Best Forex Brokers in Benin in 2021

Best Forex Brokers in Benin in 2021

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Finding the best forex brokers for traders in Benin can be a tedious and time-consuming process. However, the following list will provide forex traders with some of the best, most reputable forex brokers who accept Beninese traders and who allow for the trading in the Beninese franc (CFA).

  1. Olymp Trade
  2. RoboForex
  3. XM Group
  4. IQ Option
  5. FBS

1. Olymp Trade

Olymp Trade is a forex trading broker and trading platform established in 2014 in Saint Vincent and the Grenadines. The CEO for Olymp Trade is Andreas A., who has held the position for more than seven years. Olymp Trade has a reported monthly trading volume of $170 million, according to official sources.

There are more than 240,000 forex traders registered with Olymp Trade, according to official sources. According to trusted sources, Olymp Trade has between 10 and 50 employees.

In terms of minimum deposits, Olymp Trade charges $10 when forex traders register for a trading account. Olymp Trade charges some of the following commissions:

  • Commission between 13.5% and 20%

In terms of trade execution speed, Olymp Trade guarantees that trades are executed within a few milliseconds with minimal slippage, according to trusted sources. In terms of security and security features, Olymp Trade uses 256-bit SSL technology to encrypt data and information on the website and trading platform.

In terms of trading instruments, forex traders can trade the following:

  • Forex
  • Cryptocurrencies
  • US Stocks
  • Commodities
  • Indices

In terms of trading software, Olymp Trade has its proprietary trading platform that traders can use on web browsers and mobile devices. In terms of research and training, Olymp Trade offers a free newsletter and blog. Olymp Trade also offers the following trading tools, resources, and educational materials:

  1. Trading Signals
  2. Daily Review
  3. Weekly Review
  4. 250 Videos of past webinars
  5. Articles

In terms of customer support, Olymp Trade can be contacted through the following channels:

  • Email
  • Telephone
  • Live Chat
  • Facebook
  • Twitter
  • Instagram

In terms of the service area, Olymp Trade serves traders from around the world except those from the United Kingdom and the United States. In terms of currency types, Olymp Trade supports the following currencies:

  • EUR
  • RUB
  • BRL
  • USD

When compared to other forex brokers, Olymp Trade offers the following unique sides and features:

  • Variety of webinars and educational sources
  • Valuable insights from experts

Olymp Trade is an active and popular broker in Benin, and it has a favorable market share with more than 100 registered traders. Beninese citizens are not given any specific privileges with Olymp Trade other than a range of tradable instruments and trusted trading solutions.

Olymp Trade is a popular choice for Benin citizens because of its powerful trading software but not security as the forex broker is not regulated by any known entities.

To get more information, you can read the Olymp Trade Forex Suggest review.

2. RoboForex

RoboForex is a forex trading broker and trading platform which is based in Belize and was founded in 2009. The CEO for RoboForex is Rudolph Simmons, who has held the position for the past five years. RoboForex is regulated by IFSC and has a daily trading volume of $4.3 billion.

There are more than 730,000 forex traders registered with RoboForex, according to official sources. According to trusted sources, RoboForex has between 50 and 1,000 employees.

In terms of minimum deposits, RoboForex charges $10 when forex traders register for a trading account. RoboForex charges some of the following spreads and commissions:

  • Spreads from 0.0 pips EUR/USD 
  • Commission charges from as low as $0.0045 

In terms of trade execution speed, RoboForex guarantees that trades are executed between 150 and 400 milliseconds. In terms of security and security features, RoboForex uses innovative technologies, account segregation, and other stringent protocols.

In terms of trading instruments, forex traders can trade the following:

  • Forex
  • Commodities
  • CFDs
  • ETFs
  • Metals
  • Energies
  • Cryptocurrency

In terms of trading software, RoboForex offers forex traders the following applications:

  1. MetaTrader 4
  2. MetaTrader 5
  3. RoboForex R Trader
  4. cTrader

In terms of research and training, RoboForex offers a free newsletter and blog. RoboForex also offers the following trading tools, resources, and educational materials:

  1. Economic calendar
  2. Trading Tips
  3. Educational Videos
  4. Trading Guides
  5. Indices Charts, and several others.

In terms of customer support, RoboForex can be contacted through the following channels:

  • Facebook
  • Twitter
  • Instagram
  • Email
  • Telephone
  • Live chat

In terms of the service area, RoboForex serves traders from around the world except for those from Australia, Canada, the United States, and Japan. In terms of currency types, RoboForex supports the following currencies:

  • EUR
  • USD
  • PLN
  • CNY and several others.

When compared to other forex brokers, RoboForex offers the following unique sides and features:

  • Bonuses and promotions
  • Affiliate program
  • Award-winning service

RoboForex is a very active forex broker in Benin with thousands of registered forex traders, from beginners to professionals. RoboForex has more than a 10% market share despite facing tough competition in the field.

Benin citizens are provided with a variety of privileges that range from bonuses to competitive trading conditions. RoboForex is popular with Beninese traders because of its trusted services and commitment to offering the best trading conditions.

To get more information, you can read the RoboForex Forex Suggest review.

3. XM Group

XM Group is a forex trading broker founded in 2009. The CEO for XM Group is Constantinos Cleanthous, who has held the position for the past several years. XM Group is regulated by ASIC, CySEC, and IFSC, and it has a market capitalization that exceeds $14.26 billion, according to official stock information.

There are more than 3.5 million active forex traders registered with XM Group, according to official sources. According to trusted sources, XM Group has more than 450 employees.

In terms of minimum deposits, XM Group charges from $5 when forex traders register for a trading account. XM Group charges some of the following spreads and commissions:

  • Spreads from 0.0 pips
  • Commission charges from $0

In terms of trade execution speed, XM Group guarantees that 99.35% of all trades are executed within a second. In terms of security and security features, XM Group is known for its strict security protocols, KYC procedures, and SSL encryption technology.

In terms of trading instruments, forex traders can trade the following:

  • Forex
  • Commodities
  • Cryptocurrency
  • Energies
  • CFDs
  • Stocks
  • Shares
  • Indices
  • Metals

In terms of trading software, XM Group offers forex traders the following applications:

  1. MetaTrader 4
  2. MetaTrader 5

In terms of research and training, XM Group offers a free newsletter and blog. XM Group also offers the following trading tools, resources, and educational materials:

  1. Economic Calendar
  2. Podcast
  3. XM Live
  4. Live Education
  5. Forex Webinars, and more.

In terms of customer support, XM Group can be contacted through the following channels:

  • Twitter
  • Instagram
  • LinkedIn
  • Live Chat
  • Email
  • Telephone
  • Facebook

In terms of the service area, XM Group serves traders from around the world except for traders from these regions:

  • USA
  • Canada
  • Iran
  • Israel

In terms of currency types, XM Group supports the following currencies:

  • USD
  • EUR
  • GBP
  • JPY
  • AUD
  • ZAR

When compared to other forex brokers, XM Group offers the following unique sides and features:

  • Low and transparent trading and non-trading fees
  • A range of dynamic account options
  • A plethora of trading opportunities
  • Powerful trading platforms and technology

XM Group is one of the most active forex brokers in Benin, with a large market share and thousands of registered forex traders. XM Group offers Benin citizens the privilege of dealing with a large, well-established broker that offers only the best trading conditions.

XM Group is a popular choice for Benin citizens due to its regulated nature, trust, security, and range of trading options, strategies, and platforms.

To get more information, you can read the XM Group Forex Suggest review.

4. IQ Option

IQ Option is a forex trading broker founded in Cyprus in 2013 by Dimitry Zaretsky. The CEO for IQ Option is Timofey Baranov, who has held the position for the past several years. Cyprus Securities and Exchange Commission (CySEC) and IQ Option’s daily trading volume is more than $3.5 billion.

There are more than 20 million forex traders registered with IQ Option, according to official sources. According to trusted sources, IQ Option has between 10 and 50 employees.

In terms of minimum deposits, IQ Option charges $10 when forex traders register for a trading account. IQ Option charges some of the following spreads and commissions:

  • Spreads from 0.1 pips EUR/USD

In terms of trade execution speed, IQ Option guarantees that trades are executed within 0.7 seconds, according to the official website. In terms of security and security features, IQ Option is known for providing a safe trading environment that has stringent protocols and processes.

In terms of trading instruments, forex traders can trade the following:

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

In terms of trading software, IQ Option has its trading platform that can be used on:

  • Mobile devices with Android or iOS
  • Web Browsers
  • Desktop Applications

In terms of research and training, IQ Option offers a free newsletter and blog. IQ Option also offers the following trading tools, resources, and educational materials:

  1. Stock Collections
  2. Industries
  3. Video Tutorials, and several more.

In terms of customer support, IQ Option can be contacted through the following channels:

  • Email
  • Telephone
  • Live chat
  • Facebook
  • Telegram
  • Twitter
  • Instagram

In terms of the service area, IQ Option serves traders from around the world except for those who originate from Australia, Canada, the United States, Palestine, and several other countries on the OFAC list. In terms of currency types, IQ Option supports the following currencies:

  • USD
  • GBP
  • EUR
  • ZAR
  • RUB

When compared to other forex brokers, IQ Option is known for its low trading and non-trading fees and proprietary trading software.

IQ Option is an active trader in Benin with thousands of registered forex traders that use its platform and services. IQ Option has a decent market share in Benin and offers Beninese citizens a range of privileges and advantages.

IQ Option is a popular choice for Benin citizens because of its strict regulation, competitive trading conditions, and range of helpful trading tools and resources.

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

5. FBS

FBS is a forex trading broker founded in 2009 in Belize. The CEO for FBS is Ferdous Amin, who has held the position for the past several years. FBS is regulated by International Financial Services Commission (IFSC), and there are more than a million forex traders registered with FBS, according to official sources. 

According to trusted sources, FBS has between 100 and 250 employees. In terms of minimum deposits, FBS charges $1 when forex traders register for a trading account. FBS charges some of the following spreads and commissions:

  • Spreads from 0.0 pips
  • Commission charges of $20 on some tradable financial instruments

In terms of trade execution speed, FBS guarantees that trades are executed within just a few milliseconds. In terms of security and security features, FBS uses innovative and strict security protocols and software.

In terms of trading instruments, forex traders can trade the following:

  • Forex
  • Metals
  • Indices
  • Energies
  • CFDs
  • Stocks

In terms of trading software, FBS offers forex traders the following applications:

  1. MetaTrader 4
  2. MetaTrader 5
  3. FBS Trader

In terms of research and training, FBS offers a free newsletter but no blog. FBS also offers the following trading tools, resources, and educational materials:

  1. Seminars
  2. Glossary
  3. Economic Calendar
  4. Currency Converter
  5. Daily Market Analysis, and more.

In terms of customer support, FBS can be contacted through the following channels:

  • WeChat
  • Facebook
  • Viber
  • Line
  • Telegram
  • WhatsApp

In terms of the service area, FBS serves traders from around the world except for traders from these regions:

  • United States
  • Japan
  • Canada
  • United Kingdom
  • Myanmar
  • Brazil
  • Malaysia
  • Israel
  • Islamic Republic of Iran

In terms of currency types, FBS supports the use of either USD or EUR. When compared to other forex brokers, FBS offers the following unique sides and features:

  • High maximum leverage ratio up to 1:3000
  • Powerful trading technology
  • A choice in trading accounts

FBS is an expert, active broker in Benin with a large market share of hundreds of registered traders. FBS offers Beninese citizens a range of privileges when they register a trading account, including access to tailor-made trading solutions, dedicated service, and security of funds.

FBS is a popular choice for Benin citizens because of its range of options and trading solutions.

To get more information, you can read the FBS Forex Suggest review.

Forex Trading in Benin

The forex exchange market is the largest and most liquid market in the world that can be accessed by anyone, especially those in Benin. Forex trading in Benin offers beginner and professional forex traders the chance to invest in the largest financial market in the world with some of the best forex brokers around.

What should be known for Forex Trading in Benin

Benin is still a developing nation, and forex trading is not yet a widespread activity in this country. However, with the internet becoming more readily available in the country and with more beginners starting to learn about forex trading, the more involved Beninese citizens can become.

While forex trading is allowed in Benin, forex traders must heed caution as there are many scams and illegitimate brokers that have flooded the forex market. It is, therefore, necessary that Beninese traders only use regulated brokers who can guarantee fund security and a safe, transparent trading environment for all traders.

To get started with trading in Benin, forex traders must select a forex broker from the list provided above, register a demo account, and start learning about trading by using the tools, materials, and resources provided by these trusted brokers.

Once forex traders have enough trading knowledge, they can start using their demo account to build experience in trading forex. Once traders are familiar with the forex trading arena, they can convert their demo account to a live trading account and start trading with actual capital.

Who are the Forex Regulators in Benin?

There are no specific regulators assigned to Benin, but there are some regulatory entities that provide coverage for forex traders in Africa, such as the Financial Sector Conduct Authority (FSCA).

Is Forex Trading legal in Benin?

Yes, forex trading is legal in Benin even if it is not a very popular activity and only a few forex traders reside in Benin.

How many Forex Traders are there in Benin?

The exact number of forex traders for Benin is not given by official sources, but there are thought to be more than 150 Benin traders, with a total of more than 1.8 million forex traders in Africa overall.

What do Benin’s citizens think about Forex Trading?

Very few Benin citizens know about and understand forex trading. However, this is slowly changing as the internet becomes more widespread in this small West-African country, with more young people realizing the potential that there is in the forex market amidst other financial markets.

Best Forex Brokers for Beginners in Benin

The best forex brokers for beginners in Benin are:

  1. RoboForex
  2. XM
  3. Trading 212
  4. AvaTrade
  5. HotForex

These brokers are considered the best option for beginner traders because of the large range of training and education that is given to novice traders.

Best Forex Brokers for Experts in Benin

The best forex brokers for Experts in Benin are:

  1. Olymp Trade
  2. XM
  3. FBS
  4. IQ Option
  5. Interactive Brokers

These forex brokers are the best in the industry and are used by many expert traders because of the advanced trading options and innovative trading tools provided.

Best Forex Brokers for Other Countries

The best forex brokers for Togo are:

  1. FXTM
  2. Alpari
  3. FP Markets
  4. XTB
  5. IC Markets

The best forex brokers for Nigeria are:

  1. Pepperstone
  2. Hugo’s Way
  3. Alpari
  4. HotForex
  5. OctaFX

The best forex brokers for Burkina Faso are:

  1. IG
  2. FXOpen
  3. IQ Option
  4. NordFX
  5. eToro