1. Home

Best Forex Brokers In Botswana 2024

Written By

James Barra

Written By

James Barra

James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Jemma Grist

Fact Checked By

Jemma Grist

Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.

» Jemma Grist Profile Page

Updated

Apr 16, 2024

Forex trading has gained popularity in Botswana, with investors looking to speculate on the Botswanan Pula (BWP), as well as currencies from neighbouring African countries and further afield.

Forex trading is overseen by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and Bank of Botswana (BOB), however traders in Botswana mostly rely on international brokers for their superior platforms, pricing, regulation and availability.

We’ve evaluated the best forex brokers in Botswana, all accepting local traders and offering convenient deposit options like PayPal, which has partnered with Botswana’s First National Bank (FNB).

5 Top Forex Brokers In Botswana

Our analysis of hundreds of online brokers shows that these are the top 5 forex platforms for traders in Botswana:

1. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
2. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
3. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
4. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.
5. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

Best Forex Brokers In Botswana 2024 Comparison

Best Forex Brokers In Botswana 2024 Comparison

Broker	Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Regulator	Visit
	55+	0.0	4 / 5	$50	FCA, ASIC, FSCA, VFSC	Visit
	75	0.02	4.8 / 5	$200	ASIC, CySEC, FSA	Visit
	50+	0.9	4.3 / 5	$100	ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM	Visit
	80+	1.2	4.9 / 5	$100	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
	100+	0.1	4.7 / 5	$0	FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	Visit
	50+	0.0	3.6 / 5	$100	ASIC, FCA, xCySEC, SCB	Visit
	45+	Variable	3 / 5	$0	-	Visit
	60+	14 pips	4.5 / 5	$10	-	Visit
	80+	0.8	4.9 / 5	$0	FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA	Visit
	50+	1.2	4 / 5	$10	FSC, FSA	Visit
	70+	1.58 pips (Ave)	2.5 / 5	$100	FCA, CySEC, FSCA, SCB, FSC	Visit
	70+	0.2	3.4 / 5	$0	CySEC	Visit
	70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit
	60+	0.6	5 / 5	$100	FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA	Visit

#1 - Vantage

Visit

Review

Why We Chose Vantage

Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team

• GBPUSD Spread: 0.5
• EURUSD Spread: 0.0
• EURGBP Spread: 0.5
• Total Assets: 55+
• Leverage: 1:500
• Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

• There are no short-term strategy restrictions with hedging and scalping permitted
• The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
• Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook

Cons

• A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
• It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
• The average execution speeds of 100ms to 250ms are slower than alternatives based on tests

Visit Vantage

#2 - IC Markets

Visit

Review

Why We Chose IC Markets

IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team

• GBPUSD Spread: 0.23
• EURUSD Spread: 0.02
• EURGBP Spread: 0.27
• Total Assets: 75
• Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
• Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

• With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
• IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
• You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.

Cons

• Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
• Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
• While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.

Visit IC Markets

#3 - AvaTrade

Visit

Review

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team

• GBPUSD Spread: 1.5
• EURUSD Spread: 0.9
• EURGBP Spread: 1.5
• Total Assets: 50+
• Leverage: 1:30 (Retail) 1:400 (Pro)
• Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

• The broker offers reliable 24/5 multilingual customer support with fast response times during testing
• Day traders can access stable spreads and zero commissions with no hidden fees
• There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill

Cons

• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• Traders from the US are not accepted
• There is no ECN account with raw spreads

Visit AvaTrade

#4 - FOREX.com

Visit

Review

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team

• GBPUSD Spread: 1.3
• EURUSD Spread: 1.2
• EURGBP Spread: 1.4
• Total Assets: 80+
• Leverage: 1:200 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pros

• FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
• With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
• The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.

Cons

• There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
• Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
• Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.

Visit FOREX.com

#5 - Pepperstone

Visit

Review

Why We Chose Pepperstone

Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

- DayTrading Review Team

• GBPUSD Spread: 0.4
• EURUSD Spread: 0.1
• EURGBP Spread: 0.4
• Total Assets: 100+
• Leverage: 1:30 (Retail), 1:500 (Pro)
• Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade

About Pepperstone

Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

Pros

• Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
• There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
• Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.

Cons

• Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
• Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
• There’s no simplified proprietary trading platform, nor are there any social trading features, which could be a disadvantage if you are new to day trading.

Visit Pepperstone

How We Rate Forex Brokers In Botswana

There are several factors that we consider when rating forex trading platforms, and recommend you do too:

Trust

Select a trusted forex broker to protect your funds, a crucial step due to the rise in scams targeting Botswana traders. The NBFIRA has warned against foreign exchange firms ‘promising quick and high returns’.

Our advice is to choose a regulated and established broker – this is the best indication that a firm can be trusted. For most forex traders in Botswana, this will mean opening an account with a global brokerage, as the number of locally registered firms is limited.

We frequently verify brokers’ regulatory credentials, years in the industry, and track record of treating customers fairly and paying out withdrawals.

Currency Pairs

Choose a broker offering the currency pairs you’re interested in. For traders in Botswana, this may be exotics like the USD/BWP and EUR/BWP or crosses like the BWP/ZAR and BWP/NGN for exposure to regional influences.

However, given their low trading volumes and the make-up of the foreign exchange market in Botswana, these pairs are not commonly available on trading platforms.

That’s why we look for forex trading platforms with a wide selection of currency pairs from many regions, typically 50+, ensuring traders still have the opportunity to build a diverse portfolio.

We also look for instruments tailored to short-term traders, such as contracts for difference (CFDs). These allow you to speculate on rising and falling prices with leverage, increasing position sizes and potential returns or losses.

Trading Fees

Choose a forex broker with low trading fees, something especially crucial for day traders who face significant costs from frequent transactions.

We regularly evaluate spreads on forex assets, including average spreads during peak trading hours where possible, for a more accurate cost assessment.

Additionally, we consider how these fees balance with the broker’s overall offering, including platform usability, market coverage, customer support, and other aspects impacting the forex trading experience.

Forex Platforms

Choose a forex trading platform you enjoy using with the tools you need.

You generally have two options: Proprietary, often web-based and user-friendly for beginners or third-party, most commonly MetaTrader 4 (MT4), built for forex trading with excellent charting and algo trading support, despite its dated interface.

Given that platform preference is largely a personal decision, I recommend using a demo account to test the software before trading currencies with real money.

James Barra

Author

Account Minimums

Choose a broker with an affordable minimum deposit.

Our extensive database of online brokers shows that most top platforms accept new traders with an initial deposit of <$100 (~1,400 BWP), while some have no minimum deposit, ideal for beginners.

However, our many years in the forex industry have taught us the importance of balancing the initial investment against platform quality, trading tools, market coverage, and the overall trading environment, as paying more can provide better tools for advanced traders, in particular.

Methodology

To identify the best forex brokers that accept traders from Botswana we leveraged our comprehensive database of nearly 500 trading firms and prioritized several areas:

FAQ

Is Forex Trading Legal In Botswana?

Yes, forex trading is legal in Botswana. Residents of Botswana can speculate on the value of currencies using an online broker.

Who Regulates Forex Trading In Botswana?

The Bank of Botswana (BoB) and the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) oversee forex trading in Botswana. The NBFIRA, in particular, is focused on regulating non-bank financial entities, such as brokerages.

However, traders in Botswana often open accounts with international forex trading platforms, many of whom have long track records of 10+ years in the industry, authorization from trusted regulators, and excellent reputations.

How Much Money Do I Need To Start Trading Forex In Botswana?

The amount of money you need to start trading forex in Botswana can vary widely depending on the broker you choose.

That said, we’ve analyzed close to 500 brokers and found most of the best forex platforms accepting traders from Botswana have a minimum deposit of <$100, around 1,400 Botswanan Pula.

Some forex firms also stand out for their zero deposit requirements, such as Pepperstone and OANDA, making them excellent options for beginners.