As forex trading is becoming increasingly popular in Tanzania, there are many forex brokers and online platforms available that allow Tanzanian traders to access the global forex markets. The forex brokers on this list offer a range of trading instruments including Forex, commodities and indices, educational materials and very good customer support.
It’s important for Tanzanian traders to choose a well-regulated and reputable forex broker to ensure the safety of their funds and to avoid fraudulent activities. Here are some more forex brokers that you may consider if you are looking to trade forex in Tanzania:
Best Forex Brokers in Tanzania 2023
How does a forex broker in Tanzania perform in the market? How is it possible to get the right broker? Forex trading provides a competitive environment for traders in Tanzania. This market is available for anyone under the age of 17. Although some Forex Brokers deal with foreigners, Tanzanian Forex Brokers don’t have the legal status. Tanzania has an estimated 4% growth potential by 2020 and will become a fast growing nation within Africa.
Best Forex Trading Platforms
Our research has revealed many of the best forex trading platform platforms from the world’s best trading firms. From the over 60 brokers we have analyzed, we’re listing these brokers with the top ranked trading platform experience (click on their names to view our review).
Register a Demo Account with A Broker of Your Choice
A Forex Demo Account can help you understand the complexities of trading entry or exit, but you can also learn how quickly market conditions change. During trial practice you will develop a clear set of goals. When using demo money it is easier to test skills with another alternative. It will also help to understand the proper time to sell certain investments. Keep in mind how valuable patience is in the trading system.
Do I Need a Broker to Trade Forex?
Is there any broker that can handle Forex trading? Is. Connecting Forex market participants can be a difficult but costly process. Choosing the regulated Forex Brokers with minimal costs and good reputation for fair and honest services.
What is the best time to trade forex in Tanzania?
The most efficient times to trade forex is between noon-6pm local Tanzanian time. London & NYC session overlap during the time frame, providing good liquidity.
Best Lowest Spread Forex Broker in Tanzania
Overall Axi has become the fastest low spread broker in Tanzania. AXI Forex and CFD Broker has a Metatrader4 exclusive platform with variable zero price spreads with low commissions. Tanzanian traders can access mobile markets via the MetaTrader 4 app for iPhone and Android devices.
Is Forex Trading Legal in Tanzania?
Forex trading is permitted in Tanzania. Tanzanians have an unlimited number of forex trading options available to them. Despite their international licenses, they are all licensed.
Exness
Exness is a forex broker that is available in Tanzania and provides trading services to clients in the region. Tanzanian traders can open an account with Exness and access the global forex markets through the broker’s trading platforms. The broker also offers excellent customer support and a range of educational resources to help traders improve their trading skills and knowledge.
Exness offers a choice of account types with competitive trading conditions, including tight spreads, fast execution speeds, and low commission fees.
Some of the key features of Exness in Tanzania include:
Instant Deposit and Withdrawal
Huge Leverage
Tight spreads
Client funds kept in segregated accounts
Cons:
No multi-currency accounts available
ETF CFD trading is not available.
Founded: 2008
Regulators: CySEC, FCA, FSA, FSC, FSCA
Trading Platform: Metatrader 4, Metatrader 5
Minimum Deposit: $10 Minimum Trade: 0.01 Lot
Spread: Variable
Leverage: 1: 2000
Funding: Perfect Money, Wire Transfer, Credit and Debit card, Neteller, Web Money, Mobile Money
HotForex
HotForex is a forex broker that operates globally and is available to traders in Tanzania. Tanzanian traders can sign up for an account with HotForex and access a variety of trading instruments, including forex, metals, shares, cyprocurrency et etc..
HotForex provides several different trading account types to choose from, including Micro, Premium, Zero Spread, Auto, PAMM, and HFCopy accounts. Tanzanian traders can also choose to trade using the MetaTrader 4 or MetaTrader 5 trading platforms, which are popular and widely used trading platforms that offer a variety of advanced trading tools and features. HotForex offers competitive spreads and commissions, with no fees on deposits or withdrawals. The broker also provides educational resources and trading tools, including webinars, video tutorials, market analysis, and a variety of trading calculators.
Some of the key features of HotForex in Tanzania include:
Regulated Broker: HotForex is regulated by several financial authorities, including the (FCA) in the UK, (CySEC), and the Financial Sector Conduct Authority (FSCA) in South Africa.
Competitive Spreads: HotForex’s spreads are generally considered to be competitive in the industry, which can help traders to save on trading costs and increase potential profits.
Low Minimum Deposit: HotForex offers a low minimum deposit requirement $5.
Fast Trade Execution: HotForex uses fast and reliable trade execution technologies, which can help to ensure that trades are executed quickly and accurately.
Local Support: HotForex has a dedicated support team that can provide assistance to Tanzanian traders in their local language. This can help to ensure that traders can receive the support and assistance they need to trade effectively and efficiently.
Founded: 2010
Regulators:CySEC, DFSA, FCA, FSCA
Trading Platform: MetaTrader 4, MetaTrader 5
Minimum Deposit:$5
Minimum Trade: 0.01 Lot
Spread: Variable Leverage: 1:1000 Funding: Wire Transfer, Bypay, Webmoney, Credit Card, CRYPTO WALLET, Union Pay, Fastpay
Octafx
OctaFX is a forex broker that offers trading services to clients from various countries, including Tanzania. Here are the general requirements to open an account with OctaFX: OctaFX is a forex broker that is available for clients in Tanzania. Tanzanian traders can open an account with OctaFX and access a range of trading instruments, including forex, commodities, and indices.
Some of the key features of OctaFX in Tanzania include:
Multiple account types: OctaFX offers several account types to suit the needs of different traders, including a micro account, a pro account, and an ECN account.
User-friendly trading platforms: OctaFX provides its clients with a choice of trading platforms, including MetaTrader 4 and MetaTrader 5, which are known for their advanced charting and analysis tools.
Trading instruments: Tanzanian traders can access a range of trading instruments, including over 28 currency pairs, commodities, and indices.
Customer support: OctaFX provides customer support in multiple languages, including English, and offers 24/5 support through live chat, email, and phone.
Founded: 2011
Regulators: Cysec
Trading Platform: Metatrader 4, Metatrader 5
Minimum Deposit: $5
Minimum Trade:0.01
Spread: Variable
Leverage: 1:500
Funding: CryptoCurrency, Wire transfer, Perfect money, Credit/Debit cards
Roboforex
RoboForex is a popular forex broker among Tanzanian traders. The broker has a good reputation in the industry and offers a range of trading instruments, competitive trading conditions, and a choice of trading platforms that make it an attractive option for traders in Tanzania. RoboForex is also well-regulated, providing Tanzanian traders with a level of security and trust.
Tanzanian traders can open an account with RoboForex and access the global forex markets through the broker’s trading platforms, which include MetaTrader 4 and MetaTrader 5. RoboForex offers competitive spreads that start from 0 pips for some of its account types and trading instruments.
Some of the key features of RoboForex in Tanzania include:
Pro-Cent Account: This account type is suitable for beginners and offers access to all trading instruments, as well as a leverage of up to 1:2000.
Pro-Standard Account: This account type is designed for more experienced traders and offers lower spreads, faster execution, and a leverage of up to 1:2000.
ECN-Pro Account: This account type offers market execution and floating spreads starting from 0 pips, with a commission of $20 per million. It is suitable for traders who require direct market access and fast execution.
Prime Account: This account type is designed for professional traders and offers access to institutional-level liquidity and tight spreads, with a commission of $15 per million. It is suitable for traders who require the best trading conditions and the highest level of service.
Founded:
Regulators: IFSC
Trading Platform: Metatrader 4, Metatrader 5, R trader
Minimum Deposit: $5
Minimum Trade:
Spread: Variable
Leverage: 1:2000
Funding: Credit/Debit Card, E-Wallets, Crypto, Wire transfer
FXTM
FXTM (ForexTime) is a well-regulated forex broker that is available to traders in Tanzania. It offers a variety of trading instruments, including forex, CFDs, and cryptocurrencies, as well as several account types to choose from. The platform is designed for traders who prefer to trade on-the-go and offers a variety of features and tools to help traders manage their trades from their mobile devices. Regulations and Safety: FXTM is regulated by several top-tier regulatory bodies, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC).
Some of the key features of FXTM in Tanzania include:
Wide Range of Trading Instruments: The platform offers a wide range of trading instruments, including forex, CFDs, and cryptocurrencies.
Real-Time Quotes and Charting Tools: FXTM Trader provides real-time quotes and charting tools to help traders stay informed about market movements.
Multiple Order Types: The platform offers multiple order types, including market orders, limit orders, and stop-loss orders.
Account Management Tools: FXTM Trader provides account management tools, including deposit and withdrawal functionality, to help traders manage their accounts from their mobile devices.
Founded: 2011
Regulators: Cysec, FCA, FSC, FSCA
Trading Platform: FXTM Trader App, MetaTrader 4, MetaTrader 5
Minimum Deposit: $10
Minimum Trade: 0.01 Lot
Spread:Variable
Leverage: 1:1000
Funding: Wire Transfer, Credit/Debit Card, E-Wallets, CashU, Dixipay, FasaPay, Neteller, Perfect Money, Qiwi, Skrill
XM
Tanzanian traders can open a trading account with XM and access a range of financial markets, including currency pairs, metals, energies, indices, and stocks. XM offers three types of trading accounts, including Micro, Standard, and XM Zero accounts. Tanzanian traders can choose the account type that best meets their trading needs and preferences. The minimum deposit requirement for opening a trading account with XM is $5, which can be beneficial for new and small traders who may not have a lot of trading capital. XM offers competitive spreads as low as 0.6 pips, which can help to reduce trading costs for Tanzanian traders. Additionally, XM doesn’t charge any commissions on trades.
Founded: Regulators: FCA, Cysec, ASIC, DFSA, IFSC
Trading Platform: MetaTrader 4, MetaTrader 5
Trading Platform
Minimum Deposit: $5
Minimum Trade: 0.01 Lot
Spread:
Leverage: 1:1000
Funding: Wire Transfer, Credit Card, Debit Card, Neteller, Skrill, Przelewy, UnionPay, Yandex, Qiwi, WebMoney
Some of the key features of XM in Tanzania include:
Low minimum deposit
Spreads from 0 pips
Well-regulated
Low stock CFD withdrawal fees
Great educational tools
Excellent customer support
100% real-time market execution
Free and instant access to all trading platforms
Cons:
Dealing desk
Low leverage for all European traders
Average forex fees
Limited product portfolio
Fusion Markets
Fusion Markets is an Australian-based forex broker, which provides their trading/CFD services to global clients. it builds on the popular Metatrader 4 platform and offers traders a large selection of over 120 financial products. The broker offers exceptional conditions, including low trades from only $2.25 standard lot commission. You can trade currencies, stocks and crypto with tight spreads starting at just 0.0 pips and fast execution speeds. It also offers a wide range of trading tools to help you with your daily trading activities.
Account creation is quick and easy and customer service representatives respond quickly and accurately. On the other hand, they offer insufficient pedagogical content.
Some of the key features of Fusion Markets in Tanzania include:
The absolute minimum deposit amount is
$1.
Low transaction costs; no fees for
deposits.
Tight spreads and reliable execution speeds
Discounted VPS for qualifying traders
Excellent customer support
Cons:
No cryptocurrency funding at this time
Limited education content
No Islamic (swap-free) accounts
Founded: 2017
Regulators: ASIC, VFSC
Trading Platform: Metatrader 4, Metatrader 5
Minimum Deposit:$1
Minimum Trade: 0.01 Lot
Leverage: 1:500
Spread: Variable
Funding: Paypal, Schrill, Neteller, Perfect Money, Bpay, Credit And Debit Card
Forex Terminology
You need to understand the fundamental forex terms in your trading plan before beginning to trade. Forex traders use this term frequently on intraday trades.
Effective Risk Management for Tanzanian Forex Traders
Forex trading has risks like any other business. Risk management has always been important to many professional and successful traders. When you learn a trade, you should never risk anything less than 10% of it for the future. For foreign exchange trading success requires risk management strategies. Can I determine my own risk tolerance? It’s important to understand the risks of an individual’s financial transactions.
Spreads, Costs and Trading Conditions
Pricing and charges for transactions are obvious when choosing a broker. The top brokers are now competing against each other in fierce competitions, and individual investors can benefit from strict pricing standards favored at large financial institutions. When trading Forex there are numerous brokers which offer clients a choice among different commissions or spreads. Standard accounts give traders higher spreads and lower commissions while ECN-style trading accounts offer flat recurring commissions at low prices 0.0ips for the highest profit potential.