Table of Contents
Affiliate Disclosure
Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Top Forex Brokers in Ethiopia

Ethiopia was invited to join BRICS and will become a member in January 2024, which could boost much-needed development and drive demand for Forex trading. Ethiopians seeking to increase their income opportunities and prosperity have started considering Forex trading.

We have reviewed dozens of Forex brokers catering to Ethiopia and compiled our list of Ethiopia Forex brokers with the most competitive choices.

1
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
A minimum deposit of $50 ensures widespread accessibility & cryptocurrency deposits.
24/7 customer support & customizable demo accounts on MT4/MT5.
2
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
A fee-based Ava Protect insurance protecting against losing trades.
Reasonable commission-free pricing &balanced asset selection
3
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
100+ currency pairs for a competitive choice of cryptocurrency CFDs
Well-regulated broker & a Hong Kong-based Financial Commission membe
4
4.6/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
24/7 multi-lingual customer support & quality education and research
MAM/PAMM accounts are managed by licensed account managers.
5
4.5/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
User-friendly proprietary platform and MT4 access
Excellent selection of cryptocurrencies

  • MultiBank Group, Deep liquidity with no trading restrictions.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • Exness, Tight spreads + leverage up to 1:2000.
  • FP Markets, ECN trading with leverage up to 1:500.
  • FXGT, Great mix of Forex and crypto assets.

Best Ethiopian Forex Brokers Comparison

Regulators
ASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSCASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFIDCBSC, CMA, CySEC, FCA, FSA, FSC Belize, FSC Mauritius, FSCAASIC, CySEC, FSCACySEC, FSA, FSCA
Year Established
20052006200820052019
Execution Type(s)
ECN/STPMarket MakerMarket MakerECN/STPECN/STP, Market Maker
Minimum Deposit
$50
$100
$10 (based on the account type)
$100
$5
Average Trading Cost EUR/USD
0.1 pips0.9 pips0.6 pips1.1 pips0.1 pips ($1.00)
Average Trading Cost GBP/USD
0.5 pips1.5 pips0.7 pips1.4 pips0.1 pips ($1.00)
Average Trading Cost Gold
$0.02 $0.29 12.5 pips$0.21 $0.15
Trading Platform(s)
MetaTrader 4, MetaTrader 5, cTraderOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5
Islamic Account
Negative Balance Protection
N/AN/A

MultiBank Group

In Summary Deep liquidity with no trading restrictions

MultiBank presents a cutting-edge trading environment, superb asset selection, and excellent transparency. It has ten regulatory licenses and 25+ global offices, placing it on our best Ethiopian Forex brokers list as a leading choice for Ethiopian Forex traders. Beginners get twelve well-structured multi-lesson courses and eleven e-books.

The MT4/MT5 algorithmic-enabled platforms, which have embedded copy trading services complemented by the in-house MultiBank solution, cater to passive trading strategies. Traditional account management is available via MAM/PAMM accounts. MultiBank offers 24/7 customer support, a 20% deposit bonus, and a cashback program for high-volume traders. MiltiBank is also a leading cryptocurrency CFD broker.

Read more on MultiBank Group »
4.9/5 in this category

Pros & Cons

  • 20,000 assets offering broad coverage of financial markets
  • Raw spreads from 0 pips and maximum leverage of 1:500
  • MAM/PAMM accounts and proprietary copy trading platform
  • ECN trading with deep liquidity and no requotes
  • Access to raw spreads requires a $5,000 minimum deposit on the ECN account

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade is an excellent choice for beginner traders in Ethiopia, which shines with its industry-leading spun-out Ava Academy. Traders benefit from a reasonable commission-free pricing environment, landing AvaTrade a spot on our best Ethiopian Forex brokers list. The Guardian Angel plugin for MT4 is another quality beginner trading tool.

Traders also get a choice of trading platforms, including the specialized Ava Options and Ava Social. WebTrader and AvaTradeGO have embedded Trading Central services, providing quality trading tools and services. MT4 and MT5 cater to algorithmic traders and have embedded copy trading services, while copy trading provider DuplitTrade is also available.

Read more on AvaTrade »
4.8/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

Exness

In Summary Tight spreads + leverage up to 1:2000

Exness is the most established broker on our Ethiopian Forex brokers list, with a $3.3 trillion turnover from 500M+ traders and $1.3+ billion in quarterly client withdrawals. Beginners get 400+ educational videos, and its Pro account features ultra-low trading fees from 0.1 pips. Exness also stands out with its instant 24/7 withdrawals and payment processor choice, including cryptocurrencies.

Exness developed its proprietary web based Exness Terminal and user-friendly mobile app, Exness Trade App, which is ideal for its Exness copy trading service. Algorithmic and copy traders may also use MT4/MT5. Exness also publishes transparent financial reports that are reviewed and verified by Deloitte.

Read more on Exness »
4.7/5 in this category

Pros & Cons

  • Instant withdrawals, based on the payment system, from a trusted broker with numerous payment methods
  • High level of transparency and financial audits by a Big Four accountancy firm, Deloitte
  • Multi-regulated broker
  • 24/7 multi-lingual customer service
  • No education for beginners

FP Markets

In Summary ECN trading with leverage up to 1:500

FP Markets presents traders with a well-balanced asset selection and competitive, commission-based trading fees, complemented by its excellent choice of payment processors, including 15+ cryptocurrencies, placing FP Markets on our best Ethiopian Forex brokers list. FP Market also maintains a cutting-edge MT4/MT5 infrastructure due to its 12-plugin upgrade package plus services by Trading Central and Autochartist. cTrader is also available to Ethiopian Forex traders.

Copy traders can diversify via embedded MT4/MT5/cTrader copy trading services, the proprietary FP Markets alternative, the well-known Myfxbook Autotrade service, or the fee-based Signal Start. Algorithmic traders get low-latency 24/5 market access through free VPS hosting.

Read more on FP Markets »
4.6/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted

FXGT

In Summary Great mix of Forex and crypto assets

South African broker Global GT, founded in 2020, offers the novel approach of combining Forex and cryptocurrency trading under one roof. It supports its business model by accepting cryptocurrencies for both deposit and withdrawal and as account base currencies. With a minimum deposit of $5 and maximum leverage of 1:1000 plus negative balance protection, Global GT offers South African traders a trusted domestic broker with a competitive product and services portfolio. The six-tier dynamic leverage system ensures that risk remains in check and supports traders with their risk management. Traders seeking the best trading conditions at Global GT will get them in the ECN account for a low minimum deposit of $250.

Global GT remains a genuine African broker with regulatory licenses from the South African FSCA and the Seychelles FSA plus a capital adequacy ratio of 40%. Both regulators continue to gain confidence from global brokers, offering a competitive mix of trusted regulation and a competitive business environment. Global GT offers traders the out-of-the-box MT5 trading platform and maintains two bonus offers. Global GT delivers on its hybrid Forex-cryptocurrency business model and supplements a competitive choice of cryptocurrencies with synthetic crypto pairs.

South African Forex traders looking for a trusted broker with a secure trading environment and choice of cryptocurrency assets alongside Forex should consider Global GT. The trading conditions are competitive, and Global GT remains well-positioned to grow in lockstep with the cryptocurrency market.

Read more on FXGT »
4.5/5 in this category

Pros & Cons

  • Deposit bonuses and financial transactions in cryptocurrencies
  • Tier1 liquidity aggregation and low latency trade execution
  • Good cryptocurrency selection, including synthetic cryptocurrency pairs
  • Low minimum deposit and high leverage with negative balance protection
  • Clients resident in USA, EU, and UK not accepted.

Forex Trading in Ethiopia

The brokers on our Ethiopia Forex brokers list offer excellent choices, but the domestic infrastructure remains challenging. Less than 17% of the population has an internet connection, although mobile penetration is above 55%. However, only 5% of the people are social media users. Poverty and the lack of education present additional obstacles.

What to Look for in a Forex Broker in Ethiopia

Our Ethiopia Forex brokers review focused on the below aspects.

All competitive Ethiopian Forex brokers should offer the following:

  • Regulation - 10+ years of a clean regulatory track record.
  • Low trading fees - Low trading fees and swap rates, including positive ones.
  • Trading platforms - Availability of algorithmic and copy trading platforms.
  • Asset diversity - Well-diversified, liquid trading instruments.
  • Deposits/Withdrawals - No internal fees with low minimum requirements.

Forex Trading Regulations in Ethiopia

Ethiopia does not regulate Forex brokers, and international Forex brokers, like the ones on our Ethiopia Forex brokers list, handle retail Forex trading.

The National Bank of Ethiopia regulates physical Forex transactions and implements rules for foreigners and domestic residents.

How Much is Forex Leverage in Ethiopia?

There is no limit, but the brokers from our Ethiopia Forex brokers review offer the industry-standard 1:500 on major currency pairs with negative balance protection. Ethiopian traders should always use proper risk management to avoid magnified trading losses.

How to Start Forex Trading in Ethiopia

Before funding an account with a broker from our list of Ethiopia Forex brokers, traders should consider the tips below.

Here are tips on how to start Forex trading in Ethiopia:

  1. Start with in-depth, quality education.
  2. Respect Forex trading as a highly skilled profession.
  3. Master trading psychology, as it separates up to 90% of traders from profitable ones.
  4. Understand the importance of leverage and its relationship to risk management.
  5. Use leverage properly, which is a necessary tool, but it magnifies profits and losses.
  6. The importance of risk management ranks on par with the trading strategy.
  7. The personality of traders remains reflected in their trading strategy choices.
  8. Low trading costs are the primary component of a competitive trading environment.
  9. Learn the proper placement of take profit and stop loss levels.

What is the Best Trading Platform in Ethiopia?

The best trading platform in Ethiopia remains the industry leading MT4, as it fully supports algorithmic, copy, and API trading. MT5 and cTrader come in as the second and third-best choices. All Forex brokers on our Ethiopia Forex brokers list offer MT4, MT5, or both, and some upgrade the out-of-the-box version with plugins.

Forex Trading Taxation in Ethiopia

Ethiopia has a capital gains tax of 30%, but per PricewaterhouseCoopers, a Big Four accountancy firm, the tax applies to shares and bonds. Limited information exists about Forex taxation in Ethiopia, as Ethiopia does not actively regulate online Forex retail trading, and international brokers like the ones from our Ethiopia Forex brokers list cater to slowly expanding demand. Therefore, Ethiopian traders must consult with a legal professional to seek tax advice in Ethiopia to ensure compliance with local rules and regulations.

Pros & Cons of Forex Trading in Ethiopia

Traders should evaluate the pros and cons of Forex trading in Ethiopia before funding an account.

The pros of Forex trading in Ethiopia are:

  • Lower capital requirements versus other assets
  • 24/5 decentralized trading
  • Passive income opportunities
  • Copy and social trading.
  • PAMM/MAM accounts

The cons of Forex trading in Ethiopia are:

  • Low internet and mobile penetration
  • Demo trading that yields a false sense of accomplishment
  • Disconnect between leverage and its relationship to risk management.

Bottom Line

The young Ethiopian population presents an excellent growth market, and the brokers on our Ethiopian Forex brokers list offer a competitive choice with excellent education. Regrettably, most Ethiopians are offline, with an internet penetration below 17%. While mobile usage is better at 55%, only 5% are active on social media. Education remains paramount to the success of Ethiopian Forex traders, who should prioritize it before finding an account.

You might also be interested in reviewing the below top brokers:

FAQs

Which broker is best for trading in Ethiopia?

expand.png

The best broker for trading in Ethiopia depends on personal preferences but should provide a trading platform capable of algorithmic and copy trading, low trading fees, a balanced asset selection, and a well-regulated trading environment.

Is Forex available in Ethiopia?

expand.png

Forex trading is legal and available in Ethiopia via international off-shore Forex brokers.

How much money do I need to start Forex trading in Ethiopia?

expand.png

The required capital depends on the financial goals of traders. Many Forex brokers have low minimum deposit requirements, but it takes a more significant sum to trade Forex efficiently and effectively. Traders should only deposit money they can afford to lose and create a deposit plan until they achieve the size necessary to deliver desired results. Many Forex traders spend one to three years building their portfolios over time before considering withdrawals.

Which country in Africa is best for Forex trading?

expand.png

No data exists to answer this question accurately, but the best countries in Africa will have a dependable trading infrastructure consisting of uninterrupted electricity and internet access. A healthy economy, a young population living in urban centres, and a high level of education are other factors creating excellent Forex trading conditions.

Who can open a foreign currency account in Ethiopia?

expand.png

Anyone of legal age can open a foreign currency account in Ethiopia. The National Bank of Ethiopia requires a customs declaration for amounts exceeding $4,000 or its currency equivalent.

Christopher Lewis
About Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.