Best Brokers with Low Minimum Deposit for Investors in Somalia
The minimum deposit means that you will need to transfer this amount to your brokerage account from your bank account to start trading. A trading platform that offers a low minimum deposit facilitates access to the world of financial investments for those about to start the journey. So, if you are a Somali investor and do not wish to compromise a significant investment, we include three of the top regulated Brokers that will not require you to move your Shilling bank balance.
Top 3 Brokers available in Somalia with a Low or Null Minimum Deposit
The minimum deposit at XM is $5 and $200 if you transfer, and they do not charge a deposit fee. This is great because the broker won't deduct anything from your deposits, and you only have to calculate the costs charged by the bank or third-party service provider through which you send the money. Additionally, and to avoid the clients from incurring any transfer costs, XM also covers the banking costs. So, although every bank will charge a transfer fee, if you deposit $5 or $1000, you would get the whole amount in the trading account.
XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).
XTB requires no minimum deposit. However, beyond the required minimum deposit, there are other factors to weigh when you are about to open an account at XTB. The average transfer times for the different methods are 2 or 3 days for a bank transfer or a couple of hours when you deposit with a card (credit or debit).
XTB supports major currencies like US Dollars, Sterling Pounds and Euros but does not support minor currencies (Except for Polish Zloty, since it's their home currency). So, if you use a minor currency, XTB will charge you a conversion fee to convert your deposits.
AvaTrade's minimum deposit is USD 100 for credit/debit cards and bank transfers, and they do not charge a deposit fee. The average transfer times for the different methods are 2 or 3 days for a bank transfer or a couple of hours when you deposit with a card (credit or debit).
A minor issue with depositing money to AvaTrade is that depositing is not as user-friendly compared to similar brokers.
AvaTrade is a global CFD and forex broker founded in 2006. It is regulated by several top-tier financial authorities, such as the Central Bank of Ireland or Australia's ASIC.
About our Top 3 rank for Somali Traders
The minimum deposit amounts required by the different trading and investment apps are very variable, some have no minimum, and others require amounts of 2 thousand dollars. So, a broker that offers to start without a minimum deposit or a tiny one is a plus. Here are a few things that you should take into account:
Not every client is willing (or want) to start using a platform by depositing 2 thousand dollars from the very first moment. Therefore, most brokers offer simulators or Demo Accounts of their platforms since deciding to deposit funds whether to deposit real money is an important decision, especially initially. Therefore, we strongly recommend that you try the Broker's Demo account before deciding to deposit funds.
Many lists on the internet promoted as 'The Cheapest Brokers in Somalia may consist of unprofessional platforms and could even be scams. So, beware, and do your checks before transferring funds.
We only display brokers heavily regulated by strict government entities, like the UK's FCA or the Australian ASIC.
Last but not least, the broker has to be available to local traders since some of them do not open accounts locally.
Without further ado, here is our Top 3 Broker with Low Minimum Deposit list, available to clients who reside in Somalia.