Invezz is an independent platform with the goal of helping users achieve financial freedom. In order to fund our work, we partner with advertisers who may pay to be displayed in certain positions on certain pages, or may compensate us for referring users to their services. While our reviews and assessments of each product are independent and unbiased, the order in which brands are presented and the placement of offers may be impacted and some of the links on this page may be affiliate links from which we earn a commission. The order in which products and services appear on Invezz does not represent an endorsement from us, and please be aware that there may be other platforms available to you than the products and services that appear on our website. Read more about how we make money >
Compare Top 6 Best Forex Brokers in Burkina Faso for 2024
In this guide
- 1. Compare Top 6 Best Forex Brokers in Burkina Faso for 2024
- 2. What is the best forex broker in Burkina Faso?
- 3. Top 6 online forex brokers Burkina Faso, reviewed
- 4. How we chose the best Burkina Faso forex brokers
- 5. More about the best forex trading platforms in Burkina Faso
- 6. How to trade forex in Burkina Faso
- 7. FAQs
Our expert panel tested all the best forex brokers in Burkina Faso and rated their features according to 8 key criteria, including regulatory status, the range of currency pairs on offer, and overall trading experience.
The panel set out to answer the question: what’s the best forex trading app in Burkina Faso for Burkinabé users?
Read our verdict for Burkina Faso below to compare the best forex trading platforms.
What is the best forex broker in Burkina Faso?
Copy link to sectionOur experts rank AvaTrade as the best forex broker in Burkina Faso.
The list below shows the three best Burkinabé forex brokers. These are the top forex trading apps in Burkina Faso for their security, service, and support.
AvaTrade
Pacific Union
Exness
Top 6 online forex brokers Burkina Faso, reviewed
Copy link to sectionWe found 8 forex brokers for users based in
1. AvaTrade. Best regulated broker for secure trading
Copy link to sectionOverview
We love AvaTrade because it is a reliable CFD broker, that gives users access to a wide range of markets. As a CFD broker, AvaTrade lets you speculate on the price movements of various currency markets without owning the underlying assets. AvaTrade is a multi asset brokerage firm and includes CFDs for multiple forex pairs including EUR/USD, GBP/USD, USD/JPY, and more.
AvaTrade is also highly regarded for its strong regulatory framework and commitment to security. AvaTrade is regulated in multiple jurisdictions, including Europe, Australia, Japan, South Africa, and the British Virgin Islands, which means it must adhere to stringent regulatory standards across the world.
AvaTrade isn’t just well regulated, it also employs advanced security measures to protect client funds and personal information, including segregated accounts and robust encryption technology.
The fees: There is no commission on any trading. AvaTrade makes money from the Bid/Ask spread instead. Forex spreads start at 0.7 pips. Positions left overnight are charged a swap fee that varies depending on size. An inactivity fee of £/€/$50 per month is applicable if you don’t log in to your account for three consecutive months.
Highlights
No. of tradable assets | 1250+ |
Min. Deposit | $100 |
ID verification required | Yes |
Free demo account | Yes |
Supported assets | Stocks, Stock CFDs, ETF CFDs, Forex CFDs, Crypto CFDs, Commodity CFDs, Index CFDs |
Mobile trading app | Yes |
Web trading platform | Yes |
Regulatory bodies | FSCA, FSA, ASIC, CBI, MiFID, CySEC, BVIFSC, FRSA |
Fees & Costs
Trading fees | No |
Inactivity fees | Yes |
Rollover/overnight fees | Yes |
Withdrawal fees | No |
Spreads | Yes |
Conversion fees | No |
Pros & Cons
2. Pacific Union. Best for social trading & customer support
Copy link to sectionOverview
We love Pacific Union because its beginner friendly platform comes loaded with lots of educational content, including how to guides and video learning. Pacific Union offers over 30 forex pairs, including majors and minors.
It’s an award-winning broker with a proprietary social trading application that makes it easy for beginners to follow the strategies and positions of the platform’s top traders. Pacific Union uses the popular Metatrader 4 software alongside its mobile and web based apps. Traders can choose the amount of leverage they want to use, all the way up to 500:1.
The fees: There are fees with Pacific Union, but it depends on your account type. Its standard account is commission free, but Bid/Ask spreads start at 1.3 pips. Pro accounts are charged a $3.5 RT per lot commission and have spreads starting from 0 pips. Swap charges for holding a trade overnight vary depending on size.
Highlights
No. of tradable assets | |
Min. Deposit | |
ID verification required | No |
Free demo account | No |
Supported assets | |
Mobile trading app | No |
Web trading platform | No |
Regulatory bodies |
Pros & Cons
3. Exness. Best for tight spreads and a pro-style trading experience.
Copy link to sectionOverview
We love Exness because of its tight spreads, which make it a top choice for traders looking to minimize trading costs and maximize profitability. The brokerage offers some of the most competitive spreads in the industry, especially on markets like currencies. Excess offers 100+ forex pairs via CFDs from the majors, minors, and exotics.
Its focus on low trading costs is ideal for both newbies and experienced traders looking to trade with minimal overheads. Exness also stands out for its range of trading terminals. It offers MetaTrader 4, MetaTrader 5, and the Exness web terminal. There’s also a dedicated mobile app meaning you’ll be able to always access your account.
Beginners can take advantage of a free demo account or micro-lots for low minimum trades, while more experienced traders can use the hundreds of pre built indicators available on the MetaTrader suite.
The fees: Standard accounts aren’t charged a commission but are charged through the spread. Spreads start from 1 pip on major forex pairs. Overnight fees apply on some assets (exc. swap-free accounts).
Highlights
No. of tradable assets | 250+ |
Min. Deposit | From $10 |
ID verification required | Yes |
Free demo account | Yes |
Supported assets | Stocks, Crypto, Commodities, |
Mobile trading app | Yes |
Web trading platform | Yes |
Regulatory bodies | FSCA, FCA, CySEC, FSA, BVIFSC |
Fees & Costs
Trading fees | Standard accounts: no Professional accounts: yes |
Inactivity fees | No |
Rollover/overnight fees | Standard accounts: Yes, on some assets Islamic accounts: no |
Withdrawal fees | No |
Spreads | Yes |
Conversion fees | No |
Pros & Cons
How we chose the best Burkina Faso forex brokers
Copy link to sectionOur expert reviews panel is made up of currency traders with years of experience in the forex markets. It includes our Data Analyst, Dan Ashmore, Senior Editor of News, Jayson Derrick, and long-time forex trader, Prash Raval. The panel includes an independent fact checker, Richard Stutely.
Here are the 8 key criteria which the panel used to rate each platform.
- Regulation with a trusted financial institution. We only recommend forex brokers for beginners that are regulated in Burkina Faso and offer top-tier protection to their clients.
- Low minimum deposit requirements. An accessible forex trading platform in Burkina Faso, with a low minimum deposit, scored higher in our rankings.
- Mobile app availability. Our experts gave preference to the forex brokers in Burkina Faso with the best forex trading apps.
- Number of currency pairs available to trade. We expect Burkina Faso forex brokers to offer a comprehensive service where you can trade major, minor, and exotic currency pairs.
- Amount of leverage on offer. You need leverage to trade forex, so we looked for platforms that offered lots of leverage, within the limitations set by local Burkinabé regulators.
- Tight spreads. We sought the best value for the average user. Small spreads mean a lower cost of trading.
- Lowest commissions and other fees. Our experts don’t like hidden fees and unexpected costs, so brokers with a clear fee structure performed well.
- Compatibility with trading software. Any Burkinabé forex broker that offers integration with popular trading software like MetaTrader 4, MT5, or cTrader received a high rating.
More about the best forex trading platforms in Burkina Faso
Copy link to sectionWhich currency pairs can I trade in Burkina Faso?
Copy link to sectionYou can trade major, minor, and exotic pairs when you sign up for the best forex trading platform in Burkina Faso. The majors and minors refer to the largest and most popular currencies paired with each other, while the ‘exotics’ are everything else.
- Major pairs. The major pairs are made up of the US Dollar paired with the other most highly traded currencies. Major pairs include: USD/EUR, USD/GBP, USD/JPY, USD/CHF, USD/AUD, USD/NZD, and USD/CAD.
- Minor pairs. The minor pairs include at least one of the Euro, British Pound, or Japanese Yen paired with other large currencies, but do not include the US Dollar.
- Exotic pairs. Exotic pairs include a major currency ‘crossed’ with a developing currency. There are many exotic pairs but they include things like GBP/HUF, EUR/MXN, and JPY/ZAR.
What forex markets are available in Burkina Faso?
Copy link to sectionThere are two markets that are available with all top forex brokers in Burkina Faso. One is the ‘spot’ market, another is the futures market, where you use futures contracts to predict future price movements. Here is some more detail on both options.
- Spot forex. Trading the spot market means to buy and sell currencies instantaneously at the live market rate. This is the most common way to trade forex in Burkina Faso for most people.
- Forex futures. Futures contracts are an agreement to buy or sell a currency at a fixed price at a set date in the future. Futures require more understanding of the economic factors that impact prices over time. For that reason, they’re generally only used by people with experience of currency trading.
Is MT4 available in Burkina Faso?
Copy link to sectionYes, MetaTrader 4 is legal in Burkina Faso. When you use MetaTrader software, you have to sign into a brokerage account and any live trade you place goes through a forex trading platform. As long as you can connect to a legal Burkinabé forex broker, you can use MT4 or MT5.
What’s the minimum forex trade size in Burkina Faso?
Copy link to sectionThe industry standard is 0.01 ‘lots’, which is equivalent to 1,000 units of the currency you want to trade. This is known as a ‘micro lot’. A ‘lot’ equals 100,000 units of the currency you want to trade.
Can I trade other assets with a forex broker in Burkina Faso?
Copy link to sectionYou can, though it depends on the type of broker you choose. The usually offer other financial markets in addition to currency pairs. If you want to trade other assets, such as stocks or cryptocurrency, then you need either the best trading platforms in Burkina Faso or the best crypto exchanges in Burkina Faso.
How to trade forex in Burkina Faso
Copy link to section1. Sign up to a Burkinabé forex trading platform
Copy link to sectionUse the list of top-ranked brokers at the top of the page to help you.
2. Create an account and deposit money
Copy link to sectionSign up by providing your personal details and a form of photo ID. Transfer funds to the account through a bank transfer, credit or debit card payment, or another payment method, like PayPal.
3. Search for a currency pair and place your trade
Copy link to sectionFind the pair by typing the currency code – such as USD for the US Dollar – and choosing it from the list of results. Enter the details and click ‘buy’ to make the trade.