Best Forex Brokers In Zimbabwe 2024

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Written By
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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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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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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
Vantage logo
55+ 0.0
$50 FCA, ASIC, FSCA, VFSC Visit
FOREX.com logo
80+ 1.2
$100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA Visit
XM logo
55+ 1.6
$5 ASIC, CySEC, DFSA, FSC, FSCA Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
60+ 14 pips
$10 - Visit
BDSwiss logo
50+ 1.2
$10 FSC, FSA Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit
Markets.com logo
67 0.70 pips (var)
$100 FCA, CySEC, ASIC, FSCA, FSC Visit
Axi logo
70+ from 0.2 pips (floating)
$0 FCA, ASIC, DFSA, FMA Visit
Binary.com logo
45+ 0.5 pip var - $5 MGA, SC Visit
Finq.com logo
55 From 0.1 pips - $100 FSA Visit
Videforex logo
35 Floating from 0.1 pips
$250 - Visit
eToro logo
55 0.9
$50 FCA, ASIC, CySEC, FSA, FSRA, MFSA 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

  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
  • There are no short-term strategy restrictions with hedging and scalping permitted
  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook

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 - 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

  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • 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.
  • 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

  • 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.

#3 - XM

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

  • 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
  • XM is a hugely respected broker authorized by tier-one regulators

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

#4 - PrimeXBT

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

  • The broker delivers ultra-fast trade execution speeds, averaging <7.12 ms - ideal for active day traders
  • The broker offers 24/7 customer support via live chat, as well as an extensive help centre
  • Beginners can access a crypto trading Academy with bite-size resources and YouTube videos

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

#5 - IQ Option

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

  • User-friendly platform for beginners
  • Access to IQ Option community
  • High payouts on binary options

Cons

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

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.

  • Pepperstone continues to demonstrate it’s a highly trusted broker with licenses from top-tier watchdogs, including the FCA in the UK, the CySEC in Europe, and the ASIC in Australia. Also reassuring is its global client base of over 400,000 traders.

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.

💡
Currencies like the South African Rand (ZAR) may provide a good alternative for traders in Zimbabwe, providing exposure to regional market fluctuations.
  • Forex.com shines with its above-average selection of 80+ forex assets, including the ZAR paired with the USD, GBP, EUR and JPY.

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's ProTrader available to forex traders in ZimbabweVantage – 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.

  • Vantage provides Zimbabwean forex traders with a first-rate toolkit that includes a slick bespoke platform and mobile app, plus MT4, MT5, and powerful third-party tools like ZuluTrade’s copy trader and Myfxbook’s automated solution.

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.

  • Pepperstone remains one of the best forex brokers that accepts traders from Zimbabwe with no minimum deposit and convenient funding options like PayPal.

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:DayTrading.com broker testing methodology overview

  • Regulation by trusted authorities, if not Zimbabwe’s RBZ then respected watchdogs elsewhere.
  • A wide selection of currency pairs, featuring currencies of interest to traders in Zimbabwe, such as ZAR/USD.
  • An easy-to-use process for funding accounts, considering popular local methods such as PayPal and EcoCash.
  • Advanced yet user-friendly charting tools for capitalizing on forex market opportunities.

FAQ

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.

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