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Affiliate Disclosure adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Best Forex Brokers in Botswana for Beginners

Botswana has seen a significant rise in the purchasing power and savings of its residents, leading to increased interest in the market by Forex and CFD brokers, and more interest in trading, investment, and speculation from its population. As its financial system has not yet reached an advanced level, Forex and CFD trading in Botswana is serviced by offshore international brokers. Our in-depth review reveals the most competitive Forex brokers for the Botswana market and includes a quick guide to Forex trading in Botswana to provide beginners with the knowledge to make a good start. Read on to learn how to get started and which are the best brokers for you.

The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
A choice of African payment processors
User-friendly mobile
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Excellent educational content & proprietary mobile app AvaTradeGO
Fee-based Ava Protect to insure against losses & choice of copy trading services
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
African payment solutions and cryptocurrencies as deposit and withdrawal methods
User-friendly mobile app & and numerous copy-trading providers
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Cryptocurrency deposits & trading accounts without a minimum deposit requirement
Quality educational content for beginners & numerous copy-trading solutions
The ratings shown on are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Best ECN execution on the MT4 platform
Excellent implementation of cTrader and Smart Trader Tools

Best Botswana Brokers Comparison

Year Established
Execution Type(s)
ECN/STP, Market MakerMarket MakerECN/STPECN/STP, No Dealing DeskNo Dealing Desk, NDD
Minimum Deposit
Average Trading Cost EUR/USD
0.1 pips0.9 pips1.1 pips1.3 pips1.1 pips
Average Trading Cost GBP/USD
0.2 pips1.5 pips1.4 pips2.0 pips1.6 pips
Average Trading Cost Gold
$0.18 $0.29 $0.21 $0.90 $0.20
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5, Trading ViewMetaTrader 4, MetaTrader 5, cTrader, Trading View
Islamic Account
Negative Balance Protection


In Summary Best all-around broker with high floating leverage and fast execution

Quality education, actionable trading signals, and the FXTM Pivot Points Trading Strategy available as an MT4 plugin provide beginners with a competitive edge to start Forex trading in Botswana. FXTM shines with its Advantage account option. While the minimum deposit is $500, Forex traders get raw spreads from 0.0 pips for a commission between $0.80 and $4.00 per 1.0 lot.

FXTM is ideal for algorithmic traders, scalpers, and high-frequency strategies due to its deep liquidity and innovative order execution technology. It creates an average execution speed of 0.072 seconds and a price improvement of 0.29 pips or $2.90 per lot.

Read more on FXTM »
4.7/5 in this category

Pros & Cons

  • Excellent commission-based Forex pricing environment and transparency
  • Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
  • Quality market research and educational content for beginner traders
  • A highly regulated broker with a tier-1 license
  • No cryptocurrencies and limited choice of commodities


In Summary Highly regulated, choice of fixed or floating spreads

AvaTrade provides Forex trading in Botswana with excellent trading platform choices and reasonable, commission-free costs. The proprietary web based AvaTrade WebTrader, AvaOptions, and AvaTradeGO grant custom-tailored solutions, while the Trading Central plugin upgrades MT4/MT5. AvaTrade additionally has the Guardian Angel plugin for MT4, granting a layer of protection and analysis by sending traders alerts and assisting with risk management and post-trade analysis.

Ava Social, ZuluTrade, or DupliTrade support social trading, and VPS hosting caters to algorithmic traders. Forex traders in Botswana seeking passive income opportunities benefit from the AvaTrade partnership program, which features 70,000+ partners from 150+ counties and 250M+ commission payouts. The spun-out SharpTrader Academy at AvaTrade remains one of the most quality and comprehensive educational resources for beginners.

Read more on AvaTrade »
4.5/5 in this category

Pros & Cons

  • High-quality educational offering via SharpTrader
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

FP Markets

In Summary ECN trading with leverage up to 1:500

The NDD order processing, lack of requotes, high leverage, and deep liquidity make FP Markets a competitive broker for Forex trading in Botswana. Algorithmic traders get VPS hosting, and Forex traders in Botswana seeking account management services from a trusted broker will benefit from MAM/PAMM accounts. FP Markets maintains a competitive cost structure with raw spreads from 0.0 pips for a commission of $6.00 per round lot.

FP Markets upgrades its MT4/MT5 trading platforms with twelve plugins and Autochartist, ensuring traders have a competitive edge. Besides the embedded MT4/MT5 copy trading services, traders can use FP Markets Copy Trading or Myfxbook Autotrade. Quality educational resources include videos, and webinars, while market research, featuring technical trading set-ups, assists beginners.

Read more on FP Markets »
4.4/5 in this category

Pros & Cons

  • Choice of trading platforms and auxiliary trading tools
  • Very competitive cost structure and excellent asset selection
  • Low minimum deposit requirement and leverage of up to 1:500
  • Well-regulated and trustworthy
  • Availability of Iress geographically restricted

BlackBull Markets

In Summary Best ECN trading environment, with scalping and hedging

Forex trading in Botswana with BlackBull Markets delivers an innovative trading infrastructure ideal for demanding scalpers, algorithmic traders, and high-frequency strategies. While the ECN Standard account has no minimum deposit requirement, BlackBull Markets offers lower trading costs in its Prime alternative, which requires a $2,000 deposit. Copy traders get ZuluTrade and Myfxbook Autotrade alongside the embedded MT4/MT5 services.

BlackBull Markets upgrades the MT4/MT5 trading platforms with the Autochartist plugin and connects to the active TradingView community featuring 30M+ traders sharing ideas and publishing trading signals. BlackBull Markets also provides quality education, publishes market commentary, and maintains a fee-based subscription service. The FIX API allows traders to connect their advanced solutions to the BlackBull Markets infrastructure and ECN liquidity.

Read more on BlackBull Markets »
4.3/5 in this category

Pros & Cons

  • ECN/NDD execution model with deep liquidity
  • Institution-grade pricing for retail traders via proprietary price aggregation
  • ZuluTrade and Myfxbook for social trading
  • Leverage of up to 1:500
  • Limited deposit options


In Summary Great ECN execution on MT4 platform

Pepperstone, founded in 2010 and headquartered and regulated in Australia, the U.K., and Dubai, is probably the most well-known ECN Forex broker in the world. As an ECN broker, Pepperstone offer raw spreads and low commissions. Taken together, Pepperstone’s “Razor” account offers one of the most competitive costs of trading in Forex that you will find anywhere. In addition to their global headquarters in Australia, Pepperstone also have presences in London, England, where they enjoy full regulation by the Financial Conduct Authority (FCA), and in Dubai, where they are regulated by the Dubai Financial Services Authority (DFSA).

Read more on Pepperstone »
4.2/5 in this category

Pros & Cons

  • Excellent choice of trading platforms consisting of MT4/MT5, and cTrader
  • Market-leading MT4/MT5 upgrade package, Autochartist, and API trading
  • Social trading support via Myfxbook, MetaTrader Signals, and DupliTrade
  • Leverage of up to 1:30 and superb trade execution
  • Demo accounts have 30-day time limits

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • FP Markets, ECN trading with leverage up to 1:500.
  • BlackBull Markets, Best ECN trading environment, with scalping and hedging.
  • Pepperstone, Great ECN execution on MT4 platform.

Getting Started with Forex in Botswana

Forex trading in Botswana will differ for every individual, but all beginner traders should consider taking certain core steps for a successful Forex trading career.

Starting with Forex in Botswana should involve the following steps:

1. Forex trading is a high-skilled profession and requires in-depth education regardless of strategy. It allows traders to recognize scams and frauds, and education is the foundation for a successful Forex trading plan.

2. Forex traders should trade with one of the best Forex brokers, like those listed here, and fund their accounts.

3. Relying on education, Forex traders must determine a suitable strategy, outline a risk management profile, and define annual goals with realistic expectations.

4. Beginners should learn to trade in a live account with a smaller deposit, trade 0.1 lots, and avoid the demo trap, which lacks trading psychology and can promote false trading behavior. It is like playing a sports simulator and believing you are now a qualified athlete.

5. Following market events and analyzing price action is necessary for active trading. Traders preferring account management should ensure services align with their risk profiles.

6. Traders should always use hard stop loss orders in their trade orders.

Botswana Forex Trading Strategies

  • Algorithmic trading accounts for 80%+ of daily trading volumes, and MT4/MT5 fully supports it, but it requires costly EAs or advanced trading solutions, which most retail traders cannot afford, while free or cheap alternatives usually fail to deliver.
  • Manual trading remains the primary strategy for most retail traders, but between 75% and 90% trade at a loss.
  • Copy trading, either via embedded MT4/MT5 services or third-party providers, provides traders with the opportunity to diversify their portfolios via signal providers and automatically copy their trades while maintaining control over their portfolios.
  • Social trading, which is often confused with copy trading, allows traders to discuss and share ideas in active communities but usually requires manual placement in their trading accounts.
  • Managed accounts, available via MAM/PAMM brokers accounts, offer Forex traders in Botswana access to traditional account management services.

Forex Trading Regulation in Botswana

The Bank of Botswana aims to promote financial stability and manages the local currency, the Pula, and the sovereign wealth fund, the Pula Fund, but the regulation of brokers falls under the Ministry of Finance or the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), depending on the sub-sector. No online Forex brokers have licenses in Botswana, and the retail over the counter CFD market relies on well-respected international brokers.

Forex trading in Botswana for physical transactions requires a Bureau de Change license issued by the Bank of Botswana. It does not apply to online retail Forex trading, where market participants speculate on price action and no physical buying and selling of currencies occurs.

The overall financial system in Botswana remains immature, with four NBFIRA-registered stockbrokers. Retail participation in domestic equity trading accounts for less than 10% of the trading volume. Forex trading in Botswana, especially the retail sector, ranks among the fastest-growing financial sub-sectors.

How to Choose a Forex Broker in Botswana

Successful Forex trading in Botswana requires a trusted Forex broker with first class infrastructure, low costs, and full algorithmic and copy trading support.

Forex traders in Botswana should seek the following:

1. Regulation and Security - Forex brokers should have a spotless record for at least five years. The lack of education, especially in frontier and emerging Forex markets, can result in widespread scams and frauds. Deposits and profits are safe and accessible when trading with a well-regulated, trusted Forex broker.

2. Trading Costs - Major currency pairs during the most liquid trading periods should not exceed trading fees above $7 per lot.

3. Asset Selection - Forex brokers should provide at least 60+ currency pairs for comprehensive sector coverage supporting all strategies.

4. Trading Platforms – Platforms should be intuitive and easy to use. Some traders will require platforms supporting algo and copy trading.

5. Deposits & Withdrawals - Low-cost and secure online payment processors and cryptocurrencies are ideal for Forex trading in Botswana.

Risks of Forex Trading in Botswana

Beginner traders should consider the risks to Forex trading in Botswana. It can provide life-changing active and passive opportunities, but there are some concerns worth keeping in mind.

  • Unrealistic profit expectations due to marketing campaigns by questionable Forex brokers seeking first-time deposits.
  • Scams and frauds resulting from the lack of education, eliminating trust in the sector.
  • Unreliable internet connections, the unavailability of necessary trading infrastructure, and conditions like a quiet trading place.
  • Using demo accounts to learn Forex trading in Botswana, which can provide a false sense of accomplishment.

Bottom Line

Forex trading in Botswana continues to expand, driven by young and tech-savvy traders who enjoy the benefits of one of the fastest-growing economies globally. Private sector growth averaged 10%+ annually during the first 30 years of Botswana’s independence, sustaining one of the longest-lasting economic booms. Botswana grew from the second poorest nation in the world to a Top 5 African economy with an upper middle income.

Beginners should invest in their online Forex education. It is available for free but requires time commitment and dedication, and Forex trading is a high-skilled profession that commands its degree of respect and approach. Scams and fraud remain widespread, taking advantage of Forex traders who rushed their education.

Trading with one of the best Forex brokers like the ones listed here and approaching the Forex market with realistic expectations is vital for success. Forex traders must also use a good trading strategy, commit sufficient capital, and implement a proper risk management profile.

You might also be interested in reviewing the below top brokers:


Is Forex trading legal in Botswana?


Forex trading in Botswana is legal and relies on regulated international brokers, as Botswana has no licensed domestic alternatives.

What time does the Forex market open in Botswana?


The Forex market operates 24/5, but the unofficial start to trading is the opening bell of the equity market at 10 a.m. local time.

Which Forex broker is best in Botswana?


No data is available to answer this question accurately. The Forex brokers identified by our in-depth Forex trading in Botswana review determined the most competitive Forex brokers for Botswana residents.

Huzefa Hamid
About Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.