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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:
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.
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
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