Best Forex Brokers In Namibia 2024

Contributor Image
Written By
Contributor Image
Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
Contributor Image
Fact Checked By
Contributor Image
Fact Checked 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.
Updated

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 brokers for traders in Namibia:

  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 Namibia 2024 Comparison

Best Forex Brokers In Namibia 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

  • It’s quick and easy to open a live account – taking less than 2 minutes
  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
  • The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders

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
  • 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

  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
  • With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.
  • 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.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.

#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

  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
  • There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill
  • 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
  • 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

#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 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
  • You can enjoy industry-leading forex pricing starting from 0.0 pips, plus fast execution speeds of less than 1 second

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 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

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

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.
author image
Michael MacKenzie
Author
  • 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.

💡
Use risk management tools like stop-loss orders while trading highly volatile currencies to minimize your exposure.

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.

XM trading conditions for African forex pairs
XM Trading Conditions

We recommend forex brokers 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.

ZAR/JPY chart on cTrader
cTrader Platform
💡
Use a demo account to test a forex trading platform before risking funds. You can get a feel for the workspace, investigate the tools available, and trial day trading strategies.
  • 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 brokers 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 brokers with great pricing for beginners through to advanced day traders.
  • We selected forex brokers with accessible deposits, including options for Namibian traders.

DayTrading.com broker testing methodology overview

FAQ

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

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