Online brokers & trading platforms in Somalia in 2024

Written by
Adam N.
Fact checked by
Updated
Apr 2024

Dive into our top list of regulated and trusted brokers that we tested with real money. Every broker is available in Somalia in 2024.

Top 10 Brokers in Somalia by BrokerChooser:

  1. XTB is the best online broker and trading platform 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. High interest paid on cash.
  2. IC Markets - Low forex fees. Easy and fast account opening. Free deposit and withdrawal. Offers standard and raw spread accounts.
  3. Fusion Markets - Low trading and non-trading fees. Fast and easy account opening. Great customer service.
  4. XM - Low stock CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
  5. FXTRADING.com - Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
  6. AvaTrade - Easy and fast account opening. Free deposit and withdrawal options. Great research tools.
  7. FBS - Low stock and stock index CFD fees and no inactivity fee. Easy and fast account opening. Excellent education services.
  8. HYCM - Low CFD fees. Great educational content. User-friendly account opening.
  9. MultiBank - Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
  10. FXTM - Low fees. Digital and fast account opening. Good customer service.

Can I trust these brokers in Somalia?

Yes, BrokerChooser exclusively recommends legit brokers, overseen by at least one globally acknowledged regulator. We track more than 20,000 brokers and trading platforms that we don't recommend. To be sure that a broker is reputable and reliable, use our unique 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
Fusion Markets
ASIC in Australia
XM
ASIC in Australia
FXTRADING.com
ASIC in Australia
AvaTrade
CBI in Ireland and ASIC in Australia
FBS
ASIC in Australia
HYCM
FCA in the UK
MultiBank
ASIC in Australia and BaFin in Germany
FXTM
FCA in the UK
Trust metrics for the best brokers in Somalia in 2024
We label a broker as trusted if it has reliable regulation.
Get a personalized broker recommendation
125,500 people already found a broker via this tool!

Your broker toplist will be selected based on your answers.

Where do you live?
More info

Popularity of Top 10 Brokers in Somalia

Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.

Compare Top 10 Brokers in Somalia:

Compare key features of Top 10 Brokers in Somalia such as overall score, minimum deposit, time to open account, country of regulation, withdawal options, withdawal fees.

Broker
Overall score
Minimum deposit
XTB
4.8
/5
$0
IC Markets
4.4
/5
$200
Fusion Markets
4.3
/5
$0
XM
4.3
/5
$5
FXTRADING.com
4.3
/5
$200
AvaTrade
4.2
/5
$100
FBS
4.2
/5
$1.08
HYCM
4.2
/5
$20
MultiBank
4.2
/5
$50
FXTM
4.1
/5
$10
Brokers and trading accounts available in Somalia

 

For detailed information see the following articles:

 

Stock trading fees in Somalia

Now let's check in detail the trading and non-trading fees charged by the best brokers for investing in stocks from Somalia. All spreads, commissions and financing rates are for opening a position, holding for a week, and closing.

Broker
US stock
UK stock
XTB
$0.0
$0.0
IC Markets
-
-
Fusion Markets
-
-
XM
$1.0
$9.0
FXTRADING.com
-
-
AvaTrade
-
-
FBS
-
-
HYCM
-
-
MultiBank
-
-
FXTM
-
-
Stock trading and non-trading fees in Somalia

How to invest in stocks from Somalia

There are many high-quality online brokers that offer their services for clients in Somalia. Among these, you can find providers that offer stocks from Somalia, but if you're looking to invest in other global markets, your possibilities open up even more.

Top brokers for investing in stocks

We have compiled a list of brokers that are available in Somalia and are great for investing in stocks. We recommend that you pick one of the following brokers:

  1. XTB, Global CFD broker
  2. IC Markets, Global forex broker
  3. Fusion Markets, Australian forex broker
  4. XM, Global CFD and forex broker
  5. FXTRADING.com, Global forex and CFD broker

Are you ready to start?

1. Find an online broker

First, you need to make sure that the broker you're looking at is available in Somalia.

Would you like to speed up your search?

Our broker finder tool will help you narrow down your choices, showing only those brokers that are available in your country and are suitable for your investment goals and habits. And if you want a detailed, side-by-side comparison of these alternatives, check out our broker comparison table.

Broker
Stock and ETF fee scores
Web platform score
XTB
5.0
/5
4.4
/5
IC Markets
0.0
/5
2.8
/5
Fusion Markets
0.0
/5
2.8
/5
XM
4.4
/5
2.8
/5
FXTRADING.com
0.0
/5
2.8
/5
AvaTrade
0.0
/5
3.3
/5
FBS
0.0
/5
3.2
/5
HYCM
0.0
/5
2.8
/5
MultiBank
0.0
/5
4.8
/5
FXTM
0.0
/5
2.8
/5
Top brokers for investing in stocks from Somalia

Here at BrokerChooser, we only recommend brokers that are regulated by at least one top-tier financial authority. Please note that some global brokers operate via several legal entities, each regulated by a local authority – so for example, US clients would be overseen by a US regulator, and UK clients by a UK financial authority. Some regulators also run investor protection schemes, making you eligible for compensation if your broker goes bankrupt.

2. Open your account

Opening an account at an online broker is usually easy and straightforward, and takes place fully online. Most of the time, you just need to provide your name, address and other basic information, and maybe answer some questions about your wealth/income status, financial knowledge or trading experience.

Make sure you have your documents at hand, as

  • copies of a photo ID
  • some recent bank statements
  • or utility bills

are usually required to verify your identity and residency.

3. Fund your account

So your trading account has been verified; the next step is to fund it – in other words, to deposit money that you will then use for trading stocks. Some brokers require a minimum deposit when you open your account, but most brokers do not have such a requirement, allowing you to take your time before committing any funds.

All brokers will allow you to deposit or withdraw funds via bank transfer; an easy, usually free, though not always super-fast method. Withdrawing money to your bank account can take as long as three days.

Many brokers also let you deposit (though not withdraw) funds using credit or debit cards. A few will also accept so-called electronic wallets such as PayPal, Apple Pay, Skrill or Neteller. The biggest benefit of cards and e-wallets is that transactions take place instantly, allowing you to start investing – or reap the proceeds of a successful stock sale – right away.

4. Find and trade stocks

You may already know which stock(s) you want to trade; if not, it's worth checking out the research section of your broker, which often includes trading ideas and recommendations by in-house experts or third-party analysts. Alternatively, you can do a bit of research on your own, and check the selected stock's earnings multiples, or read up on industry news.

Once you have settled on a stock, it's easy – just

  • select it from the broker's search menu
  • enter the number of shares you want to trade
  • proceed with the trade

Most trading platforms will offer several order types - such as a "Market" order to trade at the current price, or a "Limit" order to trade later at a specific price. To learn more about various order types, read this article.

Trading account from Somalia

How to open a trading account from Somalia?

There are several factors to consider when opening a trading account, including the user-friendliness of the platform or the minimum deposit amount. Let's deep dive into these.

The time it takes to open an account typically ranges from a few minutes to a few weeks. The identity verification that marks the end of the process differs at various brokers. The account opening process is fully online in most cases, but there are brokers that require customers to mail a copy of their documents. The documents you usually have to upload and/or send (a copy) are of the following:

  • Proof of identity: national ID, passport, driving license, etc.
  • Proof of address: bank statements, utility bills, etc.

There are brokers that require a minimum deposit to authorize your trading account. The minimum deposit is usually $0 or a low amount, but some brokers demand a couple of thousands dollars/euros.

Broker
Broker intro
Time to open account
XTB
Global CFD broker
1 day
IC Markets
Global forex broker
1 day
Fusion Markets
Australian forex broker
1 day
XM
Global CFD and forex broker
1 day
FXTRADING.com
Global forex and CFD broker
1 day
AvaTrade
Global CFD and forex broker
1 day
FBS
Global CFD broker.
1 day
HYCM
Global CFD and forex broker
1 day
MultiBank
Global CFD and forex broker
1 day
FXTM
Global CFD and forex broker
1 day
Account opening at brokers available from Somalia

Broker fees in Somalia

Undoubtedly, fees are a crucial factor when selecting a broker. Below you can check the asset classes that individual brokers provide and whether their fees are classified as high, low, or average. This classification is based on how the fees compare to those charged by all the brokers reviewed by us.

Broker
Stock fee class
Forex fee class
XTB
Low
Low
IC Markets
Low
Fusion Markets
Low
XM
Low
Low
FXTRADING.com
Low
AvaTrade
Low
FBS
Low
HYCM
Low
MultiBank
Low
FXTM
Low
Trading fee classification at brokers in Somalia

Non-trading fees are just as important as trading fees. Non-trading fees include charges not directly related to trading, such as withdrawal or inactivity fees.

Broker
Account fee
Inactivity fee
XTB
IC Markets
Fusion Markets
XM
FXTRADING.com
AvaTrade
FBS
HYCM
MultiBank
FXTM
Non-trading fees at brokers in Somalia
Got questions?
Engage with our growing community of traders and investors like you to find your answers.
Join now

Author of this article

Adam Nasli

Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

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.

×
I'd like to trade with...