Forex (Foreign Exchange) brokerage firms are authorized to offer their trading services in Zimbabwe to Zimbabwean traders.
In this article we have collected a selection of the best brokers in Zimbabwe. In order to ensure the most accurate list, here’s what we have considered:
- The regulation of the broker
- The minimum deposit
- If local deposits in ZWD were in place
- Spreads and leverage on forex
What are the best forex brokers in Zimbabwe?
Below is our curated list of the best forex brokers for traders living in Zimbabwe, 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 trading tools
OctaFX accepts Zimbabwean traders under its entity in Saint Vincent and the Grenadines. OctaFX recommends a $100 deposit but allows a minimum of $25. OctaFX offers spreads starting from 0.2 pips with leverage up to 500:1.
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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.
- OctaFX accepts Zimbabwean traders under their global entity regulated by Saint Vincent and the Grenadines under #19776.
- The recommended deposit in Zimbabwe is $100, but the minimum can be as low as $25.
- OctaFX provides only USD and EUR base currencies in Zimbabwe.
- Zimbabweans clients won’t find local deposits.
- In Zimbabwe, OctaFX spreads start from 0.2 pips on 35 currency pairs with 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
no requotes environment
XM provides services for Zimbabwean clients under its global entity in Belize. XM requires a minimum deposit of $5. XM does not support local currency deposits but offers multiple base currencies and various bonuses to Zimbabwean clients.
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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.
- XM in Zimbabwe is available under their global entity regulated by FSC Belize (000261/158).
- The XM minimum deposit in Zimbabwe can be as low as $5.
- The base currencies provided for Zimbabweans clients by XM are USD, EUR, GBP, JPY, CHF, AUD, HUF, PLN, RUB, SGD, and ZAR
- XM doesn’t provide local deposits in ZWD in Zimbabwe.
- Zimbabweans clients find spreads from 0.6 pips on 55+ forex pairs.
- Several bonuses are provided by XM to Zimbabweans clients including $50 trading bonus, 50%, and 20% deposit bonuses, and an XM loyalty program.
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)
FBS
best with high leverage
FBS operates for Zimbabwean traders under the Belize entity. FBS requires a minimum deposit of $10. FBS supports ZWD deposits and offers spreads from 0 pips with leverage up to 3000:1. FBS provides bonuses for Zimbabwean clients.
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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.
- Zimbabwean traders have access to FBS services under the Global entity, regulated by IFSC in Belize (IFSC/000102/310).
- FBS requests Zimbabweans clients a minimum deposit of $10 depending on the account types
- The Online Naira local deposit is available in Zimbabwe.
- USD and EUR are the only base currencies available in Zimbabwe, but ZWD deposits can be made.
- Zimbabwean traders will find spreads from 0 pips on 35 forex pairs with leverage up to 3000:1.
- FBS is also a great environment for the bonuses they offer, which can be used also by Zimbabweans clients. These include a 100% deposit bonus, no deposit bonus, and cashback program.
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
Fusion Markets
best for the lowest costs
Fusion Markets accepts Zimbabwean clients under its Vanuatu entity. Fusion Markets imposes no minimum deposit. Fusion Markets supports local deposit methods. Fusion Markets offers spreads from 0 pips with leverage up to 500:1 for Zimbabweans.
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Regulations:
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Avg. EUR/USD Spread:
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About Fusion Markets
Fusion Markets is an Australian-based forex and CFD broker founded in 2019. Fusion Markets offers trading on over 90 currency pairs, stocks, indices, commodities, and cryptocurrencies. Fusion Markets provides MetaTrader 4, MetaTrader 5, and cTrader platforms. Fusion Markets is regulated by ASIC and VFSC. Fusion Markets is known for low trading costs, no minimum deposit, and copy trading services. The Fusion Markets CEO is Phil Horner.
Fusion Markets Features
The features of Fusion Markets are listed below.
- Fusion Markets is regulated by the VFSC as Gleneagle Securities Pty Limited under registration number 40256. Under this entity Zimbabweans clients are accepted.
- No Fusion Markets minimum deposit is requested in Zimbabwe.
- Zimbabwean clients can use local deposit methods such asJeton wallet and online Naira.
- The base currencies accepted in Zimbabwe are the USD, GBP, EUR, CAD, SGD, THB, JPY, and AUD.
- Zimbabweans traders have access to Fusion Markets spreads from 0 pips on 90+ forex pairs with leverage up to 500:1.
Fusion Markets Pros and Cons
Advantages of Fusion Markets
The advantages of Fusion Markets are listed below.
- Low Trading Costs
- Zero Spread Accounts
- Excellent Customer Support
Disadvantages of Fusion Markets
The disadvantages of Fusion Markets are listed below.
- Limited Product Selection
- Basic Educational Resources
FXTM
best broker overall
FXTM caters to Zimbabwean traders through its Mauritius entity. FXTM requires a $10 minimum deposit. FXTM provides African local deposit options but excludes ZWD. FXTM offers spreads from 0 pips on various currency pairs for Zimbabweans.
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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.
- FXTM in Zimbabwe is available for traders under their global entity, regulated by the FSC in Mauritius (C113012295).
- A 1$0 minimum deposit is required for Zimbabweans clients depending on the account type.
- African local deposits are available for FXTM Zimbabweans clients, but not in ZWD.
- The FXTM base currencies in Zimbabwe are the USD, EUR, GBP, and NGN.
- The minimum spreads for Zimbabweans start from 0 pips on 60+ currency pairs, with leverage up to 2,000:1.
- FXTM offers a loyalty program through which Zimbabweans traders can get benefits depending on how much they trade.
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
Instaforex
best for account types choice
Instaforex serves Zimbabwean clients under its British Virgin Islands entity. Instaforex requires a $1 minimum deposit. Instaforex accepts EUR and USD as base currencies and offers several bonuses for Zimbabwean clients.
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Regulations:
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Avg. EUR/USD Spread:
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About Instaforex
InstaForex is a global forex and CFD broker established in 2007, offering trading on currencies, commodities, indices, stocks, and cryptocurrencies. InstaForex provides MetaTrader 4, MetaTrader 5, and proprietary platforms. InstaForex is regulated by the Financial Services Commission (FSC) of the British Virgin Islands. InstaForex serves over 7 million clients worldwide and is known for competitive spreads, extensive educational resources, and various account types. InstaForex offers copy trading and PAMM accounts.
Instaforex Features
The features of Instaforex are listed below.
- Zimbabweans clients can trade with Instaforex under the entity regulated by the BVI FSC, with license number SIBA / L / 14/1082.
- African local deposits are available, though not specifically for Zimbabwean traders.
- In Zimbabwe, the minimum deposit required is $1.
- Instaforex accepts only EUR and USD as base currencies in Zimbabwe.
- The spreads charged are from 0 pips on 100+ forex pairs, with leverage up to 1000:1.
- Several bonuses can be accessed by Zimbabweans clients including a100% bonus, 55% bonus, and 30% bonus.
Instaforex Pros and Cons
Advantages of Instaforex
The advantages of Instaforex are listed below.
- Beginner-Friendly
- Wide Range of Instruments
- Advanced Trading Tools
Disadvantages of Instaforex
The disadvantages of Instaforex are listed below.
- Outdated Website Design
- Limited Trading Instruments
- Customer Support Limitations
FxPro
best for cTrader accounts
FxPro accepts Zimbabwean clients under its Bahamas entity. FxPro requires a minimum deposit of $100. FxPro does not offer local deposit methods. FxPro provides spreads on 70 currency pairs with leverage up to 200:1 for Zimbabweans.
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Regulations:
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Avg. EUR/USD Spread:
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Platforms:
About FxPro
FxPro is a global online broker founded in 2006, offering trading on forex, CFDs, stocks, indices, commodities, and cryptocurrencies. FxPro provides multiple trading platforms including MetaTrader 4, MetaTrader 5, cTrader, and its proprietary FxPro Platform. FxPro is regulated by multiple authorities including FCA, CySEC, SCB, FSC and KNN. FxPro serves clients in over 170 countries and has won numerous industry awards. The FxPro CEO is Charalambos Psimolophitis.
FxPro Features
The features of FxPro are listed below.
- FxPro accepts Zimbabwean clients under the FxPro Global Markets Ltd entity regulated in Bahamas (SCB Bahamas SIA-F184).
- No local deposit methods availablefor Zimbabweans clients.
- FxPro requests a minimum deposit of $100 in order for Zimbabweans traders to open an account.
- The account base currencies in Zimbabwe are the USD, EUR, GBP, CHF, PLN, AUD, JPY, and ZAR.
- FxPro charges Zimbabwean clients tight spreads on 70 currency pairs with a max. leverage up to 200:1.
FxPro Pros and Cons
Advantages of FxPro
The advantages of FxPro are listed below.
- Regulated and Trusted Forex broker
- Diverse Trading Platforms
- Wide Range of Instruments
Disadvantages of FxPro
The disadvantages of FxPro are listed below.
- Inactivity Fee
- Limited Educational Resources
- No Guaranteed Stop-Loss Orders
Is Forex Trading legal in Zimbabwe?
Yes. Forex trading in Zimbabwe is completely legal and has been since 2009. At that time the Zimbabwean government lifted a ban that had previously been applied to prevent speculation amid massive local inflation.
One point to keep in mind though is, that sometimes brokers will not accept traders from Zimbabwe mostly due to regulatory reasons and you should double-check this first when registering.
How to trade forex in Zimbabwe
Trading forex in Zimbabwe you will be signing up with an international broker as listed above. These regulated brokers will typically need proof of identity, a passport is best. They will also require proof of residence, a bank statement or utility bill should be fine.
With these documents, you should be able to pass the verification process, make your first deposit, and begin trading.
What Zimbabwean traders should look for in a forex broker?
As a trader in Zimbabwe, since the industry is not regulated by the SECZ, you can choose any broker you wish as long as local laws are followed. Still, you should follow these few important tips when making your choice.
1. Try to avoid offshore regulated brokers
Offshore regulation may be tempting as these brokers can offer bonuses and extensive leverage. It is much safer though to go with a well-regulated broker in the UK under FCA, Europe covered by ESMA, or Australia under ASIC regulation among others to help keep you safe and trading in a secure environment.
2. Take into account the broker’s record
As well as regulation, you will want to choose a broker with a good history in the industry, and one of compliance with regulation. You will typically find that the brokers who do offer trading services in Zimbabwe tend to be fully compliant and experienced in the sector.
3. Choose a broker with a great demo account if you are a beginner
Trading always carries some risk. For that reason, if you are a new trader, it is always best to practice with a good demo account. With that in mind, you should try to open a demo account with one of the brokers above before you switch to live trading.
How to verify if a forex broker is regulated in Zimbabwe
It is always a good idea to confirm your broker is regulated where they say. To do this you can check the official SECZ website. But, since this isn’t mandatory in Zimbabwe, we recommend you to check if brokers are ESMA compliant, ASIC or FCA regulated. You can do this for the FCA at the FCA (UK) firms register, for ASIC at the ASIC (AU) firms register, and for European brokers under CySEC regulation or others at the ESMA (EU) firms register.
Is forex trading taxable in Zimbabwe?
Yes. Forex trading is taxable in Zimbabwe. The country has a capital gains tax of 20% which applies to trading profits too. With that in mind, you should always consult a tax professional on these matters if you have any questions.