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10 Best Forex Brokers for beginners in Tanzania 2024

The best forex brokers for beginner traders in Tanzania are licensed and regulated by Top-tier authorities.  They offer competitive spreads, sophisticated trading platforms, advanced trading tools, up-to-date market analysis, educational material and good customer support. Only forex and CFDs brokers that are regulated by Top-tier authorities in Africa, Australia and Europe are recommended.

Choose your quick section of our best Forex Brokers in Tanzania below.

Our 10 Best Handpicked Best Forex Brokers in Tanzania Revealed:

Avatrade

Founded                              2006

Regulated                           ASIC, BVI, CBI, CySEC, FSA(JP), FSC, FSCA

Headquarters                    Ireland

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              AvaOptions, AvaSocial, AvaTradeGo, MT4, MT5

Trading desk                      Market Maker

Minimum deposit            $100

Best for                                Multiple trading platform options

AvaTrade is a multi-regulated global forex and CFDs broker who accepts traders in Tanzania. The brokerage offers access to a wide range of financial instruments on variety of trading platforms, including MT4, MT5 and AvaTrade’s proprietary web-based platforms for social trading.

Established in 2006, the brokerage is one of the oldest and most well-established online brokers in the forex market. AvaTrade is licensed and regulated across all six continents, including the CBI, BVI FSC, ASIC, FSCA, FSA and ADGM.

AvaTrade clients have the choice of several types of accounts, including a Retail commission-free account and Professional, spreadbetting and options commission-based accounts.

AvaTrade publishes an extensive array of research and market commentary as well as educational material, including basic-to-expert trading videos and trading guidelines. AvaTrade supports Trading Central which provides valuable market insights and intelligence through WebTrader and AvaTradeGO.

Does AvaTrade offer an Islamic account?

Yes, AvaTrade offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

Exness

Founded                              2008

Regulated                           CySEC, FCA, FSA(SC), FSCA

Headquarters                    Cyprus

Tradeable assets               Currencies, commodities, indices, stocks, crypto

Trading platform              MT$, MT%

Trading desk                      Market Maker, NDD

Minimum deposit            $10

Exness is a multi-regulated global forex and CFDs broker that accepts traders in Tanzania. Founded in 2008, Exness is licensed and regulated by several Top-tier authorities, including the FCA, CySEC, FSCA and FSA.  Exness.com is operated by Nymstar Limited which is a securities dealer authorised and regulated by the Seychelles Financial Services Authority (FSA). Exness is a Market Maker and NDD forex broker.

Exness provides access to a wide range of asset classes on the MT4 and MT5 trading platforms as well as the Exness Web Terminal, with the choice of 5 different trading accounts.

Trading costs for Exness vary depending on the account type opened and the market being traded. The Standard and Standard Cent (MT4 only) accounts offer commission-free trading with spreads starting from 0.3 pips. The professional Pro Account offers commission-free trading with spreads starting from 0.1 pips; and the Professional Raw Spread and Zero accounts offer commission-based trading from 3.5 USD per lot/per side with spreads starting from 0 pips.

Exness publishes an extensive array of educational material via online articles, videos, webinars and online trading courses. Exness provides up-to-date live market analysis and advanced trading tools such as an Economic Calendar, WebTV and trading calculators. Exness customer support is offered in 13 languages via Live Chat and email.

Does Exness offer an Islamic account?

Yes, Exness offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

fpmarkets

Founded                              2005

Regulated                           ASIC, CySEC

Headquarters                    Australia

Tradeable assets               Currencies, commodities, indices, stocks, crypto, futures

Trading platform              IRESS, MT4, MT5, WebTrader

Trading desk                      No dealing desk (NDD)

Minimum deposit            $100

Best for                                Multiple trading platforms                                          

fpmarkets is an Australian-based forex and CFDs broker who accepts traders in Tanzania. The global forex broker offers five core trading accounts called Standard MT4-MT5, Raw MT4-MT5, IRESS Standard, IRESS Platinum and IRESS Premier. fpmarkets also offers Islamic swap-free trading accounts and a free demo trading account.

fpmarkets publishes a range of market analysis and education resources through the Traders Hub, including technical and fundamental analysis, video tutorials and trading eBooks. Clients have access to live support via telephone, email and live chat 24-hours/5-days a week.

Does fpmarkets offer an Islamic account?

Yes, fpmarkets offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

FxPro

Founded                              200

Regulated                           CySEC, FCA, FSCA, SCB

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices, stocks, futures

Trading platform              cTrader, MT4, MT5, Proprietary

Trading desk                      No dealing desk (NDD)

Minimum deposit            $100

FxPro is a global,  multi-regulated forex and CFDs broker that accepts traders in Tanzania. The brokerage offers access to a wide range of asset classes on the MT4, MT5 and cTrader platforms. FxPro also has its own award-winning proprietary trading platform.

The firm is No Dealer Desk (NDD) broker so order execution is fast, with most orders filled in under 15 minutes. This also means there is no conflict of interest or problems with slippage and re-quotes. FxPro is regulated by several Top-tier authorities, including the FCA, CySEC and FSCA.

FxPro offers the Micro, Premium, VIP and No Commission account which supports commission-free trading. The FxPro Zero Fixed and Zero Spread accounts support commission-based trading. FxPro offers a mixture of live floating spread accounts and live fixed spread accounts.

FxPro supports a wide range of trading tools and market analysis on its trading platforms and publishes an array of educational material for beginner forex brokers. Customer service is excellent and you have access to FxPro support 24-hours a day/5-days a week via Live Chat, email and call-back.

Does FxPro offer an Islamic account?

Yes, FxPro offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

FXTM

Founded                              2011

Regulated                           FCA, CySEC, FSCA, FSC (Mauritius)

Headquarters                    Cyprus

Tradeable assets               Currencies, commodities, spot metals, stocks, indices, crypto

Trading platform              MT4, MT5

Trading desk                      Market Maker

Minimum deposit            $10

FXTM is a global, multi-regulated forex and CFDs broker that accepts traders in Tanzania. The brokerage is also known as ForexTime. FXTM provides access to a wide range of asset classes on the MT4 trading platform and its proprietary FXTM Trader App. Founded in 2011, FXTM is regulated by Top-tier authorities, including FCA, CySEC, FSC and FSC.

FXTM offers six main types under two categories; the Standard commission-free account and the ECN commission based account. Accounts can be funded in USD, GBP or EUR and starting spreads are low.

FXTM publishes a vast array of trader research and educational material, including market analysis videos, research article, trading courses, educational videos, seminars, webinars and eBooks. FXTM customer service is supported by Live Chat, email and Telegram.

Does FXTM offer an Islamic account?

Yes, FXTM offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee. 

HotForex

Founded                              2010      

Regulated                           CySEC, DFSA, FCA, FSA(SC), FSCA

Headquarters                    Cyprus

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              MT4, MT5

Trading desk                      DMA, ECN, STP

Minimum deposit            $5

HotForex is a global, multi-regulated forex and CFDs broker that accepts traders in Tanzania. Founded in 2010, HotForex and HF Markets fall under the HF Markets Groups which operates in multiple jurisdictions.

HotForex offers access to a wide range of asset classes on the MT4 and MT5 trading platform with six core trading accounts. Every type of account offers commission-free trading for currency pairs; the Zero Spread account is commission-based with spreads from 0 pips on forex.

HotForex has a team of in-house analysts who regularly publish Market News, analysis and outlook reports. The team also publish a wide range of research and educational material and the trading platforms support advance trading tools such as AutoChartist, a Trading Calculator and Economic Calendar as well as the Traders’ Board.

Does HotForex offer an Islamic account?

Yes, HotForex offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

Pepperstone

Founded                              2010      

Regulated                           ASIC, BaFin, CySEC, DFSA, FCA, SCB          

Headquarters                    Australia

Tradeable assets               Currencies, commodities, indices, stocks, crypto, futures

Trading platform              cTrader, MT4, MT5

Trading desk                      Bank, DMA, ECN, NDD, STP

Minimum deposit            $150

Best for                                Impressive trader research and educational resources

Pepperstone is a globally-regulated forex and CFDs brokerage that accepts beginner traders in Tanzania. Pepperstone was founded in 2010, its headquarters are based in Australia and the brokerage is regulated by several Top-tier authorities, including the FCA in the UK and ASIC in Australia.

Pepperstone offers clients access to a wide range of financial instruments on the MT4, MT5 and cTrader trading platforms. Clients have the choice of three types of accounts which includes the Standard commission-free account, the commission-based Razor account and the commission-free, swap-free Islamic account.

Pepperstone publishes an impressive range of trader research and educational material, including Market Analysis, Economic Calendar, trading guides, webinars and daily market news. It supports additional trading tools such as Smart Trader Tools, VPS hosting and Autochartist.

Does Pepperstone offer an Islamic account?

Yes, Pepperstone offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

Plus500

Founded                              2008      

Regulated                           ASIC, CySEC, FCA, FSB, ISA, MAS

Headquarters                    Israel

Tradeable assets               Currencies, commodities, indices, stocks, crypto, futures, options

Trading platform              Plus500 proprietary

Trading desk                      No Dealing Desk (NDD)

Minimum deposit            $100

Plus500 is a global, multi-regulated forex and CFDs broker that accepts beginner traders in Tanzania. The brokerage provides access to a wide range of asset classes on its own Plus500 trading platform which supports advanced trading tools and customised features for risk management.

Founded in 2008, Plus500 is well-established and internationally recognised for being regulatory compliant and safe to use. It is regulated by several Top-tier authorities, including the FCA in the UK which is the leading regulation authority in the world. Plus500 is a subsidiary of Plus500 Ltd which is a publicly-traded company listed on the London Stock Exchange.

Plus500 provides limited market analysis and no trader educational material. It does support an in-built Economic Calendar and provides a few videos on forex trading for beginners in the Plus500 Trader’s Guide.

Does Plus500 offer an Islamic account?

Yes, Plus500 offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

Tickmill

Founded                              2014

Regulated                           CySEC, FCA, FSA(SC), FSCA, Labuan FSA

Headquarters                    United Kingdom

Tradeable assets               Currencies, commodities, indices, bonds, futures

Trading platform              MT4

Trading desk                      No Dealing Desk (NDD)

Minimum deposit            $100

VISIT BROKER

Tickmill is a global, multi-regulated forex and CFDs broker that accepts traders in Tanzania. Tickmill was founded in 2014 and offers access to a wide range of asset classes on the MT4 trading platform. Tickmill is regulated by several Top-tier authorities, including the FCA, CySEC, FSCA and FSA.

Clients have a choice of four core trading accounts which are the Classic, Pro, VIP and Futures accounts. Tickmill also offers a free demo account and swap-free Islamic account. The firm is a No Dealer Desk (NDD) broker and makes money mainly through spreads and swaps on certain tradeable classes, and commissions on certain trading accounts.

Tickmill publishes a wide range of research and educational material, including video tutorials, eBooks and news articles. It also hosts regular webinars and seminars for forex training for beginner and advanced traders.

Does Tickmill offer an Islamic account?

Yes, Tickmill offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

XTB

Founded                              2002      

Regulated                           CNMV in Spain, CySEC, FCA, IFSC, KNF    

Headquarters                    Poland

Tradeable assets               Currencies, commodities, indices, stocks, bonds, crypto, futures

Trading platform              MT4, xStation 5

Trading desk                      MM, STP

Minimum deposit            $0

VISIT BROKER

XTB is a global, multi-regulated forex and CFDs broker that accepts beginner traders in Tanzania. XTB was founded in 2002 and offers access to a wide range of asset classes on the MT4 trading platform. It also has a feature-rich proprietary trading app called XTB xStation which provides users with access to award-winning analysis and research as well as XTB Market Sentiment indicators.

A major benefit of XTB is the brokerage is licensed and regulated by multiple Top-tier authorities, including authority bodies in the UK, Cyprus, Poland and Spain.

XTB offers two core trading accounts; a Standard commission-free account and Pro commission-based account. XTB publishes a variety of course topics for beginners and advanced forex traders on its site and runs an online Trading Masterclass live stream event on its YouTube channel. Ten speakers share their trading strategies and offer 24/5 trading support.

Does XTB offer an Islamic account?

Yes, XTB offers an Islamic swap-free account for Muslim faith traders. The Islamic forex trading account is ideal for traders following strict Sharia law because it has a fixed fee instead of swap fee.

FAQs about forex trading in Tanzania

Who regulates forex brokers in Tanzania?

Bank of Tanzania (BoT) is the main regulatory body for the financial sector in Tanzania. BoT operates as the Central Bank of Tanzania and is responsible for drafting policies and regulatory practice for the financial sector. There are restrictions on transactions in foreign currency.

Currently, there is no independent public body in Tanzania responsible for regulating forex trading activities in the country. There are also no domestic licensed forex brokers in Tanzania. All forex trading typically is conducted through international forex brokers that are licensed and regulated by a Top-tier authority in the UK, Europe, Australia or South Africa.

Is it legal to trade forex in Tanzania?

Yes, it is legal to trade forex in Tanzania if you trade for your own personal benefit. Forex trading in Tanzania is restricted by certain laws and regulations. Under Tanzanian law, only banks and licensed currency exchange brokers are authorised to trade in foreign currency for government and business use. Retail traders are allowed to buy and sell major currencies through a broker trading platform.

Tanzania has a relatively liberal financial market system. The country has a mixed economy in which there is a variety of private freedom, combined with centralised economic planning and government regulation. Tanzania is a member of the East African Community (EAC) and the Southern African Development Community (SADC).

Is it safe to trade forex in Tanzania?

Yes, it is safe to trade forex in Tanzania if you understand the risks involved in trading this asset class and you are vigilant about choosing a legitimate and honest forex broker that is licensed and regulated by a Top-tier authority in one of the major global jurisdictions.

Forex trading is the largest and one of the most liquid financial markets in the world. With developments in electronic trading platforms, it’s now possible to trade forex online anywhere in the world and at any time.

The forex market naturally attracts its fair share of unscrupulous forex brokers and criminal forex scams. The best way to safeguard your money is to only trade forex through a well-established, licensed and regulated forex broker. If anything goes wrong, you have recourse through the regulator in that jurisdiction. The more you understand about the risks of trading forex, the better off you are.

Why these forex brokers are best for beginner traders in Tanzania

These forex brokers are best for beginner traders in Tanzania because they offer four essential benefits:

How to open a live forex trading account in Tanzania

Register for a live trading account with a forex broker you can trust. It’s recommended you only use an online retail broker that is licensed and regulated by a Top-tier authority.

Follow the steps required to complete the sign-up process. You’ll receive an email upon sign up with your platform details. Upload the details the broker requires and then the account will be authenticated.

When your account is live; deposit funds, set up your charts on the trading platform and familiarise yourself with the advanced trading tools such as the Economic Calendar, Trading Calculator and AutoChartist. You’re now ready to place your first order; remember to use the tools available to manage your risk, including limit orders and stop loss orders.

What payment options are available for forex traders in Tanzania?

All traditional payment methods are available for forex traders in Tanzania when you use a legitimate brokerage. This includes direct bank transfers, banking cards and e-wallets such as PayPal, Skrill and Neteller.

When is the forex market open for trading in Tanzania?

The forex market operates 24-hours a day, five days a week. The market closes at 22h00 GMT on Friday and opens again at 22h00 on a Sunday. There is no time difference between Tanzania and London.

Tanzania is 7 hours ahead of New York City, NY, USA

11:58 Friday, in Tanzania is

04:58 Friday, in New York City, NY, USA

What is the best time to trade forex in Tanzania?

The best time to trade forex in Tanzania is during the overlap between the London and New York trading sessions.

There is a 2-hour difference between Tanzania and the United Kingdom which is home to the London Stock Exchange. The LSE opens at 09h00 Tanzania time (GMT+2) and closes at 18h00 Tanzania time (GMT+2)

Tanzania is 7 hours ahead of New York in the United States. The NYSE trading session opens at 15h00 Tanzania time (EAT) and closes at 24h00 Tanzania time (EAT).

Why is this the best time to trade forex in Tanzania?

Most beginner traders favour the London and New York trading sessions because they are the most liquid trading sessions and the volume of trading the major currency pairs like EUR/USD and GBP/USD is at its highest when the two sessions overlap.

What is the best trading platform for forex traders in Tanzania?

The best forex trading platform for beginner traders in Tanzania is MetaTrader 4 (MT4). It’s the most popular trading platform in the world and almost every forex broker offers it to access the forex market.

MetaTrader 4 (MT4) is an easy-to-use electronic platform that provides instant access to the forex market. It’s used to analyse movements on currency pairs and use Expert Advisors (EAs).

MT4 offers millions of forex traders around the world with an automated trading platform to perform algorithmic trading. Signals and Markets are additional services on MT4 that allow you to copy trades of other traders and use EAs and technical indicators.

Is forex trading popular in Tanzania?

Yes, forex trading is popular in Tanzania. Foreign exchange is becoming one of the most popular asset classes to trade in Tanzania and forex trading is growing steadily in the country, particularly among young beginner traders who can trade currency pairs with their Smartphones and a good Internet connection.

The best forex brokers for beginner traders require a small minimum deposit and offer competitive spreads which makes it one of the easiest asset classes for beginners to trade.

Is forex trading risky?

Yes, forex trading is risky. The forex market is one of the most risky asset classes to trade because of ease of access to leverage. It’s important that you manage the risk by using trading tools like limit orders and stop loss orders. It’s also important to use leverage with caution and not overleverage on forex positions.

Forex Trading Africa disclaimer

Forex is a complex instruments and trading forex involves a high risk of losing money rapidly due to leverage. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.

Forex Trading Africa annually reviews brokers regarded as the best in the world and provides information on the products, fee structure, market analysis and service they offer. We aim to provide important information for you to base your decisions on when choosing the right forex broker for your needs.

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