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

 

 

6 Best Forex Brokers in Somalia (2024)

 

1. ☑️ TMGM – Overall, the Best Forex Broker in Somalia
2. ☑️ XM – Low Minimum Deposit Forex Broker
3. ☑️ AvaTrade – High Somali Trust Score
4. ☑️ HYCM – Best Forex Broker for Beginners
5. ☑️ FBS – Best MetaTrader Forex Broker
6. ☑️ 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.

 

 

 

Pros and Cons

 

 

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.

 

 

 

Pros and Cons

 

 

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.

 

 

 

Pros and Cons

 

 

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.

 

 

 

Pros and Cons

 

 

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.

 

 

 

Pros and Cons

 

 

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.

 

 

 

Pros and Cons

 

 

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.

 

 

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.

 

You might also like:

 

• TMGM Review
• XM Review
• AvaTrade Review
• HYCM Review
• FBS Review
• IC Markets Review