Best Forex Brokers in Burkina Faso in 2021

Best Forex Brokers in Burkina Faso in 2021

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Burkina Faso is a landlocked country located in the Western parts of Africa, covering an area of 274,200 square kilometers and with a population of more than 21 million. Of the more than 1.8 million forex traders in Africa, thousands of forex traders reside in Burkina Faso, trading the forex markets regularly.

Forex Brokers in Brunei include those that serve in several other Asian countries, and they are active forex brokers in many other global regions. The best forex brokers for forex traders who originate from Burkina Faso are:

  1. FXOpen
  2. IQ Option
  3. eToro
  4. NordFX
  5. OctaFX
  6. XM Group
  7. IG
  8. Olymp Trade

1. FXOpen

FXOpen is a forex broker that was founded in 2003 and is headquartered in Egypt. FXOpen is a regulated broker with regulation and authorization through these entities:

  • Australian Securities and Investment Commission (ASIC)
  • Financial Conduct Authority (FCA)

The CEO for FXOpen is Alexey Stepanov, who has held the position for the past several consecutive years. The average daily trading volume for FXOpen is $3.3 billion, and in terms of users, there are more than 1 million forex traders registered with FXOpen, according to trusted sources. According to official sources, the staff size for FXOpen is more than 500 employees.

In terms of deposit rates and fees, FXOpen charges a minimum deposit of $1 with a spread from 0 pips and commissions from $15.

In terms of trading speed, FXOpen executes all orders within 0.001 seconds. In terms of trust, security, and security features, FXOpen+ uses data encryption and two-factor login and verification.

In terms of tradable financial instruments, FXOpen offers the following:

  • Forex
  • Metals
  • CFDs
  • Oil
  • Indices
  • Cryptocurrencies

In terms of currency types, FXOpen supports the following currencies:

  • MYR
  • THB
  • IDR
  • VND
  • CNY

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

  1. MetaTrader 4
  2. MetaTrader 5
  3. FXOpen Tick Trader
  4. ZuluTrade

In terms of research and education, FXOpen offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. One-Click Trading
  2. Trading calculators
  3. Economic Calendar
  4. Market News and Analysis

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

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

In terms of the service area, FXOpen serves traders from around the world except for traders from the United States. When compared to other forex brokers, FXOpen offers the following unique sides and features:

  • A secure trading environment and client fund security
  • Competitive trading commissions
  • Access to powerful, innovative trading platforms
  • More than 100 tradable financial instruments

FXOpen is an active forex broker in Burkina Faso with more than a few hundred registered users. In terms of market share, FXOpen has a decent but not significant portion because of the number of forex traders in Burkina Faso.

In terms of privileges, FXOpen does not offer special privileges to Burkina Faso citizens. The reason why so many forex traders use FXOpen in Burkina Faso relates to its trusted solutions.

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

2. IQ Option

IQ Option is a forex broker that was founded in 2013 and is headquartered in Cyprus. IQ Option is a regulated broker with regulation and authorization through these entities:

  • Cyprus Securities and Exchange Commission (CySEC)

Dmitry Zaretsky founded IQ Option, and the CEO is Timofey Baranov, who has held the position for the past four years. The average volume of daily transactions for IQ Option is $3.5 billion.

In terms of users, there are more than 20 million forex traders registered with IQ Option, according to trusted sources. According to official sources, the staff size for IQ Option is 10 and 50 employees.

In terms of deposit rates and fees, IQ Option charges a minimum deposit of $10 with a spread from 0.1 pips with commissions from 0 USD.

In terms of trading speed, IQ Option executes all orders within 0.7 seconds. In terms of the trust, security, and security features, IQ Option offers a safe trading environment because of strict regulation and stringent processes.

In terms of tradable financial instruments, IQ Option offers the following:

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

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

  • USD
  • GBP
  • EUR
  • ZAR
  • RUB

In terms of trading software, IQ Option offers forex traders the use of its proprietary trading software. In terms of research and education, IQ Option offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

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

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

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

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

  • The United States
  • Canada
  • Australia
  • Russia
  • North Korea
  • Iran
  • Spain
  • Japan
  • Palestine
  • Israel
  • Belgium

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

  • A well-regulated trading environment where client funds are safeguarded
  • Low and competitive trading commissions
  • A powerful proprietary trading platform available across several devices
  • A wide variety of tradable financial instruments

IQ Option is an active forex broker in Burkina Faso with more than 1,000 registered users. In terms of market share, IQ Option holds a large portion because of its innovative mobile trading solutions, competitive trading conditions, and educational tools. 

In terms of privileges that IQ Option offers to citizens from Burkina Faso involves superior trading tools and dedicated customer service.

The reason why so many forex traders use IQ Option in Burkina Faso relates to its client-orientated business model.

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

3. eToro

eToro is a forex broker that was founded in 2007 and is headquartered in Cyprus, United Kingdom, and Israel. eToro is a regulated broker with regulation and authorization through these entities:

  • Financial Conduct Authority (FCA)
  • Cyprus Securities and Exchange Commission (CySEC)
  • The Australian Securities and Investment Commission (ASIC)

Yoni Assia, Ronen Assia, and David Ring founded eToro, with Yoni Assia serving as the CEO for the past 14 years. eToro has an average daily trading volume that exceeds 4.3 billion USD, according to official sources.

In terms of users, there are millions of forex traders registered with eToro, according to trusted sources. According to official sources, the staff size for eToro is between 500 and 1,000 employees.

In terms of deposit rates and fees, eToro charges a minimum deposit of $200 with a spread that starts from 3 pips EUR/USD and the benefit of commission-free trading.

In terms of trading speed, eToro executes all client’s orders within a few milliseconds with minimal slippage. In terms of trust, security, and security features, eToro is a trusted and well-regulated broker in addition to being the leading social trading platform.

In terms of tradable financial instruments, eToro offers the following:

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

In terms of currency types, eToro supports the following currencies:

  • AUD
  • EUR
  • USD
  • GBP
  • RUB, and several others

In terms of trading software, eToro offers forex traders the use of its proprietary trading platform that can be downloaded across several devices, including desktop and mobile. In terms of research and education, eToro offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. eToro Watchlist
  2. eToro Portfolio
  3. eToro News Feed
  4. eToro Copy People
  5. eToro Trade Markets
  6. eToro Instrument feed, and several others.

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

  • Facebook
  • Twitter
  • Instagram
  • LinkedIn
  • Email
  • Telephone

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

  • The United States
  • Syria
  • Sudan
  • Serbia
  • Canada
  • Albania, and several other regions.

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

  • A safe and secure trading environment that is well-regulated by strict financial watchdogs
  • Commission-free trading
  • An innovative and powerful proprietary trading platform
  • A wide range of trading instruments

eToro is an active forex broker in Burkina Faso with more than a few hundred registered users. In terms of market share, eToro is one of the popular forex brokers and trading providers in Burkina Faso that serves beginner and professional traders. 

In terms of privileges, eToro does not offer citizens from Burkina Faso any special privileges, but the forex broker is so popular because of its unique position as the leading online social trading platform.

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

4. NordFX

NordFX is a forex broker that was founded in 2008 and is headquartered in Cyprus. NordFX is a regulated broker with regulation and authorization through these entities:

  • Vanuatu Financial Services Commission (VFSC)
  • Cyprus Securities and Exchange Commission (CySEC)

In terms of users, there are more than 1.2 million forex traders registered with NordFX, according to trusted sources. According to official sources, the staff size for NordFX is between 10 and 50 employees.

In terms of deposit rates and fees, NordFX charges a minimum deposit of $10 with a spread from 0 pips with commissions from 0.0036% per trade, per side.

In terms of trading speed, NordFX executes all orders within 0.5 seconds. In terms of the trust, security, and security features, NordFX keeps client funds in segregated accounts with top-rated banks.

In terms of tradable financial instruments, NordFX offers the following:

  • Forex
  • Cryptocurrencies
  • Metals
  • Energies

In terms of currency types, NordFX supports the following currencies:

  • USD
  • BTC
  • ETH

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

  1. MetaTrader 4
  2. MetaTrader 5
  3. MetaTrader 4 Multi-terminal

In terms of research and education, NordFX offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Analysis
  2. Economic Calendar
  3. Trading Signals
  4. VPS
  5. NordFX Learning Centre
  6. Glossary
  7. FAQ

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

  • Web Contact Form
  • Instant Web Chat
  • Email

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

  • The United States
  • Belgium
  • Japan
  • Canada and many other regions where forex trading is not permitted.

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

  • A well-regulated and secure trading platform
  • Low and transparent commission fees
  • A choice between popular trading platforms such as MetaTrader 4 and MetaTrader 5
  • More than 50 tradable financial instruments

NordFX is an active forex broker in Burkina Faso with more than 100 registered users. In terms of market share, NordFX is not the most popular broker but has a few supporters because of its comprehensive offering.

In terms of privileges, NordFX does not offer Burkina Faso citizens special privileges, and the reason why there are forex traders in the country that use NordFX relates to its range of assets, trading software, and educational and research tools and resources.

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

5. OctaFX

OctaFX is a forex broker that was founded in 2011 and is headquartered in Saint Vincent and the Grenadines. OctaFX is a regulated broker with regulation and authorization through these entities:

  • Financial Services Authority of Saint Vincent and the Grenadines (FSA SVG)
  • The Cyprus Securities and Exchange Commission (CySEC).

The CEO for OctaFX is Georgios D. Pantzis, who has held the position for the past three years. In terms of users, there are more than 6.6 million forex traders registered with OctaFX, according to trusted sources. 

According to official sources, the staff size for OctaFX is between 250 and 500 employees.

Where deposit rates and fees are concerned, OctaFX charges a minimum deposit of $100 with a spread that starts from 0.0 pips and commissions which start from $0.02 per 0.01 lot traded.

In terms of trading speed, OctaFX executes 97.5% of all clients’ orders with minimal slippage within a few seconds. In terms of trust, security, and security features, OctaFX is well-regulated through strict entities and uses stringent security protocols to ensure a safe trading environment.

In terms of tradable financial instruments, OctaFX offers the following:

  • Forex
  • Metals
  • Energies
  • Indices
  • Cryptocurrencies

In terms of currency types, OctaFX supports the use of EUR or USD. In terms of trading software, OctaFX offers forex traders the following applications:

  1. OctaFX trading application
  2. MetaTrader 4
  3. MetaTrader 5
  4. cTrader

In terms of research and education, OctaFX offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Forex basics
  2. Video Tutorials
  3. Webinars
  4. Trading Calculator
  5. Live Quotes
  6. Market Insights, and several others.

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

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

In terms of the service area, OctaFX serves traders from around the world except for traders who reside in the United States. When compared to other forex brokers, OctaFX offers the following unique sides and features:

  • A well-regulated, strictly overseen, and safe trading environment
  • Ultra-low commission charges
  • Powerful trading software that can be used across devices
  • A significant portfolio of tradable financial instruments

OctaFX is an active forex broker in Burkina Faso with more than 200 registered users. In terms of market share, OctaFX has a solid position despite the competitors in the field. 

In terms of privileges that OctaFX offers to citizens from Burkina Faso with a range of features while beginner traders can expect the best education and demo accounts.

The reason why so many forex traders use OctaFX in Burkina Faso relates to its innovative trading solutions, trusted service, and powerful trading software.

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

6. XM Group

XM is a forex broker that was founded in 2009 with headquarters based in Cyprus. XM is a well-regulated broker with the necessary licensing and authorization through these entities:

  • Australian Securities and Investment Commission (ASIC)
  • Cyprus Securities and Exchange Commission (CySEC)
  • International Financial Services Commission (IFSC)

The CEO for XM is Constantinos Cleanthous, who has held the position for the past several consecutive years. The market capitalization for XM is 14.26 billion USD, according to official stock information. 

In terms of users, there are more than 3.5 million forex traders registered with XM, according to trusted sources. According to official sources, the staff size for XM is more than 450 employees.

In terms of deposit rates and fees, XM charges a minimum deposit of $5 with a spread that starts from as low as 0.0 pips and commissions that start from $1.

In terms of trading speed, XM executes 99.35% of client orders within just a second. In terms of trust, security, and security features, XM uses strict security protocols and some of the best software to ensure a safe trading environment.

In terms of tradable financial instruments, XM offers more than 1,000 tradable instruments, which include the following:

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

In terms of currency types, XM allows the use of the following currencies:

  • USD
  • EUR
  • GBP
  • JPY
  • AUD
  • ZAR, and more.

In terms of trading software, XM offers forex traders a choice between MetaTrader 4 and 5 over several devices, including the Web, mobile, and desktop applications. In terms of research and education, XM offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Podcast
  2. XM Live
  3. Live Education
  4. Forex Webinars
  5. Forex Seminars Market Overview, and several more.

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

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

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

  • Iran
  • Israel
  • Canada
  • The United States

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

  • A well-regulated, secure trading platform, client fund segregation, and several security features to protect the website and client information and data
  • Ultra-low commission rates and transparent fees
  • Popular, powerful, and highly customizable trading software
  • Over 1,000 tradable instruments

XM Group is an active forex broker in Burkina Faso with more than 1,000 registered users. In terms of market share, XM is one of the most prominent forex brokers in the country and the world. 

In terms of privileges that XM Group offers to citizens from Burkina Faso with a range of promotions and benefits, demo accounts, educational sources, and more.

The reason why so many forex traders use XM Group in Burkina Faso relates to its friendly support, advanced trading tools, helpful guides, and range of promotions to draw in new traders.

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

7. IG

IG is a forex broker that was founded in 1974 and is headquartered in the United Kingdom. IG is a regulated broker with regulation and authorization through these entities:

  • The United Kingdom – Financial Conduct Authority (FCA)
  • United States – Commodity Futures Trading Commission (CFTC)
  • United States – National Futures Association (NFA)
  • German – Federal Financial Supervisory Authority (BaFin)
  • Switzerland – Swiss Financial Market Supervisory Authority (FINMA)
  • Australia – Australian Securities and Investment Commission (ASIC)
  • New Zealand – Financial Markets Authority (FMA)
  • Singapore – Monetary Authority of Singapore (MAS)
  • Japan – Japanese Financial Services Authority (JFSA)
  • South Africa – Financial Sector Conduct Authority (FSCA)
  • UAE – Dubai Financial Services Authority (DFSA)
  • Seychelles – Financial Services Authorisation (FSA) of Seychelles
  • Japan Ministry of Economy, Trade, and Industry (METI)
  • Japanese Ministry of Agriculture, Forestry, and Fisheries (MAFF)

Stuart Wheeler founded IG, and the CEO is June Felix, who has held the position for more than five years. The market capitalization for IG is $4.009 billion at the time of writing, according to updated, official stock information. 

In terms of users, there are more than 239 000 forex traders registered with IG, according to trusted sources. According to official sources, the staff size for IG is between 1 000 to 5 000 employees.

In terms of deposit rates and fees, IG charges a minimum deposit of $250 with low trading fees with commissions from 0.10% on CFD EU and UK Shares and 2 cents on US Shares.

In terms of trading speed, IG guarantees fast trading speeds from a few milliseconds. In terms of the trust, security, and security features, IG is one of the most trusted forex brokers in the industry that has years of experience in providing trading solutions.

In terms of tradable financial instruments, IG offers the following:

  • Forex
  • Indices
  • Shares
  • Commodities
  • Cryptocurrencies
  • Interest rates
  • Bonds
  • ETPs
  • Futures
  • Options

In terms of currency types, IG supports the following currencies:

  • USD
  • GBP
  • EUR
  • CAD
  • AUD, and several more.

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

  1. MetaTrader 4
  2. IG Platform
  3. ProRealTime (PRT)
  4. L2 Dealer
  5. FIX API

In terms of research and education, IG offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  1. Risk Management
  2. Trade analytics tool
  3. News and trade ideas
  4. Strategies and planning
  5. Seminars and webinars
  6. Financial Events
  7. Glossary and trading terms
  8. IG Academy app

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

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

In terms of the service area, IG serves traders from around the world without any restrictions, including traders from

  • The United Kingdom
  • Australia
  • The United States
  • Europe
  • New Zealand
  • South Africa
  • UAE
  • Most African Countries where forex trading is allowed, including Burkina Faso and several regions.

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

  • Multi-regulation allows IG to cater for traders from around the world
  • Low and competitive trading commissions
  • A choice between a range of innovative, powerful, reliable trading platforms
  • Over 17,000 tradable financial instruments

IG is an active forex broker in Burkina Faso with more than a few hundred registered users. In terms of market share, IG has a decent portion because it is a trusted broker that offers access to the forex market to traders from Burkina Faso and other underdeveloped African Countries.

In terms of privileges that IG offers to citizens from Burkina Faso with advanced educational resources, demo accounts, innovative trading platforms, and competitive trading conditions.

The reason why so many forex traders use IG in Burkina Faso relates to its trusted, secure nature and range of tradable financial instruments.

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

8. Olymp Trade

Olymp Trade is a forex broker that was founded in 2014 and is headquartered in Saint Vincent and the Grenadines. Olymp Trade is an unregulated broker with an unknown founder.

Andreas A. is the CEO for Olymp Trade, and he has held the position for the past seven years. Olymp Trade’s market capitalization and daily average trading volume are not known, but the forex broker executes an average of $170 million a month.

In terms of users, there are more than 240 000 forex traders registered with Olymp Trade, according to trusted sources. According to official sources, the staff size for Olymp Trade is between 10 and 50 employees. 

In terms of deposit rates and fees, Olymp Trade charges a minimum deposit of $10 and does not charge a spread, but commissions are between 13.5% and 20%.

In terms of trading speed, Olymp Trade guarantees fast trade execution with minimal slippage. In terms of security, OlympTrade uses a 256-bit SSL to encrypt information and data.

In terms of tradable financial instruments, Olymp Trade offers the following:

  • Cryptocurrencies
  • Forex
  • Stocks (US)
  • Commodities
  • Indices

In terms of currency types, Olymp Trade supports the use of its proprietary trading software. In terms of research and education, Olymp Trade offers a free newsletter and blog. Forex traders can also expect these useful trading tools:

  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:

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

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

  • The United States
  • United Kingdom

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

  • An innovative trading environment
  • Competitive trading commissions
  • Proprietary trading software
  • Range of financial instruments

Olymp Trade is not a very active forex broker in Burkina Faso and has less than 100 registered forex traders and a very small market share. Olymp Trade does not offer Burkina Faso residents any privileges, and the reason why Olymp Trade is not a popular choice is because of its lack of regulation. 

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

Forex Trading in Burkina Faso

The official currency of Burkina Faso is the West African Franc or XOF, officially also known just as the Franc or Franc CFA.

There is not a lot that is known about forex trading in Burkina Faso, other than it being a legal activity, with many forex brokers who offer their services to traders based in this region.

Traders who reside in this region are allowed to trade the XOF against several other currencies in the world using the brokers on this list to connect them to the forex market.

    

What should be known for Forex Trading in Burkina Faso

Truly little is known about forex trading in Burkina Faso other than it is a legal activity that is allowed to be done by retail and professional traders.

There are no official sources that indicate the restrictions or the requirements for forex trading, other than forex traders using a well-regulated and trusted broker through which they can trade currencies from around the world.

Who are the Forex Regulators in Burkina Faso?

There are no official regulators based in Burkina Faso that oversee forex trading or provide a regulatory framework for foreign exchange trading in the country. However, the Financial Sector Conduct Authority in South Africa oversees most forex trading over Africa, including Burkina Faso.

Is Forex Trading legal in Burkina Faso?

Yes, forex trading is legal in Burkina Faso.

How many Forex Traders are there in Burkina Faso?

The exact number of forex traders for Burkina Faso is not known, but there are more than 1.8 million forex traders in Africa overall.

What do Burkina Faso’s citizens think about Forex Trading?

Forex trading is not a widespread, popular activity undertaken by citizens of Burkina Faso. However, some participants in forex trading are discovering the benefits that forex trading can bring.

More forex brokers are accepting traders from this country, and forex trading is slowly becoming more widespread.

Best Forex Brokers for Beginners in Burkina Faso

The best forex brokers for beginners in Burkina Faso are:

  1. eToro
  2. XM Group
  3. IG
  4. OctaFX
  5. NordFX

These forex brokers are the best for beginners because of their extensive range of tradable instruments, quality of educational material, and dedicated support.

Best Forex Brokers for Experts in Burkina Faso

The best forex brokers for Experts in Burkina Faso are:

  1. Olymp Trade
  2. FXOpen
  3. IQ Option
  4. eToro
  5. NordFX

These forex brokers will serve expert traders in Burkina Faso well because they offer advanced trading solutions, competitive trading conditions, and a range of useful trading tools.

Best Forex Brokers for Other Countries

The best forex brokers for Ghana are:

  1. Pepperstone
  2. Global GT
  3. Interactive Brokers
  4. Questrade
  5. XTB

The best forex brokers for Togo are:

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