Best forex brokers for beginners in Somalia in 2022

XTB
4.8
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73% of retail CFD accounts lose money
ActivTrades
4.6
Visit broker
65% of retail CFD accounts lose money
AvaTrade
4.5
Visit broker
71% of retail CFD accounts lose money
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To help you find the best forex brokers for beginners in Somalia in 2022, we first looked at 100 online brokers; then we checked and compared their fees, currency pair selection, charting tools and educational materials.

Our top 5 picks for the best forex brokers for beginners in Somalia in 2022:

  1. XTB is the winner, the best forex broker for beginners in Somalia in 2022. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  2. ActivTrades takes second place. Low trading fees. Excellent account opening. Free deposit and withdrawal.
  3. AvaTrade rounds out the top three. Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
  4. FBS is ranked fourth. Low stock and stock index CFD fees and no inactivity fee. Easy and fast account opening. Excellent customer support & education.
  5. Markets.com just made it on the list, taking the number five spot. Free and fast deposit and withdrawal. Easy and fast account opening. Great tools for learning and research.
Best forex brokers for beginners in 2022 for Somali citizens
Broker Info Minimum deposit Forex fee score
#1 XTB Global CFD broker $0 3.9 stars
#2 ActivTrades Global CFD and forex broker $500 4.2 stars
#3 AvaTrade Global CFD and forex broker $100 3.1 stars
#4 FBS Global CFD broker. $100 3.4 stars
#5 Markets.com Global CFD and forex broker $100 0.9 stars

What makes a top forex broker for beginners?

  • First of all, fair forex fees.
  • A lot of currency pairs.
  • A great platform with advanced charting.
  • Educational tools to guide you through the basics of trading.


If you're a beginner, be careful with forex trading as forex products are complex and risky, therefore not suitable for everyone. You can easily lose all your invested money. If you don't know how forex trading works, take a look at our forex education articles.

If you feel a bit more comfortable with forex trading, we suggest you also check out our overall list of the best forex brokers.

And now, let's see the top forex brokers for beginners in 2022 for Somali citizens one by one, starting with the winner, XTB.

XTB Logo

#1 Best forex brokers for beginners
XTB

4.8

XTB is a global CFD broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to regularly disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% 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.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

Visit broker
73% of retail CFD accounts lose money

#1 XTB
Fees

XTB has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

XTB trading fees
XTB ActivTrades AvaTrade FBS Markets.com
EURUSD benchmark fee $8.3 $6.9 $10.3 $8.6 $16.2
GBPUSD benchmark fee $5.8 $4.9 $9.0 $6.1 $17.1
AUDUSD benchmark fee $7.0 $6.7 $10.0 $10.2 $17.4
EURCHF benchmark fee $6.1 $5.1 $10.2 $8.0 $21.0
EURGBP benchmark fee $9.7 $8.7 $12.1 $13.9 $17.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

XTB non-trading fees
XTB ActivTrades AvaTrade FBS Markets.com
Account fee No No No No No
Inactivity fee Yes Yes Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
73% of retail CFD accounts lose money

#1 XTB
Markets and products

XTB gives access to 57 currency pairs.
XTB currency pairs
XTB ActivTrades AvaTrade FBS Markets.com
Currency pairs (#) 57 49 55 44 67

Visit broker More
73% of retail CFD accounts lose money

ActivTrades Logo

#2 Best forex brokers for beginners
ActivTrades

4.6

ActivTrades is a global forex broker founded in 2001. It is regulated by the UK's Financial Conduct Authority (FCA) and Commission de Surveillance du Secteur Financier (CSSF)

ActivTrades is considered safe because it has a long track record and it is regulated by the FCA, a top-tier financial authority.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% 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.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal conditions

Visit broker
65% of retail CFD accounts lose money

#2 ActivTrades
Fees

ActivTrades has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

ActivTrades trading fees
XTB ActivTrades AvaTrade FBS Markets.com
EURUSD benchmark fee $8.3 $6.9 $10.3 $8.6 $16.2
GBPUSD benchmark fee $5.8 $4.9 $9.0 $6.1 $17.1
AUDUSD benchmark fee $7.0 $6.7 $10.0 $10.2 $17.4
EURCHF benchmark fee $6.1 $5.1 $10.2 $8.0 $21.0
EURGBP benchmark fee $9.7 $8.7 $12.1 $13.9 $17.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

ActivTrades non-trading fees
XTB ActivTrades AvaTrade FBS Markets.com
Account fee No No No No No
Inactivity fee Yes Yes Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
65% of retail CFD accounts lose money

#2 ActivTrades
Markets and products

ActivTrades gives access to 49 currency pairs.
ActivTrades currency pairs
XTB ActivTrades AvaTrade FBS Markets.com
Currency pairs (#) 57 49 55 44 67

Visit broker More
65% of retail CFD accounts lose money

AvaTrade Logo

#3 Best forex brokers for beginners
AvaTrade

4.5

AvaTrade is a global CFD and forex broker founded in 2006. It is regulated by several financial authorities, such as the Central Bank of Ireland.

Disclaimer: 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.

Recommended for forex and cfd traders looking for an option to use metatrader platforms

Visit broker
71% of retail CFD accounts lose money

#3 AvaTrade
Fees

AvaTrade has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

AvaTrade trading fees
XTB ActivTrades AvaTrade FBS Markets.com
EURUSD benchmark fee $8.3 $6.9 $10.3 $8.6 $16.2
GBPUSD benchmark fee $5.8 $4.9 $9.0 $6.1 $17.1
AUDUSD benchmark fee $7.0 $6.7 $10.0 $10.2 $17.4
EURCHF benchmark fee $6.1 $5.1 $10.2 $8.0 $21.0
EURGBP benchmark fee $9.7 $8.7 $12.1 $13.9 $17.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

AvaTrade non-trading fees
XTB ActivTrades AvaTrade FBS Markets.com
Account fee No No No No No
Inactivity fee Yes Yes Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
71% of retail CFD accounts lose money

#3 AvaTrade
Markets and products

AvaTrade gives access to 55 currency pairs.
AvaTrade currency pairs
XTB ActivTrades AvaTrade FBS Markets.com
Currency pairs (#) 57 49 55 44 67

Visit broker More
71% of retail CFD accounts lose money

FBS Logo

#4 Best forex brokers for beginners
FBS

4.3

FBS is a global CFD broker founded in Cyprus in 2009. It is regulated by multiple financial authorities globally, including the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).

The services provided by the broker differ slightly depending on the legal entity you open an account with. In this review, we focus on the services provided under CySEC, but highlight relevant information for the other legal entities.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.2% 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.

Recommended for investors and cfd traders familiar with the metatrader trading platforms

Visit broker
76.2% of retail CFD accounts lose money

#4 FBS
Fees

FBS has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

FBS trading fees
XTB ActivTrades AvaTrade FBS Markets.com
EURUSD benchmark fee $8.3 $6.9 $10.3 $8.6 $16.2
GBPUSD benchmark fee $5.8 $4.9 $9.0 $6.1 $17.1
AUDUSD benchmark fee $7.0 $6.7 $10.0 $10.2 $17.4
EURCHF benchmark fee $6.1 $5.1 $10.2 $8.0 $21.0
EURGBP benchmark fee $9.7 $8.7 $12.1 $13.9 $17.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

FBS non-trading fees
XTB ActivTrades AvaTrade FBS Markets.com
Account fee No No No No No
Inactivity fee Yes Yes Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
76.2% of retail CFD accounts lose money

#4 FBS
Markets and products

FBS gives access to 44 currency pairs.
FBS currency pairs
XTB ActivTrades AvaTrade FBS Markets.com
Currency pairs (#) 57 49 55 44 67

Visit broker More
76.2% of retail CFD accounts lose money

Markets.com Logo

#5 Best forex brokers for beginners
Markets.com

4.1

Markets.com is a global CFD and forex broker founded in 2008. It is regulated by several financial authorities, like the Cyprus Securities and Exchange Commission (CySEC) and the UK's Financial Conduct Authority (FCA). 

Markets.com offers services and platforms under two brands. The Marketsi platform is for share-dealing and investing, while Marketsx is the platform used for CFD trading. In this review, we focus on Markets.com's flagship CFD trading services, using the Marketsx platform.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% 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.

Recommended for traders looking to venture into cfd trading

Visit broker
67% of retail CFD accounts lose money

#5 Markets.com
Fees

Markets.com has high fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees, we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

Markets.com trading fees
XTB ActivTrades AvaTrade FBS Markets.com
EURUSD benchmark fee $8.3 $6.9 $10.3 $8.6 $16.2
GBPUSD benchmark fee $5.8 $4.9 $9.0 $6.1 $17.1
AUDUSD benchmark fee $7.0 $6.7 $10.0 $10.2 $17.4
EURCHF benchmark fee $6.1 $5.1 $10.2 $8.0 $21.0
EURGBP benchmark fee $9.7 $8.7 $12.1 $13.9 $17.6

All spreads, commissions and financing rates for opening a position, holding for a week and closing.

Markets.com non-trading fees
XTB ActivTrades AvaTrade FBS Markets.com
Account fee No No No No No
Inactivity fee Yes Yes Yes No Yes
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
67% of retail CFD accounts lose money

#5 Markets.com
Markets and products

Markets.com gives access to 67 currency pairs.
Markets.com currency pairs
XTB ActivTrades AvaTrade FBS Markets.com
Currency pairs (#) 57 49 55 44 67

Visit broker More
67% of retail CFD accounts lose money

Best forex brokers for beginners
Forex broker fees

Forex brokers can charge commissions, spreads and financing fees.

When it comes to commissions, there are two different fee structures forex brokers normally use:

  1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
  2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't always mean it's more expensive.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This is called financing cost. Financing costs change daily, and can add up if you hold your positions for a longer period.

Best forex brokers for beginners
Bottom line

You saw the details, now let's zoom out. Here are the top forex brokers for beginners in 2022 for citizens in Somalia:

Top forex brokers for beginners in 2022 for Somali citizens
XTB ActivTrades AvaTrade FBS Markets.com
Fees score 4.3 stars 4.5 stars 3.8 stars 3.8 stars 2.2 stars
Markets and products score 3.3 stars 1.5 stars 2.3 stars 1.8 stars 3.3 stars
Education score 5.0 stars 5.0 stars 5.0 stars 5.0 stars 5.0 stars
Charting quality High High High OKish High
Visit broker
73% of retail CFD accounts lose money
Visit broker
65% of retail CFD accounts lose money
Visit broker
71% of retail CFD accounts lose money
Visit broker
76.2% of retail CFD accounts lose money
Visit broker
67% of retail CFD accounts lose money

XTB is our winner, the best forex broker for beginners for Somali citizens in 2022. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.

If you know enough about forex trading and are comfortable with possible risks, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use our broker finder to pick the best broker for you.

Author of this article

Dan Sallai

Author of this article

My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.
My goal is to help people find our resourceful content when they need the most. I combine my 10+ years online marketing experience with the team's finance knowledge to reach that every day. On the side I'm paying bowling, tennis and enjoy spending great time with my children.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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Comments

Visit XTB
73% of retail CFD accounts lose money
Visit ActivTrades
65% of retail CFD accounts lose money
Visit AvaTrade
71% of retail CFD accounts lose money
Visit FBS
76.2% of retail CFD accounts lose money
Visit Markets.com
67% of retail CFD accounts lose money
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