6 Best Forex Brokers in Somalia
Last Update: June 26th, 2024
The 6 Best Forex Brokers in Somalia – Rated and Reviewed. We have listed the Best Forex Broker accepting Traders in Somalia.
In this in-depth guide, you will learn:
- The Best Forex Brokers in Somalia – a List
- Is Forex Trading Legal in Somalia?
- The Safest Forex Brokers in Africa
- Islamic, Swap-Free Forex Trading in Somalia
- The Best Forex Brokers for Beginners and Foreigners
and much, MUCH more!
6 Best Forex Brokers in Somalia – a Comparison
🔎 Broker | 🚀Open an Account | 🤝 Accepts Local Traders | 💷 Min. Deposit |
🥇 TMGM | 👉 Click Here | ✅Yes | 100 USD |
🥈 XM | 👉 Click Here | ✅Yes | 5 USD |
🥉 AvaTrade | 👉 Click Here | ✅Yes | 100 USD |
🏅 HYCM | 👉 Click Here | ✅Yes | 20 USD |
🎖️ FBS | 👉 Click Here | ✅Yes | 5 USD |
🥇 IC Markets | 👉 Click Here | ✅Yes | 200 USD |
6 Best Forex Brokers in Somalia (2024)
- ☑️ TMGM – Overall, the Best Forex Broker in Somalia
- ☑️ XM – Low Minimum Deposit Forex Broker
- ☑️ AvaTrade – High Somali Trust Score
- ☑️ HYCM – Best Forex Broker for Beginners
- ☑️ FBS – Best MetaTrader Forex Broker
- ☑️ IC Markets – Best Broker for Islamic, Swap-Free Forex Trading
TMGM
TMGM is a popular forex and CFD broker with access to an Islamic, Swap-Free Account. Regulations by acclaimed and trusted agencies include ASIC, FMA, and, the VFSC. Classic, Edge, IRESS Standard, IRESS Premium, and IRESS Gold are account types supported. In addition, a Demo Account is available. Notable Factors and Features include:
- 100 USD Minimum Deposit
- Multiple Base Currencies, including USD, EUR, and, AUD
- Spreads from 0.0 Pips
- Leverage of up to 1:1000
- An Inactivity Fee is Charged
- A Commission Fee is Charged
Trading instruments and Products include Forex, metals, shares, energies, crypto CFDs, and, Indices. TMGM supports MetaTrader 4, MetaTrader 5, IRESS, and, HUBx.
🔍 Broker | 🥇TMGM |
💵 Minimum Deposit | 100 USD |
4️⃣ Ease of use Rating | 4/5 |
🎁 Bonuses | None |
⏰ Support Hours | 24/7 |
🚀 Open an Account | 👉 Click Here |
Pros and Cons
✅ Pros | ❌ Cons |
Quick order execution + little slippage | Restricted Proprietary Platforms |
MT4 and MT5 | Limited Demo Account |
Our Insights
Broker Highlights include access to over 12’000 Products for trade. Moreover, excellent educational resources are available.
XM
XM is a well-established and popular Forex Services provider with a Swap-Free Option available for Muslim Traders. Regulations by acclaimed and trusted agencies include the FSCA, IFSC, ASIC, CySEC, DFSA, and, the FCA. Live Trading Accounts include Micro, Standard, Ultra-Low, and, Shares. Moreover, a Demo Account is available. Notable factors and features include:
- Multilingual Customer Support and Educational Resources
- Several trusted Deposit Options, including Credit Cards and Skrill
- 100% Deposit Bonus of up to 500 USD
- Demo and Real Competitions
- Refer a Friend Option
Trading instruments and Products include Forex, cryptocurrencies, stock CFDs, commodities, equity indices, precious metals, energies, individual shares, and, Turbo Stocks. XM supports MT4 and MT5. In addition, a proprietary mobile app is available.
🔎 Broker | 🥇 XM |
💴 Minimum Deposit | $5 USD |
🎁 Bonus Offers | ✅Yes |
📈 Account Types | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
⏰ Support Hours | 24/7 |
🆓 Demo Account | ✅Yes |
🚀 Open an Account | 👉 Click Here |
Pros and Cons
✅ Pros | ❌ Cons |
Low Minimum deposit | No social trading features available |
Unlimited Demo Account | Inactivity Fees |
Our Insights
Broker highlights include access to over 1000 Financial Instruments across several asset classes.
AvaTrade
AvaTrade is amongst the highest regulated Forex Brokers with Islamic, Swap-Free Options. Regulations by acclaimed and trusted agencies include ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, and, the JFSA. Live Trading Accounts include Retail, Professional, and, Islamic Accounts. Moreover, a Demo Account is available. Notable factors and Features include:
- Several Trusted Deposit Options, including PayPal and WebMoney
- Occasional Bonus Offers and Promotions
- 24/5 Customer Support
- Copy and Social Trading via AvaSocial and DupliTrade
- Spreads from 0.6 Pips
- An Inactivity Fee is Charged
- Zero Commissions
Trading Instruments include Forex, Stocks, Commodities, Crypto CFDs, Treasuries, Bonds, Indices, Exchange-Traded Funds (ETFs), Options, Precious Metals, and, CFDs. AvaTrade supports 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 |
Over 1,260 instruments | Inactivity fees on dormant accounts |
Fixed spreads from 0.6 pips on the Pro Account | The demo account is available for 21 days |
Islamic Account | Deposit and withdrawal options are limited |
There is a free demo account available | Leverage is capped at 1:30 for retail accounts |
Our Insights
Broker Highlights include several educational resources, including a Blog, Video Lessons, and, Instructional Materials.
HYCM
HYCM is a popular and trusted Forex and CFD Broker with access to Islamic, Swap-Free trading. Regulations by acclaimed and trusted agencies include FCA, CySEC, CIMA, and, the DFSA. Live Trading accounts include Fixed, Classic, Raw, and, Islamic, Swap-Free options. Moreover, a Demo Account is available. In addition, notable Factors and Features include:
- 24/5 Customer Support
- Multiple Base Currencies, including USD and EUR
- Spreads from 0.1 Pips
- Leverage of up to 1:500
- Over 60 Currency Pairs, including Major, minor, and Exotic
- Low 20 USD Minimum Deposit
Trading instruments and Products include Forex, metals, energies, commodities, indices, stocks, and, Cryptocurrencies.HYCM supports MT4 and MT5. Moreover, a Proprietary Mobile App is available.
🔎 Broker | 🥇 HYCM |
📈 Regulation and Licenses | FCA, CySEC, CIMA, DFSA |
📉 Ease of Use | 4/5 |
📊 Support Hours | 24/5 |
💹 Trading Platforms | MetaTrader 4, MetaTrader 5, HYCM trader |
📌 Account Types | Fixed, Classic, Raw |
💰 Base Currencies | USD, EUR, GBP, AED, JPY |
🅰️ Spreads | From 0.1 pips |
🅱️ Leverage | Up to 1:500 |
🚀Open an Account | Open Account |
Pros and Cons
✅ Pros | ❌ Cons |
Regulated by respectable agencies | Charges inactivity fees |
Good range of instructional resources | Research services can appear basic |
Narrow spreads on main Forex pairings | Neither copy nor social trading is currently accessible |
Our Insights
Broker highlights include Narrow Spreads on the main Forex Pairing. Moreover, it provides a wide range of Instructional resources.
FBS
FBS is a trusted and highly regulated Forex Services Provider. Regulations by acclaimed and trusted agencies include IFSC, CySEC, ASIC, and, the FSCA. Live Trading Accounts include Retail and Islamic, Swap-Free Accounts. Moreover, a Demo Account is available. In addition, notable Factors and Features include:
- Low 5 USD Minimum Deposit
- 24/7 Customer Support
- Spreads from 0.7 Pips
- Leverage of up to 1:3000
- Access to over 70 Currency Pairs
- No Inactivity Fee is Charged
- Multilingual Customer Support
Trading instruments and Products include Forex, Precious Metals, Indices, Energies, Stocks, and, Crypto CFDs. FBS supports MT4 and MT5. In addition, a Proprietary Mobile App is available.
🔎 Broker | 🥇 FBS |
💴 Minimum Deposit | 5 USD |
💵 Inactivity Fee | None |
🤝 Affiliate Program | ✅Yes |
4️⃣ Ease of Use Rating | 4/5 |
📐 Trading Instruments | Forex, Precious Metals, Indices, Energies, Stocks, Crypto CFDs |
🚀 Open an Account | 👉 Click Here |
Pros and Cons
✅Pros | ❌Cons |
Minimum deposit - $5 | High leverage may be daunting |
Leverage of up to 1:3000 | High leverage carries an increased risk of loss |
Commission-free trading | Lack of fixed spread options |
Our Insights
Broker Highlights include low fees on stock and index CFDs.
IC Markets
IC Markets is a standout Forex, CFD, and, Financial Services Provider. Regulations by acclaimed and trusted agencies include ASIC, CySEC, FSA, and, the SCB. Live Accounts include cTrader, Raw, Standard, and, Islamic, Swap-Free Accounts. Moreover, a Demo Account is available. In addition, notable Factors and Features include:
- 24/7 Customer Support
- 200 USD Minimum Deposit
- Copy and Social Trading
- Multiple Base Currencies, including EUR, NZD, and, CAD
- Spreads from 0.0 Pips
- Leverage of up to 1:500
- Access to over 60 Currency Pairs
Trading instruments and Products include Forex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, and, Futures. IC Markets support MetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, and, ZuluTrade.
🔎 Broker | 🥇 IC Markets |
💴 Minimum Deposit | 200 USD |
💵 Inactivity Fee | None |
📌 Regulation and Licenses | ASIC, CySEC, FSA, SCB |
5️⃣ Ease of Use Rating | 5/5 |
🎁 Bonuses | None |
⏰ Support Hours | 24/7 |
🚀 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
Broker Highlights include various instructional tools, including trading knowledge articles, video tutorials, and, webinars.
Is Forex Trading Legal in Somalia?
Forex Trading in Somalia is not explicitly prohibited. Moreover, it falls under the Central Bank of Somalia (CBS) regulatory authority.
In Conclusion
The popularity of Forex Trading in Somalia has seen a notable rise amongst Young Somali Professionals. Moreover, it is governed by the Central Bank of Somalia (CBS) regulatory authority. In addition, multiple International Forex Brokers accept Somali Traders.
Broker | Review | Regulators | Min Deposit | Website | |
---|---|---|---|---|---|
🥇 | ![]() | Read Review | ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA | USD 100 | Visit Broker |
🥈 | ![]() | Read Review | FSCA, IFSC, ASIC, CySEC, DFSA, FCA | USD 5 | Visit Broker |
🥉 | ![]() | Read Review | FCA, FSCA, FSC, CMA | USD 10 | Visit Broker |
4 | ![]() | Read Review | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | USD 200 | Visit Broker |
5 | ![]() | Read Review | FCA, CySEC, FSCA, SCB | USD 100 | Visit Broker |
6 | ![]() | Read Review | CySEC, MISA, FSCA | USD 25 | Visit Broker |
7 | ![]() | Read Review | CySEC, FCA, FSA, FSCA, Labuan FSA | USD 100 | 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 Somali 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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Forex Trading in Somalia is not explicitly prohibited. Moreover, it falls under the Central Bank of Somalia (CBS) regulatory authority.
The Central Bank of Somalia (CBS).
The Somali Shilling.
Forex, Stocks, Precious Metals, Cryptocurrencies, energy, and, Indexes.
Micro, Standard, Ultra-Low, and, Shares Accounts. Moreover, an Islamic, Swap-Free option is available to Muslim Traders.
The South African Rand, the United States Dollar, the Great British Pound, and, the Australian Dollar.
An inactivity fee of 10 USD is charged after three months of account inactivity.
The FBS Minimum Deposit is 5 USD.
24/7 Customer Support is available.