Best Forex Brokers In Botswana 2024

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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.
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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.
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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 maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major 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
Vantage logo
55+ 0.0
$50 FCA, ASIC, FSCA, VFSC Visit
IC Markets logo
75 0.02
$200 ASIC, CySEC, FSA Visit
AvaTrade logo
50+ 0.9
$100 ASIC, CySEC, FSCA, ISA, CBol, FSA, FRSA, BVI, ADGM Visit
Forex.com logo
80+ 1.0
$100 FCA, CySEC, NFA, CFTC, CIMA, CIRO, SFC Visit
Pepperstone logo
100+ 0.1
$0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
XM logo
55+ 1.6
$5 ASIC, CySEC, DFSA, FSC, FSCA Visit
Eightcap logo
50+ 1.0
$100 FCA, ASIC, CySEC, SCB Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
250+ 14 pips
$10 - Visit
BDSwiss logo
50+ 1.2
$10 FSC, FSA Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 FCA, CySEC, FSCA, SCB, FSC Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC Visit
Plus500 logo
60+ 0.6
$100 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit

#1 - Vantage

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

  • Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
  • It’s quick and easy to open a live account – taking less than 2 minutes
  • There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5

Cons

  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
  • 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

#2 - IC Markets

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

  • 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.

#3 - AvaTrade

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

  • Day traders can access stable spreads and zero commissions with no hidden fees
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform

Cons

  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • Traders from the US are not accepted
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders

#4 - Forex.com

Why We Chose Forex.com

Forex.com maintains its position as a leading FX broker, thanks to the 80+ currency pairs and some of the lowest fees in the industry. EUR/USD spreads come in as low as 0.0 with a $7 commission per $100k. The SMART Signals tool also uncovers forex price patterns from dozens of major 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: 1.0
  • EURUSD Spread: 1.0
  • EURGBP Spread: 1.0
  • Total Assets: 80+
  • Leverage: 1:200 (Retail), 1:500 (Pro)
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About Forex.com

Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they provide a huge range of day trading markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.

Pros

  • The free demo account allows you to practice day trading strategies in a risk-free environment
  • The proprietary Webtrader is an excellent option for day traders, offering over 80 technical indicators for detailed analysis
  • Competitive cashback rebates up to 15% are available for active traders

Cons

  • It's a shame that there's no copy trading platform for beginners or signal providers
  • The $15 monthly inactivity fee is higher than some competitors, including XM which only charges $5
  • The investment offering varies between countries

#5 - Pepperstone

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

  • 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.
  • Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.

Cons

  • 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.
  • 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.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.

How We Rate Forex Brokers In Botswana

There are several factors that we consider when rating forex brokers, 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.

  • 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 brokers 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
Pepperstone – Forex Assets

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
AvaTrade – Forex Platform

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.

author image
James Barra
Author
  • 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.

💡
Tip: Consider a forex broker that supports popular payment methods in Botswana like PayPal for convenient deposits and withdrawals. PayPal’s partnership with First National Bank (FNB) enables direct transfers from PayPal to FNB accounts.
  • 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.

DayTrading.com broker testing methodology overview

FAQ

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 brokers, 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 standout options for beginners.

Article Sources

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