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Forex trading is growing rapidly across Africa, including in Cameroon, but it remains primarily unregulated. The Commission des Marchés Financiers (CMF) regulates the domestic Forex market, but Cameroon has no local brokerages. Therefore, with no domestic options, the best Cameroonian Forex brokers are well-regulated offshore brokers. Many of those that accept Cameroonian Forex traders provide 24/5 customer support in English and French. Trading with the right Forex broker is as important as choosing the right strategy. I recommend the brokers listed below as the most trusted and secure options for Forex traders from Cameroon, with the necessary trading infrastructure to support profitable Forex trading.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- Eightcap, 1:500 maximum leverage and cutting-edge trading tools.
- BlackBull Markets, 1:500 maximum leverage with ultra-low trading fees and deep liquidity.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- FP Markets, ECN trading with leverage up to 1:500.
Best Cameroon Brokers Comparison
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Regulators | CMA, FCA, FSC Mauritius, FSCA, SCA | ASIC, CySEC, FCA, SCB | FMA, FSA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, CMA, CySEC, FSCA |
Year Established | 2011 | 2009 | 2014 | 2006 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | ECN/STP, Market Maker | ECN/STP, No Dealing Desk | Market Maker | ECN/STP |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 1.0 pips | 1.3 pips | 0.9 pips | 1.2 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.2 pips | 2.0 pips | 1.5 pips | 1.4 pips |
Average Trading Cost Gold | $0.18 | $0.12 | $0.90 | $0.29 | $0.16 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Trading View | Other, MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionFXTM upgrades MT4/MT5 with Trading Central, the FX Blue upgrades, and its in-house Pivot Point Strategy. Copy and mobile traders benefit from the in-house developed mobile and copy trading apps FXTM Trader and FXTM Invest. Traders also benefit from raw spread trading with spreads from 0.0 pips for a commission of $7.00 per 1.0 standard lot. Therefore, I rank FXTM among the best Forex brokers in Cameroon.
Deep liquidity pools deliver an average execution time of 0.071 seconds, and the cutting-edge price improvement technology lowers fees by an average of $3.00 per lot, applicable on 97.18% of all trades.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- Limited choice of commodities
Eightcap
In Summary 1:500 maximum leverage and cutting-edge trading toolsTraders benefit from a well-balanced asset selection of 800+ assets, including 100+ crypto CFDs. Eightcap delivers quality education via Eightcap Labs and Eightcap Trade. Cryptocurrency deposits from $1 and withdrawals from $10 are available, but the minimum initial deposit is $100. Eightcap has an influencer partnership program, interactive live events, and 24/5 customer support, placing it among the best Forex brokers in Cameroon.
Eightcap ensures a competitive edge with the MT5 FlashTrader plugin and an AI-powered economic calendar for active news traders. Social traders can connect with 50M+ peers at TradingView to share ideas, and MT4 is also available.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
BlackBull Markets
In Summary 1:500 maximum leverage with ultra-low trading fees and deep liquidityI rank BlackBull Markets among the best Forex brokers in Cameroon, as it provides institutional trading conditions. Traders benefit from low-cost commission-based ECN accounts, deep liquidity, and superb data feeds from 66+ third-party providers. The industry-leading asset selection features 26,000+ trading instruments, and the entry account has no minimum deposit.
Copy traders can use ZuluTrade, Myfxbook Autotrade, and the BlackBull Markets alternative for passive trading, while social traders can connect with 50M+ peers at TradingView. BlackBull Markets upgrades MT4/MT5 with Autochartist, offers cTrader, its proprietary mobile app BlackBull Trader, and BlackBull Invest for buy-and-hold portfolios.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade is also one of the best-regulated Forex brokers. Traders can choose among the user-friendly, proprietary WebTrader and mobile app AvaTradeGO, which includes Trading Central, MT4/MT5, and the specialized alternatives Ava Option and Ava Futures. I rank it among the best Forex brokers in Cameroon as it features Capitalise AI for code-free algorithmic trading.
Passive income seekers can use Ava Social for social trading, ZuluTrade, and DupliTrade for copy trading, or sign up for the high-paying partnership program. Beginners receive industry-leading education via the Ava Academy, the MT4 Guardian Angel plugin, and the fee-based Ava Protect insurance policy.
Pros & Cons
- High quality educational offering via AvaAcademy
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
FP Markets
In Summary ECN trading with leverage up to 1:500I rank FP Markets among the best Forex brokers in Cameroon, as it upgrades the MT4/MT5 trading platforms with 12 plugins, Trading Central, and Autochartist. MAM/PAMM accounts cater to traditional account management, and copy traders can diversify portfolios via Signal Start, Myfxbook Autotrade, and the in-house FP Markets Copy Trading. Beginners receive quality education and a newsletter.
Traders get low-cost, commission-based trading fees, featuring raw spreads from 0.0 pips for a commission of $6.00 per 1.0 lot. The well-balanced asset selection includes cryptocurrencies, ETFs, and bonds. Traders also benefit from an excellent choice of payment processors, including cryptocurrencies.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
Cameroon Forex Market Regulations
The Commission des Marchés Financiers (CMF) is Cameroon’s financial regulator, but it does not directly regulate online Forex derivatives trading. Its primary task regarding Forex relates to physical Forex transactions conducted by its banks and businesses. Therefore, Forex traders in Cameroon are dealing with offshore Forex brokers. The CMF does not require offshore Forex brokers to obtain a CMF license or have a physical presence in Cameroon to operate in Cameroon.
The best Cameroon Forex brokers are well-regulated offshore Forex brokers, like those listed above. They don’t have a CMF license or a physical presence but operate in well-regulated and trustworthy offshore Forex centers and accept Forex traders from Cameroon. While no rules or regulations bar Forex traders from Cameroon from opening trading accounts with offshore Forex brokers, they are liable to report their trading income for tax purposes.
Is Forex Trading Legal in Cameroon?
Forex trading is 100% legal in Cameroon, with no rules or regulations restrict Forex traders from Cameroon from opening trading accounts with offshore Forex brokers. Forex traders in Cameroon should avoid unregulated Forex brokers, regardless of how attractive their offers. I want to stress the importance of choosing a well-regulated Forex broker with 10+ years of operational history.
While none of these offshore entities has a physical presence or a CMF license, neither factor is a necessity, as the CMF is not a capable regulator, and a physical presence has zero impact on the trading environment. All the Cameroon Forex brokers listed above rank among the most secure and trusted brokerages with competitive, trader-friendly regulators and trading conditions.
Is Forex Taxed in Cameroon?
Forex traders must pay taxes in Cameroon, but the tax environment is complex. I have compiled the most current tax-relevant data during my comprehensive research, but it is for informative purposes only. Forex traders in Cameroon must consult a licensed tax professional for up-to-date tax advice to ensure they comply with all rules and regulations and meet their tax liabilities.
All legitimate, regulated Forex brokers provide detailed statements of all account activity, which Forex traders must use when adhering to tax reporting requirements.
What a Cameroon Forex Trader Should Know About Their Tax Liabilities
- Cameroon levies a capital gains tax of 16.5% or 33.0% on “beneficiaries domiciled or established in a territory or state considered a tax haven.” Retail Forex traders must consult a licensed tax professional to discuss whether they meet the requirements to report their Forex income as capital gains.
- Cameroon has a four-tier personal income tax bracket, outlined in the table below.
- Cameroon levies a minimum tax of 2.2% or 5.5%, depending on the applicable tax bracket.
- A 33.0% tax applies on income from other activities, which is what most Forex traders could be liable for, but please confirm with a licensed tax professional in Cameroon.
- Cameroon does not have a special tax regime for expatriates.
- Cameroon considers foreigners residing in Cameroon for 183+ days as tax residents.
- Forex traders operating as a business can deduct business expenses of up to 30% of taxable income and social security contributions from their tax bill.
- All taxpayers are entitled to an annual abatement of XAF 500,000 for wages and salaries.
- Select benefits are tax-deductible, including housing (15.0%), electricity (4.0%), water (2.0%), household staff (5.0%), vehicles (10.0%), and food (10.0%), but this may only apply if Forex traders operate a company.
Here is the four-bracket personal income table plus the two additional taxes:
Taxable Personal Income | Applicable Tax Rate (as of 2023) |
|---|---|
From XAF 0 to 2,000,000 | 11.0% |
From XAF 2,000,001 to 3,000,000 | 16.5% |
From XAF 3,000,001 to 5,000,000 | 27.5% |
More than XAF 5,000,000 | 38.5% |
Minimum tax | 2.2% or 5.5% |
Net income from other activities | 33.0% |
How to Choose a Forex Broker in Cameroon
The best Cameroon Forex brokers are well-regulated offshore Forex brokers. My comprehensive analysis of Forex trading conditions in Cameroon focused on the criteria below, which form the basis for all Forex traders.
The best Forex brokers in Cameroon will offer the following:
- Regulation: I recommend Forex brokers with 10+ years of experience, regulated in New Zealand, Seychelles, Mauritius, Belize, South Africa, and Dubai, as they balance trader protection and competitiveness. They often include an investor compensation fund, independent audits via the Hong Kong-based Financial Commission, and third-party insurance protection.
- Trading Fees: I consider trading fees the most defining aspect of Forex brokers. They determine their competitiveness and reveal which strategies are actively encouraged and passively discouraged. Major currency pairs should not exceed costs of $8.00 per 1.0 standard round lot or 0.8 pips, while volume-based rebates decrease final trading fees.
- Trading Platforms: I recommend MT4 and MT5, as they support algorithmic and copy trading via third-party providers, including ZuluTrade and Myfxbook Autotrade. MT4/MT5 also connects to third-party trading tools like Capitalise AI, Trading Central, and Autochartist.
- Asset Selection: An asset selection exceeding 300+ trading instruments ensures diversification and cross-asset trading opportunities.
- Deposits and Withdrawals: I advise low minimum transaction requirements, a choice of e-wallets, and preferably cryptocurrency deposits and withdrawals.
