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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
Table of Content

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.


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.

1. OctaFX : best for educational materials

  • 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.
74-89% of retail CFD accounts lose money

2. XM : best for beginners

  • 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 with a maximum 1000:1 leverage.
77,37% of retail investor accounts lose money

3. Pepperstone : best for lowest spreads

  • 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.
74-89% of retail investor accounts lose money when trading CFDs

4. FBS : best for Cent accounts

  • Zambian clients can trade under the FBS Global entity regulated by IFSC Belize (n.60/230/TS/18).
  • Zambian traders can take advantage of several FBS bonuses including a 100% deposit bonus, a level-up bonus, and a cashback program.
  • 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, sometimes negative from -1 pips, on 35 forex pairs with leverage up to 3000:1.
74-89% of retail CFD accounts lose money

5. FXTM : best for account types choice

  • 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.
81% of retail investor accounts lose money

6. Tickmill : best for trading tools

  • 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.
73% of retail investor accounts lose money

7. IC Markets : best for algo-trading

  • 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.
74-89% of retail CFD accounts lose money

8. Oanda : best for forex deep liquidity

  • 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.
CFDs are not available to residents in the United States

9. AvaTrade : best for fixed spreads

  • 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.
79% of retail investor accounts lose money

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.

filippo ucchino

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.

Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. Cryptocurrencies can widely fluctuate in prices and are not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Your capital is at risk. The present page is intended for teaching purposes only. It shall not be intended as operational advice for investments, nor as an invitation to public savings raising. Any real or simulated result shall represent no warranty as to possible future performances. The speculative activity in forex market, as well as in other markets, implies considerable economic risks; anyone who carries out speculative activity does it on its own responsibility.
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