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:
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.
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