Best Forex Brokers In Namibia 2024
To trade currencies in Namibia you need to open an account with a forex broker. The Namibia Financial Institutions Supervisory Authority (NAMFISA) oversees forex trading in the country, but it’s not as active or respected as many financial regulators.
As a result, some residents choose to sign up with trusted, international brokers that offer superior platforms, tools, and fees. Since Namibia has close ties to South Africa and the Namibian Dollar (NAD) is pegged 1:1 with the South African Rand (ZAR), Namibian traders may also prefer brokers with ZAR accounts that offer trading on the Rand.
Discover the best forex brokers in Namibia. Every broker listed accepts traders from Namibia.
Top 5 Forex Brokers in Namibia
We've leveraged our database of 490+ brokers to identify the top forex trading platforms for residents in Namibia:
- 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.
- 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.
- 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 Namibia 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
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
- 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
- The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
Cons
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- 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
#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
- 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 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
- 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.
#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
- There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
- Day traders can access stable spreads and zero commissions with no hidden fees
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
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
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- There is no ECN account with raw spreads
#4 - FOREX.com
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
- 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.
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
#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
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- 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.
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.
- 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.
- 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 Namibia
These are the key factors that mark out a forex broker among the best in Namibia:
Trust
Opening an account with a trusted broker will help protect you from forex scams, which Namibia’s Financial Intelligence Centre has reported are on the rise in recent years.
The best indicator of a trustworthy broker is regulation by a top-tier authority, preferably in the country you reside. Forex trading is not prohibited in Namibia, but the NAMFISA is not an active regulator and there is a limited pool of locally-registered firms to choose from.
With this in mind, Namibian traders may prefer a global broker that is overseen by a top-tier regulator, such as the Australian Securities & Investments Commission (ASIC) or the UK Financial Conduct Authority (FCA). These bodies require compliance with strict rules on business practices, transparency and reporting to obtain a license.
Forex traders in Namibia may also prefer a brokerage regulated by South Africa’s Financial Sector Conduct Authority (FSCA) since this is a leading regional regulator.
- Year after year, XM demonstrates that it’s a highly trusted broker with over 10 million clients from more than 190 countries and authorization from respected regulators, including the FSCA, ASIC and CySEC.
Currency Pairs
Picking a forex broker with a wide range of currency pairs will help provide diverse trading opportunities.
The Namibian Dollar (NAD) is not widely traded or supported by online brokers. However, it is pegged 1:1 with the South African Rand (ZAR) because Namibia is part of the Common Monetary Area (CMA).
The ZAR is heavily traded and features high volatility, making it an attractive option for short-term traders in Namibia looking to speculate on regional patterns.
Our recommended brokers offer a strong selection of major, minor and exotic currency pairs, typically 40+, including exposure to forex assets that will appeal to traders in Namibia.
- Forex.com excels for its above-average selection of 80+ currency pairs, with exposure to four forex assets that include the ZAR: EUR/ZAR, GBP/ZAR, USD/ZAR, ZAR/JPY.
Pricing
Opting for a low-cost forex broker will help you maximize gains.
One important consideration for forex traders in Namibia is that spreads on African currencies, such as the ZAR, tend to be wider than the most heavily traded forex assets, such as the EUR/USD. This is because they are traded in lower volumes, leading to greater volatility and ultimately making it harder to turn a profit.
We recommend forex trading platforms that provide good value – balancing low fees with high-quality tools, an assessment we make by analyzing spreads, commissions and non-trading fees.
- IC Markets continues to stand out as one of the lowest-cost forex brokers. We’ve personally traded at this broker and its raw spreads from zero, coupled with the rebate scheme for high-volume traders, make it an excellent option for advanced day traders in particular.
Forex Platforms
Having access to a powerful platform can make a significant difference to your forex trading experience, providing the tools you need to identify and capitalize on trading opportunities.
Also important is that the platform is intuitive. That’s why we test countless trading platforms each year to see how they perform in terms of usability, as well as functionality.
Still, our many years in the forex industry have also taught us that platform choice is personal. Beginners, for example, may prefer a streamlined, web-accessible solution with integrated social trading capabilities, while seasoned day traders may opt for third-party solutions like MetaTrader 4, MetaTrader 5 or cTrader, seeking advanced charting features and algo trading.
- FxPro offers reliable third-party software like MT4 and cTrader, but we especially rate its in-house software with its clean design, over 50 indicators, 6 chart types, plus 15 timeframes catering to short-term traders.
Account Funding
Signing up with a forex broker that offers hassle-free deposits to your account will help ensure a smooth trading experience.
This can be more complicated in Namibia as some common payment methods are restricted – PayPal accounts, for example, can only send money in the country as withdrawals are restricted.
That’s why we favor forex trading platforms in Namibia that support a choice of funding solutions, from local wire transfers to bank cards and electronic wallets.
We also check firms have a low minimum deposit, ensuring budget traders can open an account. Our in-depth analysis of over 490 brokers shows that the vast majority of top firms require between 0 and 250 USD, equivalent to roughly 0 and 5,000 NAD.
- Pepperstone is a first-rate forex broker that shines for its $0 minimum deposit, low-cost transfers and selection of convenient funding solutions, including wire transfers and bank cards.
Methodology
To compile a list of the best forex brokers in Namibia, our experts considered several criteria:
- We checked that the forex broker accepts traders in Namibia.
- We picked forex brokers we trust after verifying their regulatory credentials and track record.
- We prioritized firms with a great range of currency pairs, including those with exposure to African countries.
- We ensured the charting platforms were user-friendly and suitable for day traders, following hands-on tests.
- We chose forex trading platforms with great pricing for beginners through to advanced day traders.
- We selected forex brokers with accessible deposits, including options for Namibian traders.
FAQ
Is Forex Trading Legal In Namibia?
Yes, forex trading is legal in Namibia.
Who Regulates Forex Trading In Namibia?
The Namibia Financial Institutions Supervisory Authority (NAMFISA) is the regulator that oversees the country’s financial activities, including forex trading. The Bank of Namibia (BoN) also oversees some related fields such as payment providers.
How Much Money Do I Need To Start Forex Trading In Namibia?
The amount you need to start trading forex in Namibia depends on the minimum deposit of the broker you sign up with – some need 250 USD, equivalent to around 5000 NAD, or more to get started, while others have low or even no threshold, notably Pepperstone.
Article Sources
- Namibia Financial Institutions Supervisory Authority
- Bank of Namibia
- Republic of Namibia Financial Intelligence Centre - Forex Scam Warning
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