One good means of investment to leverage these days is Forex trading. Your location doesn’t matter in this business once you work with the right Forex broker.
Best Forex Brokers in Tanzania & Minimum Deposits: A Comprehensive Guide
Forex trading has become increasingly popular in Tanzania, with many traders looking to take advantage of the opportunities presented by the global currency market. If you are looking to start trading forex in Tanzania, it is essential to choose a reliable and trustworthy broker. In this article, we will discuss the best forex brokers in Tanzania and the minimum deposit requirements for opening an account.
- XM: XM is a well-established forex broker that offers a range of trading instruments, including currencies, stocks, indices, and commodities. The minimum deposit required to open an account with XM is $5, making it an accessible option for new traders.
- FBS: FBS is a popular forex broker in Tanzania that offers a wide range of trading instruments and services, including a demo account for traders to practice their skills. The minimum deposit required to open an account with FBS is $1.
- AvaTrade: AvaTrade is a regulated forex broker that offers a range of trading instruments and services, including a demo account, educational resources, and 24/7 customer support. The minimum deposit required to open an account with AvaTrade is $100.
- IC Markets: IC Markets is a regulated forex broker that offers a range of trading instruments, including currencies, commodities, and indices. The minimum deposit required to open an account with IC Markets is $200.
- FXCM: FXCM is a well-respected forex broker that offers a range of trading instruments, including currencies, indices, and commodities. The minimum deposit required to open an account with FXCM is $50.
When choosing a forex broker, it is essential to consider a range of factors, including the minimum deposit requirement, the range of trading instruments offered, the broker’s reputation and regulation, and the level of customer support available. It is also important to thoroughly research the broker and read reviews from other traders before making a decision.
In conclusion, there are many great forex brokers in Tanzania, each offering different minimum deposit requirements and trading services. When choosing a broker, it is essential to consider your specific needs and budget to ensure that you get the best value for your money.
It is no secret that forex is one of the fastest-growing investment niches in Tanzania today. Because of this, there are so many forex brokers on the market. The challenge is that it is difficult to know which one isn’t a scam from the lot.
Minimum Deposits of the Best Forex Brokers in Tanzania
While there are so many scam brokers in Tanzania, there are also very many reputable ones. We have done some research to help you find them out. Of course, we cannot discuss all of these forex brokers in this post. However, we will give you a list of the very best in our opinion below:
- FXTM: Minimum deposit is TSh53,500 or $50
- HotForex: Minimum deposit is TSh10,700 or $5
- OctaFX: Minimum deposit is TSh96,300 or $50
- XM Forex: Minimum deposit is TSh9,727 or $5
- Exness: Minimum deposit is N350 or $1
These prices will hardly change. However, if we notice that there is a price change, we will update this post so that you can remain updated. With these out of the way, let’s discuss these brokers in more detail.
Best Forex Brokers in Tanzania
All the brokers on our list are among the top performers in Tanzania over the last six months. We chose them based on the following criteria:
- Trading and non-trading fees.
- Deposit and withdrawal promptness.
- Technical support.
- Trade execution.
- Deposit bonus.
If we were to point out the best forex broker in Tanzania, it most likely will be FXTM. First of all, they are among the few that have a physical office as well as a working phone number. Also, this company is regulated by several bodies in different parts of the world. Some of these bodies include:
- FCA in UK,
- CySEC in Cyprus,
- FSCA and FSC of Mauritius
This broker offers three different types of accounts and you can fund each one in Naira or US dollars. The micro account allows a minimum deposit of TSh53,500. This makes it a great option for a Tanzanian forex trader.
One of the main benefits of FXTM is that it offers several benefits asides from forex trading. Some of these instruments include CFDs on spot metals and CFDs on Commodity Futures. So if you are planning to diversify your portfolio, FXTM is a viable option.
- Low minimum deposit.
- Highly regulated broker.
- Fast withdrawals are processed to local bank accounts.
- Higher spread in comparison to other brokers.
If you need a low-cost broker in Tanzania, we suggest that you try out HotForex. This company, just like FXTM, has physical offices and working phone support. It is also highly regulated by several bodies including:
- FCA in UK,
- CySEC in Cyprus,
- FSCA and FSC of Mauritius
HotForex is a 100 percent STP broker. What this implies is that they deal fairly with their customers. Asides from this, they ensure good order execution on every trade. The spreads for USD, EUR, and other majors are pretty low and reasonable.
If you are a beginner trader, then one of the best brokers to work with is HotForex. They also allow trading on several devices using different platforms.
- Highly regulated.
- A plethora of CFD trading instruments.
- 100 percent sign-up bonus.
- Higher commission than the competition.
This forex trader is one of the most popular in Tanzania today. Despite being CySEC-regulated, this platform has found a way to accept Tanzanian forex traders. They have one of the most favorable trading platforms and conditions on the market.
There are three account types under OctaFX including MT4 Micro account, MT5 account, and cTrader ECN account. These accounts are for beginners, expert traders, and professionals respectively. Each account presents you with amazing trading conditions as well as support for Scalping and Hedging.
One of the challenges with OctaFX is that the number of trading instruments is quite limited. For example, there are just 28 currency pairs. However, they offer trading in cryptocurrencies which is a huge plus these days. They make up for this challenge with a very efficient customer support system. There is even live chat support via their website and app. Finally, there are so many funding options for Tanzanians, making it very easy to use this platform.
- Highly regulated forex broker.
- No fees for local deposits and withdrawals.
- Customer support is very good across different platforms.
- Fewer trading instruments than their competitors.
XM Forex is one of the forex brokers with the fastest order execution times on the market. Most orders execute within a second. This broker also provides you with free research tools, multi-platform support, and a low spread. Also, you have access to a wide range of trading instruments like FXTM and HotForex.
You have access to trading in 55 currencies on XM Forex as well as over 350 CFD instruments. Asides from this, you can enjoy international live webinars for free as well as access to other training resources. With these, it is very easy to become a top forex trader as a beginner on this platform.
There are three account types under XM Forex. One of the biggest benefits of using XM Forex is the fact that there is a “no re-quotes policy.”
- Highly competitive spread.
- Quick withdrawals.
- Access to free training resources.
- No local office.
This forex broker has the least minimum deposit requirement on our list. It is regulated both in the EU and the UK. Just like XM Forex, order execution is very fast with Exness.
This broker also has a very competitive spread and gives you access to multiple deposit options. Withdrawals are very quick and easy with Exness while you also get access to technical analysis and financial news. Customer service is available in different languages.
- Very competitive spread.
- Quick withdrawals and deposits.
- Multilingual customer support.
- No sign-up bonus.