Best Forex Brokers in Sao Tome & Principals (2023)

São Tomé and Principe is a small island nation located in the Gulf of Guinea, off the coast of West Africa. Despite its small size, the country has a growing forex market, with an increasing number of traders looking to participate in the world’s largest financial market. 

In order to trade forex in São Tomé and Principe, it’s important to choose a reliable and trustworthy broker. In this article, we will introduce some of the best forex brokers in São Tomé and Principe, based on key factors such as regulation, trading platforms, and customer service. Whether you are a beginner or an experienced trader, our goal is to help you find the right broker to suit your individual trading needs.

A list of Top Forex Broker in Sao Tome & Principals

Discover the Top Ten Forex Brokers in Sao Tome & Principals, carefully selected based on reputation, regulations, trading experience, and customer support. Our list provides valuable insights for traders looking for reliable and trustworthy forex brokers in this region. 

Here is the list of top 10 forex brokers in Sao Tome & Principals 

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

Comparison of Best forex Brokers in Sao Tome & Principals

Best Forex Brokers in Sao Tome & Principals Reviewed

ICmarkets.com – Best for Tight Spread

IC Markets is an established Forex broker based in Australia. Established in 2017, IC Markets offers a secure and reliable trading environment for Forex traders of all levels of experience. With tight spreads, fast execution and powerful trading platforms, IC Markets allows traders to access the global Forex markets with ease. IC Markets offers the MetaTrader 4, MetaTrader 5, cTrader and WebTrader platforms, making it one of the most comprehensive Forex broker around. Additionally, IC Markets also has a powerful mobile app for trading on the go.

IC Markets is a premier online Forex and CFD broker providing traders with access to a wide range of trading instruments, including currencies, cryptos, CFDs and more. With a focus on providing tight spreads, low commissions and an extensive range of trading features and tools, IC Markets is an ideal choice for experienced and novice traders alike. Additionally, IC Markets offers an array of additional features such as MAM accounts and Zulutrade Social Trading, making it an even more appealing choice for those looking to diversify their trading strategies.

Our Ratings

Pros:

• Low spreads 
• Regulated by ASIC 
• Industry leading MetaTrader 4 platform 
• Offers a wide range of tradable products 
• Leverage of up to 500:1 

Cons:

• Limited educational resources 
• No fixed spreads available

Pepperstone.com — For Islamic Account

Pepperstone is a regulated online broker based in Australia, established in 2010. They offer a wide range of trading platforms, including MT4, MT5, cTrader, DupliTrade and TradingView. Pepperstone also offers an Islamic account, allowing users to trade without incurring any interest charges. With their advanced technology and experienced team, Pepperstone provides a secure and reliable trading environment for traders of all levels.

Pepperstone is a Forex and CFD broker that offers a wide selection of trading instruments. They offer over 60 currencies, 20 cryptos, and more than 1200 CFDs. Traders can also make use of additional facilities such as MAM and PAMM accounts, and copy trading. All forms of trading are allowed, such as scalping, news trading, and trading with EAs and robots. This makes Pepperstone an ideal choice for traders of all experience levels.

Our Ratings

Pros

• Low spreads and fees 
• Multiple platforms, including MetaTrader 4, cTrader and webtrader 
• Excellent customer support 
• Fast and reliable execution 
• Low minimum deposits 

Cons

• Limited product offering 
• No US-based clients accepted

Etoro.com – Best for Social Copy Trading

Etoro is a regulated broker established in 2007, based in the United Kingdom. It is best known for its social copy trading features. It offers a comprehensive trading platform that is easy to use and provides access to a wide variety of financial markets. It is suitable for both experienced traders and beginner investors who want to copy the strategies of experienced traders. The platform provides a wide range of tools to help traders analyze the markets and make informed decisions.

Etoro is a leading online broker that offers a wide variety of trading instruments, including 45+ currencies, 55+ cryptos, and 2815+ CFDs. One of the unique features of Etoro is its copy trading feature, which allows users to copy the trades of successful traders. Unfortunately, automated trading and Ea or Robots trading is not allowed on Etoro. Nevertheless, Etoro provides a comprehensive trading platform for its users and offers competitive trading conditions.

Our Ratings

Pros

• User-friendly platform: Etoro has an intuitive and user-friendly platform that makes it easy for beginners to start trading. 
• Low minimum deposit: Etoro requires a minimum deposit of just $200, making it ideal for those just starting out with forex trading. 
• Wide range of assets: Etoro offers a wide range of assets, including stocks, commodities, indices, and cryptocurrencies. 
• Social trading features: Etoro’s unique social trading features allow users to follow and copy the trades of experienced traders. 
• Variety of tools: Etoro offers a range of tools and features to help users make informed trading decisions. 

Cons

• High fees: Etoro charges high fees on trades, which can significantly reduce profits. 
• Limited customer service: Etoro’s customer service can be slow to respond and is not available 24/7.

XM.Com – For Flexible trading

XM is a Regulated Forex broker based in Cyprus that was established in 2009. They offer flexible trading through their two main trading platforms, MetaTrader 4 and MetaTrader 5. Both of these platforms provide a wide range of tools to help traders make the most of their trading. XM also offers a variety of account types, so traders can tailor their trading experience to their personal needs. With all these features, XM is an ideal choice for those looking for a reliable and secure trading experience.

XM is a broker that offers its clients a wide range of trading instruments with competitive trading conditions. It offers over 55 currency pairs, 30+ cryptos, and 940+ CFDs. Traders are allowed to use EAs or robots, scalping and news trading strategies. Additionally, XM offers a MAM account, allowing clients to manage multiple accounts simultaneously. Unfortunately, XM does not offer a PAMM account, however, it does provide access to the Zulutrade social trading platform.

Our Ratings

Pros:

• Low fees and competitive spreads. 
• Easy to use trading platform. 
• No commissions and no hidden fees. 
• High leverage options up to 888:1. 
• Variety of trading instruments to choose from. 

Cons:

• Limited customer support options. 
• Limited educational resources.

Exness.com — For Instant withdrawal

Exness is a regulated broker based in Seychelles that was established in 2008. It is best known for its instant withdrawal times and offers the popular MT4 and MT5 trading platforms. It offers a wide range of financial instruments including Forex, indices, metals, cryptocurrencies, commodities and more. Its customer service team is available 24/7 and provides support in multiple languages. Exness is a reliable broker for traders of all levels, from beginners to experienced ones.

Exness is a broker that offers a wide variety of trading instruments, including 95+ currencies, 5+ cryptos, and 130+ CFDs. It allows traders to use EAs and robots, as well as scalping and news trading. They also offer copy trading, providing an additional option for those seeking to diversify their portfolio. Exness offers competitive trading conditions, making it an attractive choice for traders of all levels.

Pros:

• High leverage of up to 1:2000 
• Low spreads and competitive fees 
• Excellent customer support 
• Regulated by the Financial Conduct Authority (FCA) 
• Wide range of trading instruments

Cons:

• Limited range of educational materials 
• Limited payment options

Oanda.com — Most Trusted

Oanda is one of the most trusted brokers in the industry, with over 24 years of experience. It is a regulated broker based in the United States, providing traders with a range of powerful trading platforms including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView to access the global markets. With 24/5 customer support, low spreads, and no commissions, Oanda is a great choice for all types of traders.

Oanda is a broker that offers a wide range of trading instruments, including over 70 currencies, 4 cryptos, and 50+ CFDs. It allows traders to employ a variety of strategies, such as EAs and robots, scalping, and news trading. Additionally, Oanda also offers ZuluTrade, which allows traders to copy successful strategies and automate their trading.

Our Ratings

Pros:

• Low minimum deposit 
• Competitive spreads 
• Wide range of tradable instruments 
• Variety of trading platforms available 
• Excellent customer service 

Cons:

• Limited educational resources 
• High non-trading fees

FBS.com —- For High Leverage

FBS is a regulated broker based in Belize, established in 2009. It is best known for its high leverage, making it a great choice for experienced traders and those looking to trade more aggressively. It offers a range of trading platforms including MetaTrader 4 and 5, as well as its own FBS Trader platform. This makes it a great choice for those who are looking for a reliable broker with a wide range of options.

FBS is a broker that offers a wide variety of trading instruments, including 35+ currencies and 3 CFDs. It provides an ideal environment for traders who use EAs or Robots, and also allows Scalping and News Trading. FBS provides attractive trading conditions, ensuring that traders can make the most of their trading experiences.

Our Ratings

Pros:

• Low minimum deposit requirement of $1 
• Wide range of tradable assets 
• Fast order execution and tight spreads 
• Extensive education and trading resources 
• Secure and reliable trading platform 

Cons:

• Limited range of payment methods 
• Low leverage levels of up to 1:50

Hotforex.com — For Trading instruments

Hotforex is a regulated online broker based in Saint Vincent and Grenadines. Established in 2010, it offers a wide range of trading instruments and platforms for its customers. Its primary platform is the MetaTrader 4 and MetaTrader 5 which allows its clients to access the global markets with ease. It also provides a secure, user-friendly and reliable environment for its clients to trade. Hotforex is committed to providing its clients with the best trading experience and offers competitive spreads, low commissions, fast execution and excellent customer service.

Hotforex is a broker that offers a wide range of trading instruments to its clients, including 45+ currencies, 5+ cryptos, and 5+ CFDs. Additionally, Hotforex allows traders to use EAs or robots, scalping and news trading, and provides a MAM account to its clients. With these features, Hotforex is a great choice for any trader who wants to take advantage of the wide range of markets available.

Our Ratings

Pros:

• Low minimum deposit requirements 
• Large selection of tradable assets 
• Variety of account types and trading platforms 
• Comprehensive customer support
• Low trading fees 

Cons:

• Limited range of educational resources 
• Limited customer service availability in some languages

Eightcap.com — Best for Trading Support

Eightcap is a regulated Australian broker established in 2009 and providing top-notch trading support. It offers MT4, MT5 and TradingView as its trading platforms, making it suitable for all types of traders. The broker is also known for its competitive spreads and low costs, making it a great choice for all your trading needs. With a wide range of features offered, Eightcap is the perfect broker for trading in the forex market.

Eightcap is a renowned broker offering a wide range of trading instruments including 45+ currencies, 300+ cryptos and 800+ CFDs. Traders can use EAs and robots to make automated trading and scalping is also allowed. Eightcap also offers additional facilities like PAMM and MAM accounts which can be beneficial for experienced traders.

Our Ratings

Pros

• Highly competitive and transparent pricing. 
• A wide range of trading products and services available. 
• Advanced trading platforms with a variety of tools and resources.
• Reliable customer service and support. 
• Regulated by the Australian Securities and Investments Commission (ASIC) and Financial Conduct Authority (FCA). 

Cons

• Limited payment options available. 
• Limited research and educational materials available.

FXTM.com — Best For Trading Conditions

FXTM is a reliable broker offering a variety of trading instruments, including 55+ currencies, 4+ cryptos, and 190+ CFDs. Traders at FXTM can use EA or Robots, and can make scalping and news trading. Moreover, FXTM provides additional facilities, such as MAM Account. Therefore, FXTM is a great choice for those looking for an efficient and reliable broker.

FXTM is a highly-regarded and regulated online broker that has been offering its services since 2011. It offers a wide range of trading platforms, such as MT4, MT5, and WebTrader, providing traders with the best trading conditions. FXTM is based in Mauritius, and is committed to providing a secure, reputable, and reliable trading environment for all its clients. Furthermore, it also offers tight spreads, fast execution, and reliable customer service.

Our Ratings

Pros:

• FXTM offers a wide range of trading instruments, including currency pairs, indices, commodities, and cryptocurrencies. 
• They have a variety of account types, including ECN, Standard, and Cent accounts. 
• They offer competitive spreads and leverage. 
• They provide a variety of educational resources and trading tools. 
• They offer 24/5 customer service. 

Cons:

• Their minimum deposit requirement is a bit high. 
• Their platform trading fees are relatively high compared to other brokers.

What is a Forex Broker? 

A Forex broker is a specialized financial intermediary facilitating currency trading for individuals and businesses within the global foreign exchange market. Acting as a pivotal link between traders and the expansive forex arena, these brokers offer online platforms for the buying and selling of various currencies. Opting for a reputable and regulated Forex broker is essential to ensure a secure and efficient trading experience, complemented by essential tools and analysis for navigating the complexities of currency transactions.

More Insights : What is a Forex Broker and How Does Tt Work?

What are the Most Trusted Forex Brokers in Sao Tome & Principals

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Sao Tome & Principals. 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 Sao Tome & Principals

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Sao Tome & Principals. The broker is not only popular in Sao Tome & Principals 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 Sao Tome & Principals ?

Based on our in-depth research and test results, the best MT4 forex brokers in Sao Tome & Principals 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 Sao Tome & Principals?

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 Sao Tome & Principals 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 Sao Tome & Principals ?

Our findings and broker ratings show that the best ECN Forex brokers in Sao Tome & Principals 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 Sao Tome & Principals ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Sao Tome & Principals. 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 Sao Tome & Principals ?

The best forex brokers offering copy trading platforms in Sao Tome & Principals 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 Sao Tome & Principals ?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Sao Tome & Principals. 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 Sao Tome & Principals

Step 1: Choose a Reliable Forex Broker

The first step in trading forex in Sao Tome & Principe is to choose a reliable forex broker that is regulated by a reputable financial authority. You can do this by conducting research on different forex brokers and comparing their services, fees, and reputation.

Step 2: Open a Trading Account

Once you have chosen a forex broker, you need to open a trading account. The process typically involves providing personal information, verifying your identity, and funding your account.

Step 3: Familiarize Yourself with the Trading Platform

After opening a trading account, you need to familiarize yourself with the trading platform. Most forex brokers offer demo accounts that allow you to practice trading without risking real money.

Step 4: Conduct Market Analysis

Before placing any trades, it’s essential to conduct market analysis to identify potential opportunities and risks. This can involve analyzing economic data, technical indicators, and news events.

Step 5: Place Your Trade

Once you have identified a trading opportunity, you can place your trade on the forex platform. This involves selecting the currency pair, the trade size, and the direction of the trade (buy or sell).

Step 6: Monitor Your Trade

After placing your trade, you need to monitor its performance and adjust your strategy as needed. This can involve setting stop-loss and take-profit orders to manage risk and potential profits.

Step 7: Close Your Trade

When you’re ready to close your trade, you can do so by selecting the close trade option on the trading platform. This will exit the trade and calculate your profit or loss based on the trade size and the movement of the currency pair.

Different Types of Forex Brokers in Sao Tome & Principals

There are primarily two types of Forex brokers in Sao Tome & Principals: Dealing Desk (DD) and No Dealing Desk (NDD) brokers. Within these categories, there are subtypes such as Market Maker, Electronic Communications Network (ECN), and Straight Through Processing (STP). Here’s a breakdown of each type:

Dealing Desk (DD) Brokers:

DD brokers are also known as market makers. These brokers execute trades in-house and act as a counterparty to the client’s trades. They quote both the buy and sell prices and take the opposite side of the trade. This means that they profit from the spread, which is the difference between the buy and sell prices.

a) Market Maker: Market makers set their own bid and ask prices based on the market conditions and risk appetite. They take the other side of the trade, which can potentially create a conflict of interest between the broker and the trader

.

No Dealing Desk (NDD) Brokers:

NDD brokers do not take the other side of the trade and instead, connect traders directly with liquidity providers such as banks, hedge funds, or other brokers. They offer two subtypes:

a) Electronic Communications Network (ECN):

ECN brokers aggregate prices from multiple liquidity providers and offer these prices to the clients. They provide a transparent trading environment where traders can see the prices offered by different liquidity providers and trade at the best possible prices.

b) Straight Through Processing (STP):

STP brokers route client orders directly to the liquidity providers without any intervention. They do not have a dealing desk and thus do not take any risk.

In summary, DD brokers may have a conflict of interest, but they offer fixed spreads and may provide better execution during low liquidity periods. NDD brokers offer more transparency, but their spreads can be variable, and their execution

Types of Trading Platforms in Sao Tome & Principals

Web-based Trading Platforms:

These are trading platforms that are accessed via a web browser, without needing to download or install any software. They are usually user-friendly and offer basic trading functionalities.

Desktop Trading Platforms:

These are trading platforms that are downloaded and installed on a computer. They usually offer more advanced trading functionalities, such as customizable charts, technical indicators, and trading robots.

Mobile Trading Platforms:

These are trading platforms that are designed for mobile devices, such as smartphones and tablets. They are convenient for traders who need to access their trading accounts on the go.

MetaTrader Platforms:

MetaTrader is a popular trading platform used by many forex brokers worldwide. MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are the two main versions of the platform, both of which offer advanced trading functionalities such as customizable charts, technical indicators, and trading robots.

Proprietary Trading Platforms:

These are trading platforms that are developed by individual forex brokers for their clients. They usually offer unique trading functionalities that are specific to the broker.

How to choose the Best Forex Brokers in Sao Tome & Principals

Regulation:

A regulated broker is crucial to ensure the safety of your funds. Look for a broker that is regulated by a reputable financial authority, such as the Central Bank of São Tomé and Principe or an international regulatory body, such as the Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC).

Trading Platforms:

Different traders have different preferences when it comes to trading platforms. Some prefer the ease of use of a web-based platform, while others prefer the advanced features of a desktop platform. Make sure the broker you choose offers a trading platform that suits your needs.

Customer Service:

Good customer service is essential for a smooth and stress-free trading experience. Look for a broker that offers a range of communication methods, such as email, phone, and live chat, and is available 24/7.

Fees and Spreads:

The cost of trading is an important factor to consider when choosing a broker. Make sure to compare the fees and spreads offered by different brokers, including the spread on currency pairs, and any commission or account maintenance fees.

Payment Options:

It’s important to choose a broker that offers a range of payment options that are convenient for you. Make sure the broker accepts deposits and withdrawals using the method that you prefer, such as credit/debit cards, bank transfers, or e-wallets.

Leverage and Risk Management:

Forex trading can be a high-risk investment, and it’s important to choose a broker that offers appropriate leverage and risk management tools to help you manage your trades.

Reputation:

Finally, it’s important to choose a broker with a good reputation in the industry. Read online reviews and check forums to see what other traders have to say about the broker you are considering.

Frequently Asked Question (FAQs)

What is forex trading?

Forex trading is the buying and selling of currencies on the foreign exchange market. Forex traders aim to make a profit by speculating on the value of one currency compared to another.

Is Forex Trading Legal in Sao Tome & Principals ?

Forex trading is a legitimate activity in Sao Tome & Principe and is open to the country’s population of roughly 215,056 potential Forex traders. Forex traders in Sao Tome & Principe can take advantage of the vast resources available on the global foreign exchange market to invest and trade currencies from around the world.

What is a forex broker?

A forex broker is a company that provides traders with access to a trading platform that allows them to buy and sell currencies. Forex brokers act as intermediaries between traders and the foreign exchange market, and often offer additional services such as market analysis and trading advice.

What is leverage in forex trading?

Leverage is a feature offered by some forex brokers that allows traders to control large amounts of currency with a small initial investment. Leverage magnifies both gains and losses, and it’s important to use it with caution and have a sound risk management strategy.

Is forex trading risky?

Forex trading can be a high-risk investment, as the value of currencies can fluctuate rapidly. It’s important to educate yourself about the market and have a sound risk management strategy to minimize your exposure to risk.

Can I make a living from forex trading?

Yes, it is possible to make a living from forex trading, but it requires a lot of hard work, dedication, and discipline. Most successful traders have a well-defined trading plan and stick to it, even when faced with losses.

How much money do I need to start forex trading?

The amount of money you need to start forex trading depends on the broker you choose, as some brokers have minimum deposit requirements. Some brokers also offer micro or mini accounts that allow you to trade with smaller amounts of money. It’s important to choose a broker that fits your budget and trading goals.

Conclusion

Forex trading can be a lucrative investment opportunity for those who have the knowledge, discipline, and risk management skills to succeed. Choosing the right forex broker is an important step in achieving success in the forex market, and traders should carefully consider factors such as regulation, trading platforms, customer service, fees and spreads, payment options, leverage and risk management, and reputation when making their choice. By taking the time to do their research and find the right broker, traders can increase their chances of success and reach their financial goals.