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Best Forex Brokers And Trading Platforms In Tanzania 2024

Written By

Michael MacKenzie

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.

» Michael MacKenzie Profile Page

Edited By

James Barra

Edited By

James Barra

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

» James Barra Profile Page

Updated

Apr 27, 2024

To trade forex in Tanzania you need to open an account with an online broker. The Capital Markets and Securities Authority (CMSA) and Bank of Tanzania (BoT) do not actively license forex brokers so you will need to choose a trusted brokerage regulated elsewhere.

Explore our selection of the best forex brokers in Tanzania. Our recommended brokers provide user-friendly trading platforms, a great selection of currency pairs, competitive pricing, and hassle-free deposits for Tanzanian traders with local funding options like M-Pesa.

5 Top Forex Trading Platforms In Tanzania

We've been regularly testing and re-testing forex brokers for many years and these 5 platforms have emerged as the best for currency traders in Tanzania:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

Best Forex Brokers And Trading Platforms In Tanzania 2024 Comparison

Best Forex Brokers And Trading Platforms In Tanzania 2024 Comparison

Broker	Forex Assets	EUR/USD Spread	Forex App Rating	Minimum Deposit	Regulator	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	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
	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 - XM

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Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 1.9
• EURUSD Spread: 1.6
• EURGBP Spread: 1.8
• Total Assets: 55+
• Leverage: 1:1000
• Platforms: MT4, MT5

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Pros

• 1000+ instruments are available, including recently added thematic indices, providing exposure to emerging industries
• Accessible trading accounts with a $5 minimum deposit and fast account opening
• Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools

Cons

• There's $5 inactivity fee after only 3 months, though this won't affect active traders
• There is weak regulatory oversight through the global entity
• PayPal deposits are not supported

Visit XM

#2 - Vantage

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Review

Why We Chose Vantage

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

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

- DayTrading Review Team

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

About Vantage

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

Pros

• It’s quick and easy to open a live account – taking less than 2 minutes
• The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
• Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC

Cons

• Unfortunately, cryptos are only available for Australian clients
• A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
• The average execution speeds of 100ms to 250ms are slower than alternatives based on tests

Visit Vantage

#3 - IC Markets

Visit

Review

Why We Chose IC Markets

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

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

- DayTrading Review Team

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

About IC Markets

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

Pros

• 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.
• You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.

Cons

• There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
• Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
• Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.

Visit IC Markets

#4 - AvaTrade

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Review

Why We Chose AvaTrade

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

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

- DayTrading Review Team

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

About AvaTrade

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

Pros

• The broker offers reliable 24/5 multilingual customer support with fast response times during testing
• Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
• There's a great range of fee-free deposit methods, including bank wire, credit cards and popular e-wallets like Skrill

Cons

• There is no ECN account with raw spreads
• There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders
• A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners

Visit AvaTrade

#5 - FOREX.com

Visit

Review

Why We Chose FOREX.com

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

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

- DayTrading Review Team

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

About FOREX.com

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

Pros

• Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
• With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
• The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.

Cons

• There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
• Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
• FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.

Visit FOREX.com

How We Rate Forex Brokers In Tanzania

For a forex trading platform to make our top-ranked list it needs to score well in these 5 categories:

Trust

The first question we ask when evaluating a forex broker is whether it can be trusted, and this should be your first criteria when choosing one, too.

This is especially important for traders in Tanzania given that the country’s regulator, the CSMA, has been issuing warnings about the “increase in the number of incidents relating to fraudulent operators” active in the online trading space.

We assign every forex broker a trust rating of 1-5 based on the quality of their regulatory licenses, their track record in the industry, and our team’s observations during the in-depth testing process. Critically, we only recommend forex brokers to traders in Tanzania that we trust.

Forex Markets

Having a large selection of forex instruments means the flexibility to trade your choice of currency pairs and capitalize on a range of short-term trading opportunities.

After testing hundreds of forex platforms, we view 50+ currency pairs as the standard for good forex brokers, although some of our highest-rated firms stand out with 80+ currency pairs.

Trading Platforms & Tools

A powerful and responsive trading platform greatly enhances your ability to execute winning trades, so we look for forex brokers with excellent proprietary or third-party options.

For many experienced forex traders, the go-to platforms are MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which have led the field for decades with their technical analysis capabilities (30+ indicators, 24+ analytical tools, 9+ timeframes, an unlimited number of charts) and automated trading tools (known as Expert Advisors).

That said, we’re seeing some newer forex traders turn to slicker options like TradingView or user-friendly proprietary solutions that have been developed in-house. From our direct experiences, these forex platforms often provide a more beginner-friendly entry point.

Fees

The spreads and/or commissions you will pay to trade currencies are crucial factors when choosing a forex broker because they directly influence your profitability.

It’s worth noting, though, that we’ve seen that some ‘no-frills’ brokers can offer low fees by cutting features that might be useful to forex traders, such as regional news updates on monetary policy from the Bank of Tanzania or value-add insight tools like TradingCentral.

That’s why we look for forex brokers that offer value for money by weighing the overall trading environment against any trading fees and non-trading charges, like deposit/withdrawal fees if you use a local bank transfer.

Account Funding

The choice of payment methods will be important for many forex traders in Tanzania, who will often have a preferred funding solution.

Tanzanian Shillings (TZS) are rarely supported as an account currency following our analysis of nearly 500 brokers. Therefore, we recommend forex platforms with convenient solutions that are popular in Tanzania, such as M-Pesa, providing straightforward international transfers.

You should also look for a broker with a minimum deposit that you can afford. From our extensive analysis of forex brokers accepting traders in Tanzania, you should be able to open an account with <250 USD (approximately <635,000 TZS), though some forex platforms cater to beginners with no minimum deposit.

Methodology

Using our huge database of forex trading platforms, we zeroed in on those that accept traders from Tanzania and ranked them based on their overall rating, which takes into account key criteria, such as:

FAQ

Is Forex Trading Legal In Tanzania?

There are no laws prohibiting forex trading in Tanzania, so you’re free to sign up with an online broker. Just remember to keep track of your profits and to pay any tax due to the Tanzania Revenue Authority (TRA).

Who Regulates Forex Trading In Tanzania?

The Capital Markets and Securities Authority (CMSA) is the body that’s tasked with overseeing financial services companies in the country. However, the CMSA isn’t very active in licensing and monitoring forex trading platforms, so many investors turn to global brokers with authorization from a respected, internationally renowned regulator like the UK’s Financial Conduct Authority (FCA).

Having said that, we’ve noticed that many of these reputable forex platforms onboard clients from Tanzania through offshore entities, such as Vanuatu, where traders may receive fewer safeguards, notably no negative balance protection or access to compensation in the event a broker becomes bankrupt. As a result, only risk what you can afford to lose.

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

Our tests of forex brokers accepting traders from Tanzania, which span many years, show that most of the top platforms have a minimum deposit of <250 USD, roughly <635,000 TZS.

Some also stand out with no or a very low minimum deposit – XM has just a 5 USD initial investment, around 13,000 TZS.