Yes, Forex Trading is legal in Cote d’ivoire and the country has a population of roughly 25.75 million potential Forex Traders. The corporate financial reporting framework of Côte d’Ivoire is determined by legislation issued by two regional bodies: The West African Economic and Monetary Union (WAEMU) and the Organization for the Harmonization of Business Law in Africa (OHADA). The Ivory Coast has a relatively high income per capita and the country plays a key role in transit trade for neighbouring, landlocked countries. The country is also the world’s largest exporter of cocoa beans, and the fourth-largest exporter of goods, in general, in sub-Saharan Africa. Aside from standard forex trading, Islamic forex trading is also legal and available in the country. Followers of Islam (mainly Sunni) in Cote d’ivoire represents approximately 37.2% of the country’s population and local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance to Sharia Law.
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Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Cote d’ivoire
IC Markets
IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader4, MetaTrader5 and cTrader platforms for desktop, web and mobile. IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2007 | Not FCA Regulated |
| Regulated by ASIC | |
| Min. deposit from $200 |
IC Markets offers traders three main types of live trading accounts to choose from, including Raw Islamic swap-free accounts and the use of a free demo trading account.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | PayPal |
| Low min deposit | Zero spread account | Skrill |
| ECN account | Neteller | |
| Islamic account |
Customer support is available 24/7 via Live Chat, Phone and Email.
XM Group
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 CFDs. Forex 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.
FP Markets
FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer 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 are 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 Benefits | Accounts Offered | Funding Methods |
| Allows scalping | Mini | Bank Transfer |
| Allows hedging | Standard | Credit/Debit |
| Offers STP | ECN | Electronic Wallets |
| Low min deposit | STP | |
| Offers Negative Balance Protection | Managed |
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.
Axi
Axi is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer. Axi is authorised and regulated by the Australian Securities & Investments Commission (ASIC).
Pros and Cons
| Pros | Cons |
| Used by 221,000+ traders | Limited range of instruments |
| Established in 2007 | |
| Regulated by Financial Conduct Authority and ASIC | |
| Min. deposit from $1 |
Axi is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively.
Trading Benefits
| Trading Features | Accounts offered | Funding methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Skrill |
| Low min deposit | Standard account | Payoneer |
| Zero spread account | Neteller | |
| ECN account | ||
| Islamic account |
Customer support is available via Phone, Live Chat and Email.
Exness
Exness is authorised 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 MetaTrader4 and MetaTrader5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.
Pros and Cons
| Pros | Cons |
| 107 currency pairs. | Licensing in the 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.
In Conclusion –
Forex Trading is indeed legal in Cote d’ivoire with laws and rules in regards to the local financial markets determined by the countries regulatory authority.
FAQS
Is Forex Trading Legal in Cote d’ivoire?
Yes, Forex Trading is legal, popular and well-regulated in Cote d’ivoire.
At what age are local investors allowed to trade Forex in Cote d’ivoire?
There is no set age for local investors to trade in Forex. However, the legal age for gambling in the country is set at 21 years of age and this can be seen as an accurate, legal age for Forex Trading.
What is the revenue service in Cote d’ivoire?
There is no mention of a local revenue service in Cote d’ivoire, however tax is indeed collected in the country.
Who is the regulatory authority of financial services in Cote d’ivoire?
The corporate financial reporting framework of Côte d’Ivoire is determined by legislation issued by two regional bodies: The West African Economic and Monetary Union (WAEMU) and the Organization for the Harmonization of Business Law in Africa (OHADA).
What is the local currency in Cote d’ivoire?
The local currency in Cote d’ivoire is the West Arican CFA Franc.
Who is the best Forex Broker in Cote d’ivoire?
There is no one Forex Brokerage Firm which is suited to all investors. Forex Traders must consider factors such as Regulation, Account Types and Customer Service before making a final brokerage choice.
Is it profitable to trade forex in Cote d’ivoire?
It is indeed possible to be profitable when trading Forex. However, there are steps to follow such as self-education, making use of a demo account and more.
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