
This Best Forex Brokers in Tanzania review conducted in South Africa shows that with forex trading exploding around the world, especially in African countries such as Tanzania, forex traders may still be unsure over the best brokers to trade this market.
Tanzania traders looking for a broker that offers competitive trading conditions along with comprehensive trading solutions and services need not look further than the list below.
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Globex360
Overview
Globex360 is a forex broker based in South Africa, which offers trading with Forex and CFDs, indices, precious metals, energy, and cryptocurrencies. The company uses state-of-the-art software to provide clients with the best trading experience.
The company is authorised to provide financial services to clients around the world, complying with the legislation of each country it operates. Globex360 was founded in 2017
Pros and Cons
PROS | CONS |
Several types of trading accounts | Does not provide negative balance protection |
Regulated by proper authorities | Only MT4 trading platform |
Variety of trading instruments | Withdrawal process is slow |
Features
Feature | Information |
Regulation | FSCA, FIAMLA 2002, POCA 2002, POTA 2002 |
Minimum deposit | $25 |
Average spread from | Not clearly indicated |
Commissions from | 0 |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:400 |
Bonuses | Yes |
Customer Support and hours | 24/5 |

MarketsX / Markets.com
Overview
MarketsX is a forex broker company that offers services in South Africa, also known as Markets.com.
The broker operates since 2008 and listed on the London Stock Exchange and a constituent of the FTSE 250. It is regulated in five jurisdictions and offers four trading platforms from which traders have access to over 2 200 assets.
Pros and Cons
PROS | CONS |
Member of an investor compensation scheme | Fixed spread accounts not offered |
Negative balance protection offered | Limited account types offered |
Proprietary trading platform offered | |
Segregated client funds used | |
Swap free or Islamic Account available | |
Well-regulated |
Features
Feature | Information |
Regulation | CySEC, FCA, ASIC, FSC, FSCA |
Minimum deposit | $250 /£250 /€250 |
Average spread from | 2.4 pips |
Commissions from | 0 |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:300 |
Bonuses | Yes |
Customer Support and hours | 24/5 |

Exness
Overview
Exness was founded in 2008 and is registered and authorised in Seychelles by the FSA, in Cyprus by CySEC and the FCA in the United Kingdom.
The broker offers MT4 and MT5 and a WebTerminal as trading platforms, with more than 130 currency pairs, metals, cryptocurrencies, energies, and Indices as trading instruments.
Pros and Cons
PROS | CONS |
1$ minimum deposit | Deposit fee in certain regions |
Free withdrawals | |
USD and EUR as currencies |
Features
Feature | Information |
Regulation | CySEC, SFSA FCA, FSA(JP) |
Minimum deposit | $1 |
Average spread from | 0.1 pips |
Commissions from | $10- $30 |
Deposit/Withdrawal Fees | Deposit fee in some regions |
Maximum Leverage | 1:30 |
Bonuses | No |
Customer Support and hours | 24/5, 11 languages; 24/7 in English and Chinese |

XM
Overview
XM was founded in 2009 in Cyprus and is authorised and regulated by CySEC, IFSC, FCA, ASIC and the Dubai DFSA.
The broker offers many secure payment methods and MT4 and MT5 trading platforms for trading Forex, Stocks, CFDs, Commodities, Equity Indices, Precious Metals, Energies and Shares.
Pros and Cons
PROS | CONS |
Allows scalping and hedging | No managed accounts |
Minimum deposit from $55. | No US clients |
Offers negative balance protection | |
Properly regulated |
Features
Feature | Information |
Regulation | CySEC, IFSC), FCA, ASIC and DFSA |
Minimum deposit | $5 |
Average spread from | 1.7 pips |
Commissions from | $3.5 per lot per trade |
Deposit/Withdrawal Fees | Bank withdrawals below $200 – $15 |
Maximum Leverage | 500:1 |
Bonuses | No. |
Customer Support and hours | 24/5 |

Tickmill
Overview
Tickmill brokerage is regulated by the Seychelles FSA and FCA in the UK.
Tickmill offers three live account types and its own proprietary WebTrader or MetaTrader 4 to trade forex currency pairs, stock indices and oil, precious metals, and bonds.
Pros and Cons
PROS | CONS |
Fast and easy account opening | Average CFD fees |
Free deposit and withdrawals | Only basic news feeds |
Low forex fees | |
No inactivity or withdrawal fee |
Features
Feature | Information |
Regulation | FSA, FCA |
Minimum deposit | $100 |
Average spread from | 0.13 pips |
Commissions from | None |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:500 |
Bonuses | $30 welcome bonus |
Customer Support and hours | 24/5 |

XTB
Overview
XTB is an English CFD, Crypto and forex broker company founded in 2002, based in London and regulated by several international authorities including the FCA.
XTB offers a range of educational materials and an award-winning platform. It is listed on the Warsaw stock exchange and offers trading of more than 1500 global markets.
Pros and Cons
PROS | CONS |
Award winning platform | Limited product portfolio, mostly CFD and FX |
Free deposit and withdrawal | Poor email support |
Good educational material | |
Negative balance protection | |
Regulated by FCA |
Features
Feature | Information |
Regulation | FCA and Polish KNF |
Minimum deposit | £250/$250/€250 |
Average spread from | 0.5 |
Commissions from | No |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:30 in EU, 1:200 international |
Bonuses | No |
Customer Support and hours | 24/5. |

eToro
Overview
eToro was established in 2007 and is based in Israel. It is authorised and regulated by CySEC, the FCA and ASIC.
eToro boasts more than 1.5 million customers in more than 130 countries and has transparent and user-friendly modes of trading currencies, indices, and commodities online.
Pros and Cons
PROS | CONS |
Low minimum deposit | High forex fees and non-trading fees |
No deposit fee | Only one account base currency |
Offers free stock and ETF trading in the EU | |
Seamless account opening | |
Social trading |
Features
Feature | Information |
Regulation | FCA, ASIC, CySEC |
Minimum deposit | 30 USD |
Average spread from | 1.0 pips |
Commissions from | 0.09% |
Deposit/Withdrawal Fees | $5 on withdrawals |
Maximum Leverage | 1:20 |
Bonuses | Welcome and referral bonuses |
Customer Support and hours | 24/5 |

Trading 212
Overview
Trading 212 was founded in 2006 and has its headquarters in London, UK. It offers free, smart, and easy to use apps to trade equities, currencies, commodities, stocks, indices, and cryptocurrencies.
Trading 212 offers zero-commission stock trading and uses the best advanced modern technology.
Pros and Cons
PROS | CONS |
Demo accounts available | Does not allow scalping |
Minimum deposit from $10 | Inactivity fee |
Regulated | Limited research selection |
Zero commission |
Features
Feature | Information |
Regulation | FCA, FSC |
Minimum deposit | £100 /$100/€150 |
Average spread from | 1.2 |
Commissions from | Zero |
Deposit/Withdrawal Fees | For bank wires |
Maximum Leverage | 1:30 |
Bonuses | None |
Customer Support and hours | 24/5 |

City Index
Overview
City Index is a global Spread Betting, FX and CFD broker in London, United Kingdom that was founded in 1983 and is registered and authorised by the FCA, ASIC and of MAS Singapore.
City Index gives clients access to global markets with more than 12 000 assets to choose from Forex, Indices, Shares and Commodities.
Pros and Cons
PROS | CONS |
Diverse research tools | High stock CFD fees |
Low fees for forex and index CFDs | Inactivity fee |
Low forex fees | Limited product portfolio |
No withdrawal or deposit fee |
Features
Feature | Information |
Regulation | FCA, ASIC, MAS |
Minimum deposit | None |
Average spread from | 0.5 pips |
Commissions from | 0.1% |
Deposit/Withdrawal Fees | £25 for payments less than £5 000 |
Maximum Leverage | 1:200 |
Bonuses | No |
Customer Support and hours | 24/5 |

AvaTrade
Overview
AvaTrade is an Irish forex broker company founded in 2006 and based in Dublin with sales centres in several countries.
AvaTrade is regulated by financial watchdog authorities in Europe, the British Virgin Islands, Australia, Japan, and South Africa. The company’s own AvaTradeGO app is available with user-friendly interface and innovative tools.
Pros and Cons
PROS | CONS |
Great educational tools | Inactivity fee |
Multiple payment options | Limited research tools |
No withdrawal fee | Offers only CFDs, forex, and cryptos |
Features
Feature | Information |
Regulation | Central Bank of Ireland, MiFID, ASiC, BVI |
Minimum deposit | $100 |
Average spread from | 0.6 pips |
Commissions from | Zero |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:400 |
Bonuses | Occasionally |
Customer Support and hours | 24/5 |

FP Markets
Overview
FP Markets is an Australian forex broker company established in 2005 and based in Sydney and Kingstown, St. Vincent, and the Grenadines. It offers traders access to CFDs trading across forex, indices, commodities, stocks, and cryptocurrencies.
FP Markets is a four-time winner of a “Best Trade Execution” award and was voted as most satisfied by traders for five years running.
Pros and Cons
PROS | CONS |
Fast account opening | High stock CFD fees |
Multi-lingual support | Limited product portfolio |
Quick deposit and withdrawal | |
Tight spreads |
Features
Feature | Information |
Regulation | ASIC, CySEC, SCB |
Minimum deposit | $100 |
Average spread from | 0.09 |
Commissions from | Commission rates are complex and are obtainable from Support. |
Deposit/Withdrawal Fees | No fees except international withdrawals |
Maximum Leverage | 1:500 |
Bonuses | Deposit bonus |
Customer Support and hours | 24/5 |

TD Ameritrade
Overview
TD Ameritrade is an American forex broker based in Omaha, Nebraska, subject to tough regulation and listed on the NASDAQ.
TD Ameritrade offers customers a choice of platforms, mobile apps, and thinkorswim for derivatives-focused traders.
Pros and Cons
PROS | CONS |
Free stocks and ETFs | Can only trade in the US markets |
Great customer support | High fund fees |
Low trading and non-trading fees | No credit, debit cards or electronic wallets for money transfer |
Superb desktop trading platform |
Features
Feature | Information |
Regulation | CySEC, FINRA, CFTC, MAS |
Minimum deposit | No minimum |
Average spread from | 1.2 pips |
Commissions from | $0 |
Deposit/Withdrawal Fees | Wire transfer – $25. |
Maximum Leverage | 2:1 |
Bonuses | Welcome bonus |
Customer Support and hours | 24/7 |

FXTM
Overview
FXTM is a Cypriot forex broker company established in 2011 and based in Limassol, with offices worldwide and regulations across Europe, the Middle East, Africa, Asia, and Latin America.
FXTM offers excellent services and products, segregated accounts at top-tier banks, secure deposits and withdrawals, competitive leverage, tight spreads, and the ability to trade 250+ instruments.
Pros and Cons
PROS | CONS |
Digital and fast account opening | High stock CFD fees |
Great educational tools | Inactivity and withdrawal fees |
Low EURCHF and EURGBP fees | Limited product portfolio |
No deposit fees charged | |
Quick deposit and withdrawal |
Features
Feature | Information |
Regulation | CySEC, FCA, FSCA |
Minimum deposit | $10 |
Average spread from | 0.1 pips |
Commissions from | None |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:30 for the EU and UK, 1:1000 under other entity |
Bonuses | Only for international brand. |
Customer Support and hours | 24/5 |

CMC Markets
Overview
CMC Markets is UK-based Market Maker broker established in 1989, and regulated and authorised by FCA, ASIC, MAS, FMA, and IIROC.
Clients can trade more than 10 000 financial instruments across several asset classes through trading platforms such as Next Gen and MetaTrader 4.
CMC Markets offer comprehensive analysis, a variety of trading tools, educational materials, and the advantage of no minimum deposit requirement when registering a trading account.
Pros and Cons
PROS | CONS |
Innovative platform tools provided | No copy trading platforms |
Multi-regulated | No fixed spread accounts |
No minimum deposit | No PAMM or MAM accounts |
Segregated client funds | No US Clients |
Features
Feature | Information |
Regulation | FCA, ASIC, MAS, FMA, IIROC |
Minimum deposit from | $0 |
Average spread from | 0.7 |
Commissions from | $0 |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | None |
Customer Support | 24/5 |

Pepperstone
Overview
Pepperstone is an Australian forex broker company regulated in Australia and the UK, with offices in the United States, United Kingdom, China, and Thailand.
Pepperstone was established in 2010 in Melbourne and offers low forex fees, easy deposit and withdrawals and advanced trading platforms.
Pros and Cons
PROS | CONS |
Fast and fully digital account opening | High bank withdrawal fee outside EU/Australia |
Free deposit and withdrawal | No investor protection for non-EU clients |
Low forex and equity index CFD fees | Only forex, CFDs, and crypto |
Low non-trading fees |
Features
Feature | Information |
Regulation | FCA and ASIC |
Minimum deposit | $200 |
Average spread from | 0 pips |
Commissions from | 7 units of the base currency per lot of the FX pair |
Deposit/Withdrawal Fees | $20 for clients outside the EU and Australia |
Maximum Leverage | 500:1 |
Bonuses | No |
Customer Support and hours | 24/5. |

Oanda
Overview
OANDA is an AMERICAN forex broker company that is based in New York City. OANDA was founded in 1996.
OANDA has offices in eight financial centres in the United States of America, Canada, the United Kingdom, Japan, Singapore, and Australia and serves clients in 200 countries, offering Forex and CFD trading, corporate FX payments and exchange rate services for many companies and investors all over the world.
OANDA is a trusted company and some of the biggest international companies make use of them. These entities include big brands like Google, TESLA, Airbnb, KPMG, FedEx, IATA, PWC, Twitter, Expedia, and others.
Pros and Cons
PROS | CONS |
Account opening process is fully digital | High withdrawal fee for bank transfers |
Easy and digital account opening | Only FX and some CFDs available |
Easy-to-use web trading platform | |
No minimum deposit required |
Features
Feature | Information |
Regulation | CFTC in the US, FCA in the UK, ASIC in Australia, IIROC in Canada, MAS in Singapore and the FFAJ in Japan |
Minimum deposit | $0 |
Average spread from | 0.1 pips |
Commissions from | $0.01 USD per trade |
Deposit/Withdrawal Fees | No deposit fees but high withdrawal fees for bank transfers |
Maximum Leverage | 1:50 |
Bonuses | No |
Customer Support and hours | 24/5 |

IC Markets
Overview
IC Markets is a well-regulated and reputable broker established in 2007, and one of the largest true ECN brokers.
It offers traders more than 230 tradable financial instruments to trade via advanced trading platforms and competitive trading conditions.
IC Markets allows a variety of trading strategies such as hedging and scalping, social trading opportunities, offers free deposits and withdrawals, and has transparent fee schedules.
Pros and Cons
PROS | CONS |
Allows hedging and scalping and supports social trading | No fixed spread accounts |
ECN-pricing model | US Clients not accepted |
Low trading and non-trading fees | |
Tight and competitive spreads | |
Well-regulated |
Features
Feature | Information |
Regulation | ASIC |
Minimum deposit from | $200 |
Average spread from | 0.0 pips |
Commissions from | $3 |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:500 |
Bonuses | None |
Customer Support | 24/5 |

Alpari
Overview
Alpari has been a properly regulated broker for more than two decades with experience in offering traders comprehensive trading solutions globally.
Alpari was established in Russia in 1998, but now has offices in Saint Vincent and the Grenadines, Russia, and Africa to service more than 2 million registered traders in more than 150 countries. Traders can enjoy competitive trading conditions, with powerful trading platforms and multilingual customer support.
Pros and Cons
PROS | CONS |
MetaTrader 4 and 5 as trading platforms | No fixed spread accounts |
Multilingual customer support | US Clients not accepted |
PAMM Accounts offered | |
Well-regulated |
Features
Feature | Information |
Regulation | FSC, FSA |
Minimum deposit from | $5 |
Average spread from | 0.4 pips |
Commissions from | $1.5 per lot per side |
Deposit/Withdrawal Fees | Yes |
Maximum Leverage | 1:1000 |
Bonuses | Yes |
Customer Support | 24/5 |

HotForex
Overview
HotForex is a popular broker based in Cyprus and regulated by multiple regulatory entities. It offers competitive trading conditions and comprehensive, all-encompassing trading possibilities.
Traders can choose between dynamic account types, powerful trading platforms, and a variety of financial instruments to trade.
Pros and Cons
PROS | CONS |
Competitive trading conditions | Commissions are charged |
Strong international presence | Customer support not 24/7 available |
Variety of account types | |
Well-regulated by proper authorities |
Features
Feature | Information |
Regulation | CySEC, FCA, DFSA, FSCA |
Minimum deposit from | $5 |
Average spread from | 0.0 pips |
Commissions from | $3 |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:1000 |
Bonuses | Yes |
Customer Support | 24/5 |

Forex.com
Overview
Forex.com is a STP, ECN, and DMA broker that was established in 2001 and is registered in Australia.
Forex.com is authorised and regulated by several reputable entities and offers traders from around the world a secure and dynamic trading environment with which they can trade more than 300 financial instruments via advanced trading platforms.
Pros and Cons
PROS | CONS |
Advanced, powerful trading platforms | Fixed spreads not offered |
Strictly regulated by several authorities | Limited payment methods |
US Clients welcome |
Features
Feature | Information |
Regulation | ASIC, CFTC, FCA, FSA, IIROC, JFSA, NFA |
Minimum deposit from | $50 |
Average spread from | $0.11 on XAU/USD |
Commissions from | $0 – $5 |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:50 |
Bonuses | Yes |
Customer Support | 24/5 |

IQ Option
Overview
IQ Option is a Cypriot forex broker based in Limassol since 2013 but is managed and owned by IQ Options Europe Ltd.
IQ Option provides financial services to clients from the European Economic Area with a vast number of tradable financial instruments across several asset classes. Its trading platform is intuitive and features a variety of tools for traders of all skills, knowledge, experience, or trading style.
Pros and Cons
PROS | CONS |
Advanced trading platform | No fixed spread accounts |
Segregated client funds and member of ICF | Restricted leverage |
Strictly regulated | US Clients not allowed |
Vast variety of financial instruments |
Features
Feature | Information |
Regulation | CySEC |
Minimum deposit from | $10 |
Average spread from | 5 pips on GBP/USD |
Commissions from | $0 |
Deposit/Withdrawal Fees | Some fees may apply |
Maximum Leverage | 1:30 |
Bonuses | No |
Customer Support | 24/5 |

OlympTrade
Overview
OlympTrade is a forex broker company in St. Vincent and the Grenadines, where it operates since 2014. It is a member of the International Financial Commission and customers are secured by an indemnification amount up to a € 20 000.
OlympTrade offers traders market news, a low minimum deposit requirement and 24/7 multilingual customer support.
Pros and Cons
PROS | CONS |
Low minimum deposit | No MetaTrader |
Market news and analysis | No proper regulation |
Multilingual 24/7customer support | No social trading |
Proprietary trading platform | No US and UK clients |
Features
Feature | Information |
Regulation | None |
Minimum deposit from | $10 |
Average spread from | None |
Commissions from | 0.004 % |
Deposit/Withdrawal Fees | Some may apply |
Maximum Leverage | 1:500 |
Bonuses | No |
Customer Support | 24/7 |

CM Trading
Overview
CM Trading is an STP broker based in South Africa, striving to offer traders in the rest of Africa opportunities to trade in a variety of financial instruments through MetaTrader 4 and Sirix. CM trading offers competitive trading conditions and is properly regulated to trade Forex, Index and Commodities, including Cryptocurrencies.
Pros and Cons
PROS | CONS |
Commission-free accounts | Fees for deposits and withdrawals charged |
Daily market analysis offered | High minimum deposit requirement |
Hedging and scalping allowed | |
Regulated |
Features
Feature | Information |
Regulation | FSCA |
Minimum deposit from | $250 |
Average spread from | 0.9 pips |
Commissions from | $0 |
Deposit/Withdrawal Fees | Yes |
Maximum Leverage | 1:200 |
Bonuses | Yes |
Customer Support | 24/5 |

RoboForex
Overview
RoboForex is a global online financial trading platform and multi asset broker founded in Cyprus in 2009 and offering over 13 000 trading instruments, including over 40 currency pairs, 11 700 stock CFDs, 26 cryptocurrency CFDs, and over 100 soft commodity ETFs.
RoboForex provides tight spreads, quality insurance for client funds, and access to multiple account types for different trading styles.
Pros and Cons
PROS | CONS |
Bonuses available | No fixed spread accounts |
Low minimum deposit | |
Tight spreads | |
Wide range of trading instruments |
Features
Feature | Information |
Regulation | CySEC, IFSC |
Minimum deposit | $10 |
Average spread from | 0.0 pips |
Commissions from | None |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 1:2000 |
Bonuses | Yes |
Customer Support and hours | 24/5 |

Admiral Markets
Overview
Admiral Markets Group was founded in 2001 and provides its services worldwide through regulated trading companies. Deposits to trading accounts can be made in most national currencies and you can have multiple trading accounts in different currencies at the same time.
Admiral Markets offers trading with Forex and CFDs on indices, metals, energies, stocks, bonds, and cryptocurrencies.
Pros and Cons
PROS | CONS |
Advanced trading tools | No bonuses offered |
Negative balance protection | No fixed spread accounts |
Segregated client accounts |
Features
Feature | Information |
Regulation | FCA, ASIC |
Minimum deposit | $200 |
Average spread from | 0.6 pips |
Commissions from | 0 |
Deposit/Withdrawal Fees | No |
Maximum Leverage | 500:1 |
Bonuses | No |
Customer Support and hours | 24/5 |

InstaForex
Overview
InstaForex was established in 2007, is a well-regulated broker offering more than 300 financial instruments which can be traded with MetaTrader 4 and MetaTrader 5.
InstaForex provide a variety of flexible trading accounts, some of which offer commission-free trading, free VPS, a variety of trading tools and educational material.
Their quality of services is confirmed by more than dozen awards.
Pros and Cons
PROS | CONS |
Commission-free trading offered | Charges commission |
MetaTrader 4 and 5 available | EU-clients restricted on leverage |
Variety of account types and instruments | US clients not allowed |
Variety of financial |
Features
Feature | Information |
Regulation | CySEC, BVI, SVGFSA |
Minimum deposit from | $1 |
Average spread from | 0.0 pips |
Commissions from | 0.03% |
Deposit/Withdrawal Fees | None |
Maximum Leverage | 1:1000 |
Bonuses | Yes |
Customer Support | 24/5 |
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Frequently Asked Questions
Are forex brokers in Tanzania regulated and safe to use?
All the forex brokers in Tanzania on this list are regulated.
Do forex brokers in Tanzania offer demo accounts?
Yes. The forex brokers in Tanzania on this list offer demo accounts that can be used to practice trading, test out trading strategies, or test out the broker’s offer.
Is forex trading legal in Tanzania?
Yes. Forex trading is legal in Tanzania. Traders are, however, warned against using the services of unregulated brokers and are thus advised to carefully select their broker as there are some unregulated brokers, like those on the list above, that are reputable.
Who is the regulatory entity for Tanzania?
The Regulatory Authority of Tanzania is the CMSA (The Capital Markets and Securities Authority).
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