Best Forex Trading Platforms In Zambia 2024
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The regulatory frameworks of the Bank of Zambia and the country’s Securities & Exchange Commission are still evolving, with many local investors turning to platforms regulated in other reputable jurisdictions to trade currencies online.
Discover the best forex brokers accepting traders in Zambia. Every platform has been tested by our experts and offers convenient funding for traders making deposits in Zambian Kwacha (ZMW).
10 Top Forex Trading Platforms In Zambia
Based on our evaluations, these 10 platforms excel for forex traders in Zambia:
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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 -
4FOREX.com20% Welcome Bonus Up To $5000
Ratings
$1000.01 Lots1:400NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMAForex, CFDs, Stocks, Indices, Commodities, Futures, Options, CryptoMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
5PepperstoneCFDs 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 -
6XM$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 -
7Eightcap
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 -
8PrimeXBT$100 Deposit Bonus
$00.01 Lots1:1000CFDs, Cryptos, Forex, Indices, Commodities, FuturesOwnBitcoin Payments, Ethereum Payments, Credit Card, Debit CardUSD, EUR, GBP -
9IQ 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 -
10IGSpread 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
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.
- 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.
- 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.
Best Forex Trading Platforms In Zambia 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
- The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
- The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders
- 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
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- Unfortunately, cryptos are only available for Australian clients
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
- 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.
- IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
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.
- Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
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
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- The broker offers reliable 24/5 multilingual customer support with fast response times during testing
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
Cons
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- 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 is no ECN account with raw spreads
FOREX.com
"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."
Christian Harris, Reviewer
FOREX.com Quick Facts
Bonus Offer | 20% Welcome Bonus Up To $5000 |
---|---|
GBPUSD Spread | 1.3 |
EURUSD Spread | 1.2 |
EURGBP Spread | 1.4 |
Total Assets | 80+ |
Leverage | 1:400 |
Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- 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.
- 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.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
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
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- 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.
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 does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- 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.
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
- The broker offers premium research including market sentiment, fundamental insights and strategy builders
- Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins
- Accessible trading accounts with a $5 minimum deposit and fast account opening
Cons
- There is weak regulatory oversight through the global entity
- PayPal deposits are not supported
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
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
- After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
- 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.
- 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
- 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.
- 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.
- 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.
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
- There’s a range of additional trading opportunities on offer, including demo contests and a copy trading solution
- 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
Cons
- The total selection of 110+ assets is far fewer than top competitors, including OKX with 400+
- The lack of reputable regulatory oversight is a security concern, though this is common in the crypto trading industry
- It’s a shame that there are no popular third-party platforms on offer such as MT4
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
- Access to IQ Option community
- High payouts on binary options
- 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
- The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our Best Trading App award
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
Cons
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
How We Rate Forex Trading Platforms In Zambia
There are several key components we consider when rating forex brokers, notably:
Trust
Despite increasing interest in forex trading among Zambians, like many African countries, there are a limited number of local brokers regulated by the Bank of Zambia or the nation’s Securities & Exchange Commission.
However, if you choose to trade currencies with a global broker, it’s important to pick a platform that’s authorized by another trusted regulator, such as the FCA in the UK, ASIC in Australia or SEC in the US. This will help protect you from forex trading scams and safeguard your Zambian Kwacha.
We only recommend forex trading platforms to investors in Zambia that we trust after balancing the strength of their regulatory credentials with their years in the industry and the direct experiences of our researchers during the testing process.
- IG shines as the most trusted forex broker for Zambian traders. Not only does it hold 13 licenses but it boasts over 50 years in the industry, a listing on the London Stock Exchange, and our experts have traded real money on the platform with no withdrawal issues.
Forex Platforms
The top forex brokers in Zambia offer user-friendly platforms that allow you to analyze market trends and identify opportunities in African currencies and those further afield.
We’ve been testing forex brokers for many years and MetaTrader 4 and MetaTrader 5 remain the most widely supported options. However, we don’t love their outdated designs which we think pose a steep learning curve for newer traders.
Instead, aspiring currency traders may prefer the bespoke platforms offered by several leading forex brokers. Alternatively, TradingView sports slick aesthetics with insights into eight currency pairs with the ZMW, including ZMW/USD, ZMW/EUR and ZMW/ZAR.
- Pepperstone offers a terrific selection of platforms helping it secure our ‘Best Forex Broker’ award twice, including MT4, MT5, cTrader, and TradingView. It also provides Smart Trader Tools with 28 indicator and expert advisor add-ons for MetaTrader.
Currency Pairs
We analyzed our 400-strong database of forex trading platforms and Zambian Kwachas (ZMW) are not commonly traded. However, regional currencies like South African Rands (ZAR) are widely available and most brokers carry a good selection of major, minor and exotic pairs.
Most of our top forex trading platforms offer at least 50 currency pairs, but some of the best options support over 80 forex assets, catering to a diverse range of short-term trading strategies.
- Forex.com continues to offer among the widest selections of currency pairs for Zambian traders, with over 80 assets coupled with ultra-fast execution speeds of 20ms and tight spreads from 0.0 pips, catering to day traders.
Trading Fees
We score every broker on their trading fees, recording and analyzing spreads on popular currency pairs, including the EUR/USD. This allows us to identify the lowest-cost forex trading platforms for short-term traders.
We also factor in non-trading fees, such as conversion costs if depositing funds from Zambian Kwachas to an account based in another currency, such as US Dollar, which is highly likely as very few firms support ZMW accounts.
Finally, we balance pricing against the trading tools and insights provided. This is because it can be worth paying more for economic calendars that highlight upcoming interest rate decisions from Zambia’s central bank, for example, which can impact currency values.
- Year after year IC Markets stands out for its terrific forex pricing. We’ve experienced their zero-pip spreads on popular currency pairs first-hand, while their volume rebates for active traders and fast execution speeds also help forex traders secure the best prices.
Account Funding
We favor Zambian forex brokers with accessible minimum deposits, allowing traders of all levels to start speculating on currencies online.
Our extensive industry experience and comprehensive directory of forex brokers show most leading platforms accept Zambian traders with a minimum deposit of <250 USD, equivalent to around 6,500 KMW.
However, budget-conscious Zambians can even get started with no minimum at some forex trading platforms – among the highest rated being Pepperstone.
Methodology
To find the top forex brokers for Zambia, we identified all the platforms that accept Zambian traders and then ranked them by their overall rating, which factors in important areas, notably:
- Authorization from respected regulators, if not by Zambia’s Central Bank or Securities & Exchange Commission, then trusted bodies in other jurisdictions.
- A wide selection of currency pairs, including those of interest to Zambian traders like African currencies and majors with the US Dollar.
- Convenient deposits for Zambian traders, including affordable minimum deposits and secure payment methods.
- Intuitive forex platforms that we enjoy using with real-time data and tools to help discover short-term trading opportunities.
- Excellent pricing with low spreads and commissions with no hidden charges for forex trading.
FAQ
Is Forex Trading Legal In Zambia?
Forex trading is permitted in Zambia with residents able to speculate on currencies through online brokers.
You should also make sure you’re aware of tax obligations when trading currencies, in line with the Zambia Revenue Authority.
Who Regulates Forex Trading Platforms In Zambia?
The Bank of Zambia and the Securities & Exchange Commission oversee the financial markets, including forex trading participants.
However, the country’s regulatory framework remains underdeveloped compared to many other jurisdictions with a limited number of locally-registered brokerages to choose from. As a result, many Zambians trade currencies through forex brokers regulated elsewhere.
How Much Money Do I Need To Start Trading Forex In Zambia?
Our findings show most forex trading platforms in Zambia accept investors with an initial deposit of up to 250 USD, around 6,500 KMWs. The most affordable forex brokers go considerably lower, however, and Pepperstone even has no minimum.
Article Sources
- Bank of Zambia
- Zambia Securities & Exchange Commission
- Zambia Revenue Authority
- Zambia Digital Payment Method Usage - Statista
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