11 Best Low Spread Forex Brokers in Tanzania
The 11 Best Low Spread Forex Brokers in Tanzania revealed. We tested and verified the best low spread forex brokers for Tanzania Traders.
This is a complete list of low-spread forex brokers operating in Tanzania.
In this in-depth guide you’ll learn:
- What are spreads in trading?
- Why traders should consider spreads before choosing a trading broker?
- Which brokers offer zero-spread accounts?
- Which local brokers have the lowest commissions in Tanzania?
- How to choose a forex broker – Compare them against each other.
- Which broker offers ZERO spreads and Tanzania Accounts.
- Which broker offers a sign-up BONUS for first-time traders.
- Which low spread broker can you use with M-PESA?
- Which broker offers a low minimum deposit of $5 (11 670 TZS)?
And lots more…
So if you’re ready to go “all in” with the best-tested low spread forex brokers for Tanzania Traders…
Let’s dive right in…
- Louis Schoeman
Best Low Spread Forex Brokers in Tanzania
| 🥇 Broker | ✔️ High Leverage Broker? | 💸 Minimum Spread? | 💰 Minimum Deposit? | 👉 Open Account |
| 1. Pepperstone | Yes | From 0.6 pips | 320,000 TZS | 👉 Open Account |
| 2. Axi | Yes | 0.0 pips EUR/USD | 23 340 TZS | 👉 Open Account |
| 3. HFM | Yes | 0.0 pips EUR/USD | 11,600 TZS | 👉 Open Account |
| 4. FP Markets | Yes | 1.2 pips EUR/USD | 4,600,000 TZS | 👉 Open Account |
| 5. Exness | Yes | 0.0 pips EUR/USD | 23 340 TZS | 👉 Open Account |
| 6. FBS | Yes | 0.0 pips EUR/USD | 2,300 TZS | 👉 Open Account |
| 7. IG | Yes | 0.2 pips EUR/USD | 230,000 TZS | 👉 Open Account |
| 8. AvaTrade | Yes | 0.9 pips EUR/USD | 233 400 TZS | 👉 Open Account |
Best Low Spread Forex Brokers in Tanzania
What are Forex Spreads, and How Do They Work?
👉 Forex spreads are the difference between a currency pair’s bid and ask price in the foreign exchange market.
👉 The bid price is the maximum amount a buyer is ready to pay for a currency, while the ask price is the minimum amount a seller is willing to take for the same currency. The disparity between them is referred to as the spread.
👉 For example, if the bid price for EUR/USD is 1.2000 and the ask price is 1.2005, the spread would be 0.0005. Therefore, if you wanted to purchase EUR/USD, you would need to pay 1.2005; if you wished to sell EUR/USD, you would get 1.2000.
👉 Typically, Forex spreads are expressed in pips, the lowest unit of price fluctuation for a currency pair. For instance, a spread of 0.0005 for the EUR/USD currency pair would be represented as a 5-pip spread.
👉 Forex spreads vary across brokers and are one of the most important aspects traders evaluate when selecting a broker. Low spreads might appeal to traders who want to decrease their trading expenses.
👉 Therefore, when considering the full cost of trading with a certain broker, it is crucial to remember that spreads are just one facet of trading expenses. Furthermore, traders should also consider other fees, such as commissions and rollover fees.
High versus Low Spreads in Forex Trading
👉 The market is very volatile when the difference between the bid and ask price is substantial (high spread). In addition, this is especially because developing market currency pairs have a wider spread than major currency pairings.
👉 A wider-than-usual gap can be attributed to the market’s strong volatility or reduced liquidity due to after-hours trading. Before significant news events or shocks, spreads can increase substantially (such as the Brexit vote or the US midterm elections).
👉 When bid and ask prices are close together, spreads are small. During the major forex trading sessions, when spreads are at their lowest, it is the optimum time to trade. Minimal spreads indicate low volatility and excellent liquidity.
1. FXTM
Overall Rating
- 4.6/5
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
👉 FXTM gives access to more than 250 financial instruments across a variety of asset types, including currencies, indices, commodities, and precious metals. This comprises over 70 currency pairings and an assortment of stocks, commodities, and indexes.
👉 FXTM’s standard spreads might vary based on the account type and financial instrument being traded. For instance, spreads on the EUR/USD pair vary from 0.1 pips for Standard accounts to 0.0 pips for ECN Zero accounts.
👉 FXTM also charges a fee on some account types, ranging from $4 per lot for its Standard account to $2 for its ECN Zero account.
👉 FXTM provides traders various trading platforms and tools, including the popular MetaTrader 4 (MT4) platform, the MetaTrader 5 (MT5) platform, and the FXTM Trader platform.
👉 These platforms include various features and tools, including comprehensive charting and analytical capabilities, automated trading options, and the ability to conduct trades remotely via the FXTM mobile application.
👉 In addition, FXTM provides a variety of instructional materials and trading tools, including market analysis, trading signals, and market news, to assist traders in making educated trading choices.
Broker and Account Features
| Feature | Information |
| ⚖️ Regulation | CySEC, FSCA, FCA, FSC Mauritius |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Micro Account, Advantage Account, Advantage Plus Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, FXTM Trader |
| 💰 Minimum Deposit (TZS) | 23 340 Tanzanian Shillings ($10) |
| 💵 Trading Assets | Precious Metals, Stock Trading, Stock CFDs, Indices, Forex Indices, Forex Currency Pairs (including minor, major, and exotic pairs), Commodities, Stock Baskets |
| 🔎 Tanzanian Naira-based Account? | Yes |
| 💳 TZS Deposits Allowed? | Yes |
| 💰 Bonuses for Tanzanian traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FXTM is a multi-regulated and a reputable broker that has gained a high level of trustworthiness | Inactivity fees apply when the retail investor account becomes dormant |
| Dedicated customer support offered for Tanzanian traders Several deposit options and withdrawal methods offered | |
| There is a low minimum deposit requirement | |
| Commission-free trading is offered | |
| Deposit fees are not charged on any payment methods | |
| Withdrawal processing times are quick | |
| There are several educational tools offered | |
| There is an exclusive risk management tool offered |
2. easyMarkets
Overall Rating
- 4.9/5
Min Deposit
USD 200 / 466400 TZS
Regulators
CFD
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
65
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Founded in 2001, easyMarkets is a well-regulated market maker that operates without dealing desk intervention. The company has a reputation for innovation, having been the first broker to introduce negative balance protection and a guaranteed stop-loss.
👉 It has continued introducing new tools, such as easyTrade, Freeze Rate, and dealCancellation, to help traders manage risk.
👉 easyMarkets offers trading on its proprietary platform, MT4, and MT5, and allows scalping, hedging, and algorithmic trading. Among easyMarkets’ account offerings, the VIP MT4 account has the lowest ongoing trading costs, at an average of 9 USD per lot for the EUR/USD pair.
👉 However, this account has a high minimum deposit requirement of 10,000 USD, which may not be accessible to all traders, especially beginners. It is worth noting that the average cost of trading one lot of EUR/USD at other Forex brokers tends to be 9 USD or lower.
Broker and Account Features
| Account Feature | Value |
| 💻 Platform Offered | MetaTrader 4 |
| 💰 Minimum Transaction Size (USD) | 0.01 |
| 💸 Maximum Transaction Size (lots) | 50 lots |
| 📊 Average Fixed Spreads (from) | • EUR/USD – 1.2 pips • GBP/USD – 1.8 pips • USD/JPY – 1.8 pips • WTI (OIL) – 0.04 USD • XAU/USD – 0.40 USD |
| 💵 Minimum Deposit | 4,600,000 TZS (Equivalent to $2,000) |
| 📈 Maximum Leverage | 1:400 |
| 💸 Commission Fees | None |
| 💵 Account Fees | None |
| 💳 Deposit and Withdrawal Fees | None |
| 📞 Customer Telephonic Support | Yes |
| 👥 Personal Account Manager | Yes |
| 📱 24/5 Customer Support Through Live Chat | Yes |
| 0️⃣ Guaranteed Zero Slippage | No |
| 🛑 Guaranteed Stop-Loss | No |
| ✅ Negative Balance Protection | Yes |
| 📧 Daily Email on Fundamental Analysis | Yes |
| 📧 Daily Email on Technical Analysis | Yes |
| 🚨 Trading Central Indicator | Yes |
| 💸 Account Base Currency Options | EUR, CAD, CZK, JPY, NZD, AUD, PLN, TRY, CNY, HKD, USD, SGD, CHF, GBP, MXN, NOK, SEK, ZAR, BTC |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| easyMarkets offers a renowned and trustworthy platform | There is no Cent Account offered |
| There are several free research tools | For the best trading conditions, Tanzanians must consider more premium accounts which have very high minimum deposits |
| easyMarkets offers easy and accessible mobile trading to Tanzanian traders | There is no TZS-denominated account |
| Commissions are not charged | The spreads are marked-up and are very wide |
| There are fixed spreads offered | |
| Customer support is prompt and helpful |
3. IC Markets
Overall Rating
- 4.7/5
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 a highly reputable, excellent all-around broker founded in 2007 in Australia and holds licenses from some of the strictest regulatory bodies in the world.
👉 The company has a strong reputation for its low trading costs, a wide range of trading platforms, and diverse trading tools.
👉 IC Markets offers some of the lowest trading costs in the industry, with average spreads of 0.10 pips (EUR/USD) on its Raw Spread Account and a low commission of 6 USD (round turn) per lot.
👉 In addition to being one of the few Forex brokers to support all three major trading platforms (MetaTrader4, MetaTrader5, and cTrader), IC Markets offers a range of trading tools for each, including VPS services, Trading Central, and various copy trading services.
👉 Beginner traders will appreciate IC Markets’ exceptional customer support, which is available 24/7 to assist with any account or technical inquiries.
👉 Furthermore, while the IC Markets’ education section is more comprehensive than many others, it offers a limited selection of market analysis materials.
Broker and Account Features
| Account Feature | Value |
| 💻 Trading Platform | cTrader |
| 💵 Commission | $3 per side and $6 per round turn |
| 💳 Typical Average Spreads | 0.0 pips |
| 📉 Minimum Deposit Requirement | 460,000 TZS or an equivalent to $200 |
| 📈 Leverage | 1:500 |
| 💻 Maximum positions per account | 2,000 lots |
| 📍 Server Location | London |
| ✅ Micro trading allowed? | Yes |
| 💵 Currency Pairs | 64 |
| 💰 Index CFD Trading | Yes |
| 🛑 Stop-Out (%) | 50% |
| 💻 One-Click Trading offered? | Yes |
| ☪️ Islamic Accounts | Yes |
| ✅ Trading Styles accepted | Scalping, hedging, expert advisors, algorithmic strategies, etc. |
| 📱 Programming Language | C# |
| ✔️ Suitable for | Day traders, scalpers, active traders |
| 💻 Demo Account offered? | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| IC Markets has a global presence and is known as one of few true ECN brokers | The minimum deposit charged by IC Markets is slightly higher than the industry standard |
| Based in Australia, IC Markets is regulated and licensed by four market regulators globally | There are currency conversion fees for deposits and withdrawals in currencies other than AUD, USD, EUR, CAD, GBP, SGD, NZD, JPY, HKD, and CHF |
| All client funds are kept in segregated accounts and IC Markets provides investor protection | IC Markets does not provide fixed spreads |
| There is a choice between dynamic accounts offered by IC Markets | IC Markets does not have a proprietary trading platform or an app |
| Tanzanians can choose between three powerful trading platforms on desktop, the web, and mobile apps | |
| There are a plethora of educational materials offered to beginners | |
| There is an unlimited demo account if traders use it frequently | |
| There is an Islamic Account offered that provides halal trading conditions to Muslim traders |
4. AvaTrade
Overall Rating
- 4.9/5
Min Deposit
USD 100
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 AvaTrade is a low-spread forex broker highly regulated by several financial authorities, including the Central Bank of Ireland, ASIC, FSA, and FSCA. Furthermore, AvaTrade offers an elevated level of investor protection.
👉 AvaTrade offers 55 currency pairs to trade through its CFD platform, with leverage options up to 1:200 for retail traders. While AvaTrade’s spreads start from 0.9 pips for highly liquid pairs, it offers various other trading instruments without charging any commissions on trades.
👉 AvaTrade offers a PAMM forex trading account that allows users to invest a portion of their capital with a professional money manager who will make investments on their behalf.
Broker and Account Features
| Feature | Information |
| ⚖️ Regulation | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Retail Investor Account, Professional Account Option |
| 💻 Trading Platform | AvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade |
| 💰 Minimum Deposit (TZS) | 233 400 Tanzanian Shilling ($100) |
| 💵 Trading Assets | Foreign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals |
| 🔎 Tanzanian Shilling -based Account? | No |
| 💳 TZS Deposits Allowed? | No |
| 💰 Bonuses for Tanzanian traders? | Yes |
| 📈 Minimum spread | 0.9 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✔️ Social Trading Offered | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| AvaTrade is multi-regulated and one of the most trusted online trading brokers in the world | Variable spreads are not offered |
| There is a wide range of financial instruments that can be traded across financial markets | There is a limited choice between account types |
| There are several technical indicators, economic indicators, and other solutions for advanced traders | Inactivity fees are applied |
| There are several trading platforms to choose from | Currency conversion fees may be applied |
| There is a decent selection of educational material that helps beginner traders navigate complex instruments and lower the degree of risk they are often exposed to | There is a limited number of base currency options offered on accounts |
| There is a multitude of social trading opportunities offered | |
| The broker accepts any trading strategy including automated trading, expert advisors, scalping, hedging, and others. |
5. Pepperstone
Overall Rating
- 4.1/5
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 is a well-respected CFD and forex broker known for its excellent client service, competitive trading conditions, and secure trading environment.
👉 The broker is regulated and offers high liquidity, fast trade execution, and exceptionally low spreads starting at 0.0 pips for the EUR/USD pair. Pepperstone also uses innovative trading technology to meet the needs and goals of all its clients.
Broker and Account Features
| Account Feature | Value |
| 💰 Minimum Deposit | 320,000 TZS or an equivalent to AU$200 |
| 💸 Minimum Trading Size | 0.01 lots |
| 📉 Maximum Trading Size | 100 lots in a single trade |
| 💰 Base Account Currency | AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD |
| 💵 Trading Strategies Supported | All including scalping, hedging, and Expert Advisors (EAs) |
| 🗞 News Trading Offered? | Yes |
| ✔️ Trade Execution | No-Dealing Desk (NDD) |
| 📊 Average EUR/USD Spread | From 0.6 pips |
| 💵 Commissions | None |
| 💰 Rollover Swaps | Yes, according to the market rates |
| 📊 Maximum Leverage per region | • Australia – 1:30 • Bahamas – 1:200 • Cyprus – 1:30 • Dubai – 1:30 • Germany – 1:30 • Kenya – 1:400 • United Kingdom – 1:30 |
| ⚖️ Negative Balance Protection Offered | Yes, only for retail clients |
| 🛑 Margin Close-Out (%) | 50% |
| 🔧 Trading Instruments offered | 1,200+ |
| 💻 Trading Platforms offered | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade, MetaTrader Signals |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone is known for offering low spreads on forex trades on both account types | The Islamic account is not available to all Muslim traders, and it attracts an additional admin fee |
| Pepperstone is well-regulated by the likes of FCA, ASIC, DFSA, BaFIN, CMA, SCB, and CySEC | Tanzanian traders face currency conversion fees on TZS deposits |
| Pepperstone offers all UK clients investor protection | Negative balance protection is not offered on all accounts for all regions |
| There are multiple platforms and tools offered to Tanzanian traders | Investor protection is limited to EU clients through the FSCS |
| There are two distinct, dynamic account types offered that cater to most traders | |
| All client funds are held within Tier-1 bank accounts, separate from Pepperstone’s funds | |
| There is a demo account offered to both beginner and expert traders | |
| There are flexible leverage ratios according to region and expertise |
6. FOREX.com
Overall Rating
- 4.7/5
Min Deposit
–
Regulators
–
Trading Desk
–
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Launched in 2001, FOREX.com is a trading website focusing on currency trading, as its name suggests. This platform is extensively regulated globally and is monitored in the United States by the CFTC. In addition, the parent business of FOREX.com is also listed on the NASDAQ.
👉 Tanzanians can trade Forex Major pairs using leverage up to 1:400. In contrast, they can trade metals and indices at 1:200 and Energies at 1:100. In addition to having an execution scorecard, FOREX.com charges a spread from 0.2 pips EUR/USD.
Broker and Account Features
| Feature | Information |
| ⚖️ Regulation | NFA, CFTC, FCA, ASIC, JFSA, IIROC, CIMA, SFC, MAS |
| ✔️ Regulated in Tanzania? | No |
| 💻 Trading Accounts | • Standard Account • Commission Account • Direct Market Access (DMA) Account |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • FOREX.com Platform |
| 💵 Minimum Deposit (TZS and USD) | 230,000 TZS ($100) |
| 📈 Range of Markets | • Forex • Indices • Stocks • Commodities • Precious Metals • Cryptocurrencies • Energies |
| ✅ TZS-denominated Account? | No |
| 💰 TZS Deposits Allowed? | No |
| 📊 Bonuses for Tanzanian traders? | No |
| 📱 Minimum spread | 0.2 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FOREX.com is one of the brokers with the highest trust score of 99%, making it a safe option for Tanzanian traders. | FOREX.com charges inactivity fees on dormant accounts. |
| Tanzanians can choose from more than 4,500 instruments that can be traded. | FOREX.com has limited payment options for deposits and withdrawals. |
| FOREX.com has a proven record of superior execution and an execution scorecard. | There is no TZS-denominated account. |
| Traders can access powerful trading tools, including AutoChartist, TradingView, Recognia, and more. | Currency conversion fees of 0.5% apply to deposits and withdrawals made in TZS. |
| FOREX.com offers commission-free trading. |
7. Exness
Overall Rating
- 4.9/5
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
👉 Exness is a licensed and authorized broker that offers low-risk CFD and Forex trading. In addition, Exness is renowned for its various account types, which are flexible and dynamic, and its market-leading trading conditions, including spreads starting at 0.0 pips.
👉 Exness sees the creation of more than 15,000 new accounts each month and handles over $180 billion in monthly trade. Customers of Exness can benefit from over 200 financial products, a wide range of retail account options, and much more.
Broker and Account Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 💻 CBN Regulation? | No |
| 📊 Trading Accounts | Standard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account |
| 💸 Trading Platform | MetaTrader 4, MetaTrader 5, Exness Terminal, Exness Trader app |
| 💰 Minimum Deposit (TZS) | 23 340 TZS ($10) |
| 💵 Trading Assets | Forex minor pairs, forex major pairs, forex exotic currency pairs, Metals, Crypto, Energies, Indices, Stocks |
| 🔎 Tanzanian-based Account? | No |
| 💳 TZS Deposits Allowed? | Yes |
| 💰 Bonuses for Tanzanian traders? | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| ✅ Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness is a reputable international broker authorized by several reputable market regulators | There is a limited selection of tradable instruments in only a few financial markets |
| The broker offers some of the tightest spreads across all types of accounts | There is a limited selection of funding options offered |
| There are several account types to choose from, each accommodating different types of traders | |
| There are various market metrics available including exchange rates, overall trading activities available, current market conditions, and more. | |
| Exness is ideal for any Tanzanian beginner traders and institutional investors | |
| There are solutions offered for any type of professional trader who needs advanced options | |
| There is a powerful proprietary mobile app offered | |
| Client fund safety and investor protection is guaranteed | |
| Multilingual 24/7 customer support is offered | |
| Instant withdrawal methods are available |
8. Capital.com
Overall Rating
4.5/5
Rated #224 of
Recommended FX Brokers
Minimum Deposit $20
Regulators CYSEC, ASIC, FCA and NBRB licence Seychelles coming soon
Market maker
Yes
📈 Total Pairs
–
Islamic Account No
Trading Fees Low
24 Hours
👉 There are 138 currency pairs available for trading on Capital.com, including some of the most volatile forex pairs on the market, making it simple to identify daily trading opportunities. In addition, because these pairings are traded using CFDs, all of Capital.com’s costs are included in the spread.
👉 During peak trading hours, fees for forex trading are quite modest, averaging about 0.6 pips for EUR/USD. Capital.com has earned a reputation among investors as one of the finest scalping brokers on the market due to its competitive spreads.
👉 The absence of non-trading costs at Capital.com means that deposits and withdrawals are free. Users may fund their accounts with a $20 minimum using a credit/debit card, bank transfer, Apple Pay, or PayPal.
👉 The trading procedure at Capital.com is also expedited, as consumers may trade on the online site, MT4, or the unique mobile app – one of the top investing applications.
👉 Tanzanian traders can access several order types, including the uncommon ‘trailing stop’ order, which is advantageous in the forex market. In addition, Capital.com allows users to create price alerts and offers a wealth of instructive information for newcomers.
Broker and Account Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, NBRB, FSA |
| ✔️ Regulated in Tanzania? | No |
| 💻 Trading Accounts | • Capital.com • MetaTrader 4 • TradingView |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • FOREX.com Platform |
| 💵 Minimum Deposit (TZS and USD) | 46,000 TZS ($20) |
| 📈 Range of Markets | • Indices • Forex • Commodities • Cryptocurrencies • Shares |
| ✅ TZS-denominated Account? | No |
| 💰 TZS Deposits Allowed? | No |
| 📊 Bonuses for Tanzanian traders? | Yes |
| 📱 Minimum spread | 0.6 pips |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Capital.com is a well-regulated broker that reports excellent user experience | United States clients are not accepted |
| Capital.com offers a proprietary platform, mobile trading apps, and MetaTrader 4 | There are restrictions on leverage ratios |
| There is a transparent fee structure with tight spreads, commission-free trading, and a reasonable overnight fee charge | The spreads are marked-up |
| Offers thematic investments and Capital.com TV | |
| The broker accepts all trading strategies including algorithmic trading, mobile trading, scalping, and others | |
| Offers a decent selection of deposit methods and withdrawal options including bank wire transfer, bank transfer, and electronic payment processors | |
| Currency conversion fees are not charged and there is a selection of base currencies | |
| There is a decent selection of educational content offered | |
| The proprietary platform offers charting tools and several other features | |
| Regulatory protection is guaranteed through several regulatory bodies | |
| There is a selection of instruments from a wide range of asset classes | |
| Capital.com offers helpful customer service 24/7 and there is a lot of customer feedback reflecting a positive experience with the broker |
9. FBS
Overall Rating
- 4.7/5
Min Deposit
USD 1
Regulators
IFSC, FSCA (South africa), ASIC, CySEC
Trading Desk
MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.
Crypto
Yes
Total Pairs
–
Islamic Account
No
Trading Fees
Low
Welcome Bonus
$140 (326 410 TZS)
Account Activation Time
24 Hours
👉 FBS is a well-regulated international broker offering a variety of account types. FBS is exceptional among brokers because it provides six distinct account types when most offer three or fewer.
👉 Three of its accounts have much lower trading expenses than average, whereas the other three have significantly higher trading costs than normal. Cent accounts are appropriate for novice traders and provide the trading of micro-lots.
👉 The minimum initial deposit is 1 USD, the average floating spread (EUR/USD) is 0.8 pips (far narrower than other brokers), and the maximum leverage is 1:1000. The ECN Account is the account best suited to experienced traders.
👉 The ECN Account requires a minimum deposit of 1,000 USD, variable spreads that start from a low –1 pip (EUR/USD), and a cost of $6 per lot.
👉 Furthermore, the maximum leverage on the ECN Account is 500:1 and while the initial deposit is substantial, the trading fees, especially spreads, are the lowest in the industry compared with competitors.
Broker and Account Features
| Feature | Information |
| ⚖️ Regulation | IFSC, CySEC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Tanzanian Traders? | Yes |
| 💳 Minimum deposit (TZS) | 2300 Tanzanian Shillings ($1) |
| 📊 Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:3000 |
| 👥 Customer Support | 24/7 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| FBS offers competitive trading conditions with some of the lowest spreads | There are wide spreads charges on some accounts |
| There are several account types to choose from | There is a limited number of tradable instruments |
| There are many social trading opportunities | There are several regional restrictions applied |
| There is an ultra-low minimum deposit requirement | |
| The broker is well-regulated and trusted |
10. Admirals
Overall Rating
Min Deposit
USD 1 / 2 334 TZS
Regulators
FCA, ASIC, CySEC, EFSA, JSC
Trading Desk
• MetaTrader 4
• MetaTrader 5
• Admirals Mobile App
Crypto
Yes
Total Pairs
35 Forex Currency Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
- 4.1/5
👉 Admirals is a forex and CFD broker that has been operating for 22 years and provides Tanzanian traders with some of the most competitive trading conditions. In addition, Tanzanians can trade a wide variety of tradable instruments using dynamic account types.
👉 Furthermore, for expert traders, Admirals provides some of the finest pricing and trade execution with minimal spreads, instructional resources, and sophisticated trading tools. The Invest MT5 Account needs a minimum deposit of 2,300 TZS ($1), which most traders can afford.
👉 The trading fees associated with Trade MT4/MT5 accounts are around 7 USD for each traded lot. In contrast, the trading costs associated with MT4/MT5 Zero Accounts are approximately 6 USD per traded lot, some of the industry’s lowest trading expenses.
Broker and Account Features
| Feature | Information |
| ⚖️ Regulation | FCA, ASIC, CySEC, EFSA, JSC |
| ✔️ Regulated in Tanzania? | No |
| 💻 Trading Accounts | • Trade.MT5 • Invest.MT5 • Zero.MT5 • Bets.MT5 • Trade.MT4 • Zero.MT4 |
| 📊 Trading Platform | • MetaTrader 4 • MetaTrader 5 • Admirals Mobile App |
| 💵 Minimum Deposit (TZS and USD) | 2,300 TZS ($1) |
| 📈 Range of Markets | • ESG Trading Instruments • Forex • Cryptocurrency CFDs • Commodities • Indices • Stocks • ETFs • Bonds • Spread Betting |
| ✅ TZS-denominated Account? | No |
| 💰 TZS Deposits Allowed? | Yes |
| 📊 Bonuses for Tanzanian traders? | No |
| 📱 Minimum spread | 0.0 pips EUR/USD |
| 💻 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Admirals offers many trading and investment opportunities to beginner and professional traders regardless of their trading styles. | Not all trading accounts have equal access to the full list of tradable instruments. |
| Tanzanians can register an account with a minimum deposit of 2,300 TZS ($1). | The trading fees can become expensive. |
| Educational materials are offered to beginner traders. | Additional fees are charged to the Islamic Account. |
| Competitive spreads from 0.0 pips are charged on major instruments such as EUR/USD. | Admirals charges deposit and withdrawal fees. |
| Admirals offers one of the best cashback rebates in the industry. |
11. HFM
Overall Rating
- 4.8/5
Min Deposit
USD 5
Regulators
CySEC, FSC, CFTC
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
No
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 HFM is a well-known international broker with a strong presence in Africa. HFM offers four types of retail trading, with the standout being the Micro Account, which has a minimum deposit of 11,600 TZS and reasonable trading fees.
👉 Variable spreads on key currency pairings begin at 1 pip, which is tight for an account with such a modest minimum deposit, and there are no commission fees. However, HFM’s more premium accounts charge even lower spreads, from 0.0 pips on EUR/USD.
👉 HFM offers several options for trading platforms, including MT4, MT5, and their own mobile HF App. The HF App allows clients to trade from charts and manage a trading account, including making deposits and withdrawals.
👉 In addition, HFM provides a range of excellent trading tools to help traders with their trades.
Broker and Account Features
| Feature | Information |
| 📈 Account Base Currencies | USD, ZAR, NGN |
| 📊 Minimum Spread | 0.0 pips EUR/USD |
| 💳 Tanzanian Deposits/Withdrawals | No |
| ⚖️ CBN Regulation | No |
| 📊 Account Types | Micro Account, Premium Account, Zero Spread Account, Auto Account, HFCopy Account |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC |
| 📈 Leverage | 1:1000 |
| 📊 Micro Account Offered? | Yes |
| 📈 Trading Tools | HF App, VPS Hosting Services, AutoChartist, Trading Calculators, myHF Client Area, Advanced Insights, Economic Calendar, Traders’ Board, One-Click trading, and more |
| 💻 Educational Material | Educational Videos, Forex Education, eCourses, Events, Podcasts, Live Webinars, Training Course Videos |
| 👥 Tanzanian-Based Customer Support | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| HotForex is well-regulated by reputable market regulators around the globe | There are no variable spread accounts |
| There is a low minimum deposit requirement | There are limited funding options offered |
| HotForex welcomes Tanzanian traders and offers a Naira-denominated account | |
| There is a decent selection of educational materials and trading tools | |
| There are several retail investor accounts to choose from |
How to Choose the Right Low-Spread Broker in Tanzania
👉 There are various elements to consider when selecting a low-spread broker in Tanzania to guarantee that you receive the greatest bargain and deal with a reliable organization. Here are some methods you can take to choose the best Tanzanian broker with minimal spreads:
➡️ Investigate the broker: Check online reviews and ratings and ensure that the broker is licensed by a respectable body, such as the Tanzania Securities and Exchange Commission (TSEC).
➡️ Compare spreads: Compare the spreads given by several brokers to choose the one with the lowest spreads for the currency pairs you want to trade.
➡️ Other expenses include commission, deposit and withdrawal fees, and inactivity fees and spreads. Again, comprehensively evaluate these fees to understand the expenses associated with trading with each broker.
➡️ Consider extra features. Some brokers include instructional materials, trading tools, and customer service to assist traders in succeeding. Consider these characteristics while selecting a broker.
➡️ Before committing to a real account, consider creating a demo account with the broker to test their platform and see whether it fulfils your requirements.
➡️ Before making trades, it is crucial to thoroughly assess your financial objectives and risk tolerance since trading involves inherent hazards. Therefore, before making investment choices, it is always prudent to obtain the counsel of a financial expert.
The Best Forex Brokers in Tanzania
👉 This article lists the best brokers that offer forex and CFD trading to Tanzanian traders. In addition, we have further identified the brokers that offer additional services and solutions to Tanzanian traders.
Best MetaTrader 4 / MT4 Forex Broker in Tanzania
Overall Rating
- 4.6/5
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
👉 Overall, FxPro is the best MT4 Forex broker in Tanzania. FxPro provides a variety of account kinds and trade execution capabilities and is a leading MetaTrader broker.
👉 FxPro provides access to more than 400 Contracts for Difference (CFDs). Additionally, the site delivers a collection of instructional materials and analytical tools.
Best MetaTrader 5 / MT5 Forex Broker in Tanzania
Overall Rating
- 4.7/5
Min Deposit
233200 TZS / $100
Regulators
CySec, FSC, FSA, BaFin, NFA
Trading Desk
MetaTrader 4 , MetaTrader 5
Crypto
Yes
Total Pairs
50 Forex Pairs and 20 Crypto Pairs
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, BDSwiss is the best MetaTrader 5 Forex broker in Tanzania. Multiple asset classes may be traded with the various trading methods on the MT5 platform supplied by BDSwiss.
👉 BDSwiss’ innovative research and instructional programs and its comprehensive array of MT5 trading tools might be advantageous to traders of all levels of expertise.
Best Forex Broker for beginners in Tanzania
Overall Rating
- 4.9/5
Min Deposit
USD 100
Regulators
ASIC, FSA
Trading Desk
MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central
Crypto
Yes
Total Pairs
55+
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, AvaTrade is the best forex broker for beginners in Tanzania. AvaTrade offers user-friendly trading platforms and a wide range of educational resources and materials, including webinars, educational videos, eBooks, and more.
👉 AvaTrade also offers a demo account funded with virtual money. The demo account lets Tanzanians trade in live markets risk-free, allowing traders to build experience in forex trading.
Best Low Minimum Deposit Forex Broker in Tanzania
Overall Rating
- 4.9/5
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
👉 Overall, Exness is the best Low Minimum Deposit Forex Broker in Tanzania. Tanzanian traders can register an account with Exness with a minimum deposit of 23,300 TZS ($10). This deposit allows them to trade over 270 instruments across asset classes.
Best ECN Forex Broker in Tanzania
Overall Rating
- 4.7/5
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
👉 Overall, RoboForex is the best ECN Forex broker in Tanzania. RoboForex welcomes traders utilizing Electronic Communication Networks (ECNs), and a $10 minimum deposit is needed to get started.
👉 ECN Accounts with zero-pip spreads are distinguished by their high liquidity and constant speed of transaction execution.
Best Islamic / Swap-Free Forex Broker in Tanzania
👉 Overall, XTB is the best Islamic / Swap-Free forex broker in Tanzania. XTB provides Tanzanian traders with a Swap-Free Account that may be utilized to trade many asset types. Tanzanians may utilize the xStation5 across several devices and benefit from its research, teaching, and other unique capabilities.
Best Forex Trading App in Tanzania
Overall Rating
- 4.5/5
Min Deposit
USD 400 / 933 66 TZS
Regulators
CFTC
Trading Desk
No Trading Desk
Crypto
Yes
Total Pairs
9
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, NinjaTrader is the best forex trading app in Tanzania. In addition, NinjaTrader provides CQG Mobile and NinjaTrader mobile for usage on iOS and Android smartphones.
👉 These innovative applications enable Tanzanians to trade straight from the charts, execute automated trading techniques, and have access to comprehensive analytical data.
Best Nasdaq 100 Forex Broker in Tanzania
Overall Rating
- 4.8/5
Min Deposit
USD0
Regulators
IGRs
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
80
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, IG is the best Nasdaq 100 Forex broker in Tanzania. IG is one of the oldest stock exchange-listed brokerage firms in the world. IG provides over 19,000 tradable financial products, such as CFDs on Nasdaq, and shares featured on this renowned index.
Best Volatility 75 / VIX 75 Forex Broker in Tanzania
Overall Rating
- 4.8/5
Min Deposit
USD 5
Regulators
CySEC, FSC, CFTC
Trading Desk
MetaTrader 4 and MetaTrader 5
Crypto
No
Total Pairs
47
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, HFM is the best Volatility 75 / VIX 75 Forex broker in Tanzania. In addition, HFM is a popular STP and ECN broker that offers over 1,000 CFDs that can be traded, including VIX 75.
👉 As a result, Tanzanians can expect competitive spreads across flexible account types and powerful trading platforms.
Best NDD Forex Broker in Tanzania
Overall Rating
- 4.6/5
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
👉 Overall, OctaFX is the best NDD Forex broker in Tanzania. OctaFX is an ECN, and STP forex broker offering EUR/USD spreads beginning at 0.6 pips and commission-free trading.
👉 OctaFX is a non-dealing desk (NDD) broker that provides user-friendly trading software, a choice of two flexible accounts, and cost-effective entry points for trading forex CFDs.
Best STP Forex Broker in Tanzania
Overall Rating
- 4.1/5
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
👉 Overall, Pepperstone is the best STP Forex broker in Tanzania. Popular STP and ECN broker Pepperstone combine liquidity from Barclays and HSBC. In addition, Pepperstone offers many execution venues, including Sucden Financial, GAIN Capital, and others.
👉 This liquidity guarantees that Tanzanians get the most competitive pricing, with spreads beginning at 0 pips on liquid products such as the EUR/USD.
Best Sign-up Bonus Broker in Tanzania
Overall Rating
- 4.4/5
Min Deposit
USD1
Regulators
FSA, CySec
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
–
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
👉 Overall, JustMarkets is the best sign-up bonus broker in Tanzania. JustMarkets gives newly enrolled Tanzanian traders a no-deposit incentive of 30 USD upon account registration and verification.
👉 Once Tanzanians have deposited their first cash, they are eligible for extra trading incentives, giving them a head start in a fast-paced, competitive business.
Conclusion
👉 Tanzanian traders must pay close attention to the spread while doing business since it may substantially influence the expenses of their transactions and, consequently, their total profitability.
👉 Low-spread brokers are advantageous for Tanzanian traders for various reasons, including lower trading costs, more favourable trading conditions, greater flexibility, and increased liquidity. However, lower spreads do not eliminate the inherent risk involved with trading forex.
👉 Therefore, Tanzanian traders must ensure that they have a risk management plan and follow their trading plan regardless of what happens in live markets.
FAQ
What is a low-spread broker?
A broker with low spreads is a forex broker that provides trading on financial products with low spreads. The spread is the difference between a financial instrument’s purchase and selling price and is one of the most significant trading expenses.
By selecting a broker with low spreads, traders can reduce the spread’s influence on the total cost of their transactions and raise their likelihood of profiting.
Why should Tanzanians choose a low-spread broker?
There are several reasons why Tanzanian traders can choose a broker with a low spread. These include decreased trading expenses, improved trading conditions, more flexibility, and increased liquidity.
Furthermore, low-spread brokers often charge lower minimum deposits and offer decent leverage, allowing Tanzanians to get started in live markets with less capital and smaller trading positions (micro- and nano-lots).
How can Tanzanians find a low-spread forex broker?
You can conduct research online to examine the spreads provided by various brokers and get the lowest available spreads.
In addition, you can study reviews of other brokers to understand their spreads and general service quality. Finally, you can utilize comparison websites to examine the spreads of several brokers side by side.
Are low-spread brokers the best choice for Tanzanian traders?
Low-spread brokers may not be the optimal option for many traders. Therefore, it is essential to analyze all relevant variables and choose a broker that suits the unique requirements and objectives of the individual trader.
The breadth of accessible financial products, the quality of the trading platforms and tools, the degree of client service, and the regulatory framework in which the broker works are further considerations.
What are the disadvantages of using low-spread brokers in Tanzania?
Some brokers with low spreads may not be regulated by recognized financial authorities, which increases the risk of fraud and other unethical conduct. In addition, some brokers with low spreads may provide a restricted variety of financial goods, such as fewer currency pairings or asset classes.
Although initially tempting, modest spreads may not necessarily be the greatest choice in the long term.
Furthermore, some brokers with low spreads can charge greater costs for other trading parts, such as deposit and withdrawal fees, which might counteract the cost savings associated with the lower spreads.
