Best forex brokers in Cameroon

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On February 25, 2019 the Financial Markets Commission (CMF) of Cameroon physically merged with the Central African Financial Market Supervisory Board (Cosumaf), based in Libreville,Gabon. The move is in connection with the agreed unification of the region’s financial markets and is the first of a series of mergers that should materialize until the end of the year.

The unification of the financial markets of Central Africa was agreed back in October 2017 on a conference in Ndjamena, Chad by the countries in the Central African Economic and Monetary Community (CEMAC).

The six member states of CEMAC are Gabon, Cameroon, the Central African Republic (CAR), Chad, the Republic of the Congo and Equatorial Guinea.

The financial market in Cameroon and the region is developing rapidly and the creation of the new regulatory organ is expected to speed up that process.

Speaking about forex, the retail forex trading in Cameroon is not illegal, but is not regulated either. So if you happen to reside in the country your best option is to open an account with a broker regulated by a well respected financial institution such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC)

Take a note that all CEMAC countries use the Central African CFA franc, which along the West African CFA franc is pegged to the euro and is guaranteed by the French treasury.

One way to pay in Cameroon is to use your credit card, but otherwise PayPal is also available as well as PaymentWall, MTN Mobile Money and ACH.