In 2021, the Bank of Zambia lifted Forex limits, allowing Zambians to withdraw more capital in foreign currencies and attempting to disrupt a parallel market and stabilize its currency, the Kwacha. Now there is an explosion of interest in Forex trading, more Forex brokers are positioning to service Zambian resident traders. Check out my review below of the best to help you make your choice.





- Trade Nation, Simplified fixed cost trading for beginners.
- Axi, Spreads starting from 0.0 pips + leverage up to 1:500.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- AvaTrade, Highly regulated, choice of fixed or floating spreads.
- eToro, Best broker for social traders and crypto traders : 74% of retail CFD accounts lose money.
The Most Trusted Trading Platforms in Zambia
Axi
Axi belongs to the best Forex brokers in Zambia due to its products and services covering the most popular Forex trends in Zambia. Beginner traders get excellent education via the Axi Academy, webinars, seminars, and tutorials. Axi also supports cryptocurrency deposits and withdrawals in BTC, ETH, LTC, XRP, XLM, and USDT.
Skilled traders can qualify for funded trading accounts up to $1,000,000 via Axi Select, the free prop trading program at Axi, with a 90% profit share. Copy traders can use embedded MT4 services, Myfxbook AutoTrade, or the proprietary Axi solution provided in partnership with London & Eastern LLP.
No minimum deposit and high leverage for most international traders
Autochartist plugin for MT4 and API trading for algorithmic traders
AI-powered third-party trading analytics platform PsyQuation
Excellent trading costs and social trading plus educational resources in 24 languages
Limited asset selection
FXTM
FXTM presents a broad range of deposit and withdrawal methods, and quality education, making it a leader for traders located in emerging and frontier markets, deserving of a spot on our Forex brokers in Zambia list. While traders must deposit a minimum of $500 for an ultra-competitive trading environment, it is well worth it due to the average execution speed of 0.072 seconds, and an average price improvement of 0.29 pips or $2.90 per lot.
Traders get the core MT4/MT5 trading platforms, supportive of algorithmic and copy trading, and the proprietary copy trading service FXTM Invest, streamlined for passive, mobile trading. FXTM presents 1,000+ assets, direct share investments, and in-house constructed thematic stock baskets for investors.
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
Proprietary copy trading platform, low minimum deposit, and high leverage
No cryptocurrencies and limited choice of commodities
AvaTrade
AvaTrade presents clients with an excellent choice of trading platforms and landed on our most well-rounded Forex brokers Zambia ranking. Besides the core MT4/MT5 platforms, ideal for algorithmic traders, AvaTrade deploys its proprietary web based AvaTrade WebTrader, options alternative AvaOptions, and popular mobile app AvaTradeGO. Social traders may use Ava Social, ZuluTrade, or DupliTrade.
Beginners get the high-quality, spun-out trading academy SharpTrader, one of the most in-depth courses in the industry. AvaTrade maintains 1,250+ assets in a commission-free pricing environment, and vanilla options support complex trading strategies for advanced traders. The partnership program has 70,000+ partners from 150+ counties and 250M+ commission payouts, making it ideal for passive income generation. AvaTrade is also one of the most trusted and highest-ranked Forex brokers.
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
eToro
Social traders should consider eToro, home to an active trading community exceeding 25M traders. It maintains 2,000+ trading instruments, in-house managed thematic investment portfolios, and direct share dealing for passive portfolios. Traders only get its proprietary trading platform suitable for manual trading. CopyTrader and CopyPortfolios remain at the core of its operations, placing eToro on our Forex brokers in Zambia list for social trading.
Cryptocurrency traders get a competitive brokerage at eToro, which has developed its crypto wallet. It also acquired Dutch and Belgian cryptocurrency companies and launched an NFT fund. Beginners get quality services via the eToro Academy, eToro Plus for in-depth analytics, and The Bull Club for insights with market leaders. Active trader rewards exist at the eToro Club.
Active investment community ideal for social trading
Dedicated tools for social trading
Broad cryptocurrency selection
Expanding educational offering for beginner traders
Internal withdrawal fees
Low retail leverage and higher minimum deposits, but within a reasonable range
Is Forex Trading Legal in Zambia?
Forex trading is legal in Zambia, and as one of the most urbanized of sub-Saharan countries, many have access to a stable internet connection, a requirement to trade Forex successfully. While Zambia does not have local Forex brokers, most well-respected and trustworthy international Forex brokers accept Zambian Forex traders, and some offer localized deposit and withdrawal options.
Millennial and GenZ traders account for most of the demand and bring their preferences, consisting of mobile trading, social and copy trading, PAMM accounts, passive income generation opportunities, low deposit requirements, and attractive incentives. The best Forex brokers in Zambia will also provide beginners with high-quality educational content. There are no legal restrictions on Zambian Forex traders to open trading accounts with offshore brokers.
How to Choose a Forex Broker in Zambia
Trading with a competitive Forex broker is a requirement but choosing one from thousands of international Forex brokers can overwhelm even experienced traders. We composed our Forex brokers in Zambia list to help you select from the best Forex brokers in Zambia, helping you get started with a reliable broker.
Here is a checklist on how to choose a Forex broker:
1. Regulation - Zambian Forex traders should avoid unregulated brokers, but not all regulators allow a competitive trading environment.
2. User Reviews - They are often misleading and posted by traders who have failed to understand terms and conditions or by employees of brokers to post fake positive reviews about their services and fake negative ones on competitors.
3. Trading Platforms - The MT4 trading platform, fully supportive of algorithmic and copy trading, remains the best choice for Forex traders, as it comes with 25,000+ EAs, plugins, and custom indicators.
4. Trading Fees - Costs will impact every strategy. Forex traders should look for commission-based pricing environments with raw spreads between 0.0 and 0.01 pips for a commission below $7.00 per round lot plus a volume-based rebate program. Commission-free alternatives should have minimum spreads of 0.7 pips or less.
5. Customer Support - A 24/5 multilingual customer support team, a phone number, and live chat are essential for quality customer support.
6. Risk Management - Since Forex trading involves leverage, Forex traders must ensure negative balance protection and an automatic stop-out level exist.
7. Traded Currencies - A Forex broker offering 55+ currency pairs provides adequate exposure, supports portfolio diversification, and allows traders to find sufficient trading opportunities.
How Much Do I Need to Start Trading Forex in Zambia?
While some Forex brokers have no minimum or low minimum deposit requirements, including those on our most competitive Forex brokers Zambia lists, beginners should ideally aim for no less than $500 unless they can access trading in nano-lots. Anything less makes Forex trading either unsustainable or risky. It is best to implement a monthly deposit plan following the initial one to grow the portfolio through a combination of deposits and earnings until it reaches the size required to deliver desired results.
How Can I Invest in Forex in Zambia?
The first step for Forex trading in Zambia is education. Beginners should not rush this process, as it will form their foundation and dictate their success or failure as a Forex trader.
Following education, Zambian Forex traders should consider the following:
- Select a trustworthy Forex broker like the ones from our Forex brokers Zambia list
- Ensure a low-cost Forex cost structure exists, with total costs per lot not exceeding $7.00
- A trading platform supportive of algorithmic, social, and mobile trading like MT4, MT5, cTrader, or proprietary alternatives, ideal for the tech-savvy Zambian trader base
- A Forex broker with low minimum deposit requirements and modern, low-cost, online payment processors
- A competitive and appropriate leverage offer, plus negative balance protection
- Opening and funding the trading account is the final step for Zambian Forex traders, which will grant them access to the Forex market
Can I Buy Zambian Stocks Online?
The Lusaka Stock Exchange (LuSE) only lists 22 companies, and the LuSE Alt-M offers a marketplace for small-cap and mid-cap companies. The LuSE aims to develop wealth and investment in Zambia.
Here is how Zambian traders can buy stocks online:
- The LuSE lists ten approved brokers, and Zambian traders should research them to find the most suitable one
- Since the LuSE only lists 22 equities, Zambian traders should evaluate the international offering of each broker for diversification, especially the availability of ETFs
- Open and fund your equity account, research assets, and buy stocks and other assets you like to own
- Transactions on the LuSE have a fixed transaction fee of 1.375%
- International traders who want exposure to the Zambian equity market should rely on ETFs, as they offer the most efficient overall exposure with balanced risk
Where Can I Learn to Trade Forex in Zambia?
Forex brokers offer educational content, and some maintain excellent resources. Many paid-for edujcational courses exist, but beginner Forex traders in Zambia should avoid them, as plenty of necessary content useful to beginner Forex traders is online free of charge. Beginner traders will get more value by reading and researching quality content and take advantage of other free resources, including lessons and webinars provided by Forex brokers in Zambia.
Best Time to Trade Forex in Zambia
Zambia is one hour ahead of London, the global center of Forex markets, like central Europe. While the best time to trade Forex is when the trader decides to, the lowest trading costs exist during the most liquid trading periods.
The London-New-York overlap sessions usually produce the highest liquidity. The start and end of the London trading session and the last two hours of the New York one are equally important. Therefore, the best time to trade Forex in Zambia begins at 9 a.m. local time and lasts until 10 p.m.
Advantages & Risks of Forex Trading in Zambia
Forex traders in Zambia should consider the advantages but also weigh the risks of Forex trading in Zambia, as outlined below.
The advantages of Forex trading in Zambia:
- Accessibility via mobile phones as internet usage increases annually across Zambia
- Leverage allows traders with smaller deposits to manage income-generating portfolios
- Deep liquidity and volatility create more profitable trading opportunities versus other financial markets
- Traders can go long and short with ease
- Smaller capital entry requirements
- Lower trading costs and commissions than other financial instruments
- Algorithmic, copy, and social trading plus account management services
The risks of Forex trading in Zambia:
- Leverage is a double-edged sword, as it can magnify losses if traders fail to implement risk management tools
- Availability is 24/5 rather than 24/7 as in the cryptocurrency market
Methodology
Over 100 brokers were reviewed in-depth and from a trader's perspective, ignoring the marketing tactics deployed by some to confuse retail traders. Therefore, we sourced our best Forex Brokers in Zambia list from more than 200,000 words of dedicated research compiled over 1,000 hours, ensuring the most comprehensive approach to identify the best Forex brokers in Zambia.
The eleven criteria used in our research consist of:
- Regulation and Security
- Trading Costs
- Asset Selection
- Account Types
- Trading Platforms
- Unique Features
- Research and Education
- Customer Support
- Bonuses and Promotions
- Account Opening Process
- Deposits & Withdrawals
Conclusion
Zambia is home to a growing tech-savvy population, is the most urbanized country in sub-Sahara, and as its internet penetration rapidly grows, presents an untapped market for international Forex brokers. Zambians also embrace Forex trading faster than any African country. Forex trading in Zambia offers a low-cost opportunity to generate income and wealth if portfolios are managed with a competitive Forex broker, like the ones in our best Forex brokers in Zambia list.
Beginners must understand that Forex trading requires time to learn and should ignore marketing campaigns by less trustworthy brokers promising outsized returns. Zambia presents opportunities for Forex brokers, Forex traders, and Forex affiliates. Forex trading in Zambia can help its mining and agriculture-focused economy to diversify while boosting income and wealth creation for its young population.
FAQs
Is Forex trading allowed in Zambia?
Forex trading is 100% legal and allowed in Zambia.
How do I start trading Forex in Zambia?
Beginners must start with education. Opening and funding a trading account will get Zambian residents started with Forex trading.
What is the best Forex broker in Zambia?
It depends on individual preferences. Zambian Forex traders can use our best Forex brokers Zambia list as a shortlist.
What is Forex trading, and how does it work in Zambia?
Forex trading is exchanging one currency for another and back again, and most Forex trading takes place online via brokers, market makers, and liquidity providers.
Which trading app is best in Zambia?
The best trading app in Zambia must support copy trading, as many traders demand this service.
How much do stockbrokers charge in Zambia?
The Lusaka Stock Exchange (LuSE) levies a fixed fee of 1.375%, but stockbrokers may add additional costs per transaction.
How can I buy shares in Zambia?
The Lusaka Stock Exchange (LuSE) lists ten licensed stockbrokers, and Zambian traders should use one of them. International traders can gain exposure via ETFs.