Traders Union (TU) analysts have prepared a comparative analysis of the best brokers Sierra Leone in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from Sierra Leone to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.
The Most Reliable Brokers Sierra Leone by TU include the following:
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
Pocket Option is an unregulated broker focused on cooperating with professional traders who do not need training or additional bonuses.
WForex is suitable for traders of all levels from beginner to professional traders.A comprehensive set of tools allows all trades to make the most of their funds for profitable trading.
Tickmill is a suitable broker for both professional traders and novices. The company is good for robotic trading as well as for short-term strategies.
Best forex brokers for beginners in Sierra Leone in 2024
| RoboForex | Exness | Pocket Option | WForex | Tickmill | |
|---|---|---|---|---|---|
Trading platform |
МТ4, МТ5, R StocksTrader, R MobileTrader, R WebTrader |
MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile) |
МТ5, proprietary platform |
MT4, WebTrader, Mobile terminal |
МТ4, МТ5, МТ4 Webtrader, and Tickmill Mobile App |
Min deposit |
$10 |
$10 |
$5 |
$1 |
$100 |
Leverage |
From 1:1 |
From 1:1 |
From 1:1 |
From 1:33 |
From 1:1 |
Trust management |
No |
No |
No |
No |
Yes |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 0.0 points |
From 1.0 points |
From 1.2 points |
From 0.2 points |
From 0.0 points |
Level of margin call / stop out |
60% / 40% |
0% / 60% |
30% / 50% |
20% / 5% |
100% / 30% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution, Instant Execution |
Market Execution |
Market Execution, Instant Execution |
Market Execution |
No deposit bonus |
No |
No |
No |
No |
$30 |
Cent accounts |
Yes |
No |
No |
Yes |
No |
There are certain specifics in trading, which novice traders residing in the territory of Sierra Leone need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
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When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.
1
Best Forex broker for beginners in Sierra Leone - RoboForex
RoboForex is a brokerage company that was founded in 2009. RoboForex is a leading software developer in the Forex industry and one of the best Forex brokers based on client reviews.
RoboForex is recognized as a reliable partner by the most respected financial market experts. The company has won numerous prestigious awards. The RoboForex group of companies has an international license to provide services from FSC Belize (license No. 000138/437).
👍 Advantages of trading with RoboForex for traders from Sierra Leone:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders from Sierra Leone:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
RoboForex Commissions & Fees for traders from Sierra Leone
RoboForex charges trading fees. The fees are charged as the spread. In the fees review for traders from Sierra Leone, you can learn about their rates depending on the account type.
RoboForex Commissions and Fees in Sierra Leone
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Pro |
$13 |
No |
Pro-Cent |
$13 |
No |
ECN |
$3 |
No |
Prime |
$1 |
No |
2
Best Forex broker for beginners in Sierra Leone - Exness
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
👍 Advantages of trading with Exness for traders from Sierra Leone:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from Sierra Leone:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
Exness Commissions & Fees for traders from Sierra Leone
Exness charges trading fees. The fees are charged as the spread. In the fees review for traders from Sierra Leone, you can learn about their rates depending on the account type.
Exness Commissions and Fees in Sierra Leone
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard Cent |
$0.3 |
No |
Standard |
$3 |
No |
Standard Plus |
$10 |
No |
Raw Spread |
$0 |
No |
Zero |
$0 |
No |
Pro |
$1 |
No |
3
Best Forex broker for beginners in Sierra Leone - Pocket Option
The Pocket Option broker is part of Gembell Limited holding, which was founded by a group of professionals seasoned in trading and investment activities. The company is mass-market requirements-based, therefore, it provides quality services to binary options trading in the OTC market access. The broker strives to make the trading process as simple, clear, and convenient as possible. For this reason, Pocket Option has developed a unique trading platform to ensure stable trading for traders and investors.
👍 Advantages of trading with Pocket Option for traders from Sierra Leone:
•low threshold for entering the market; the first deposit starts at $5;
•social trading platform generates passive income.
👎 Disadvantages of Pocket Option for traders from Sierra Leone:
•not licensed by any reputable regulator;
•to trade Forex through MetaTrader 5, you need to deposit at least $1,000;
•support service responds within 24-48 hours, which is also too slow.
Pocket Option Commissions & Fees for traders from Sierra Leone
Pocket Option charges trading fees. The fees are charged as the spread. In the fees review for traders from Sierra Leone, you can learn about their rates depending on the account type.
Pocket Option Commissions and Fees in Sierra Leone
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Novice trader |
No |
Yes, when withdrawal with Perfect Money |
Beginner |
No |
Yes, when withdrawal with Perfect Money |
Experienced |
No |
Yes, when withdrawal with Perfect Money |
Master |
No |
Yes, when withdrawal with Perfect Money |
Professional |
No |
Yes, when withdrawal with Perfect Money |
Expert |
No |
Yes, when withdrawal with Perfect Money |
MT5 Forex |
From 1.1 pips |
Yes, when withdrawal with Perfect Money |
4
Best Forex broker for beginners in Sierra Leone - WForex
WForex is a broker operating on the market for 12 years. The company carries on its activity in 50 countries in the world. It is a member of the Financial Commission for Dispute Resolution in the field of financial services in the international exchange market. World Forex coops with front developers, introducing modern tools that provide traders with safe and uninterrupted trading. The company is admitted as the best Forex digital contract broker.
👍 Advantages of trading with WForex for traders from Sierra Leone:
•bonus 100% for replenishment;
•commissions compensation when depositing;
•low barrier for entry — you can deposit $1;
•Safe-box account — high interests for trader's funds, free-and-easy converting and cash transferring between your trade accounts according to official bank rates;
•making transactions with ECN/STP technologies avoid a conflict of interest between the broker and the trader;
•auto trading is available;
•wide range of replenishment and withdrawal systems;
•own developed course "Forex Guide for the trader";
•the ability to trade digital contracts provides a potential profit of 100%.
👎 Disadvantages of WForex for traders from Sierra Leone:
•no search box on the website;
•there is no forum for communication between traders, but you can use the Traders Union forum, where traders from all over the world communicate;
•the support service may take several hours to respond
•the training section can be amended with video courses and training articles.
WForex Commissions & Fees for traders from Sierra Leone
WForex charges trading fees. The fees are charged as the spread. In the fees review for traders from Sierra Leone, you can learn about their rates depending on the account type.
WForex Commissions and Fees in Sierra Leone
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
W-Cent |
From 1.8$ |
Yes |
W-Profi |
From 18$ |
Yes |
W-Instant |
From 20$ |
Yes |
W-ECN |
From 2$ |
Yes |
5
Best Forex broker for beginners in Sierra Leone - Tickmill
The Tickmill Group introduces a new standard in the provision of brokerage services. The focus on innovation is what the company is proud of and why traders choose it. The trading conditions of the broker are appreciated by scalpers and traders who use EAs because Tickmill provides minimal spreads. The Group has earned many awards among them “Best Forex Spreads” and “Best Forex Trading Experience” in 2022.
The Tickmill group of companies includes:
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Tickmill Europe Ltd regulated by the CySEC, 278/15 (Cyprus);
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Tickmill Ltd regulated by the FSA, SD008 (the Seychelles);
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Tickmill UK Ltd regulated by the FCA, 717270 (UK);
-
Tickmill Asia Ltd regulated by the Labuan FSA, MB/18/0028 (Labuan, Malaysia);
-
Tickmill South Africa (Pty) Ltd regulated by the FSCA, 49464 (SAR).
Before you register, see which of the group’s companies you are signing up with, as trading conditions depend on it.
👍 Advantages of trading with Tickmill for traders from Sierra Leone:
•spreads from 0 pips;
•any strategy is allowed;
•protection against negative balance;
•mobile app trading platform.
👎 Disadvantages of Tickmill for traders from Sierra Leone:
•the customer support works only 5 days a week from 7:00 to 16:00 GMT;
•relatively small choice of currency pairs;
•there is no cent account;
•there is no trust management;
Tickmill Commissions & Fees for traders from Sierra Leone
Tickmill charges trading fees. The fees are charged as the spread. In the fees review for traders from Sierra Leone, you can learn about their rates depending on the account type.
Tickmill Commissions and Fees in Sierra Leone
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Raw |
From $0 |
No |
Classic |
From 1.6 pips |
No |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
Summary
Choosing the right broker is not a simple task for new traders in Sierra Leone, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from Sierra Leone, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from Sierra Leone
| RoboForex | Exness | Pocket Option | WForex | Tickmill | |
|---|---|---|---|---|---|
Overall score |
8.61 |
7.58 |
6.87 |
6.69 |
8.04 |
Execution of orders |
8.95 |
9.6 |
9.52 |
4.29 |
9.1 |
Investment instruments |
8.2 |
8.79 |
4.29 |
6.21 |
8.92 |
Withdrawal speed |
9.71 |
8.79 |
9.64 |
7.03 |
8.48 |
Customer Support work |
9.17 |
9.29 |
4.38 |
8.31 |
6.51 |
Variety of instruments |
8.75 |
8.02 |
6.01 |
8.75 |
8.02 |
Trading platform |
6.86 |
1 |
7.38 |
5.53 |
7.21 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker Sierra Leone?
According to the requirements of country Sierra Leone, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from Sierra Leone.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from Sierra Leone.
Best Forex Brokers for Beginners by Countries
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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.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
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.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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