10 Best
Forex Trading Platforms and Brokers in
Zambia

Forex trading is growing in popularity in Zambia and across the globe with the volume of Forex traded in Zambia increasing considerably over the past five years.  There is a misconception that trading Forex as a Zambian national is considered as unsafe, but this is not the case, Forex trading in Zambia is very active.  

The foreign exchange (also known as FX or forex) market is a global marketplace for exchanging national currencies against one another as exchange rate pairs. For example, EUR/USD.  Forex markets exist as spot (cash) markets as well as spin-off markets offering forwards, futures, options, and currency swaps.  The foreign exchange market is where currencies are traded and currencies need to be exchanged in order to conduct foreign trade and business. 

Many African success stories have emerged and Forex trading has made many young traders rank amongst the richest people in the world. But more about this later.

Finding the best broker as a Zambian trader can be a difficult process, especially finding one who accepts Zambian traders and would allow them to invest in their currency, the Zambian kwacha.  In this article we have listed the best trading sites that will let Zambian traders trade in Stocks, Indices, Binary Options, CDF’s, ETF’s Forex and some cryptocurrencies like Bitcoin and Ethereum.  

The brokers mentioned in this article also support payment options that will allow Zambian traders to make deposits and withdrawals of profit, provide the lowest fees and support MT4, MT5 and cTrader trading platforms.

What is a Currency Pair?

Basically, a currency pair is the quotation and pricing structure of the currencies being traded in the forex market and the value of the currency is a rate which is determined by its comparison to another currency.  Forex trades involve purchase of one currency and the sale of another at the same time. 

The buy price of a currency is called the “bid”, the sell – the “ask”. The “bid” for the currency pair will tell traders the amount of quote currency they will need in order to obtain the base currency. The “ask” for the currency pair will tell traders the amount they will receive in the quote currency for selling one unit of the base currency.

What is a Forex Broker?

Simply stated, when it comes to trading in foreign currency, traders will need to make use of a forex broker, also known as a currency trading broker, to place their trades. When a trader trades forex, they will buy or sell in currency pairs, e.g. “EUR / USD” (Euro / U.S. Dollar). Traders will open an account, deposit funds, then use the broker’s trading platform to buy and sell currency using margin. The forex markets are open 24 hours a day, five days a week.

To select a forex broker, traders should start off by looking for brokers that are regulated in their country. Next, they should assess the trading costs, tools, research capabilities, customer service, and other features of each forex broker. Finally, compare the top two choices side-by-side to decide on a winner.

The retail forex market is extremely competitive and choosing which forex broker to trade with can be a very overwhelming task.  But knowing what to look for, can make this task do-able. 

A Few Crucial Things to Consider

A good broker must offer traders a high level of security and fortunately for traders, checking the credibility of a forex broker isn’t very hard. There are multiple regulatory agencies all over the world that separate the trustworthy from the fraudulent.

For any trader who is even considering to deposit their money with a broker, must make sure that the broker is a member of a regulatory body.

No matter what kind of currency trader someone is, they will always be subject to transaction costs.

Every single time a trader enters a trade, they will have to pay for either the spread or commission so they should look for the most affordable and cheapest rates.

But sometimes traders may need to sacrifice low transaction rates for a more reliable broker.

It is all about finding a balance between security and low transaction costs.

Reputable FX brokers will allow traders to deposit funds and withdraw earnings hassle-free.

The Best Forex Trading Platforms and Brokers in Zambia

ic markets

IC Markets

C Markets is an online broker which was founded in 2007 and offers Forex, CFDs, Spread Betting, Share dealing, and Cryptocurrencies trading on offer both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.

IC Markets is a global broker and has a head office situated in Australia and new traders will need a minimum deposit of $200 to get started and a demo account is on offer for those who want to get acquainted with the IC Markets platform.  IC Markets are able to accommodate various levels of traders whether they are experienced or just beginning in the trading game.

Traders can trade in a wide variety of instruments and currency pairs

  • Over 232 instruments
  • Over 65 currency pairs

IC Markets also offer traders mobile apps for Android and iOS and two accounts types, Standard account and Raw Spread account.  IC Markets supports a wide range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German and more.

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.

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.

eToro best brokers

eToro

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro offers traders two ways to trade: CFDs, Social Trading and 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 supervised 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.

xtb best broker

XTB

XTB is an online broker which was founded in 2002 and offers Forex, CFDs, and Cryptocurrency trading.  XTB is a global broker with their head office situated in Poland.

XTB have won numerous industry awards over the 18 years that they have been operating as a financial broker and traders can choose to trade in a wide variety of instruments over 1,500 instruments and over 50 currency pairs in fact.  XTB offer traders the popular MT4 forex trading platform alongside the award-winning Xstation5.

XTB also offers traders mobile apps for Android and iOS and customer support in a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish.

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.

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 the trade.  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.

FxPrimus best broker

FXPrimus

FXPrimus is an online broker which was founded in 2009 and offers traders Forex and Social Trading, is a global broker and has a head office situated in Cyprus.  Traders can choose to trade in a wide variety of instruments and currency pairs alike.

  • Over 100 instruments
  • Over 45 currency pairs

FXPrimus offers traders the popular MT4 forex trading platform alongside a FXPrimus IOS or Android native App for phone and tablet use.

FXPrimus Trading benefits:

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

FXPrimus Trading Accounts Offered include: Demo, Micro, Mini, Standard, ECN, STP, Managed and Islamic.  FXPrimus supports a wide range of languages including English, Spanish, Indonesian, Chinese, Thai, Vietnamese, Hungarian, and Malaysian.

easyMarkets

EasyMarkets

EasyMarkets is a global, online broker which was founded in 2001 and offers traders Forex and CFDs trading.  EasyMarkets offer traders the popular MT4 forex trading platform coupled with mobile apps for Android and iOS respectively.

EasyMarkets Trading benefits:

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

EasyMarkets Trading Accounts on Offer include Demo, Micro, Mini, Standard and Islamic but a demo account is also on offer and the minimum and maximum trade requirements will vary depending on the trader and the instrument.

EasyMarkets also offers supports a wide range of languages including English, German, Arabic, Chinese, Spanish and Polish.

When traders have chosen a broker that suits their needs, they can start the process of trading, and hopefully be successful in their trade.

There are many successful traders in Africa and the fact is that these successful and young forex traders are determined and focus and has never given up in the trading business which in return, resulted in excellent profit – making them part of the richest people in the world.

Here are Some of Their Success Stories

While some forex traders, like our examples above, will be able to get rich trading forex, the vast majority will not and Forex trading is risky business. Historically speaking, several hedge fund managers have been able to get rich trading forex.

How Does a Trader Start Trading Forex?

Practice makes perfect so start of by opening a demo account to get used to the trading platform and tools offered by the chosen broker. Reading books and reading up on the most successful brokers in Africa and the world is also important for traders to learn how to conduct market research and perform technical analysis. Only then, when ready, open an account, fund it, and start trading.

Forex Trading Styles and Strategies

There are multiple trading strategies which traders can use when it comes to forex trading. Some more effective than others.  Traders should research all trading strategies in order to find out which one will fit them best. Here are some of the most popular strategies you can choose from:

Trades set using this strategy are normally exited before the day comes to an end preventing damage from any negative events that can happen overnight.

A trend trader will follow the trend in order to determine the direction that the prices have been taking

This strategy is usually used for trades that last through the period of one day to one week.

There are also various trading styles that depend on the time frame and holding period of every trade including intraday trading, position trading, swing trading, trend trading, technical trading, and fundamental trading.

In Conclusion

There are multiple reviews on the internet that can help traders find out more about brokers as well as teach them new forex facts they may not have known exists.  There are many lessons to learn from other people’s experiences and mistakes.  The foreign exchange market may be a massive but that does not mean it is impossible for beginners to navigate.

Some tips for beginners – 

Learn as much as you can about the foreign exchange markets before investing your own money so start out with the use a practice account.  Never underestimate the importance of the task of finding a reputable broker as it might just be the make-it or break-it point of anyone’s trading journey.  

 

Once you are able to successfully create a trading account, protect it.  Start small, keep your charts and records clean.  Trading is not just another past time; it runs like a business.

Trading currency in the foreign exchange market (forex) is fairly easy to do today as long as traders take the time to familiarize themselves with the market and terminology of the forex market.  Always keep in mind that It is absolutely critical to choose the right trading partner to engage the forex market. Pricing, execution, and the quality of customer service can all make a difference in a traders trading experience, be it as a beginner, novice or pro! So – Before starting something new, begin with the fundamentals.