I have conducted a thorough review of the best Forex brokers in Namibia and identified the most competitive brokers for different types of traders, from beginners with small portfolios to active scalpers, algorithmic and high-frequency traders, and those seeking managed accounts or passive income opportunities. Read on to view my quick guide to getting started with Forex trading in Namibia.
Best Namibia Brokers Comparison
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Regulators | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | ASIC, CySEC, FSCA | ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB | FMA, FSA |
Year Established | 2011 | 2006 | 2005 | 2010 | 2014 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | ECN/STP | No Dealing Desk, NDD | ECN/STP, No Dealing Desk |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 0.1 pips | 0.9 pips | 1.1 pips | 1.1 pips | 1.3 pips |
Average Trading Cost GBP/USD | 0.2 pips | 1.5 pips | 1.4 pips | 1.6 pips | 2.0 pips |
Average Trading Cost Gold | $0.18 | $0.29 | $0.21 | $0.20 | $0.90 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Proprietary platform | Other, MetaTrader 4, MetaTrader 5, Web-based+ | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Trading View | MetaTrader 4, MetaTrader 5, Trading View |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
FXTM
In Summary Best all-around broker with high floating leverage and fast executionForex trading in Namibia with FXTM is ideal for Forex traders with deposits of $500+, the minimum requirement for the Advantage account, where FXTM grants raw spreads from 0.0 pips for a commission between $0.80 and $4.00 per 1.0 lot. Deep liquidity and the FXTM cutting-edge order execution technology result in an average execution speed of 0.072 seconds and a price improvement of 0.29 pips or $2.90 per lot, making it ideal for scalpers and high-frequency traders.
FXTM supports algorithmic trading, offers its Pivot Points Trading Strategy, and provides actionable trading signals. Beginners also get quality educational content.
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
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsBeginner traders in Namibia get one of the best educational services industry-wide with AvaTrade, primarily via the spun-out SharpTrader Academy at AvaTrade. Forex trading in Namibia through AvaTrade provides excellent trading platform choices and reasonable, commission-free costs. The Trading Central plugin upgrades MT4/MT5, and the Guardian Angel plugin offers a layer of protection and analysis for MT4 traders, which sends traders alerts and assists with risk management and post-trade analysis. AvaTrade also maintains its proprietary web based AvaTrade WebTrader, AvaOptions, and AvaTradeGO platforms.
Social traders get Ava Social, ZuluTrade, or DupliTrade, while algorithmic traders benefit from VPS hosting. AvaTrade also offers Namibians seeking a passive Forex income opportunity with a partnership program featuring 70,000+ partners from 150+ counties and 250M+ commission payouts.
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 1:500Namibian Forex traders desiring account management services should consider FP Markets, which provides MAM/PAMM accounts and a well-trusted and competitive environment for account managers. Forex trading in Namibia with FP Markets offers upgraded MT4/MT5 trading accounts via twelve plugins and Autochartist. FP Markets Copy Trading is a quality alternative to the embedded MT4/MT5 services, and FP Markets also offers Myfxbook Autotrade, offering Namibian Forex traders plenty of choices.
VPS hosting supports algorithmic trading, and traders benefit from NDD order processing, lack of requotes, high leverage, and deep liquidity. FP Markets presents raw spreads from 0.0 pips for a commission of $6.00 per round lot, a competitive pricing environment, and beginner traders get access to quality education and research.
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
Pepperstone
In Summary Great ECN execution on MT4 platformPepperstone, 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).
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
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets deploys cutting-edge trading infrastructure, offering Forex trading in Namibia with a superior choice for scalpers, algorithmic traders, and high-frequency strategies. Traders get MT4/MT5 upgraded via Autochartist and access to the active TradingView community. ZuluTrade and Myfxbook Autotrade complement embedded MT4/MT5 services, and BlackBull Markets offers market commentary and research. Traders with advanced solutions can connect to the BlackBull Markets infrastructure via FIX API and benefit from ECN liquidity.
Traders should consider a minimum deposit of $2,000 for the ECN Prime account, which provides VPS hosting and a highly competitive cost structure from 0.1 pips for a commission of $6.00 per 1.0 standard lot. The Standard alternative has no deposit requirements, making it accessible to all Namibian traders.
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
- 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.
- Pepperstone, Great ECN execution on MT4 platform.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
Forex Trading in Namibia
Due to the historical relationship between Namibia and South Africa, they share many similarities in their Forex market. The Namibian Dollar remains pegged to the South African Rand at parity according to the Common Monetary Area (CMA) agreement. While the lack of education for beginner traders and Forex scams can remain as obstacles, the young and tech-savvy population continues to expand into Forex trading, posing an attractive growth market for international brokers seeking to enter the market for Forex trading in Namibia.
Four conglomerates control the Namibian financial sector, all tied to South African funds. The Namibian Stock Exchange (NSX) ranks among the most dominant in Africa, especially for non-finance companies, which can serve as a growth catapult for the Forex market.
Forex trading in Namibia gathers traction due to its lower capital requirements and 24/5 trading hours. Namibia presents an exciting growth market with an average monthly salary of N$17,500+ and 41% internet usage among its population, offering an attractive upside for Forex brokers.
Namibian Forex Regulation
The Namibia Financial Institutions Supervisory Authority (NAMFISA) is the financial regulator but does not actively regulate Forex trading. It published a cautionary public notice covering online trading through a third party in 2017, while a 2019 high-profile scam brought the Forex sector into the public spotlight. The Bank of Namibia, the central bank of Namibia, clarified its Forex trading rules following the arrest of two Namibians accused of running a pyramid scheme, but these apply to physical Forex transactions. Since online Forex trading uses CFDs and no physical Forex transaction occurs, the rules implemented by the Bank of Namibia do not apply in effect to retail Forex trading.
Namibian Forex traders should ensure they deal with a regulated offshore international Forex broker to avoid potential scams and fraud while working to ensure their deposits and profits remains safe and accessible when needed, as Namibia does not actively regulate the sector. Some Namibians prefer a South African regulated broker, and some Forex brokers are active in South Africa, using it as a launch pad for the South African region.
Namibia Forex Trading Strategies
Forex trading in Namibia can be conducted using any trading strategy. The best choice will depend upon your individual circumstances and preferences.
Namibia Forex trading strategies include:
- Algorithmic trading, as supported by the MT4 and MT5 trading platforms, account for 80%+ of global daily trading volumes but requires costly EAs or advanced trading solutions that may be out of reach for many retail traders, who should ignore free or cheap alternatives as lacking the necessary quality.
- Manual trading, as practiced by most retail traders, after they learn how to trade, which is a step most beginners either ignore or attempt to rush.
- Copy trading, also available via embedded services in the MT4/MT5 trading platforms, allows traders to select signal providers and automatically copy their trades.
- Social trading, where traders discuss and share ideas, then manually execute them in their respective trading accounts.
- Managed accounts, as provided by MAM/PAMM brokers, provides Namibian Forex traders access to an account manager who trades on their behalf.
Getting Started with Forex in Namibia
Each Forex trader will chart an individual course but getting started with Forex in Namibia consist of several core steps every trader should follow:
1. You cannot perform a high-skilled profession unless you invest approximately 10,000 hours into education, and Forex trading is no different. Education remains paramount and relevant to any strategy you want to implement, even if you want managed account services, as it allows you to recognize scams and frauds.
2. Select one of the best Forex brokers, as outlined in our Forex trading in Namibia list, and fund your trading account.
3. Determine a Forex trading strategy that suits you, which is where education can help, and outline a risk management profile. Define your annual goals and keep realistic expectations.
4. Avoid the demo trap, as although practicing with a demo account is a useful learning process, because you have no real risk it cannot fully replicate the experience of trading with real money. It is like playing a sports simulator and believing you are now a qualified athlete. Demo accounts cannot simulate the ups and downs of trading psychology, which makes or breaks traders. You will learn more in a live account with a small deposit and position size. You are likely to lose your money, but you can view this as the price you pay for education.
5. Follow market events and analyze price action. Never trust third-party trading recommendations blindly. Use them as inspiration, if necessary, but be cautious. The same applies when looking for managed account services. Make sure they align with your strategy.
6. Determine your take profit and stop loss levels before you enter a trade. It is where you have no emotional attachment to it, and you should place them in your order ticket without adjusting them later.
How to Choose a Forex Broker in Namibia
Since the Namibia Financial Institutions Supervisory Authority does not actively regulate the Forex market, Forex trading in Namibia relies on international brokers, practically all of whom accept Namibian resident traders.
Namibian Forex traders should ensure their Forex broker provides the following:
1. Regulation and Security - Namibian Forex traders should always trade with regulated Forex brokers with a spotless record of at least five years. Scams and frauds remain widespread, especially in frontier markets, where many beginners lack education. Trading with a well-regulated, trusted Forex broker will ensure deposits and profits are safe and accessible.
2. Competitive Trading Costs - Traders should not pay more than $7 per lot for major currency pairs during the most liquid trading times.
3. Asset Selection - A competitive Forex selection features 60+ currency pairs.
4. Trading Platforms - A cutting-edge trading platform will support algorithmic and copy trading.
5. Deposits & Withdrawals - Namibian resident Forex traders should look for low-cost and secure online payment processors and cryptocurrencies.
Risks of Forex Trading in Namibia
Forex trading in Namibia offers good opportunities, but beginner traders must evaluate and consider the risks of Forex trading in Namibia, as outlined below.
Some of the primary risks of Forex trading in Namibia include:
- The lack of education, which results in a severe misunderstanding of Forex trading, its requirements, and its possibilities, explaining the high loss rate of up to 90% of retail traders.
- Failure to respect Forex trading as a high-skilled profession, and its associated conditions for success.
- Unrealistic trading expectations, sometimes promoted by questionable Forex brokers seeking first-time deposits from beginner traders.
- Scams and frauds attempting to capitalize on the lack of education, disrespect for the Forex profession, and the unrealistic expectations of beginners.
- Underfunded trading accounts, which leads to inefficient trading, frustration, and trading mistakes.
- Overtrading, often a result of underfunded trading accounts, which can result in losses.
- The lack of risk management, which causes leveraged trading to accumulate trading losses.
- The absence of necessary trading infrastructure and conditions, like unreliable internet connections, lack of trading software, and a quiet place to trade.
Bottom Line
Forex trading in Namibia presents a high-growth frontier market, and many international Forex brokers dedicate resources to capturing this market share.
The lack of education, scams, and fraud present challenges Forex traders and brokers must overcome. Since the Namibia Financial Institutions Supervisory Authority does not actively regulate the market, Forex trading in Namibia relies on well-trusted and regulated international brokers. Namibia has no restrictions preventing citizens from opening offshore trading accounts, and almost all brokers accept Namibian resident clients.
Beginner traders in Namibia should start with free, in-depth online education and avoid paid-for courses, often conducted by failed Forex traders who cover materials they sourced online. Selecting a reliable Forex broker from our Forex trading in Namibia list, deciding on a trading strategy, funding an account, and executing it within a pre-determined risk management profile and realistic trading expectations, form the core of successful Forex trading.
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