Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best ECN Brokers in Africa for 2024. Five companies that enjoy huge popularity in Africa were selected and compared between each other.
1
TeleTrade - Best in Africa for 2024
TeleTrade offers its clients rather enticing trading conditions. The minimum trade volume is 0.01 lots for all trading accounts, and the minimum spread is 0.2 pips. The minimum deposit is $10. The company's clients can trade on three types of real accounts, as well as copy trades of experienced traders. The broker offers wide range of financial instruments: in addition to currency pairs, you can trade indices and cryptocurrencies.
2
FreshForex - Best in Africa for 2024
Trading conditions at FreshForex are fairly comfortable for both novice and experienced traders. The trader can determine the minimum deposit amount independently, regardless of the type of account. The leverage is 1:25 - 1: 2000.
3
Tickmill - Best in Africa for 2024
Trading conditions are suitable for both novice traders and professionals. The broker offers several account types. The broker does not charge fees on its Classic account, which is a good option for novice traders, with a transparent spread. Raw and professional ECN accounts with near-zero spread, instant order execution, and a fixed fee per lot. These accounts are suitable for those who work with large trading volumes and use high-frequency trading strategies. The minimum deposit for Classic and Pro accounts is $100, regardless of the trader’s jurisdiction.
Leverage depends on the broker’s subdivision. In Europe, the conditions are more stringent. Leverage for retail clients is up to 1:30, depending on the asset type. It can increase up to 1:300 only once the "Qualified/Professional" status is obtained. For traders of other jurisdictions, the conditions are more loyal. Leverage is up to 1:500, regardless of the status. Almost any assets, except for ETFs and derivatives, are available for trading (exception: futures are available in the UK). Payment methods include bank systems and e-wallets. Cryptocurrency deposits are available for traders outside Europe.
4
InstaForex - Best in Africa for 2024
Trading conditions depend on the regulation of the broker:
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FSC. The conditions are more loyal here. With a $1 deposit you can open positions on almost any asset with leverage of up to 1:1000. This broker also offers PAMM accounts and a social trading service. This means that clients invest money in traders and their signals, traders in their turn are successful in trading and earn on fees as well.
Note how the lot volume is being calculated. In the FAQs, you can find information that the broker uses lots of 10,000 basic units instead of standard 100,000 units. This provides for a reduced pip’s value.
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CySEC. The conditions here are stricter due to regulators’ requirements. The minimum deposit is $200 and leverage is up to 1:30 without a confirmed professional trader status. There are managed diversified stock portfolios and synthetic stocks/ETFs instead of PAMM accounts and social trading.
Spreads are from 0 pips subject to the account type and the asset, regardless of the regulator.
5
4XC - Best in Africa for 2024
4XC combines advanced technology and innovation in its business approach. 4XC is duly licensed by the Financial Supervisory Commission. The company operates under strict regulations to keep customer accounts secure and protected. 4XC is a customer-oriented company, and offers professional customer support 24/5. 4XC ensures no interference with customer trades, and offers a range of benefits, including spread starting as low as 0.0 points, leverage of up to 1:500, daily withdrawal available, and fast order execution.
4XCis an execution-only broker with no dealing desk (NDD). It offers several account types and numerous payment methods to create a user-friendly environment for every customer.
TOP 5 Comparison
In order to choose the Best ECN Brokers in Africa in 2024, TU analysts chose 5 best brokers in this country. In the table below, you can see a basic comparison of these companies. Experts selected only the most reliable brokers that are popular among traders in Africa.
| TeleTrade | FreshForex | Tickmill | InstaForex | 4XC | |
|---|---|---|---|---|---|
|
Trading platform |
MT4, MT5 |
MT4, Mobile Trading |
MT4, MT5, Tickmill Mobile App |
MT4, MultiTerminal, Mobile Trading, MT5, WebTrader |
MT5, MT4, WebTrader |
|
Min deposit |
$1 |
No |
$100 |
$1 |
$50 |
|
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:1 |
|
Trust management |
No |
No |
Yes |
Yes |
No |
|
Accrual of % on the balance |
No |
No |
No |
No |
No |
|
Spread |
From 0.8 points |
From 0 points |
From 0 points |
From 0 points |
From 0 points |
|
Level of margin call / stop out |
70% / 20% |
40% / 20% |
100% / 30% |
30% / 10% |
100% / 50% |
|
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Instant Execution |
Market Execution |
|
No deposit bonus |
No |
$30 |
$30 |
No |
$50 |
|
Cent accounts |
No |
Yes |
No |
Yes |
No |
TU Expert Review for the best ECN Brokers in Africa
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best ECN Brokers in Africa is posted below.
TeleTrade - TU Expert Review
Traders Union has been working with the company since 2012. Over this time, a lot of reviews have been received about the broker from the TU clients, which you can find on this page. All reviews are moderated and then published. Therefore, they contain relevant information about traders’ experience of working with TeleTrade. Each TU client who opened an account with a brokerage company is entitled to free legal support, as well as advice on general issues related to the broker’s performance. TeleTrade Company offers its clients the opportunity to trade 28 currency pairs, as well as metals, indices, stocks and energies. Cryptocurrency trading is also available. Traders canopen a free demo account and trade virtual funds. The broker also provides several types of real accounts, which allows you to choose the best option in terms of conditions. Thanks to a large analytical section and loads of educational information, the company attracts a lot of novice traders. A wide range of technical analysis tools and the possibility to use various strategies, including pipsing, are the main reasons why experienced traders open an account with TeleTrade.
FreshForex - TU Expert Review
This company is a proven partner of the Traders Union, the broker strictly fulfills its obligations for our traders and has been consistent for years. There are no hidden payments to the company, lucrative offers, and various bonus programs are provided. However, sometimes there are failures of both the trading platform and Personal account, but this is not the crucial factor. The quality of the customer service is of a high standard, good materials on market analysis and trading information and training are provided, comfortable trading conditions - all these features can characterize FreshForex broker. This is beneficial for beginners to master the market and build a career, and experienced traders - to move up the career ladder confidently. However, FreshForex is not popular among the major investors, it is more preferred by beginner traders. There are more than a hundred tools that they have on offer. However, FreshForex will not work for the fans of cryptocurrency as it does not provide these trading instruments. You can test your strengths at FreshForex with minimal risk not only on a demo account but also at the real market, starting with a deposit of 1 US dollar. There are no minimum amount of restrictions, also, you can pre-test the effectiveness of the strategy and master the software using a demoor cent account. There are a lot of training materials on the official FreshForex website: from self-help instructions to video lessons. This Forex broker has also taken care of providing traders with analytical data by placing a set of effective market analysis tools in the corresponding section of the site. FreshForex quickly updates quotes, works only with liquidity providers having the license of the European standard - it is another positive feature that is worth mentioning regarding this broker.
Tickmill - TU Expert Review
Tickmill is a broker for traders with basic trading experience and those who are ready to improve their skills and results. The focus is on the platform’s technological opportunities and technical tools. The real trade execution speed is up to 0.2 seconds. This indicator is a market average, but it is enough for scalping and algorithmic trading. The broker guarantees absence of slippages on increased volatility, as the system of client request distribution helps to instantly find free liquidity providers. The broker’s competitive edge is the use of artificial intelligence (AI) for technical tools. Acuity Trading is an aggregator of news and fundamental information that analyzes and provides only relevant data for the given asset and time frame. Signal Centre is a technical analysis tool that shows the trade direction with reference to a time frame, while also identifying key levels for placing pending orders. Trading conditions are designed mainly for professional traders, but the Classic account is suitable for novice traders as well. Bonuses are available only with the group’s companies operating outside Europe. The company provides transparent User Agreement and smooth withdrawal of profit.
InstaForex - TU Expert Review
The InstaForex Team is professional and reliable. I highly recommend this service. They offer optimal trading conditions that are suitable for both novice and professional traders. Clients can work with various types of accounts, use a minimum order of 0.01 lots and more than over 2,500 Forex trading instruments. InstaForex has been working with the Traders Union for many years. We analyzed thousands of customer reviews which were overall positive. Many customers were particularly impressed with their excellent customer service. One such customer said “Its experts are doing everything to solve the financial and technical problems encountered by users as soon as possible”. The user-friendly interface of the website allows you to quickly find and analyze relevant information on both active and passive trading. InstaForex always cares about its customers - it provides favorable conditions for trading, as well as Customer support in an expeditious manner. It is these features that gives it a high rating of reliable Forex brokers of the Traders Union.
Summary
Many brokers operate in Africa, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best ECN Brokers in Africa 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best ECN Brokers in Africa
| TeleTrade | FreshForex | Tickmill | InstaForex | 4XC | |
|---|---|---|---|---|---|
|
Overall score |
7.19 |
6.44 |
8.04 |
7.83 |
6.08 |
|
Execution of orders |
3.21 |
6.3 |
9.1 |
8.85 |
4.41 |
|
Investment instruments |
6.7 |
4.1 |
8.92 |
7.1 |
5.51 |
|
Withdrawal speed |
7.79 |
5.71 |
8.48 |
6.9 |
8.47 |
|
Customer Support work |
8.41 |
6.63 |
6.51 |
7 |
6.12 |
|
Variety of instruments |
8.75 |
7.37 |
8.02 |
8.02 |
8.02 |
|
Trading platform |
8.29 |
8.5 |
7.21 |
9.1 |
3.95 |
|
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FAQ
Why is a license important for a broker?
License is the key document testifying to the broker’s reliability. It means that the company complies with the requirements of the financial regulatory authority that issued it. It is recommended that you choose brokers with licenses from top financial regulators: the USA, European Union, the UK, as these jurisdictions have the strictest licensing requirements.
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
What commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
Best ECN Brokers by Countries
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.