Forex trading in Africa has flourished rapidly in recent years. More and more countries are keeping up with modern trends, and young people are also determined to pursue a career as a trader. Angola is one of those countries where Forex trading has gained a foothold, and people are looking for decent brokers that will guide them through the trading path.

When it comes to the legality of FX trading in Angola, there are no specific regulations. Even though the country’s leading financial authority is the National Bank, there could be some safety concerns. However, a lot of people go in for trading in the country.

Best Angola Forex Brokers – Why We Chose Them?

Here is a list of the best Angolan Forex brokers:

• XM
• HotForex
• FXTM

We chose these brokers by registering on themselves and thoroughly exploring all the features they offer to customers. At the same time, we looked at how many years of experience they have, the available regulations, and options on the websites. We chose them mostly because they are reliable with decent experience behind them. As the guide progresses, we will explain every characteristic in more detail.

How We Chose The Best Angola Forex Brokers?

When choosing top Angolan Forex brokers for customers, we set up a particular methodology throughout the selection process. By checking regulations, trading accounts, features, assets, these brokers became the most reliable ones. We will explore each of these criteria thoroughly below:

• Regulation – without regulations, it is hard to make sure that the broker is trustworthy and reliable. In Angola, brokers should be licensed to start operations in the FX industry. All of our brokers are licensed by prominent and top regulators in the world, including CySEC and FCA.
• Local-currency accounts – Angolan kwanza is the country’s official currency. While this currency is rarely used in Forex trading and not many brokers offer this opportunity to clients, FX companies that we have selected have a wide variety of different currency pairs popular among Angolan traders. Still, you can look for the brokers that have Angolan kwanza on their website.
• Local payment methods – when you trade Forex in Angola, you will need proper and fast payment methods. The most used options for citizens are PayPal, Visa, Mastercard, and a bunch of electronic payments. To avoid delays and start trading immediately, you can turn to cryptocurrencies that are also possible to purchase in Angola.
• Spread Sizes – while choosing the best Forex brokers in Angola, we researched spreads on the brokers’ websites. They turned out to be pretty decent – starting from 0.2 pips. Angolan kwanza is not the first option for traders in Angola, and they usually go for the popular currency pairs, such as EUR/USD EUR/GBP; thus, you can see competitive spreads on these pairs.

• Asset Diversity – Forex is not the only thing you can trade in Angola. Our brokers also have a variety of other trading instruments, including stocks, cryptocurrencies, metals. The more options there are for people to trade with, the better. However, trading these instruments is characterized by individual specifics.

• Customer Service in Native Language – the dominant language in Angola is Portuguese. Getting support in this language is possible through the brokers we have mentioned above. In addition, the website can also be seen in this language, and whenever you contact the support group, they will be ready to address your questions and issues.

• Account type diversity – diversity of trading accounts is pivotal so that every type of user can have the ability to conduct traders. In Angola, you can access both standard and cent accounts. People who are practicing Islam in Angola also can open Islamic accounts which offer completely different trading conditions from standard accounts.

How are Forex Brokers in Angola Regulated?

When it comes to regulations of Forex trading in Angola, this subject is very complicated. As soon as we start researching regulations and more details, there is a lack of particular information. The main regulator in the country is the National Bank, as we have already mentioned above. It is responsible for monetary policy, managing inflation, and other things, but regarding trading, there is not much you can find out. Such a thing can be hampering for novices, who are looking forward to becoming Forex traders. Even if you go to the website of the National Bank, you won’t see a list of Forex brokers conducting services in Angola.

However, it does not mean that trading in Angola is prohibited. There are many people who still go for this path and the brokers that we have mentioned in your guide offer services in Angola to every customer. First of all, you need to make sure that any broker you are going to choose has a license. Secondly, it also needs to have negative balance protection, while there are no requirements from the country itself. Finally, the broker must be in compliance with all standards that exist in the FX industry.

How to Start Forex Trading in Angola – Step by Step

To start Forex trading in Angola, you need to follow several steps. The first thing is finding a decent broker with a license and a certain regulatory framework. Afterward, you need to check trading conditions, requirements, and features. Then comes choosing an account. If you are a novice trader, you should probably go for the Cent account because it is specifically oriented towards beginner customers. Before you start live trading, you need to open a demo account, to better understand the peculiarities and characteristics of how transactions work in Forex. If the broker has educational materials, you can also watch them and get better at trading.

Find a Broker

We should obviously start with finding a broker. When you search for an FX brokerage firm in Angola, you need to have a look at regulations – which is the issuer of a license, where it is allowed, and what services it offers. CySEC and FCA licenses are the two most popular ones, so if a broker has these licenses, most probably, it will be a legit one. Terms and conditions should be clearly explained, and you can also have a look at reviews by other traders and how they rate particular companies. If the broker does not disclose information about its operations and activities, most likely, you are dealing with a scam.

Compare Brokers

After finding a decent broker to trade within Angola, you can start comparing several companies with each other in terms of currency pairs, bonuses, leverage, spread. Each broker has individual conditions when it comes to trading. We have already said that trading with Angola’s national currency is not the main option, as not many brokers offer kwanza.

People are more focused on major currency pairs, and the more ones you can find on the website – the better. It should be pointed out that paying attention to available leverage is necessary. Angola Forex brokers offer up to 1:1000 leverage, and such a high amount of leverage is more beneficial for experienced traders. Spreads start from 0.1 pips, and if you were to claim the first deposit bonus, it rarely exceeds $100.

Choose Your Account

There are three main types of accounts to choose from in Angola: Cent, Standard, and Islamic. While you can also see other ones, they share some similarities with these ones, and the differences actually are slight. If you are going to choose a Standard account, make sure that you already have some experience in trading. This type of account is created primarily for experienced traders. Suppose you are just making the first steps in trading start with a Cent account. It will have all the necessary features that you need to start successful trading. Some Angola brokers also have detailed explanations of each type.

As for Islamic accounts, they are made for Muslim people. Such accounts have specifics and restrictions.

Subscribe to Educational Material

Only by reading, watching, and learning can you succeed in Forex trading. If a broker has an educational platform, ebooks, VOD, we definitely recommend choosing this broker. eBooks can be download from the website, and this could include books written by famous traders, important concepts, real-life experiences. There are also videos that are possible to watch without downloading them. Brokers pay attention to this section to help traders improve. At the same time, you can have a look at training sessions. Usually, you need to pay for them, but you will get a lot of experience that you can successfully incorporate into trading.

Besides, Forex brokers also publish financial reports and news that have an impact on trading. By following them, you will be able to understand when to choose the correct time for trading.

Start With a Demo Account

Whenever you start doing something new first, you need to understand the basics and how everything works. The same goes for Forex trading in Angola. Before you switch to real trading in a real environment, first, you need to try out a demo mode of Forex.

As soon as you create a demo account on the broker’s website, you are given funds that can be used for trading in a simulated environment. It is similar to live trading, with the main difference being that you do not risk losing real funds. Even if you make winnings from simulated trading, the funds will remain, and it is not possible to withdraw them. Demo trading is a unique opportunity to test yourself, learn something new, and get used to concepts before you move to ultra trading mode.

Switch to Live and Start Trading

This is the final step. Forex trading with the help of a demo account is good and beneficial, but at some point, you need to move to real trading. As soon as you find a decent Forex broker, open an account from the ones we have mentioned above and engage in trading. If you continue for a long time with the demo account, you will not get real practice and experience. In live trading, everything is different. It is better to start trading with a small amount of money and then move to large deposits so that you can avoid losses.

As soon as you start real trading, you need to have a trading platform. Currently, in Angola, the majority of people use MetaTrader 4 or 5. These two are the most used options in trading.

Risks of Forex Trading in Angola

Forex trading is accompanied by risks, and you cannot avoid them. It does not matter your experience and knowledge – these risks always exist. The nature of the market means that risks will not disappear. Here you can have a look at some risks related to Forex trading in Angola.

• Lack of Regulations – While the National Bank of Angola is considered the main financial body of the country, it is not so clear how Forex trading is regulated within the country. Numerous people are scared to start trading because of the fear of encountering a fraudulent broker.

• Not Enough Knowledge – novice traders in Angola think that they can make profits from the first moment they start trading, but not everything works that way. First, you need to get decent knowledge in trading, and only after that move switch to complicated stuff.

• Emotional Trading – Emotions are also a part of trading, and you cannot avoid them, but you should not go for risky trades when there is no necessity. Losses in Forex happen, but if you think it is not your day, the best option would be to abandon trading at a particular moment and continue later.

Frequently Asked Questions (FAQs) on Angola FX Brokers

Is trading in Angola Safe?

Considering the lack of regulations in Angola, trading is not safe. However, the country accepts a lot of international brokers that have licenses, and citizens are not hampered from registering on these brokers’ websites. You should be alert and cautious in order not to be a victim of fraudulent activity.

Is trading in Angola profitable?

Yes, trading Forex in Angola is profitable, but it does not mean that you will not have times when not everything is going on well with you. First of all, you need to gain some experience and knowledge to further develop your own strategy.