8 Best MT4 Brokers in Tanzania
The 8 Best MT4 Forex Brokers in Tanzania revealed. We tested and verified the best MetaTrader4 platforms from top forex brokers with a secure, dependable trading environment for Tanzanian Traders.
This is a complete list of MT4 forex brokers in Tanzania.
In this in-depth guide you’ll learn:
- What is the MT4 Trading Platform?
- How does MetaTrader4 work as a platform?
- How to open an MT4 account?
- Who are the best MT4 brokers in Tanzania?
- How to choose a forex broker best suited for your trading style.
- How to download the MT4 platform on your phone.
- Which MetaTrader4 broker offers a demo account?
- Which MetaTrader4 brokers offer a low minimum deposit of $5 (10763 TZS)?
- Which broker offers a sign-up bonus for first-time traders?
And lots more…
So if you’re ready to go “all in” with the best-tested MT4 forex brokers for Tanzanians…
Let’s dive right in…
10 Best Forex Brokers in Tanzania
Rank
Broker
Review
Regulators
Min Deposit
Official Site
- Louis Schoeman
Best MT4 Brokers in Tanzania – Comparison
| 🥇 Broker | ✔️ MT4 Broker? | 💵 Minimum Deposit (TZS) | 💰 Tanzania TZS-based Account? | ✔️ TZS Deposits Allowed? | 💸 Bonuses for Tanzania traders? | 👉 Open Account |
| 1. Exness | Yes | 208777 | Yes | Yes | Yes | 👉 Open Account |
| 2. XM | Yes | 10184 | No | Yes | Yes | 👉 Open Account |
| 3. Tickmill | Yes | 211323 | No | Yes | No | 👉 Open Account |
| 4. SuperForex | Yes | 2036 | Yes | Yes | Yes | 👉 Open Account |
| 5. RoboForex | Yes | 20877 | No | No | Yes | 👉 Open Account |
| 6. Pepperstone | Yes | 309092 | No | Yes | No | 👉 Open Account |
| 7. OANDA | Yes | 0 | No | Yes | No | 👉 Open Account |
| 8. HFM | Yes | 20877 | Yes | Yes | Yes | 👉 Open Account |
8 Best MT4 Brokers in Tanzania (Updated 2023)
- Exness – Overall, Best MT4 Platform for Tanzania Traders for Tanzanians
- XM – Best Regulated Forex Broker
- Tickmill – Top Islamic Account Broker
- SuperForex – Verified TZS-Based Account for Tanzanians
- RoboForex – User-Friendly Broker to Offer Negative Balance Protection
- Pepperstone – Lowest Minimum Deposit Broker in Tanzania
- Oanda – Best Broker for Beginner Tanzania Traders
- HFM – Best MT4 Broker for Copy Trading
What is an MT4 Forex Broker?
An MT4 Forex Broker is a type of online broker that provides access to the foreign exchange market through the MetaTrader 4 (MT4) trading platform. MT4 is a popular trading platform used by traders to analyze the market, place trades, and manage their accounts.
MT4 Forex Brokers typically offer a wide range of trading instruments, including currency pairs, commodities, indices, and cryptocurrencies. They may also provide various trading tools and features, such as charting and technical analysis tools, automated trading systems, and mobile trading applications.
When choosing an MT4 Forex Broker, it is important to consider factors such as regulation, trading costs, customer support, and the range of trading instruments and features offered. It is also important to research the broker’s reputation and track record to ensure they are reliable and trustworthy.
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 is a global forex broker that provides online trading services to traders in Tanzania and around the world. The company was founded in 2008 and has since grown to become one of the most trusted and reputable brokers in the industry.
Exness offers traders access to a wide range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies. The broker also offers competitive spreads and low trading fees, making it an attractive option for traders of all levels.
One of the standout features of Exness is its dedication to providing traders with a high level of customer service and support. The broker offers 24/7 customer support via live chat, email, and phone, and its website is available in multiple languages, including English.
In addition, Exness is fully regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), ensuring that traders can trade with confidence.
Overall, Exness is a reputable and reliable broker that offers a wide range of trading instruments, competitive fees, and excellent customer service, making it a great choice for traders in Tanzania.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 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) | 208777 |
| 💸 Trading Assets | Forex, Metals, Crypto, Energies, Indices, Stocks |
| 💰 Tanzania TZS-based Account? | Yes |
| ✔️ TZS Deposits Allowed? | Yes |
| 💸 Bonuses for Tanzania traders? | Yes |
| 📊 Minimum spread | From 0.0 pips EUR/USD |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Exness is well-regulated and keeps all client funds in segregated accounts with top-tier institutions | There is a limited portfolio of financial instruments offered |
| Exness offers an Islamic account conversion with no additional fees charged | Exness offers a limited number of payment methods that can be used for deposits and withdrawals |
| Tanzania traders can choose between several retail investor accounts | |
| Instant deposits and withdrawals are offered | |
| Exness has customer support available 24 hours a day, 7 days a week |
2. 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
XM is a global forex broker that provides online trading services to traders in Tanzania and around the world. The company was founded in 2009 and is known for its strict regulatory compliance and commitment to providing a high level of customer service and support.
XM offers traders access to a wide range of financial instruments, including currency pairs, commodities, indices, and stocks. The broker also offers competitive spreads and low trading fees, making it an attractive option for traders of all levels.
One of the standout features of XM is its dedication to education and training for traders. The broker offers a range of educational resources, including webinars, tutorials, and market analysis, to help traders improve their skills and stay up-to-date with the latest market trends.
XM is fully regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), ensuring that traders can trade with confidence.
Overall, XM is a reputable and reliable broker that offers a wide range of trading instruments, competitive fees, and excellent customer service and educational resources, making it a great choice for traders in Tanzania.
Unique Features
| Feature | Information |
| ⚖️ Regulation | FSCA, IFSC, ASIC, CySEC, DFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Micro Account, Standard Account, XM Ultra-Low Account, Shares Account |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5, XM Mobile App |
| 💵 Minimum Deposit (TZS) | 10184 |
| 💸 Trading Assets | Forex, Cryptocurrencies, Stock CFDs, Commodities, Equity Indices, Precious Metals, Energies, Shares, |
| 💰 Tanzania TZS-based Account? | No |
| ✔️ TZS Deposits Allowed? | Yes |
| 💸 Bonuses for Tanzania traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| XM has more than 5 million active clients from around the world | Inactivity fees apply |
| Client fund safety is guaranteed, and XM offers investor protection to Tanzania traders | There are no fixed spreads offered |
| XM has won several industry awards since its establishment in 2009 | |
| There are no commissions charged on either deposits or withdrawals | |
| XM is a low-cost forex broker with a high trust score |
3. Tickmill
Overall Rating
- 4.7/5
Min Deposit
USD 100
Regulators
FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Overview
Tickmill is a global forex and CFD broker that provides online trading services to traders in Tanzania and around the world. The company was founded in 2014 and is known for its strict regulatory compliance and commitment to providing a high level of customer service and support.
Tickmill offers traders access to a wide range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies. The broker also offers competitive spreads and low trading fees, making it an attractive option for traders of all levels.
One of the standout features of Tickmill is its commitment to technology and innovation. The broker offers a range of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as its own proprietary platform, Tickmill Trader. In addition, Tickmill offers advanced trading tools and features, such as VPS hosting and Autochartist, to help traders make more informed trading decisions.
Tickmill is fully regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), ensuring that traders can trade with confidence.
Overall, Tickmill is a reputable and reliable broker that offers a wide range of trading instruments, competitive fees, and excellent customer service and technological tools, making it a great choice for traders in Tanzania.
Unique Features
| Feature | Information |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Pro Account, Classic Account, VIP Account |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5 |
| 💵 Minimum Deposit (TZS) | 211323 |
| 💸 Trading Assets | Forex, Stock Indices, Energies, Precious Metals, Bonds, Cryptocurrencies |
| 💰 Tanzania TZS-based Account? | No |
| ✔️ TZS Deposits Allowed? | No, only USD, GBP, EUR, IDR, CNY, VND, or RUB |
| 💸 Bonuses for Tanzania traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tickmill offers robust trading platforms and innovative mobile trading | Currency conversion fees will apply for TZS deposits |
| Tickmill has a very high trust score and is known for its competitive trading conditions | There are no fixed spread accounts offered |
| There are several convenient funding options available including Skrill, Neteller, and others | The spreads are not the tightest |
| Advanced traders can use a range of tools including FIX API, AutoChartist, VPS, and others |
4. SuperForex
Overall Rating
- 4.5/5
Min Deposit
USD 1
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
Overview
SuperForex is a global forex broker that provides online trading services to traders in Tanzania and around the world. The company was founded in 2013 and is known for its commitment to providing a high level of customer service and support.
SuperForex offers traders access to a wide range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies. The broker also offers competitive spreads and low trading fees, making it an attractive option for traders of all levels.
One of the standout features of SuperForex is its dedication to education and training for traders. The broker offers a range of educational resources, including webinars, tutorials, and market analysis, to help traders improve their skills and stay up-to-date with the latest market trends.
SuperForex is also known for its promotions and bonuses, which can provide traders with additional trading capital and other benefits.
SuperForex is fully regulated by the International Financial Services Commission (IFSC) in Belize, ensuring that traders can trade with confidence.
Overall, SuperForex is a reputable and reliable broker that offers a wide range of trading instruments, competitive fees, excellent customer service and educational resources, and attractive promotions and bonuses, making it a great choice for traders in Tanzania.
Unique Features
| Feature | Information |
| ⚖️ Regulation | None |
| 📲 Social Media Platforms | • Telegram • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Swap-Free Account, No Spread Account, Micro Cent Account, Profi STP Account, Crypto Account, ECN Standard Account, ECN Standard Mini Account, ECN Swap-Free Account, ECN Swap-Free Mini Account, ECN Crypto Account |
| 📈 Trading Platform | MetaTrader 4, SuperForex App |
| 💵 Minimum Deposit (TZS) | 2036 |
| 💸 Trading Assets | Forex, Precious Metals, Stocks, Indices, Cryptocurrencies, Commodities, Energies, ETFs, Futures, CFDs |
| 💰 Tanzania TZS-based Account? | Yes |
| ✔️ TZS Deposits Allowed? | Yes |
| 💸 Bonuses for Tanzania traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| There are three Islamic accounts for Tanzania traders to choose from according to their trading needs and objectives | MetaTrader 5 is not offered |
| The accounts can be registered with TZS as the base currency | There are only a few advanced trading tools offered to experienced traders |
| There is a demo account for beginners to practice their trading | |
| There are local deposit and withdrawal methods offered |
5. RoboForex
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
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
| Feature | Information |
| ⚖️ Regulation | International Financial Services Commission (IFSC) |
| 📲 Social Media Platforms | • Facebook • YouTube • Telegram |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Prime Account, ECN Account, R Stockstrader Account, ProCent Account, Pro Account |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, R StocksTrader, RoboForex Terminals, CopyFX app |
| 💵 Minimum Deposit (TZS) | 20877 |
| 💸 Trading Assets | Forex, Stocks, Indices, Cryptocurrencies |
| 💰 Tanzanian TZS-based Account? | No |
| ✔️ TZS Deposits Allowed? | Yes |
| 💸 Bonuses for Tanzanian traders? | Yes |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Offers a massive range of tradable instruments across financial markets | United States clients, and some other regions, cannot register with RoboForex |
| Provides professional yet user-friendly trading platforms | There are no fixed spread accounts offered |
| Low initial deposit requirement on all account types | There 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 costs | Offshore broker with offshore regulation |
| Offers a vast range of research tools to experienced traders | Market Maker forex broker that can benefit from the losses of clients |
| Award-winning broker that ensures client fund protection | Inactivity fee may apply to dormant accounts |
| Negative balance protection applied to all account types | Withdrawal fee charged on several payment options |
| RoboForex has obtained Verify My Trade, proving trade execution speeds | |
| omprehensive social trading platforms 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
Pepperstone is an Australian-based online forex and CFD broker that offers trading services to clients from around the world, including Tanzania traders. The company was founded in 2010 and has since established itself as a reputable and reliable broker in the industry.
Pepperstone offers a range of trading instruments, including forex, commodities, indices, and cryptocurrencies. The company also offers a variety of trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms, as well as cTrader, a platform known for its advanced charting features and order execution speed.
In terms of account types, Pepperstone offers two main account types: the Standard Account and the Razor Account. The Standard Account charges no commission and offers variable spreads starting from 1.0 pips, while the Razor Account charges a small commission and offers raw spreads starting from 0.0 pips, making it a popular choice among scalpers and high-volume traders.
Pepperstone is regulated by multiple financial authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK. These regulatory bodies are known for their strict regulatory standards and investor protection measures.
Pepperstone also offers clients access to a range of educational resources, including webinars, tutorials, and trading guides, as well as 24/5 customer support.
Overall, Pepperstone is a reputable and well-regulated broker that offers a range of trading services and resources that may be of interest to Tanzania traders. However, as with any broker, it is important for traders to conduct their own research and due diligence before opening an account.
Unique Features
| Feature | Information |
| ⚖️ Regulation | ASIC, BaFin, CMA, CySEC, DFSA, FCA and SCB |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard account, Razor Account, Professional Account, |
| 📈 Trading Platform | MetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade |
| 💵 Minimum Deposit (TZS) | 309092 |
| 💸 Trading Assets | • Forex • Cryptocurrencies • Shares • ETFs • Indices • Commodities • Currency Indices |
| 💰 Tanzania TZS-based Account? | No |
| ✔️ TZS Deposits Allowed? | Yes |
| 💸 Bonuses for Tanzania traders? | No |
| 📊 Minimum spread | From 0.0 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | No |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| Pepperstone ensures client fund security by keeping it in segregated accounts | Tanzania traders do not have a TZS-denominated trading account |
| Pepperstone is both a multi-regulated and multi-award-winning broker | There are additional fees applied to the Islamic account |
| Pepperstone caters for all types of traders despite their trading experience or style | There 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 |
7. 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 is a global forex and CFD broker that provides online trading services to traders in Tanzania and around the world. The company was founded in 1996 and is known for its strict regulatory compliance and commitment to providing a high level of customer service and support.
OANDA offers traders access to a wide range of financial instruments, including currency pairs, commodities, indices, and bonds. The broker also offers competitive spreads and low trading fees, making it an attractive option for traders of all levels.
One of the standout features of OANDA is its commitment to transparency and fairness in trading. The broker offers a range of advanced trading tools and features, such as its proprietary fxTrade platform and the OANDA Marketplace, which allows traders to access third-party trading tools and strategies.
OANDA is fully regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC), and the Investment Industry Regulatory Organization of Canada (IIROC), ensuring that traders can trade with confidence.
Overall, OANDA is a reputable and reliable broker that offers a wide range of trading instruments, competitive fees, advanced trading tools and features, and a commitment to transparency and fairness in trading, making it a great choice for traders in Tanzania.
Unique Features
| Feature | Information |
| ⚖️ Regulation | IIROC, ASIC, CFTC, NFA, FCA, FFAJ, MAS, MFSA |
| 📲 Social Media Platforms | • Facebook • YouTube |
| 🏛 CBN Regulation? | No |
| 💻 Trading Accounts | Standard Account, Core Account, Swap-Free Account |
| 📈 Trading Platform | MetaTrader 4, OANDA Platform, TradingView |
| 💵 Minimum Deposit (TZS) | 0 |
| 💸 Trading Assets | Index CFDs, Forex, Metals, Commodity CFDs, Bonds CFDs, Precious Metals, Real-time Rates |
| 💰 Tanzania TZS-based Account? | No |
| ✔️ TZS Deposits Allowed? | Yes |
| 💸 Bonuses for Tanzania traders? | No |
| 📊 Minimum spread | From 0.1 pips |
| 📱 Demo Account | Yes |
| ☪️ Islamic Account | Yes |
Pros and Cons
| ✔️ Pros | ❌ Cons |
| OANDA has an award-winning proprietary trading platform | There is an inactivity fee on dormant accounts |
| There is a dedicated account for Muslim traders | There are no fixed spreads |
| Negative balance protection is automatically applied to the retail accounts | |
| There are no deposit fees charged | |
| There is a large selection of educational materials | |
| There is a demo account and Islamic account offered |
8. 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
Overview
HF Markets, also known as HotForex, is a global forex and CFD broker that provides online trading services to traders in Tanzania and around the world. The company was founded in 2010 and has since become a well-established and reputable broker in the industry.
HF Markets offers traders access to a wide range of financial instruments, including currency pairs, commodities, indices, and cryptocurrencies. The broker also offers competitive spreads and low trading fees, making it an attractive option for traders of all levels.
One of the standout features of HF Markets is its dedication to education and training for traders. The broker offers a range of educational resources, including webinars, tutorials, and market analysis, to help traders improve their skills and stay up-to-date with the latest market trends.
HF Markets is also known for its advanced trading tools and features, such as its proprietary trading platform, the HotForex MT4 and MT5 platforms, and its VPS hosting service.
HF Markets is fully regulated by top-tier financial authorities, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Financial Services Commission (FSC) of Mauritius, ensuring that traders can trade with confidence.
Overall, HF Markets is a reputable and reliable broker that offers a wide range of trading instruments, competitive fees, excellent customer service and educational resources, and advanced trading tools and features, making it a great choice for traders in Tanzania.
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) | 10184 |
| 📈 Trading Assets | Forex Currency Pairs, Precious Metals, Energies, Indices, Shares, Commodities, Cryptocurrencies, Bonds, Equity markets and Stocks DMA, ETFs |
| 📊 Tanzania TZS-based Account? | No |
| 💳 TZS Deposits Allowed | No |
| 💰 Bonuses for Tanzania traders | Yes |
| 📈 Minimum spread | 0.0 pips EUR/USD |
| 📈 Demo Account | Yes |
| ☪️ Islamic Account | 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 | |
| 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 |
How MetaTrader 4 works
MetaTrader 4 (MT4) is a popular trading platform used by forex and CFD traders around the world. Here is a brief overview of how MT4 works:
Installation:
Traders can download the MT4 platform from their broker’s website and install it on their computer or mobile device.
Account creation:
Traders need to create an account with their broker and log in to MT4 using their account credentials.
Market watch:
Traders can access a list of available financial instruments, including currency pairs, commodities, indices, and stocks, in the market watch window.
Charts:
Traders can view charts of the financial instruments they are interested in trading, including candlestick, line, and bar charts. They can also add technical indicators and customize chart settings to suit their trading style.
Placing orders:
Traders can place orders directly from the MT4 platform, including market orders, limit orders, and stop orders. They can also set take profit and stop loss levels to manage their risk.
Monitoring trades:
Traders can monitor their open trades, including profit and loss, and make changes to their orders as needed.
Expert advisors:
MT4 also supports the use of expert advisors (EAs), which are automated trading algorithms that can execute trades based on pre-defined rules and conditions.
Overall, MT4 is a comprehensive and user-friendly trading platform that provides traders with a range of tools and features to help them trade the financial markets efficiently and effectively
Steps to open an MT4 account
Here are the general steps to open an MT4 account:
Choose a broker: The first step is to choose a broker that offers the MT4 platform. It’s important to select a reputable broker that is regulated by a respected financial authority.
Register for an account: Once you’ve selected a broker, you’ll need to register for an account by providing some personal information and submitting any required documents, such as a copy of your ID and proof of address.
Download MT4: After your account is approved, you can download the MT4 platform from the broker’s website or app store.
Log in: Once you’ve downloaded the platform, you can log in using the account credentials provided by the broker.
Fund your account: Before you can start trading, you’ll need to fund your account. This can typically be done via bank transfer, credit/debit card, or electronic payment methods.
Start trading: After your account is funded, you can start trading by selecting a financial instrument from the market watch window, analyzing the charts, and placing an order.
It’s important to note that the specific steps may vary slightly depending on the broker and the account type selected. Some brokers may also offer demo accounts, which allow traders to practice trading without risking real money.
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, 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
In this article we have uncovered the best Forex brokers which provide MetaTrader 4 to Tanzania traders.
Of these brokers, we have further identified the forex brokers that offer additional services and solutions to Tanzania traders.
Best Forex broker offering Islamic Accounts to Tanzania Traders
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 offers the best conditions to Islamic traders in Tanzania, which can be accessed through competitive swap-free accounts.
Best regulated Forex broker for Tanzania traders
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
XM is multi-regulated in numerous jurisdictions around the world, and offers some of the most secure trading conditions to Tanzania investors.
Best MT4 Forex broker for Tanzania traders
Overall Rating
- 4.7/5
Min Deposit
USD 100
Regulators
FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Tickmill offers the best trading features adapted to their MT4 trading account, which is widely compatible across numerous devices for Tanzania traders.
Best Forex broker offering TZS based accounts to Tanzania traders
Overall Rating
- 4.5/5
Min Deposit
USD 1
Regulators
IFSC
Trading Desk
Metatrader 4
Crypto
Yes
Total Pairs
300
Islamic Account
No
Trading Fees
Low
Account Activation Time
24 Hours
SuperForex offers excellent TZS-based trading accounts to Tanzania traders, alongside transparent pricing and comprehensive trading tools.
Best Forex broker offering negative balance protection to Tanzania traders
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
RoboForex offers negative balance protection to Tanzania traders across all of its retail accounts, ensuring that any losses incurred will never exceed your initial deposit.
Best Forex broker with no deposit fees for Tanzania traders
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 offers excellent deposit and withdrawal conditions to Tanzania traders, with no additional fees charged.
Best Forex broker for beginner Tanzania traders
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
Oanda offers excellent educational resources to Tanzania traders, ensuring that they are well-equipped to trade the Forex markets successfully.
Best Volatility 75 / VIX 75 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 Broker in Tanzania. HFM offers this popular index under “VIX.F.” Tanzania can expect tight spreads from 0.14 pips when they trade this instrument via MT4, with leverage up to 1:100 and competitive overnight fees.
FAQ
Do all brokers offer MT4 to Tanzanian traders?
No, not all brokers offer MT4 to Tanzanian traders, however the best brokers offering this supreme trading platform are featured on this list
What are the benefits of using MT4?
MT4 provides a user-friendly interface along with a wealth of technical indicators and other usefuly trading tools.
What is MetaTrader 4?
MetaTrader 4 is a leading Forex trading platform from MetaQuotes that is popular around the world with traders of all kinds.
Can MT4 be downloaded for mobile use?
Yes, MT4 is available for mobile download and is compatible with both Android and iOS operating systems.
Does MT4 provide automated trading?
Yes, MT4’s Expert Advisors can be used for numerous copy trading strategies by Tanzanian traders.
