Best CFD Trading Brokers in Africa (Revealed)

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Source: Forex4Live

Before African traders can start trading in global financial markets, they must first undergo the process of evaluating and selecting a broker through which trading activities will commence.

There are numerous brokers who offer CFD trading to African traders and although most African countries allow trading, traders must heed caution where unregulated brokers are concerned along with scam brokers.

There are many fraudulent and illegitimate brokers who seek to target unsuspecting traders into investing their funds, with no intention of using funds towards trading activities.

When traders try to make withdrawals, such brokers often inform the trader that issues have occurred during their withdrawal, or the trading account is mysteriously depleted of funds that the broker claimed went to hidden fees and charges.

When choosing a CFD broker, African traders are therefore urged to make use of reputable and well-regulated brokers that have a history of built-up trustworthiness, a good reputation, and excellent services.

Brokers that are well-regulated are required to keep client funds in separate, or segregated, accounts with top-tier banks. These funds are only used for trading activities and traders can withdraw their funds at any given time says Louis Schoeman, Senior Forex Analyst from Forexsuggest.com.

In addition, should traders have issues with a regulated broker, they are backed by a regulatory framework. It also provides traders with some assurance that they can get their funds back should the broker be unable to fulfill their financial obligations.

AvaTrade

AvaTrade is one of the most popular names in the trading industry. As a multi-award-winning Market Maker and STP broker offering a vast variety of CFDs, AvaTrade is suited for both beginner and Expert African traders seeking a competitive edge to their trading.

Pros and Cons

PROS CONS
Well-regulated US Clients not allowed
Award-winning broker Variable spreads not offered
Fast trade execution Only one account type for either retail or professionals
Competitive trading conditions
Social trading offered

 

City Index

City Index is a leading CFD and forex trading broker offering African traders with the trade-in of more than 12,000 financial instruments. With City Index, traders can expect fast trade execution, award-winning trading platforms, innovative trading technology, and competitive trading conditions.

Pros and Cons

PROS CONS
Strict regulation US clients not accepted
Negative balance protection Limited payment methods
Advanced trading platforms No fixed spreads
Trading signals

 

Trading 212

Trading 212 is a reputable mobile trading platform that caters to traders from several African countries. With Trading 212, traders have access to zero-commission trading, more than 2,000 financial instruments, access to innovative trading technology, and a low minimum deposit requirement.

Pros and Cons

PROS CONS
Well-regulated US Clients not accepted
FSCS member Limited leverage for retail clients
Commission-free trading MetaTrader not offered
Intuitive and user-friendly trading platform
Low minimum deposit requirement

 

ActivTrades

ActivTrades is an award-winning online broker offering traders from around the world the opportunity to trade in more than 500 financial instruments spanning across several asset classes. African traders have access to negative balance protection, commission-free trading, and exclusive trading tools to their disposal.

 

Pros and Cons

PROS CONS
Well-regulated US Clients not accepted
Negative balance protection Limited account types
ICS Member No fixed spreads
Exclusive trading tools
Commission-free trading

 

eToro

eToro is another popular name in the industry along with being the lead social trading platform. With eToro, African traders have limitless social trading opportunities and a vast online community. eToro also offers competitive trading conditions and a powerful proprietary trading platform that can be used over a variety of devices.

Pros and Cons

PROS CONS
Strictly regulated US Clients not accepted
Commission-free trading Limited leverage for retail traders
Large online community No fixed spreads
Competitive trading conditions MetaTrader not offered

 

Plus500

Plus500 is a multi-regulated and popular CFD broker which offers more than 2,000 tradable financial instruments to African traders. In addition, Plus500 also has low trading and non-trading fees, tight and competitive spreads, and low commission charges on trades.

Pros and Cons

PROS CONS
>Multiple regulations Limited account options
Multilingual support Desktop version of trading platform not available
Large variety of tradeable financial instruments High inactivity fee
Low trading fees, tight spreads, and low commissions Withdrawal fees charged
Adequate leverage offered Limited payment options supported

 

HotForex

As a Cyprus-based broker that is multi-regulated and reputable, HotForex offers African traders some of the best trading conditions in the industry and an array of bonuses and promotions, getting traders started on the right foot in CFD trading.

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

 

Alpari

Alpari has been offering its comprehensive trading services and solutions since 1998 and is a reputable STP and ECN broker. Alpari boasts more than 2 million registered traders from 150 countries, including several African countries. Alpari is constantly working to expand its client base, offering traders from all over the world competitive trading conditions.

Pros and Cons

PROS CONS
Well-regulated Restriction on traders from some countries
MetaTrader 4 and 5 offered Limited financial instruments offered
PAMM Accounts offered Fixed spread accounts not offered

 

Exness

Exness was established in 2008 and is a popular and reputable broker catering to various traders despite their trading needs, objectives, levels of experience, and styles. With Exness, African traders have access to a vast range of markets, powerful trading platforms, and low trading and non-trading fees.

Pros and Cons

PROS CONS
Strictly regulated US Clients not allowed
High maximum leverage offered Accounts not multi-currency
Powerful trading platforms
Variety of financial instruments

 

XM

XM is a well-established ECN and STP broker which features a rich history in providing traders with comprehensive trading solutions. When trading with XM, traders have access to an impressive range of markets, competitive conditions, a variety of account types, negative balance protection, and access to some of the most innovative, powerful trading platforms.

Pros and Cons

PROS CONS
Well-regulated US Clients not allowed
Negative balance protection offered Fixed spreads not offered
Competitive trading conditions

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