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Best Forex Trading Platforms In Cameroon 2024

Written By

Michael MacKenzie

Written By

Michael MacKenzie

Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.

» Michael MacKenzie Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Updated

Apr 5, 2024

Forex trading interest is rising in Cameroon, fueled by better internet connectivity, success stories online, and more smartphones with around 80% of the population having a mobile subscription.

Since 2019, the Central African Financial Market Supervisory Commission (COSUMAF) has regulated the financial markets in Cameroon and five other Central African countries, succeeding Cameroon’s Financial Markets Commission.

Explore our pick of the best forex trading platforms in Cameroon, chosen for their reliability, wide-ranging access to foreign exchange markets, terrific tools, low fees, and accessible account funding in the Central African Franc (XAF).

Top 5 Forex Trading Platforms In Cameroon

These 5 forex brokers accepting traders from Cameroon achieved the highest ratings during our exhaustive tests and analysis:

1. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
2. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
3. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
4. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
5. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

Best Forex Trading Platforms In Cameroon 2024 Comparison

Best Forex Trading Platforms In Cameroon 2024 Comparison

Broker	Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Regulator	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
	75	0.02	4.8 / 5	$200	ASIC, CySEC, FSA	Visit
	50+	0.9	4.3 / 5	$100	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	80+	1.2	4.9 / 5	$100	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
	50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
	45+	Variable	3 / 5	$0	-	Visit
	60+	14 pips	4.5 / 5	$10	-	Visit
	80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
	70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
	70+	0.2	3.4 / 5	$0	CySEC	Visit
	70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit
	67	0.70 pips (var)	3.9 / 5	$100	FCA, CySEC, ASIC, FSCA, FSC	Visit
	70+	from 0.2 pips (floating)	3.3 / 5	$0	FCA, ASIC, DFSA, FMA	Visit
	50+	1.2	4 / 5	$10	FSC, FSA	Visit

#1 - XM

Visit

Review

Why We Chose XM

XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team

• GBPUSD Spread: 1.9
• EURUSD Spread: 1.6
• EURGBP Spread: 1.8
• Total Assets: 55+
• Leverage: 1:1000
• Platforms: MT4, MT5

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Pros

• XM is a hugely respected broker authorized by tier-one regulators
• XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
• 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries

Cons

• There's $5 inactivity fee after only 3 months, though this won't affect active traders
• There is weak regulatory oversight through the global entity
• PayPal deposits are not supported

Visit XM

#2 - Vantage

Visit

Review

Why We Chose Vantage

Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team

• GBPUSD Spread: 0.5
• EURUSD Spread: 0.0
• EURGBP Spread: 0.5
• Total Assets: 55+
• Leverage: 1:500
• Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

• There are no short-term strategy restrictions with hedging and scalping permitted
• The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
• Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook

Cons

• It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
• The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
• Unfortunately, cryptos are only available for Australian clients

Visit Vantage

#3 - IC Markets

Visit

Review

Why We Chose IC Markets

IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team

• GBPUSD Spread: 0.23
• EURUSD Spread: 0.02
• EURGBP Spread: 0.27
• Total Assets: 75
• Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
• Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

• You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
• IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
• With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.

Cons

• Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
• Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
• There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.

Visit IC Markets

#4 - AvaTrade

Visit

Review

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team

• GBPUSD Spread: 1.5
• EURUSD Spread: 0.9
• EURGBP Spread: 1.5
• Total Assets: 50+
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
• WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
• The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform

Cons

• Traders from the US are not accepted
• There is no ECN account with raw spreads
• It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here

Visit AvaTrade

#5 - FOREX.com

Visit

Review

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team

• GBPUSD Spread: 1.3
• EURUSD Spread: 1.2
• EURGBP Spread: 1.4
• Total Assets: 80+
• Leverage: 1:200 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pros

• There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
• The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
• Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.

Cons

• There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
• Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
• Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.

Visit FOREX.com

How We Rate Forex Trading Platforms In Cameroon

To earn a spot in our top picks a forex broker needs to impress our experts in these crucial areas:

Trust

COSUMAF has warned of an ‘upsurge’ in illegal investment firms that scam customers in Cameroon with promises of extremely high returns of up to 500%, so it’s more important than ever that you choose a reliable forex trading platform.

Our recommended forex brokers have earned our trust by obtaining licenses from respected regulators and serving retail investors over many years. They also provide secure and dependable forex trading environments following our hands-on tests.

Currency Pairs

Cameroon’s currency, the Central African Franc (XAF), is fixed to the Euro, closely tying its prospects to the performance and policies of the Eurozone, while its position as a major oil exporter also makes it vulnerable to changes in commodity prices.

Having said that, our analysis shows that the XAF is not widely found on online forex trading platforms. Instead, you will find upwards of 50 currency pairs at our top forex brokers in Cameroon, providing opportunities on a range of major, minor and exotic currency pairs, including regional currencies like the South African Rand (ZAR).

Forex Platforms

It’s important to use a forex trading platform that suits your needs and style, whether you’re trading currencies for the first time or you’re a seasoned day trader. That’s why we only recommend brokers that provide top-quality third-party or bespoke platform options.

For experienced traders, this could be the classic MetaTrader 4, MetaTrader 5 or cTrader, each of which impresses thanks to sophisticated charting and algorithmic trading capabilities.

MT4, in particular, has remained the industry favorite for over a decade and was designed specifically for forex trading, though its design is becoming increasingly outdated.

New traders, however, may prefer proprietary solutions that pack comparable power under a slicker, more intuitive modern interface. They still provide ample indicators, drawing tools and timeframes for short-term analysis, and often feature insights and forex trading ideas from in-house analysts.

I recommend testing the platform on a forex demo account – it is the most important tool you’ll use to trade currencies, so it’s important you like its interface and are familiar with the features.

Michael MacKenzie

Author

Trading Fees

For short-term forex traders, in particular, selecting a platform with low fees is essential to maximize returns. The good news is that a rising number of brokers offer tight spreads on majors like the EUR/USD with low or no commissions.

Importantly, we also weigh trading fees against the full range of services offered by brokers because we know extra tools can be important for winning trades.

For example, TradingView features an economic calendar that tracks events that can affect currency prices, such as interest rate decisions from central banks, from over 25 Middle Eastern and African countries.

Account Funding

Central African Franc (XAF) is not a common account currency at online brokers, therefore you should look for forex trading platforms that have reliable, low-cost payment options that work in Cameroon.

Digital payment solutions are often more convenient and affordable for making cross-border transfers, and ITWeb Africa reports that Cameroon’s authorities have been making active efforts to enhance coverage for these services.

Methodology

To select the best forex trading platforms in Cameroon, we filtered by those that accept traders from Cameroon and then sorted them on their overall rating which looks at key areas, notably:

FAQ

Is Forex Trading Legal In Cameroon?

There are no regulations banning forex trading in Cameroon, so retail investors can sign up with an online broker to speculate on currencies.

Who Regulates Forex Trading In Cameroon?

The Gabon-based Central African Financial Market Supervisory Commission (COSUMAF) has overseen the financial markets in Cameroon and five other Central African countries since 2019.

Before the COSUMAF took over its duties, the Financial Markets Commission, also known as the Commission des Marchés Financiers, was Cameroon’s main regulator.

Note that if you trade forex with an international broker you may be onboarded to an offshore entity with limited safeguards such as negative balance protection and investor compensation. As a result, only risk what you can afford to lose and take a sensible approach to risk management.

How Much Money Do I Need To Start Trading Forex In Cameroon?

The amount of money you will need for your initial deposit varies from broker to broker, but out of the nearly 500 that we’ve reviewed, very few require more than 250 USD, around 150,000 XAF.

You can also find forex trading platforms in our top list that charge significantly less, such as XTB with no minimum investment, making it an excellent option for newer traders, especially considering its excellent educational materials.