9 Best Micro Account Forex Brokers in Tanzania
The 9 Best Micro Currency Trading Platforms in Tanzania revealed. We tested and verified the best micro currency trading platforms with a minimum deposit for Tanzanian Traders.
This is a complete list of the best micro currency trading platform brokers in Tanzania.
In this in-depth guide you’ll learn:
- What are micro currency platforms?
- Who are the best micro currency platform brokers?
- How to choose a forex broker – Compare them against each other.
- Which brokers are best for beginner traders?
- What is the difference between a micro account and a cent account?
- Which brokers offer a sign-up bonus to first-time traders?
- Which broker offers a low minimum deposit of $5 (11 695 TZS)?
- Which trading platforms offer IOS and ANDROID Apps for Tanzanians?
- Which trading platforms can you use with M-PESA?
And lots more…
So if you’re ready to go “all in” with the best-tested micro currency brokers for Tanzanians…
Let’s dive right in…
- Louis Schoeman
Best Micro Account Forex Brokers in Tanzania
| 🥇 Broker | ✔️ Micro Account Forex Broker? | 💰 Minimum Deposit | 💸 Tanzanian Shilling Deposit Allowed? | 👉 Open Account |
| 1. Exness | Yes | USD 5 / 11 695 TZS | No | 👉 Open Account |
| 2. AvaTrade | Yes | USD 5 / 11 695 TZS | Yes | 👉 Open Account |
| 3. Oanda | Yes | USD 5 / 11 695 TZS | Yes | 👉 Open Account |
| 4. IG | Yes | USD 250 / 584 750 TZS | Yes | 👉 Open Account |
| 5. HF Markets | Yes | USD 5 / 11 695 TZS | No | 👉 Open Account |
| 6. Pepperstone | Yes | USD 5 / 11 695 TZS | Yes | 👉 Open Account |
| 7. Alpari | Yes | USD 5 / 11 695 TZS | No | 👉 Open Account |
| 8. OctaFX | Yes | USD 5 / 11 695 TZS | Yes | 👉 Open Account |
| 9. XM | Yes | USD 5 / 11 695 TZS | No | 👉 Open Account |
9 Best Micro Account Forex Brokers in Tanzania
What is a micro account?
👉 Micro accounts, which allow for smaller trade sizes, allow newcomers and retail traders to participate in the foreign exchange markets.
👉 1,000 micro lots, or 1% of the size of a standard lot, is the minimum contract size for a micro account.
1. 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
Overview
👉 Exness, a broker that was established in 2008, has grown rapidly in the industry and today has close to 60,000 active client accounts from all over the world.
👉 Exness attracts traders because of its regulatory scrutiny and licence from the Cyprus Securities and Exchange Commission and the UK’s Financial Conduct Authority (FCA) (CySEC).
👉 Exness provides a variety of customizable account types and financial instruments to accommodate different business models.
👉 Because it enables individuals to trade lesser volumes with considerably smaller trading units, the Exness micro account is made for beginning traders (micro-lots). The minimal deposit required for this account is merely one dollar. Your orders will be carried out directly on the market.
Unique 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 |
2. 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
Overview
👉 Contracts for Difference (CFDs) on commodities, stocks, indices, cryptocurrencies, and more are available through the highly regarded online broker AvaTrade. The broker is governed by six different governments, and it serves clients from more than 150 different nations.
👉 Tight spreads, simple deposit methods, multilingual customer support, 1000+ instruments, instant position execution, and access to live liquidity through a variety of platforms are all advantages for traders.
👉 There is something for everyone at AvaTrade, which offers a variety of online forex trading platforms, including MT4, MT5, DupliTrade, WebTrader, AvaOptions, and the AvaTradeGO mobile app. Real-time information help Forex traders keep on top of the market.
Unique 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. |
3. Oanda
Overall Rating
- 4.9/5
Min Deposit
USD 0
Regulators
ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA
Trading Desk
Metatrader 4 and Metatrader 5
Crypto
Yes
Total Pairs
45
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 OANDA exposes customers to a range of financial products, but it is best suited for experienced traders seeking an exceptional desktop trading environment.
👉 Product availability varies by location. For instance, although U.S. clients are limited to trading FX, the broker offers quick and dependable trade execution, research resources that are above industry standards, usable user interfaces, and a track record of regulatory oversight that can be independently verified.
Unique Features
| Account Feature | Value |
|---|---|
| ✔️ Full Account Verification Needed? | No, not for account deposits under 3,753,090 NGN |
| 📈 Average Spreads | Variable, from 1 pip |
| 🔎Commissions (Per 1 mil traded) | None |
| 📈 Maximum Leverage | 1:200 |
| ✴️ Minimum lot size | 0.01 lots |
| 📊 Instruments | 81 |
| 🔎Stop-Out | 50% |
| 🌐 One-Click Trading offered? | Yes |
| 📈 Strategies allowed | All |
| 📊 Base Account Currency | USD, EUR, HKD, SGD |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Proprietary desktop trading platforms offered alongside MetaTrader 4 and 5 | Fixed spreads are not offered |
| Offers an impressive array of financial instruments including most currency pairs | There is a monthly inactivity fee applied |
| Innovative mobile trading apps and mobile platforms provided | |
| There are several advanced charting tools and charting features offered | |
| Negative balance protection is applied to accounts | |
| The broker accepts a wide range of trading strategies including algorithmic trading, hedging, scalping, and more | |
| There is a comprehensive range of trading tools and analytical tools offered | |
| Deposit fees are not charged and there are several deposit options | |
| Offers a decent selection of educational materials including educational articles | |
| Client funds are kept in segregated accounts |
4. IG
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
Overview
👉 IG Markets is a desirable option for both novice and experienced traders because it is the largest financial spread betting and CFD broker in the world by revenue and has won numerous prestigious accolades, including Broker of the Year 2018 (UK Forex Awards) and Best CFD Provider 2017.
👉 With over 195,000 clients globally, award-winning technology, and regulation from the FCA, ASIC, and FSCA, IG Markets is a major participant in the CFD, Forex trading, and spread betting sectors.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FCA, BaFin, CySEC, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, CFTC, FINRA, NFA, BMA |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | IG Trading Account, IG Professional Account, IG Options Trading Account, IG Turbo24 Account, Limited Risk Account, Share Dealing Account, Exchange Account (NADEX) |
| 💻 Trading Platform | MetaTrader 4, IG Platform, ProRealTime (PRT), L2 Dealer, FIX API |
| 💰 Minimum Deposit (TZS) | 104,000 Tanzanian Naira equivalent to $250 |
| 💰 Trading Assets | Forex, Shares, Indices, Commodities, Cryptocurrencies, Interest Rates, Bonds, ETFs, Futures, Options |
| 🔎 Tanzanian-based Account? | No |
| 💳 TZS Deposits Allowed? | Yes |
| 💰 Bonuses for Tanzanian traders? | No |
| 📈 Minimum spread | 0.1 pips (DMA) on EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 💰 Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Offers a significant range of financial instruments, including Tanzanian-specific trading instruments | High minimum deposit charged |
| There are several powerful trading platforms offered | Inactivity fees apply |
| There are competitive trading conditions that include low spreads, low commissions, and reliable trade execution | |
| Traders can get free trading signals | |
| There is a comprehensive IG Academy offered with dedicated educational resources | |
| Convenient funding options provided along with free deposits and withdrawals | |
| FIX API Direct Market Access trading is offered | |
| There are Swap-Free Accounts offered for Islamic traders |
5. HF Markets
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
Overview
👉 Through its many trading accounts, HF Markets has effectively covered a large portion of the financial markets by providing Forex, Metals, Energies, Indices, Shares, CFDs, ETFs, and Binary Options.
👉 To provide a comprehensive product portfolio, HF Markets has incorporated a wide range of trading instruments because they are aware of their clients’ interests and preferences. But the regular trader may find it difficult to choose from the nine various types of accounts that HF Markets offers.
👉 CFTC, CySEC, and the FSC of Mauritius are just a few of the organisations that oversee HF Markets, which also provides traders in qualified jurisdictions with alluring bonuses.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| 💻 CBN Regulation? | No |
| 📊 Trading Accounts | MT5/MT 4 Micro Account, Premium Account, HFcopy Account, Zero Spread Account, Auto Account |
| 💵 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💰 Minimum Deposit (TZS) | 11 670 Tanzanian Shillings ($5) |
| 📱 Trading Assets | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Stocks DMA, ETFs |
| 🔎 Tanzanian Naira-based Account? | No |
| 💳 TZS Deposits Allowed? | No |
| 💰 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 |
| Well-regulated in several global regions | There are no variable spread accounts |
| Offers some of the lowest spreads in the forex market on major currency pairs | There is a limited selection of funding options and withdrawal methods. |
| There are several account types to choose from | |
| HotForex 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 |
6. 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
Overview
👉 Australian forex broker Pepperstone also provides some CFDs. It was founded in 2010 and, in order to better service its European clients, launched a London office in 2015.
👉 Given that it is overseen by the Australian Securities and Investments Commission and the UK’s Financial Conduct Authority (FCA), Pepperstone is regarded as being secure (ASIC).
👉 Low fees apply to equity indexes and forex. Excellent customer service provides timely, pertinent responses. With no fees, deposits and withdrawals are simple.
Unique 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 |
7. Alpari
Overall Rating
- 4.7/5
Min Deposit
USD 100
Regulators
FSC
Trading Desk
MetaTrader 4
Crypto
Yes
Total Pairs
48
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 Alpari International runs the web-based MetaTrader 4 and MetaTrader 5 platforms. Both platforms will offer a high degree of flexibility, together with up-to-date, user-friendly charting capabilities and straightforward navigation.
👉 Tanzanian traders can access instant order execution with margin calls set to 50% and stop outs set to 30% if you open an MT4 Micro Account. Although instant execution is also available with the regular MT4 account, the margin calls are set a little higher at 60%.
👉 The ECN accounts might be more appealing to traders with more expertise. These provide 100% margin calls, however the number of pending orders is capped at 300.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Financial Services Commission Mauritius (FSC) |
| ✅ CBN Regulation? | No |
| 📊 Trading Accounts | Forex Standard Account, Forex Micro Account, Forex ECN Account, Forex Pro Account |
| 💻 Trading Platform | MetaTrader 4, MetaTrader 5, Alpari Trading App |
| 💰 Minimum Deposit (TZS) | 1,000 Tanzanian Naira or 5 EUR, USD, or GBP |
| 💵 Trading Assets | Forex Majors, Forex Minors, Forex Exotics, Forex RUB, Spot Metals, Spot Commodities, Stock Trading, Spot Indices |
| 🔎 Tanzanian-based Account? | Yes |
| 💳 TZS Deposits Allowed? | Yes |
| 💰 Bonuses for Tanzanian traders? | Yes |
| 📈 Minimum spread | 0.4 pips EUR/USD |
| 📊 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
| 💸 Social Trading Offered | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Well-regulated and award-winning CFD broker | Fixed spreads are not offered |
| Offers forex trading signals from AutoChartist and automatic trading | Not regulated by the Financial Conduct Authority, Cyprus Securities and Exchange Commission, or any other popular market regulators |
| MetaTrader 4 and MetaTrader 5 are supported across devices | There is a limited selection of trading instruments, educational tools, and research |
| News is streamed from FxWirePro | There are restrictions on several jurisdictions |
| A dedicated customer support team offers multilingual customer support | |
| Offers unique solutions to both beginner and experienced traders | |
| There are four retail investor accounts to choose from, demo accounts, and Islamic accounts | |
| There are several convenient funding options to choose from and deposit fees are not charged |
8. OctaFX
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
Overview
👉 As a 2011 startup, OctaFX provides Forex ECN trading as well as CFD trading on Indices, Metals, and Cryptocurrencies on the MetaTrader and cTrader trading platform family for Windows Desktop, Web (Windows and Mac), and Mobile (Android and iOS).
👉 The online trading platforms and services provided by OctaFX are so exceptional that they have received numerous awards from the financial trading sector.
👉 OctaFX services clients from an amazing 185 different countries and has its headquarters in St. Vincent and the Grenadines. OctaFX is a forex trading platform that can satisfy all of your needs. The broker provides the greatest user interface and the most competitive spreads in the market.
👉 Anyone looking for an inexpensive entry point into trading a variety of asset classes may consider OctaFX. Although the platform’s mainstay is foreign exchange (FX) trading, it also provides access to a wide range of other markets and goods.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA SVG, CySEC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Tanzanian Traders? | Yes |
| 💳 Minimum deposit (NGN) | 41,500 Tanzanian Naira ($100) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:500 |
| 👥 Customer Support | 24/5 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Fixed spread accounts are offered to retail traders | US clients are restricted |
| The broker accepts hedging and scalping strategies | There are only a few financial markets that can be traded |
| Negative balance protection is applied to retail investor accounts | |
| The broker is well-regulated and has a decent trust score | |
| There is commission-free trading |
9. XM
Overall Rating
- 4.5/5
Min Deposit
USD 10
Regulators
IFSC, CySec, ASIC
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
55
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
👉 On the MT4 and MT5 trading platforms, XM offers more than 1000 trading options, including forex trading, stocks, commodities, equity indices, precious metals, and energies CFDs.
👉 A solid broker, XM offers a wide range of trading platforms and financial instruments.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC |
| ⚖️ CBN Regulation | No |
| ✔️ Accepts Tanzanian Traders? | Yes |
| 💳 Minimum deposit (NGN) | 2,000 Tanzanian Naira ($5) |
| Average spread from | 0.0 pips EUR/USD |
| 📈 Maximum Leverage | 1:888 |
| 👥 Customer Support | 24/5 |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Negative balance protection is applied to retail investor accounts | US clients are restricted from accessing XM’s trading services |
| There are several secure payment methods to choose from | There are no fixed spread accounts offered |
| The broker is known for low spreads, low commissions, and reliable trade execution speeds | There is an inactivity fee applied to dormant accounts |
| Traders can use hedging, scalping, and expert advisor trading strategies | |
| The broker offers personal customer service to its clients |
How to Choose the Right Micro Account Broker in Tanzania
👉 Brokers connect investors with exchanges where they may purchase and sell currencies. Therefore, choosing a trustworthy CFD broker is necessary before beginning to trade products like the VIX 75.
👉 Furthermore, Tanzanian traders must evaluate the following components of a CFD broker to decide whether the broker is suited to their unique trading objectives and needs.
Regulation
👉 Ensuring that you only use the services of a well-regulated broker is a crucial factor when you choose a CFD broker that offers VIX 75. Regulation ensures that the broker will ensure client fund security and that disputes will be managed effectively.
👉 Furthermore, regulation ensures that client funds are only used for trading activities and that the broker can fulfil its financial obligations towards its clients.
Trading Platform
👉 Traders in Tanzania should put money into a trading platform they feel confident using. Before registering a live trading account with a CFD broker, be sure the trading platform meets your needs.
Leverage Ratios
👉 The CFD market is often leveraged to allow traders to open larger positions with less capital. However, to effectively manage a trading position and account, it is crucial to understand your leverage limit.
👉 Your broker should offer flexible leverage, allowing you to choose a ratio according to your trading strategy and risk tolerance.
The ability to use Scalping Strategies
👉 If you are interested in high-frequency CFD day trading, ensure that trading styles are not restricted. For example, a broker who engages in scalping has no minimum time requirement between the market price, the stop-loss, and the take-profit.
Custom Trading Tools
👉 Brokers that care about their clients should provide them with helpful services. These aids are designed to make it easier for Forex and CFD traders to maximize their profits.
Trader Education
👉 Most CFD brokers provide their clients with educational materials and opportunities to attend seminars. However, for new traders, familiarity with the jargon is crucial. Therefore, choosing a broker that also offers educational resources is best.
Trade Execution Quality
👉 When searching for a broker, it is important to choose one that can guarantee your orders will be executed at the exact price you specify.
Spreads and Fees
👉 Selecting a broker with the tightest Volatility 75 spreads is usually the best strategy. While important, this element alone should not be used to decide; rather, it should be weighed with all other factors.
The Type of Trading Accounts offered
👉 A good CFD broker will provide a few account options, each with unique benefits. For example, more safety, more leverage, risk management, narrow spread, etc., are all advantages that might accrue.
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
👉 Overall, the main reason traders register micro accounts is because it enables them to trade in real-time market conditions with less capital. With significantly less of an initial outlay, a potential trader can purchase and sell foreign exchange pairs in the same way that someone using a standard account can.
Frequently Asked Questions
How much is 1 lot in a micro account?
One thousand units of the base currency in a currency pair make up a micro lot in forex trading. Compared to a mini or normal lot, a micro lot enables smaller positions and/or higher fine-tuning of position sizes.
How much is 1 pip in a micro account?
One pip is on the 4th decimal place of the Forex pair (0.0001), meaning it’s equivalent to 1/100 of 1%.
How much money do you need for 1 lot size?
A standard lot in forex is equal to 100,000 currency units. It’s the standard unit size for traders, whether they’re independent or institutional.
What is a standard vs a micro account?
A normal account, with one lot equaling 100,000 currency units, is available from all brokers. The smallest transaction is 0.01 lots, which is equal to 1,000 units or 1.0 lots in a micro account. As they can trade 0.10 micro-lots, traders with a Forex micro account have a lot more flexibility.
How do I choose a micro account Forex broker in Tanzania?
Traders in Tanzania should choose a micro account Forex broker which well-regulated, offers excellent customer support and has a good selection of trading platforms.
