Best Forex Brokers Cameroon 2022
For this list, we have searched and tested several forex brokers Cameroon.
To be able to select the best brokers with the best offerings, we opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. Then we placed real trades in each popular market.
Afterwards, we reached out to the customer support team to find out whether they are able to solve the problems that customers normally face.
We handpicked the best forex brokers Cameroon based on our trading data and experience as a trader.
Is Forex Trading in Cameroon available?
The diversified economy of Cameroon features oil and gas as well as other products such timber or aluminum. Despite the recent fall in global prices for these resources they still account to nearly 40% of all exports from the country.
Cameroon has strict regulations on its national currency. The Central African Economic and Monetary Community or CEMAC, along with their oversight from the Bank of Central States (BEAC), fight money laundering which causes dire shortages in this region’s currencies.
The Bank of Central State’s website is www.beac.int.
Although the country has strict control on its currency, traders can still engage in forex trading with international brokers that accept clients from across all of Africa.
|🏦Cameroon Regulator||Bank of Central African (BEAC)|
|📊Max. Leverage||No Max. Leverage|
|🛡️Is It safe to trade||Yes|
|🔒Negative Balance Protection||No Negative Balance Protection|
|💰Compensation Scheme||No Compensation Scheme|
Best Forex Brokers in Cameroon
Finding a reliable forex broker Cameroon is not an easy task. Even though there are not many international brokers available, we recommend not to trade with offshore brokers due to the high risks involved.
Since most offshore and unregulated firms may target traders who do not have much information and good brokers in their jurisdictions, traders should check the broker before signing in.
There are several international brokers that accept traders from Cameroon. We recommend signing only with reliable firms as money safety in trading goes first. Also, it is essential and advisable to pay attention to the broker’s customer support, whether they provide assistance in the relevant languages.
To help you decide which broker is right for your needs, we have researched and tested many brokers. We opened real accounts with them to see what offerings they have.
Here are our top picks for forex brokers Cameroon:
- HYCM – Best Broker for Cameroon Overall
- FXTM – Best Forex Broker for Beginners in Cameroon
- FBS – Best Forex Trading Platform Broker Cameroon
- Trading 212 – Low Spread Best Forex Broker Cameroon
Best Broker for Cameroon Overall
We have picked HYCM as the best overall forex broker Cameroon.
HYCM is headquartered in the UK. It was founded in 1977. The broker is heavily regulated by FCA, ESMA, CySEC, DFSA, CIMA.
HYCM offers a great number of tradable instruments: forex, metals, energy products, commodities, indices and stocks. There are three main account types: Fixed, Classic and Raw Spread Accounts. HYCM fees vary according to the account type.
According to our trades, HYCM conditions and offerings are excellent. HYCM spreads also depend on the account type: it uses either fixed spreads or, for Classic account types, it offers floating spreads. The broker’s MT4 platform is very good, with the best tools and features. Besides, HYCM also offers the MT5 platform, so that the traders always have a choice.
Best Forex Broker for Beginners in Cameroon
We have picked FXTM as the best forex broker Cameroon for beginners.
Founded in 2001, FXTM is headquartered in Cyprus. The broker is strictly regulated in several jurisdictions: the United Kingdom, Cyprus, South Africa, and Mauritius.
FXTM offers a great number of tradable instruments: forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and also real stocks. The broker has several account types: Standard Account, Cent Account, and Stock CFDs Account. On standard and stock CFDs accounts spreads are slightly higher.
We have picked FXTM as the best forex trading platform for beginners as its education section is great. It offers seminars and workshops, eBooks/trading guides, webinars and forex industry glossary.
Best Forex Trading Platform Broker Cameroon
We have picked FBS as the best forex trading platform Cameroon.
FBS, founded in 2009, is a forex and CFDs broker with offices in Belize and Cyprus. The broker is regulated in Belize, Cyprus, and Australia. Its offerings include trading with forex, indices, commodities, and stocks, and cryptocurrency CFDs.
FBS fees are built into spreads. Its spreads are mostly lower than the industry average. As to the trading platforms, FBS offers several options: MetaTrader 4, MetaTrader 5, FBS Trader (mobile only). We have chosen FBS as the best trading platform for forex broker Cameroon because both its MT4 and MT5 trading platforms are good, with all the necessary tools and features. FBS also offers a forex trading demo account, which is a great asset, especially for beginner traders.
Low Spread Best Forex Broker Cameroon
We have picked Trading 212 as the best lowest spread forex broker Cameroon.
Trading 212 is a global Forex and CFD broker. It was founded in 2004. Being headquartered in London, it is regulated by FCA and FSC. Trading 212 offers a number of tradable instruments, such as Indices, Forex, Commodities, Stocks, Cryptocurrencies.
We have picked Trading 212 as the best lowest spread forex broker Cameroon, as the broker offers stable low spreads. The spreads for stock trades are generally much lower than the industry average.
Cameroon Forex Brokers List
Actually, most of the recommended forex brokers do not accept Cameroon clients. Traders should be very careful to choose a trustworthy forex broker Cameroon. Here is a short list of the brokers we were able to come up with based on our tests.
|Forex Broker||Test Details||Broker Review|
|RoboMarkets||Deposit Amount: Over €5,000|
Total Trade: 12 trades
|FXTM||Deposit Amount: Over €6,000|
Total Trade: 12 trades
|Trading 212||Deposit Amount: Over €5,000|
Total Trade: 15 trades
|Trading 212 Review|
|FBS||Deposit Amount: Over €5,000|
Total Trade: 12 trades
|Interactive Brokers||Interactive Brokers website|
FAQ and More on Forex Brokers Cameroon
There are many essential questions that may interest the traders, when it comes to forex brokers Cameroon. With an attempt to be helpful, we picked and answered some of the most important queries related to forex brokers Cameroon.
How to Verify Cameroon Regulated Brokers?
As has already been mentioned, the Central African Economic and Monetary Community and Bank of Central States oversee the financial transactions in Cameroon.
Those traders who want to trade forex in Cameroon, are advised to conduct a good research and find a reliable and trustworthy broker that will meet their needs.
Before starting the trades it is essential to confirm that the broker is not an offshore broker and is strictly regulated. To find whether the broker is available in Cameroon, the traders can first check the information in its website for availability in the country.
Best Forex Trading App accept Cameroon Traders
Without an app that provides all the necessary tools it would be difficult to succeed in forex trades. Fortunately, many brokers offer great forex trading apps and clients always have a choice.
We have selected several trading apps for Cameroon clients:
Forex Brokers that Accept Mobile Money in Cameroon
Mobile money is the future of international finance and it is only a matter of time before you start to see more companies embracing this payment method. Forex brokers are no exception. They have also started accepting mobile payments from customers.
We have selected two forex brokers Cameroon that accept mobile money:
Author of this review
By George Rossi
Author of this review
I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.
Now I am passionate about reviewing and comparing forex brokers.
Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology