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Written By
Michael MacKenzie
Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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Fact Checked By
James Barra
Fact Checked By
James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks.James authors, edits and fact-checks content for a series of investing websites.
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Updated
Feb 13, 2024
To trade forex in Lesotho you will need to sign up with an online broker. The Central Bank of Lesotho (CBL) regulates the country’s financial institutions and activities including forex trading. However, as an enclave in South Africa whose currency, the Loti (LSL) is pegged 1:1 to the value of the Rand (ZAR), Lesotho’s markets are tied in with its larger neighbour.
As a result, traders in Lesotho may wish to sign up with forex brokers that are regulated by the Financial Sector Conduct Authority (FSCA) in South Africa, or by another international regulator.
Our experts have compiled a list of the best forex brokers in Lesotho, taking into account key factors, including the availability of convenient deposit methods such as M-Pesa.
5 Top Forex Brokers In Lesotho
These are the 5 best forex brokers that accept traders from Lesotho based on our personal tests and exhaustive analysis:
- Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
- IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
- AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
- Forex.com - Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
- Pepperstone - Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 90+ pairs. This is a much wider range than leading competitors like AvaTrade, which only offers 50+. You can also trade currency indices, which aren't available at many alternatives. Forex lots start at 0.01.
Best Forex Brokers In Lesotho 2024 Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator | Visit |
|---|---|---|---|---|---|---|
| | 55+ | 0.0 | 4 / 5 | $50 | FCA, ASIC, FSCA, VFSC | Visit |
| | 75 | 0.02 | 4.8 / 5 | $200 | ASIC, CySEC, FSA | Visit |
| | 50+ | 0.9 | 4.3 / 5 | $100 | ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM | Visit |
| | 80+ | 1.0 | 4.9 / 5 | $100 | FCA, CySEC, NFA, CFTC, CIMA, CIRO, SFC | Visit |
| | 90+ | 1.0 | 4.7 / 5 | $0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB | Visit |
| | 55+ | 1.6 | 4.7 / 5 | $5 | ASIC, CySEC, DFSA, FSC, FSCA | Visit |
| | 50+ | 1.0 | 3.6 / 5 | $100 | FCA, ASIC, CySEC, SCB | Visit |
| | 45+ | Variable | 3 / 5 | $0 | - | Visit |
| | 68 | 0.8 | 2.5 / 5 | $0 | FCA, ASIC, KNF, MAS, CIRO, FFAJ, BVI | Visit |
| | 250+ | 14 pips | 4.5 / 5 | $10 | - | Visit |
| | 50+ | 1.2 | 4 / 5 | $10 | FSC, FSA | Visit |
| | 70+ | 1.58 pips (Ave) | 2.5 / 5 | $100 | FCA, CySEC, FSCA, SCB, FSC | Visit |
| | 70+ | 0.2 | 3.4 / 5 | $0 | CySEC | Visit |
| | 45+ | 0.2 | 4.8 / 5 | $0 | FCA, CySEC, IFSC, KNF, DFSA | Visit |
| | 60+ | 0.6 | 5 / 5 | $100 | FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA | Visit |
#1 - Vantage
Visit
Review
Why We Chose Vantage
Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."
- DayTrading Review Team
- GBPUSD Spread: 0.5
- EURUSD Spread: 0.0
- EURGBP Spread: 0.5
- Total Assets: 55+
- Leverage: 1:500
- Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade
About Vantage
Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.
Pros
- There are no short-term strategy restrictions with hedging and scalping permitted
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
- The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
Cons
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
- Unfortunately, cryptos are only available for Australian clients
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
Visit Vantage
#2 - IC Markets
Visit
Review
Why We Chose IC Markets
IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."
- DayTrading Review Team
- GBPUSD Spread: 0.23
- EURUSD Spread: 0.02
- EURGBP Spread: 0.27
- Total Assets: 75
- Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
- Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
About IC Markets
IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.
Pros
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
Cons
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
Visit IC Markets
#3 - AvaTrade
Why We Chose AvaTrade
AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- GBPUSD Spread: 1.5
- EURUSD Spread: 0.9
- EURGBP Spread: 1.5
- Total Assets: 50+
- Leverage: 1:30 (Retail) 1:400 (Pro)
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
About AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
Pros
- The broker offers reliable 24/5 multilingual customer support with fast response times during testing
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- Day traders can access stable spreads and zero commissions with no hidden fees
Cons
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- There is no ECN account with raw spreads
- Traders from the US are not accepted
Visit AvaTrade
#4 - Forex.com
Visit
Review
Why We Chose Forex.com
Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major markets.
"Forex.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
- DayTrading Review Team
- GBPUSD Spread: 1.0
- EURUSD Spread: 1.0
- EURGBP Spread: 1.0
- Total Assets: 80+
- Leverage: 1:200 (Retail), 1:500 (Pro)
- Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
About Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Pros
- The $100 minimum deposit requirement makes the broker accessible for beginners
- You can enjoy industry-leading forex pricing starting from 0.0 pips, plus fast execution speeds of less than 1 second
- Forex.com is a respected and trusted broker overseen by tier-one regulators including the US SEC
Cons
- It's a shame that there's no copy trading platform for beginners or signal providers
- The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
- The investment offering varies between countries
Visit Forex.com
#5 - Pepperstone
Visit
Review
Why We Chose Pepperstone
Pepperstone offers ultra-low spreads from 0.0 pips on the Razor account and has an excellent selection of 90+ pairs. This is a much wider range than leading competitors like AvaTrade, which only offers 50+. You can also trade currency indices, which aren't available at many alternatives. Forex lots start at 0.01.
"Pepperstone is a best-in-class broker. Experienced day traders benefit from razor sharp spreads, ultra-fast execution and 1300+ instruments. New traders get user-friendly platforms, rich education materials and 24/7 support."
- DayTrading Review Team
- GBPUSD Spread: 1.0
- EURUSD Spread: 1.0
- EURGBP Spread: 1.2
- Total Assets: 90+
- Leverage: 1:30 (Retail), 1:500 (Pro)
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
About Pepperstone
Pepperstone is a leading online broker with over 400,000 clients in more than 175 countries. The top-rated brokerage offers excellent market access, industry-leading platforms in MT4, MT5, TradingView and cTrader, plus low fees with no hidden charges. Pepperstone is also heavily regulated with a high trust score, holding licenses with reputable bodies, including the FCA, ASIC, DFSA, and CySEC.
Pros
- Advanced charting tools are available across all platforms, including dozens of customizable indicators
- Pepperstone is a world-renowned broker with licenses in 7 jurisdictions, including the UK (FCA) and Cyprus (CySEC)
- In-depth and frequent webinars covering charting strategies and trading tips
Cons
- Unlike some competitors like AvaTrade, there is no proprietary app offering an all-in-one trading service
- The demo account closes after only 30 days, which is a smaller time limit than competitors like XM (60 days)
- It took us longer to sign up than at many alternatives
Visit Pepperstone
How We Rate Forex Brokers In Lesotho
We consider these crucial factors when rating forex brokers that accept traders from Lesotho:
Trust
Finding a trustworthy forex broker should be the top priority for all day traders in Lesotho, as this gives you more security.
The best sign of a trustworthy forex broker is regulation by a respected body. However, the Central Bank of Lesotho (CBL) does not license online brokers and has warned citizens to beware of forex investment scams.
Traders from Lesotho can still open an account with a forex broker based and regulated elsewhere, but don’t expect legal protections from the central bank in the event of disputes.
As part of our exhaustive review process, we look for forex brokers regulated by ‘green tier’ bodies – agencies known for their robust requirements that aim to protect traders from unfair practices.
Given Lesotho’s close ties with South Africa, it also makes sense to consider forex brokers that are regulated by the Financial Sector Conduct Authority (FSCA).
Michael MacKenzie
Author
- Vantage is a leading forex broker that’s earned our trust over many years of testing and holds licenses with multiple respected authorities, including the FSCA, ASIC and FCA.
Currency Pairs
Forex traders need access to currencies they are comfortable trading so they have the best chance in the markets.
When selecting the best forex brokers in Lesotho, we look for those that have a broad range of currency pairs including majors, minors and exotics, but also for those that include relevant currencies from Lesotho’s region.
💡
Not many forex brokers offer currency pairs with the Lesotho Loti (LSL), but the South African Rand (ZAR) is widely available, traded in decent volumes and is pegged 1:1 to the Loti.
- IG is a first-rate broker that we’ve enjoyed trading with using real money and features 80+ currency pairs with strong ZAR coverage.
Trading Fees
We recommend choosing a forex broker in Lesotho that delivers excellent pricing.
Tighter spreads and low or no commissions means a lower barrier to profit, making it easier for day traders, who often make a large volume of transactions, to turn a profit.
Crucially, we look for forex brokers that balance low fees with helpful features such as analysis and research tools, since these can be important for discovering opportunities in African currencies and setting up winning trades.
- Exness is a reputable forex broker with tight spreads from 0 pips in its Zero account with a competitive $7 round-turn commission, making it an excellent option for serious day traders.
Charting Tools
Lesotho’s top forex brokers offer user-friendly and powerful charting tools to help you analyze forex markets and find trading opportunities.
We look for firms that give day traders swift and convenient access to sophisticated charting features via their own, in-house software or third-party applications, notably MetaTrader 4, which remains the most popular forex trading platform.
- AvaTrade excels in this department with its beginner-friendly web platform which we love. It provides robust charting tools, including 6 chart types, 10 timeframes, and over 60 indicators. You also get access to MT4 and MT5, which are great for advanced traders.
Payment Methods
It’s important to sign up with a forex broker in Lesotho that accepts fast, convenient and affordable payment methods that suit you.
We recommend brokers withthe mobile money serviceM-Pesa or e-wallets like PayPal, as these are popular in Lesotho and provide an efficient way to fund and empty your trading account using Lotis or Rands.
Our team also favor firms with an accessible minimum deposit for traders in Lesotho, with our analysis showing most brokers accept traders with an initial deposit of $0 – $200, equivalent to around 0 – 4,000 Loti.
- Scope Markets is regulated in Africa and accepts deposits via M-Pesa, e-wallets including Skrill and Neteller, and traditional card and wire transfers. The account minimum is also accessible at $50, around 1,000 Loti.
Methodology
To find our top forex brokers in Lesotho we drew on our database of 490+ brokers:
- We checked they accept forex traders in Lesotho.
- We evaluated the strength of their regulation and standing in the industry.
- We chose brokers with a wide selection of currency pairsto ensure diverse opportunities.
- We prioritized firms that offer good value with low fees and excellent trading tools.
- We picked forex brokers with intuitivecharting platformsthat will suit beginners through to advanced traders.
- We opted for companies with convenient funding optionsand an accessible depositfor traders in Lesotho.
FAQ
Is Forex Trading Legal In Lesotho?
Yes, forex trading is legal in Lesotho. Traders are free to speculate on currencies’ price movements via online brokers.
Who Regulates Forex Trading In Lesotho?
The Central Bank of Lesotho regulates financial markets in the country, including forex trading. However, since not many brokers are licensed by the CBL, many traders look for brokers that are regulated in neighbouring South Africa or other countries.
How Much Money Do I Need To Start Day Trading Forex In Lesotho?
The amount you need to start day trading forex depends on the broker you sign up with. Some brokers like IG allow traders to sign up with no minimum deposit, while others like AvaTrade charge a $100 minimum, roughly equivalent to 2,000 Loti.
Article Sources
- Central Bank of Lesotho (CBL)
- Central Bank of Lesotho - Mobile Money Scam Warning
- South Africa's Financial Sector Conduct Authority (FSCA)
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com
