9 Best Forex Brokers with a Minimum 10 USD Deposit in Tanzania

The 9 Best Forex Brokers with a Minimum 10 USD Deposit in Tanzania were revealed. We tested and verified the best ten Dollar Deposit forex brokers with a minimum deposit of 10 USD for Tanzanian Traders.

This is a complete list of forex brokers with a minimum deposit of ten USD in Tanzania.

In this in-depth guide you’ll learn:

  • What is a broker with a $10 minimum deposit?
  • Who are the best Forex Brokers with a Minimum 10 USD Deposit?
  • Who is the best forex broker with a 10-dollar minimum deposit? 
  • Which 10-dollar minimum deposit brokers have local offices in Tanzania?
  • Which brokers on the list offer a 1st-time welcome sign-up bonus?
  • Which is the #1 Best low-bandwidth trading app for Tanzanians?
  • How to choose a forex broker – Compare them side by side against each other.

And lots more…

So if you’re ready to go “all in” with the best-tested minimum deposit forex brokers for Tanzanians…

Let’s dive right in…

10 Best Forex Brokers in Tanzania

Rank

Broker

Review

Regulators

Min Deposit

Official Site

🥇

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

🥈

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

$10

🥉

Read Review

FSCA, IFSC, ASIC, CySEC, DFSA, FCA

$5

#4

Read Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$10

#5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

$0

#6

FSA, CySEC, FSCA, FSC

$1

#7

FSCA, FSC, FSA, MISA

$10

#8

Read Review

ASIC, CySEC, FSCA, FSA

$100

#9

Read Review

FSA, FSCA

$5

#1

$100

Minimum Deposit

#2

$10

Minimum Deposit

#3

$5

Minimum Deposit

#4

$10

Minimum Deposit

#5

$0

Minimum Deposit

#6

$1

Minimum Deposit

#7

$10

Minimum Deposit

#8

$100

Minimum Deposit

#9

$5

Minimum Deposit

#10

$5

Minimum Deposit

Updated : June 21, 2023

Best Tanzanian Forex Brokers with a Minimum 10 USD Deposit – Comparison

🏛️ Broker💰 Minimum Deposit💵 Shilling Deposits Allowed?✔️ Offers a Shilling Account?📞 Tanzanian
Customer Support?
👉 Open Account
1. Exness20,82 Shilling or an equivalent to $10YesYesNo👉 Open Account
2. RoboForex20,82 Shilling or an equivalent to $10YesNoNo👉 Open Account
3. Forex.ee20,82 Shilling or an equivalent to $10NoNoNo👉 Open Account
4. Tifia20,82 Shilling or an equivalent to $10NoNoNo👉 Open Account
5. Axiory 20,82 Shilling or an equivalent to $10NoNoNo👉 Open Account
6. FXTM20,82 Shilling or an equivalent to $10YesYesYes👉 Open Account
7. Grand Capital20,82 Shilling or an equivalent to $10NoNoYes👉 Open Account
8. EagleFX20,82 Shilling or an equivalent to $10YesNoNo👉 Open Account
9. HFM20,82 Shilling or an equivalent to $10YesYesYes👉 Open Account

9 Best Tanzanian Forex Brokers with a Minimum 10 USD Deposit (2023)

  1. Exness – Overall, the Best Minimum 10 USD Deposit Broker
  2. RoboForex – Top Mobile Trading App
  3. Forex.ee – User-Friendly ECN Broker
  4. Tifia – Best Shilling-Dominated Retail Accountant for Tanzanians
  5. Axiory – Verified Nano Account Broker
  6. FXTM – Top Local Tanzanian Broker
  7. Grand Capital – Best MT5 Broker
  8. EagleFX – Verified Bitcoin Funding for Tanzanian
  9. HFM – Best MetaTrader4/MT4 Broker

1. Exness

Overall Rating

Min Deposit

USD 10

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

Exness is overall one of the best CFD and forex brokers for Tanzanian traders, providing customized trading solutions, competitive trading conditions, a choice between retail trading accounts, and the benefit that traders can start participating in the forex market with a minimum deposit of 10 USD, or an equivalent in Shilling.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesAED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR
📊 Max Leverage RatioUnlimited
💸 Shilling Deposits Allowed?Yes
✔️ Offers a Shilling Account?Yes
💰Tanzanian Customer Support?No
📊 Account TypesStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
💻 Trading AssetsForex, Metals, Crypto, Energies, Indices, Stocks
✔️ Negative Balance Protection?Yes, Retail Accounts
📞 Margin Call60%
🛑 Stop-Out0%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ PROS❌ CONS
Exness is multi-regulated through several reputable entities around the globeThere are only a few financial instruments that can be traded
Tanzanian traders can expect local instant deposits and instant withdrawalsThere are only a few deposit and withdrawal options offered
There is 24/7 customer support offered
There is a choice between trading accounts, with a low minimum deposit of 10 USD
Negative balance protection is applied and there is client fund security guaranteed

 

2. RoboForex

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

RoboForex is an online broker that offers a wide range of tradable instruments across several asset classes. RoboForex offers Tanzanian traders a choice between different trading accounts, with the benefit that there are ultra-low minimum deposits and high leverage ratios offered.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositNone
💵 Account Base CurrenciesUSD, EUR, CNY, GOLD
📊 Max Leverage Ratio1:2000
💸 Shilling Deposits Allowed?Yes
✔️ Offers a Shilling Account?No
💰 Tanzanian Customer Support?No
📊 Account TypesPrime Account, Kenya ECN Account, R StocksTrader Account, ProCent Account, Pro Account
💻 Trading AssetsForex, Stocks, Indices, ETFs, Commodities, Metals, Energy Commodities, Cryptocurrencies
✔️ Negative Balance Protection?Yes
📞 Margin Call40% to 60%
🛑 Stop-Out10% to 40%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ PROS❌ CONS
There is a range of markets that can be tradedThere are withdrawal fees charged on payment methods
Tanzanian traders have access to a range of trading tools and research optionsThere is no Shilling-denominated account offered
There is a low minimum deposit on trading accounts
There are powerful trading platforms available across devices, including mobile phones
RoboForex offers competitive trading conditions to retail traders

 

3. Forex.ee

Forex.ee

 

Overview

Established in 2004, Forex.ee is an ECN broker that caters to traders from around the world, offering modern and dynamic solutions, a range of tradable instruments, and the use of powerful trading software.

 In addition to offering a choice between trading accounts, Forex.ee charges an ultra-low minimum deposit on the Crypto Account, allowing Tanzanian traders to trade several crypto coins through powerful trading platforms, including trading apps.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, RUB, MBT, LTC
📊 Max Leverage Ratio1:500 overall, 1:3 on the Crypto Account
💸 Shilling Deposits Allowed?None
✔️ Offers a Shilling Account?No
💰 Tanzanian Customer Support?No
📊 Account TypesSTP Account, Basic ECN Account, Advanced ECN Account, Premium ECN Account, Crypto Account
💻 Trading AssetsForex, Cryptocurrency
✔️ Negative Balance Protection?None Indicated
📞 Margin Call50%
🛑 Stop-Out30%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ PROS❌ CONS
There is a choice between different account typesUnregulated
Forex.ee offers comprehensive PAMM servicesA limited selection of markets, only forex and crypto trading offered
One-click trading is offered to Tanzanian tradersThere is no daily market analysis offered
MetaTrader 4 is offered across devices
There is a dedicated cryptocurrency trading account offered

4. Tifia

7 Best cTrader Brokers for Retail Traders in Tanzania

The 7 Best cTrader Forex Brokers in Tanzania revealed. We tested and verified the best cTrader forex brokers with fast entry and execution for Tanzanian Traders.

 

This is a complete list of cTrader forex brokers in Tanzania.

 

In this in-depth guide you’ll learn:

  • What is cTrader? 
  • Who are the best cTrader brokers in Tanzania?
  • How to choose a forex broker – Compare them side by side by fast entry, best scalping conditions, and best for fast execution.
  • Which broker is the best for your trading styles?
  • Which broker offers a sign-up bonus to first-time traders?
  • What is the difference between cTrader and MetaTrader4?


And lots more…

 

So if you’re ready to go “all in” with the best-tested cTrader forex brokers for Tanzanians…

 

Let’s dive right in…

 

10 Best Forex Brokers in Tanzania

Rank

Broker

Review

Regulators

Min Deposit

Official Site

🥇

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

🥈

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

$10

🥉

Read Review

FSCA, IFSC, ASIC, CySEC, DFSA, FCA

$5

#4

Read Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$10

#5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

$0

#6

FSA, CySEC, FSCA, FSC

$1

#7

FSCA, FSC, FSA, MISA

$10

#8

Read Review

ASIC, CySEC, FSCA, FSA

$100

#9

Read Review

FSA, FSCA

$5

#1

$100

Minimum Deposit

#2

$10

Minimum Deposit

#3

$5

Minimum Deposit

#4

$10

Minimum Deposit

#5

$0

Minimum Deposit

#6

$1

Minimum Deposit

#7

$10

Minimum Deposit

#8

$100

Minimum Deposit

#9

$5

Minimum Deposit

#10

$5

Minimum Deposit

Updated : June 21, 2023

Best cTrader Brokers for Retail Traders in Tanzania – Comparison

🏛️ Broker✔️ cTrader Broker?💵 Minimum Deposit (TZS)💵 Tanzania Shilling-based Account?💰 TZS Deposits Allowed?👉 Open Account
1. PepperstoneYes309351.48 TZSYesYes👉 Open Account
2. IC MarketsYes423001.20 TZSNoNo👉 Open Account
3. RoboForexYes20895.24 TZSYesNo👉 Open Account
4. OctaFXYes211500.60 TZSNoNo👉 Open Account
5. FXProYes21126106.92 TZSNoYes👉 Open Account
6. FP MarketsYes156969.12 TZSYesNo👉 Open Account
7. AxioryYes21126106.92 TZSNoYes👉 Open Account

What is a cTrader Forex Broker? 

cTrader is a popular trading platform for Forex and CFDs (contracts for difference) that was developed by Spotware. A cTrader Forex broker is a brokerage firm that offers their clients the cTrader platform for trading in the Forex and CFD markets.

 

The cTrader platform is known for its advanced charting capabilities, order execution speed, and customizable interface. It also offers a wide range of technical indicators and drawing tools to help traders analyze the markets and make informed trading decisions.

 

Many traders prefer using cTrader because of its user-friendly interface, low latency, and transparency in pricing. Some of the key features of cTrader include one-click trading, market depth, and support for algorithmic trading strategies.

 

If you are considering using a cTrader Forex broker, it’s important to research and compare different brokers to find one that meets your specific trading needs and offers the best trading conditions.

7 Best cTrader Brokers for Retail Traders in Tanzania (2023)

  1. Pepperstone – Overall, Best cTrader Broker
  2. IC Markets – #1 Scalping Broker for Tanzania
  3. RoboForexTop cTrader Copy Trading Broker
  4. OctaFX – Low Commission-Free Forex Broker in Tanzania
  5. FxPro – Fastest Execution Broker
  6. FP Markets – True ECN Forex Broker
  7. Axiory – Super Tight Spread Forex Broker for Tanzania

1. Pepperstone

Overall Rating

Min Deposit

USD 10 / 320,000 TZS or an equivalent to AU$200

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

Overview

Pepperstone is an online Forex and CFD broker that provides trading services to clients from around the world, including Tanzania. The company was founded in 2010 and is regulated by several financial authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.

Pepperstone offers its clients access to a range of financial markets, including Forex, cryptocurrencies, indices, commodities, and shares. The broker provides traders with two trading platforms: MetaTrader 4 (MT4) and cTrader. Both platforms are available on desktop, mobile, and web versions.

Pepperstone provides its clients with competitive pricing, fast execution speeds, and a range of trading tools and educational resources to help traders improve their trading skills. The broker also offers a range of account types to suit different trading styles and preferences, including a Standard account with no commissions, a Razor account with low spreads and commissions, and a Swap-free Islamic account for traders who follow Shariah law.

Tanzanian traders can fund their Pepperstone accounts using a variety of payment methods, including bank transfer, credit/debit card, and online payment systems. Pepperstone also provides customer support 24/5 in multiple languages, including English and Swahili, to assist Tanzanian traders with any questions or issues they may encounter.

Overall, Pepperstone is a well-regarded Forex and CFD broker with a strong reputation for providing reliable trading services and a range of trading tools to help traders succeed in the financial markets.

Unique Features

FeatureInformation
⚖️ RegulationASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade
💵 Minimum Deposit (TZS)309351.48 TZS
💰 Trading Assets• Forex
• Cryptocurrencies
• Shares
• ETFs
• Indices
• Commodities
• Currency Indices
💸 Tanzania Shilling-based Account?No
✔️ TZS Deposits Allowed?Yes
💰 Bonuses for Tanzanian traders?No
📊 Minimum spreadfrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

Pros and Cons

✔️ Pros❌ Cons
Pepperstone ensures client fund security by keeping it in segregated accountsTanzania traders do not have a Shilling-denominated trading account
Pepperstone is both a multi-regulated and multi-award-winning brokerThere are additional fees applied to the Islamic account
Pepperstone caters for all types of traders despite their trading experience or styleThere are some leverage restrictions
Well-regulated by some of the top market regulatory entities
Pepperstone accepts Tanzania traders and provides a plethora of educational material for beginners
There is a demo account and Islamic account offered
There are several funding options offered to traders
Deposit fees and withdrawal fees are not charged

2. IC Markets

Overall Rating

Min Deposit

USD 200

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

IC Markets is an online Forex and CFD broker that provides trading services to clients worldwide, including Tanzania. The company was founded in 2007 and is regulated by the Australian Securities and Investments Commission (ASIC).

 

IC Markets offers its clients access to a range of financial markets, including Forex, cryptocurrencies, indices, commodities, and shares. The broker provides traders with two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both available on desktop, mobile, and web versions.

 

IC Markets provides its clients with competitive pricing, fast execution speeds, and a range of trading tools and educational resources to help traders improve their trading skills. The broker also offers a range of account types to suit different trading styles and preferences, including a Standard account with no commissions, a True ECN account with low spreads and commissions, and a Swap-free Islamic account for traders who follow Shariah law.

 

Tanzanian traders can fund their IC Markets accounts using a variety of payment methods, including bank transfer, credit/debit card, and online payment systems. IC Markets also provides customer support 24/7 in multiple languages, including English and Swahili, to assist Tanzanian traders with any questions or issues they may encounter.

 

Overall, IC Markets is a well-regarded Forex and CFD broker with a strong reputation for providing reliable trading services and a range of trading tools to help traders succeed in the financial markets.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, CySEC, FSA in Seychelles, and SCB
📲 Social Media Platforms• Facebook
• Twitter
• Instagram
• LinkedIn
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsStandard account, Razor Account, Professional Account,
📱 Trading PlatformcTrader, MT4 and MT5
💵 Minimum Deposit (TZS)423001.20 TZS
💰 Trading Assets• Forex
• Commodities
• Indices
• Bonds
• Cryptocurrencies
• Stocks
• Futures
💸 Tanzanian Shilling-based Account?No
✔️ TZS Deposits Allowed?No
💰 Bonuses for Tanzaniantraders?No
📊 Minimum spreadfrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
IC Markets is reputable and well-regulated, offering a safe environment and investor protectionThe initial deposit is higher than other brokers
The broker is compliant with regulatory requirementsThere may be a conversion fee charged
IC Markets offers a wide range of tools, technical indicators, trading ideas, and comprehensive trading services.United States traders, amongst some other regions, are not accepted
The broker accepts all trading strategies including automated trading strategies, scalping, hedging, and so on.Fixed spread accounts are not provided
IC Markets is known for providing a safe, transparent trading experience through powerful desktop platforms, web terminals, and mobile trading platformsIC Markets does not have any proprietary trading platforms
There are several educational articles offered to beginner traders
Traders can expect deep liquidity and reliable trade execution
There is a transparent fee structure with low trading costs and competitive spreads
There is a wide range of tradable instruments offered

3. RoboForex

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

RoboForex is an online Forex and CFD broker that provides trading services to clients worldwide, including Tanzania. The company was founded in 2009 and is regulated by the International Financial Services Commission (IFSC) of Belize.

 

RoboForex offers its clients access to a range of financial markets, including Forex, cryptocurrencies, indices, commodities, and shares. The broker provides traders with two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both available on desktop, mobile, and web versions.

 

RoboForex provides its clients with competitive pricing, fast execution speeds, and a range of trading tools and educational resources to help traders improve their trading skills. The broker also offers a range of account types to suit different trading styles and preferences, including a Standard account with no commissions, a Pro account with low spreads and commissions, and an ECN account for traders who want direct market access.

 

Tanzanian traders can fund their RoboForex accounts using a variety of payment methods, including bank transfer, credit/debit card, and online payment systems. RoboForex also provides customer support 24/7 in multiple languages, including English and Swahili, to assist Tanzanian traders with any questions or issues they may encounter.

 

Overall, RoboForex is a reputable Forex and CFD broker with a strong reputation for providing reliable trading services and a range of trading tools to help traders succeed in the financial markets.

Unique Features

FeatureInformation
⚖️ RegulationInternational Financial Services Commission (IFSC)
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsPrime Account, ECN Account, R Stockstrader Account, ProCent Account, Pro Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, RoboForex Terminals, CopyFX app
💵 Minimum Deposit (TZS)20895.24 TZS
💰 Trading AssetsForex, Stocks, Indices, Cryptocurrencies
💸 Tanzanian Shilling-based Account?No
✔️ TZS Deposits Allowed?Yes
💰 Bonuses for Tanzanian traders?Yes
📊 Minimum spreadfrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountNo

 

Pros and Cons

✔️ Pros❌ Cons
Offers a massive range of tradable instruments across financial marketsUnited States clients, and some other regions, cannot register with RoboForex
Provides professional yet user-friendly trading platformsThere are no fixed spread accounts offered
Low initial deposit requirement on all account typesThere is no FCA, CySEC, FSCA, or other regulation with popular market regulators
There are several flexible account types with competitive trading conditions and transparent trading costsOffshore broker with offshore regulation
Offers a vast range of research tools to experienced tradersMarket Maker forex broker that can benefit from the losses of clients
Award-winning broker that ensures client fund protectionInactivity fee may apply to dormant accounts
Negative balance protection applied to all account typesWithdrawal fee charged on several payment options
RoboForex has obtained Verify My Trade, proving trade execution speeds
Comprehensive social trading platforms offered

 

4. OctaFX

Overall Rating

Min Deposit

USD 5 / 230,000 Tanzanian Shilling

Regulators

FCA UK

Trading Platform

MT5, MT4, OctaTrader

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

OctaFX is an online Forex and CFD broker that offers trading services to clients in Tanzania and worldwide. The company was established in 2011 and is regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) in the UK.

 

OctaFX offers a variety of financial instruments, including Forex, cryptocurrencies, indices, commodities, and shares. The broker provides traders with two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both available on desktop, mobile, and web versions.

 

OctaFX provides its clients with competitive pricing, fast execution speeds, and a range of trading tools and educational resources to help traders improve their trading skills. The broker offers a range of account types to suit different trading styles and preferences, including a Micro account with low minimum deposits, a Pro account with tight spreads and commissions, and a Swap-free Islamic account.

 

Tanzanian traders can fund their OctaFX accounts using a variety of payment methods, including bank transfer, credit/debit card, and online payment systems. OctaFX also provides customer support 24/7 in multiple languages, including English and Swahili, to assist Tanzanian traders with any questions or issues they may encounter.

 

Overall, OctaFX is a well-regarded Forex and CFD broker with a strong reputation for providing reliable trading services and a range of trading tools to help traders succeed in the financial markets.

 

Unique Features

FeatureInformation
⚖️ RegulationFinancial Services Authority in Saint Vincent and the Grenadines (SVG FSA), and Cyprus Securities and Exchange Commission (CySEC)
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMetaTrader 4 Habitual Trader Account, MetaTrader 5 Smart Trader Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5, cTrader
💵 Minimum Deposit (TZS)211500.60 TZS
💰 Trading AssetsForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies
💸 Tanzanian Shilling-based Account?No
✔️ TZS Deposits Allowed?No
💰 Bonuses for Tanzanian traders?Yes
📊 Minimum spreadfrom 0.6 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
OctaFX offers reliable, instant deposits and withdrawalsOffshore broker with tier-2 regulation, which is not ideal
The broker offers copy trading accounts through its proprietary trading appThere is a limited selection of trading instruments offered
Offers social trading opportunitiesThere is a limited selection between retail accounts
OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionalsLimited options for base currencies on accounts
The trading conditions that OctaFX offers Tanzanian traders are transparent and reasonable
Commission-free trading is offered on all retail investor accounts along with tight spreads
Offers an unlimited virtual trading account and an Islamic Account for Muslim traders
There is a range of advanced trading tools offered
OctaFX offers versatile and reliable payment methods for deposits and withdrawals

 

5. FxPro

Overall Rating

Min Deposit

USD 100 / 233 400 TZS

Regulators

FCA, CySEC, FSCA, SCB

Trading Desk

MT4

Crypto

Yes

Total Pairs

70

Islamic Account

No

Trading Fees

High

Account Activation Time

24 Hours

 

Overview

FxPro is an online Forex and CFD broker that provides trading services to clients from around the world, including Tanzania. The company was established in 2006 and is regulated by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC).

 

FxPro offers a range of financial instruments, including Forex, cryptocurrencies, indices, commodities, and shares. The broker provides traders with three trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, all available on desktop, mobile, and web versions.

 

FxPro provides its clients with competitive pricing, fast execution speeds, and a range of trading tools and educational resources to help traders improve their trading skills. The broker offers a range of account types to suit different trading styles and preferences, including a Standard account with no commissions, a Commission account with tight spreads and commissions, and an ECN account for traders who want direct market access.

 

Tanzanian traders can fund their FxPro accounts using a variety of payment methods, including bank transfer, credit/debit card, and online payment systems. FxPro also provides customer support 24/5 in multiple languages, including English and Swahili, to assist Tanzanian traders with any questions or issues they may encounter.

 

Overall, FxPro is a reputable Forex and CFD broker with a strong reputation for providing reliable trading services and a range of trading tools to help traders succeed in the financial markets.

 

Unique Features

FeatureInformation
⚖️ RegulationFCA, CySEC, FSCA, DFSA, SCB
📲 Social Media Platforms• Facebook
• Twitter
• LinkedIn
• YouTube
• Instagram
• Telegram
🏛 CBN Regulation?No
💻 Trading AccountsMT4 Instant Account, MT4 Account (Market Execution), MT5 Account, cTrader Account, FxPro Edge Account
📱 Trading PlatformMetaTrader 4, MetaTrader 5 and cTrader
💵 Minimum Deposit (TZS)21126106.92 TZS
💰 Trading AssetsForex, cryptocurrencies, energies, stock CFDs, futures, indices, metals
💸 Tanzanian Shilling-based Account?No
✔️ TZS Deposits Allowed?Yes
💰 Bonuses for Tanzanian traders?No
📊 Minimum spreadfrom 0.3 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
FxPro offers a broad range of tradable instruments.Limited protection at offshore entity.
FxPro offers competitive spreads.High recommended minimum deposit for Tanzanian traders
FxPro provides fast order execution.FxPro Edge Platform is only available in the English language
With FxPro, Tanzanian traders have multiple platforms available.Inactivity fee charged to Tanzanian traders whose accounts go dormant
Tanzanian traders have multiple account types available with FxPro
Third party tools available to Tanzanian traders for more comprehensive analysis
Fast deposits and withdrawals available to Tanzanian traders
Fixed and variable spread accounts which allow for more flexibility in pricing

 

6. FP Markets

Overall Rating

Min Deposit

USD 100 / 233 174 TZS

Regulators

ASIC, CySEC, FSCA, CMA

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

63

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

FP Markets is an online Forex and CFD broker that provides trading services to clients from around the world, including Tanzania. The company was established in 2005 and is regulated by the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC).

 

FP Markets offers a range of financial instruments, including Forex, cryptocurrencies, indices, commodities, and shares. The broker provides traders with two trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both available on desktop, mobile, and web versions.

 

FP Markets provides its clients with competitive pricing, fast execution speeds, and a range of trading tools and educational resources to help traders improve their trading skills. The broker offers a range of account types to suit different trading styles and preferences, including a Standard account with no commissions, a Raw account with low spreads and commissions, and an Islamic account.

 

Tanzanian traders can fund their FP Markets accounts using a variety of payment methods, including bank transfer, credit/debit card, and online payment systems. FP Markets also provides customer support 24/5 in multiple languages, including English and Swahili, to assist Tanzanian traders with any questions or issues they may encounter.

 

Overall, FP Markets is a reputable Forex and CFD broker with a strong reputation for providing reliable trading services and a range of trading tools to help traders succeed in the financial markets.

 

Unique Features

FeatureInformation
⚖️ RegulationASIC, CySEC
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsMT4/5 Standard Account, MT4/5 Raw Account, MT4/5 Islamic Standard Account, MT4/5 Islamic Raw Account
📱 Trading PlatformcTrader, MT4 and MT5
💵 Minimum Deposit (TZS)156969.12 TZS
💰 Trading Assets• Forex
• Shares
• Metals
• Commodities
• Indices
• Cryptocurrencies
• Bonds
💸 Tanzanian Shilling-based Account?No
✔️ TZS Deposits Allowed?Yes
💰 Bonuses for Tanzanian traders?No
📊 Minimum spreadfrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
FP Markets is a well-regulated broker that has a high level of trustworthinessThere are no fixed spread accounts offered
There is a wide range of markets that can be traded across asset classesThere is no dedicated Shilling account offered to Tanzanian traders
There are powerful trading platforms supported across devicesThere are withdrawal fees charged
Tanzanian traders receive an ECN pricing model with raw and tight spreadsThere are administration fees charged on the Islamic Account
There is guaranteed fast trade execution through the Equinix servers
Commission-free trading is provided
There is a dedicated Islamic account option for Muslim traders
There are no inactivity fees charged on dormant accounts
Copy-trading and automatic trading is offered

7. Axiory

Overall Rating

Min Deposit

23310 TZS / $10

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

Axiory is an online Forex and CFD broker that provides trading services to clients from around the world, including Tanzania. The company was established in 2011 and is regulated by the International Financial Services Commission (IFSC) in Belize.

 

Axiory offers a range of financial instruments, including Forex, cryptocurrencies, indices, commodities, and shares. The broker provides traders with two trading platforms: MetaTrader 4 (MT4) and cTrader, both available on desktop, mobile, and web versions.

 

Axiory provides its clients with competitive pricing, fast execution speeds, and a range of trading tools and educational resources to help traders improve their trading skills. The broker offers a range of account types to suit different trading styles and preferences, including a Nano account with low minimum deposits, a Standard account with no commissions, and a Max account with low spreads and commissions.

 

Tanzanian traders can fund their Axiory accounts using a variety of payment methods, including bank transfer, credit/debit card, and online payment systems. Axiory also provides customer support 24/5 in multiple languages, including English and Swahili, to assist Tanzanian traders with any questions or issues they may encounter.

 

Overall, Axiory is a reputable Forex and CFD broker with a strong reputation for providing reliable trading services and a range of trading tools to help traders succeed in the financial markets.

 

Unique Features

FeatureInformation
⚖️ RegulationIFSC, FSC
📲 Social Media Platforms• Instagram
• Facebook
• Twitter
• YouTube
🏛 CBN Regulation?No
💻 Trading AccountsNANO, Standard, MAX, Terra and Alpha
📱 Trading PlatformMT4, MT5, cTrader, CopyTrade
💵 Minimum Deposit (TZS)2112610.69 TZS
💰 Trading AssetsForex pairs, Stocks, ETFs, Metals, Energies, CFD indices and Stock CFDs
💸 Tanzanian Shilling-based Account?No
✔️ TZS Deposits Allowed?No
💰 Bonuses for Tanzanian traders?No
📊 Minimum spreadfrom 0.0 pips
💻 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
Wide variety of trading platforms from which Tanzanian traders can chooseDemo account has limited functionality
Very tight spreads availableHigh commission is charged on certain instruments
Fast withdrawals with no additional charges

 

Understanding cTrader

Understanding cTrader

cTrader is a popular electronic trading platform used for trading Forex and CFDs (contracts for difference). It was developed by Spotware Systems Ltd and is known for its advanced charting capabilities, fast execution speeds, and user-friendly interface.

 

cTrader offers a wide range of features and tools that can help traders analyze the markets and execute trades with precision. Some of the platform’s notable features include:

 

Advanced charting: cTrader provides traders with a wide range of charting tools and indicators that can be customized to suit their trading strategies.

 

Level II pricing: cTrader offers Level II pricing, which allows traders to see the depth of the market and the available liquidity at different price levels.

 

Algorithmic trading: cTrader supports algorithmic trading through its cAlgo platform, which allows traders to create and backtest their own trading algorithms.

 

One-click trading: cTrader allows traders to execute trades quickly and easily with just one click.

 

Multiple asset classes: cTrader supports trading in a wide range of asset classes, including Forex, cryptocurrencies, indices, commodities, and shares.

 

Mobile and web trading: cTrader is available on desktop, web, and mobile versions, allowing traders to access their trading accounts from anywhere with an internet connection.

 

Overall, cTrader is a robust trading platform that can provide traders with the tools and features they need to make informed trading decisions and execute trades with precision.

How to Choose a Forex Broker

How to Choose a Forex Broker

Choosing a forex broker is an important decision for any trader, as it can significantly impact their trading experience and profitability. Here are some factors to consider when choosing a forex broker:

 

Regulation

It’s important to choose a broker that is regulated by a reputable financial authority in their home country or the country where they operate. This provides a level of protection for traders, as regulated brokers must adhere to certain standards and rules.

 

Trading platforms 

The broker’s trading platform should be user-friendly, and reliable, and offer a range of tools and features that suit the trader’s needs. Traders should consider whether the platform is available on desktop and mobile devices and whether it offers access to a range of financial instruments.

 

Spreads and fees

Traders should compare spreads and trading fees across different brokers to find the most competitive pricing. While low spreads can be beneficial, traders should also consider other fees such as commissions and swap rates.

 

Customer support

The broker should offer responsive and helpful customer support that is available through multiple channels, such as phone, email, and live chat.

 

Educational resources

The broker should provide educational resources such as webinars, tutorials, and market analysis to help traders improve their skills and knowledge.

 

Deposit and withdrawal options

Traders should consider the broker’s deposit and withdrawal options and ensure that they support their preferred payment methods.

 

Reputation

Traders should research the broker’s reputation online and look for reviews from other traders to get an idea of their experience with the broker.

By considering these factors, traders can choose a forex broker that meets their needs and helps them achieve their trading goals.

The Best Forex Brokers in Tanzania

 The brokers featured on this list provide offer the cTrader platform to Tanzanian traders alongside some of the best trading conditions in the market. Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Tanzanian traders.

 

Best TradingView Forex broker for Nigerian traders

Overall Rating

Min Deposit

USD 10 / 320,000 TZS or an equivalent to AU$200

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradingView

Crypto

No

Total Pairs

60+

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Trading margined products carries a high level of risk. Pepperstone Markets Kenya Limited, CMA Licence No. 128

 

Pepperstone offers TradingView as well as cTrader to Tanzanian traders, providing a comprehensive set of trading and analytical tools.

 

Best scalping Forex broker for Tanzanian traders

Overall Rating

Min Deposit

USD 200

Regulators

ASIC 

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

65

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

IC Markets is the best Forex broker that will support scalping traders from Tanzania alongside excellent and competitive pricing and conditions.

 

Best copy trading Forex broker for Tanzanian traders

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

RoboForex offers excellent copy trading capabilities for automated Tanzanian traders through its CopyFX app.

 

Best commission-free Forex broker for Tanzanian traders

Overall Rating

Min Deposit

USD 5 / 230,000 Tanzanian Shilling

Regulators

FCA UK

Trading Platform

MT5, MT4, OctaTrader

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

OctaFX offers commission-free trading conditions for Tanzanian traders alongside a transparent trading environment.

 

Best Forex broker offering fast execution to Tanzanian traders

Overall Rating

Min Deposit

USD 100 / 233 400 TZS

Regulators

FCA, CySEC, FSCA, SCB

Trading Desk

MT4

Crypto

Yes

Total Pairs

70

Islamic Account

No

Trading Fees

High

Account Activation Time

24 Hours

 

FxPro offers ultra-fast order execution of 14 milliseconds to Tanzanian traders, making this list the best Forex broker for rapid order execution and enhanced trading capabilities.

 

Best ECN Forex broker for Tanzanian traders

Overall Rating

Min Deposit

USD 100 / 233 174 TZS

Regulators

ASIC, CySEC, FSCA, CMA

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

63

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

FP Markets offers the best ECN capabilities on this list, allowing Tanzanian traders to benefit from direct market pricing.

 

Best tight spread Forex broker for Tanzanian traders

Overall Rating

Min Deposit

23310 TZS / $10

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Axiory offers very tight spreads to Tanzanian traders along with no charges on either deposits or withdrawals for truly competitive pricing.

FAQ

Why should I choose a cTrader Forex broker?

There are several benefits to using a cTrader broker. For example, forex brokers who pick the cTrader platform, do so because of the rapid execution of trades and for charting purposes. Another key advantage of picking these brokers is the removal of dealing desk interference.

 

How to choose a cTrader broker?

cTrader brokers should be assessed from the perspective of their regulation, customer support, pricing structure, available trading features, account variety, and they types of assets which can be traded.

 

How is cTrader different?

cTrader, in contrast to MetaTrader and the majority of other broker-owned platforms, only serves as an ECN platform. A direct connection between traders and the global Forex market will imply that there will be no dealing desk interference, either automatic or otherwise.

This is due to the fact that Spotware manages all of the cTrader infrastructure and the interface you get from your broker is only an interface. Commissions and spreads can be adjusted by the broker, but not the price feed or market data.

 

Should I choose cTrader?

This cross-broker trading platform’s reputation for openness, rapidity of product development, and high-speed trade execution make it a welcome choice for traders.

When compared to MetaTrader 4, cTrader’s trading management and visual aesthetics are clearly superior to that of its rival.

 

Which brokers offer cTrader?

Not all brokers are off cTrader to Tanzanian traders, and we have compiled the list of best cTrader brokers in this comprehensive list.

 

Overview

Tifia is a Vanuatu-based forex and CFD broker that has been in operation for the past 11 years, offering Tanzanian traders competitive trading conditions, and comprehensive and flexible trading solutions.

Tifia not only offers a choice between retail trading accounts, but the advantage of registering a trading account with a minimum deposit of 10 USD, or an equivalent in Tanzanian Shilling.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, NGN
📊 Max Leverage Ratio1:1000
💸 Shilling Deposits Allowed?Yes
✔️ Offers a Shilling Account?Yes
💰Tanzanian Customer Support?Yes
📊 Account TypesA Start Account (Micro), ECN Classic Account, ECN Pro Account
💻 Trading AssetsForex, Precious Metals, Commodities, Indices, Stocks
✔️ Negative Balance Protection?Yes
📞 Margin Call100%
🛑 Stop-Out50%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ PROS❌ CONS
Tifia offers Tanzanian traders a Shilling-denominated trading accountWithdrawal fees are charged on payment methods
Tanzanian traders have access to local deposits and withdrawalsThere is a lack of educational materials
There are no fees charged on depositsThe spreads are wider than that of competitors
Tifia offers commission-free tradingTifia does not support individual stock or cryptocurrency trading
The broker offers a range of social trading opportunities

5. Axiory

Overall Rating

Min Deposit

23310 TZS / $10

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

Axiory is a multi-regulated forex and CFD broker that has been in operation since 2011. Axiory accommodates and accepts Tanzanian traders, allowing them access to a range of markets. In addition to offering high leverage, competitive trading conditions, and a choice between trading accounts, Axiory also accepts ultra-low minimum deposits of 10 USD or an equivalent in Shilling.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesEUR, USD
📊 Max Leverage Ratio1:777
💸 Shilling Deposits Allowed?No
✔️ Offers a Shilling Account?No
💰Tanzanian Customer Support?No
📊 Account TypesNano Account, Standard Account, Max Account, Tera Account, Alpha Account
💻 Trading AssetsForex, Gold and Precious Metals, Oil and Energies, CFD Indices, CFD Stocks, Exchange Stocks, Exchange ETFs
✔️ Negative Balance Protection?Yes
📞 Margin Call50%
🛑 Stop-Out20%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ PROS❌ CONS
Axiory is well-regulated and offers a range of markets to tradersCrypto trading is not offered
Muslim traders are given the option of an Islamic account conversionThere are no Shilling-denominated accounts
Axiory supports several trading strategiesThere are no local deposits or withdrawals for Tanzanian
There is a choice between different accounts offered by AxioryThere are additional commissions on the Islamic Account
Client fund security is guaranteed, and investor protection is provided

 

6. FXTM

Overall Rating

Min Deposit

USD 10

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

Overview

FXTM is one of the most popular forex and CFD brokers in Tanzania, offering tailor-made solutions to local clients, regardless of their trading skills, needs, or objectives. FXTM offers local support, Naira-denominated trading accounts, and the benefit that there is a low capital requirement when registering an account.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, GBP, or NGN
📊 Max Leverage Ratio1:2000
💸 Shilling Deposits Allowed?Yes
✔️ Offers a Shilling Account?Yes
💰 Tanzanian Customer Support?Yes
📊 Account TypesMicro Account, Advantage Account, Advantage Plus Account
💻 Trading AssetsPrecious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs, Commodities, Stock Baskets
✔️ Negative Balance Protection?Yes
📞 Margin CallFrom 60% to 80%
🛑 Stop-OutFrom 40% to 50%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ PROS❌ CONS
FXTM is multi-regulated and has won several awards since its inceptionThere are inactivity fees charged on dormant accounts
FXTM offers local support, local deposits, and withdrawals, and other tailormade solutions to Tanzanian traders
There is a low minimum deposit requirement
There is a wide selection of educational materials and advanced tools for expert traders
There is a choice between retail trading accounts

7. Grand Capital

Grand Capital

 

Overview

Grand Capital is an offshore broker that provides over 330 trading products through its own WebTrader platform as well as the widely used MetaTrader 4 and MetaTrader 5 trading platforms.

 Grand Capital offers a choice of trading accounts, with the Crypto Account’s minimum deposit at an ultra-low 10 USD, or an equivalent in Shilling. Grand Capital brokerage business lists Currenex and Swissquote as liquidity providers, with pricing determined by liquidity providers.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesUSD, EUR, RUB, JPY, GBP, GOLD, mBTC, mETH
📊 Max Leverage Ratio1:500
💸 Shilling Deposits Allowed?No
✔️ Offers a Shilling Account?No
💰Tanzanian Customer Support?Yes
📊 Account TypesStandard Account, MT5 Account, Micro Account, Crypto Account, Swap-Free Account, ECN Prime
💻 Trading AssetsForex, Cryptocurrencies, Stocks, Indices, Metals, Energy Commodities
✔️ Negative Balance Protection?Yes
📞 Margin Call100%
🛑 Stop-OutFrom 40% to 80%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

✔️ PROS❌ CONS
Grand Capital offers a choice between retail accountsUnregulated
The broker offers comprehensive LAMM Investment optionsThere is no education, and the market analysis is very poor
Tanzanian traders are given access to local deposit and withdrawal options
There are competitive spreads and commissions charged
The Crypto Account has an ultra-low minimum deposit

8. EagleFX

EagleFX

 

Overview

EagleFX is a well-known online broker with many satisfied customers all around the world. More than 100 trading products are available, including 24-hour access to Cryptocurrencies. Competitive trading conditions, such as low spreads, fast execution speeds, and intuitive trading interfaces, are also available at these Forex brokers, who provide a wide range of currency pairs and CFDs.

EagleFX only offers one standard account, with the benefit that Tanzanians can start trading with a low minimum deposit of 10 USD, or an equivalent in Shilling.

 

Features

FeatureValue
📉 Minimum Deposit20,82 Shilling or an equivalent to $10
📈 Maximum DepositUnlimited
💵 Account Base CurrenciesEUR, GBP, USD, BTC
📊 Max Leverage Ratio1:500
💸 Shilling Deposits Allowed?Yes
✔️ Offers a Shilling Account?No
💰 Tanzanian Customer Support?No
📊 Account TypesStandard Account
💻 Trading AssetsCryptocurrencies, Commodities, Forex, Indices, Stocks, Futures
✔️ Negative Balance Protection?Yes
📞 Margin Call100%
🛑 Stop-Out70%
📉 Minimum Trade Size0.01 lots

 

Pros and Cons

PROSCONS
EagleFX offers 24/7 crypto trading through powerful trading platformsThere is only one retail account offered
There is a low minimum deposit requirementThere is only one trading platform provided
There are competitive spreads and low commission charges
The broker offers flexible leverage to Tanzanian traders
There is a comprehensive affiliate program

9. HFM

HFM

 

Overview

HFM is a multi-regulated online broker that is known for its competitive trading conditions and comprehensive trading solutions. HFM offers a choice between five unique account types, with the benefit that Tanzanians can start trading from 10,66 TZS ($5).

HFM has millions of registered users around the world and offers multilingual customer support 24/5 through modern communication channels and social media platforms.

 

Features

FeatureInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
⚖️ CBN RegulationNo
📊 Trading AccountsMT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account
💻 Trading PlatformMetaTrader 4, MetaTrader 5
💳 Minimum Deposit (₦)10,15 Shilling equivalent to $5
📈 Trading AssetsForex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Equity markets and Stocks DMA, ETFs
📊 Tanzanian Shilling-based Account?No
💳 TZS Deposits AllowedNo
💰 Bonuses for Tanzanian tradersYes
📈 Minimum spread0.0 pips EUR/USD
📈 Demo AccountYes
☪️ Islamic AccountYes

 

Pros and Cons

✔️ Pros❌ Cons
Well-regulated in several global regionsThere are no variable spread accounts
Offers some of the lowest spreads in the forex market on major currency pairsThere is a limited selection of funding options and withdrawal methods.
There are several account types to choose from
HFM accommodates all types of traders despite their trading strategies
Low minimum deposit requirement
Beginner traders and professional investors are both welcome
Educational tools, advanced trading tools, and several other comprehensive solutions are offered
There is a comprehensive market analysis offered
Technical analysis and fundamental analysis offered

Position Sizes in Forex Trading Explained

Best Flexible Broker

In forex trading, position size means how much of a currency pair a trader buys or sells. It’s important to figure out the right position size to handle risk and make the most of potential gains. Let me explain position sizes in forex trading to you:

 

Lot Size: Lot size is the standard measurement unit in forex trading. It shows how much you’re trading. There are three main types of lot sizes:

 

a. Standard Lot: A standard lot is equal to 100,000 units of the main currency in a currency pair. For example, in the EUR/USD pair, one standard lot represents 100,000 euros.

 

b. Mini Lot: A mini lot is equal to 10,000 units of the main currency. It’s one-tenth the size of a standard lot. So, in the EUR/USD pair, one mini lot represents 10,000 euros.

 

c. Micro Lot: A micro lot is equal to 1,000 units of the main currency. It’s one-tenth the size of a mini lot and one-hundredth the size of a standard lot. In the EUR/USD pair, one micro lot represents 1,000 euros.

 

Position Size Calculation: Traders usually calculate the right position size by considering how much risk they’re comfortable with and how much they’re willing to lose on a trade. One common method is the percentage risk model:

 

Position Size = (Account Size * Risk Percentage) / (Stop Loss in Pips * Pip Value)

 

Account Size: It’s the total amount of money you have for trading.

 

Risk Percentage: It’s the percentage of your account size that you’re willing to risk on one trade.

 

Stop Loss in Pips: It’s the number of pips at which you’ll exit the trade if it goes against you.

 

Pip Value: It’s the money value of one pip, which depends on the currency pair and lot size.

 

Leverage: Leverage lets you control larger positions in the market with less money. It increases both potential profits and losses. But be careful with leverage as it raises the risk.

 

Position Sizing Strategies: Traders can use different strategies to determine their position sizes based on their trading style and risk management goals. Some common strategies include fixed position size, using a percentage of account size, or considering risk/reward ratios.

 

Adjusting Position Size: Traders often change their position sizes based on market conditions, account growth, or their risk appetite. It’s important to regularly review and adjust position sizes to match your evolving trading goals.

 

Remember, managing risk is really important in forex trading. By carefully choosing position sizes and using proper risk control measures, you can improve your chances of long-term success and reduce potential losses.

How does Margin Work?

How does Margin Work?

Margin is when you borrow money from a broker or an exchange to trade or invest in the financial markets. It lets you make bigger profits by using more money than you actually have. Let me explain how margin works:

 

Margin Account: To trade on margin, you need to open a special account with a broker or an exchange. This account is different from a regular cash account because you can use borrowed money to trade.

 

Initial Margin: When you open a margin account, you have to put some money in it at the beginning. This is called the initial margin. It’s usually a percentage of the total value of the things you want to buy. The exact percentage depends on the rules and policies of the broker or exchange.

 

Margin Borrowing: Once you have a margin account, you can borrow money from the broker or exchange. The amount you can borrow depends on the value of the things you own in your account. Different things have different rules for how much you can borrow, and the broker decides the maximum amount.

 

Margin Ratio: The margin ratio is an important thing to know in margin trading. It tells you how much of your investment is covered by borrowed money. For example, if you have $10,000 and borrow another $10,000, your margin ratio would be 50% because half of your investment is borrowed.

 

Margin Interest: Borrowing money on margin comes with interest charges, like a loan. The broker decides the interest rate based on what’s happening in the market. You have to pay interest on the borrowed money, and it’s usually charged every month.

 

Margin Maintenance: Brokers want to make sure that the money they lent you is safe, so they have rules about how much margin you need to keep in your account. This is called margin maintenance. If the value of the things in your account goes down and your margin ratio falls below the required level, the broker may ask you to put more money in your account.

 

Margin Call: A margin call happens when your margin ratio is too low. When this happens, the broker might ask you to add more money to your account to bring the margin ratio back up. If you don’t do it, the broker can sell some or all of your things to get back the money they lent you.

 

Risks and Rewards: Margin trading can make you more money because you can control bigger things with less money upfront. But it can also make your losses bigger. If the market goes against you, you can lose a lot more, and you still have to pay back the money you borrowed no matter what.

 

Remember, margin trading is risky, and you need to think carefully about how much risk you can handle and how much you know about the market. It’s a good idea to understand all the rules and risks before you start doing margin trading.

How to Choose a Forex Broker

How to Choose a Forex Broker

Selecting a forex broker is a crucial decision that significantly influences a trader’s experience and profitability. To make an informed choice, it is important to consider several factors. Here are key aspects to contemplate when choosing a forex broker:

 

Regulation:

Opt for a broker regulated by a reputable financial authority in their home country or operating jurisdiction. Regulation ensures that brokers adhere to specific standards and rules, providing traders with a certain level of protection.

 

Trading Platforms:

Evaluate the broker’s trading platform for user-friendliness, reliability, and the availability of tools and features that align with your trading requirements. Consider whether the platform is accessible on both desktop and mobile devices and offers a diverse range of financial instruments.

 

Spreads and Fees:

Compare spreads and trading fees among different brokers to identify the most competitive pricing. While low spreads are advantageous, also take into account other fees such as commissions and swap rates.

 

Customer Support:

Prioritize brokers that offer responsive and helpful customer support accessible through various channels, including phone, email, and live chat. Efficient customer support can be crucial when encountering issues or seeking assistance.

 

Educational Resources:

Look for brokers that provide educational resources such as webinars, tutorials, and market analysis. These resources can aid in improving trading skills and knowledge, enhancing your overall trading performance.

 

Deposit and Withdrawal Options:

Consider the broker’s deposit and withdrawal options, ensuring they support your preferred payment methods. Smooth and convenient transactions are vital for efficient account funding and withdrawals.

 

Reputation:

Conduct online research to assess the broker’s reputation and seek reviews from other traders. Real-life experiences and feedback from fellow traders can offer valuable insights into the broker’s reliability and quality of service.

 

By carefully considering these factors, traders can select a forex broker that aligns with their needs, supports their trading goals, and provides a satisfactory trading experience.

Best Forex Brokers in Tanzanian

 

Overall Best CFD and Forex Broker in Tanzania

Overall Rating

Min Deposit

USD 10

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

We chose Exness as the best overall broker for Tanzanians because the broker offers comprehensive trading solutions to both beginner and professional traders, a range of accounts, the option to trade using a Shilling-denominated account, instant deposits, withdrawals, and more.

 

Best ECN Broker in Tanzania

Best ECN Broker in Nigeria

 

We chose Forex.ee as the Best ECN Broker in the region as the broker offers its clients a choice between different ECN account types, offering flexible trading conditions to suit different trading objectives and needs.

 

Best Nano Account Forex Broker for Tanzanian Beginner Traders

Overall Rating

Min Deposit

23310 TZS / $10

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

 

The benefit of a Nano Account is that it is perfect for beginner traders who are learning to trade. Axiory offers one of the best Nano Accounts with the benefit that Tanzanian Beginners can start trading with an ultra-low deposit of 20,82 Shilling.

 

Best Bitcoin Funding Offered to Tanzanian

Best Bitcoin Funding offered

 

EagleFX is an international broker that offers Tanzanian traders the chance to deposit and withdraw in BTC using powerful mobile trading apps and platforms.

 

Best Mobile Trading Apps

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

We chose RoboForex because the broker not only offers a choice between trading accounts but also offers powerful proprietary and third-party mobile apps that can be used across mobile devices.

 

Best Local Tanzanian Broker

Overall Rating

Min Deposit

USD 10

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

We selected FXTM because it offers customizable and personalized services and solutions to Tanzanian traders. FXTM offers a choice between Shilling-denominated accounts, local deposit, and withdrawal options, and more.

 

Best Shilling-denominated Retail Account for Tanzanian

7 Best cTrader Brokers for Retail Traders in Tanzania

The 7 Best cTrader Forex Brokers in Tanzania revealed. We tested and verified the best cTrader forex brokers with fast entry and execution for Tanzanian Traders.

 

This is a complete list of cTrader forex brokers in Tanzania.

 

In this in-depth guide you’ll learn:

  • What is cTrader? 
  • Who are the best cTrader brokers in Tanzania?
  • How to choose a forex broker – Compare them side by side by fast entry, best scalping conditions, and best for fast execution.
  • Which broker is the best for your trading styles?
  • Which broker offers a sign-up bonus to first-time traders?
  • What is the difference between cTrader and MetaTrader4?


And lots more…

 

So if you’re ready to go “all in” with the best-tested cTrader forex brokers for Tanzanians…

 

Let’s dive right in…

 

10 Best Forex Brokers in Tanzania

Rank

Broker

Review

Regulators

Min Deposit

Official Site

🥇

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

🥈

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

$10

🥉

Read Review

FSCA, IFSC, ASIC, CySEC, DFSA, FCA

$5

#4

Read Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$10

#5

CySEC, FSCA, FCA, FSA, DFSA, CMA, St. Vincent & the Grenadine

$0

#6

FSA, CySEC, FSCA, FSC

$1

#7

FSCA, FSC, FSA, MISA

$10

#8

Read Review

ASIC, CySEC, FSCA, FSA

$100

#9

Read Review

FSA, FSCA

$5

#1

$100

Minimum Deposit

#2

$10

Minimum Deposit

#3

$5

Minimum Deposit

#4

$10

Minimum Deposit

#5

$0

Minimum Deposit

#6

$1

Minimum Deposit

#7

$10

Minimum Deposit

#8

$100

Minimum Deposit

#9

$5

Minimum Deposit

#10

$5

Minimum Deposit