Best Forex Brokers To Trade With in Somalia for 2020
Forex Trading In Somalia
As with most countries in Africa, forex trading has seen a significant increase in popularity across Somalia over the past few years. Although forex trading is illegal and banned in Somalia, it is considered a grey area as many retail brokers located outside of Somalia offer their retail services to the and local residents.
Therefore, local Somalis are advised to trade with a broker who is authorized by the Central Bank of Somalia –Â https://centralbank.gov.so/
If you want to learn more about forex trading and how it works , click here to visit our Beginners Guide to Forex.
Featured Forex Brokers
XM
FPMarkets
Markets.com
CMTrading
IQOption
Forex Regulation in Somalia
The Central Bank of Somalia (CBS) is the regulatory body for all financial services and activities in Somalia. It was established in 1960 in the city of Mogadishu. Nevertheless, it is not required to get authorization from the Central Bank of Somalia, in order to offer financial services and forex trading to the residences of Somalia.Â
However, it is advised to choose a regulated broker with a Tier 1 license like Cysec, FCA, FSCA or ASIC to make sure your funds are protected.
Best Forex Brokers In Somalia
 Review | Regulated by: CySEC, FCA, ASIC | Leverage: 1:500 | Trading Platforms: MT4, MT5, Mobile App |
| Min. Deposit: $100 | Spreads: Low as 0.1 pips | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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 Review | Regulated by: ASIC, CySEC | Leverage: 1:500 | Trading Platforms: MT4, MT5, IRESS, and WebTrader |
| Min. Deposit: $/€/£ 100 | Spreads: Ultra Tight from 0.0 pips | Trading Instruments: 13,000+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: FSCA,FCA,CySEC,ASIC | Leverage: 1:300 | Trading Platforms: MT4,MT5 |
| Min. Deposit: $250 | Spreads: Floating from 0.5 | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: FSCA | Leverage: 1:200 | Trading Platforms: MT4, Sirix |
| Min. Deposit: $250 | Spreads: Start from 2.0 | Trading Instruments: 1000+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: CySec | Leverage: 1:1000 | Trading Platforms: In-House Platform |
| Min. Deposit: $/€/£ 10 | Spreads: Floating from 1 pip | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: ASIC, JFSA, FSCA | Leverage: 1:400 | Trading Platforms: AvaTradeGo, MT4, DupliTrade, ZuluTrade |
| Min. Deposit: $/€/£ 250 | Spreads: Floating from 1 pip | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: MSFA, BaFin, FCA | Leverage: 1:100 | Trading Platforms: MT4, MT5 |
| Min. Deposit: $500 | Spreads: Low as 1.2 pips | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: CySec | Leverage: 1:500 | Trading Platforms: MT4, MT5, cTrader |
| Min. Deposit: $/€/£ 50 | Spreads: Low as 0.4 pips | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: ASIC | Leverage: 1:500 | Trading Platforms: MT4, MT5, cTrader, ZuluTrader |
| Min. Deposit: $/€/£ 200 | Spreads: Low as 0.0 pips | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: CySEC, FCA, ASIC | Leverage: 1:30 | Trading Platforms: OpenBook and WebTrader |
| Min. Deposit: $/€/£ 200 | Spreads: Variable | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: FCA | Leverage: 1:30 | Trading Platforms: MT4 and xStation5 |
| Min. Deposit: $/€/£ 250 | Spreads: Low as 0.1 pips | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: IFC | Leverage: 1:500 | Trading Platforms: Olymp Trade WebTrader |
| Min. Deposit: $/€/£ 10 | Spreads: Low as 0.0 pips | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: FSCA | Leverage: 1:500 | Trading Platforms: MT4, SocialCopy Trade |
| Min. Deposit: No min Deposit | Spreads: Low as 1.6 pips | Trading Instruments: 250+ |
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| Customer Support: 24/5 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
 Review | Regulated by: FSCA | Leverage: 1:500 | Trading Platforms: MT4 |
| Min. Deposit: $250 | Spreads: Floating from 1.6 | Trading Instruments: 250+ |
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| Customer Support: 24/7 | Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill |
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| Open Account | |||
Methodology
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.Â
Our reviews are a combination of data research and working along side with the brokers. All information povided by the brokers are double checked to guarantee 100% accuracy and that we remain unbiased.
Read more about our methodology and how we do our tests and reviews here.Â