Best Forex Brokers in Cape Verde 2024 [Compared and Reviewed]

Cape Verde is an emerging market for Forex trading and investors are constantly searching for the best Forex brokers to trade with. With the increasing popularity of Forex trading in Cape Verde, it’s important to choose a broker that offers a secure, reliable and user-friendly platform, as well as a range of market instruments and competitive trading conditions. In this article, we will highlight some of the best Forex brokers available in Cape Verde, taking into consideration factors such as regulation, customer support, and trading conditions.

A list of Top Forex Broker in Cape Verde

Looking for the best forex brokers in Cape Verde? Look no further! We’ve researched and compiled a list of the Top Ten Forex Brokers in Cape Verde, based on a range of key factors to help you make an informed decision.

Here is the list of top 10 forex brokers in Cape Verde. 

• Icmarkets
• Pepperstone
• Etoro
• XM
• Exness
• Oanda
• FBS
• Hotforex 
• Eightcap
• FXTM

Comparison of Best forex Brokers in Cape Verde

Best Forex Brokers in Cape Verde Reviewed

ICmarkets.com – Best for Tight Spread

IC Market is a regulated broker established in 2017 and is best known for its tight spreads. It offers a wide range of trading platforms including MT4, MT5, cTrader, Web and Mobile, making it an ideal choice for traders of all levels. Based in Australia, IC Market provides a secure and reliable trading experience with access to a wide range of markets and instruments. With its competitive fees, IC Market is an attractive option to consider.

IC Markets is an excellent choice for traders looking for a reliable broker. It offers a wide range of trading instruments, including over 60 currencies, 10+ cryptos and 1600+ CFDs. Moreover, it allows traders to use EAs and robots, and allows scalping and news trading. Furthermore, IC Markets provides a MAM account, allowing traders to manage multiple accounts from one master account. However, it does not offer PAMM accounts. Nevertheless, it does have the Zulutrade Social Trading facility, allowing traders to copy the trades of experienced traders. All in all, IC Markets is an ideal choice for both beginner and experienced traders.

Our Ratings

Pros:

• Low fees and spreads. IC Markets offers competitive spreads and low commissions on all its trading products.
• Award-winning customer support. IC Markets provides 24/7 customer service and support in multiple languages. 
• Regulated broker. IC Markets is regulated by ASIC, one of the most respected financial regulators in the industry. 
• Wide selection of trading platforms. IC Markets offers access to MetaTrader 4, MetaTrader 5, cTrader, and their own proprietary IC Markets Webtrader. 
• Large range of tradable assets. IC Markets offers a wide variety of tradable assets including Forex, indices, commodities, and cryptocurrencies. 

Cons:

• Limited payment methods. IC Markets only offers a few payment methods for deposits and withdrawals, such as bank wire transfer, credit/debit cards, and third-party payment processors. 
• Limited research and educational materials. IC Markets does not offer a wide selection of research and educational materials for traders.

Pepperstone.com — For Islamic Account

Pepperstone is a regulated online broker based in Australia, established in 2010 and best known for its Islamic account options. They offer a wide range of trading platforms such as MT4, MT5, cTrader, DupliTrade, and TradingView, which can be used by traders to access global markets with low spreads, fast execution speeds, and a variety of trading tools and features. Pepperstone is an ideal choice for Muslim traders looking to access the financial markets, with their Islamic account compliant with Islamic law.

Pepperstone is a broker that offers a wide range of trading instruments, including 60+ currencies, 20+ cryptos, and over 1200 CFDs. It allows traders to use EA or robots, scalping, and news trading strategies. Furthermore, it offers additional trading features such as MAM and PAMM accounts, as well as copy trading. This makes Pepperstone an ideal choice for traders looking for a reliable and feature-rich broker.

Our Ratings

Pros:

• Low trading costs and fees 
• Regulated by multiple global authorities 
• Wide range of trading instruments and markets 
• Offers advanced trading platforms and tools 
• Provides helpful customer support 

Cons:

• Limited educational resources 
• Limited deposit and withdrawal options

Etoro.com – Best for Social Copy Trading

Etoro is a regulated broker based in the United Kingdom, established in 2007. It is best known for its social copy trading, which allows traders to copy the strategies of other traders and follow them automatically. It also has a wide range of products and markets, including stocks, commodities, currencies, indices, ETFs and much more. The trading platform offered by Etoro is their own proprietary platform, which is intuitive and user-friendly. This makes it ideal for both beginners and experienced traders alike.

Etoro is a great broker with a wide range of trading instruments, such as 45+ currencies, 55+ cryptos and 2815+ CFDs. It also offers a unique and useful feature called Copy Trading, which allows traders to copy the strategies of other successful traders. Unfortunately, they do not allow the use of robots or EAs. This is perfect for those looking to invest in a variety of markets while staying in control of their trades.

Our Ratings

Pros:

• User-friendly platform with intuitive design 
• Wide variety of assets to trade 
• Low trading fees and no deposit/withdrawal fees 
• Comprehensive educational resources 
• Excellent customer support 

Cons:

• Limited customizability of the trading platform 
• Lack of advanced trading tools such as automated trading and advanced charting capabilities

XM.Com – For Flexible trading

XM is a regulated broker established in 2009 and based in Cyprus. It offers a flexible trading environment with access to the MT4 and MT5 trading platforms. XM is renowned for its range of services, including 24-hour customer support, low spreads, fast execution, and many other helpful features. It is a reliable and trustworthy broker with a strong reputation in the industry.

XM is an online broker providing traders access to a wide range of trading instruments including over 55 currency pairs, 30+ cryptos, and 940+ CFDs. Traders can use automated strategies and scalping strategies, as well as news trading. Additional features such as MAM accounts are allowed, however PAMM accounts are not available. Social trading is allowed through Zulutrade.

Our Ratings

Pros:

• Low minimum deposit requirement: XM Forex broker allows users to start trading with a low minimum deposit amount. This makes it easier for beginners to get started trading in the forex market. 
• Wide selection of financial instruments: XM Forex broker offers a wide selection of financial instruments, including currency pairs, commodities, indices, and CFDs. 
• Multiple trading platforms: XM Forex broker offers users the choice of multiple trading platforms, including the popular MetaTrader 4 and 5. 
• Fast order execution: XM Forex broker provides users with fast order execution speeds, which is essential for successful trading. 5. Competitive spreads: XM Forex broker offers competitive spreads that are among some of the lowest in the industry. 

Cons:

• Limited customer service: XM Forex broker does not offer 24/7 customer service, which may be a problem for some traders. 
• High withdrawal fees: XM Forex broker charges relatively high fees for withdrawals, which can be a problem for some traders.

Exness.com — For Instant withdrawal

Exness is a regulated broker based in Seychelles, established in 2008. It is best known for its instant withdrawal feature, making it a great choice for traders who need fast access to their funds. Exness also offers a wide range of trading platforms, including MT4 and MT5. With Exness, you can trade with confidence, knowing that your funds are safe and secure.

Exness is a well-known broker that offers its clients a wide range of trading instruments such as 95+ currencies, 5+ cryptos, and 130+ CFDs. Trading conditions such as Ea or Robots, scalping, and news trading are all allowed, making it a great choice for traders looking for a comprehensive trading experience. Additionally, Exness also offers copy trading, allowing traders to copy the strategies of experienced traders. With its extensive range of trading instruments, Exness is a great choice for both experienced traders and beginners.

Pros:

• Low commissions with competitive spreads 
• Trade size from 0.01 to 500 lots 
• Support for multiple trading platforms 
• Wide range of educational materials 5. Fast and secure deposits and withdrawals 

Cons:

• Limited number of trading instruments available 
• Limited customer support options available

Oanda.com — Most Trusted

Oanda is a highly regulated and established broker, based in the United States, that has been in operation since 1996. It is well-known for its trustworthiness and has become one of the most popular brokers in the world. It offers a range of trading platforms including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView. Oanda has a solid reputation when it comes to customer service and security, making it an excellent choice for both experienced and beginner traders alike.

Oanda is a broker that offers a wide range of trading instruments, including over 70 currencies, 4 cryptos, and 50+ CFDs. It allows for trading with EAs or robots, scalping, and news trading. In addition, it also offers ZuluTrade which allows for automated trading. Oanda is a great broker for traders of all levels of experience.

Our Ratings

Pros

• Low minimum deposit requirement of only $1 
• Competitive spreads and fees 
• Variety of trading platforms and tools 
• Comprehensive and user-friendly website 
• Excellent customer support 

Cons

• Limited educational materials 
• No bonuses or promotions for account holders

FBS.com —- For High Leverage

FBS is a regulated broker based in Belize, established in 2009. Their trading platform consists of MT4, MT5 and FBS trader, offering the best in high leverage trading. With years of experience in the industry and a reputation for providing top-notch service, FBS stands out as a reliable and trustworthy broker.

FBS is a well-known broker offering a wide range of trading instruments for traders. It has more than 35 currency pairs available for traders to trade and also offers 3 CFDs. Additionally, FBS allows traders to use Expert Advisors (EAs) or robots for trading, as well as scalping and news trading. This makes it a great choice for experienced and novice traders

Our Ratings

Pros:

• Regulated by the International Financial Services Commission (IFSC) 
• Offers a variety of trading accounts and low minimum deposit amounts 3. Offers tight spreads and low commissions
• Offers multiple trading platforms 
• Offers a variety of educational resources and support 

Cons:

• Not available to US traders 
• Limited selection of trading instruments alike.

Hotforex.com — For Trading instruments

Hotforex is a regulated broker based in Saint Vincent and Grenadines and established in 2010. They offer an extensive range of trading instruments and platforms including MT4 and MT5. With a range of features and services, Hotforex is a great choice for traders looking for a reliable and secure trading environment.

Hotforex offers a wide range of trading conditions for its users. It allows trading using robots and scalping, as well as news trading. It offers over 45 currency pairs and 5+ cryptos and CFDs for trading. Additionally, Hotforex also offers MAM (Multi-Account Manager) accounts to its users. This allows users to manage multiple accounts with one master account. With such a wide range of features, Hotforex is a great choice for traders of all levels.

Our Ratings

Pros:

• Hotforex provides competitive spreads and low trading costs. 
• Hotforex offers a wide variety of trading platforms and tools for traders of all levels.
• Hotforex offers a wide selection of educational materials and resources for traders. 
• Hotforex provides a user-friendly and intuitive trading interface. 
• Hotforex offers an impressive selection of currency pairs and other financial instruments. 

Cons:

• Hotforex does not offer a range of different account types, so traders may not be able to find the account that best suits their needs.
• Hotforex does not offer a wide selection of deposit and withdrawal options, so traders may have difficulty finding an option that works for them.

Eightcap.com — Best for Trading Support

Eightcap is a regulated broker based in Australia, established in 2009. They offer a variety of trading platforms, including MT4, MT5, and TradingView, making them a great choice for traders who are looking for a reliable and supportive trading environment. They also have a range of trading tools and resources at their disposal, making them an ideal choice for both experienced and beginner traders.

Eightcap is a broker offering a wide range of trading instruments, including 45+ currencies, 300+ cryptos, and 800+ CFDs. It allows the use of EAs and robots, as well as scalping. It also provides additional facilities such as PAMM and MAM accounts. With such a variety of trading instruments and facilities, Eightcap is an excellent choice for all kinds of traders.

Our Ratings

Pros:

• Regulated by the Australian Securities and Investment Commission (ASIC). 2. Low fees and tight spreads. 
• Offers fast order execution. 
• Variety of trading instruments available. 
• Variety of trading platforms available. 

Cons:

• Limited customer service options. 
• Limited range of research tools.

FXTM.com — Best For Trading Conditions

FXTM is a regulated broker based in Mauritius, established in 2011. It offers some of the best trading conditions available and uses the popular MT4, MT5 and WebTrader platforms. FXTM is ideal for experienced and novice traders alike due to the wide range of features and trading tools available. The broker is well-known for providing competitive spreads and highly efficient execution of trades, as well as customer support in multiple languages. With its secure trading environment, competitive fees and reliable customer service, FXTM is an excellent choice for traders looking for a reliable broker.

FXTM is a broker providing a wide range of trading instruments, including 55+ currencies, 4+ cryptos, and 190+ CFDs. The broker allows trading with EAs or robots, scalping, and news trading. In addition, it provides MAM accounts for traders who need to manage multiple accounts simultaneously. With FXTM, traders have access to a diverse selection of financial instruments and services that can help them reach their trading goals.

Our Ratings

Pros:

• Competitive spreads and fees 
• Advanced trading tools and resources
• Variety of account types 
• Margin and leverage options 
• Secure and reliable trading platform 

Cons:

• Limited range of products and instruments 
• Limited customer support

What is a Forex Broker? 

A Forex broker is a dedicated financial intermediary playing a pivotal role for individuals and businesses engaged in currency trading within the vast global foreign exchange market. Serving as a crucial link between traders and the dynamic world of forex, these brokers provide online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is paramount for ensuring a secure and efficient trading experience, complemented by essential tools and analysis to navigate the intricacies of currency transactions within the expansive forex landscape.

Also read : Beginners Guide to Forex Broker

What are the Most Trusted Forex Brokers in Cape Verde?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Cape Verde. These brokers are highly regulated by top regulators including FCA, ASIC, CySEC, BaFIN, DFSA, SCB and so on.  They also offer segregated client fund accounts with tire 1 banks. for example. Here are our trust score for the following brokers 

• Pepperstone : 9.4 
• IC Markets    : 9.3
• XM                : 9.3 
• FBS              : 9

What is the No 1 Forex Brokers in Cape Verde

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Cape Verde. The broker is not only popular in Cape Verde but also globally. Additionally, the broker is regulated under top-tier regulators worldwide, including FCA, ASIC, CySEC, and others. Pepperstone secures a score of 9.4 out of 10, the highest in our research

What are the Best MT4 Forex Brokers in Cape Verde ?

Based on our in-depth research and test results, the best MT4 forex brokers in Cape Verde are:

• IC Markets
• Pepperstone
• Eightcap
• Tickmill
• XM
• FBS

They offer thousands of trading instruments, including forex, crypto CFDs, stock CFDs, and indices.

What are the Best MT5 Forex Brokers in Cape Verde?

MT5 a multi-asset trading platform by MetaQuotes. It is second most popular forex trading platform in the world. Most of the forex brokers in Cape Verde offer MT5 Trading Platforms. According to our brokers research and ratings, the best MT5 Forex Brokers in the UK are 

• Pepperstone
• IC Markets 
• FBS 

MT5 perform allows traders to perform  technical analysis and trading operations in the Forex market

What are the Best ECN Forex Brokers in Cape Verde ?

Our findings and broker ratings show that the best ECN Forex brokers in Cape Verde are 

•  Pepperstone 
•  IC Markets 
•  XM
•  FXTM 
•  Hotforex 

These brokers offer low trading fees. They also offer seamless deposit and withdrawal processing. Among the brokers, Pepperstone we ranked Pepperstone as No 1 forex brokers in the world

Which Forex Brokers are Best for Beginners in Cape Verde ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Cape Verde. They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

Which Forex Brokers Offer Copy Trading Platforms in Cape Verde ?

The best forex brokers offering copy trading platforms in Cape Verde include eToro, Pepperstone, IC Markets, and FBS, among others. Among these, eToro is renowned for its social copy trading. Moreover, you can use almost all forex brokers for copy trading purposes if they allow EA trading

Which Forex Brokers offer High Leverage in Cape Verde ?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Cape Verde. FBS provides a 1:3000 leverage, allowing for up to $3000 in trading capital for every $1 risked. However, the leverage in the EU and the USA is fixed. In the EU and Australia, retail traders can take up to a 1:30 leverage, while US regulators allow a maximum 1:50 leverage for retail forex traders. Many brokers have multiple entities for traders in different countries. Here is a list of the highest-leverage forex brokers:

FBS.com : 1:3000

Exness.com : 1:2000

Hotforex : 1:1000

How Can I trade Forex in the Cape Verde 

Understand the basics of forex trading:

Forex trading involves buying and selling currencies in order to make a profit. To get started, you should learn the basics of how the forex market works, including the different types of currency pairs, trading strategies, and risk management techniques.

Find a reliable forex broker:

To trade forex, you’ll need to open an account with a reputable forex broker. Look for a broker that is regulated by a reputable regulatory authority, offers competitive spreads and fees, and provides a user-friendly trading platform.

Open a trading account:

Once you’ve selected a forex broker, you’ll need to open a trading account. This typically involves completing an online application form and providing some basic personal and financial information.

Fund your trading account:

To start trading forex, you’ll need to fund your trading account. Most forex brokers allow you to deposit funds using a range of payment methods, including credit/debit cards, bank transfers, and e-wallets.

Choose your trading platform:

Your forex broker will provide you with a trading platform where you can access the forex market and place trades. Most brokers offer a range of platforms, including desktop, web-based, and mobile apps.

Analyze the market:

Before placing a trade, you should analyze the market and identify potential trading opportunities. This involves using technical and fundamental analysis to assess market trends, identify support and resistance levels, and spot potential entry and exit points.

Place a trade:

Once you’ve identified a trading opportunity, you can place a trade using your trading platform. This typically involves selecting the currency pair you want to trade, specifying the trade size, and setting your stop-loss and take-profit levels.

Monitor your trades:

After placing a trade, you’ll need to monitor it closely to ensure it’s performing as expected. You should also consider using risk management techniques such as stop-loss orders and trailing stops to limit your potential losses.

Close your trade:

When you’re ready to close your trade, you can do so using your trading platform. This typically involves selling the currency pair you bought, or buying the currency pair you sold.

Review your performance:

After trading forex for a period of time, it’s important to review your performance and assess what’s working well and what needs improvement. This can help you refine your trading strategy and become a more successful forex trader over time.

Different Types of Forex Brokers in Cape Verde

Dealing Desk Brokers:

These are forex brokers that operate a dealing desk and act as the counterparty to their clients’ trades. Dealing desk brokers can be further divided into two categories:

Market Maker:

These brokers create their own market by setting their own bid-ask prices and executing trades in-house. They may offer fixed spreads and can take positions against their clients’ trades.

No Dealing Desk Brokers:

These are forex brokers that do not operate a dealing desk and instead pass their clients’ trades on to liquidity providers. No dealing desk brokers can be further divided into two categories:

ECN (Electronic Communication Network):

These brokers connect their clients’ trades directly to a network of liquidity providers, such as banks and other financial institutions. Clients can trade at the best available bid and ask prices, and the broker makes money by charging a commission on each trade.

STP (Straight-Through Processing):

These brokers automatically pass their clients’ trades on to a network of liquidity providers, without any intervention or manipulation. Clients can trade at the best available bid and ask prices, and the broker makes money by marking up the spread or charging a commission on each trade.

Types of Trading Platforms in Cape Verde

Web-Based Trading Platforms:

These trading platforms run on web browsers and do not require any installation. They offer access to a wide range of trading tools and features, and can be accessed from any device with an internet connection.

Desktop Trading Platforms:

These trading platforms require installation on a computer or laptop, and offer more advanced trading tools and features than web-based platforms. They are typically faster and more reliable than web-based platforms, but require regular updates and maintenance.

Mobile Trading Platforms:

These trading platforms are designed for smartphones and tablets, and offer on-the-go access to the forex market. They are typically lightweight and easy to use, but may offer fewer trading tools and features than desktop or web-based platforms.

MetaTrader 4 (MT4):

This is a popular trading platform used by many forex brokers in Cape Verde. It offers a wide range of trading tools and features, including technical analysis tools, customizable charts, and automated trading capabilities.

MetaTrader 5 (MT5):

This is a newer version of the MT4 platform, and offers additional features such as improved charting capabilities and the ability to trade a wider range of financial instruments, including stocks and futures.

cTrader:

This is a popular trading platform used by some forex brokers in Cape Verde. It offers advanced trading tools and features, including depth of market (DOM) pricing, advanced order types, and customizable charting tools.

How to Choose the Best forex Brokers in Cape Verde

Choosing the best Forex broker in Cape Verde requires careful consideration of several factors:

Regulation:

Make sure the broker is regulated by a reputable financial authority such as the Cape Verdean Securities Exchange Commission.

Trading Platform:

Choose a broker with a user-friendly trading platform that meets your trading needs.

Market Instruments:

Ensure the broker offers a wide range of market instruments to trade, such as currency pairs, stocks, and commodities.

Trading Conditions:

Look for brokers that offer competitive trading conditions, such as low spread, high leverage, and fast execution speeds.

Customer Support:

Good customer support is essential for traders, so look for a broker that offers 24/7 support and multiple languages.

Fees and Charges:

Make sure to consider the fees and charges associated with trading, such as spread, commission, and overnight financing charges.

Reputation:

Check the broker’s reputation by reading online reviews and forums to make sure they have a good track record in terms of security and customer service.

By considering these factors, you can choose the best Forex broker in Cape Verde that meets your trading needs and goals.

Frequently Asked Question (FAQs)

Is Forex Trading Legal in Cape Verde ?

Yes Forex trading is legal in Cape Verde, and the country does not have any specific regulations or restrictions on Forex trading.

What is Forex trading?

Forex trading is the act of buying and selling currencies with the aim of making a profit.

What are the benefits of Forex trading?

Some of the benefits of Forex trading include the potential for high returns, low barriers to entry, 24-hour trading, and the ability to trade from anywhere in the world.

What is a Forex broker?

A: A Forex broker is a company that acts as an intermediary between traders and the global currency market. They provide traders with access to a trading platform and allow them to trade currency pairs, stocks, and other financial instruments.

How do I choose the best Forex broker in Cape Verde?

When choosing the best Forex broker in Cape Verde, consider factors such as regulation, trading platform, market instruments, trading conditions, customer support, fees and charges, and reputation.

Is Forex trading risky?

Forex trading, like all forms of investing, carries risk. However, the potential for high returns also exists. It’s important to have a solid understanding of the market and to employ risk management strategies to minimize potential losses.

Can I start Forex trading with a small amount of money?

Yes, Forex trading can be started with a small amount of money. However, it’s important to keep in mind that the potential for high returns also comes with the potential for high losses.

Conclusion

Forex trading has become increasingly popular in Cape Verde, and there are many Forex brokers available for traders to choose from. When selecting a broker, it’s important to consider factors such as regulation, trading platform, market instruments, trading conditions, customer support, fees and charges, and reputation. By doing thorough research and making an informed decision, traders can increase their chances of success in the Forex market. Remember, Forex trading carries risk, so it’s important to educate yourself, develop a solid trading plan, and employ risk management strategies.