10 Best
Forex Trading Platforms and Brokers in
Tanzania

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Tanzania is one of the fastest growing economies in the African Continent and for a matter of fact in the world, and has a rapidly developing financial market. The Capital Markets and Securities Authority (CMSA) is entrusted with overseeing the capital markets in the country by which it protects investors.

The CMSA has the task to license all market participants, including brokers and their representatives, Nominated Advisers and their representatives, investment advisers, fund managers, custodians of securities, and much more!  At present there are no locally based forex and CFD brokers in Tanzania and for traders based in Tanzania the best choice will be an international broker which is licensed by a respectable, financial regulator such FCA, CySEC or ASIC.

A secondary authority which monitors the Tanzanian financial market is Bank of Tanzania, which is largely responsible for the regulation of the commercial banks, the monetary policy and the price stability.  Apart from this, traders can easily transfer money in or out of Tanzania by making use of major cards like VISA and MasterCard, e-wallets like WebMoney, Neteller, Skrill, Paysafecard and CashU amongst others.

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

The Best Forex Trading Platforms and Brokers in Tanzania

Blackstone future

BlackStone Futures Broker

BlackStone Futures is an established FSCA-regulated broker based in Johannesburg – Founded in 2009.  It offers both ZAR and USD accounts on MT4 and the proprietary CloudTrade platforms.

Trading Conditions

Minimum Deposit

ZAR 1000

Base currencies

ZAR, USD

Number of FX Pairs

32

Hedging Allowed

Scalping

Swap-Free Accounts

X

Average Spreads

EUR / USD

0.6

GBP / USD

0.8

USD / JPY

1

Is BlackStone Futures Safe?

BlackStone Futures has been in operation in South Africa since 2009 and has the trading name of Trade Nation Financial Pty Ltd, which is the South African subsidiary of FINSA Europe, an FCA and ASIC regulated broker based in London, UK. 

Trading Conditions

BlackStone Futures is a STP only broker, which allows for near-instant execution on both its ZAR Account and USD Account. Both accounts offer the option of using either BlackStone’s proprietary online platform Cloudtrade or MT4.

Account Types

 

Min. Deposit

Max. Leverage

Min. Spread

Commission

USD Account

USD 100

400:1

0.6 pips

None

ZAR Account

ZAR 1000

400:1

0.6 pips

None

Demo Accounts are available for both account types and both platforms.

HotForex

HotForex

HotForex is on the list of Top 100 Companies by World Finance Magazine and is regulated by multiple major international organizations including the FCA, CySEC and the FSCA.

Trading Conditions

Minimum Deposit

USD 5

Base currencies

USD, ZAR

Number of FX Pairs

51

Hedging Allowed

Scalping

Swap-Free Accounts

Average Spreads

EUR / USD

0.7

GBP / USD

0.5

USD / JPY

0.2

Is HotForex Safe?

Regulated by CySEC (license 183/12) 2012, the FCA (license 801701) since 2013 and the FSCA (FSP 46632) since 2016, HotForex adheres to strict internal processes and auditing policies.

Trading Conditions

All accounts have variable spreads, and deposits and withdrawals at HotForex are free.

Account Types

HotForex provides clients with a choice of six account types, dependent on location (Europe will only have access to three accounts), and trading conditions vary as the minimum deposit increases.

 

Min. Deposit

Max. Leverage

Min. Spread

Commission

Auto

USD 200

500:1

1.0 pips

None

HFCopy

USD 300

Variable

1.0 pips

None

Islamic

USD 100

1000:1

1.0 pips

None

Micro

USD 5

1000:1

1.0 pips

None

Premium

USD 100

500:1

1.0 pips

None

Premium Pro

USD 5000

400:1

1.0 pips

None

Zero

USD 200

500:1

0.0 pips

$3.00

The spreads on all accounts are variable, where the Zero account has the tightest spreads on FX pairs – an additional commission is charged based on the trading volume.

XM Group

XM Group

The XM Group provides the entire suite of MetaTrader platforms plus over 1300 tradeable instruments.

  • The XM Group is regulated in two tier-1 jurisdictions and one tier-2 jurisdiction XM is authorised and regulated in 3 countries: Australia (ASIC), Cyprus (CySec) and the United Kingdon (FCA). , making it a safe broker (average-risk) for forex and CFDs trading.
  • Pricing at XM Group varies by account type.

XM Group is considered as an average-risk, and is not publicly-traded and does not operate a bank.

Offering of Investments

The XM Group offers traders CFDs on 1200 stocks, 30 indices, eight commodities, four metals, five energies, and 57 forex pairs.

Commissions & Fees

The commissions and fees at XM Group is depended on the type of account used.

Spreads: In the XM Zero account, average spreads on the EUR/USD stand at 0.1 pips (according to XM Group website data, and not including commission), compared to the commission-free Standard and Micro account, which had average spreads of 1.7 pips for the same pairs.

Commissions: Even after including the USD $3.5 per side commission ($7 per Round Turn), and average spreads of 0.1 pips on the EUR/USD, the all-in cost to trade is 0.8 pips (0.1 spread + 0.7 RT commission), making the XM Zero account the firm’s most competitively priced offering.

Platforms & Tools

XM Group is a MetaTrader-only broker offering the standard experience which includes both MT4 and MT5.

XM Group’s research offering consists of:

  • Content generated by an in-house team of analysts including:
  • Daily market recaps and
  • Technical and fundamental analysis articles and videos.
  • An economic calendar powered by Investing.com

Trading signals: The XM Group offers its trading signals hub to live account holders but, trading signals that can be automated are currently limited to the Signals Market available within the MetaTrader platform.

Technical analysis:  The XM Group offers Tradepedia, which provides educational Forex and CFD content.

Video news analysis:  The XM Group creates daily forex news videos with market analysis explained in a TV interview-style format.

Customer Service

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 6.66 / 10
  • Average Professionalism Score: 5.2 / 10
  • Overall Score: 6.7 / 10
  • Ranking: 24th out of 43 brokers
fx pro

FXPro

FXPro is an online broker founded which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals and Spot Energies trading.  FXPro is a global broker and has a head office located in the UK.

FXPro provide traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of $100.

What can be traded with FXPro?

  • Over 250 instruments
  • Over 70 currency pairs

FXPro is one of the few brokers in the market who offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

FXPro Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Low min deposit
  • Offers Negative Balance Protection

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument and the broker offers support in a very wide range of languages including Arabic, Chinese, English, French, German, Hungarian, Indonesian, Italian, Japanese, Korean, Polish, Portuguese, Russian, Spanish, and Vietnamese.

FxPro holds an international license from the CySEC that authorizes you to provide investment services. They make sure to comply with local and EU regulations such as the Financial Instruments Markets Directive (MiFID) and the Cyprus Investment and Regulated Market Services and Activities Act of 2007.

easyMarkets

EasyMarkets

EasyMarkets Is the Best Forex Broker for Beginners in Nigeria and is regulated by CSEC (Cyprus) and ASIC (Australia) and offers beginner forex traders:

  • Enhanced risk management tools as standard
  • Fixed spreads on all forex pairings
  • An easy to use forex trading platform

Risk Management Tools Offered by EasyMarkets

EasyMarkets offers traders three key risk management tools which are ideal to those new to currency trading:

Deal Cancellation

‘dealCancellation’, when activated allows a trader to cancel a trade within 60 minutes when the markets move in the wrong direction, which is perfect for beginners or those who are concerned about the high risk of leveraged products.

Note: Only certain currency pairings offer dealCancellation and the feature can only be activated at certain times and there is a small fee when this is activated.

Guaranteed Stop Loss Orders

Most forex brokers in Tanzania offer stop-loss orders which will exit  a trader when a set profit or loss is made on any trade, but the issue exists that when a market has low liquidity or experience high volatility the CFD provider won’t be able to exit the trader at the set price.  This is known as slippage and can lead to unexpected losses exceeding the traders’ expectations.

EasyMarkets make all stop-loss ordered guaranteed stops meaning the maximum losses set are guaranteed to be locked in or the FX broker will cover the difference.

Negative Balance Protection

Similar to stop losses, negative balance protection helps stop a trader’s losses before it exceeds their expectations, but in this case, rather than protecting losses exceeding the amount set on a single trade, this stops overall losses from exceeding deposits. EasyMarkets guarantees traders that they will not lose more than their balance and if this does occur, they will cover the difference.

Perfect Platform for Beginners

EasyMarkets has a trading platform which is perfect for Beginners and offer the choice of MT4 or their own online trading platform. The EasyMarkets features such as dealCancellation are only available through their online forex platform which also includes a mobile trading app for iPhone, Android and iPad devices.

IG Markets

IG

IG offers traders a wide-ranging list of tradeable products, outstanding trading and research tools, industry-leading education, and competitive rates.

Is IG Safe?

IG is considered low-risk, and is a publicly traded company which operates a regulated bank, and is authorised by six tier-1 regulators (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust). IG is authorised by the following tier-1 regulators. IG is regulated by several bodies globally, including top-tier regulators like the Financial Conduct Authority (FCA) and the Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.

Commissions & Fees

IG provides traders competitive pricing across the board, regardless of the product chosen to trade.

  • Average spreads: For small and standard size contracts, minimum spreads on the EUR/USD were 0.6 pips, average spreads were 0.73 pips, for the end of November, 2019.
  • Active traders: For volume traders who qualify as professionals under EU rules, IG offers even more competitive rates on its commission-based offering, Forex Direct.
  • Execution method: Forex Direct streams from interbank liquidity providers where IG acts as an agency broker – not adding on any additional spread. IG adds a commission to each trade made.

Platforms & Tools

IG provides an outstanding offer of trading platforms and tools.

Flagship platform: IG’s main trading platform is its proprietary web-based platform with usability at the centre of the experience.

Charting: The default charts within the platform offers traders advanced functionality, including the ability to add an alert on a specific indicator, with a total of 28 currency pairs available to select.

Additional platforms:  IG offers the MetaTrader4 (MT4) platform and a L2 Dealer platform where Forex Direct and Direct Market Access (DMA) are available for share trading.

ProRealTime charts:   Via the ProRealTime premium charting more advanced charting with nearly 100 indicators is provided.

Customer Service

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 7.7 / 10
  • Average Professionalism Score: 8.2 / 10
  • Overall Score: 8.17 / 10
  • Ranking: 8th in 23 brokers

IG provides traders a large selection of quality market research from both in-house and third-party providers plus, a mobile app that comes packed with plenty of features.

Mobile app features include:

  • Tools: Alerts, sentiment readings, an economic calendar, watch lists, detailed market information and a well-designed layout.
  • Charting: The charting function is loaded with 28 technical indicators and drawing tools.
  • Research: News content and signals from AutoChartist.
  • MetaTrader: MetaTrader is also available for traders who prefer the MT4 mobile app.

IG offers traders powerful research tools, competitive spreads and over 17,000 tradeable assets.

eToro best brokers

eToro

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, and offers traders both CFDs and Social Trading.  eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.

eToro is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.

ThinkMarkets

ThinkMarkets

ThinkMarkets is an online broker which was founded in 2010 and offers both Forex and CFDs trading with over 100 instruments and over 40 currency pairs which can be traded on the popular MT4 forex trading platform.  ThinkMarkets also offer mobile apps for Android and iOS.

ThinkMarkets is a global broker with a head office based in Australia and a minimum deposit of $250 will be needed to make a start.   ThinkMarkets doesn’t charge neither withdrawal or inactivity fees.

ThinkMarkets Trading benefits on offer include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

ThinkMarkets Trading Accounts Include:

  • Demo account
  • Mini account
  • Standard account
  • ECN account
  • STP account
  • Islamic account

ThinkMarkets support a wide range of languages including English, Chinese, and Japanese and has a double AA grade support rating.  ThinkMarkets is regulated in Australia (TF Global Markets Pty), the UK (TF Global Markets Limited), and Bermuda (Think Capital Limited).

Admiral Markets

Admiral Markets

Admiral Markets is an online broker which was founded in 2001 and offers Forex and CFDs trading, is globally recognized and has a head office based in the UK.  Traders will need a minimum deposit of $200 to start and can sign up for a demo account to in over 148 instruments and over 40 currency pairs.

Admiral Markets offers both of the MetaTrader platforms; MT4 and MT5 and mobile apps for Android and iOS.

Admiral Markets Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Admiral Markets Trading Accounts Offered:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • ECN account
  • STP account

Admiral Markets offers support in a wide range of languages including English, Spanish, Hungarian and much, much more!

Admiral Markets is regulated by the FCA, ASIC, CySEC and EFSA. The company is a member of the Financial Services Compensation Scheme, offering negative balance protection, segregated accounts and a high level of safety and security of funds.

FXCM

FXCM

FXCM caters to multiple trader types including High-volume traders, algorithmic traders, and traders who appreciate robust trading tools and quality market research.

Is FXCM Safe?

FXCM is considered low-risk. FXCM’s parent company is publicly-traded, does not operate a bank, and is authorised by three tier-1 regulators (high trust), two tier-2 regulators (average trust), and zero tier-3 regulators (low trust). FXCM is regulated by top-tier financial authorities like the UK FCA and the Australian ASIC. 

Commissions & Fees

FXCM stands out the most in regards to its Active Trader account offering, where low commission rates and average spreads provide competitive pricing for high volume traders.  Active Trader accounts are available for clients who deposit at least $25,000, which comes with a lower commission rate of $25 per million and access to premium research.  Standard account holders are only charged the prevailing spreads, Active Trader accounts are charged a commission per trade, in addition to reduced prevailing spreads.

Platforms & Tools

FXCM offers a growing range of trading platforms and tools including:

  • Trading Station desktop: FXCM’s flagship trading platform, caters well to forex traders of all skill levels.
  • Trading Station web: The web version of Trading Station features includes news, videos, research, market data signals, and links to external resources.
  • Ninja Trader:  Features numerous trading tools, including automated trading capabilities.
  • Algorithmic Trading: The FXCM App store provides various add-ons, technical indicators, and automated trading robots.

Customer Service

  • Average Connection Time: <1 minute
  • Average Net Promoter Score: 8.3 / 10
  • Average Professionalism Score: 9.2 / 10
  • Overall Score: 8.77 / 10
  • Ranking: 3rd in 22 brokers

FXCM provides a wide variety of market research and related resources. A combination of Trading Station and MetaTrader4 (MT4), FXCM delivers a reliable, feature-rich mobile offering for forex traders.

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Documents Need To Verify A Forex Trading Account.

Every new Tanzanian trader will be required to verify their account and the following documents will be needed to do so:

  • Proof of Legal Identity in the form of a Government-issued ID, Driver’s License, Passport, etc.
  • Proof of Address in the form of a Government-issued residential registration, re-occurring statements to the address – Water bill, Electricity bill, Tax bill, Tax clearance certificate, and Bank statements.

For any trader to have a fair chance of making a profit in online trading, they have to trade with the best licensed and regulated forex brokers available to traders in Tanzania.

5 More Mention Worthy Forex Trading Brokers And Platforms Available To Tanzanian Traders: 

Swissquote best broker

Swissquote

Swissquote is an online broker which was founded in 1999 and offers Forex and Social Trading, is a globally recognized broker and has a head office situated in Switzerland.  New traders with Swissquote will need to make a minimum deposit of $1000 and a demo account is available.

Swissquote is able to accommodate various levels of traders and offers a wide variety of instruments and trading currency to choose from.

  • Over 100 instruments
  • Over 150 currency pairs

Swissquote offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

Swissquote Trading benefits:

  • Allows scalping
  • Allows hedging

Swissquote Trading Accounts on Offer include:

  • Demo account
  • Mini account
  • Standard account

With Swissquote, the minimum and maximum trade requirements will vary depending on the trader and the instrument and the platform supports a wide range of languages including English, German, French, Italian, Spanish, Arabic, Russian, and Chinese.

Swissquote is regulated by the Financial Conduct Authority (FCA), the UK’s financial authority. Swissquote is considered safe because Swissquote Bank Ltd has a banking license, it is listed on the Swiss stock exchange, discloses detailed financials regularly and it has a long track record.

Cityindex best broker

City Index

City Index is an online broker which was founded in 1983 and offers Forex, CFDs and Spread Betting trading and traders can trade in over 12,500 instruments and over 100 currency pairs on the popular MT4 forex trading platform.  City Index also offer mobile apps for Android and iOS.

City Index is a global broker and has a head office situated in the UK and new traders will need to make a minimum deposit of $25 to make a start.

City Index Trading benefits:

  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

City Index Trading Accounts on Offer include:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • STP account
  • Managed account

City Index support a wide range of languages including English, Spanish, German, Arabic, Polish, and Chinese and has a triple AAA grade support rating.

City Index is authorised and regulated by the UK Financial Conduct Authority, offering a high level of security and safety.

pepperstone best broker

Pepperstone

Pepperstone is a global online broker which was founded in 2010 and offers Forex, CFDs and Social Trading.   Pepperstone is regulated and supervised by reputable organisations with a head office based in Australia.

With Pepperstone new traders will need a minimum deposit of $200 to open an account and the option is available to sign up for a demo account to familiarize themselves with the Pepperstone platform.  Pepperstone can accommodate various levels of traders whether a trader is experienced or just starting off in trading.  Traders have the option to trade in over 100 instruments and over 70 currency pairs.

Pepperstone is one of the few brokers available that offer traders both of the MetaTrader platforms; MT4 and MT5 coupled with cTrader. Pepperstone also offer traders mobile apps for Android and iOS for the complete package.

Pepperstone benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

Pepperstone allows traders to execute a minimum trade of 0.01 Lot and supports a wide range of languages including English, Spanish, Polish, Chinese, Japanese, Korean, Vietnamese, and Arabic.

Pepperstone is considered safe since it’s regulated by two top-tier financial authorities, the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). 

Roboforex robo forex best brokers

Roboforex

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.

Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

Roboforex Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

Roboforex Trading Accounts include – Demo, Micro, Mini, Standard, Zero, ECN, STP and Islamic and all accounts support a wide range of languages including English, Chinese Simplified, Chinese Traditional, Indonesian, Malaysian, and much more.

RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

trading212 best forex

Trading 212

Trading 212 is a global online broker which was founded in 2006 and offers trading in Stocks, Forex, Commodities and Indices trading.  With Trading 212 new traders will need a minimum deposit of $1 to start and they have the option to sign up for a demo account.

Trading 212 accommodates traders on various levels, whether it be experienced or novice.  Trading 212 is regulated and supervised by reputable organisations and have won numerous industry awards over the past 14 years that they have been in operation.

Trader can trade in over 3000 instruments and over 177 currency pairs.  Trading 212 offer traders a user-friendly custom trading platform which is also available as a browser-based web application alongside mobile apps for Android and iOS.

Trading 212 benefits include:

  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

Trading 212 also offers traders a good selection of educational resources and offers customer support in a wide range of languages.

Trading 212 authorised and regulated by the Financial Conduct Authority (FCA). 

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

In Conclusion

Forex trading has become increasingly popular in Tanzania and each broker will offer an advantage over the other.  Traders should take their time to find the best broker that will let them trade StocksIndicesBinary OptionsCDFsETFsForex and some cryptocurrencies   including Bitcoin and Ethereum paired with quick deposits and withdrawals of their profit.

EXNESS is this month's #1 Broker