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Affiliate Disclosure DailyForex.com 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 Zimbabwe

Zimbabwe was named the fastest growing mobile internet market in Africa a decade ago, and the trend continues as the country modernizes. Given the turbulent history of Forex in Zimbabwe, with the rapidly expanding interest shown by the young population, we have conducted a comprehensive review of Forex brokers operating in Zimbabwe. It covers the most competitive brokers catering to a range of users from small beginner traders, sophisticated algorithmic traders, those interested in ‘managed account’ services, and passive income seekers. We have also included a quick guide to assist beginners with their first steps in becoming Forex traders.

1
4.8/5
The ratings shown on DailyForex.com 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.
Innovative trading tools like Capitalise AI, FlashTrader, and TradingView
Cryptocurrency deposit from a well-regulated and trustworthy broker
2
4.7/5
The ratings shown on DailyForex.com 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 & trading tools for beginners
South African subsidiary & highly trusted broker with a clean record
3
4.6/5
The ratings shown on DailyForex.com 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 all around broker
High floating leverage + fast execution
4
4.5/5
The ratings shown on DailyForex.com 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.
30 payment processors, including cryptocurrencies and African payment apps.
A competitive choice of copy trading services & mobile trading apps
5
4.3/5
The ratings shown on DailyForex.com 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

Eightcap

In Summary Competitive pricing + excellent daily videos

Traders at Eightcap benefit from Capitalise AI, which enables automation of strategies in a code-free environment, making Eightcap the Forex broker in Zimbabwe with the most-unique trading tool. The Amazing Trader plugin upgrades the out-of-the-box MT4/MT5 trading platforms, while licensed account managers get the MAM/PAMM module. Cryptocurrency traders can get the dedicated cryptocurrency solution Cryptocrusher and 250+ cryptocurrency CFDs.

Eightcap connects to the active TradingView community with 30M+ members and fully supports algorithmic traders via VPS hosting, deep liquidity, high leverage, and excellent order execution statistics. Commission-based costs include raw spreads from 0 pips for a commission of $7.00 per round lot. The high-paying partnership program caters to passive income generation, and beginners benefit from access to quality educational content and market commentary.

Read more on Eightcap »
4.8/5 in this category

Pros & Cons

  • Low minimum deposit and high leverage of up to 1:500
  • Competitive cost structure
  • Excellent technology infrastructure and seasoned management team
  • Daily research and quality educational content
  • Limited leverage in some areas

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

Copy traders at AvaTrade benefit from access to Ava Social, ZuluTrade, DupliTrade, or the embedded MT4/MT5 services, making AvaTrade one of the most diversified choices among Forex brokers in Zimbabwe. It also offers a leading educational platform via its spun-out SharpTrader Academy. AvaTrade is also ideal for passive income opportunities for potential introducers due to its partnership program featuring 70,000+ partners from 150+ counties and 250M+ competitive commission payouts.

Traders get the Trading Central plugin for MT4/MT5, and AvaTrade offers the MT4 Guardian Angel plugin, adding an additional layer of protection and analysis by sending traders tailored alerts. It also assists with risk management and post-trade execution analysis. Other trading platform choices include the proprietary web based AvaTrade WebTrader, AvaOptions, and AvaTradeGO. The commission-free cost structure is also attractive for traders.

Read more on AvaTrade »
4.7/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • 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

FXTM

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

We have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.

Read more on FXTM »
4.6/5 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

FP Markets

In Summary ECN trading with leverage up to 1:500

FP Markets upgrades the out-of-the-box MT4/MT5 trading platforms with twelve plugins and Autochartist and supports algorithmic traders with low latency VPS hosting. Traders benefit from NDD (No dealing desk) order processing, no requotes, high leverage, and deep liquidity access, which make FP Markets one of the most competitive Forex brokers in Zimbabwe. Copy traders may utilize embedded MT4/MT5 services, Myfxbook Autotrade, or the proprietary FP Markets Copy Trading solution.

The competitive cost structure features raw spreads from 0pips for a commission of $6.00 per round lot. FP Markets provides MAM/PAMM accounts for money managers in a well-trusted environment, while beginners get access to quality research, including actionable trading signals and educational material. Flexible deposit and withdrawal methods, including cryptocurrencies, allow Zimbabwean traders flexibility and ease of access to FP’s services.

Read more on FP Markets »
4.5/5 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

Pepperstone

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 »
4.3/5 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

  • Eightcap, Competitive pricing + excellent daily videos.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • Pepperstone, Great ECN execution on MT4 platform.

Best Zimbabwe Brokers Comparison

Regulators
ASIC, CySEC, FCA, SCBASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFIDCMA, CySEC, FCA, FSC Mauritius, FSCAASIC, CySEC, FSCAASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB
Year Established
20092006201120052010
Execution Type(s)
ECN/STP, Market MakerMarket MakerECN/STP, Market MakerECN/STPNo Dealing Desk, NDD
Minimum Deposit
$100
$100
$200
$100
$200
Average Trading Cost EUR/USD
1.0 pips0.9 pips0.1 pips1.1 pips1.1 pips
Average Trading Cost GBP/USD
1.2 pips1.5 pips0.2 pips1.4 pips1.6 pips
Average Trading Cost Gold
$0.12 $0.29 $0.18 $0.21 $0.20
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Trading ViewOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5, cTrader, Trading View
Islamic Account
Negative Balance Protection
N/A

Forex Trading in Zimbabwe

Zimbabwe has had a volatile history when it comes to its domestic Forex market, the country operates on a multiple-currency system, making every Zimbabwean a de facto Forex trader. The Zimbabwe Dollar (ZWD) was the official currency of Zimbabwe between 1980 and 2009, but the country struggled with the most notable example of hyperinflation in modern history. It retired the ZWD through demonetization and transitioned to a basket of regional currencies.

Zimbabwe re-introduced the domestic currency as ZWL and removed twelve zeros, but it suffered a demise like the original ZWD. In 2019, Zimbabwe attempted to replace the multi-currency system with the introduction of the RTGS (real-time gross settlement) Dollar, which failed in 2020, and the multi-currency system was again re-established.

The most-used currencies in Zimbabwe consist of the South African Rand, the Botswana Pula, the British Pound, the Indian Rupee, the Euro, the Japanese Yen, the Australian Dollar, the Chinese Yuan, and the US Dollar. The government also introduced bond notes as an alternate currency with an exchange rate of 1:1 to the US Dollar. Unusually, 91.67% pure, one-ounce gold coins also exist, but as of August 2022, only 4,500 are in circulation as legal tender, valued at $1,830 each.

There are no domestically originated online Forex brokers in Zimbabwe, but there are many international brokers catering to Forex traders in Zimbabwe. There are no restrictions on Zimbabweans for offshore accounts, and most brokers accept traders resident in Zimbabwe. It represents a high-growth market with internet penetration only at 30.6% and an average monthly salary of $230. Copy trading is a dominant strategy given relatively high social media usage in Zimbabwe.

Forex Regulations in Zimbabwe

The five Zimbabwean financial regulators are the Reserve Bank of Zimbabwe (RBZ), the Ministry of Finance, the Deposit Protection Corporation, the Securities Exchange Commission (SEC), and the Insurance and Pensions Commission. The RBZ publishes a list of authorized dealers with limited authority to transact in physical Forex trading as Bureau De Change as of Section 5 of the Exchange Control Order, Statutory Instrument 104 of 2015.

Since online Forex trading does not include the physical exchange of currencies, the rules and regulations governing physical transactions do not apply. There are no domestic online Forex brokers in Zimbabwe, and international brokers serve the online retail trading sector. Zimbabwe has no restrictions on domestic traders opening offshore accounts or international brokers accepting Zimbabwean traders.

International brokers do not require a license from Zimbabwean regulators, but traders should ensure their offshore brokers are ideally regulated in a reputable jurisdiction with spotless operational records.

Getting Started with Forex in Zimbabwe

Forex trading in Zimbabwe presents a high-growth market. While each trader will approach the Forex market differently, beginners should follow core steps to avoid costly mistakes.

Beginners can get started with Forex trading in Zimbabwe as follows:

1. Education remains the primary step. Forex trading is a high-skilled profession that can require years of education to master. Even traders who prefer managed accounts or copy trading must begin with education to recognize scams and frauds.

2. We suggest working with one of the brokers from our Forex brokers in Zimbabwe guide to ensure a secure counterparty and all-important competitive edge.

3. Traders should ideally define a suitable Forex trading strategy. Focusing on risk management, setting realistic expectations, and goals are necessary for a successful career as a Forex trader.

4. Understanding the impact of trading psychology, controlling your emotions and the importance of using leverage correctly remain paramount to the success of Forex traders. Losing trades are part of the process for every trader at every level, and beginners should view it as the price of their education.

5. Profitable traders follow market events, analyze price action, and learn how to spot and execute potential trading opportunities. Traders should never blindly trust trade recommendations from any source without first conducting some due diligence. This extends to copy trading and managed accounts, where traders should confirm that the strategies align with their risk tolerance.

6. Proper usage of take profit and stop loss levels can make or break traders. Therefore, traders should determine and place them with each order ticket before taking positions, as it is the only way to ensure emotions do not factor into the process.

How to Choose a Forex Broker in Zimbabwe

We have created a helpful checklist that traders can follow to find the best Forex brokers in Zimbabwe for their trading requirements.

Forex traders in Zimbabwe should look for the following:

  • Regulation - Regulated Forex brokers segregate client deposits from corporate funds, offer negative balance protection, and ensure the availability of funds. A clean record demonstrates good governance and reduces the risk of scams and fraud.
  • Local-currency accounts - Since Zimbabwe relies on a multi-currency system, the US Dollar remains the most-used currency, available at all brokers.
  • Local payment methods - Online payment processors and cryptocurrencies offer low-cost, fast, secure, and hassle-free transactions for Forex trading in Zimbabwe.
  • Spread sizes - Forex traders should not trade with spreads exceeding 0.1 pips for commission-based on a trade ticket fee. 0.7 pips for major currency pairs during the most liquid trading periods, is the ideal cost for a commission-free spread markup account.
  • Fees - Competitive commissions do not exceed $6.00 ticket fee per 1.0 standard lot, and active traders require volume-based rebate programs.
  • Products - A balanced asset selection for Forex traders consists of 60+ currency pairs. It ensures traders can achieve portfolio diversification and deploy various strategies and benefit from global macro events.
  • Asset diversity - Forex traders can access cross-asset diversification through, metals and CFDs on indices, commodities, and crypto assets.
  • Customer service in native language - Zimbabwe lists 16 official languages. Including English, Zimbabwean Forex traders should have no issue receiving customer support in their native language.
  • Account type diversity - Most Forex brokers offer a choice between commission-free spread markup and raw spread commission-based trading accounts. Many brokers include sub-account s and managed account options
  • Demo account - Unlimited demo accounts are often useful for algorithmic traders to evaluate trading strategies, for seasoned traders to try out new strategies or for copy traders to evaluate signal providers.
  • Mobile trading - Given the huge popularity of mobile and copy trading in Zimbabwe, mobile trading apps are a must have requirement, this is often available with MT4/MT5 platforms, but a few providers have developed proprietary alternatives.
  • Deposits/Withdrawals - While deposits are usually free, withdrawals may incur a fee, especially if there are third-party costs from a payment provider or currency conversion charges.

The Pros & Cons of Forex Trading in Zimbabwe

Forex trading in Zimbabwe has various pros and cons, and before traders fund an account with a competitive Forex broker in Zimbabwe, they must consider them.

The pros of Forex trading in Zimbabwe include:

  • Lower capital requirements than other asset classes due to leverage available
  • The Forex market is decentralized and operates 24/5
  • There is a wide range of trading strategies that can be deployed, including algorithmic and copy trading or managed account services
  • Flexible and low-cost deposit and withdrawal methods, including cryptocurrencies

The cons of Forex trading in Zimbabwe include:

  • A lack of education creates a fundamental misunderstanding of Forex trading, its requirements, and possibilities
  • Failure to respect Forex trading as a high-skilled profession may well result in a poor trading mentality
  • The absence of adequate risk management could lead to heavy losses due to leverage
  • Insufficient trading capital and unrealistic trading expectations lead to overtrading, frustration, and taking trades for the wrong reasons
  • Beginners are more likely to fall victim to scams and fraud due to a lack of experience and understanding
  • Questionable, often unregulated Forex brokers and affiliates, promote unrealistic trading expectations
  • Using demo accounts, fail to give real life exposure to trading psychology as an educational tool, this can result in a false sense of accomplishment and overconfidence
  • Inadequate trading conditions, including sub-par hardware and no quiet place to trade

Bottom Line

Forex trading in Zimbabwe has emerged as a high-growth sector with rising demand and increasing wealth of the regions comparatively young population. Effective trader education remains the primary obstacle, followed by inadequate trading infrastructure, scams, and fraud.

Despite headwinds, Forex brokers in Zimbabwe and Forex traders seek to capitalize on the popularity and availability of mobile trading, where Zimbabwe ranked as the fastest-growing country in Africa a decade ago. Due to a growing social media presence, copy trading has also emerged as one of the most sought-after trading options, and all Forex brokers active in the Zimbabwean market support it.

Zimbabwe does not actively regulate online Forex trading for speculative purposes where there is no physical delivery, and it also does not restrict citizens from opening offshore accounts. Most international Forex brokers accept Zimbabwean traders and present educational content. Beginner traders should seek out in-depth education before funding a live trading account with one of the most competitive Forex brokers in Zimbabwe.

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

FAQs

How do I become a Forex trader in Zimbabwe?

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The first important step to become a successful Forex trader in Zimbabwe is education.

Can I trade Forex in Zimbabwe?

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Forex trading is 100% legal in Zimbabwe and there are many well-regulated international brokers operating locally.

Who is the most successful Forex trader in Zimbabwe?

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No publicly available information exists to answer this question, as Forex trading is a decentralized over-the-counter market.

Do Forex traders pay tax in Zimbabwe?

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Forex trading is taxable in Zimbabwe, but Zimbabweans should consult a licensed legal professional to get the most up-to-date rules, regulations, and tax implications for their individual situation.

What is the best time to trade Forex in Zimbabwe?

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The best time to trade Forex in Zimbabwe is when it suits traders, but the one of the most liquid time periods, for example is the London-New York overlap between 2pm and 6pm local time, when trading costs can be lower and there is more volatility in price action.

Is Forex trading legal in Zimbabwe?

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Yes, Forex trading is a legal activity in Zimbabwe, and no restrictions apply to offshore trading.

DailyForex.com Team
About DailyForex.com Team
The DailyForex.com team is comprised of analysts and researchers from around the world who watch the market throughout the day to provide you with unique perspectives and helpful analysis that can help improve your Forex trading.