Best Forex Trading Platforms In Somalia 2024

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Written By
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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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Edited By
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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 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 5 forex platforms continue to shine as the best for currency traders in Somalia:

  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 Somalia 2024 Comparison

Best Forex Trading Platforms In Somalia 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
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC 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

#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 broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
  • There are no short-term strategy restrictions with hedging and scalping permitted
  • The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders

Cons

  • 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
  • Unfortunately, cryptos are only available for Australian clients

#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

  • 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.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.

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.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.

#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

  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders

Cons

  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
  • 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

  • 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.
  • 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.
  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
  • 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 boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • 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.

Cons

  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
  • 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.
  • 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.

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.
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Michael MacKenzie
Author
  • FOREX.com is one of the most trusted forex trading platforms with 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 nearly 500 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 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's own forex platform
AvaTrade WebTrader
  • 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.

💡
Mobile money and digital payments are extremely common in Somalia, according to Quartz, so these could be the most efficient way to fund your forex trading account.

FAQ

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.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com