5 best trading platforms in Benin for 2024

In this guide, our experts have rated the 5 best online brokers in Benin to buy, sell and trade stocks for beginners.
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Updated: Apr 5, 2024
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The Invezz team of expert traders, data analysts, and financial writers frequently test the best trading platforms & online brokers. Amongst a range of features, we ranked the top online brokers in Benin according to their affordability, security, and available international markets.

Once we came up with a preliminary list, we surveyed our Beninois users to gather their thoughts and feedback on each of the top trading apps in Benin.

Armed with that information we created a final ranking to answer the question: what are the best online brokers in Benin for Beninois users?

What is the best stock trading app in Benin?

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Our rankings reveal that the best online broker in Benin is Skilling .

Having assessed 100+ brokers, this list represents the three services that top our rankings as the overall best online trading platforms in Benin. 

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1
Min. Deposit
$ 100
Best offer
User Score
9.9
Licensed and regulated by CySEC and FCA authorised UK Branch
Trade CFDs with tight spreads on big-name companies like Amazon, Facebook, Apple and many more
Offers 800+ instruments
Start Trading
Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Klarna, Mastercard, PayPal, SEPA, Trustly, Visa, Volt, Wire Transfer, neteller, skrill
Full Regulations:
CySEC, FSA

71% of retail CFD accounts lose money.

2
Min. Deposit
$ 100
Best offer
User Score
9.8
Choose over 100 popular stock CFDs
Buy and Sell Stock CFDs with as little as £100
Zero Commissions – no hidden fees
Start Trading
Payment Methods:
American Express, Bank Transfer, Credit Card, Debit Card, Discover, Mastercard, MoneyBookers, PayPal, Rapid Transfer, SEPA, Visa, WebMoney, Wire Transfer, neteller, , skrill
Full Regulations:
ASIC, FSA, FSCA, MiFID
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
3
Min. Deposit
$ 0
Best offer
User Score
9.3
Have access to more than 50 exchanges across 30 countries
Invest without commission in US stocks and lots of ETFs
DEGIRO rated among the best online brokers in Europe
Start Trading
Payment Methods:
Bank Transfer
Full Regulations:
FCA

Investing involves risk of loss

Top 5 online brokers in Benin, reviewed & compared

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1. Skilling. Best app for mobile trading

From 0.1%

Fees

$100

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Commission-free trades with competitive spreads from 0.7 pips Can trade over 800 securities across 17 global markets Regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Seychelles Financial Service Authority (FSA)
No 24/7 support

Overview

We love Skilling because it’s a beginner-friendly trading platform that makes stock trading accessible to everyone. You can trade 700 stocks commission free and the system is very portable, so you can trade from the app or on your desktop.

One of Skilling’s best features is its compatibility with TradingView, so you can chart trading ideas and then send them directly to your trading account. It also boasts plenty of other user-friendly software to make it easy to trade from your phone or your browser, including its proprietary Skilling Trader and the cTrader platform for professionals.

The fees: There are no fees for stock trading. Skilling makes its money on the Bid/Ask spread, and stock spreads start from 0.9%. Positions left open overnight will be charged swap charges, which vary depending on the size of the trade.

Highlights

Visit Skilling Skilling Review

71% of retail CFD accounts lose money.

2. AvaTrade. Best regulated broker for secure trading

From 0.13%

Fees

$100

Minimum deposit

1,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Trade 1000+ CFDs with competitive spreads Regulated by Tier 1 financial bodies across the world Consistently highly rated trading platform on web and mobile Offers social trading through its proprietary AvaSocial platform
Spreads are competitive without being industry-leading Some assets are only available to trade through the MetaTrader software

Overview

We love AvaTrade because it offers powerful trading software to anyone who wants to trade professionally. AvaTrade is a CFD broker where you can trade more than 600 stocks from major global exchanges and all stock trades are commission free. 

AvaTrade integrates with trading software like MetaTrader 4 and 5 and boasts its own bespoke and award-winning mobile app software, AvaTradeGo. AvaTrade has been around since 2006 and is extensively regulated in Europe, Australia, Japan, British Virgin Islands, UAE, and South Africa.

The fees: There are no fees on any stock trading. AvaTrade makes money from the Bid/Ask spread instead. Stock spreads start from 0.13%. An inactivity fee of £50 per month is applicable if you don’t log in to your account for three consecutive months.

Highlights

Visit AvaTrade AvaTrade Review
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

3. Degiro. Best for 0% commission on US stocks

Fees

Minimum deposit

No. assets

No

Demo/virtual account

Pros & Cons

Low trading fees No minimum deposit required Segregated client funds
No US customers No forex or cryptocurrencies offered for trading Limited educational resources

Overview

We love Degiro because it offers a simple trading platform so that you can trade quickly and easily wherever you are. Degiro offers stock trading on 50 stock exchanges in 30 countries, including the US, UK, and all leading European markets, with free stock trading on all US stocks.

Degiro has won 86 international awards and is one of the largest companies in Germany. All its services are available online or via the Degiro app. The website also boasts a huge range of educational material, including an Investor’s Academy, to help you get started.

The fees: All stock trades come with a €1 handling fee. US stock trading has no other fees, UK stock trading costs $1.75, and European stock trading costs €3.90. The rest of the world costs €5. A core selection of ETFs are free to trade, other global ETFs cost €2 plus a €1 handling fee. Derivative trading costs €0.75. There are no inactivity, deposit, or withdrawal fees.

Highlights

Visit DEGIRO DEGIRO Review

Investing involves risk of loss

4. Exness. Best for tight spreads and a pro-style trading experience.

From $0.2 per lot

Fees

$10

Minimum deposit

300

No. assets

No

Demo/virtual account

Pros & Cons

Trade all major asset classes with zero commission Competitive spreads starting from 0.3 pips on standard accounts Highly flexible trading terminal available on mobile app, desktop, and web browser Top-tier regulation and negative balance protection
Restricted access in the US and UK

Overview

We love Exness because it offers tight spread trading and a bespoke trading experience. Exness offers 80+ stocks from leading US exchanges, including the likes of Apple, Amazon, and Google.

Exness offers a great range of pro-style trading tools and a variety of account types to suit all experience levels. Beginners can take advantage of a free demo account or micro-lots for low minimum trades, while more experienced traders can use the Exness terminal or plug it into the MetaTrader software and trade from there.

The fees: Standard accounts aren’t charged a commission but are charged through the spread. Spreads start from 0.3 pips on stocks. Overnight fees apply on some assets (exc. swap-free accounts).

Highlights

Visit Exness Exness Review
Exness does not offer services to residents of certain jurisdictions including the USA, Iran, North Korea and others. The content of the website including translations should not be construed as means for solicitation. Investors make their own and independent decisions. Trading in CFDs and generally leveraged products involves substantial risk of loss and you may lose all of your invested capital.

5. Pacific Union. Best for social trading & customer support

pacific union logo

Fees

Minimum deposit

No. assets

No

Demo/virtual account

Pros & Cons

70+ forex pairs and 200+ financial assets available to trade Extremely low minimum trade sizes Multilingual support in 18+ languages
Minimum withdrawal of $100 Fewer assets than many competitors

Overview

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 200 stock CFDs for some of the world’s biggest companies.  

It’s an award-winning broker and has 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: Commission starting at 0.1 points is charged on select stock CFDs across all account types. Spread starts at 0.5 points and applies to all stocks. Swap charges for holding a trade overnight vary depending on size.  

Highlights

Visit Review
Contracts for Difference (CFDs) trading carries a high level of risk to your capital and can result in losses, you should only trade with money you can afford to lose. CFDs trading may not be suitable for all investors, please ensure that you fully understand the risks involved and take appropriate measures to manage it.

How we chose the best online trading platform in Benin

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Our reviewing panel is made up of industry experts, including Data Analyst, Dan Ashmore, CFA, our Editor of News, Harsh Vardhan, journalist Katya Stead, and expert trader, Prash Raval. The panel also includes an independent fact checker, Richard Stutely.

Here are the key factors that played into our final ranking of the best stock brokers in Benin.

  • Fees. We prioritised Beninois brokers that offer commission-free trading, charge low trading fees, don’t charge deposit or withdrawal fees, and don’t charge any hidden fees.
  • Device availability. An online trading platform that is available across all devices as a mobile app deserves a boost. In a mobile world, you need the best stock trading app in Benin to work across mobile, tablet, and desktop. 
  • Platform security. All services we recommend are regulated by respected financial institutions and provide investor protection in the event that anything goes wrong.
  • Free demo accounts. All the best stockbrokers in Benin should offer the chance to test their service before you pay for it. We gave the brokers with the best demo accounts a boost in our rankings.
  • Access to global markets. International stock brokers in Benin that allow you to invest in global markets, particularly popular ones like the United States, scored well in our reviews.
  • Trading and analysis tools. An online stock broker that offers analysis tools makes it easier to do all your research and trading in one place. Any online broker that offered this convenience scored well.
  • Third-party integrations. You might want to use a piece of downloadable, third-party software like MetaTrader 4, MT5, or cTrader to place your trades. The best trading software in Benin should integrate with these services and those that did so received a higher ranking. 
  • Customer reviews. Finally, we looked into customer reviews, to make sure that we only recommend the best investment platforms in Benin where the majority of Beninois customers had a positive experience.

Find out more about how we rate, rank, and review platforms.

More about stock trading platforms in Benin

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What products can I trade with a Beninois stock broker?

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You can trade stocks from Benin, or invest in leading companies from around the world. Here’s a breakdown of what (and how) you can trade financial markets with the best online brokers Benin.

Stocks

  • Beninois stocks. One investment option is to simply buy and sell stocks that are listed in Benin. Investing in the Beninois market is normally the most straightforward option for Beninois residents, as you can buy shares in any company that’s listed on a Beninois stock exchange.
  • US stocks. Some of the best known companies in the world are listed in the United States. The best online broker in Benin will also let you invest in stocks that are listed on the NYSE or the NASDAQ exchange in the US, but it depends on the legal restrictions in Benin.
  • International stocks. You may also be able to buy shares in companies that are based in the rest of the world. The best international brokers in Benin offer global stocks, but it may be a limited selection. If you want to buy equities from outside Benin or the US, be sure to check those stocks are available through your online broker before you sign up.

ETFs

ETFs (exchange traded funds) are investment funds that pool money together from lots of different investors and use it to track a particular index, like the S&P 500. Even if you can’t invest in every stock from every country, you can usually find an alternative in an ETF that tracks the performance of Benin’s top stock exchanges and indexes. 

Mutual funds

Mutual funds are professionally managed investments. You buy shares in the fund through an investment platform and the manager decides what to invest it in. Typically, a fund manager chooses a mixture of global stocks, local Beninois stocks, and ETFs that track global indices from across the world.

Mutual funds and ETFs are similar, but the former are managed by a professional who tries to beat the market, while the latter buy and sell stocks automatically based on a set of fixed criteria. Typically a mutual fund charges higher management fees every year because of the extra work involved. The best stock broker in Benin should allow you to invest in stocks from Benin, as well as ETFs and mutual funds.

Futures and options

Futures and options contracts involve making an agreement to purchase a stock in the future at an agreed price. They’re favoured by stock traders and can be used as a way of speculating on how you think a company’s price might change in the future.

Other assets

Most trading platforms in Benin offer a variety of assets alongside stocks, funds, and ETFs. With the best Beninois brokers you can create a diversified portfolio made up of leading global stocks, ETFs, cryptocurrencies, and dabble with trading currency pairs and commodities as well.

Compare the assets available with each of the top Beninois brokers below.

Product Skilling assets AvaTrade assets DEGIRO assets
Stock CFDs 954 612
ETF CFDs 61
Forex CFDs 73 108
Crypto CFDs 63 20
Index CFDs 23 31
Commodity CFDs 21 19
View more > Skilling > AvaTrade > DEGIRO >

You should keep in mind, however, that to invest in other financial products from Benin, you may be better off using a different type of trading platform.

For example, for trading currency pairs you want one of the best forex brokers in Benin, for cryptocurrencies like Bitcoin, the best crypto exchanges in Benin. The best crypto exchanges in Benin offer a range of financial assets, including many of the options above.

How much does it cost to use the best online trading platforms in Benin?

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It is normally free to sign up to a stock trading platform in Benin. The main cost comes in the form of trading fees, which depend on the platform and on what you want to trade. Some of the best stock trading apps in Benin offer completely free trading, while others charge a flat fee or commission per trade.

Here’s a comparison of the trading fees across our highest rated Beninois brokers.

Asset Skilling fees AvaTrade fees DEGIRO fees
Stocks From 0.1%
Currencies From 0.1pips
Cryptocurrencies From 0.1pips
Indices From 1.5 pts
Commodities From 0.4pips
View more > Skilling > AvaTrade > DEGIRO >

Another way an online broker in Benin might charge you is via the spread. The spread is the difference between the buy and sell price of an asset, and effectively serves as a commission the broker is charging you on top of the market price. The smaller the spread, the better value you’re getting from your broker.

Here’s a comparison of the spreads across the top Beninois trading platforms.

Product Skilling spreads AvaTrade spreads DEGIRO spreads
Stock CFDs From 0.1% From 0.13%
ETF CFDs From 0.1% From 0.13%
Forex CFDs From 0.1 pips From 0.9 pips
Crypto CFDs From 1% From 0.15% over market
Index CFDs From 1.5 pts From 0.03 over market
Commodity CFDs From 0.4 pips From $0.0015 over market
View all tradable assets > Skilling > AvaTrade > DEGIRO >

On top of the trading fees and spreads, there may be other charges for using your online broker account. These can include inactivity fees, where you’re charged if you don’t use your account for a period of time (usually 3-6 months), as well as overnight fees, which only apply if the broker is also a CFD platform, or even an account maintenance fee.

Here’s a look at the types of fees different brokers in Benin charge, to give you a complete picture of the cost of trading with the top brokers in Benin.

Fee Skilling fees AvaTrade fees DEGIRO fees
Trading fees No No
Inactivity fees No Yes
Rollover/overnight fees Yes Yes
Withdrawal fees Yes, for certain payment methods No
Spreads Yes Yes
Conversion fees Yes, for certain currencies No
View more > Skilling > AvaTrade > DEGIRO >

Skilling may charge discretionary non trading fees upon withdrawal

Are stock brokers in Benin regulated?

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Yes, online brokers have to be regulated in order to offer share dealing services. Ideally, you want to find a broker that offers top-tier regulatory protection either through your local regulator, or through an internationally recognised institution. 

The best brokers in Benin are regulated by the Central Bank of West African States (BCEAO), which provides a license for these firms to operate and governs their actions in order to protect investors. Use the Central Bank of West African States (BCEAO) database to check if your favourite online broker is regulated to operate in Benin.

On top of that, many online brokers in Benin are based elsewhere but regulated to operate internationally through institutions such as CySEC (the Cyprus Securities and Exchange Commission). Here are the best online brokers in Benin and where they’re regulated across the world.

Region Skilling regulators AvaTrade regulators DEGIRO regulators
Africa FSCA
Australasia ASIC
Asia FSA
Europe CySEC CBI, MiFID, CySEC
International FSA BVIFSC, FRSA
North America
South America
View more > Skilling > AvaTrade > DEGIRO >

How much money do I need to start using an online broker in Benin?

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Typically, the minimum deposit for each Beninois broker is the equivalent of $10. This is a manageable amount for most users, though you should also consider the minimum trade size on each platform. This governs the smallest investment you can make, so if you plan to invest small amounts then it is a crucial number to think about.

Compare the minimum and maximum trade sizes for each top broker in Benin right here.

Product Skilling minimum trade AvaTrade minimum trade DEGIRO minimum trade
Stock CFDs 1 share No limit
ETF CFDs 1 share No limit
Forex CFDs 0.01 lots No limit
Crypto CFDs 0.01 lots No limit
Index CFDs 0.01 lots No limit
Commodity CFDs 0.01 lots No limit
View more > Skilling > AvaTrade > DEGIRO >

Which trading app in Benin has the best user reviews?

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As part of our research process we gathered up reviews and feedback from Beninois users to help us finalise the rankings. Below is a summary of the feedback and ratings we received about each platform.

Review source Skilling rating AvaTrade rating DEGIRO rating
Trustpilot 4.2 4.7
Google Play Store 4.6 4.0
App Store 4.8 4.4
View more > Skilling > AvaTrade > DEGIRO >

How to buy stocks in Benin

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Every stock trading app in Benin is designed to help you invest with the minimum of fuss. 

Follow this six step guide to learn how to buy shares online in Benin for the first time.

1. Find a Beninois trading app

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Compare the best online stock brokers in Benin and choose your favourite from the list at the top of this page.

2. Create an account

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Once you’ve chosen the best broker Benin, set up an account by supplying your email address and password. Fill in personal details like your name and address.

3. Verify the broker account

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Before you use an online trading platform in Benin you need to verify your identity. Upload a copy of your driving licence or passport to do this. The verification process can take up to 24 hours, but is often much quicker than that.

4. Deposit money into your trading account

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You can make your initial deposit via a card payment, bank transfer, or an alternative payment method. Many of the best online brokers in Benin accept PayPal and similar e-wallets, but you should check this ahead of time.

5. Search for a stock and place your trade

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Find the stocks you want to trade using their ticker symbol. Enter the details of your trade, and hit ‘buy’ to execute it.

6. Monitor your investment

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Check up on your investment regularly. Use the latest news and stock market research to help you decide when to sell your shares, and lock in a profit or loss.

Choose a broker

FAQs

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What’s the best broker for beginners in Benin?
What’s the best investment platform in Benin?
What’s the cheapest online broker Benin with the lowest fees?
Which trading app is best in Benin?
Which investment platform in Benin has the best demo account?
What’s the safest broker in Benin?
Is it legal to trade stocks in Benin?


Sources & references
Risk disclaimer
Prash Raval
Financial Writer
Prash is a financial writer for Invezz covering FX, the stock market and investing. For over a decade he has traded spot FX full time while... read more.