Forex Brokers Best Top 4 List In Africa and the world Good and Bad side. For a better trading experience, we all need a good broker.

Finding one brings peace of mind and stability when it comes to trading. In today’s post I am sharing forex Brokers Best Top 4 List In Africa and the world that I have used. After too many tries with many brokers, I have discovered that every forex broker has its good side and bad side.

These aspects can be business related, customer relation related or just usability related. So as per experience and total satisfaction, I am sharing with you who I think is my best broker. I will also share their bright and dark side to balance my honest reviews. 

To start trading forex, it is essential to first familiarize oneself with the basic concepts of the foreign exchange market. This includes understanding how currency pairs work, the factors that influence exchange rates, and the various trading strategies available.

Next, aspiring traders should open a forex trading account with a reputable broker that offers competitive spreads and reliable execution. It is important to choose a broker that is regulated by a recognized financial authority to ensure the safety of funds and fair trading conditions.

Additionally, traders should develop a disciplined trading plan that includes risk management techniques such as setting stop-loss orders and not risking more than 1-2% of their capital on any single trade. Continuous education and practice are key to success in forex trading, so traders should be committed to improving their skills and staying informed about market developments.

To start trading forex, it is essential to first familiarize oneself with the basic concepts of the foreign exchange market. This includes understanding how currency pairs work, the factors that influence exchange rates, and the various trading strategies available.

Next, aspiring traders should open a forex trading account with a reputable broker that offers competitive spreads and reliable execution. It is important to choose a broker that is regulated by a recognized financial authority to ensure the safety of funds and fair trading conditions.

Additionally, traders should develop a disciplined trading plan that includes risk management techniques such as setting stop-loss orders and not risking more than 1-2% of their capital on any single trade.

Continuous education and practice are key to success in forex trading, so traders should be committed to improving their skills and staying informed about market developments.

Forex brokers around the world play a crucial role in facilitating currency trading for investors and financial institutions. These brokers act as intermediaries between buyers and sellers in the foreign exchange market, providing access to an array of currency pairs and trading platforms.

They offer services such as executing trades, providing market analysis, managing risk, and offering leverage to amplify returns on investments. Forex brokers must adhere to strict regulations set by financial authorities in their respective countries to ensure transparency, security, and fair trading practices.

Additionally, they continuously invest in technology infrastructure to offer efficient order execution, low spreads, and responsive customer support. With the globalization of financial markets, forex brokers play a vital role in enabling traders to participate in the dynamic and fast-paced world of currency trading.

How to find a good broker?

When looking for a good forex broker, there are several key factors to consider in order to ensure you are selecting a reputable and reliable option.

Firstly, it is essential to research and compare different brokers based on their regulatory status, as this provides assurance that the broker operates within strict guidelines set by governing bodies.

Additionally, examine the broker’s trading platforms and tools to ensure they meet your needs and preferences for executing trades effectively. Another crucial aspect is assessing the broker’s customer service quality, as efficient support can make all the difference during critical trading moments.

It is also wise to check the broker’s fee structure, including spreads, commissions, and any hidden costs that may impact your overall profitability. By thoroughly evaluating these criteria, you can confidently choose a forex broker that aligns with your trading goals and expectations.

A good forex broker is one who is highly regulated, reputable, and transparent in their business practices. They should offer a wide range of trading options, competitive spreads, and leverage options to cater to the diverse needs of their clients.

A reliable broker provides strong customer support services and educational resources to assist traders in making informed decisions.

Additionally, they should have advanced trading platforms that are user-friendly and efficient for executing trades quickly and securely. Furthermore, a good forex broker will have positive reviews and feedback from clients, demonstrating their reliability and trustworthiness in the industry.

Overall, a good forex broker prioritizes the success and satisfaction of their clients by providing top-notch services and maintaining high ethical standards in all aspects of their operations.

Forex Brokers Best Top 4 List In Africa and the world

#1 IC Market

Generally with the information propagated on the net, IC Markets is a globally acclaimed broker known for its superior trading conditions, cutting-edge technology, and transparent approach.

Founded in 2007, IC Markets has secured a strong foothold in the industry by catering to both retail and institutional clients worldwide. As an ECN (Electronic Communication Network) broker, they provide direct market access, allowing traders to execute trades with minimal slippage and low latency.

Their diverse range of trading platforms, including MetaTrader 4 & 5 and cTrader, offer advanced charting tools and a wide selection of assets to trade.

Furthermore, IC Markets is regulated by multiple tier-1 regulatory bodies such as ASIC (Australian Securities and Investments Commission) and FSA (Seychelles Financial Services Authority), ensuring the safety of client funds.

With competitive pricing, fast execution speeds, and top-notch customer support, IC Markets stands out as a reputable choice for traders seeking a professional trading environment.

Good side of IC market

1. IC market customer service online live chart

IC Market is a leading online trading platform known for its top-notch customer service, particularly through its live chat feature. This innovative tool allows users to connect with support representatives in real-time, enabling them to address any concerns or issues immediately. 

The live chart is staffed by knowledgeable and experienced professionals who can provide quick and effective solutions to a wide range of problems, from technical glitches to account inquiries.

Customers appreciate the convenience and efficiency of this feature, as it allows them to access assistance without having to wait on hold or send emails back and forth. 

Overall, IC Market’s dedication to providing excellent customer service through their online live chart sets them apart in the competitive world of online trading platforms.

2. Trading experience by price and execution

As a professional in the forex trading industry, I have gained extensive experience in navigating the IC market with a keen focus on price and execution.

By closely monitoring market trends, analyzing historical data, and leveraging advanced trading platforms, I have been able to make well-informed decisions that optimize both price accuracy and timely execution.

 Through strategic order placement and risk management techniques, I have achieved the most favorable outcomes for my trades. 

3. IC market Raw accounts type is my favourite

IC Markets Global Raw Pricing offering and large product range are included across all account types. Suited for both new and experienced traders. IC market Raw Spread account offers some of the lowest possible spreads available. 

Average EUR/USD spread is 0.1 pips, with a commission of $3.50 per lot payable per side. With an aggregated source of pricing from up to 25 institutional grade sources, IC Markets Global Raw Spread account is good for day traders, scalpers and expert advisors. 

They also offer MetaTrader 4 and 5 platforms. Their servers are located in the Equinix NY4 data centre in New York.

4. Forex News traders welcome and not welcome

Yes, you have read right. IC market is the best broker for news traders scalpers and at the same time he is not good at all. So because this section is for the good side, let me elaborate on the good side. Read about the bad side on this topic below. 

The IC market is good for those who scalpe the news, this strategy known as the one minute strategy. By good, I can promise you that they are the best. I can’t disclose what goods happen when trading the one minute strategy . I invite you to try, depending on your strategies of course.

Bad side of IC Market

1. Negative balance protection

The IC market does not protect traders from a negative balance problem. The negative balance protection is a feature provided by some brokers that ensures traders cannot lose more than their initial investment. 

In the IC market, traders are exposed to the full extent of their leveraged positions, meaning they could potentially incur losses larger than their account balance.

This lack of protection highlights the risk involved in trading currencies on margin and emphasizes the need for traders to carefully manage their risk exposure through measures such as setting stop-loss orders and maintaining sufficient account equity. 

Additionally, traders should thoroughly research and select reputable brokers with strong regulatory oversight to minimize potential losses in this volatile market environment.

2. IC market can fire a trader

Ic market does fire forex traders because of negative balance. According to them, once you have  a negative it means you are using a strategy that is not allowed. For such, if you are in this situation you must send them a letter.

After sending them a letter, they will conduct an investigation first before they decide. Their decision can be a warning, or a ban. 

3. IC market has dictatorship

Everytime there is a problem with your accounts or anything, you will send them a letter so that they can address the problem. In some situations, the trader may think to be right and the broker also thinks to be right. IC market when he thinks he is right, they won’t give a chance to explain your side of story.

This happens especially when there is a money problem or withdrawal. And many traders have reported to have lost money with the IC market. I can confirm that I have lost $250 dollars and the IC market market said it has been traded from my account but could not prove it.

#2 FBS Broker

Generally as propagated on the internet, FBS is an international online brokerage firm that offers trading services in forex, metals, stocks, and cryptocurrencies to clients around the world.

The company was established in 2009 and has since gained a reputation for its reliability, customer service, and innovative trading platforms. 

FBS is regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC), ensuring that it operates within strict guidelines to protect its clients’ interests. 

With a diverse range of account types to cater to both beginner and experienced traders, as well as educational resources and market analysis tools, FBS strives to provide a comprehensive trading experience for its customers.

Overall, FBS is a reputable broker in the financial markets that continues to evolve with the latest industry trends to meet the needs of its clientele.

Good side about FBS Broker

1. Reputation

FBS Broker is a reputable and reliable trading platform that has been in operation since 2009, catering to over 16 million traders worldwide. With a robust regulatory framework and licenses from reputable bodies like the International Financial Services Commission, FBS offers its clients a secure and transparent trading environment. 

The broker provides access to a wide range of financial instruments, including forex, metals, energy commodities, cryptocurrencies, and indices, along with competitive spreads and leverage options. 

Additionally, FBS offers multiple account types suitable for both beginner and experienced traders, as well as various educational resources and research tools to help traders make informed decisions.

Overall, FBS Broker stands out as a good choice for those looking for a trustworthy broker with extensive experience in the industry.

2. Customer service

FBs customer service and online chat platform is a vital component of their overall customer experience strategy.

With a focus on efficiency, accuracy, and personalized service, FBs ensures that customers receive expert assistance promptly and effectively. By utilizing advanced technological tools and training their representatives extensively, 

FBS has been able to streamline the customer service process and provide solutions to issues quickly. The online chat feature allows for real-time communication between customers and support agents, creating a seamless interaction that enhances the overall customer experience. 

Furthermore, FBs representatives are highly knowledgeable about their products and services, allowing them to address any inquiries or concerns with precision and expertise. 

Ultimately, FBs commitment to outstanding customer service through their online chat platform sets them apart as a leader in the industry.

3. Leverage option up to 1.3000

FBS leverage refers to the ability for traders to control larger positions in the market with a smaller amount of capital.

This is achieved through borrowing funds from the broker, allowing traders to amplify their potential profits. While leverage can significantly increase gains, it also comes with increased risk as losses are also magnified. 

Therefore, it is crucial for traders to approach leverage cautiously and use risk management strategies to protect their investments.

Different brokers offer varying levels of leverage, so it is important for traders to carefully consider their options and choose a reputable broker that offers a suitable level of leverage for their trading style and risk tolerance. 

Overall, FBS leverage can be a powerful tool for experienced traders looking to maximize their returns, but novice traders should proceed with caution and educate themselves on the risks involved.

Bad side of FBS broker

1. Ethical business practice

As a professional in the financial industry, it is crucial to recognize and address the potential problems that can arise with FBS brokers. One of the main issues that clients might face is inadequate customer support, leading to delays in resolving inquiries or concerns. 

Additionally, some traders have reported experiencing slippage, where their orders are filled at a different price than expected, resulting in unexpected losses.

Furthermore, there have been instances of FBS brokers being accused of unethical practices such as stop-hunting or manipulating prices to profit at the expense of their clients. 

It is imperative for traders to conduct thorough research and due diligence when choosing a broker to ensure transparency, reliability, and ethical business practices in order to mitigate these potential risks associated with FBS brokers.

2. Gold traders won’t feel welcome

The XAUUSD pair, which consists of gold and the US dollar, is known for its volatility and sensitivity to global economic and political events. However, it has been observed that trading XAUUSD FBS brokers may not be conducive to achieving optimal trading results. 

It is crucial for traders to carefully consider these factors when choosing a broker for trading XAUUSD, as they can significantly impact profitability and overall trading experience.

Conducting thorough research and seeking out reputable brokers with a proven track record in handling XAUUSD trades may be beneficial in navigating these challenges effectively.

#3 JustMarkets

In general, Just Markets Broker is a reputable brokerage firm that has built a strong reputation for providing clients with top-notch financial services and investment solutions.

With a team of experienced brokers who possess in-depth knowledge of the financial markets, Just Market Broker offers personalized investment strategies tailored to meet the unique needs and goals of each client. 

Their dedication to client success is evident through their commitment to transparency, integrity, and professionalism in all aspects of their operations.

Just Market Broker utilizes cutting-edge technology and advanced trading platforms to ensure that clients have access to real-time market data and execute trades efficiently. 

With a focus on delivering superior customer service and maximizing returns on investments, Just Market Broker is a trusted partner for individuals looking to navigate the complexities of the financial markets with confidence.

Good side of Just market

1. Customer care

A few good things about using a just market broker include their expert knowledge of the financial markets, access to a wide range of investment products, and personalized service tailored to each client’s unique needs and goals. 

Just market brokers are highly trained professionals who stay up-to-date on market trends and regulatory changes, ensuring they can provide sound advice and make informed recommendations.

Their extensive network of connections allows them to offer a diverse selection of investment opportunities, from stocks and bonds to mutual funds and alternative investments.

Additionally, just market brokers take the time to understand each client’s financial situation, risk tolerance, and long-term objectives in order to create a customized investment strategy that aligns with their goals. 

Overall, working with a just market broker provides individuals with the expertise, resources, and support needed to navigate the complexities of the financial markets successfully.

2. Justmarkets Leverage options up to 1:3000

ustMarkets offers competitive leverage ratios, allowing traders to amplify their positions and potentially increase their returns. Leverage enables investors to control larger positions with a smaller amount of capital, magnifying both gains and losses. 

It is important for traders to carefully manage their leverage ratio to minimize risk and ensure effective risk management practices. By utilizing leverage effectively, traders can take advantage of market opportunities and enhance their overall trading performance.

 With JustMarkets’ comprehensive tools and resources, traders can make informed decisions about leverage usage based on thorough analysis of market conditions, asset classes, and individual risk tolerance levels.

3. Very good for technical traders

Justmarkets offers a comprehensive and user-friendly trading experience for both novice and experienced traders. With their state-of-the-art platform, clients have access to an extensive range of financial instruments including forex, stocks, indices, commodities, and cryptocurrencies. 

The platform provides real-time market data, advanced charting tools, trading signals, expert analysis, risk management features, and educational resources to help clients make well-informed trading decisions. Justmarkets also offers various account types tailored to suit individual trading needs and preferences. 

Their dedicated customer support team is available 24/5 to assist clients with any inquiries or issues that may arise during their trading journey. Overall, Justmarkets is committed to providing a professional and reliable trading environment that empowers clients to achieve their financial goals effectively and efficiently.

Bad side of JustMarkets broker

1. Overall, JustMarkets broker has faced criticism for various reasons, including providing poor customer service, delayed withdrawals, and questionable trading practices. Clients have reported difficulties in contacting customer support and resolving issues. 

Furthermore, the broker has been accused of manipulating trades and prices to the detriment of traders. This has led to distrust among customers and raised concerns about the transparency and credibility of JustMarkets operations.

Additionally, there have been instances where clients’ withdrawal requests were not processed in a timely manner, leading to frustration and financial losses.

Overall, these negative experiences highlight the potential risks associated with trading with JustMarkets brokers and emphasize the importance of conducting thorough research before entrusting a broker with your investments.

Personally, I have not faced issues with this broker so far. Everytime there is a problem that is unethical, I will come back to post and update it. Because we really hope for improvements every year from all the brokers with no exception.

2. Leverage reducing at 1:200 before and after economic news events

Justmarkets can be unfriendly for scalpers. They will reduce the leverage before every news. Jusmarkets leverage reduction signifies the strategic decision to decrease the level of debt within a company’s capital structure. 

By lowering leverage, organizations aim to reduce their financial risk and improve liquidity positions, making them more resilient to economic downturns and unforeseen events. This move allows businesses to strengthen their balance sheets and enhance their creditworthiness in the eyes of lenders and investors. 

Additionally, a lower leverage ratio can lead to lower interest expenses and higher profitability over time, as it minimizes the burden of servicing debt.

While reducing leverage is typically seen as a prudent financial strategy, it’s essential for companies to strike the right balance between debt and equity funding according to their unique circumstances and growth objectives.

Overall, jusmarkets leverage reduction

can contribute positively to a firm’s long-term financial health and sustainability.

#4  XM

XM broker, a leading brokerage firm in the financial industry, is renowned for providing exceptional trading services to clients worldwide. With over a decade of experience, XM broker has established itself as a trusted and reliable partner for both novice and experienced traders. 

Offering a wide range of trading instruments, including forex, stocks, commodities, and indices, XM broker ensures that clients have access to diverse investment opportunities. The platform’s user-friendly interface, advanced charting tools, and competitive spreads make it easy for traders to execute trades efficiently and profitably. 

Additionally, XM broker distinguishes itself through its commitment to customer service excellence, offering 24/5 multilingual support to assist clients with any inquiries or issues they may encounter.

Overall, XM broker is a reputable and reputable brokerage firm that caters to the diverse needs of traders looking to navigate the complex world of financial markets with confidence.

Good side of XM broker

1. Customer care

XM Broker is known for its exceptional customer service, as evidenced by numerous positive reviews from clients. Their dedicated team of professionals are highly knowledgeable and responsive, ensuring that all queries and concerns are addressed promptly and efficiently. 

Clients praise XM Broker’s customer service for being attentive, friendly, and always going above and beyond to ensure client satisfaction.

Whether handling account inquiries, technical support issues, or providing general guidance on trading strategies, XM Broker’s customer service team demonstrates a commitment to excellence that sets them apart in the industry. 

With multiple channels available for reaching out including phone support, live chat, and email correspondence, clients can rest assured that they will receive timely assistance whenever needed.

Overall, XM Broker’s customer service is consistently rated as top-notch and remains a key factor in their continued success as a leading brokerage firm.

2. Overall trading experience

Xm trading experience is positive, for technique as well as news scalper traders.  the company’s competitive spreads, efficient customer service, and user-friendly trading platforms. 

Traders praise XM for their wide range of assets available for trading, including forex, commodities, stocks, and indices. Clients appreciate the variety of account types offered by XM to cater to both novice and experienced traders. 

The broker’s commitment to providing high-quality educational resources and market analysis tools is also frequently highlighted in positive reviews. Additionally, customers commend XM for their fast execution speeds and transparent pricing policies. 

Positive reviews highlight XM as a reliable and trustworthy broker that prioritises client satisfaction and strives to deliver a seamless trading experience.

3. The leverage is up to 1:1000

Xm does not manipulate or reduce leverage during news events. XM Broker offers leverage of up to 1:1000, providing traders with the opportunity to amplify their trading positions significantly.

This high level of leverage allows investors to control a larger position size with a smaller amount of capital, potentially increasing profits but also heightening the risk of losses. 

It is essential for traders to fully understand how leverage works and its implications on their trading activities. While high leverage can lead to significant gains, it also exposes traders to substantial risks, particularly in volatile market conditions. 

Traders should exercise caution and implement risk management strategies when utilizing such high levels of leverage to protect their investments and minimize potential losses. Therefore, it is crucial for traders to have a comprehensive understanding of leveraged trading before engaging in such activities with XM Broker or any other brokerage firm offering similar services.

Bad side ox XM 

While XM Broker may have a reputation for being a reliable and reputable broker, there are some negative aspects to consider. One major concern is the lack of regulatory oversight in certain jurisdictions, leading to potential risks and vulnerabilities for traders.

Additionally, there have been reports of slow customer support responses and withdrawal processing times, causing frustration and inconvenience for clients. 

Some traders have also raised concerns about hidden fees and high spreads on certain instruments, potentially impacting profitability and overall trading experience.

It is important for traders to thoroughly research and consider these factors before choosing to trade with XM Broker, as these issues could affect their financial well-being and overall satisfaction with the platform.

While no broker is perfect, you will judge by yourself which broker to work with. Personally I work all the four listed brokers here. No matter how difficult a situation may be, there is always a solution that brokers bring, to create an atmosphere of peace between him and the client. 

If you think my brokers listed here have some bad sides that I did not mention, please leave yours below. Also give a token of appreciation if you think your broker is wonderful. This post will be updated overtime if we have new information.