One of the most important tasks you have to do when you begin trading is to choose a broker. After all, you will be depositing your hard earned money with the broker so you want to make sure that your money will be safe and you can withdraw it when you want.
You also want to choose a broker with low spreads (trading costs) so that they do not eat into your profits.
Some brokers also do not accept residents of some countries to open their accounts with them. Given these challenges, it can be difficult to find a suitable broker when starting out. That was the case when I started out.
It does not have to be that difficult for you though, I have compiled a list of recommended brokers that you can use below.
These brokers have been in operation for a long time and are reliable. You can easily open an account with any of these brokers. I will advise you to open 2 accounts with 2 different brokers, 1 for short-term withdrawals and the other for long-term compounded growth. It’s free to open an account.
- I have put Hotforex at the top because it is a broker that is quite popular in Africa and the world over. The broker offers a low deposit account of just $5 which makes it affordable if you want to start trading without committing too much money.
- You can also apply for a HotForex MasterCard which makes it easy to access your profits. You can simply withdraw to the MasterCard and swipe the card in shops or withdraw at an ATM. The account opening procedure is also simple. You can open your free account here.
- This is another broker that is also widely used by traders. You can also open an account with $1000 bonus to trade for free! Account opening and withdrawal procedure is also simple. Minimum deposit is just $5. You can also get a 250% deposit bonus!
This broker allows you to deposit, trade and withdraw in BitCoin. The broker also does not have any account verification procedures since its based upon the anonymous Bitcoin network. This can be a good option if you have difficulties verifying your account with other brokers. If you prefer cryptocurrencies you can open an account here.
With all these brokers you will also need to open digital wallet accounts to allow you to withdraw and deposit from your accounts. I would not advise you to deposit to your account directly from your bank account because you may face challenges when withdrawing especially if you use a prepaid card to deposit.
It’s better to first deposit to your e-wallet from your bank and then deposit to your trading account. You can open these e-wallet accounts by clicking the links below.
For those who trade binary options, you can use the brokers below:
- Binary.com is another popular broker. The most popular instruments on the broker platform are the volatility indices which can be traded like forex but have the advantage that they are available 24/7 all year round.
- So they offer much flexibility to those who may want to trade in a forex like manner during the weekends.
- Another great advantage of this broker is that they offer cryptocurrency trading on their MT5 platform. This is very exciting since cryptocurrency trading is gaining popularity. You can get started by opening a demo account.
- is a binary broker that is gaining in popularity. Many people like this broker because it offers a chance to win $100 3 days a week without depositing any of your money. They call this the binary blast, which is a competition where you trade demo money for an hour and whoever has the highest balance after that one hour will win $100. You can read more about this contest here.