Top 10 Best Forex Brokers in Zambia List 2021

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 11 min read
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At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

As a trader anywhere in the world, the first most important choice you will make is, which forex broker to choose?

If you are trading from Zambia, this may also seem like a huge challenge. Not to worry though, we have put together a great list of the best forex brokers in Zambia for you to have a look at.

Not only that, we have explained many of the finer points about trading forex in Zambia here, including legal issues, and tax questions. This should help you make the best forex brokers comparison without worry.

Let’s get straight into it.

Top 10 forex brokers in Zambia

Before getting a closer look at the brokers themselves, let’s look at the details around trading in Zambia legally, and the process of actually starting to use your forex trading account.

Table of contents

Is Forex Trading legal in Zambia?

Yes. Forex trading in Zambia is legal even though it is not regulated in the country. What happens is that Zambian traders can register with an international broker that is regulated abroad. The only rule is that the trader should be respecting Zambian laws.

How to trade forex in Zambia

The sign-up procedure may differ slightly from broker to broker, but generally, the process will remain similar. Once you choose the broker you would like to register with you can sign up. You will usually need some proof of identity in the form of a passport, proof of residence that you can get from a utility bill or bank statement, and then you can go ahead and fund your account.

Top 10 Best Forex Brokers in Zambia

Here is a detailed look at the top 10 best forex brokers in Zambia that we have found:

Visit Broker
81% of retail investor accounts lose money

1. FXTM

FXTM is the first to feature as one of the top 10 best forex brokers in Zambia. In fact, they are among the best brokers in Africa as a whole. They were awarded as such by International Business Magazine in 2018. FXTM has an excellent reputation around the world.

One of the first points that make this broker an excellent choice popular among all traders is the fact you can get started with a minimum deposit as low as $10. They also have an ECN account type that is available with a very reasonable minimum deposit of $200.

The value does not stop there with FXTM. You can expect spreads to start from the very bottom at 0 pips when trading major assets. Trading is provided through the trusted and hugely respected MetaTrader 4 trading platform. They do not offer any kind of sign-up bonus but they do have an excellent loyalty program that can help you reduce your trading costs.

 

80
Rated: Excellent
Security 94
Cost 71
Trading 71
Education 80

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, FSC (Mauritius) Minimum Deposit: 10
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74-89% of retail CFD accounts lose money

2. OctaFX

Next on our listing of the top 10 best forex brokers in Zambia is OctaFX. They are a hugely popular broker around the world as their influence in the industry continues to grow, and they are well-known to focus on providing a safe, and great value trading environment for African traders.

OctaFX remains very accessible with their minimum deposit starting at only $100. You will also have the ability here to trade with your choice of top trading platform. This choice includes MT4, MT5, and cTrader which are all available through the broker. They also offer one of the very best swap-free accounts in the industry if you need one.

Specific to the area, you will find a number of trusted local deposit methods available which makes it very easy for you to get started while OctaFX also offers a wonderful bonus opportunity of a 50% deposit bonus on each and every deposit you make.

79
Rated: Excellent
Security 94
Cost 79
Trading 69
Education 59

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC Minimum Deposit: 5
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73.57% of retail investor accounts lose money

3. XM

XM is another globally recognized name and top broker in the space. They offer services worldwide and are very well-respected as a great and reliable choice for African traders in general. This includes offering services to Zambian traders.

What you will find at XM alongside a great range of account type choices and good value low minimum deposit, is also a competitive trading cost that is up there with the best in the business. Their spreads can start from 0 pips depending on the type of account you choose, and it should be noted that they also offer a top quality swap-free account should you need one.

The broker is well known for the large number of promotions they run and this can be another excellent opportunity for you. These promotions include a $30 bonus, 50% deposit bonus, a great loyalty program that can reward your trading activities, and trading contests which you can often enter for free but win real money and prizes.

77
Rated: Excellent
Security 94
Cost 74
Trading 65
Education 68

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 5
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68% of retail investor accounts lose money

4. eToro

eToro is not only among the best forex brokers in Zambia but around the world they are held up as the leading choice for social and copy trading. Their reputation is also as a leader in the industry and a company you can trust no matter where you are trading from.

You can start your eToro account with a minimum deposit from only $200 and they also provide an excellent unlimited demo account alongside one of the most user-friendly trading platforms in the business. This is perfect if you are a new trader and can also be very convenient even for more experienced social and copy traders.

Though the broker does not offer any form of bonuses, they do have in place a great, generally fee-free trading environment including for deposits, and offer the choice of hundreds of assets for you to choose from including forex pairs with spreads that start from only 1 pip.

78
Rated: Excellent
Security 94
Cost 71
Trading 69
Education 63

Platforms: Proprietary Web Platform Regulations: FCA, CFTC, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 200
Visit Broker
72% of retail investor accounts lose money

5. Plus500

Plus500 is next on our list as an excellent top broker choice in Zambia. They are a CFD provider with a great and growing reputation around the world for quality and trust. One of the best points that catch the eye of many traders is that Plus500 has a zero costs policy. This means that almost all actions taken through the broker do not incur any costs.

With a low minimum deposit of only $100 and a free demo account available to try out, you will also find it really easy to get started trading at this broker. They are another that also offers their own top-quality and proprietary trading platform that is very easy to understand and use.

When it comes to your actual trading costs at Plus500, these are kept as low as possible too. You will find that both fixed and floating spreads can be available depending on the assets you are trying to trade. The spreads start from a very competitive 1 pip when trading major markets.

74
Rated: Excellent
Security 96
Cost 70
Trading 66
Education 37

Platforms: Proprietary Web Platform Regulations: MAS, FCA, MIFID-ESMA, ASIC, FMA, CYSEC, ISA, Offshore Minimum Deposit: 100
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74-89% of retail CFD accounts lose money

6. FBS

FBS is another top broker choice in Zambia and many other countries around the world. They are among the best low-cost ECN/STP brokers that you will find anywhere. For new and experienced traders alike, FBS has something to offer. They have several account types to choose from and a low-cost trading environment.

The minimum deposit here can be as low as $1 for a low-risk cent account where your trading risk can also be managed. This can go up to as much as a minimum deposit of $1,000 like their ECN account depending on your needs. They also offer an excellent swap-free account for those who need one alongside a popular and proprietary copy trading platform and service.

The trading costs at FBS are also kept as low as possible. They have spreads that can start from the very bottom at 0 pips depending on the account type and asset you choose. A good range of bonuses and contests are also on offer including a 100% deposit bonus.

80
Rated: Excellent
Security 93
Cost 86
Trading 68
Education 60

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, FSCA, CYSEC, Offshore Minimum Deposit: 1
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74-89% of retail investor accounts lose money when trading CFDs

7. Pepperstone

Pepperstone is a wonderful broker founded and based in Australia but offering services around the world, including to traders in Zambia. They are one of the best when it comes to offering ECN execution for the highest speeds and best prices in the industry.

You will have the option available to open a Pepperstone demo account and this is ideal to try out the broker before making the $200 suggested minimum deposit to get started in real trading. This deposit, and others that you make after that, are typically free-free.

With a mind on fees, these are generally very low at the broker with most deposits and other activities free or very competitive. The same extends to trading, where the spread starts from the very bottom at 0 pips depending on your choice of assets. Finally, while they do not offer any bonuses, the Pepperstone active trader program is excellent and can help bring you many benefits including reduced trading costs.

90
Rated: Excellent
Security 94
Cost 75
Trading 100
Education 71

Platforms: cTrader desktop, cTrader web, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: FCA, MIFID-ESMA, ASIC, DFSA, CYSEC, Offshore Minimum Deposit: 0
Visit Broker
74-89% of retail CFD accounts lose money

8. IC Markets

Another Australian broker that ranks very highly in our selection of the top 10 best forex brokers in Zambia, IC Markets is also one of the best ECN brokers in the entire industry. They are known worldwide, not only for their stellar reputation but also for the high-speed execution of their trades.

Speed of execution alongside a really low spread that can start from 0 pips depending on the asset makes IC Markets a popular broker choice among scalpers though they are suited to almost all types of traders.

Even as a new trader this can be an excellent broker choice. They may not offer any bonuses to get you started, but the low spreads, no minimum deposit, and availability of an excellent demo account make them stand out from many others.

92
Rated: Excellent
Security 93
Cost 91
Trading 100
Education 66

Platforms: cTrader desktop, cTrader web, Mirror Trader, ZuluTrade, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web Regulations: ASIC, CYSEC, Offshore Minimum Deposit: 0
Visit Broker
73.50% of retail investor accounts lose money

9. Oanda

Oanda is a well-recognized and regulated broker from the US. They were started there but have since expanded to offer services all over the world. They also have a vast amount of experience in the industry having been around since 1995.

This experience and trusted reputation can make them a top choice for new traders just starting out. Not only that but they also offer several conditions that are ideally suited to beginners. They don’t ask for any minimum deposit amount, and they offer a very low minimum lot size that you can trade. This can start from as low as $0.01 to open a position.

Even though the broker is an extremely well-known name in the sector, they do have a limited choice when it comes to trading forex pairs. Still, they have a great trading environment and can offer low costs with spreads starting on many assets from only 1 pip.

80
Rated: Excellent
Security 94
Cost 70
Trading 71
Education 80

Platforms: MT4 Dekstop, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FSA, MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC Minimum Deposit: 0
Visit Broker
79% of retail investor accounts lose money

10. AvaTrade

The final broker to feature on our listing of the very best brokers you can trade with in Zambia, is the Irish-based AvaTrade. From small beginnings, they have grown to become one of the best-known, and most trustworthy brokers in the industry. They are also one of very few who offer only fixed spreads.

These fixed spreads can start as low as 0.9 pips depending on the assets you are trading and they help make it much easier to forecast your trading costs. Beyond this, AvaTrade offers a number of different account types and special features, so you are bound to find something ideal. For new traders they are accessible too with a minimum deposit of only $100.

Though they do not offer any kind of bonus to get you started, they are able to provide a typically fee-free environment, especially when it comes to deposits, and you will always have great support from the experience they provide.

82
Rated: Excellent
Security 94
Cost 78
Trading 75
Education 72

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100

Zambian trader? Here’s what to look for in a forex broker

No matter where you are trading from, there are always a few wise points to follow when choosing or trading with a broker. Here are some of the key things to note as a trader in Zambia:

1. Never trust unregulated forex brokers

You always want to make sure you are dealing with a well-regulated, and respected forex broker. This means choosing an international broker from Europe, Australia, the UK, or other countries with a solid regulatory environment. FSCA regulated South African brokers are also a great choice.

2. Give priority to brokers with experience in the market

Given the fact that Zambia does not regulate brokers operating in the country, you are best to choose a broker you know has plenty of experience in the industry. We would recommend one with at least 2 years of experience. You can find many of these in the above listing.

3. Look for a broker offering a demo account

As a new or experienced trader, a demo account can be valuable. If you are new it allows you to learn more about the broker and trading since it can definitely be risky. While, as an experienced trader you can use a good demo account to test out your trading strategies effectively.

How to verify if a forex broker is regulated in Zambia

Since forex trading is not regulated locally, you will have to visit the regulated website for the regulator that oversees your broker. The FSCA official website is the place to check for South Africa regulated brokers, ESMA (EU) firms register is for the EU and you can select the country the broker says they are registered in from here to check if it is really registered in the country.

For UK brokers you can check out the FCA official website while finally, for ASIC regulated brokers you can double-check the ASIC official website for full details.

Is forex trading taxable in Zambia?

Yes. Forex trading is taxable in Zambia. With that said, the country does not have a Capital Gains Tax. There is however a Property Transfer Tax of 10% which is applied on sales. This is something to be mindful of if you are trading forex in Zambia.

We are not tax advisors, contact Zambian authorities if you don’t know how to manage this aspect


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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