Top 10 Best Forex Brokers in Zimbabwe List 2022

logomark Filippo Ucchino calendar Last Updated: January 2022 timer 11 min read
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At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

So, you are trading forex in Zimbabwe and looking for some of the best brokers in the country?

Excellent! Here we have exactly that.

Not only does our forex brokers list look at the very best brokers in Zimbabwe you can trade with, but we also have more information on getting started with a broker, and the local view on trading forex.

Let’s get straight into it.

Table of contents

Top 10 Best Forex Brokers in Zimbabwe

Here is a closer look at the top 10 forex brokers in Zimbabwe that we have found for your consideration:

FXTM is top of our list as one of the best brokers in Zimbabwe and Africa as a whole. They are a globally known and respected broker with an excellent reputation among traders around the world where you can quickly and easily get started with a low minimum deposit of just $10.

The broker offers a good selection of different account types for you to choose from including an Islamic account that is available if you should need it. They also have a top-quality Advantage account with very fast execution speeds and a minimum deposit of only $500. You will also find trading available through one of the most used trading platforms in the industry, MetaTrader 4.

The cost of trading is kept as low as possible too with FXTM. Non-trading fees represent great value, and when it comes to trading, the spreads are equally as low. These start from 0 pips. FXTM does not offer a direct bonus but they do have a great loyalty program with benefits in place.

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81% of retail investor accounts lose money

OctaFX is another very popular choice for traders in Zimbabwe looking for a top broker and it is also considered an excellent choice by many in Africa due to their focus on the market, and strong reputation. OctaFX offers one of the best swap-free accounts in the industry which is fully compliant with local regulations.

It is a very good broker for those starting out and they offer an excellent level of support to new and experienced traders alike. This is illustrated in the very low minimum deposit of just $100 that they make available, alongside a strong range of deposit methods including several local options.

Trading at the broker is provided through a number of the best trading platforms in the industry. These include not only MT4, and MT5, but also cTrader, a popular choice with scalpers. The OctaFX spread also starts from a very low 0 pips depending on the assets, and you will receive a 50% bonus on each deposit.

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74-89% of retail CFD accounts lose money

XM is another forex broker with a great reputation around the world and a longstanding reputation in the industry. They are known to be an excellent choice for African traders with a great range of services to offer.

This includes an extensive selection of account types with a low minimum deposit making it very easy to get started trading in Zimbabwe or anywhere else. The XM Standard and Micro account both make this a smooth process and you will find micro trading lots available to help limit risks. A great swap-free account is also available if you need it.

Trading costs at XM are kept low with spreads starting from the very bottom at 0 pips. You will also find that XM offers a $30 bonus when you open an account as well as 50% and 20% deposit bonuses depending on the situation. They also offer a great loyalty program with trading contests where you can win money and other prizes.

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73.57% of retail investor accounts lose money

FBS is another of our choices for the best forex broker in Zimbabwe. They are known and regulated around the world and offer a great trading experience within a very transparent environment for all traders.

This starts with a very accessible minimum deposit from just $1 meaning virtually everyone who wants to start trading can do so. This minimum deposit increased depending on the account type with other accounts available including an ECN account with a $1,000 minimum deposit, and a swap-free account. At FBS you will have the privilege of trading on their proprietary copy trading platform if you wish to do so.

The spreads here start from as low as possible at 0 pips depending on the assets you want to trade and you will also find a great environment for bonuses and contests with plenty on offer. This even extends to a 100% bonus on your deposit in many cases.

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74-89% of retail CFD accounts lose money

XTB is another of our top 10 best forex brokers in Zimbabwe. They offer a very safe and secure trading environment that is particularly popular with new traders thanks to an excellent trading academy that offers free lessons at every level of experience.

A further point of appeal for beginner traders when it comes to XTB is the fact they do not require any minimum deposit. This means anyone can start trading forex very easily on the broker’s own proprietary trading platform which is intuitive and user-friendly. The broker also offers a swap-free account for Islamic traders.

Besides these points, the spreads remain low starting from only 0.2 pips and while there are no bonuses directly available, XTB caters very well in terms of trading contests with prizes to be one. Here they provide a special focus on Islamic traders with events taking place during Ramadan proving very popular.

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73% of retail investor accounts lose money

One of the best-known names in the industry, eToro is undoubtedly at the top when we talk about social and copy trading brokers. They also have many other great features and services to offer, among them trading in forex and other assets to traders around the world including in Zimbabwe.

The broker comes with a minimum deposit of $200 which remains competitive in the industry, and alongside that one of the easiest to use, and most intuitive trading platforms around. You can also utilize their unlimited demo account to practice completely risk-free trading.

Another positive point, especially for new traders is the fact that you can simply copy other expert traders if you do not yet feel confident, or don’t wish to directly make your own trades. The fees and costs are kept low too with the only downside being the USD as the only supported base currency meaning you will have to pay a small conversion fee on other currencies.

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68% of retail investor accounts lose money

Next on our list of top brokers is the FP Markets. They are an Australian broker with many years of operating at a very high level in the industry. They were founded in 2005 and are among the most popular market maker brokers with ECN/STP execution. This holds true for traders in Zimbabwe and many other countries around the world.

What you will find at FP Markets is very fast trade executions at some excellent prices and a very accessible minimum deposit that starts from only $100 on a Standard account though there are other account types available including a CFD Stockbroking account with a $50,000 minimum deposit.

Clearly, FP Markets does an excellent job in catering for traders at all levels from brand new to professional level, and you will find a very competitive spread throughout which starts from 0 pips.

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74-89% of retail CFD accounts lose money

Interactive Brokers is one of the most widely known brokers who are regulated around the world and boast an excellent reputation having been around the industry for many years. They also offer services and are considered a top broker in Zimbabwe.

For such a well-known broker, IB is also extremely easy for new traders to begin trading with. They offer this opportunity to open your account with no minimum deposit that appeals to many new traders. You will find an extensive range of 105 forex pairs available to trade at the broker too.

When it comes to other points of attraction, they are very easy to deal with and have a low starting spread on major assets from just 0.1 pips. In general, they are considered an excellent choice both for forex and stock trading which they offer very low commissions on.

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74-89% of retail CFD accounts lose money

Instaforex is another top choice if you are looking for a good forex broker available for trading in Zimbabwe. They are an excellent ECN broker where you can expect the fastest execution speeds in the industry and a well-reputed background.

Again, a very low minimum deposit helps the broker to stand out with new traders and beginners in forex trading. This minimum deposit stands at just $1 which is even the case for ECN accounts unlike many in the industry. Instaforex is also able to offer a swap-free account if needed.

The broker offers a good selection of local payment methods that can be helpful alongside all the major methods you would expect. Trading costs are competitive and a total of 4 bonuses are offered including a full 100% bonus on your first deposit.

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61.14% of retail investor accounts lose money

Last on our list of top 10 forex brokers in Zimbabwe is FXPro. They have a very strong following around the world offering services in most countries and winning as many as 60 awards over the years.

FxPro provides for a minimum deposit of $200 which is around the average to be expected in the industry and they also make a good selection of account types available including both a great demo account and an Islamic account if you need one. For trading with FXPro, you can have the use of all the top platforms in MT4, MT5, and cTrader.

Finally, on trading costs both for non-trading fees and commissions, and actually trading spreads, these are as minimal as possible and very competitive. The spread at FXPro starts from 0 pips.

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75.54% of retail investor accounts lose money

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, 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.

Zimbabwean trader? Here’s what to 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.

About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of 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.

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