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Best Forex Brokers In Zimbabwe 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.

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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.

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Fact Checked By

Jemma Grist

Fact Checked By

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.

» Jemma Grist Profile Page

Updated

Apr 26, 2024

To trade forex in Zimbabwe you will need to open an account with a broker. Although the Reserve Bank of Zimbabwe (RBZ) oversees forex trading domestically and is responsible for currency reforms that are combating the high inflation impacting the Zimbabwean Dollar, many residents turn to international brokers for their excellent platforms, fees and range of currency pairs.

Explore our pick of the best forex brokers in Zimbabwe. Every forex platform accepts traders from Zimbabwe and supports convenient deposit options like PayPal.

5 Top Forex Brokers In Zimbabwe

We have tested and analyzed hundreds of forex trading platforms and these 5 emerged as the best for traders in Zimbabwe:

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. 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.
3. 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.
4. 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.
5. 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.

Best Forex Brokers In Zimbabwe 2024 Comparison

Best Forex Brokers In Zimbabwe 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
	80+	1.2	4.9 / 5	$100	NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA	Visit
	55+	1.6	4.7 / 5	$5	ASIC, CySEC, DFSA, FSC, FSCA	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+	0.2	3.4 / 5	$0	CySEC	Visit
	70+	1.0	4.8 / 5	$0	FCA, CySEC, KNF, CNMV, DFSA, FSC	Visit
	67	0.70 pips (var)	3.9 / 5	$100	FCA, CySEC, ASIC, FSCA, FSC	Visit
	70+	from 0.2 pips (floating)	3.3 / 5	$0	FCA, ASIC, DFSA, FMA	Visit
	45+	0.5 pip var	-	$5	MGA, SC	Visit
	55	From 0.1 pips	-	$100	FSA	Visit
	35	Floating from 0.1 pips	2.5 / 5	$250	-	Visit
	55	0.9	4.2 / 5	$50	FCA, ASIC, CySEC, FSA, FSRA, MFSA	Visit

#1 - Vantage

Visit

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

• There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
• Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
• There are no short-term strategy restrictions with hedging and scalping permitted

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

Visit Vantage

#2 - 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

• 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.
• 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.
• 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.

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.
• Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
• 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.

Visit FOREX.com

#3 - XM

Visit

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

• XM is a hugely respected broker authorized by tier-one regulators
• Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
• Transparent and low fees with spreads from 0.0 pips that will help protect day trading profit margins

Cons

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

Visit XM

#4 - PrimeXBT

Visit

Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: Variable
• EURUSD Spread: Variable
• EURGBP Spread: Variable
• Total Assets: 45+
• Leverage: 1:1000
• Platforms: Own

About PrimeXBT

PrimeXBT is a multi-asset platform offering highly leveraged trading in forex, indices, commodities and cryptocurrencies. The company launched in 2018 and now has over 1 million users from more than 150 countries. With no minimum deposit, copy trading features and low commissions, the broker remains a popular option among crypto trading novices.

Pros

• There’s a range of additional trading opportunities on offer, including demo contests and a copy trading solution
• The broker delivers ultra-fast trade execution speeds, averaging <7.12 ms - ideal for active day traders
• The broker’s platform and app offer advanced charting features, including 50+ technical indicators, a customizable layout and multiple order types including OCO

Cons

• The total selection of 110+ assets is far fewer than top competitors, including OKX with 400+
• It’s a shame that there are no popular third-party platforms on offer such as MT4
• The lack of reputable regulatory oversight is a security concern, though this is common in the crypto trading industry

Visit PrimeXBT

#5 - IQ Option

Visit

Review

Why We Chose 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.

"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."

- DayTrading Review Team

• GBPUSD Spread: 5 pips
• EURUSD Spread: 14 pips
• EURGBP Spread: 15 pips
• Total Assets: 60+
• Leverage: 1:500
• Platforms: Own

About IQ Option

IQ Option is a trusted broker with multi-asset trading on its user-friendly proprietary platform. The broker provides trading on forex, stocks, cryptos, indices, commodities and ETFs with competitive fees and a good suite of extra features and educational content. You can also open an account with just $10.

Pros

• Excellent range of payment methods
• User-friendly platform for beginners
• Access to IQ Option community

Cons

• €10 inactivity fee after 90 days
• No MetaTrader 4 integration

Visit IQ Option

How We Choose Forex Brokers In Zimbabwe

To find the best forex trading platforms in Zimbabwe, there are several factors we, and you, should consider:

Trust

When you trade currencies through an online broker you need to be confident your money is secure.

This is especially important given Zimbabwean news reports of forex Ponzi schemes and managed account fraud. The country’s Reserve Bank has also warned that criminals are conducting illegal forex exchange operations via social media.

That’s why we only recommend forex brokers we trust – a judgement we make by weighing the strength of their regulatory credentials, years in the industry, reputation, and the observations of our hands-on testers.

Currency Pairs

Having access to a wide range of forex assets can help you discover opportunities.

Our analysis shows that not many brokerages offer trading on the Zimbabwean Dollar, which has faced hyperinflation and even been taken out of circulation for periods. However, our top picks offer a wide choice of majors, minors and exotics, providing investors with diverse trading opportunities.

Forex Platforms

If you’re making short-term forex trades, access to a fast, stable and intuitive charting platform is important.

MetaTrader 4 (MT4) continues to dominate the forex scene and is the most widely supported third-party platform by online brokers in Zimbabwe. It’s best for intermediate to advanced traders looking for rich technical analysis features and algo trading.

However, our years in the industry have shown us that the proprietary software provided by some brokers is increasingly strong, often sporting a more modern interface that makes for an attractive entry point for newer traders.

That’s why we favor forex brokers with platforms and apps that will serve forex traders of all levels and strategies, an assessment we make by personally testing software where practical.

Vantage – ProTrader

We also look for tools that offer frequent updates on the most significant global market movements as well as specialized data on regions like Southern Africa.

Deposit Options

If you plan to make frequent deposits and withdrawals, choosing a forex broker with straightforward and low-cost payment methods is important.

This is especially important for traders in Zimbabwe where cash shortages have been reported and where mobile money and e-wallets are quickly becoming many people’s favored payment methods.

Our highest-rated forex trading platforms support classic card and wire transfers as well as fast and convenient alternatives, such as PayPal and EcoCash via PayNow, allowing you to fund your account with ease from Zimbabwe.

Methodology

We leveraged our extensive database of forex brokers to focus on those accommodating traders in Zimbabwe, ranking them based on an aggregate score derived from critical factors, including:

FAQ

Is Forex Trading Legal In Zimbabwe?

Forex trading is legal in Zimbabwe. Day traders can sign up with online brokers, either onshore or offshore, to speculate on the price of currency pairs.

Who Regulates Forex Trading In Zimbabwe?

Zimbabwe’s financial regulator is the Reserve Bank of Zimbabwe (RBZ), which oversees all foreign exchange activities in the country.

Because of the Zimbabwean Dollar’s instability in recent years, it’s a good idea to follow the RBZ’s latest announcements to stay updated about any changes to rules and regulations. For example, capital controls have been imposed in efforts to prevent the Zimbabwean Dollar’s slide.

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

The amount of capital you need to begin forex trading in Zimbabwe depends on the broker’s minimum deposit. Although some require US$250 – around Z$80,000 – or more for an initial deposit, others like Pepperstone don’t have any minimum deposit, appealing to beginners.