5 Best Forex Brokers in Ethiopia
The 5 Best Forex Brokers in Ethiopia – Rated and Reviewed. We have listed the Best Forex Brokers accepting Traders in Ethiopia.
In this in-depth guide, you will learn:
- The Best Forex Brokers in Ethiopia – a List
- The Top Forex Brokers in Africa for Ethiopian Traders
- Is Forex Trading Legal in Ethiopia?
- Which forex broker is the best in Ethiopia?
-
Is forex trading allowed in Ethiopia?
- The Best Forex Broker for Beginners
- The Leading MetaTrader Forex Brokers
and much, MUCH more!
5 Best Forex Brokers in Ethiopia – a Comparison
| 🔎 Broker | 🚀Open an Account | 🤝 Accepts Ethiopian Traders | 💷 Min.Deposit (ETB) |
| 🥇 eToro | 👉 Click Here | ✅Yes | 571,00 |
| 🥈 Interactive Brokers | 👉 Click Here | ✅Yes | None |
| 🥉 Saxo | 👉 Click Here | ✅Yes | None |
| 🏅 IC Markets | 👉 Click Here | ✅Yes | 11420,00 |
| 🎖️ Pepperstone | 👉 Click Here | ✅Yes | 7595,44 |
5 Best Forex Brokers in Ethiopia (2024)
- ☑️ eToro – Overall, the Best Forex Broker in Ethiopia
- ☑️ Interactive Broker – Best Overall Offering
- ☑️ Saxo – High User Trust Score and Regulation
- ☑️ IC Markets – Leading MetaTrader Forex Broker
- ☑️ Pepperstone – Best Online Trading Experience
eToro
eToro is a powerful and well-established Forex and CFD Broker. Moreover, Regulations include CySEC, FCA, ASIC, FSA, NFA, FinCEN, FINRA, and, SIPC. In addition, a Standard Retail Account is offered. Moreover, a Demo Account is available. The minimum deposit is 10 USD. Notable features include:
- Cryptocurrency Trading
- Social and Copy Trading
- Hedging
Trading Instruments include Forex, stocks, crypto (physical), crypto CFDs, indices, commodities, and, ETFs. Furthermore, a Proprietary Trading Platform is supported.
| 🔎 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 |
| User-friendly Platform | Conversion fees |
Our Insights
The benefits of trading with eToro include access to a wide range of tradable assets. Moreover, Social Trading is available.
Interactive Brokers
Interactive Brokers is a popular trading platform for experienced traders and investors. Regulations include FINRA, IIROC, FCA, CSSF, CBI, MNB, ASIC, SFC, and, MAS. In addition, accounts include IBKR Lite and IBKR Pro. Moreover, a Demo Account is available. No minimum deposit is required. Notable Features include:
- Multiple Proprietary Trading Platforms
- 8 Base Currencies
- Over 100 Currency Pairs
Trading Instruments include Forex, stocks, ETFs, options, futures, indices, mutual funds, cryptocurrencies, metals, and, bonds. Furthermore, Interactive Brokers support IBKR Trader WorkStation, IBKR Desktop, IBKR Mobile, IBKR GlobalTrader, IBKR Client Portal, IBKR APIs, and, IBKR Impact.
| 🔎 Broker | 🥇 Interactive Brokers |
| 💴 Min. Deposit | None |
| 💶 Inactivity Fee | None |
| 📈 Tradable Assets | Forex, Metals, Futures, ETFs |
| 🪙 Crypto Trading | ✅Yes |
| 📉 MT4 / MT5 | None |
| 📊 Proprietary Platforms | ✅Yes |
| 📲 Mobile App | ✅Yes |
| 🤝 Customer Support | 24/7 |
| ✏️ Education | ✅Yes |
| 📍 Account Types | IBKR Pro and Lite |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Low commissions and fees | Intimidating Platform |
| Excellent educational materials | Complex tiered pricing plans |
| Reliable trade execution | Lacking Customer Support |
Our Insights
The benefits of trading with Interactive Brokers include Highly competitive commissions and margin rates.
Saxo
Saxo is amongst the highest regulated Financial Services Providers. Regulations include the Dutch Central Bank and Authority for Financial Markets in the Netherlands. Accounts available are Classic, Platinum, and, VIP. Moreover, a Demo Account is available. Notable features include:
- An Affiliate Program
- No Inactivity Fee is charged
- Over 180 Currencies Pairs
Trading Instruments include Forex, CFDs, stocks, commodities, futures, FX options, listed options, ETFs, bonds, and, mutual funds. Saxo Supports SaxoTraderGO and SaxoTraderPro.
| 🔎 Broker | 🥇 Saxo Bank |
| 📌 Year Founded | 1992 |
| 👤 Amount of staff | Approximately 2,000 |
| 👥 Amount of active traders | Over 800,000 |
| 📍 Publicly Traded | ✅Yes |
| ⭐ Regulation and Security | Very High |
| 🛡️ Regulation | FSA FCA |
| 📈 Account Segregation | ✅Yes |
| 📉 Negative balance protection | ✅Yes |
| 📊 Investor Protection Schemes | ✅Yes |
| 💹 Account Types and Features | SaxoTraderGO, SaxoTraderPRO |
| 🅰️ Institutional Accounts | Available |
| 🅱️ Managed Accounts | Available |
| 💴 Minor account currencies | ✅Yes |
| 💶 Minimum Deposit | Varies by account type and region |
| ⏰ Avg. deposit processing time | Typically 1-2 business days |
| ⏱️ Avg. Withdrawal processing time | Typically 1-2 business days |
| 💵 Fund Withdrawal Fee | No standard fee, may vary depending on method |
| 💷 Spreads from | 0.4 pips (varies by instrument and market conditions) |
| 💳 Commissions | Variable, depending on account type and trading volume |
| 💸 Number of base currencies | Over 40 |
| 💲 Swap Fees | Varies depending on account type and instrument |
| ▶️ Leverage | Up to 1:200 (varies by asset class and jurisdiction) |
| ⏹️ Margin requirements | Varies by asset class |
| ☪️ Islamic account | Available |
| 🆓 Demo Account | ✅Yes |
| ⌚ Order Execution Time | Typically milliseconds to seconds |
| 🖥️ VPS Hosting | Available |
| 📊 CFDs Total Offered | Thousands |
| 📉 CFD Stock Indices | ✅Yes |
| 🍎 CFD Commodities | ✅Yes |
| 📈 CFD Shares | ✅Yes |
| 💴 Deposit Options | Bank transfer, credit/debit cards, e-wallets |
| 💶 Withdrawal Options | Bank transfer, credit/debit cards, e-wallets |
| 💻 Trading Platforms | SaxoTraderGO, SaxoTraderPRO |
| 🖱️ OS Compatibility | Windows, macOS, iOS, Android |
| ⚙️ Forex trading tools | Advanced charting, research tools, trading signals |
| 🥰 Customer Support | Very Responsive |
| 🗯️ Live chat | ✅Yes |
| 💌 Support Email | Varies by Region |
| ☎️ Support Contact | Varies by Region |
| 🐦 Social media | Facebook, Twitter, |
| 🔖 Languages | Multiple languages including English, Danish, German, etc. |
| 🏷️ Forex course | ✅Yes |
| ✏️ Webinars | ✅Yes |
| 📔 Educational Resources | Yes (includes articles, videos, and courses) |
| 🫰🏻 Affiliate program | ✅Yes |
| 🫶 Amount of partners | Numerous |
| 🤝 IB Program | ✅Yes |
| 🌟 Sponsor notable events/teams | Various |
| 💰 Rebate program | ✅Yes |
| 😊 Suited to Beginners | ✅Yes |
| 😎 Suited to Professionals | ✅Yes |
| ♒ Suited to Active Traders | ✅Yes |
| 💡 Suited to Scalpers | ✅Yes |
| 🌞 Suited to Day Traders | ✅Yes |
| 🚀Open an Account | 👉 Click Here |
Pros and Cons
| ✅ Pros | ❌ Cons |
| Instructional resources | High Fees when Compared |
| Multiple Trading Platforms | Futures and options - complicated cost structures |
Our Insights
The benefits of Trading with Saxo include Multilingual Customer Support.
IC Markets
IC Markets is a Powerful Forex and CFD Broker. Regulations include ASIC, CySEC, FSA, and, the SCB. Accounts include cTrader, Raw Spread, and, Standard. Moreover, a Demo Account is available. Furthermore, the minimum deposit is 200 USD. Notable features include:
Trading Instruments include Forex, Commodities, Indices, Bonds, Cryptocurrencies, Stocks, and, Futures. Moreover, IC Markets support MetaTrader 4, MetaTrader 5, cTrader, IC Social, Signal Start, and, ZuluTrade. In addition, Copy Trading is supported.
| 🔎 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 |
| Ultra-tight spreads from 0.0 pips | Regulated only by FSA (Seychelles) |
| Supports MT4, MT5, cTrader, TradingView | No cent accounts |
| Leverage up to 1:1000 | Overnight holding fee on Islamic accounts |
| No deposit or inactivity fees | Some features/platforms may be complex for beginners |
| Broad asset selection & copy trading options | Limited stock CFD offering compared to equity brokers |
Our Insights
The Benefits of trading with IC Markets include low pricing and several trading platforms.
Pepperstone
Pepperstone is a highly-regulated Australian Financial Services provider. In addition to ASIC, regulations include BaFin, CMA, and, CySEC. The Accounts available are Standard and Razor. Moreover, a Demo Account is available. Furthermore, The minimum deposit is AU$200. Notable features include:
- TradingView integration
- Spreads from 0.0 Pips
- Leverage of up to 1:500
Trading Instruments include Forex, commodities, indices, currency indices, cryptocurrencies, shares, and, ETFs. Moreover, Pepperstone supports 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 |
| Pepperstone provides responsive and friendly customer service that is available 24/7 | While trading fees are low, the costs of holding positions overnight can be significant |
| Traders are not charged for account inactivity | Transfers: International bank transfers have a $20 fee |
| There is a lot of educational content available to traders of all skill levels | The variety of platforms and advanced technologies can be overwhelming for novices |
| New users should expect a quick and easy account setup process | Pepperstone is not available in some countries, including the United States |
| Most deposit and withdrawal methods are free of charge, which increases the cost-effectiveness of trading with Pepperstone | Some customers may find Pepperstone's MetaTrader platform too simple in terms of appearance and use |
Our Insights
The Benefits of trading with Pepperstone include 24/7 Customer Support. In addition, Customer Support is Multilingual.
Is Forex Trading Legal in Ethiopia?
Forex Trading in Ethiopia is Regulated and Legal.
The National Bank of Ethiopia
The National Bank of Ethiopia is the central bank of Ethiopia. Moreover, it is amongst Africa’s strongest and most reputable central banks.
In Conclusion
Forex Trading in Ethiopia is Legal. In addition, it is regulated by the National Bank of Ethiopia. Moreover, several International Brokers accept Local Traders.
Our Insights
While reviewing the Best Forex Brokers that accept Ethiopian Traders, we found 5 excellent options. In addition, each broker has its list of Benefits. Moreover, benefits will range from multiple account types to multilingual customer support. Furthermore, finding the Best Forex Broker will depend on a trader’s individual trading needs.
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Faq
Forex Trading in Ethiopia is Legal and Regulated.
The National Bank of Ethiopia.
The Ethiopian Birr.
Regulations include CySEC, FCA, and, ASIC.
The United States Dollar.
Commission Fees are charged.
Scalping and Hedging are allowed.
18 Base Currencies.
No minimum deposit is required.
Regulations include ASIC, CySEC, and, the SCB.
No inactivity Fee is charged.
Standard and Razor.
An affiliate Program is available.
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