One of the newest budding scenes for forex trading in Africa is Tanzania. With increased penetration of technology and Internet access, more people are joining online trading. As such, this region has seen a surge in the number of forex brokers operating within its borders. Today, there are all kinds of brokers that accept traders from Tanzania. This ranges from brokers offering TradingView to brokers with instant withdrawals. With such a wide choice of brokers, it can be hard to choose a reliable and trustworthy broker to trade with. In today’s article, we will look at some of the best forex brokers in Tanzania. To make our selections, we will consider the criteria below.
Our Criteria For Selecting The Best Forex Brokers in TanzaniaThere are four key features we will be looking at to make our selections for this article. These include:
- The regulatory status - The regulatory status of a broker is of utmost importance to consider. In Tanzania, forex regulation is under the mandate of the Capital Markets and Securities Authority of Tanzania. However, there are not any reputable brokers under the regulation of this body. As such, we will feature brokers with reputable regulations elsewhere.
- Availability of trading instruments - It is important for traders to have access to a wide variety of market products to diversify their portfolios.
- Spreads offered - Brokers that offer low spreads and trading fees will feature prominently as they allow traders to maximize their earnings while keeping the cost low.
- The trading platform available - Having access to a powerful yet intuitive trading platform can give traders an edge in the market when trading.
Now with that, let’s take a look at some of the best forex brokers in Tanzania.
ExnessExness is one of the biggest forex and CFD brokers in the world today. This broker allows Tanzanian traders to access a variety of global market products. These include CFDs on forex, metals, indices, stocks, cryptocurrencies, and energies. This allows traders to diversify their portfolios as they wish. Furthermore, traders also get a diverse selection of trading platforms which include MetaTrader 4, MetaTrader 5, and Exness Terminal, alongside mobile trading apps. Better yet, Tanzanian traders can make deposits and withdrawals using mobile money on Exness.
In terms of spreads, this broker is well within market standards. The standard account on this broker site has a minimum spread as low as 0.2 pips on major currencies with no commission required. The standard cent account, on the other hand, has spreads from as low as 0.3 pips with no commission. Further, the professional accounts on this broker site feature even lower spreads.
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The raw spread account has spreads from as low as 0.0 pips with a fixed commission of $3.5 per side per lot. In comparison, the zero account has spreads from 0.0 pips on the top 30 instruments plus a commission from $0.2 per side per lot upwards. Meanwhile, the pro account has ultra-low spreads from as low as 0.1 pips with no commission paid.
Finally, let’s see the regulations that this broker has. Well, it operates under the supervision and regulation of the CMA in Kenya, the FSCA in South Africa, the FCA in the UK, and the CySEC in Cyprus, among others.
PepperstonePepperstone is another great choice for Tanzanian traders looking for a regulated broker with a diverse collection of market products. On this broker site, traders have access to over 1,200 CFDs on forex, indices, cryptocurrencies, shares, commodities, and ETFs. These trading instruments are available on a variety of trading platforms including MetaTrader 4, MetaTrader 5, TradingView, cTrader, and Pepperstone Trading Platform.
Further, the spreads for trading the various market products are competitively low on the Pepperstone trading site. The standard account of the broker has a spread that starts from as low as 1.0 pips with no commission. In contrast, the razor account features spreads from 0.0 pips plus a commission depending on the trading platform a client uses. When using the MetaTrader platforms, TradingView, and Pepperstone Trading Platform, traders pay a commission of $3.5 per side per lot. However, when using cTrader, traders pay a commission of $3 per side per lot.
While regulations alone are not enough, it is always better to invest with a broker with ample regulations. In this case, Pepperstone operates under the watchful eyes of the CMA in Kenya, the FCA in the UK, the DFSA in the DIFC, and the ASIC in Australia, among others.
XMWhile XM is not regulated in Africa, it has regulations from other reputable organizations around the world. These include the ASIC in Australia, the CySEC in Cyprus, and the DFSA in the DIFC. It also holds a license from the FSC in Belize. These regulations elevate XM into one of the best forex brokers in the world. Better yet, it accepts traders from Tanzania.
When trading with this broker, Tanzanian traders gain access to a wide variety of assets. In total, there are over 1,000 different instruments which include CFDs on forex, indices, cryptocurrencies, shares, stocks, energies, and precious metals. The trading platforms available to use include MT4 and MT5 together with its own XM Trading App.
Regarding spreads, the micro and the standard accounts each feature spreads from 1.0 pips on major currency pairs. On the other hand, the XM Ultra low account has spreads starting from as low as 0.6 pips on major currency pairs. There are no commissions charged when trading forex and CFDs. only shares charge a commission on this broker site depending on the share and the size of a trade.
XTBLaunched in 2002, XTB is a seasoned broker that gives Tanzanian traders access to over 5,800 different market products. The global markets available to invest in on the XTB trading site include forex, indices, commodities, equities, cryptocurrencies, and ETFs. Traders have access to a single trading platform provided by the company, xStation 5. Positively, this broker features competitively low spreads for traders to enjoy. There is only one trading account offered by this broker with spreads from as low as 0.5 pips for major currency pairs.
Finally, the regulations of XTB. While not regulated in Africa, it features regulatory licenses from several other organizations. These include the FCA in the UK, the KNF in Poland, the CySEC in Cyprus, and the FSC in Belize.
FX PesaFX Pesa is another notable CMA-regulated forex broker that accepts traders from Tanzania. Other than the CMA, the broker is also under the regulation of top-tier organisations such as the FCA and the CySEC. This strong regulatory background makes FX Pesa’s reputation favourable among traders.
Notably, there is a wide range of products available to trade on this broker site. These include CFDs forex, indices, commodities, shares, and ETFs. This allows investors to spread their risk of investment across various markets.
Further, FX Pesa offers two main account types to cater to different trading preferences. The Executive account is commission-free and has spreads from as low as 1.4 pips for major currencies. In comparison, the Premiere account has spreads from as low as 0.0 pips with a commission of $3.5 per side per lot. The trading platforms available include MetaTrader 4, MetaTrader 5, and Equitri Trader App.
FP MarketsFP Markets is a reputable forex broker that was launched in 2005 in Sydney, Australia. The broker holds licenses from various organizations including the FSCA in South Africa, the ASIC in Australia, and the CySEC in Cyprus. Such regulations make this broker a popular choice in many countries, including Tanzania.
Moreover, this broker allows investors to trade over 10,000 different market products. These include forex currency pairs alongside CFDs on indices, cryptocurrencies, commodities, stocks, metals, ETFs, and bonds. To trade these various market instruments, traders can use a variety of trading platforms. These include MetaTrader 4, MetaTrader 5, cTrader, Iress, and TradingView.
Further, the spreads offered by this broker are manageable, to say the least. The standard account of this broker offers traders spreads from as low as 1.0 pips for major currency pairs with no accompanying commission. On the other hand, the raw account has spreads that start from 0.0 pips with a small commission of $3 per side per lot.
Admiral MarketsAdmiral Markets is another international broker that accepts traders from Tanzania and offers them plenty of market options to trade. This broker allows Tanzanian traders to access CFDs on forex, indices, commodities, ETFs, stocks, and bonds. As such, forex traders can diversify their portfolios without having to leave this broker’s trading site. The trading platforms available to use include MT4, MT5, and the Admirals Platform.
In terms of spreads, the broker offers different accounts that fit different trader profiles. The Trade.MT4 and the Trade.MT5 accounts both feature spreads that start from as low as 0.5 pips for major currency pairs with no commission. There are three more accounts that feature spreads from as low as 0.0 pips plus commissions that are between $1.8 to $3 per lot.
As always, traders should only trade with brokers that have regulations from reputable organizations. Luckily, Admiral Markets operates under the regulation of the CMA in Kenya, the FSCA in South Africa, the FCA in the UK, and the ASIC in Australia, among others.
HFMWe will close out our list of best forex brokers in Tanzania with HFM. This broker has regulations from two African regulators which include the CMA and the FSCA. On top of that, it has regulations in other jurisdictions. This includes regulations by the FCA, the DFSA, and the CySEC.
The broker offers a diverse selection of market products to invest in. In particular, this broker gives traders access to over 1,000 different assets that include CFDs on forex, metals, indices, stocks, commodities, energies, bonds, and ETFs. The platforms available to use while trading include MetaTrader 4, MetaTrader 5, and the HFM Platform.
Finally, the broker offers relatively low spreads to its clients. There are four different accounts to choose from including the cent, zero, pro, and premium accounts. The cent account and the premium account both feature spreads starting from 1.2 pips with no commission required. In contrast, the pro account has a spread that starts from 0.5 pips plus no commissions. Finally, the zero account offers spreads from 0.0 pips with a commission from $0.03 per 1k traded and upwards.
Closing RemarksAs an emerging market, Tanzania is flooded by new and old brokers all trying to offer their services to traders. This makes it very tough for traders to pick a broker that best suits one’s trading needs. However, traders can consider a few key features and prioritize those when making their selections. These key features include the regulations, spreads, market products available, and the trading platform. After checking these areas, traders can then look at things like the minimum deposit requirement and bonuses offered.
The brokers we listed here stand out for their regulatory backgrounds, diverse collection of market instruments, low spreads, and powerful trading platforms. Nonetheless, these are our picks according to our criteria. As such, it is paramount for each trader to evaluate each broker using their own trading needs to find a broker that best suits their trading needs.
