Best Forex Trading Platforms In Ethiopia 2024

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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.
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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.
Updated

The Ethiopian Birr (ETB) cannot easily be traded following restrictions from the National Bank of Ethiopia (NBE). However, interest in forex trading more broadly is on the rise in Ethiopia and available through international brokers.

Explore our pick of the best forex brokers in Ethiopia. Every forex platform recommended is trusted and supports convenient payment methods like M-Pesa, which launched in Ethiopia in 2023 after obtaining a Payment Instrument Issuer License from the NBE.

5 Top Forex Trading Platforms In Ethiopia

Following thousands of hours of comprehensive testing and analysis, these 5 platforms stand out as the best for forex traders in Ethiopia:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

Best Forex Trading Platforms In Ethiopia 2024 Comparison

Best Forex Trading Platforms In Ethiopia 2024 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator Visit
Vantage logo
55+ 0.0
$50 FCA, ASIC, FSCA, VFSC Visit
IC Markets logo
75 0.02
$200 ASIC, CySEC, FSA Visit
AvaTrade logo
50+ 0.9
$100 ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM Visit
FOREX.com logo
80+ 1.2
$100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA Visit
Pepperstone logo
100+ 0.1
$0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
XM logo
55+ 1.6
$5 ASIC, CySEC, DFSA, FSC, FSCA Visit
Eightcap logo
50+ 0.0
$100 ASIC, FCA, xCySEC, SCB Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
60+ 14 pips
$10 - Visit
BDSwiss logo
50+ 1.2
$10 FSC, FSA Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 FCA, CySEC, FSCA, SCB, FSC Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
Plus500 logo
60+ 0.6
$100 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit
Markets.com logo
67 0.70 pips (var)
$100 FCA, CySEC, ASIC, FSCA, FSC Visit

#1 - Vantage

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

  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
  • Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
  • There are no short-term strategy restrictions with hedging and scalping permitted

Cons

  • Unfortunately, cryptos are only available for Australian clients
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests

#2 - IC Markets

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

  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • 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

  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
  • 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.

#3 - AvaTrade

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

  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
  • There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more

Cons

  • There is no ECN account with raw spreads
  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
  • 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

#4 - FOREX.com

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

  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.

Cons

  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.

#5 - Pepperstone

Why We Chose Pepperstone

Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team
  • GBPUSD Spread: 0.4
  • EURUSD Spread: 0.1
  • EURGBP Spread: 0.4
  • Total Assets: 100+
  • Leverage: 1:30 (Retail), 1:500 (Pro)
  • Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
  • Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.

Cons

  • There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.
  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.

How We Rate Forex Trading Platforms In Ethiopia

Our top-ranked forex Trading Platforms in Ethiopia achieved excellent scores in key criteria:

Trust

We only recommend forex brokers to traders in Ethiopia that we trust, an evaluation we make by weighing a firm’s regulatory credentials, years in the industry, status as a publicly listed broker or bank, and our personal observations during the testing process.

The National Bank of Ethiopia (NBE) is not an active regulator and is mainly focused on ensuring the stability of the country’s financial systems and currency, the Ethiopian Birr (ETB). As a result, Ethiopians do not have a large selection of established and locally-regulated forex trading platforms to choose from.

As a result, we recommend picking a forex broker regulated by at least one ‘Green-Tier’ regulator, such as the Financial Conduct Authority (FCA) in the UK. This will help safeguard your funds from investment scams, which the Ethiopian state financial intelligence service has  warned are on the rise.

  • IC Markets excels in this department – it’s regulated by 2 ‘Green Tier’ regulators, has over 180,000 clients, and 17+ years of industry experience. Our experts have also traded forex at IC Markets for years with no major issues.

Account Funding

Trading forex in Ethiopia can be complicated because of currency controls imposed by the NBE. This can make it difficult to convert Ethiopian Birrs to other account currencies while making deposits.

As a result, we look for forex trading platforms that offer a good range of digital methods, including those available locally, such as M-Pesa, which has become increasingly popular in Ethiopia and Africa more broadly in recent years.

💡
Some forex brokers also accept funding in cryptocurrencies, but be careful with this and make sure you’re well informed of the law: the NBE has declared crypto transactions illegal and threatened legal measures against those caught paying in crypto.
  • XM makes funding your forex account from Ethiopia straightforward with multiple deposit options, including M-Pesa, plus a low starting deposit of 5 USD, around 300 ETB.

Forex Platforms

We favor forex brokers in Ethiopia with a choice of high-quality trading platforms, an assessment we make by routinely testing the software available.

Our analysis shows that the most popular options are still the MetaTrader platforms MT4 and MT5, which have led the market for decades due to powerful charting and automated trading capabilities that suit experienced currency traders.

Other terminals include the sophisticated cTrader, user-friendly yet powerful TradingView, and proprietary solutions that combine slick, intuitive interfaces with deep research and analytical tools. We’ve found these are often an excellent entry point for newer forex traders.

AvaTrade platform with economic calendar
AvaTrade Tools
I’ve found some brokers only support certain platforms on specific accounts, so I recommend checking that the account you want to trade forex on supports your choice of platform.
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Michael MacKenzie
Author
  • AvaTrade shines for its large selection of platforms and apps to suit all types of forex traders, from the MetaTrader suite to an in-house solution with a workspace that we really enjoy using.

Currency Pairs

Forex trading platforms with a large investment offering, notably currency pairs, score highly in our estimations, providing Ethiopians with a range of trading opportunities. This is especially important given that local restrictions make trading the Ethiopia Birr challenging.

50 currency pairs is our benchmark for a decent broker, but some of our top-rated forex platforms offer upwards of 80 currency pairs, with a huge selection of minors and exotics, spanning African currencies and those further afield.

  • Pepperstone continues to stand out with over 100 currency pairs, plus currency indices for broader exposure, coupled with ultra-fast execution speeds of 30ms that will serve short-term strategies.

Fees

Forex trading platforms with low fees, both spreads and non-trading charges like deposits in Ethiopian Birr, rank highly in our evaluations as they help traders maximize returns, especially active day traders.

That’s why we record and evaluate spreads on popular currency pairs like the EUR/USD, GBP/USD and EUR/GBP. We also factor in the availability of a raw spread account with low commissions, as this pricing model is popular with many experienced forex traders.

Our pricing analysis also weighs the quality of the forex trading tools. We know from first-hand experience that it can sometimes be worth paying more for premium research, for instance, analyst insights into decisions by Ethiopia’s national bank, which may affect currency prices.

  • IC Markets routinely tops our rankings of the cheapest forex brokers, especially for serious traders, featuring average spreads of just 0.1 pips on the EUR/USD, plus rebates of up to $2.50 per forex lot.

FAQ

Trading forex through online brokers isn’t banned in Ethiopia, but there are restrictions on converting the Ethiopian Birr.

Who Regulates Forex Trading Platforms In Ethiopia?

The National Bank of Ethiopia regulates the country’s financial markets, including setting the exchange rate for the Ethiopian Birr.

However, it does not actively regulate online brokers so many Ethiopians turn to more established brokerages that are based and regulated elsewhere.

How Much Money Do I Need To Trade Forex In Ethiopia?

Thanks to forex trading platforms with low minimum deposits, Ethiopians can start trading currencies with 0 to 250 USD, around 0 to 15,000 ETB.

That said, Pepperstone stands out as the highest-rated forex broker in Ethiopia with no minimum deposit, catering to traders on a budget.

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