10 Best
Forex Trading Platforms and Brokers in
Zimbabwe

Forex trading in Zimbabwe has become one of the most successful trade domains today and the number of forex brokers has increased too. The global foreign exchange or forex market is the largest and most dynamically traded financial market in the world. When looking for the ‘best’ forex broker, both beginners and experienced traders should place focus and look for several key features and benefits. Among the most important of these are fees (including spreads and commissions), trading platform(s) (including software, web-based, mobile, charting and third-party platforms), customer support, trading education along with currency research, and trustworthiness.

How do you know if a Forex Broker is regulated?

Before any Zimbabwean trader signs up with a new broker, they need to check if the broker is regulated. A Regulated broker will be one which follows the strict rules and regulations of the forex regulators to prevent scamming small investors etc.  Major regulators in the industry include CySEC, FCA, FSB, DFSA, SCB, IFSC, MiFID, ASIC, BaFin and many others. 

Traders can visit https://register.fca.org.uk/ and in the visible window enter the broker’s name or their licence number.  If the considered broker does not appear on the list, it is highly likely that this is a fraud. 

The Basics of Forex Trading in Zimbabwe

Forex” stands for foreign exchange and refers to the buying or selling of one currency in exchange for another. It’s the most heavily traded market in the world because people, businesses, and countries alike all participate in it, and it’s an easy market to get involved in, without much capital. 

Interesting fact – When someone goes on a trip and convert their U.S. dollars for euros, they are actually participating in the global foreign exchange market.

At any time, the demand for a certain currency will either push it up or down in value relative to other currencies. 

Currency Pairs Primer

Before a trader enters their first trade, it’s important to learn about currency pairs and what they signify.

In the forex market, currencies will always trade in pairs. When a trader’s exchanges U.S. dollars for euros, there are two currencies involved, so the exchange always shows the value of one currency comparative to the other. The forex market uses symbols to designate specific currency pairs. The euro is symbolized by EUR, the U.S. dollar is USD, so the EURO/U.S. dollar pair is shown as EUR/USD. Other commonly traded currency symbols include AUD (Australian dollar), GBP (British pound), CHF (Swiss franc), CAD (Canadian dollar), NZD (New Zealand dollar), and JPY (Japanese yen).

Each forex pair will have a market price associated with it and this price refers to how much of the second currency it takes to buy one unit of the first currency. 

What is a Forex Currency Trader?

A currency trader, also better known as a foreign exchange trader or forex trader, is a person or persons who trades, buys and/or sells currencies on the foreign exchange. Currency traders can include professionals who are employed to trade for a financial firm or group of clients, but they also include beginner traders who trade for their own financial gain be it as a hobby or to make a living.

How to Become a Forex Currency Trader 

  • Firstly, it’s important for traders to understand that there are three ways to trade foreign currency exchange rates:

    • On an exchange regulated by the Commodity Futures Trading Commission
    • On an exchange regulated by the U.S. Securities and Exchange Commission
    • In the off-market exchange or over-the-counter trades

    Once a trader has made the decision as to where they would like to trade, they will need to open a brokerage account. 

The Best Forex Trading Platforms and Brokers in Zimbabwe

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 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.

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.

XTB Ltd (XTB UK) is authorised and regulated by the Financial Conduct Authority (FRN 522157).

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

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.

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

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.

FXPrimus is a fully licensed online brokerage firm domiciled in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC).

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.  EasyMarkets is regulated by CySEC and 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.

FP Markets

FP Markets

FP Markets is a global, online broker which was founded in 2005 and offer Forex trading and has a head office situated in Australia.

When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

FP Markets Trading benefits include:

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

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

FP Markets is regulated by the Australian Securities and Investments Commission (ASIC).

XM Group

XM

XM is an online broker which was founded in 2009 and offers traders Forex and CFDs trading.  XM is a global broker and has a head office situated in Cyprus and a starting account will need a minimum deposit of $5. The XM is able to accommodate a various level of traders whether they are experienced or just starting off.

Traders can trade in a wide variety of instruments and currency pairs over 100 instruments and over 80 currency pairs.  XM offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

XM Trading benefits:

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

XM Trading Accounts Offered include: Demo, Micro, Mini, Standard, Zero Spread and Islamic and all accounts support a wide range of languages including Arabic, Chinese, English, French, German, Greek, Hindi, Hungarian, Indonesian, Italian, Japanese, Korean, Malay, Polish, Portuguese, Russian, Spanish, Swedish, Thai, and Turkish

XM is authorised and regulated in 3 countries: Australia (ASIC), Cyprus (CySec) and the United Kingdon (FCA). 

What Should A Trader Look For In A Forex Broker?

Firstly, traders should remember that the offshore regulation that exists here is somewhat more lenient than other places like CySEC in the EU, which can hold benefits in the form of increased leverage often up to 500:1 and more bonus offers. But traders must be wary of brokers that don’t offer negative balance protection.

Choose the broker – Not the Bonus on offer!

This is a big and important top tip to follow, particularly for forex brokers in Zimbabwe where 

bonuses are legal. Traders should always choose the broker over bonus. This means that even though a trader may be tempted by a great bonus offer, they should be sure to select the broker that best meets their needs when it comes to actual trading.  With this being said, there are still some excellent no deposit bonus offers to be had, traders must just make sure they read through all the terms and conditions before choosing.

Still struggling to make a choice? Here are 5 More Brokers that are a close to the TOP 10 Best Brokers that accept Zimbabwean traders

HYCM

HYCM

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

a wide variety of instruments and currency pairs are available for trade:

  • Over 100 instruments
  • Over 40 currency pairs

HYCM Trading benefits:

  • Allows scalping
  • Allows hedging
  • Low min deposit

HYCM Trading Accounts on offer include Demo, Micro, Mini, Standard and Islamic and the minimum and maximum trade requirements will vary depending on the trader and the instrument.

HYCM is regulated by the FCA, reference number 186171.

AvaTrade

Avatrade

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands.

For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

AvaTrade is perfect for various levels of traders including beginners and all traders can trade a wide variety of instruments and currency pairs.

  • Over 250 instruments
  • Over 80 currency pairs

AvaTrade Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Low min deposit

AvaTrade Trading Accounts on offer include: Demo, Micro, Mini, Standard and Islamic and AvaTrade allows traders to execute a minimum trade of 0.01 Lot and support a wide range of languages including English, Italian, German, French and Greek.

AvaTrade is fully regulated and licensed in the EU and BVI, with additional regulation in Australia, South Africa and Japan.

Forex.com

Forex.com

Forex.com is an online broker which was founded in 1999 and offers Forex, Indices, Commodities, Equities and Cryptocurrencies trading with a minimum deposit of $500 needed to make a start.

Traders can trade in:

  • Over 4500 instruments
  • Over 80 currency pairs

Forex.com Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Guaranteed stop loss
  • Offers Negative Balance Protection

Forex.com Trading Accounts on offer include:

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

With Forex.com, the minimum and maximum trade requirements vary depending on the trader and the instrument and all accounts support a wide range of languages including English, Chinese, Arabic to name but a few.

Forex.com is regulated by the FCA and adheres to their strict regulatory guidelines.

OctaFX

OctaFX

OctaFX is a global online broker which was founded in 2011 and offers Forex trading and for those who are looking to make a start, a minimum deposit of $5. A demo account is also on offer for those wishing to acquaint themselves with OctaFX – both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform is on offer.  OctaFX also offer mobile apps for Android and iOS.

OctaFX are able to accommodate various levels of traders and has won numerous industry awards over the past 9 years. OctaFX doesn’t charge commission on CFD instruments.

OctaFX Trading benefits include:

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

OctaFX Trading Accounts on Offer include demo, Micro, Mini, Standard, zero spread, STP and Islamic and is regulated by Financial Conduct Authority (FCA).

NordFX

NordFX

NordFX is an online broker which was founded in 2008 and offer Forex trading with a head office situated in Mauritius.  To make a start with NordFX traders will need to make a minimum deposit of at least $1 and can sign up for a demo account if needed.

NordFX has won numerous industry awards over the past 12 years and does charge commission on CFD instruments.  NordFX offers both of the MetaTrader platforms; MT4 and MT5 plus mobile apps for Android and iOS.

NordFX Trading benefits include:

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

NordFX Trading Accounts on Offer include:

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • ECN account
  • STP account
  • Islamic account

NordFX supports a wide range of languages including Indian, Chinese, Arabic, Brazilian, English, Spanish, Russian.

NordFX is a Forex and CFD broker which was founded in 2008. The broker is a brand name of NFX Capital VU Inc and holds a financial regulatory licence from the Vanuatu Financial Services Commission of Vanuatu. 

In Conclusion

A growing number of Zimbabwean nationals are taking their chances to trade forex online and to earn a much-needed income.  A good start is to ensure that a Broker offers a Demo Account, a simulated account which is offered by a broker to new traders who want to test the brokers platform before depositing real money. This is an essential feature for beginners who are still new to forex trading.

Traders interested in Forex trading can start out with different amounts on the same trade depending on the Forex broker they have decided to choose and also the type of trading account. Every trader needs capital to begin a transaction and when a trader starts to consider investing in the market, they will need to ask themselves how much initial capital they need. 

Anyone in Zimbabwe can become a Forex trader, with self-education (there are lots of free educational resources available on the internet), patience and a little money, any person can start trading in the Forex market, opening a whole new world of financial freedom for those who choose to learn how to successfully trade.