Here is a handpicked list of the best Forex brokers in Senegal for Senegalese traders.
1. FP Markets
FP Markets is a highly regulated Australian broker. It offers traders access to over 70 Forex currency pairs, as well as popular index CFDs and indices.
This award-winning broker provides an advanced trading environment through its support of the MetaTrader 4 and 5 platforms. It also gives access to multi-asset liquidity. This is through its partnership with leading financial institutions, such as JP Morgan and Goldman Sachs.
As a result, FP Markets clients have access to zero-commission trading. Furthermore, the spreads start at 1.0 pips, and it has a maximum leverage of 1:500.
2. XTB
XTB is a popular UK Forex broker. It offers prospective clients a wide selection of live trading accounts, with access to over 1500 global markets. This thus includes popular Forex currency pairs and cryptocurrencies.
It first established itself in 2010. It is highly regulated across several global jurisdictions, which means it can provide a safe and secure trading environment.
Furthermore, for a minimum deposit of $250 or equivalent, XTB offers a competitive trading environment. Its spreads start as low as 0.35 pips, with high maximum leverage of 1:200. It also offers access to the award-winning MetaTrader 4 platform.
3. Trading 212
Trading 212 is a UK-based online broker. It offers an excellent trading environment for beginner traders, providing as it does a very low minimum deposit of just $1 and access to over 1,800 tradable instruments.
In addition to this, clients can enjoy zero commission trading as well as zero spread trading on selected currency pairs, offering exceptionally competitive trading conditions.
The UK’s reputable Financial Conduct Authority (FCA), as well as the Financial Services Commission in Mauritius, regulates Trading 212, which has its headquarters in London.
4. Pepperstone
Pepperstone is a well-recognized Australian Forex broker that offers traders access to over 70 Forex currency pairs and CFDs.
The broker is particularly popular for its offering of advanced trading platforms, which include MetaTrader 4 and 5, cTrader, and a range of copy-trading technology.
Spreads start at 0.13 pips for EUR/USD currency pairs, while clients can opt for commissions that are incorporated into the spread on the Standard Account for a minimum deposit of $250 AUD or an equivalent.
5. FX Primus
Based on the popular Forex trading hub of Cyprus, FX Primus was established by a team of industry experts that have made this award-winning broker a popular choice amongst traders around the world.
In fact, FX Primus offers access to a range of popular asset classes, including Forex, spot metals, indices, global equities, and other CFDs, which can be traded with exceptionally low spreads starting at 0.1 pips.
In addition to this, the broker offers commission-free trading and access to the advanced trading capabilities of the renowned MetaTrader 4 platform.
6. City Index
City Index is a global spreads betting, Forex, and CFD broker that provides traders with access to a remarkable range of 12,000 tradable instruments across Forex, indices, shares, and commodities.
Based in the UK, City Index supports trading on the ever-popular MetaTrader 4 platform, with access to maximum leverage of 1:200 and both fixed and variable spreads, for a minimum deposit of GBP 100.
7. Plus500
Plus500 is an Australian broker under high regulation which also operates as an Authorised Financial Services Provider in South Africa.
The broker is particularly popular for its trading app on Apple’s App Store and Google Play, which has high ratings.
Using this advanced trading environment, clients will have access to the maximum leverage of 1:300. One can then use this to trade over 2000 instruments with spreads that start as low as at 0.6 pips for EUR/USD currency pairs.
8. Markets.com
Based in South Africa, Markets.com is a popular Forex broker throughout the African continent.
The broker offers a safe and secure trading environment through its regulation under the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) in South Africa.
Clients of Markets.com have access to zero commission trading on its two live trading accounts, which they designed for either retail or professional traders, and which clients can open with a minimum deposit of $100.
In addition to this, traders can have high leverage of 1:300 and a decent spread of 2 pips, which clients can use to trade over 2,200 assets.
9. eToro
eToro is one of the most popular online Forex brokers in the industry today amongst both retail and professional traders.
The broker offers low trading fees with a maximum leverage of 1:30 for retail clients and 1:400 for professional traders. This can be used to trade over 47 commodity/index CFDs.
This competitive trading environment is further complemented by advanced trading tools on the broker’s proprietary CopyTrader platform, while the provision of negative balance protection means that potential losses will never exceed the initial investment.
10. CM Trading
CM Trading is the largest Forex broker in Africa. It has become popular amongst traders for its advanced trading platforms and competitive trading environment.
Beginner and advanced traders alike enjoy CM Trading’s access to over 50 tradable instruments. These thus include 28 currency pairs across a range of popular asset classes.
Clients can exchange this wide selection of assets using high leverage of 1:400 and spreads that start as low as 0.7 pips for EUR/USD currency pairs.
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