6 Best Forex Brokers in Benin
The 6 Best Forex Brokers in Benin– Rated and Reviewed. We have listed the Best Forex Brokers accepting traders in Benin.
In this in-depth guide, you will learn:
- The Best Forex Brokers in Benin – a List
- Is Forex Trading Legal in Benin?
- Which country in Africa has the best forex trading market?
- Who is the most successful forex trader in Africa?
- The Best Forex Broker for Beginners and Foreigners
and much, MUCH more!
6 Best Forex Brokers in Benin – A Comparison
| 🔎 Broker | 🚀Open an Account | 🤝 Accepts Beninois Traders | 💴 Min. Deposit (XOF) |
| 🥇 eToro | 👉 Click Here | ✅Yes | 6020,44 |
| 🥈 IC Markets | 👉 Click Here | ✅Yes | 120408,80 |
| 🥉 OANDA | 👉 Click Here | ✅Yes | None |
| 🏅 AvaTrade | 👉 Click Here | ✅Yes | 60204,40 |
| 🎖️ Admirals | 👉 Click Here | ✅Yes | 15051,10 |
| 🥇 Pepperstone | 👉 Click Here | ✅Yes | 80602,25 |
6 Best Forex Brokers in Benin (2024)
- ☑️ eToro – Overall, the Best Forex Broker in Benin
- ☑️ IC Markets – Best Forex Broker for Beginners
- ☑️ OANDA – Excellent Overall Offering
- ☑️ AvaTrade – High User Trust Score
- ☑️ Admirals – Leading MetaTrader Forex Broker
- ☑️ Pepperstone – Best Online Trading Experience
eToro
eToro is a well-established social trading and multi-asset investment company. Regulations include CySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, and, SIPC. A Standard Account is offered. The minimum deposit is 10 USD. Notable Features include:
- Access to Copy Trading
- Over 55 Currency Pairs, including Major, Minor, and Exotic
- Spreads from 1 Pips
- A Leverage of up to 1:400
The Trading Platform offered is Proprietary. Trading Instruments include Forex, Stocks, Crypto CFDs, Indices, Commodities, and, ETFs.
| 🔎 Broker | 🥇 eToro |
| 📈 Regulation and Licenses | CySEC, FCA, ASIC, FSA, FinCEN, FINRA |
| 📉 Ease of Use | 5/5 |
| 📊 Support Hours | 24/5 |
| 💻 Trading Platforms | eToro platform |
| 💹 Account Types | Standard Retail Account |
| 💴 Base Currencies | USD |
| 🅰️ Spreads | From 1 pip EUR/USD |
| 🅱️ Leverage | 1:30 |
| 💶 Currency Pairs | 55; minor, major, exotic pairs |
| 💳 Minimum Deposit | $50 USD |
| 🚫 Inactivity Fee | 10 USD after 12 months of inactivity |
| 📌 Website Languages | English, Italian, German, etc. |
| 💰 Fees and Commissions | Spreads from 1 pip |
| 🤝 Affiliate Program | ✅Yes |
| ✖️ Banned Countries | Canada, Japan, Brazil, Turkey, North Korea, Iran, Cuba, Albania, Serbia, Sudan, and Syria |
| 📈 Scalping | None |
| 📉 Hedging | ✅Yes |
| 📊 Trading Instruments | Forex, stocks, crypto (physical), crypto CFDs, indices, commodities, ETFs |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Social trading | Withdrawal Fee |
| Low trading fees | Inactivity fee |
| Negative balance protection | Conversion fees |
| User-friendly Platform | Single base currency |
Our Insights
The Benefits of trading with eToro include excellent educational resources and an award-winning trading platform.
IC Markets
IC Markets is a powerful Forex and CFD Broker. Regulations include ASIC, CySEC, FSA, and, the SCB. Accounts offered are cTrader, Raw Spread, and, Standard. The minimum deposit is 200 USD. Notable features include:
- 24/7 Customer Support
- Multiple Copytrading Platforms
- Leverage of up to 1:500
- No Inactivity Charged
Trading Instruments include Forex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, and, Futures. Trading Platforms available are MetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, and, ZuluTrade.
| 🔎 Broker | 🥇 IC Markets |
| 📌 Year Founded | 2007 |
| 👤 Amount of Active Traders | Over 1 million |
| 📍 Publicly Traded | None |
| 🛡️ Regulation | FSA (Seychelles) |
| 🌎 Country of Regulation | Seychelles |
| 🔃 Account Segregation | ✅Yes |
| 🚨 Negative Balance Protection | ✅Yes |
| 🧾 Investor Protection Schemes | ✅Yes |
| 🅰️ Institutional Accounts | ✅Yes |
| 🅱️ Managed Accounts | None |
| 💴 Minor Account Currencies | Major and Minor |
| 💶 Minimum Deposit | 200 USD |
| ⚡ Average Deposit/Withdrawal Processing Time | Typically 1-2 business days |
| 💵 Fund Withdrawal Fee | Generally no fee |
| 🔖 Spreads From | From 0.0 pips |
| 💷 Commissions | Variable |
| 🪙 Number of Base Currencies Supported | 10+ |
| 💳 Swap Fees | ✅Yes |
| 🏷️ Leverage | Up to 1:500 |
| 🖇️ Margin Requirements | Varies |
| ☪️ Islamic Account | ✅Yes |
| 🆓 Demo Account | ✅Yes |
| 🖥️ Order Execution Time | Milliseconds |
| 💻 VPS Hosting | ✅Yes |
| 📈 CFDs Total Offered | Extensive Range |
| 📉 CFD Stock Indices | Major global indices |
| 🍎 CFD Commodities | Oil, gold, etc. |
| 📊 CFD Shares | Major global stocks |
| 💴 Deposit Options | Bank transfer, credit/debit, e-wallets |
| 💶 Withdrawal Options | Bank transfer, credit/debit, e-wallets |
| 🖥️ Trading Platforms | MetaTrader 4 (MT4), MetaTrader 5 (MT5), cTrader |
| 💻 OS Compatibility | Windows, macOS, iOS, Android |
| 🖱️ Forex Trading Tools | Advanced charting tools, etc. |
| 🥰 Live Chat Availability | ✅Yes |
| ☎️ Customer Support Contact Number | Varies by region |
| 💙 Social Media Platforms | Twitter, Facebook, LinkedIn, |
| 😎 Languages Supported | Multiple Languages |
| ✏️ Forex Course | ✅Yes |
| 📔 Webinars | ✅Yes |
| 📚 Educational Resources | ✅Yes |
| 🤝 Affiliate Program | ✅Yes |
| 🫶 Amount of Partners | Numerous global partners |
| 🫰🏻 IB Program | ✅Yes |
| ↪️ Do They Sponsor Any Notable Events or Teams | ✅Yes |
| ⭐ Rebate Program | ✅Yes |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅Pros | ❌Cons |
| Affordable forex and CFD trading costs | High minimum deposit requirement |
| Comprehensive education and research | No investor protection for non-EU customers |
Our Insights
IC Markets best suits Experienced Traders as a High Minimum deposit is required. Moreover, Active Traders will benefit from a large selection of Trading Platforms.
OANDA
OANDA is a highly regulated and well-established Forex Broker. Regulations include IIROC, ASIC, CFTC, NFA, FCA, FFAJ, JFSA, MAS, MFSA, and, BVI FSC. Standard, Core, Swap-Free, Premium, and Premium Core are the accounts offered. No minimum deposit is required. Notable features include:
- Spreads from 0.1 Pips
- Scalping and Hedging
- Affiliate Programme
Trading Instruments include Forex, Indices, Commodities, Metals, Shares, Energies, and, Cryptocurrencies. Trading Platforms include FxTrade, MetaTrader 4, and, MetaTrader 5. Moreover, a Proprietary Mobile App is available.
| 🔎 Broker | 🥇 OANDA |
| 💶 Minimum Deposit | None |
| 📌 Account Types | Standard, Elite Trader |
| 🆓 Demo Account | ✅Yes |
| 🎁 Bonus Offers | ✅Yes |
| ✏️ Education | ✅Yes |
| 📲 Mobile Trading | ✅Yes |
| 🖱️ Trading Platform | MetaTrader 4 |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Great trading platforms | Only FX and CFD available for most clients |
| Outstanding research tools | Lacking Customer Support |
| Low trading fees | Inactivity fee |
Our Insights
OANDA best suits Experienced Traders as Trading is not Commission Free and an Inactivity Fee is charged.
AvaTrade
AvaTrade is one of the highest-regulated and most trusted Forex and CFD Brokers. Regulations include ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, and, JFSA. Accounts offered are Retail, Islamic, and, Professional. The minimum deposit is 100 USD. Notable Features include:
- Access to an Affiliate Program
- Spreads from 0.6 Pips
- A Leverage of up to 1:400 on the Pro Account
Trading Instruments include Forex, Stocks, Commodities, Crypto CFDs, Treasuries, Bonds, Indices, Exchange-Traded Funds (ETFs), Options, Precious Metals, and, CFDs. Trading Platforms available are AvaTrade WebTrader, AvaOptions, AvaTradeGO, MetaTrader 4, MetaTrader 5, AvaSocial, DupliTrade, and, ZuluTrade.
| 🔎 Broker | 🥇 AvaTrade |
| 💴 Minimum Deposit | 100 USD |
| 🖱️ Account Types | Retail, Islamic, Professional |
| 🪙 Base Currencies | ZAR, USD, GBP, AUD |
| 5️⃣ Ease of Use Rating | 4/5 |
| 🎁 Bonuses | ✅ Yes, referral bonus |
| ⏰ Support Hours | 24/5 |
| 💵 Currency Pairs | 51; Major, Minor, Exotic Pairs |
| 🤝 Affiliate Program | ✅ Yes |
| 🚀 Open an Account | 👉 Click Here |
Pros and Cons
| ✅ Pros | ❌ Cons |
| 1,260+ instruments | Inactivity Fees |
| Islamic Account | Limited Deposits and Withdrawals |
Our Insights
AvaTrade best suits Established traders who will be able to benefit from the wide variety of Trading Platforms on offer. Moreover, an Inactivity Fee is charged. However, Trading with AvaTrade is commission free.
Admirals
Admirals or Admiral Markets, is a established and trusted Financial Services Provider. Regulations include FCA, ASIC, CySEC, JSC, FSCA, FSA, and, the CMA. Accounts offered are Trade.MT4, Zero.MT4, Trade.MT5, Invest.MT5, Zero.MT5, and, Bets.MT5. The Minimum deposit is 25 USD. Notable Features include:
- Access to over 80 Currency Pairs
- Spreads from 0.0 Pips
- Scalping and Hedging
Trading Instruments include ESG, Forex, Crypto CFDS, Indices, Stocks, ETFs, and, Bonds. Trading Platforms available are MetaTrader 4 and MetaTrader 5. Moreover, a Proprietary Mobile App is available.
| 🔎Broker | 🥇Admirals |
| 💴Minimum Deposit | 25 USD |
| 🎉Established Year | 2001 |
| ⏰Support Hours | 24/5 |
| 💻Trading Platforms | MetaTrader 4, MetaTrader 5, Admirals App |
| 📈Account Types | Trade.MT4, Zero.MT4, Trade.MT5, Invest.MT5, Zero.MT5, Bets.MT5 |
| 🚀 Open an Account | 👉 Click Here |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Islamic Account | Inactivity fee |
| Free Deposit and Withdrawal | No 24/7 customer service |
Our Insights
Admirals suit all traders. Benefits include excellent educational resources and dedicated customer support.
Pepperstone
Pepperstone is a popular, well-established, highly-regulated Forex and CFD Broker. Regulations include ASIC, BaFin, CMA, CySEC, DFSA, FCA, and, the SCB. Accounts offered are Standard and Razor. The Minimum deposit is AU$ 200. Notable features include:
- Spreads from 0.0 Pips
- Multilingual Website Option
- No Inactivity Fee
Trading Instruments include Forex, Commodities, Indices, Currency indices, Cryptocurrencies, Shares, and, ETFs. Trading Platforms available are TradingView, MetaTrader 4, MetaTrader 5, cTrader, and, Capitalise.ai.
| 🔎 Broker | 🥇 Pepperstone |
| 💴 Minimum Deposit | AU$200 |
| 📈 Account Types | Standard Account, Razor Account |
| 💵 Base Currencies | USD, GBP |
| 📉 Spreads | From 0.0 pips EUR/USD on the Razor Account |
| 📊 Leverage | 1:500 (Pro), 1:200 (Retail) |
| 💶 Currency Pairs | 70, minor, major, and exotic pairs |
| 🚀 Open an Account | 👉 Click Here |
Pros and Cons
| ✅ Pros | ❌ Cons |
| provides an execution model with no dealing desk | Peppertone only offers trading through two retail accounts. |
| offers trading on the globally known and preferred MetaTrader 4 and 5, together with cTrader. | Negative balance protection is only available for UK/EU clients. |
| is multi-regulated and complies with all regulations, policies, and procedures to ensure client fund safety in various jurisdictions | While commission-free, the retail account has wide spreads. |
| Traders looking to diversify their portfolios can profit from Pepperstone's provision of CFDs on indices, commodities, cryptocurrencies, and shares. | The large selection of platforms might overwhelm beginner traders. |
| offers fairly cheap spreads on various financial assets, including currency pairs, indices, commodities, and equities. | Pepperstone does not offer a proprietary trading platform. |
| Customer service has a dedicated support team that is available 24/7 | The range of educational materials and trading tools offered by Pepperstone is not as extensive as that of other brokers. |
Our Insights
Pepperstone best suits Established and Active Traders as the minimum deposit is High. Moreover, Professional Traders will benefit from the wide selection of Trading Platforms on offer.
Is Forex Trading Legal in Benin?
Forex Trading in Benin is Legal and Highly Regulated.
Who Regulates Forex Trading in Benin?
Forex Trading in Benin is Regulated by the Central Bank of West African States and administered by the West African Economic and Monetary Union the country belongs to.
In Conclusion
Forex Trading in Benin is Legal and Regulated by the Central Bank of West African States and administered by the West African Economic and Monetary Union the country belongs to.
| Broker | Review | Regulators | Min Deposit | Website | |
|---|---|---|---|---|---|
| 🥇 |  | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker |
| 🥈 |  | Read Review | FCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTC | USD 100 | Visit Broker |
| 🥉 |  | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
| 4 |  | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
| 5 |  | Read Review | ASIC, FCA, CySEC, SCB | USD 100 | Visit Broker |
| 6 |  | Read Review | FCA, FSCA, FSC, CMA | USD 200 | Visit Broker |
| 7 |  | Read Review | BVI FSC | USD 1 | Visit Broker |
| 8 |  | Read Review | CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA | USD 10 | Visit Broker |
| 9 |  | Read Review | ASIC, CySEC, FSCA, CMA | USD 100 | Visit Broker |
| 10 |  | Read Review | IFSC, FSCA, ASIC, CySEC | USD 1 | Visit Broker |
Our Insights
While reviewing the Best Forex Brokers that accept Beninois Traders, we found 6 excellent options. Each broker has its list of Benefits, ranging from multiple account types to multilingual customer support. Finding the Best Forex Broker will depend on a trader’s individual trading needs.
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Faq
Forex Trading in Benin is Legal and Regulated by the Central Bank of West African States and administered by the West African Economic and Monetary Union the country belongs to.
The Central Bank of West African States, the West African Economic and Monetary Union the country belongs to.
South Africa and Nigeria have the biggest market share in the industry.
The richest Forex Trader in Africa is George Soros.
A Demo account with a 100’000 USD Virtual Balance is available.
No inactivity Fee is charged.
An OANDA Account can be funded via credit/debit cards, wire transfers, and eWallets.
An AvaTrade Affiliate Program is offered.
Admirals provide 24/5 Customer Support.
Over 70 Currency Pairs including Major, Minor, and, Exotic.
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