Top 7 Best Forex Brokers in Zimbabwe 2023

The InvestinGoal team has 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

Round-Up

1. OctaFX: best trading tools
2. XM: no requotes
3. FBS: best with high leverage
4. Fusion Markets: best for the lowest costs
5. FXTM: best broker overall
6. Instaforex: best for account types choice
7. FxPro: best for cTrader accounts

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

Review

1. OctaFX

• 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.

Visit OctaFx
74-89% of retail CFD accounts lose money

2. XM

• XM in Zimbabwe is available under their global entity regulated by IFSC 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, with leverage up to 888:1.
• Several bonuses are provided by XM to Zimbabweans clients including $50 trading bonus, 50%, and 20% deposit bonuses, and an XM loyalty program.

Visit XM
73.57% of retail CFD accounts lose money

3. FBS

• 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.

Visit FBS
74-89% of retail CFD accounts lose money

4. Fusion Markets

• 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.

Visit Fusion Markets
Your capital is at risk

5. FXTM

• 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.

Visit FXTM
81% of retail CFD accounts lose money

6. Instaforex

• 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.

Visit Instaforex
55.29% of retail investor accounts lose money

7. FxPro

• 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.

Visit FxPro
72.87% of retail CFD 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, 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.

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.