational materials and an award-winning platform. It is listed on the Warsaw stock exchange and offers trading of more than 1500 global markets. s
Pros and Cons
| PROS | CONS |
| Award winning platform | Limited product portfolio |
| Free deposit and withdrawal | Poor email customer support |
| Good educational material | |
| Negative balance protection | |
| Regulated by FCA |
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 | No |
| Customer Support and hours | 24/5. |
eToro
Overview
eToro is an online broker 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 |
Trading 212
Overview
Trading 212 is in operation since 2006 and has is headquartered in London, UK. It offers free, smart, and easy to use apps to trade equities, currencies, commodities, stocks, indices, and cryptocurrencies.
Trading 212 offers zero-commission stock trading and uses the best advanced modern technology.
Pros and Cons
| PROS | CONS |
| Demo accounts available | Does not allow scalping |
| Minimum deposit from $10 | Inactivity fee |
| Regulated | Limited research selection |
| Zero commission |
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 |
City Index
Overview
City Index is a global spread betting, FX and CFD broker in the United Kingdom. It was founded in 1983 and is registered and authorised by the FCA, ASIC and MAS (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 fee |
| Low forex fees | Limited product portfolio |
| 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 | No |
| Customer Support and hours | 24/5 |
AvaTrade
Overview
AvaTrade is a highly commended forex broker company founded in 2006 and based in Dublin, Ireland.
It has sales centres in several countries and is regulated by financial watchdogs in Europe, the British Virgin Islands, Australia, Japan, and South Africa. The company’s own AvaTradeGO app is user-friendly and innovative.
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 |
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.
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 from | 0.09 |
| Commissions from | 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 company established in 2011 and based in Limassol, Cyprus, with offices worldwide and regulations to match.
FXTM offers excellent services and products, segregated accounts at top-tier banks, secure deposits and withdrawals, competitive leverage, tight spreads, and the ability to trade 250+ instruments.
Pros and Cons
| PROS | CONS |
| Digital and fast account opening | High stock CFD fees |
| Great educational tools | Inactivity and withdrawal fees |
| Low EURCHF and EURGBP fees | Limited product portfolio |
| No deposit fees charged | |
| 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 brand. |
| Customer Support and hours | 24/5 |
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 MetaTrader 4 and Next Gen.
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 platforms |
| Multi-regulated | No fixed spread accounts |
| No minimum deposit | No PAMM or MAM accounts |
| Segregated client funds | No US Clients |
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 |
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. |
Oanda
Overview
Oanda is an American forex broker company founded in 1996 and based in New York City.
Oanda has offices in financial centres in the US, Canada, the UK, 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.
Some of the biggest international companies make use of Oanda. These entities include big brands like Google, TESLA, Airbnb, KPMG, FedEx, IATA, PWC, Twitter, Expedia, and others.
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 in the US, FCA in the UK, ASIC in Australia, IIROC in Canada, MAS in Singapore and the FFAJ in Japan |
| Minimum deposit | $0 |
| Average spread from | 0.1 pips |
| Commissions from | $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 has been a properly regulated and commended broker for more than two decades.
Alpari was established in Russia in 1998, but now has offices in Saint Vincent and the Grenadines, Russia, and Africa to service 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 | Restriction on clients 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 |
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 | Customer support not 24/7 available |
| Variety of account types | |
| Well-regulated by proper authorities |
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 |
HFM
Overview
HFM is a forex broker company in in St. Vincent and the Grenadines. It was founded in 2010 and is the holding company of well-known brands such as Hot Forex.
The broker is a highly regulated and trustworthy ECN/STP broker and offers a variety of tradable assets over several classes.
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 |
Globex360
Overview
Globex360 was founded in 2017 as 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,
is authorised to provide financial services to clients around the world and complies with the legislation of each country where it operates.
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 |
Advanced Markets
Overview
Advanced Markets is an ECN-broker that was established in 2006 and is being regulated by ASIC and the National Futures Association.
The company’s head office is located in North Carolina but is registered on the Cayman Islands.
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 traders.
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 also known as Markets.com. It is a forex broker company that offers services from South Africa to the rest of the world.
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 |
Synergy FX
Overview
Synergy FX is a forex broker founded in 2011 and based in Sydney, Australia but part of ACY Capital since 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 |
| Low min deposit | Islamic Account only for day trading |
| 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 |
Spreadex
Overview
Spreadex is a financial online trading platform based in the UK and licensed by the Financial Conduct Authority. Clients can access more than 10 000 global markets trading indices, shares, Forex (also with Bitcoin), commodities, bonds, options, and ETFs.
Spreadex was established in 1999 as a financial trading service with online spread betting and followed with the trading platform in 2006.
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 |
Forex.com
Overview
Forex.com is a STP, ECN, and DMA broker that was established in 2001 and is registered in Australia.
Forex.com is authorised and regulated by several reputable entities and offers traders from around the world a secure and dynamic trading environment with which they can trade more than 300 financial instruments with 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 |
CM Trading
Overview
CM Trading is an STP broker based in South Africa, striving to offer traders in the rest of Africa opportunities to trade in a variety of financial instruments through MetaTrader 4 and Sirix. CM trading is properly regulated to trade Forex, index, and commodities, including cryptocurrencies.
Pros and Cons
| PROS | CONS |
| Commission-free accounts | Fees for deposits and withdrawals charged |
| 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 |
RoboForex
Overview
RoboForex is a global online financial trading platform and multi asset broker in Cyprus founded in 2009 and offering over 13 000 trading instruments, including over 40 currency pairs, 11 700 stock CFDs, 26 cryptocurrency CFDs, and over 100 soft commodity ETFs.
RoboForex provides tight spreads, quality insurance for client funds, and access to multiple account types for different trading styles.
| PROS | CONS |
| Bonuses available | |
| Low minimum deposit | |
| Tight spreads | No fixed spread accounts |
| Wide range of trading instruments |
Features
| Feature | Information |
| Regulation | CySEC, IFSC |
| Minimum deposit | $10 |
| Average spread from | 0.0 pips |
| Commissions from | None |
| Deposit/Withdrawal Fees | No |
| Maximum Leverage | 1:2000 |
| Bonuses | Yes |
| Customer Support and hours | 24/5 |
Admiral Markets
Overview
Admiral Markets Group was founded in 2001 and provides services worldwide through properly regulated trading companies. Deposits to trading accounts can be made in most national currencies and traders 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 | No bonuses offered |
| Negative balance protection | No fixed spread accounts |
| Segregated client accounts |
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 | No |
| Customer Support and hours | 24/5 |
InstaForex
Overview
InstaForex was established in 2007 and is regarded as a well-regulated broker offering more than 300 financial instruments to be traded with MetaTrader 4 and MetaTrader 5.
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 offered | Charges commission |
| MetaTrader 4 and 5 available | EU-clients restricted on leverage |
| Variety of account types and instruments | US clients not allowed |
| Variety of financial |
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 |
Orbex
Overview
Orbex is a forex broker company in Cyprus. It was founded in 2011.
Orbex offers the MT4 trading platform and TradeWorks, a third-party automated trading tool for 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 |
| Access to Trading Central | Extremely high fees |
| Regulated | High minimum deposits required |
| Zero spread accounts 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 | No |
| Customer Support and hours | 24/5 |
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Frequently Asked Questions
Are forex brokers in Togo regulated and safe to use?
All the Togo brokers on this list</a>are regulated however, some are not regulated by the most reputable authorities.
Who is the best broker in Togo for beginner traders?
Our research has revealed that Exness is very popular among Togo beginner traders, as well as XM brokers.
Do forex brokers in Uganda offer demo accounts?
Yes. The brokers in this article offer demo accounts that can be used to practice trading, test out strategies, or test out the broker’s offer.
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.
Is forex trading legal in Togo?
Yes. Forex trading is legal in Togo. Traders are, however, warned against using the services of unregulated brokers and are thus advised to carefully select their broker as there are some unregulated brokers, like those on the list above, that are reputable.
Top 4 Brokers
