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6 Best Forex Brokers in Somalia

Last Update: June 26th, 2024

Somalia

 

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

 

6 Best Forex Brokers in Somalia – a Comparison

 

🔎 Broker🚀Open an Account🤝 Accepts Local Traders💷 Min. Deposit
🥇 TMGM👉 Click Here✅Yes100 USD
🥈 XM👉 Click Here✅Yes5 USD
🥉 AvaTrade👉 Click Here✅Yes100 USD
🏅 HYCM👉 Click Here✅Yes20 USD
🎖️ FBS👉 Click Here✅Yes5 USD
🥇 IC Markets👉 Click Here✅Yes200 USD

 

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 Review

 

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 Deposit100 USD
4️⃣ Ease of use Rating4/5
🎁 BonusesNone
⏰ Support Hours24/7
🚀 Open an Account👉 Click Here

 

TMGM Review

 

Pros and Cons

 

✅ Pros❌ Cons
Quick order execution + little slippageRestricted Proprietary Platforms
MT4 and MT5Limited Demo Account

 

Our Insights

Broker Highlights include access to over 12’000 Products for trade. Moreover, excellent educational resources are available.

 

XM Review

 

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 TypesMicro Account, Standard Account, XM Ultra-Low Account, Shares Account
⏰ Support Hours24/7
🆓 Demo Account✅Yes
🚀 Open an Account
👉 Click Here

 

XM Overview

 

Pros and Cons

 

✅ Pros❌ Cons
Low Minimum depositNo social trading features available
Unlimited Demo AccountInactivity Fees

 

Our Insights

Broker highlights include access to over 1000 Financial Instruments across several asset classes.

 

AvaTrade Review New

 

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 Deposit100 USD
🖱️ Account TypesRetail, Islamic, Professional
🪙 Base CurrenciesZAR, USD, GBP, AUD
5️⃣ Ease of Use Rating4/5
🎁 Bonuses✅ Yes, referral bonus
⏰ Support Hours24/5
💵 Currency Pairs51; Major, Minor, Exotic Pairs
🤝 Affiliate Program✅ Yes
🚀 Open an Account
👉 Click Here

 

AvaTrade Overview

 

Pros and Cons

 

✅ Pros❌ Cons
Over 1,260 instrumentsInactivity fees on dormant accounts
Fixed spreads from 0.6 pips on the Pro AccountThe demo account is available for 21 days
Islamic AccountDeposit and withdrawal options are limited
There is a free demo account availableLeverage 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 Review

 

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 LicensesFCA, CySEC, CIMA, DFSA
📉 Ease of Use4/5
📊 Support Hours24/5
💹 Trading PlatformsMetaTrader 4, MetaTrader 5, HYCM trader
📌 Account TypesFixed, Classic, Raw
💰 Base CurrenciesUSD, EUR, GBP, AED, JPY
🅰️ SpreadsFrom 0.1 pips
🅱️ LeverageUp to 1:500
🚀Open an AccountOpen Account

 

HYCM

 

Pros and Cons

 

✅ Pros❌ Cons
Regulated by respectable agenciesCharges inactivity fees
Good range of instructional resourcesResearch services can appear basic
Narrow spreads on main Forex pairingsNeither 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 Review

 

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 Deposit5 USD
💵 Inactivity FeeNone
🤝 Affiliate Program✅Yes
4️⃣ Ease of Use Rating4/5
📐 Trading InstrumentsForex, Precious Metals, Indices, Energies, Stocks, Crypto CFDs
🚀 Open an Account
👉 Click Here

 

FBS Review

 

Pros and Cons

 

✅Pros❌Cons
Minimum deposit - $5High leverage may be daunting
Leverage of up to 1:3000High leverage carries an increased risk of loss
Commission-free tradingLack of fixed spread options

 

Our Insights

Broker Highlights include low fees on stock and index CFDs.

 

IC Markets Review

 

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 Deposit200 USD
💵 Inactivity FeeNone
📌 Regulation and LicensesASIC, CySEC, FSA, SCB
5️⃣ Ease of Use Rating5/5
🎁 BonusesNone
⏰ Support Hours24/7
🚀 Open an Account👉 Click Here

 

IC Markets

 

Pros and Cons

 

✅Pros❌Cons
Affordable forex and CFD trading costsHigh minimum deposit requirement
Comprehensive education and researchNo investor protection for non-EU customers

 

Our Insights

Broker Highlights include various instructional tools, including trading knowledge articles, video tutorials, and, webinars.

 

Forex in Somalia

 

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.

 

Is Forex Trading Legal in Somalia

 

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.

 

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSAUSD 100Visit Broker >>
🥈Read ReviewFMA, FSAUSD 50Visit Broker >>
🥉Read ReviewFSCA, CySEC, DFSA, FSA, CMAUSD 0Visit Broker >>
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker >>
5Read ReviewFCA, CySEC, FSCA, SCBUSD 100Visit Broker >>
6Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker >>
7Read ReviewCySEC, FCA, FSA, FSCA, Labuan FSAUSD 100Visit Broker >>
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker >>
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker >>
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit 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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FAQs

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.

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