Best Forex Trading Platforms In Somalia 2024
The Somali Shilling (SOS) typically experiences low trading volumes, but interest in forex trading is on the rise in Somalia. Despite this, the Central Bank of Somalia doesn’t actively regulate forex trading platforms, so many residents turn to global brokers.
Our experts have identified the best forex brokers in Somalia through personal testing and thorough analysis. Our recommended forex platforms accept traders from Somalia and offer first-rate platforms, excellent pricing, convenient deposits, and a great selection of currency pairs.
5 Top Forex Trading Platforms In Somalia
Following years of exhaustive tests, these 10 forex platforms continue to shine as the best for currency traders in Somalia:
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1
Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPayUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
2
IC Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
3
AvaTrade20% Welcome Bonus up to $10,000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
4
PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
5
XM$30 No Deposit Bonus When You Register A Real Account
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF, KNFForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, FuturesMT4, MT5Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF -
6
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
7
PrimeXBT$100 Deposit Bonus
$00.01 Lots1:1000CFDs, Cryptos, Forex, Indices, Commodities, FuturesOwnBitcoin Payments, Ethereum Payments, Credit Card, Debit CardUSD, EUR, GBP -
8
IQ OptionRISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
$100.001 Lots1:500CFD, Forex, Crypto, Stocks, Digital OptionsOwnSkrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, BoletoUSD, EUR, GBP, ZAR -
9
IGSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
10
FxPro
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)FCA, CySEC, FSCA, SCB, FSCCFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, VisaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
This is why we think these brokers are the best in this category:
- 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.
- 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.
- 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.
- 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.
- 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.
- Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
- PrimeXBT - PrimeXBT offers forex trading on over 50 majors, minors and exotics with margin opportunities and zero commissions. The forex platform is fast, reliable and feature-rich based on our latest tests with 3 charts, 10 timeframes, and 91 technical studies - ideal for active trading strategies.
- IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
- FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.
Best Forex Trading Platforms In Somalia 2024 Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
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55+ | 0.0 | / 5 | $50 | FCA, ASIC, FSCA, VFSC |
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75 | 0.02 | / 5 | $200 | ASIC, CySEC, FSA, CMA |
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50+ | 0.9 | / 5 | $100 | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
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100+ | 0.1 | / 5 | $0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
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55+ | 1.6 | / 5 | $5 | ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMF, KNF |
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50+ | 0.0 | / 5 | $100 | ASIC, FCA, CySEC, SCB, CNMV |
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45+ | 0.1 | / 5 | $0 | - |
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60+ | 14 pips | / 5 | $10 | - |
|
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80+ | 0.8 | / 5 | $0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
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70+ | 1.58 pips (Ave) | / 5 | $100 | FCA, CySEC, FSCA, SCB, FSC |
Vantage
"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."
Jemma Grist, Reviewer
Vantage Quick Facts
| Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
|---|---|
| GBPUSD Spread | 0.5 |
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.5 |
| Total Assets | 55+ |
| Leverage | 1:500 |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
- Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
- 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
IC Markets
"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."
Christian Harris, Reviewer
IC Markets Quick Facts
| 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 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- 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.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
Cons
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
AvaTrade
"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."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| 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, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
Cons
- 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
- Traders from the US are not accepted
Pepperstone
"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."
Pepperstone Quick Facts
| 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 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- 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.
- 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.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
Cons
- 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.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- 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.
XM
"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."
William Berg, Reviewer
XM Quick Facts
| Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
|---|---|
| GBPUSD Spread | 1.9 |
| EURUSD Spread | 1.6 |
| EURGBP Spread | 1.8 |
| Total Assets | 55+ |
| Leverage | 1:1000 |
| Platforms | MT4, MT5 |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF |
Pros
- Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
- 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
- Accessible trading accounts with a $5 minimum deposit and fast account opening
Cons
- PayPal deposits are not supported
- 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
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Eightcap Quick Facts
| GBPUSD Spread | 0.1 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.1 |
| Total Assets | 50+ |
| Leverage | 1:500 |
| Platforms | MT4, MT5, TradingView |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
Cons
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
PrimeXBT
"PrimeXBT is perfect for aspiring traders looking for crypto derivatives alongside traditional markets like forex and indices, all tradable on an intuitive, web-based platform. The copy trading solution is also ideal for hands-off traders with 5-star ratings and performance graphs to help you find the right trader."
PrimeXBT Quick Facts
| Bonus Offer | $100 Deposit Bonus |
|---|---|
| GBPUSD Spread | Variable |
| EURUSD Spread | 0.1 |
| EURGBP Spread | Variable |
| Total Assets | 45+ |
| Leverage | 1:1000 |
| Platforms | Own |
| Account Currencies | USD, EUR, GBP |
Pros
- The web platform and app were built for technical traders with advanced charting features, a customizable layout and multiple order types including one-cancels-the-other (OCO).
- Ultra-fast execution speeds, averaging 7.12ms, make PrimeXBT an excellent option for day traders looking to secure the best prices in volatile markets.
- Maker and taker fees of at 0.01% and 0.02%, respectively, for crypto futures contracts are highly competitive within the industry.
Cons
- Despite improvements, the selection of around 100+ instruments still seriously trails competitors, notably OKX with its 400+ assets.
- The lack of integration with established platforms like MT4 will be limiting for traders familiar with the world’s most popular forex trading software.
- While common in the crypto industry, PrimeXBT lacks authorization from a trusted regulator, seriously elevating the risk for retail traders.
IQ Option
"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."
IQ Option Quick Facts
| GBPUSD Spread | 5 pips |
|---|---|
| EURUSD Spread | 14 pips |
| EURGBP Spread | 15 pips |
| Total Assets | 60+ |
| Leverage | 1:500 |
| Platforms | Own |
| Account Currencies | USD, EUR, GBP, ZAR |
Pros
- User-friendly platform for beginners
- Reliable 24/7 multilingual support
- Excellent range of payment methods
Cons
- No MetaTrader 4 integration
- €10 inactivity fee after 90 days
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities
Cons
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
FxPro
"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."
FxPro Quick Facts
| GBPUSD Spread | 2.39 pips (Ave) |
|---|---|
| EURUSD Spread | 1.58 pips (Ave) |
| EURGBP Spread | 1.74 pips (Ave) |
| Total Assets | 70+ |
| Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
| Platforms | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting
- Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals
- There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
Cons
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
- There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
- The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
How We Rate Forex Trading Platforms In Somalia
To identify the top forex brokers for Somalia, we first pinpointed all the platforms that accept Somalian traders and then ordered them by their overall rating, which takes into account these areas:
Trust
Only trusted forex trading platforms make our top list for Somalian investors. This is to protect traders from forex scams, which MENAFN reported are targeting Somalians through social media platforms and promising “everyday is payday”.
Since the Central Bank of Somalia does not have a robust regulatory framework for actively overseeing and authorizing forex brokers, we recommend platforms that are licensed by ‘Green-Tier’ regulators, such as the UK Financial Conduct Authority (FCA). This is the best sign a brokerage is legitimate with fair operating practices.
I’ve found that even when you trade from Somalia with a forex broker that’s licensed by a trusted regulator, you may not get the same protections as you would in its home jurisdiction. As such, only risk what you can afford to lose.
- FOREX.com is one of the most trusted forex trading platforms with an excellent 20+ year track record since 2001 and oversight from 9 ‘Green-Tier’ regulators. Its parent organization is also listed on the NASDAQ, ensuring financial transparency.
Forex Markets
We analyzed our database of 267 brokers and found that retail trading on the USD/SOS or other pairs with the Somali Shilling is rare.
As a result, only forex trading platforms that provide at least 50 currency pairs make our shortlist for Somalian traders, providing diverse trading opportunities on other currencies from around the world.
We also favor brokers with forex contracts for difference (CFDs), as this derivative is popular with short-term traders and provides the opportunity to speculate on up and down price movements in currencies from one product.
- Pepperstone offers the most forex assets of our 15 highest-rated FX brokers in Somalia, with over 100 currency pairs, plus currency indices, catering to a range of day trading strategies.
Fees
Forex trading platforms make their money from bid-ask spreads and, sometimes, commissions or charges when you deposit Somali Shillings to an account in another currency.
These all represent a barrier to profits so we regularly evaluate trading and non-trading fees to identify forex platforms that consistently deliver excellent pricing.
Crucially, we record and analyze spreads on the most widely traded currency pairs, including the EUR/USD, EUR/GBP and GBP/USD. Then we balance these with the quality of the platforms, tools and trading features to find firms that deliver great value.
- IC Markets continues to impress with its superior pricing, providing Somalian forex traders with average spreads of just 0.1 pips on popular pairs like the EUR/USD, plus rebates of up to $2.50 per lot for high-volume traders.
Forex Platforms
Finding a forex broker with a reliable and easy-to-use charting platform that offers the tools your forex day trading strategy requires is essential. That’s why we make it a priority when rating forex brokers for Somalia.
Importantly, our thousands of hours annually testing forex brokers shows not all platforms are created equally, and they can be targeted at specific groups of traders or strategies.
MetaTrader 4, for example, remains the most widely used third-party platform for forex trading, but is geared towards experienced traders and algo traders.
We believe newer traders may prefer the slick and intuitive interfaces available in many proprietary forex platforms, which are often optimized for more casual traders.
- AvaTrade continues to excel with its superb forex platforms, including its easy-to-learn WebTrader, alongside MT4 and MT5, plus auto-trading platforms AvaSocial and DupliTrade.
Account Funding
We scoured our extensive directory of forex trading platforms and there are limited options for accounts denominated in SOS. Fortunately, the vast majority of forex platforms have USD accounts, a currency that is still widely used in Somalia, ensuring convenient deposits and account management.
We also check that forex trading platforms support a range of secure, low-cost and convenient deposit options, helping Somalians reduce fees and maximize profits.
Methodology
To list the best trading platforms in Somalia, we evaluated all those offering forex trading products and accepting day traders from Somalia. We then ranked them by their total rating, using extensive hands-on tests and drawing on over 100 data points.
With this data, we were able to focus on several key areas:
- Ensuring that licensing by a credible regulatory authority is present.
- Checking for a wide range of popular currency pairs for Somali forex traders.
- Identifying platforms that deliver competitive pricing, especially low spreads on forex pairs.
- Prioritizing brokers that offer a range of forex charting platforms and analysis tools.
FAQ
Is Forex Trading Legal In Somalia?
Somalia’s laws do not prohibit forex trading. Still, we recommend keeping abreast of the latest developments from the Central Bank of Somalia.
It’s also important to adhere to tax obligations from the Somalia Revenue Directorate when trading currencies online.
Who Regulates Forex Trading In Somalia?
The Central Bank of Somalia is responsible for overseeing the country’s financial sector, but it’s an underdeveloped regulator that doesn’t take an active interest in overseeing retail forex trading.
As a result, we recommend Somalians sign up with an international forex broker that’s regulated in a tier-one jurisdiction, such as the UK, US, Australia and Europe.
How Much Does It Cost To Start Trading Forex In Somalia?
The minimum outlay to start trading forex in Somalia will depend on the broker you sign up with. That said, after years of extensively reviewing forex trading platforms accepting Somalians, we’ve found that you normally need between 0 to 250 USD, equivalent to around 0 to 140,000 SOS.
Although, some leading forex trading platforms accept Somalian traders with significantly less – Pepperstone, for example, has no minimum deposit.
Recommended Reading
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