Best Forex Brokers In Botswana 2024
![Contributor Image](https://www.daytrading.com/wp-content/uploads/2021/09/James-Barra-DT-Bio-Photo-1.png)
![Contributor Image](https://www.daytrading.com/wp-content/uploads/2021/09/James-Barra-DT-Bio-Photo-1.png)
![Contributor Image](https://www.daytrading.com/wp-content/uploads/2021/09/Jemma-Grist-DT-Bio-Photo-1.png)
![Contributor Image](https://www.daytrading.com/wp-content/uploads/2021/09/Jemma-Grist-DT-Bio-Photo-1.png)
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).
10 Top Forex Brokers In Botswana
Our analysis of hundreds of online brokers shows that these are the top 10 forex platforms for traders in Botswana:
-
1Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPayUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
2IC Markets
Ratings
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
3AvaTrade20% Welcome Bonus up to $10,000
Ratings
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
4PepperstoneCFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Ratings
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, SkrillUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
5XM$30 No Deposit Bonus When You Register A Real Account
Ratings
$50.01 Lots1:1000ASIC, CySEC, DFSA, FSC, FSCA, CNMV, AMFForex, Stock CFDs, Turbo Stocks, Indices, Commodities, Precious Metals, Energies, Shares, Crypto, FuturesMT4, MT5Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF -
6Eightcap
Ratings
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
7PrimeXBT$100 Deposit Bonus
$00.01 Lots1:1000CFDs, Cryptos, Forex, Indices, Commodities, FuturesOwnBitcoin Payments, Ethereum Payments, Credit Card, Debit CardUSD, EUR, GBP -
8IQ OptionRISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
$100.001 Lots1:500CFD, Forex, Crypto, Stocks, Digital OptionsOwnSkrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, BoletoUSD, EUR, GBP, ZAR -
9IGSpread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Ratings
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
10FxPro
Ratings
$1000.01 Lots1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)FCA, CySEC, FSCA, SCB, FSCCFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, VisaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
This is why we think these brokers are the best in this category:
- 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.
- 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.
- 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.
- 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.
- XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
- Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
- PrimeXBT - PrimeXBT offers 50 forex pairs, which is above the industry average and covers a good range of majors, minors and exotics. Traders can enjoy trading via margin with zero commissions. Additionally, the broker’s copy trading service allows you to explore various currency trading strategies.
- IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
- IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
- FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.
Best Forex Brokers In Botswana 2024 Comparison
Vantage
"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."
Jemma Grist, Reviewer
Vantage Quick Facts
Bonus Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
---|---|
GBPUSD Spread | 0.5 |
EURUSD Spread | 0.0 |
EURGBP Spread | 0.5 |
Total Assets | 55+ |
Leverage | 1:500 |
Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- There are no short-term strategy restrictions with hedging and scalping permitted
- Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
- There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
Cons
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
- Unfortunately, cryptos are only available for Australian clients
- It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
IC Markets
"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."
Christian Harris, Reviewer
IC Markets Quick Facts
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 |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
Cons
- 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.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
AvaTrade
"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."
Jemma Grist, Reviewer
AvaTrade Quick Facts
Bonus Offer | 20% Welcome Bonus up to $10,000 |
---|---|
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, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- Day traders can access stable spreads and zero commissions with no hidden fees
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
Cons
- There is no ECN account with raw spreads
- Traders from the US are not accepted
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
Pepperstone
"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."
Christian Harris, Reviewer
Pepperstone Quick Facts
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 |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- 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.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
Cons
- 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.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
- 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.
XM
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
William Berg, Reviewer
XM Quick Facts
Bonus Offer | $30 No Deposit Bonus When You Register A Real Account |
---|---|
GBPUSD Spread | 1.9 |
EURUSD Spread | 1.6 |
EURGBP Spread | 1.8 |
Total Assets | 55+ |
Leverage | 1:1000 |
Platforms | MT4, MT5 |
Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, SGD, PLN, HUF |
Pros
- Accessible trading accounts with a $5 minimum deposit and fast account opening
- Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
- XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
Cons
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- PayPal deposits are not supported
- There is weak regulatory oversight through the global entity
Eightcap
"Eightcap delivers in every area for day traders with a growing selection of charting platforms and AI-powered tools. Now sporting 250+ crypto CFDs and the Crypto Crusher market scanner, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."
Christian Harris, Reviewer
Eightcap Quick Facts
GBPUSD Spread | 0.1 |
---|---|
EURUSD Spread | 0.0 |
EURGBP Spread | 0.1 |
Total Assets | 50+ |
Leverage | 1:500 |
Platforms | MT4, MT5, TradingView |
Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- Eightcap stands out with a selection of powerful trading tools, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
- Having excelled across all key areas for day traders, Eightcap outperformed more than 490 competitors to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.
Cons
- The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
- Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
- In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
PrimeXBT
"PrimeXBT is good for beginners looking to trade crypto derivatives among traditional assets like forex and indices. There's also a proprietary copy trading solution for novices looking to learn from more experienced investors. With that said, the lack of regulation means traders will receive limited safeguards."
William Berg, Reviewer
PrimeXBT Quick Facts
Bonus Offer | $100 Deposit Bonus |
---|---|
GBPUSD Spread | Variable |
EURUSD Spread | Variable |
EURGBP Spread | Variable |
Total Assets | 45+ |
Leverage | 1:1000 |
Platforms | Own |
Account Currencies | USD, EUR, GBP |
Pros
- PrimeXBT offers low maker and taker fees coming in at 0.01% and 0.02%, respectively, for crypto futures contracts
- The broker delivers ultra-fast trade execution speeds, averaging <7.12 ms - ideal for active day traders
- Beginners can access a crypto trading Academy with bite-size resources and YouTube videos
Cons
- It’s a shame that there are no popular third-party platforms on offer such as MT4
- The lack of reputable regulatory oversight is a security concern, though this is common in the crypto trading industry
- The total selection of 110+ assets is far fewer than top competitors, including OKX with 400+
IQ Option
"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."
William Berg, Reviewer
IQ Option Quick Facts
GBPUSD Spread | 5 pips |
---|---|
EURUSD Spread | 14 pips |
EURGBP Spread | 15 pips |
Total Assets | 60+ |
Leverage | 1:500 |
Platforms | Own |
Account Currencies | USD, EUR, GBP, ZAR |
Pros
- Excellent range of payment methods
- User-friendly platform for beginners
- Reliable 24/7 multilingual support
Cons
- €10 inactivity fee after 90 days
- No MetaTrader 4 integration
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
Christian Harris, Reviewer
IG Quick Facts
GBPUSD Spread | 0.9 |
---|---|
EURUSD Spread | 0.8 |
EURGBP Spread | 0.9 |
Total Assets | 80+ |
Leverage | 1:30 (Retail), 1:250 (Pro) |
Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
Cons
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
FxPro
"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."
William Berg, Reviewer
FxPro Quick Facts
GBPUSD Spread | 2.39 pips (Ave) |
---|---|
EURUSD Spread | 1.58 pips (Ave) |
EURGBP Spread | 1.74 pips (Ave) |
Total Assets | 70+ |
Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
Platforms | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals
- Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting
- There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
Cons
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
- FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
- There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
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. That said, your local tax rules in Botswana may still apply.
We frequently verify brokers’ regulatory credentials, years in the industry, and track record of treating customers fairly and paying out withdrawals.
- Vantage continues to earn the trust of our experts, with over 15 years in the forex industry and authorization from respected regulators, including South Africa’s FSCA and Australia’s ASIC.
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.
![Currency pairs available to trade at Pepperstone forex broker](https://www.daytrading.com/wp-content/uploads/2024/02/Botswana-Forex-Brokers-Pepperstone-Currency-Pairs.jpg)
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.
- Pepperstone stands out with its huge range of over 90 currency pairs spanning majors, minors, crosses, exotics, and NDFs, including exposure to currencies in Africa.
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.
- IC Markets offers some of the best forex pricing in the industry with spreads from 0.0 pips, no requotes and deep liquidity. There are also no inactivity penalties or deposit/withdrawal charges.
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.
![Forex trading African currencies on AvaTrade charting platform](https://www.daytrading.com/wp-content/uploads/2024/02/Best-Forex-Brokers-Botswana-AvaTrade-Platform.jpg)
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.
- AvaTrade outperforms most rivals here with in-house software we love, plus access to the dependable MetaTrader 4 and MetaTrader 5 platforms, catering to all types of forex traders.
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.
- Trade Nation is a standout option with no minimum deposit, PayPal support, and a great selection of base currencies.
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:
- We confirmed they accept forex traders from Botswana.
- We checked they offer currency pairs of interest to traders in Botswana.
- We selected brokers with low forex trading fees and no hidden charges.
- We favored brokers with excellent trading platforms and apps following our hands-on tests.
- We chose brokers with an accessible minimum deposit of <$100, alongside support for local payment methods.
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.
Article Sources
- Bank of Botswana (BOB)
- Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
- Forex Scam Warning (NBFIRA)
- Botswana First National Bank (FNB)
The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com