Best Forex Brokers in Algeria

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In this guide, we go over the best forex brokers in Algeria. We have analysed and evaluated 174 forex brokers in 8 different categories. We measured all aspects of their service including trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education and customer support.

Forex brokers that reached the highest scoring are considered in the following list:

Best Forex Brokers Algeria

best-forex-brokers-algeria
  • AVAtrade –  Best forex broker overall with a high trust score
  • Forex.com – Best trading tools and forex trading features
  • XM – Best forex broker for beginner and intermediate traders
  • Saxo Bank – Best forex broker for advanced users and research
  • Interactive Brokers – Best forex broker for advanced users
  • Pepperstone – Best forex broker with low trading fees and customer support

Best Forex Brokers for citizens in Algeria

BROKERGENERAL INFOSCOREBEST FORMIN. DEPOSIT
#1AVAtrade​Best overall offer4.9/5Low spreads$100
#2Forex.comBest features4.9/5Tools and features$100
#3XMBest for forex trading4.8/5Different assets$5
#4Saxo BankBest for premium traders4.8/5Forex trading$10,000
#5Interactive BrokersBest Overall Broker4.8/5Overall trading experience$0
#6PepperstoneLowest trading fees4.7/5Low fees$0

Find below a breakdown of the best forex brokers in Algeria, beginning with the best – AVAtrade.

01. AVAtrade: Best Forex Broker Overall

ava-trade-rating

AVAtrade takes the first place as the best forex broker for Algerian traders. They have a intuitive and sophisticated trading platform and mobile trading app that supports over 50 different forex currency pairs.

Deposits and withdrawals are free of charge. The minimum deposit is $100. Choose AVAtrade if you are a beginner or semi advanced forex trader, looking to trade major forex currency pairs as CFD’s with a authorised forex broker.


02. Forex.com: Best Forex Trading Platforms and Features

forex-com-rating

Forex.com finishes up on second place with the best forex trading platform. Their multi-asset, features-rich trading platform offers a wide range of proprietary platforms, advanced social trading features and great asset coverage. Forex.com offers trading on over 4500 different CFDs as stock, cryptos, currencies and access to 5500 tradable symbols overall.

Their overall great offer makes this forex and CFD broker a good choice for traders at all levels.


03. Saxo Bank: Best Selection Of Tradable Assets

saxo-bank-rating

Saxo Bank finishes up on third place as the forex brokers with the best asset coverage. They offer a superb trading platform offering all the industry leading trading features, tools and research materials. Their offer of over 40.000 tradable symbols and 30.000 securities makes them an industry leader in forex trading assets coverage.

If you can afford the minimum deposit of $10.000 for Algeria citizens, this is the go to forex broker for traders and investors at all levels.

Algeria based forex traders who want to trade in accordance to the Sharia Law can open up an islamic account. Saxo Bank also offers a great customer support in Arabic language via phone, email or in person in their local UK office.


04. XM.com: Best Forex Broker For Market Research and Education

xm-forex-logo

XM finished on third place as the broker with the best selection of market research and educational materials. They are a MetaTrader-only forex broker offering auto-trading, fast order executions, multiple order types, and no hidden commissions. We recommend this brokers for beginner traders, because of their low entry level and great educational content.

This broker offers limited regulatory protection.


05. Interactive Brokers: Lowest Trading Fees

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Interactive Brokers is a great overall pick for Algerian traders. It is a high trusted company with an industry leading trading platform, a competitive fee structure and great global market access. Their low entry level and the Global Trader platform, which is intuitive and easy to use trading station, make this broker s great choice for beginners and advanced forex traders living in Algeria.


06. Pepperstone: Best MetaTrader and cTrader Forex Broker

pepperstone-rating

Pepperstone is a trusted Forex and CFD broker well know for its support of multiple copy trading platforms, great variety of tradable assets and a enormous research and education section. The combined offering of cTrader, MetaTrader and various social trading features makes this broker s great fit for copy traders and algorithmic traders.

Pepperstone is available through 24/5 phone and online chat support plus offers an extensive FAQ web section, and e-mail.


How To Choose a Regulated Forex Broker?

The main criteria to consider when choosing a regulated forex brokers in Algeria include: trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education and customer support.

Fees: Avoid brokerage accounts with high fees on trades, overnight fees and hidden fees.

Trading platforms: Look for intuitive, easy to use and fast executing forex trading platforms.

Mobile Trading: Mobile trading apps should offer the same trading tools and charts as their web versions.

Deposit & Withdrawal: Choose an broker that offers your preferred deposit and withdrawal option with low fees.

Assets: Look for the best coverage of asset classes and currency pairs. Forex broker who does not offer major currency pairs should be voided.

Regulation: Only choose tier one, DFSA regulated forex brokers.

Research & education: Beginner and average forex traders and investors should choose a broker with research and education tools including: weekly webinars, daily news updates, personal account manager, personal training and room access.

Customer support: Beginner forex traders should look out for responsive and professional customer support available in their language.

Islamic Accounts: All of the brokers from our list of the best forex brokers in Algeria offer an islamic account option. This gives the user to trade forex in compliance to the Sharia law.

Forex Trading in Algeria

Forex trading is becoming increasingly popular in Algeria. It is a great way for Algerians to connect with the international markets and it offer easy access for total beginners. Forex trading is legal in Algeria, but there are restrictions for muslim traders according to the Sharia laws. Forex trading profits are taxed as capital gains tax in Algeria.

Algerian traders can use offshore forex brokers to trade with higher leverage, exotic currency pairs or options which are not offered by Algerian brokers. The Algerian government doesn’t offer protection of funds when trading forex with offshore brokers.

Forex Trading Regulation in Algeria

The Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB) regulates the Algerian forex markets. This institution protects forex and CFD traders and prevents insider trading and other forms of investment fraud. Algerian companies that want to offer trading and investment services need to have authorisation from the COSOB. These forex brokers have to obey strict rules in order to maintain their license. Offshore brokers don’t need authorisation by the COSOB in order to accept Algerian forex and CFD traders.

How to Check Authorisation

You can verify the validity of a forex broker license in Algeria by going to the official COSOB website, typing in the name of the broker in the search bar, and clicking on ‘Recherche’. If its name doesn’t show up, the broker or trading platform is unlicensed. You will be better off trading with one of the best forex brokers in Algeria mentioned in this guide.

Whenever a forex broker is based abroad, you can check the validity of their license by going to the official websites of international regulators including, but not limited to the ASIC, CySEC, BaFIN, and FCA, and checking their Registered Entities listings.

Summary 

We have compared 174 forex brokers in 8 major categories including: trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education customer support and sharia law compliance.

According to our research, AVAtrade is the best forex broker for Algerian residents. Beside its great overall offer, it has a competitive fee structure , advanced trading tools, copy trading features and a responsive customer support in Arabic language.

Forex.com is the best Algeria forex broker for high volume traders based on their reliable trade execution, overall low fees and big variety of tradable assets. 

FAQ

Is forex trading legal in Algeria?

Forex trading is legal in Algeria. It is regulated by the Commission d’Organisation et de Surveillance des Opérations de Bourse (COSOB).

Is forex trading taxable in Algeria?

Yes, forex trading profits are taxed as capital gains tax in Algeria, which is 15% for residents and 20% for non-residents.

Where can I trade forex in Algeria?

You can trade forex in Algeria with domestic forex brokers who have a valid broker license or with any offshore broker offering services to Algerian residents.


Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best forex brokers. Trading platform, fees, mobile trading, payments, assets, regulation,
education and research are all part of our six-month evaluation of a broker’s account.The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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