Best Forex Brokers for Algeria in 2021

Best Forex Brokers for Algeria in 2021

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Best Forex Brokers for Algeria

Forex trading has become extremely popular in Algeria as it allows ordinary people to earn extra money by exchanging currencies. There are many Algerians who have some knowledge about money and currencies. These forex traders are registering accounts with the following forex brokers to take advantage of the opportunities of the forex market:

  1. Alpha Capital Markets
  2. Darwinex
  3. Boston Merchant Financial
  4. BNP Paribas
  5. TradeStation Global
  6. Trading 212
  7. IQ Option

Alpha Capital Markets (Broker terminated in 2018 FINRA)

2. Darwinex

Darwinex is a forex trading broker and trading platform established in 2012 in London by Javier Colón, Juan Colón, and Miguel Angel Gonzàlez. The CEO for Darwinex is Juan Colón, who has been in the position for more than nine years. Darwinex is regulated by the Financial Conduct Authority (FCA) in the United Kingdom.

Trusted sources do not provide Darwinex’s market capitalization. Still, the forex broker has up to €90 million a year in trader talent, with more than €3 million in success fees to traders. Darwinex reports more than $15 million, which is traded monthly and has experienced significant growth in revenue since 2017.

In terms of forex traders, Darwinex has more than 3,000 registered forex traders, according to the official Darwinex website. According to reliable sources, more than 40 employees are working for Darwinex.

Darwinex charges a minimum deposit of $500. In terms of forex trading fees and commissions, forex traders can expect a spread from 0.0 pips and commissions from $0.02 on US Stocks.

Regarding trading speeds, Darwinex executes trades within milliseconds with low latency and high liquidity, and minimal slippage, according to trusted sources. Where security is concerned, Darwinex uses strict protocols to ensure a safe and secure trading environment.

In terms of financial markets, Darwinex offers a range of tradable financial instruments from these asset classes:

  • Forex
  • CFDs
  • Stocks
  • Futures

About trading software, Darwinex offers the following:

  1. MetaTrader 4
  2. MetaTrader 5
  3. FIX API

With research and training, Darwinex does not have a newsletter but offers a blog for forex traders. Forex traders are offered with the following:

  1. Investor’s program
  2. FAQ Section
  3. Active community forum

In terms of customer support, Darwinex can be contacted through these communication channels:

  • Blog
  • YouTube
  • Twitter
  • LinkedIn
  • Facebook
  • Email
  • Telephone
  • Contact request form

In terms of the service area, Darwinex serves traders from around the world except those from:

  • United States
  • Iran
  • Japan

In terms of currency types, Darwinex accepts the following currencies:

  • USD
  • EUR
  • GBP

When compared to other forex brokers, Darwinex offers some unique solutions while ensuring that there is a secure trading environment.

In terms of unique sides and/or features, Darwinex stands out by offering:

  • Trusted trading solutions
  • A range of tradable financial instruments
  • Powerful, intuitive trading software

Darwinex is a very active forex broker in Algeria with a few hundred traders that use its services and solutions. Darwinex has a decent market share in Algeria, with some interest taken by forex traders. There are no privileges offered to Algerian citizens other than a range of markets, powerful trading platforms, and competitive trading conditions.

Darwinex is one of the best options for Algerian citizens because it is a trusted, secure forex trading broker.

To get more information, you can read the Darwinex review.

3. Boston Merchant Financial

Boston Merchant Financial is a forex trading broker and trading platform established in 1988 in the Republic of Vanuatu by Paul Belogour. The CEO for Boston Merchant Financial is Paul Belogour, who has been in the position for more than 30 years. Boston Merchant Financial is regulated and holds a license with the Vanuatu Securities Dealers.

In terms of forex traders, Boston Merchant Financial has more than 90,000 registered forex traders, according to the official Boston Merchant Financial website. According to reliable sources, between 250 and 500 employees are working for Boston Merchant Financial.

Boston Merchant Financial charges a minimum deposit of $50. In terms of forex trading fees and commissions, forex traders can expect a spread from 1.4 pips with competitive commission charges.

Regarding trading speeds, Boston Merchant Financial executes trades in just a few milliseconds, according to trusted sources. Where security is concerned, Boston Merchant Financial ensures a secure, regulated trading environment in which trader’s funds are safe.

In terms of financial markets, Boston Merchant Financial offers a range of tradable financial instruments from these asset classes:

  • Forex
  • ETFs
  • Equities
  • Financial Indices
  • Commodities

About trading software, Boston Merchant Financial offers the use of any of these:

  1. BMFN UniTrader
  2. BMFN MT FX
  3. BMFN Pro
  4. BMFN MT CFD
  5. BMFN Currenex FX
  6. Mobile Trading

With research and training, Boston Merchant Financial has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. Beginner’s guide
  2. Trading strategies
  3. Tutorials for MetaTrader
  4. eBooks

In terms of customer support, Boston Merchant Financial can be contacted through these communication channels:

  • Live chat
  • Contract request form

In terms of the service area, Boston Merchant Financial serves traders from around the world except those from:

  • United States
  • Canada
  • Japan
  • Turkey
  • Australia

In terms of currency types, Boston Merchant Financial accepts the following currencies:

  • USD
  • EUR

When compared to other forex brokers, Boston Merchant Financial offers advanced trading services and solutions to professional traders.

In terms of unique sides and/or features, Boston Merchant Financial stands out by offering:

  • A range of sophisticated trading software
  • Access to several financial markets
  • Trusted and safe funding methods

Boston Merchant Financial is a very active forex broker in Algeria with hundreds of traders that use its services and solutions. Boston Merchant Financial has a decent market share of less than 10% as a result of its sophisticated, professional services. There are no privileges offered to Algerian citizens other than a range of markets, trading tools, powerful trading platforms, and competitive conditions.

Boston Merchant Financial is a popular choice for Algerian citizens because of its plethora of trading opportunities and ways to trade in financial markets.

To get more information, you can read the Boston Merchant Financial review.

4. BNP Paribas

BNP Paribas is a forex trading broker and trading platform that goes back to 1848 as BNP and from 2004 as BNP Paribas. The CEO for BNP Paribas is Jean-Laurent Bonnafé, who has been in the position for the past decade. BNP Paribas is regulated by CSSF, a top-tier financial regulator.

BNP Paribas’s market capitalization is more than $74.42 billion as of July, and it is the 219th most valuable company by market cap in the world.

In terms of forex traders, BNP Paribas has more than 30 million registered clients, according to the official sources. According to reliable sources, more than 200,000 employees are working for BNP Paribas.

BNP Paribas charges a minimum deposit of €50,000. In terms of forex trading fees and commissions, forex traders can expect high commissions determined by trading volume on stocks.

Regarding trading speeds, BNP Paribas executes trades in a few milliseconds, according to trusted sources. Where security is concerned, BNP Paribas is well-known for being trusted and offering the best security in the industry.

In terms of financial markets, BNP Paribas offers a range of tradable financial instruments from these asset classes:

  • Stocks
  • ETFs
  • Bonds
  • CFDs

About trading software, BNP Paribas offers its web and mobile trading platform that can be used to execute trades. With research and training, BNP Paribas does not have a newsletter or blog for forex traders.

In terms of customer support, BNP Paribas can be contacted through these communication channels:

  • LinkedIn
  • Twitter
  • Contact request form
  • Telephone
  • Email

In terms of the service area, BNP Paribas serves traders from around the world except those from:

  • United States
  • Canada
  • Japan

In terms of currency types, BNP Paribas accepts the following currencies:

  • USD
  • EUR
  • GBP, and others

When compared to other forex brokers, BNP Paribas offers unique and sophisticated investment options.

In terms of unique sides and/or features, BNP Paribas stands out by being a well-established and trusted trading and investment provider which has 200 years of experience in the industry.

BNP Paribas is not a very active forex broker in Algeria for forex trading but has thousands of clients who use it for investment banking. BNP Paribas has a decent market share in Algeria for banking and investment but not forex trading. There are no privileges offered to Algerian citizens other than a set of investment solutions.

BNP Paribas is a popular choice for banking for Algerian citizens because of its range of investment options and competitive fees.

To get more information, you can read the BNP Paribas review.

5. TradeStation Global

TradeStation Global is a forex trading broker and trading platform established in 1982 in the United States by William and Rafael Cruz. The president for TradeStation Global is John Bartleman, who has been in the position for the past five years. TradeStation Global is regulated by FINRA and is a member of NYSE, SIPC, DTCC, OCC, and NFA.

In terms of forex traders, TradeStation Global has an undisclosed number of registered forex traders. According to reliable sources, more than 100 employees are working for TradeStation Global.

TradeStation Global charges a minimum deposit of $200. In terms of forex trading fees and commissions, forex traders can expect a variable spread and competitive commission charges.

Regarding trading speeds, TradeStation Global executes trades in just a few milliseconds, according to trusted sources. Where security is concerned, TradeStation Global places emphasis on ensuring a secure trading environment and trading platform by using the best protocols and software.

In terms of financial markets, TradeStation Global offers a range of tradable financial instruments from these asset classes:

  • Stocks
  • ETFs
  • IPO
  • Options
  • Futures
  • Futures Options
  • Cryptocurrencies
  • Mutual Funds
  • Bonds

Regarding trading software, TradeStation Global offers its proprietary trading platform, which is innovative, intuitive, and one of the best in the industry. With research and training, TradeStation Global has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. Market insight
  2. Support forum
  3. FAQs
  4. Market insight
  5. WEB API

In terms of customer support, TradeStation Global can be contacted through these communication channels:

  • Live support
  • Email
  • Telephone
  • Facebook
  • Instagram
  • Twitter

In terms of the service area, TradeStation Global serves most traders from around the world except those where some restrictions may apply. In terms of currency types, TradeStation Global accepts the following currencies:

  • EUR
  • USD
  • GBP, and others

When compared to other forex brokers, TradeStation Global offers a unique trading service as well as being a forex trading platform.

In terms of unique sides and/or features, TradeStation Global stands out by offering:

  • A unique and safe trading platform 
  • Unique solutions for both beginners and experts
  • A range of trading and investment options

TradeStation Global is a very active forex broker in Algeria with hundreds of registered traders that use its services and solutions. TradeStation Global has a good market share that it shares with other forex brokers in Algeria. TradeStation Global offers Algerian citizens a range of markets without any restrictions. 

TradeStation Global is a popular choice for Algerian citizens because of its ability to act as a reputable broker and trading platform, offering all-in-one solutions to both beginners and professionals.

To get more information, you can read the TradeStation Global review.

6. Trading 212

Trading 212 is a forex trading broker and trading platform founded by Ivan Ashminov and Borislav Nedialkov in 2004 in Bulgaria before it was relocated to London. The CEO for Trading 212 is Nick Saunders, who has been in the position for several years. Trading 212 is regulated by the Financial Conduct Authority.

Trading 212’s market capitalization is not known, but the Trading 212 mobile app has been downloaded more than 14 million times on mobile devices.

In terms of forex traders, Trading 212 has more than 180 registered forex traders, according to the official Trading 212 website. According to reliable sources, between 100 and 250 employees are working for Trading 212.

Trading 212 charges a minimum deposit of $1. In terms of forex trading fees and commissions, forex traders can expect a spread from 1.2 pips with commission-free trading.

Regarding trading speeds, Trading 212 executes trades in a few milliseconds, according to trusted sources. Where security is concerned, Trading 212 ensures client fund security and uses innovative, updated protocols to secure the website and trading platform.

In terms of financial markets, Trading 212 offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Commodities
  • Stocks
  • ETFs
  • Cryptocurrencies
  • Indices

About trading software, Trading 212 is a forex trading platform offering brokerage services to traders from around the world. The Trading 212 trading software can be used on iOS and Android devices.

With research and training, Trading 212 has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. Economic Calendar
  2. Market Analysis
  3. Educational Videos on the official YouTube channel

In terms of customer support, Trading 212 can be contacted through these communication channels:

  • Telephone
  • Live Chat
  • Email

In terms of the service area, Trading 212 serves traders from around the world except for traders from the United States. In terms of currency types, Trading 212 accepts the following currencies:

  • EUR
  • USD
  • GBP

When compared to other forex brokers, Trading 212 is a well-known trading platform that offers some of the best trading opportunities and competitive conditions.

In terms of unique sides and/or features, Trading 212 stands out by offering advanced, user-friendly trading software, competitive fees, and a large range of markets.

Trading 212 is a very active forex broker in Algeria, which scores 4.3/5 among Algerian traders. Trading 212 has a good market share amongst Algerian traders. Trading 212 does not provide many privileges for Algerian traders but offers competitive trading conditions overall to all its clients.

Trading 212 is a popular choice for Algerian citizens as it can be downloaded and used on mobile devices, and the broker offers the ability to start trading with low initial capital.

To get more information, you can read the Trading 212 review.

7. IQ Option

IQ Option is a forex trading broker and trading platform established in Cyprus in 2013 by Dmitry Zaretsky. The CEO for IQ Option is Timofey Baranov, who has been in the position for four years. IQ Option is regulated by the Cyprus Securities and Exchange Commission (CySEC).

IQ Option’s average volume of daily transactions is $3.5 billion, and in terms of forex traders, IQ Option has more than 20 million registered forex traders, according to the official IQ Option website. According to reliable sources, there are between 10 and 50 employees working for IQ Option.

IQ Option charges a minimum deposit of $10. In terms of forex trading fees and commissions, forex traders can expect a spread from 0.1 pips with commissions from $0 charged.

Regarding trading speeds, IQ Option executes trades in 0.7 seconds, according to trusted sources. Where security is concerned, IQ Option is a trusted and safe forex broker and trading platform.

In terms of financial markets, IQ Option offers a range of tradable financial instruments from these asset classes:

  • Forex
  • Options
  • CFDs
  • ETFs
  • Cryptocurrencies
  • Commodities

About trading software, IQ Option offers an advanced and proprietary trading platform that is available to desktop and mobile. With research and training, IQ Option has a newsletter and blog for forex traders. Forex traders are offered with the following:

  1. Historical Quotes
  2. Calendars
  3. Stock Collections
  4. Industries
  5. Video Tutorials

In terms of customer support, IQ Option can be contacted through these communication channels:

  • Facebook
  • Telegram
  • Twitter
  • Instagram
  • Telephone
  • Email
  • Online Chat

In terms of the service area, IQ Option serves traders from around the world except those from:

  • United States
  • Canada
  • Australia
  • Russia
  • Belgium
  • Israel
  • Palestine
  • Japan
  • Sudan
  • Syria
  • Iran
  • North Korea

In terms of currency types, IQ Option accepts the following currencies:

  • USD
  • GBP
  • EUR
  • ZAR
  • RUB

When compared to other forex brokers, IQ Option offers unique solutions which are tailored towards the individual needs and objectives of traders around the world.

In terms of unique sides and/or features, IQ Option stands out by offering:

  • Dedicated, multilingual support
  • Quick deposit and withdrawal methods
  • Caters for both beginners and professionals
  • Low trading fees and commissions

IQ Option is a very active forex broker in Algeria with thousands of traders that use its services and solutions. IQ Option may not have offices in Algeria, but it has a good market share. There are no privileges offered to Algerian citizens other than a range of markets and unique solutions.

IQ Option is a popular choice for Algerian citizens because of its powerful trading software, competitive trading conditions, and wide range of tradable financial instruments.

To get more information, you can read the IQ Option review.

Forex Trading in Algeria

The People’s Democratic Republic of Algeria is one of the largest countries in the world where landmass is concerned. Algeria is known for its vast petroleum reserves, which makes it a hub for foreign exchange in North Africa.

Algeria is rich in resources, but this wealth does not reflect in the daily lives of Algeria’s citizens. However, this has changed over time, and according to the World Bank, Algeria has managed to reduce poverty by 20% over the last two decades.

Forex trading involves speculation on the rise and fall of exchange rates between currencies, allowing Algerian traders to earn profits when they trade in major and minor currency pairs, along with cross- or exotic pairs.

What should be known for Forex Trading in Algeria

Forex trading has grown across Africa, and Algeria has certain Sharia laws that limit forex brokers who can conduct business in the country, and it also controls how efficiently money is transferred.

Through the retail forex market, Algerian citizens can connect to the global economy despite restrictions. Algerian forex traders must beware of offshore brokers without regulation as the Algerian government does not protect forex traders if they transact with offshore brokers.

Who are the Forex Regulators in Algeria?

Algeria does not have designated forex regulators. Algerian traders can use forex brokers with regulation through FCA, CySEC, FSA, MFSA, and several others.

To ensure that their funds remain safe, Algerian traders are urged to use regulated brokers and to verify their regulations before registering a live trading account.

Is Forex Trading legal in Algeria?

Yes, forex trading is legal in Algeria. However, many Algerian traders are of the Muslim faith and follow Sharia law. For this reason, Algerian traders are prohibited from paying interest or being paid interest.

Algerian traders must use forex brokers who offer an Islamic or swap-free account option to exempt them from overnight fees or swap fees.

How many Forex Traders are there in Algeria?

The exact number of forex traders is not given by official sources. However, there are more than 1.8 million forex traders in Africa.

What do Algeria’s citizens think about Forex Trading?

Algerian citizens are not against forex trading, and more citizens are turning towards forex trading to make additional income.

Best Forex Brokers for Beginners in Algeria

The best forex brokers for beginners offer a demo account as well as comprehensive, detailed education so that beginners can learn to trade. The best forex brokers for Algerian traders are:

  1. Trading 212
  2. IQ Option
  3. JustForex
  4. RoboForex
  5. XM

Best Forex Brokers for Experts in Algeria

Forex brokers who cater to expert forex traders must provide a range of advanced trading tools, market analysis, in-depth market news, and a range of resources so that forex traders can make informed trading decisions.

The best forex brokers for Experts in Algeria are:

  1. Darwinex
  2. Boston Merchant Financial
  3. BNP Paribas
  4. TradeStation Global
  5. InstaForex

Best Forex Brokers for Other Countries

The Best Forex Brokers for other countries such as Libya are:

  1. EasyMarkets
  2. ActivTrades
  3. XM
  4. eToro
  5. FP Markets

The Best Forex Brokers for Mali are:

  1. BDSwiss
  2. Trading 212
  3. FXPrimus
  4. HYCM
  5. eToro

The Best Forex Brokers for Niger are:

  1. IC Markets
  2. Alpari
  3. HotForex
  4. Pepperstone
  5. Hugosway

The Best Forex Brokers for Tunisia are:

  1. OctaFX
  2. FxPro
  3. AvaTrade
  4. FXTM
  5. Tickmill