Forex (Foreign Exchange) brokerage firms are authorized to offer their trading services in Zambia to Zambian traders.
Zambia, located in southern Africa, is a landlocked country bordered by eight nations including Tanzania, Malawi, Mozambique, Zimbabwe, Botswana, Namibia, Angola, and the Democratic Republic of the Congo.
The official currency of Zambia is the Zambian Kwacha.
When it comes to the regulation of retail forex trading activities in the country, the responsibility lies with the Bank of Zambia (BoZ), although in reality forex trading in Zambia is not directly regulated.
We have put together a great list of the best forex brokers in Zambia for you to have a look at.
Here are the factors we have taken into consideration:
- If the broker was well-regulated for Zambia traders
- The minimum deposit for Zambia traders
- The base currencies available for Zambia traders
- The spreads and leverage on forex for Zambia traders
- If there were any bonuses or rebates for Zambia traders
What are the best forex brokers in Zambia?
Below is our curated list of the best forex brokers for traders living in Zambia, with details and information about the country laws, the features, and the characteristics.
Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.
OctaFX
best for educational materials
OctaFX allows Zambian traders to operate under Saint Vincent and the Grenadines regulation. OctaFX offers a 50% deposit bonus with a minimum deposit of $25 and provides spreads from 0.2 pips on 35 currency pairs.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About OctaFX
Octa, formerly known as OctaFX, is a global forex and CFD broker founded in 2011. Octa offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. Octa is regulated by multiple authorities including CySEC. Octa is known for competitive spreads, extensive educational resources, and copy trading services. Octa serves clients in over 100 countries worldwide.
OctaFX Features
The features of OctaFX are listed below.
- Zambian traders can trade with OctaFX under the Saint Vincent and the Grenadines regulation (no. 19776).
- Zambian clients under the global entity are eligible for OctaFX 50% deposit bonus.
- The minimum deposit in Zambia is $25, though the recommended amount is $100.
- While EUR and USD are available as base currencies with OctaFX, the broker doesn’t make local currencies available for Zambian forex traders.
- Forex traders in Zambia find spreads from 0.2 pips on 35 currency pairs with a maximum leverage up to 500:1.
OctaFX Pros and Cons
Advantages of OctaFX
The advantages of OctaFX are listed below.
- Low Trading Costs
- Robust Educational Resources
- Multiple Trading Platforms
Disadvantages of OctaFX
The disadvantages of OctaFX are listed below.
- Limited Asset Range
- No VIP Discounts
- Restrictions on High-Frequency Trading
XM
best for beginners
XM permits Zambian traders to trade under FSC Belize regulation. XM offers bonuses, a $5 minimum deposit, and spreads from 0 pips on 55+ currency pairs. XM supports multiple base currencies, including USD, EUR, and GBP.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About XM
XM is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. XM provides MetaTrader 4, MetaTrader 5, and proprietary platforms. XM is regulated by multiple authorities including CySEC, ASIC, and IFSC. XM is known for competitive spreads, extensive educational resources, and multilingual customer support. XM serves over 5 million clients from 196 countries. XM offers various account types and a no-requote policy.
XM Features
The features of XM are listed below.
- Zambian traders can trade under the XM global entity, regulated by FSC Belize (n. 000261/309).
- Several bonuses can be used in Zambia including a $30 bonus, 50% + 20% deposit bonus, a loyalty program, and 0% commissions on deposits and withdrawals.
- XM Zambian clients have a $5 minimum deposit.
- XM base currencies offered in Zambia by the broker are the USD, EUR, GBP, JPY, CHF, SGD, ZAR, and others.
- Zambian clients of XM have access to spreads from 0 pips on 55+ forex currency pairs.
XM Pros and Cons
Advantages of XM
The advantages of XM are listed below.
- There’s a wide range of account types
- The demo account at XM is unlimited
- Wide range of educational resources
Disadvantages of XM
The disadvantages of XM are listed below.
- No social trading features available
- The account availability changes depending on the location of the trader
- High minimum deposit to invest in securities ($10000 for the XM Shares account)
Pepperstone
best for lowest spreads
Pepperstone lets Zambian traders use the SCB-regulated entity. Pepperstone provides no minimum deposit requirement and spreads from 0 pips on 60+ currency pairs. Pepperstone offers multiple base currencies.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Pepperstone
Pepperstone is a global forex and CFD broker founded in 2010 in Melbourne, Australia. Pepperstone offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader and cTrader platforms. Pepperstone is regulated by multiple authorities including ASIC, FCA, and CySEC. Pepperstone is known for competitive spreads, fast execution, and extensive educational resources. Pepperstone serves clients in over 160 countries worldwide. The Pepperstone CEO is Tamas Szabo.
Pepperstone Features
The features of Pepperstone are listed below.
- Zambian traders can operate with Pepperstone Global under the SCB-regulated entity (n. SIA-F217).
- High-volume Zambian traders can also apply for the Pepperstone Active Trader program which has several benefits, including daily rebates based on the volume traded.
- Zambian traders aren’t required to make a Pepperstone minimum deposit to start trading.
- Pepperstone forex traders in Zambia can choose several base currencies including EUR, USD, GBP, CHF, JPY, SGD, CAD, and more.
- Pepperstone spreads in Zambia start from 0 pips on 60+ currency pairs with a max. leverage up to 200:1.
Pepperstone Pros and Cons
Advantages of Pepperstone
The advantages of Pepperstone are listed below.
- Stable raw spreads (0,09 pips on EUR/USD on average)
- Caters for algorithmic trading
- Has won over 30 Forex industry awards
Disadvantages of Pepperstone
The disadvantages of Pepperstone are listed below.
- The demo account is not unlimited
FBS
best for Cent accounts
FBS enables Zambian clients to trade under FSC (Belize) regulation. FBS offers a $1 minimum deposit. FBS provides EUR and USD as account currencies, with spreads as low as 0.7 pips.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FBS
FBS is a global forex and CFD broker founded in 2009, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. FBS provides MetaTrader 4, MetaTrader 5, and proprietary platforms. FBS is regulated by multiple authorities including CySEC, ASIC, and IFSC. FBS serves over 27 million clients in 150+ countries. FBS is known for low minimum deposits, extensive educational resources, and copy trading services.
FBS Features
The features of FBS are listed below.
- Zambian clients can trade under the FBS Global entity regulated by FSC (Belize) (n.60/230/TS/18).
- The FBS minimum deposit for Zambian clients starts from $1.
- FBS in Zambia doesn’t offer account currencies other than EUR and USD.
- Zambian local deposit ‘Online Naira’ is provided by FBS.
- Clients in Zambia will benefit from very FBS low spreads from 0.7 pips, on 72 forex pairs with leverage up to 3000:1.
FBS Pros and Cons
Advantages of FBS
The advantages of FBS are listed below.
- Low minimum deposit
- User-Friendly Platforms
- 90 international awards
Disadvantages of FBS
The disadvantages of FBS are listed below.
- Limited Financial Instruments
FXTM
best for account types choice
FXTM allows Zambian clients to trade under FSC regulation. FXTM offers a $1 minimum deposit, supports the ZMK base currency, and provides spreads from 0 pips on 60+ currency pairs.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FXTM
FXTM, also known as ForexTime, is a global forex and CFD broker founded in 2011. FXTM offers trading on currencies, commodities, indices, stocks, and cryptocurrencies through MetaTrader 4, MetaTrader 5, and proprietary platforms. FXTM is regulated by multiple authorities including CySEC, FCA, and FSC Mauritius. FXTM is known for low spreads, fast execution, and extensive educational resources. FXTM serves over 2 million clients worldwide. The FXTM CEO is Nicholas Defteras.
FXTM Features
The features of FXTM are listed below.
- Zambian clients can trade with FXTM under their Global entity, regulated by FSC (n. C113012295).
- FXTM minimum deposit for Zambian traders starts from $1.
- FXTM African Local Solutions (D) payments with the ZMK base currency are available in Zambia.
- Zambian traders will find FXTM spreads from 0 pips on 60+ currency pairs, and leverage up to 2000:1 depending on the position size.
- Forex clients in Zambia can benefit from the FXTM loyalty program which reduces the trading costs.
FXTM Pros and Cons
Advantages of FXTM
The advantages of FXTM are listed below.
- User-Friendly Platform
- Fast Customer Support
- Low Minimum Deposit
Disadvantages of FXTM
The disadvantages of FXTM are listed below.
- Withdrawal Fees
- Limited Product Range
- Inactivity Fees
Tickmill
best for trading tools
Tickmill supports Zambian clients under FSA Seychelles regulation. Tickmill offers a $30 welcome bonus and a $100 minimum deposit. Tickmill provides spreads from 0 pips on 80+ currency pairs.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Tickmill
Tickmill is a global multi-asset broker founded in 2014, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. Tickmill provides MetaTrader 4, MetaTrader 5, and proprietary platforms. Tickmill is regulated by multiple authorities including FCA, CySEC, and FSCA. Tickmill is known for low spreads, fast execution, and extensive educational resources. Tickmill serves over 500,000 clients worldwide. The Tickmill CEO is Sudhanshu Agarwal.
Tickmill Features
The features of Tickmill are listed below.
- Zambian clients will find Tickmill available under the FSA Seychelles (n. SD008).
- A $30 welcome bonus is offered by TickMill to Zambian traders.
- The TickMill minimum deposit requested in Zambia is $100.
- Zambian forex traders can open trading accounts in GBP, EUR, and USD with TickMill.
- The spreads charged for TickMill Zambian clients are from 0 pips on 80+ currency pairs with leverage that reaches a maximum of up to 500:1.
Tickmill Pros and Cons
Advantages of Tickmill
The advantages of Tickmill are listed below.
- Regulatory Trust
- Competitive Pricing
- Comprehensive Platform Support
Disadvantages of Tickmill
The disadvantages of Tickmill are listed below.
- Limited Asset Variety
- Higher Costs on Classic Account
- Discontinued Features
IC Markets
best for algo-trading
IC Markets available for Zambian traders under FSA regulation. IC Markets requires no minimum deposit and offers multiple base currencies. IC Markets provides spreads from 0 pips on 60+ currency pairs.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About IC Markets
IC Markets is a global forex and CFD broker founded in 2007 and based in Sydney, Australia. IC Markets offers trading on over 2,250 instruments including currencies, commodities, indices, stocks, and cryptocurrencies. IC Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. IC Markets is regulated by multiple authorities including ASIC and CySEC. IC Markets is known for its ECN execution model and low spreads. The IC Markets CEO is Andrew Budzinski.
IC Markets Features
The features of IC Markets are listed below.
- IC Markets is available for Zambian traders under the global entity regulated by FSA (n. SD018).
- IC Markets doesn’t require a minimum deposit in Zambia.
- IC Base currencies available for Zambian traders are AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD.
- Forex Zambian traders will find IC spreads from 0 pips on 60+ currency pairs with a maximum leverage up to 500:1.
IC Markets Pros and Cons
Advantages of IC Markets
The advantages of IC Markets are listed below.
- Low-latency trading environment
- Institutional level liquidity
- MT4, MT5, cTrader platforms are all available
Disadvantages of IC Markets
The disadvantages of IC Markets are listed below.
- Small amount of educational tools for new traders
- Small range of tradable assets compared to other CFD/Forex brokers
Oanda
best for forex deep liquidity
Oanda operates for Zambian clients under BVI FSC regulation. Oanda requires no minimum deposit and offers local South African deposit methods. Oanda provides base currencies, including USD and EUR, with spreads starting from 1 pip.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About Oanda
OANDA is a global multi-asset broker founded in 1996, offering trading on forex, CFDs, commodities, indices, and cryptocurrencies. OANDA provides proprietary platforms and API solutions. OANDA is regulated by multiple authorities including FCA, ASIC, and MAS. OANDA is known for competitive spreads, fast execution, and currency data services. OANDA serves both retail and institutional clients worldwide. The Oanda Chief Executive Officer is Gavin Bambury since August 2019.
Oanda Features
The features of Oanda are listed below.
- In Zambia, clients can trade with Oanda under their BVI FSC regulation (n. SIBA/L/20/1130).
- Oanda Zambian traders aren’t requested to make a minimum deposit.
- Oanda provides their Zambian traders with local South African deposit methods including online bank wire and QR code payment.
- Oanda base currencies for Zambian traders are USD, EUR, HKD, and SGD.
- Spreads in Zambia start from 1 pip on 45+ forex currency pairs, with leverage up to 200:1.
- Oanda Zambian clients can benefit from a bonus of up to $1,000.
Oanda Pros and Cons
Advantages of Oanda
The advantages of Oanda are listed below.
- Comprehensive Platforms
- Robust Education
- Highly Regulatory Trust
Disadvantages of Oanda
The disadvantages of Oanda are listed below.
- Higher Spreads
- Proprietary Platform Limitations
- Inactivity Fees
AvaTrade
best for fixed spreads
AvaTrade allows Zambian traders under BVI regulation. AvaTrade requires a $100 minimum deposit and provides fixed spreads from 0.9 pips. AvaTrade offers a 20% deposit bonus for deposits over $200.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About AvaTrade
AvaTrade is a global forex and CFD broker founded in 2006 and headquartered in Dublin, Ireland. AvaTrade offers trading on currencies, commodities, indices, stocks, bonds, ETFs, and cryptocurrencies. AvaTrade provides proprietary platforms alongside MetaTrader 4 and 5. AvaTrade is regulated by multiple authorities including CySEC, ASIC, and FSA. AvaTrade serves over 300,000 clients worldwide. AvaTrade is known for competitive spreads and extensive educational resources. The AvaTrade CEO is David Dryzin since 2016.
AvaTrade Features
The features of AvaTrade are listed below.
- AvaTrade allows Zambian traders to trade with them under the Global regulation BVI (n. SIBA/L/13/1049).
- Zambian clients of AvaTrade need to make a minimum deposit of $100.
- USD, GBP, and EUR base currencies are provided for Zambian AvaTrade clients.
- AvaTrade traders in Zambia are charged with fixed spreads from 0.9 pips on with leverage up to 400:1.
- AvaTrade offers Zambian clients a welcome deposit bonus of 20% if a deposit of at least $200 is made.
AvaTrade Pros and Cons
Advantages of AvaTrade
The advantages of AvaTrade are listed below.
- Tight fixed spreads from 0.6 pips (0.9 pips for retail traders)
- The mobile apps are well designed
- Can be connected to ZuluTrade and Duplitrade
Disadvantages of AvaTrade
The disadvantages of AvaTrade are listed below.
- High inactivity fees
- The demo account is limited to 30 days
Is forex trading legal in Zambia?
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.
What should Zambian traders 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?
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.