Best forex brokers in Somalia in 2022

Fusion Markets
4.5
Visit broker
74-89% of retail CFD accounts lose money
MultiBank
4.5
Visit broker
74-89% of retail CFD accounts lose money
XTB
4.8
Visit broker
76% of retail CFD accounts lose money
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Best forex brokers in Somalia in 2022
Fusion Markets logo
MultiBank logo
XTB logo
TMGM logo
IC Markets logo

To help you find the best forex brokers in Somalia in 2022, we went ahead and did the research for you. First, we selected 101 quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms - practically everything. And now, without further ado...

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

  1. Fusion Markets is our winner, the best forex broker in Somalia in 2022. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  2. MultiBank takes second place. Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
  3. XTB rounds out the top three. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
  4. TMGM is ranked fourth. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  5. IC Markets completes the list at number five. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
Top forex brokers in 2022 for Somali citizens
Broker Forex fee score
#1 Fusion Markets 4.9 stars Visit broker
74-89% of retail CFD accounts lose money
#2 MultiBank 4.8 stars Visit broker
74-89% of retail CFD accounts lose money
#3 XTB 3.9 stars Visit broker
76% of retail CFD accounts lose money
#4 TMGM 4.6 stars Visit broker
68% of retail CFD accounts lose money
#5 IC Markets 4.5 stars Visit broker
73.59% of retail CFD accounts lose money

What makes a good forex broker? First of all, fair forex fees and low withdrawal fees. They should also offer many currency pairs and a great platform with advanced charting. All of these are easy to list, but hard to figure out. To get an accurate view, we test brokers based on almost 500 criteria, using real accounts and real money.

If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all your invested money. If you don't have a clue how forex trading works, start with our forex trading 101 articles.

For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.

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

Fusion Markets Logo

#1 Best forex broker
Fusion Markets

4.5

Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% 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.

Visit broker
74-89% of retail CFD accounts lose money

#1 Fusion Markets
Fees

Fusion Markets 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.

Fusion Markets trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
EURUSD benchmark fee $5.2 $5.0 $8.3 $5.9 $5.8
GBPUSD benchmark fee $3.2 $2.9 $5.8 $4.4 $5.1
AUDUSD benchmark fee $2.5 $4.3 $7.0 $5.6 $6.2
EURCHF benchmark fee $3.6 $4.1 $6.1 $3.6 $4.0
EURGBP benchmark fee $5.7 $7.8 $9.7 $6.6 $7.3

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

Fusion Markets non-trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
74-89% of retail CFD accounts lose money

#1 Fusion Markets
Markets and products

Fusion Markets gives access to 89 currency pairs.
Fusion Markets currency pairs
Fusion Markets MultiBank XTB TMGM IC Markets
Currency pairs (#) 89 55 57 57 61

Visit broker More
74-89% of retail CFD accounts lose money

#1 Fusion Markets
Desktop trading platform
3.4

In design and functionality, Fusion Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. A major difference is that you can set price alerts here.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - Fusion Markets trading platform

Fusion Markets has average charting tools and you can use 31 technical indicators.

Best forex brokers - Fusion Markets charting

Visit broker More
74-89% of retail CFD accounts lose money

MultiBank Logo

#2 Best forex broker
MultiBank

4.5

MultiBank is a global CFD and FX broker. MultiBank Group was established in California, USA, in 2005 with headquarters in Hong Kong. They are a global financial group whose member companies are active in areas from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities, regulated by the Australian Securities and Investments Commission (ASIC) and other financial authorities. In this review, we will use MultiBank as a name for the brokerage service.

MultiBank is considered safe because it is regulated by the top-tier ASIC and has a reasonably long history, dating back to 2005.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Visit broker
74-89% of retail CFD accounts lose money

#2 MultiBank
Fees

MultiBank 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.

MultiBank trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
EURUSD benchmark fee $5.2 $5.0 $8.3 $5.9 $5.8
GBPUSD benchmark fee $3.2 $2.9 $5.8 $4.4 $5.1
AUDUSD benchmark fee $2.5 $4.3 $7.0 $5.6 $6.2
EURCHF benchmark fee $3.6 $4.1 $6.1 $3.6 $4.0
EURGBP benchmark fee $5.7 $7.8 $9.7 $6.6 $7.3

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

MultiBank non-trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
74-89% of retail CFD accounts lose money

#2 MultiBank
Markets and products

MultiBank gives access to 55 currency pairs.
MultiBank currency pairs
Fusion Markets MultiBank XTB TMGM IC Markets
Currency pairs (#) 89 55 57 57 61

Visit broker More
74-89% of retail CFD accounts lose money

#2 MultiBank
Desktop trading platform
3.4

In design and functionality, MultiBank's MetaTrader 4/5 desktop platforms are almost the same as their web versions; a plus is that you can set price alerts on the desktop platform.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - MultiBank trading platform

MultiBank has average charting tools and you can use 31 technical indicators.

Best forex brokers - MultiBank charting

Visit broker More
74-89% of retail CFD accounts lose money

XTB Logo

#3 Best forex broker
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.

HEADS UP: Recent feedback about deposit & withdrawal - The details of a wire transfer deposit might be unclear for some of our users according to recent feedback we received. If you have problems, head to the Deposit and withdrawal section of the review, where we explain how to do a free wire deposit to your XTB account under the 'Deposit and fees and options' heading.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% 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.

Visit broker
76% of retail CFD accounts lose money

#3 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
Fusion Markets MultiBank XTB TMGM IC Markets
EURUSD benchmark fee $5.2 $5.0 $8.3 $5.9 $5.8
GBPUSD benchmark fee $3.2 $2.9 $5.8 $4.4 $5.1
AUDUSD benchmark fee $2.5 $4.3 $7.0 $5.6 $6.2
EURCHF benchmark fee $3.6 $4.1 $6.1 $3.6 $4.0
EURGBP benchmark fee $5.7 $7.8 $9.7 $6.6 $7.3

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

XTB non-trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
76% of retail CFD accounts lose money

#3 XTB
Markets and products

XTB gives access to 57 currency pairs.
XTB currency pairs
Fusion Markets MultiBank XTB TMGM IC Markets
Currency pairs (#) 89 55 57 57 61

Visit broker More
76% of retail CFD accounts lose money

#3 XTB
Desktop trading platform
4.4

XTB's xStation 5 platform has a desktop version as well. In both functionality and design, it's exactly the same as the web trading platform.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
Best forex brokers - XTB trading platform

XTB has great charting tools and you can use 39 technical indicators.

Best forex brokers - XTB charting

Visit broker More
76% of retail CFD accounts lose money

TMGM Logo

#4 Best forex broker
TMGM

4.4

TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC), the New Zealand Financial Markets Authority (FMA) and the Vanuatu Financial Services Commission (VFSC).

TMGM is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Visit broker
68% of retail CFD accounts lose money

#4 TMGM
Fees

TMGM 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.

TMGM trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
EURUSD benchmark fee $5.2 $5.0 $8.3 $5.9 $5.8
GBPUSD benchmark fee $3.2 $2.9 $5.8 $4.4 $5.1
AUDUSD benchmark fee $2.5 $4.3 $7.0 $5.6 $6.2
EURCHF benchmark fee $3.6 $4.1 $6.1 $3.6 $4.0
EURGBP benchmark fee $5.7 $7.8 $9.7 $6.6 $7.3

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

TMGM non-trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
68% of retail CFD accounts lose money

#4 TMGM
Markets and products

TMGM gives access to 57 currency pairs.
TMGM currency pairs
Fusion Markets MultiBank XTB TMGM IC Markets
Currency pairs (#) 89 55 57 57 61

Visit broker More
68% of retail CFD accounts lose money

#4 TMGM
Desktop trading platform
3.4

In design and functionality, TMGM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - TMGM trading platform

TMGM has average charting tools and you can use 31 technical indicators.

Best forex brokers - TMGM charting

Visit broker More
68% of retail CFD accounts lose money

IC Markets Logo

#5 Best forex broker
IC Markets

4.5

IC Markets is an Australia-based global forex broker founded in 2007. The company has several branches and is regulated by the Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Supervisory Authority (FSA) and the Australian Securities and Investments Commission (ASIC).

IC Markets is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

Visit broker
73.59% of retail CFD accounts lose money

#5 IC Markets
Fees

IC Markets 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.

IC Markets trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
EURUSD benchmark fee $5.2 $5.0 $8.3 $5.9 $5.8
GBPUSD benchmark fee $3.2 $2.9 $5.8 $4.4 $5.1
AUDUSD benchmark fee $2.5 $4.3 $7.0 $5.6 $6.2
EURCHF benchmark fee $3.6 $4.1 $6.1 $3.6 $4.0
EURGBP benchmark fee $5.7 $7.8 $9.7 $6.6 $7.3

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

IC Markets non-trading fees
Fusion Markets MultiBank XTB TMGM IC Markets
Account fee No No No No No
Inactivity fee No Yes Yes Yes No
Withdrawal fee $0 $0 $0 $0 $0

Visit broker More
73.59% of retail CFD accounts lose money

#5 IC Markets
Markets and products

IC Markets gives access to 61 currency pairs.
IC Markets currency pairs
Fusion Markets MultiBank XTB TMGM IC Markets
Currency pairs (#) 89 55 57 57 61

Visit broker More
73.59% of retail CFD accounts lose money

#5 IC Markets
Desktop trading platform
3.4

In design and functionality, IC Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that here you can set price alerts.
Pros Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts
Best forex brokers - IC Markets trading platform

IC Markets has average charting tools and you can use 31 technical indicators.

Best forex brokers - IC Markets charting

Visit broker More
73.59% of retail CFD accounts lose money

Best forex brokers
What makes a top forex broker?

Trading forex has become really popular over the last decade. Looking at important criteria like fees will help you find the best forex broker for you.

At BrokerChooser, we test online brokers according to nearly 500 criteria, using a real account and real money.

The most important factors to consider in selecting the top forex brokers are forex trading fees. Besides trading fees, you should also look at withdrawal fees and the number of available currency pairs. Check if the broker provides great desktop and mobile trading platforms as well as advanced charting tools.

Best forex brokers
Forex broker fees

Fees, fees, fees. We bet this is always on your mind when you're on the hunt for the best forex broker. But this can be a complicated issue. Let's see how we dealt with it.

It's not easy to compare forex broker fees, but we are here to help. Generally, forex brokers can charge commissions, spreads and financing fees.

For commissions, there are two approaches forex brokers can 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 mean that the first method cannot be cheaper.

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

To make your life easier, we calculated what your overall fee would be if you took a $20,000 position, held it for a week and then closed it. We used 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.

Best forex brokers
Bottom line

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

Top forex brokers in 2022 for Somali citizens
Fusion Markets MultiBank XTB TMGM IC Markets
Forex fee scores 4.9 stars 4.8 stars 3.9 stars 4.6 stars 4.5 stars
Deposit and withdrawal score 4.4 stars 5.0 stars 4.5 stars 4.3 stars 4.9 stars
Markets and products score 2.2 stars 2.0 stars 2.9 stars 2.2 stars 2.3 stars
Desktop platform score 3.4 stars 3.4 stars 4.4 stars 3.4 stars 3.4 stars
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
74-89% of retail CFD accounts lose money
Visit broker
76% of retail CFD accounts lose money
Visit broker
68% of retail CFD accounts lose money
Visit broker
73.59% of retail CFD accounts lose money

Fusion Markets is our winner, the best forex broker for Somali citizens in 2022. Low trading and non-trading fees. Fast and easy account opening. Great customer service.

All of these brokers are great choices, but watch out, as forex trading can be risky. If you know enough and are good to go, 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 tool and find the best broker for you.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

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 Fusion Markets
74-89% of retail CFD accounts lose money
Visit MultiBank
74-89% of retail CFD accounts lose money
Visit XTB
76% of retail CFD accounts lose money
Visit TMGM
68% of retail CFD accounts lose money
Visit IC Markets
73.59% of retail CFD accounts lose money
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