OctaFXVisit OctaFX74-89% of retail CFD accounts lose money
XMVisit XM77,37% of retail investor accounts lose money
PepperstoneVisit Pepperstone74-89% of retail investor accounts lose money when trading CFDs
FBSVisit FBS74-89% of retail CFD accounts lose money
FXTMVisit FXTM81% of retail investor accounts lose money
TickmillVisit Tickmill73% of retail investor accounts lose money
IC MarketsVisit IC Markets74-89% of retail CFD accounts lose money
OandaVisit OandaCFDs are not available to residents in the United States
AvaTradeVisit AvaTrade79% of retail investor accounts lose money
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.
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.
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.
About The Author