Intro and winners
Find below the strengths of the best brokers available in Somalia, updated for 2024:
- XTB is the best international online brokers in Somalia in 2024. - Commission-free stocks and ETFs (for trades up to €100k per month). Free and fast deposit and withdrawal. Easy and fast account opening. Interest paid on cash.
- IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
- AvaTrade - Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
- XM - Low stock CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
- FXTRADING.com - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- MultiBank - Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
- FBS - Low stock and stock index CFD fees and no inactivity fee. Easy and fast account opening. Excellent education services.
- HYCM - Low CFD fees. Great educational content. User-friendly account opening.
- TMGM - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
- FXTM - Low fees. Digital and fast account opening. Good customer service.
International online brokers' key info overview
While many international online trading brokers offer an excellent service, the ones in our toplist go the extra mile. These international online trading platforms offer a broad range of markets and asset classes and are suitable for beginners and experienced traders alike.
| Broker | Minimum deposit | Time to open account |
|---|---|---|
| XTB | $0 | 1 day |
| IC Markets | $200 | 1 day |
| AvaTrade | $100 | 1 day |
| XM | $5 | 1 day |
| FXTRADING.com | $50 | 1 day |
| MultiBank | $50 | 1 day |
| FBS | $1.08 | 1 day |
| HYCM | $20 | 1 day |
| TMGM | $100 | 1 day |
| FXTM | $200 | 1 day |
Popularity of the best online brokers in Somalia
Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.
Trading fees
In most cases the key broker selection criteria is how much you have to pay for a trade in spreads, commission and other trading costs, so we collected the most important fees for you in the table below.
| Broker | US stock | UK stock fee |
|---|---|---|
| XTB | $0.0 | $0.0 |
| IC Markets | - | - |
| AvaTrade | - | - |
| XM | $1.0 | $9.0 |
| FXTRADING.com | - | - |
| MultiBank | - | - |
| FBS | - | - |
| HYCM | - | - |
| TMGM | - | - |
| FXTM | - | - |
Other fees at international online brokers
Non-trading fees are charges not directly related to a given trade and typically include the account maintenance fee, deposit/withdrawal fees, and the inactivity fee.
| Broker | Account fee | Inactivity fee |
|---|---|---|
| XTB | ||
| IC Markets | ||
| AvaTrade | ||
| XM | ||
| FXTRADING.com | ||
| MultiBank | ||
| FBS | ||
| HYCM | ||
| TMGM | ||
| FXTM |
Can I trust these online brokers in Somalia?
Yes, BrokerChooser exclusively recommends legit brokers, overseen by at least one globally acknowledged regulator. We track more than 30,000 brokers and trading platforms that we don't recommend. To make sure that a broker is reputable and reliable, use our Scam Broker Shield tool.
Key criteria determining a broker's trustworthiness are: regulation, availability of investor protection, as well as a long and spotless track record. Explore the interactive table below, encompassing this array of vital data.
| Broker | Top-tier regulators | Trusted broker |
|---|---|---|
| XTB | FCA in the UK | |
| IC Markets | ASIC in Australia | |
| AvaTrade | CBI in Ireland and ASIC in Australia | |
| XM | ASIC in Australia | |
| FXTRADING.com | ASIC in Australia | |
| MultiBank | ASIC in Australia and BaFin in Germany | |
| FBS | ASIC in Australia | |
| HYCM | FCA in the UK | |
| TMGM | ASIC in Australia | |
| FXTM | FCA in the UK |
Our assessment of best international online brokers for residents in Somalia in 2024
At BrokerChooser we do our best to make it easier for you to compare and select the best broker for your needs. Here is a summary of our scores in the most important aspects of these trading platforms' services.
| Broker | Overall score | Fees score |
|---|---|---|
| XTB | 4.8 /5 | 4.4 /5 |
| IC Markets | 4.5 /5 | 4.4 /5 |
| AvaTrade | 4.3 /5 | 3.9 /5 |
| XM | 4.3 /5 | 4.1 /5 |
| FXTRADING.com | 4.3 /5 | 4.4 /5 |
| MultiBank | 4.2 /5 | 3.5 /5 |
| FBS | 4.2 /5 | 4.2 /5 |
| HYCM | 4.2 /5 | 4.0 /5 |
| TMGM | 4.1 /5 | 4.0 /5 |
| FXTM | 4.1 /5 | 3.7 /5 |
If you are unsure how brokerage fees are charged, check out this article on the various fees, charges and costs.
And now, let's see the top international online brokers for 2024 for residents in Somalia in detail one by one, starting with the winner, XTB.
Recommended for forex and CFD traders looking for low fees and great deposit/withdrawal service
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76% of retail CFD accounts lose money
| XTB snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $0 |
| Deposit method | Bank transfer, Credit/debit cards, Paysafe, Skrill, ecommpay, PayU, PayPal |
| Withdrawal method | Bank transfer |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of XTB services, check out our review for 2024 |
Recommended for forex and CFD traders who value easy account opening and free deposit/withdrawal options
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70.64% of retail CFD accounts lose money
| IC Markets snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $200 |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of IC Markets services, check out our review for 2024 |
Recommended for forex and CFD traders looking for an option to use MetaTrader platforms
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63% of retail CFD accounts lose money
| AvaTrade snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $100 |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, Klarna, Webmoney, POLi, Boleto, Perfect Money |
| Withdrawal method | Bank transfer, Credit/debit cards, PayPal, Neteller, Skrill, Klarna, Webmoney, POLi, Boleto, Perfect Money |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of AvaTrade services, check out our review for 2024 |
Recommended for forex and CFD traders who prefer MetaTrader platforms and seek great account opening
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71.61% of retail CFD accounts lose money
| XM snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $5 |
| Deposit method | Bank transfer, Credit/debit cards, Skrill, Neteller for withdrawal, Sticpay for Deposit (under FSC) |
| Withdrawal method | Bank transfer, Credit/debit cards, Skrill, Neteller for withdrawal, Sticpay for Deposit (under FSC) |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of XM services, check out our review for 2024 |
Recommended for forex traders who prefer the MetaTrader platform
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74-89% of retail CFD accounts lose money
| FXTRADING.com snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $50 |
| Deposit method | Bank transfer, Credit/debit cards, PayPal, Neteller, UnionPay, USDT |
| Withdrawal method | Bank transfer, PayPal, Neteller, UnionPay, USDT |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of FXTRADING.com services, check out our review for 2024 |
Recommended for forex and CFD traders familiar with the MetaTrader trading platform
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74-89% of retail CFD accounts lose money
| MultiBank snapshot | |
|---|---|
| Fees class | Average |
| Minimum deposit | $50 |
| Deposit method | Bank transfer, Credit/debit cards, Neteller, Skrill, Sepa, Swift, pagsmile, my Fatoorah, Plus wallets, Thai QR payment, PayTrust, Pay Retailers, korapay, PaymentAsia, Boletol, pix, SPE, Praxis, GCash, dragonpay, Gobe pay |
| Withdrawal method | Bank transfer, Credit/debit cards, Neteller, Skrill, Sepa, Swift, pagsmile, my Fatoorah, Plus wallets, Thai QR payment, PayTrust, Pay Retailers, korapay, PaymentAsia, Boletol, pix, SPE, Praxis, GCash, dragonpay, Gobe pay |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of MultiBank services, check out our review for 2024 |
Recommended for investors and CFD traders familiar with the MetaTrader trading platforms
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72.12% of retail CFD accounts lose money
| FBS snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $1.08 |
| Deposit method | Bank transfer, Credit/debit cards, Skrill, Neteller, Rapid |
| Withdrawal method | Bank transfer, Credit/debit cards, Skrill, Neteller, Rapid |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of FBS services, check out our review for 2024 |
Recommended for forex and CFD traders who prefer the MetaTrader platform
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73-76% of retail CFD accounts lose money
| HYCM snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $20 |
| Deposit method | Bank transfer, Credit/debit cards, Skrill, Neteller, PM, AstroPay, WebMoney, PayTrust, fasapay, ZOTAPAY, Lipi |
| Withdrawal method | Bank transfer, Credit/debit cards, Skrill, Neteller, PM, AstroPay, WebMoney, PayTrust, fasapay, ZOTAPAY, Lipi |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of HYCM services, check out our review for 2024 |
Recommended for forex traders who prefer the MetaTrader platform
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80.26% of retail CFD accounts lose money
| TMGM snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $100 |
| Deposit method | Bank transfer, Credit/debit cards, Paytrust, Neteller, Sticpay, Skrill, Fasapay, UnionPay, RMB Instantm Broker to Broker |
| Withdrawal method | Bank transfer, Credit/debit cards, Paytrust, Neteller, Sticpay, Skrill, Fasapay, UnionPay, RMB Instantm Broker to Broker |
| Withdrawal fee | $0 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of TMGM services, check out our review for 2024 |
Recommended for forex traders familiar with the MetaTrader platform
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88.66% of retail CFD accounts lose money
| FXTM snapshot | |
|---|---|
| Fees class | Low |
| Minimum deposit | $200 |
| Deposit method | Bank transfer, Credit/debit cards, Upi, Equity, Ghanian Local Transfer, Africa Local Solutions, M-Pesa, fasapay, TC Pay, GooglePay, GlobePay, Skrill, PayRedeem, PerfectMoney, Neteller |
| Withdrawal method | Bank transfer, Credit/debit cards, Upi, Equity, Ghanian Local Transfer, Africa Local Solutions, M-Pesa, fasapay, TC Pay, GooglePay, GlobePay, Skrill, PayRedeem, PerfectMoney, Neteller |
| Withdrawal fee | $3 |
| Time to open account | 1 day |
| Inactivity fee | Yes |
| Read review | For a detailed analysis of FXTM services, check out our review for 2024 |
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How did we select the best international online brokers in Somalia in 2024?
- We checked whether the broker is regulated by a trusted regulator,
- Compared fees (including spreads, withdrawal fees, commissions),
- We checked and compared every aspect of their services,
- Opened an account and tested the platform (charting, features, usability) with real money.
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
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.
