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16 Best Forex Brokers in Sao Tome and Principe

16 Best Forex Brokers in Sao Tome and Principe

 

Best Forex Brokers in Sao Tome and Principe

 

Finding the list of the Best Forex Brokers in Sao Tome and Principe and worldwide can be a difficult process, especially finding a list of trustworthy brokers who accept Sao Tomean traders and who allow these traders to invest in their currency, the Sao Tomean dobra (Db).

Even though it is 100% safe and legal to trade Forex in Sao Tome and Principe, the process of finding a Brokerage Firm to trade with is slightly more complicated.

 

Here are our 10 Best Handpicked Forex Brokers in Sao Tome and Principe

 

To date, no reputable nor regulated brokers are locally situated and traders in Sao Tome and Principe need to make their broker choice from a list of globally regulated Forex Brokers.

Here is an overview of the 16 Best Forex Brokers and Trading Platforms available to traders in Sao Tome and Principe.

 

Tickmill Broker Review

 

Tickmill

 

Tickmill is a Forex and CFD broker with licenses from the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA).

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2014 Not ASIC Regulated
Regulated by Financial Conduct Authority
Min. deposit from $25

 

Tickmill offers trading on 80+ markets covering Forex, Indices, Commodities, and Bonds on the MetaTrader 4 trading platform for Windows, Mac, Web, Android, and iOS.

 

Trading Benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account
ECN account
Islamic account

 

Multilingual client service is available via Telephone, Email, Online Contact Form, and Live Chat.

 

You might like: Learn more about online forex courses.

 

XM Broker review

 

XM

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

 

Pros and Cons

 

Pros Cons
• Low stock CFD and withdrawal fees • Limited product portfolio
• Easy and fast account opening • Average forex and stock index CFD fees
• Great educational tools • No investor protection for non-EU clients

 

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs, and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR, and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed UnionPay
Scalping Allowed WebMoney
Qiwi

 

Customer Service is available via live chat, phone, and email support.

 

FBS Broker Review

 

FBS

 

FBS is a Forex and CFD broker which is authorized and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC).

 

Pros and Cons

 

Pros Cons
Negative Balance Protection Limited Tradable assets
Excellent Regulation Limited Trading Platforms
Available in Multiple Countries
Award-Winning Service

 

FBS offers users the option to trade on Forex, Indices, Stocks, Metals, and Energies across the MetaTrader 4, MetaTrader 5 and FBS Trader trading platforms .

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Copy Trading Cent Wire Transfer
Rapid Order Execution Micro Credit/Debit
Standard Neteller
Zero Spread Bitwallet
ECN Perfect Money

 

Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber and Facebook Messenger.

 

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HYCM Broker Review

 

HYCM

 

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

 

Pros and Cons

 

Pros Cons
Segregates client funds Doesn’t offer VPS
Established in 1977 Inactivity Fee
Regulated by Financial Conduct Authority Limited range of instruments
Min. deposit from $1 Not ASIC Regulated

 

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

a wide variety of instruments and currency pairs are available for trade:

 

  • Over 100 instruments
  • Over 40 currency pairs

 

Trading Benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Low min deposit Standard account PayPal
Islamic account Payoneer

 

HYCM customer service is available through WhatsApp, Skype, Viber, Telegram Instant messaging services, Facebook Chat and Phone – 24/5.

 

Read 27 Best Forex Brokers in Cape Verde

 

FP Markets Broker Review

 

FP Markets

 

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offers Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

 

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

 

Pros and Cons

 

Pros Cons
Low Forex Fees High Stock CFD fees
Easy Account Opening Limited Product Portfolio
Quick Deposit and Withdrawal Outdated Platform

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Low Trading Fees Cent Visa
Allows Hedging Classic MasterCard
Allows Scalping Mini E-wallets
Mobile Trading ECN Perfect Money
One-Click Execution FasaPay
Web-Based Trading Wire Transfer

 

All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

 

Customer Service is available via email, phone, and live chat.

 

BDSWISS Broker Review

 

BDSwiss

 

BDSwiss is a Forex and CFD broker which is regulated by CySEC.

 

Pros and Cons

 

Pros Cons
250+ instruments No US clients
Well Regulated No Fixed Spread Accounts
Commission Free Accounts
Free VPS
Daily Trading Alerts

 

BDSwiss offers full demo and Islamic accounts and traders can fund their account via one of the multiple choices.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Classic Wire Transfer
Multiple Trading Accounts VIP Credit Card
No Deposit or Withdrawal fee Raw Skrill
Neteller

 

BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram, and an FAQ section.

 

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Exness Broker Review

 

Exness

 

Exness is authorized by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks, and Indices on the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android and iOS, and the Exness Web Terminal.

 

Pros and Cons

 

Pros Cons
107 currency pairs. Licensing in Seychelles –low level of protection
Low commissions Narrow choice of markets.
Zero spread accounts. No instruments for passive investment.
Wide choice of trading accounts Superficial learning and analytical content.
Over 60 base currencies of the account

 

Exness offers traders 5 different trading accounts to choose from and over 105 different instruments to trade, including over 103 currency pairs.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Low Trading Fees Cent Visa
Allows Hedging Classic MasterCard
Allows Scalping Mini E-wallets
Mobile Trading ECN Perfect Money
One-Click Execution FasaPay
Web-Based Trading Wire Transfer

 

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.

 

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HotForex Broker review

 

HotForex

 

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA, and SFSA.

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010 Not FCA Regulated
Regulated by CySEC
Min. deposit from $1

 

The HotForex MT5 Terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging, and one-click trading, and 80+ technical indicators plus an in-built economic calendar.  The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

 

Trading Benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account
Offers Negative Balance Protection Islamic account

 

Customer support is available via phone and email.

 

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avatrade Broker review

 

AvaTrade

 

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC, and FCA.

 

Pros and Cons

 

Pros Cons
Used by 200,000+ traders Doesn’t offer VPS
Established in 2006 Not FCA Regulated
Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE, and BVI
Min. deposit from $100

 

Those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquainted with the popular MT4 forex trading platform.  AvaTrade also offers mobile apps for Android and iOS.

 

Trading Benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Low min deposit Mini account PayPal
Standard account Skrill
Islamic account Payoneer
Neteller

 

Customer support is available by email, phone, or live chat.

 

Read 27  Best Forex Brokers in Tanzania 

 

FXPRO Broker Review

 

FXPro

 

FXPro is an online broker that was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals, and Spot Energies tradingFXPro is a global broker with a head office located in the UK. FXPro is regulated by CySEC and operates under the CIF license number 078/07. As a CySEC regulated brokerFXPro is also a member of the Investor Compensation Fund schemeFXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

 

Pros and Cons

 

Pros Cons
Easy Account Opening Only CFDs and Forex
Excellent Customer Service High Trading Fees
Free Deposit and Withdrawal Inactivity Fee

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument chosen.

 

Trading Benefits

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Low min deposit Standard account PayPal
Negative Balance Protection Islamic account Payoneer
Neteller

 

FXPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone, and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.

 

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Swiss Markets Broker Review

 

Swiss Markets

 

Swiss Markets is a forex broker that operates out of the two offshore jurisdictions Mauritius and Seychelles and is regulated by the relevant government agencies in the two countries, namely the Seychelles Financial Services Authority (SFSA) and the Financial Services Commission (FSC) of Mauritius.

 

Pros and Cons

 

Pros Cons
Powerful MT4 Platforms No US traders allowed
Excellent Account Selection Lack of educational resources
Prompt Customer Service No daily market analysis
Restricted leverage

 

Swiss Markets offers trading in a large selection of stocks and forex in particular, with over 50 currency pairs and stocks of about 130 American and European companies to choose from. In addition, stock indices, various commodities, and popular cryptocurrencies are also offered.  All assets available for trading can be done so on the classic MetaTrader 4 (MT4) platform.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Low Minimum Deposit Classic STP Account Wire Transfer
Economic Calendar Raw STP – Swiss11 Credit/Debit
Raw STP – Swiss8 Neteller
Raw STP – Swiss5 iDeal

 

Customer service is offered via local phone lines with local language support in English, Spanish, German, and Greek, live chat, and email.

 

How to choose the Best  Forex Broker

 

Beginner Traders should take their time when looking for a reputable, reliable, and regulated forex broker in order to ensure that their investments and trades will be handled appropriately. The safety of a trader’s funds and the privacy of their information are more important than any other consideration when opening a forex account because brokers can get hacked or even suffer bankruptcy. The forex market is full of brokers, some are regulated and some are not. Regulated brokers are brokers who are registered with a financial regulatory body in their country and these brokers must comply with the rules and regulations set by the country’s regulatory body. Regulated brokers must be able to submit evidence of regular audits and keep to stringent criteria in order to remain on the regulatory body’s lists.  Traders who choose to trade with a regulated broker are protected from mistreatment and fraud and this is vital in any circumstance where a multitude of things may go wrong.  Unregulated brokers do not have to comply with any rules or regulations as they do not fall under any regulatory body. Any trader who takes their chances by trading with an unregulated broker is taking a major risk with their investments. Unfortunately, many investors will end up getting scammed by unregulated forex brokers.

 

When researching a potential forex broker, traders should separate the fact from fiction as they will be faced with a multitude of online posts, paid articles, and dissatisfied comments about a broker. Traders must keep in mind that other traders who fail in the financial market will in turn blame the broker for their own failed Forex Trading attemptsTraders should review their potential Broker funding and withdrawal procedures as some will require long waiting periods, while others will charge massive fees upon withdrawal. Customer service should also provide easy access to the help and trading desks through chat, phone, and e-mail platforms.

 

Avoiding a Forex Scam ultimately comes down to a trader using their common sense. If something doesn’t seem right, then it probably isn’t, and as the old saying goes – “if it looks like a duck and quacks like a duck…” While many unprofitable traders will blame their brokers for their losses, there will be times when brokers really are at fault. Traders should conduct their own research on a list of brokers before opening an account. If the research yields positive results, then a small deposit should be made to start. When a trader has confidence in their forex broker, they will be able to devote more time and attention to analysis and developing forex strategies. A bit of research before committing to a broker goes a long way and can increase an investor’s odds of being a success in the competitive forex market.  Choosing a Forex broker could mean the difference between making money or losing it. Forex trading for beginners can be especially difficult due to unrealistic yet common expectations when it comes to newcomers to the financial marketTraders must make sure that they choose a broker that provides them with the best possible environment to succeed in and, above all, a broker that they can trust.  In addition to simply choosing a broker, traders should always take the time to look at the currency trading software and platforms a broker has on offer, and make use of a demo account to ensure they understand what they are signing up for before making a deposit and investment.

 

Read 27  Best Forex Brokers in Namibia 

 

In conclusion

 

There are thousands of Forex brokers around the world, and South African residents can register and trade with each of them. Traders are advised to stick to brokers regulated by the FSCA – Financial Services Conduct Authority of Guinea-Bissau formerly known as the FSB.

Many Forex brokers may appear similar but there are understated differences that make each broker uniquely suitable for a different type of trader.

 

FAQ’s

 

Is forex trading legal in Guinea-Bissau?

Yes, it is

Which is Guinea-Bissau’s most used forex broker?

XTB

Is forex trading a gamble in Guinea-Bissau?

Forex trading anywhere is always a gamble.

How many forex traders are there in Guinea-Bissau?

The estimate is around 150 000 monthly forex traders.

Can you make money with forex trading in Guinea-Bissau?

75% of all traders lose money*

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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FINEXO Review

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