Discover top brokers in Angola with our guide

Angola is located in Southern Africa, bordering Namibia to the south, Zambia to the east, and the Democratic Republic of the Congo to the north. Before getting into Forex trading in Angola, it is a good idea to first get yourself acquainted with the state of its national economy and the main benefits that a trader can derive from it. With a population of a little over 34.5 million people, the country is considered to be the fastest-growing economy in the region, as well as one of the fastest developing ones in the world.

Angola is very rich in natural resources, and oil and diamond production make up for 60% of the country’s economy, as well as a significant source of the revenues from the Angola’s total exports. Moreover, Angola’s agriculture and forestry carry a lot of potentials to facilitate the country’s economic growth. When it comes to the former, studies show that Angola produces much more wheat, grain, and rice than the local population, so it could easily become the next big component of the export.

In the guide, we will take a closer look at the various components that are important to create a full understanding of what trading Forex in Angola is like. We will provide you with the list of best Forex brokers in Angola, the main regulatory bodies that are currently overseeing the local FX market, and more.

Find your best Forex broker in Angola in our list

Finding a broker in Angola that best meets your expectations and requirements is difficult as there are so many brokers to take into consideration. Traders need to compare fees, trading account types, minimum deposit requirements, regulations and more. to make this process easier for you, we’ve reviewed many brokers and came up with a top list.

Forex regulations in Angola

Forex and CFD (Contracts for Difference) trading is fully legal and regulated in Angola. The main regulatory body is the National Bank of Angola (BNA), which is the country’s central bank. The BNA is responsible for overseeing and licensing brokers that want to operate in the country. However, it should be mentioned that residents of Angola can also open accounts with internationally regulated brokers. And often, it’s best to do so, as the local brokers are very limited and do not have the best offerings. In addition, the BNA is not a highly experienced regulator.

The national currency and payment methods

The national currency that is currently used in Angola was first introduced in 1977 and was named after the Kwanza River – the Angolan Kwanza (AOA). This currency is definitely exotic, and not widely used by the traders outside of Angola. Moreover, if you are a beginner, we recommend that you start with more popular and less volatile currency pairs, such as EUR/USD, or GBP/USD. Exotic currencies such as AOA are very illiquid and consequently have wide spreads. In the case of AOA pairs, the spreads are so large that it’s very difficult to trade profitably.

Among the most popular payment methods are wire transfers, debit and credit cards, such as Visa or MasterCard, mobile payments, and online payment platforms such as PayPal or Payoneer. It should be mentioned that if you make deposits by wire transfer method, the process may take a couple of business days, while other methods are typically instant.

Popular trading software in Angola

The most popular trading platforms globally and in Angola are:

• MetaTrader 4 (MT4) – which is a favorite choice of most Forex brokers as it has a simple interface and is highly reliable.
• MetaTrader 5 (MT5) – is the most popular multi-asset platform that offers improved functions compared to the MT4.
• cTrader – is a popular platform (but not as popular as MT4) among Forex traders that enjoy raw spreads.

It should be mentioned that mobile trading is very popular in Angola, and all the platforms above offer their mobile apps for iOS and Android users.

Pros and cons of the Angola’s Forex market

When deciding on whether to enter the Forex trading market in Angola, you should mostly have your individual needs and conditions in mind. However, before making the final decision, it is good to remember the following facts:

   Advantages: 

• Angola is one of the world’s fastest developing economies, and it is very likely that its Forex market will soon grow too, offering various investment opportunities for successful traders
• Angola has a large population, which means that you can find customers easily if you become a successful trader and decide to sell education or signals

       Disadvantages: 

• It is hard to find a safe local broker to join in Angola (On the upside, there are global alternatives)
• Trading is risky, especially using mobiles. Traders need to prepare well to succeed.

Summary

As a final word, we can say that Forex trading is becoming increasingly popular in Angola. Trading is regulated by the National Bank of Angola, however, traders are also able to open accounts with non-locally regulated brokers. In fact, most of the brokers in our list are regulated internationally. Global brokers offer better trading conditions as they have to compete at an international stage.

FAQs on top brokers in Angola