Best Forex Brokers To Trade With in Somalia for 2021

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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 – 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

We decided to do all the hard work for you and guide you through the all the noise of the financial betting market. Our team of expert analysts, has created a unique collection of forex broker reviews, based on various criteria and data points for you to choose from.

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.

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: 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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA(OctaFX.com), Cysec (OctaFX.eu)	Leverage: 1:500	Trading Platforms: MT4, MT5, cTrader
	Min. Deposit: $/€/£ 25	Spreads: Low as 0.4 pips	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FCA , ASIC,CYSEC, BAFIN,CMA,DFSA,SCB	Leverage: 1:30	Trading Platforms: MT4,MT5, cTrader
	Min. Deposit: $200	Spreads: Floating from 0.0	Trading Instruments: 1000+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: N/A	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $250	Spreads: Floating	Trading Instruments: 200+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: CySEC, IFSC, ASIC	Leverage: *1:30 Max for EU clients**	Trading Platforms: MT4, MT5, Mobile App
	Min. Deposit: $5	Spreads: Low as 0.1 pips	Trading Instruments: 250+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA, FSA	Leverage: 1:100	Trading Platforms: MT5
	Min. Deposit: $5	Spreads: Floating from 1.4	Trading Instruments: 8 Asset Classes
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill, Crypto
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: IFSC	Leverage: 1:777	Trading Platforms: MT4,cTrader
	Min. Deposit: $50	Spreads: Floating from 0.6	Trading Instruments: 50+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA	Leverage: 1:200	Trading Platforms: MT4, Sirix
	Min. Deposit: $250	Spreads: Start from 2.0	Trading Instruments: 1000+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform,MT5
	Min. Deposit: $250	Spreads: Floating	Trading Instruments: 10,000+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: ASIC	Leverage: 1:500	Trading Platforms: MT4,MT5
	Min. Deposit: 200 AUD	Spreads: Floating from 1	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $250	Spreads: Floating	Trading Instruments: 10,000+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $5,000	Spreads: Floating	Trading Instruments: 500+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $2,500	Spreads: Floating	Trading Instruments: 1,500+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: CySEC, FCA, ASIC	Leverage: 1:30	Trading Platforms: OpenBook and WebTrader
	Min. Deposit: $/€/£ 200	Spreads: Variable	Trading Instruments: 250+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $250	Spreads: Floating	Trading Instruments: 500+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSC	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $5,000	Spreads: Floating	Trading Instruments: 1,500+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $250	Spreads: Floating	Trading Instruments: 1,500+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA	Leverage: 1:400	Trading Platforms: MT4,Cloud Trade
	Min. Deposit: $100	Spreads: Floating from 1.6	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $250	Spreads: Floating	Trading Instruments: 1,500+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA	Leverage: 1:400	Trading Platforms: MT4
	Min. Deposit: $200	Spreads: Floating from 1.5	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: SVGFSA	Leverage: 1:400	Trading Platforms: Propriety Platform
	Min. Deposit: $1,000	Spreads: Floating	Trading Instruments: 1,200+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: N/A	Leverage: 1:500	Trading Platforms: Propriety Platform
	Min. Deposit: $250	Spreads: Floating	Trading Instruments: 10,000+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA	Leverage: 1:500	Trading Platforms: MT4
	Min. Deposit: $0	Spreads: Floating from 1.6	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA	Leverage: 1:200	Trading Platforms: MT4 , MT5
	Min. Deposit: R2,000	Spreads: Floating from 1.6	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: CySEC,FCA,FSA	Leverage: 1:2000	Trading Platforms: MT4
	Min. Deposit: $1	Spreads: Floating from 1.0	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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+
	Customer Support: 24/5	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA, FCA, CySEC, FSC	Leverage: 1:1000	Trading Platforms: MT4,MT5
	Min. Deposit: $10	Spreads: Floating from 0.1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: ASIC, FCA, CySEC	Leverage: 1:1000	Trading Platforms: MT4,MT5
	Min. Deposit: $100	Spreads: Floating from 0.1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: CySEC , FCA , FSA	Leverage: 1:1000	Trading Platforms: MT4,MT5
	Min. Deposit: $100	Spreads: Floating from 1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FCA,FSA, FSCA, CySEC	Leverage: 1:500	Trading Platforms: MT4,MT5
	Min. Deposit: $5	Spreads: Floating from 0.1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: VFSC	Leverage: 1:200	Trading Platforms: MT4,MT5
	Min. Deposit: $250	Spreads: Floating from 0.1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: ASIC	Leverage: 1:200	Trading Platforms: MT4
	Min. Deposit: $200	Spreads: Floating from 1.5	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSC , CySEC , FSA	Leverage: 1:1000	Trading Platforms: MT4,MT5
	Min. Deposit: $100	Spreads: Raw Spreads from 0.0	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: BVI, CySEC, LFSA	Leverage: 1:400	Trading Platforms: MT4,MT5
	Min. Deposit: $1	Spreads: Floating from 1.9	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: ASIC	Leverage: 1:500	Trading Platforms: MT4,MT5
	Min. Deposit: $200	Spreads: Floating from 0.1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FCA, ASIC	Leverage: 1:500	Trading Platforms: MT4, MT5, ThinkTrader
	Min. Deposit: $250	Spreads: Floating from 0.0	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA	Leverage: 1:500	Trading Platforms: MT4
	Min. Deposit: $250	Spreads: Floating from 1.6	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: IFMRRC	Leverage: 1:1000	Trading Platforms: MT4,MT5
	Min. Deposit: $50	Spreads: Floating from 0.1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FCA, ASIC	Leverage: 1:500	Trading Platforms: MT4,MT5
	Min. Deposit: $0	Spreads: Floating from 0.0	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FCA, FSCA, ASIC, FSA	Leverage: 1:50	Trading Platforms: MT4, IG Trading Platform
	Min. Deposit: $0	Spreads: Floating from 0.1	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: UK, FCA, ASIC, MAS, CySEC	Leverage: 1:30	Trading Platforms: Plus500 trading platform
	Min. Deposit: $100	Spreads: Floating from 0.0	Trading Instruments: 1000+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: FSCA	Leverage: 1:500	Trading Platforms: MT4,MT5
	Min. Deposit: $0	Spreads: Floating from 1.5	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: Unregulated	Leverage: 1:200	Trading Platforms: MT4
	Min. Deposit: $10	Spreads: Floating from 2	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
Open Account


Review	Regulated by: Unregulated	Leverage: 1:500	Trading Platforms: MT4
	Min. Deposit: $15	Spreads: Floating from 1.6	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Only Bitcoin
Open Account


Review	Regulated by: FSA	Leverage: 1:500	Trading Platforms: MT4
	Min. Deposit: $10	Spreads: Floating from 1.6	Trading Instruments: 250+
	Customer Support: 24/7	Deposit Methods: Bank Transfer, Visa, Mastercard, Maestro, Neteller, Skrill
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.

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.