Best Forex Brokers in Burkina Faso 2023

Best Forex Brokers in Burkina Faso 2021

There is no doubt forex is one of the most attractive ventures to earn some easy money online. However, it is not that easy either, as you need to use your experience and strategy. On top of that, a good broker is also necessary. And people in Burkina Faso face these problems as there are no local brokers and experts to help them get started. That is why you need to rely on international brokers. This article will explore the best forex broker in Burkina Faso and how to choose the best of the best.

We will also give you the name of the 10 best regulated forex brokers in Burkina Faso so that you can start hassle-free forex trading.

Best Forex Brokers in Burkina Faso List:

RANK	REGULATION We only list licensed brokers that comply with the requirements of prominent regulatory agencies.	MIN DEPOSIT The minimum amount you need to deposit in order to start trading.	DEPOSIT BONUS	RATING	MAX LEVERAGE Leverage refers to the ratio of securities you can buy for a given payment. The higher the leverage ratio, the higher your buying power (and the higher the risk). For example, a leverage ratio of 500:1 means you can purchase 500 securities, but only pay the equivalent of 1 security valuation. The leverage ratio offered can vary depending on the experience level of the trader.	SUPPORT	START TRADING
1	ASIC, CySEC, FSP	$100	No Bonus	99 Read Review	1:500	Telephone: +44 28 2544 7780	Open an Account More Information
Pros Excellent education tools Low forex fees Fast account opening Easy funding methods Cons No bonuses Platforms & Devices READ FULL REVIEW
2	FCA, CySEC, FSCA, SCB	$100	No Bonus	94 Read Review	1:100	Telephone: +44 (0) 203 151 5550	Open an Account More Information
Pros Excellent customer service Free deposit and withdrawal Negative balance protection Wide range of platform Cons Inactivity fee High Trading Fees for some CFDs Platforms & Devices READ FULL REVIEW
3	ASIC, CySEC, FSA, SCB	$200	No Bonus	92 Read Review	1:500	Telephone: +248 467 19 76	Open an Account More Information
Pros Low forex fees Fast order execution Analytical training materials 90+ instruments Cons Slow live chat support Non-EU traders don’t get investor protection Platforms & Devices READ FULL REVIEW
4	ASIC, CySEC	$1	100%	91 Read Review	1:3000	Telephone: +35 7251 23212	Open an Account More Information
Pros No withdrawal fee Low stock and stock index CFD fees Negative balance protection No inactivity fee Cons Average forex CFD fees No PAMM accounts Platforms & Devices READ FULL REVIEW
5	ASIC, CySEC, FSC	$5	Up to $5000	90 Read Review	1:1000	Telephone: +501 223-6696	Open an Account More Information
Pros Low withdrawal fees Great educational tools Wide range of leverage Multilingual customer support Cons Non-EU traders don’t get investor protection Lack of weekend customer support Platforms & Devices READ FULL REVIEW
6	FSA	$0	No Bonus	90 Read Review	1:500	Telephone:	Open an Account More Information
Pros 9 base currencies 24/7 technical service Direct market access VPS, FIX API, copy trading Superior trading conditions Cons No negative balance protection Withdrawal fees Platforms & Devices READ FULL REVIEW
7	FCA, DFSA, FSCA, FSA, CMA	$5	100%	88 Read Review	1:1000	Telephone: +44-2030978571	Open an Account More Information
Pros Low spread Controlled by several regulators Numerous deposit and withdrawal Favorable trading conditions Cons Few account currencies Only USD or EUR as base currencies Platforms & Devices READ FULL REVIEW
8	ASIC, FCA	$0	No Bonus	85 Read Review	1:500	Telephone: +61 2 9965 5830	Open an Account More Information
Pros Automatic insurance coverage Low entry threshold Fully digital account opening Low forex fees Cons Limited research tools Only forex and CFD trading Platforms & Devices READ FULL REVIEW
9	CFTC, FCA, ASIC, FSA, MFSA	$0	up to $1000	78 Read Review	1:50	Telephone: 1 212 858 7690	Open an Account More Information
Pros Outstanding research tools Excellent trading platforms Accepts U.S. clients Superior research offerings Cons No account protection for U.S. clients Monthly inactivity fee Platforms & Devices READ FULL REVIEW
10	FCA, ASIC, DFSA	$200	No Bonus	75 Read Review	1:30	Telephone: +1786 628 1209	Open an Account More Information
Pros Digital account opening process Seamless deposit and withdrawal Attractive trading conditions No inactivity fee Cons No cent account Few analytical materials Platforms & Devices READ FULL REVIEW

Is Forex Trading Legal in Burkina Faso

Yes! Trading forex in Burkina Faso is completely legal as the government has not imposed any restrictions on that. However, there is no official or unofficial authority to oversee forex trading in Burkina Faso. Therefore, you have to take your own risk, and it is your responsibility to choose regulated forex brokers in Burkina Faso.

When it comes to regulated brokers, you have no option but to choose a local broker. Instead, you will need to pick an offshore broker from other countries. However, ensure that you pick a regulated broker from a top-tier regulation.

Criteria to Pick the Best Forex Broker in Burkina Faso

Now that you know picking a good broker will enhance your profitability while giving safety to your investment, you might wonder how to pick the best forex broker in Burkina Faso.

Well, there are some criteria you need to follow before choosing a broker.

Regulations

It is the most important part while choosing the best broker in Burkina Faso. An unregulated broker is risky as you cannot trace them if they scam you. As a result, your investment will not be in the safe hand. That is why ensure your broker is regulated by top regulations in the world, such as ASIC, CySEC, etc.

You shouldn't consider any forex broker that is not regulated by a government body. It's important to make sure your money is protected and that the company you're dealing with is legitimate.

Reputation

Only a regulated broker will not ensure you good trading. You should also pick a reputed broker. In that case, choosing an experienced broker might help rather than choosing a newborn regulated broker. You can check the reputation through the different forums, Facebook groups, and google searches.

Types of Currencies Available

You need to make sure the broker offers the currency pairs that are in line with your trading strategy. Different brokers will offer different types of currencies, so you need to pick the one that fits your needs.

Minimum Deposit Amount/Maximum Deposit Amount

When you start trading, you don't want the minimum deposit amount to be more than what you have available. However, you also want to make sure that you are not trading with a broker that is so large that it can afford to lose your money. You should look for somewhere in the middle.

Spreads/Commissions

The spreads and commissions can be huge factors when trading forex, and they should be considered when looking for the best broker in Burkina Faso. You want your spreads to be as small as possible, but that doesn't mean you don't want some commissions on your trades.

Furthermore, pick a broker with low commission fees. It is important to keep commissions at a minimum in order to maximize profits while minimizing costs. So, make sure your broker offers low or no commission fees.

Leverage

Some brokers offer different types of leverage, so you want to be sure the broker you pick offers the type of leverage you are looking for. You could trade with a broker that has 100:1 leverage, and that's fine if that's what you're looking for, but it should be considered.

Types of Orders Available

Choose a broker that offers all the types of orders you are looking for and will use. Some brokers offer specific types of orders, so you should make sure you're picking the broker that offers the types you need.

Open Markets/Hours of Operation

You need to choose a broker that has plenty of markets available, including opening hours that fit your schedule. Not everyone will have the same trading hours. Also, you are choosing a broker from outside of Burkina Faso, so make sure the broker's trading hours work for you.

Customer Service

Finding a good forex broker with quality customer service is always important. You should not have to wait several hours or days to talk to someone when you have a question, and someone should be able to answer your questions promptly and efficiently. There are many types of customer service, with some brokers offering live chat and other options to help their customers through the sometimes confusing process. You want to make sure your broker will respond quickly and efficiently when another person needs assistance.

While finding the right broker in Burkina Faso may take some time, it is important that you take the time to find one you are comfortable with and will use for many years to come. Different factors will play a part in your decision, but if you find one that offers many of the above-mentioned points, it is likely the right broker for you. If you are still unsure, you can pick one from the Burkina Faso forex brokers List we have mentioned in this article.

Tips to Trade Forex in Burkina Faso

Here are five forex trading tips you should follow in order to be successful.

The first tip is that big, fast moves happen at the beginning of the day. This means you will want to get in as early as possible and stay in your positions through lunch and early afternoon.
Next, some days there will be a trend that everyone is following, so it's easy to trade along with them, but other days there won't be a trend for a few hours. If you find yourself in this situation, you should look for counter-trend trades.
This is where you buy assets that are going down and sell assets that are going up even though they are moving together with the trend. These trades can be very profitable if you know how to identify them early.
The fourth tip is to always know how much money you have already won and how much money you have already lost at every moment of the day.

You will want to pay attention to both of these numbers each day, especially if your commissions are coming out of your profits. If you have a lot of money stored up in your trading account, it will be very tempting to spend that money on buying other products and services. The catch with this is that the commissions are coming out of your profits, and once they are gone, they can't be put back.

The fifth tip is that all the market participants are emotional. Knowing their mood can give you an edge in trading.

Final Words

Forex Trading in Burkina Faso has become a very popular investment option for those looking to invest in the global financial market. And the best forex broker, Burkina Faso, has made things easier.