As in many other East African countries, forex trading is becoming increasingly popular in Tanzania. Since the Bank of Tanzania (BOT) has not yet regulated the local Forex market, there are a disproportionate number of dodgy brokers in Tanzania.
However, by carrying out extensive research and testing hundreds of brokers, we can confidently provide a list of the 5 Best Forex Brokers in Tanzania.
HF Markets
HF Markets is an STP and ECN forex and CFD broker that has been around since 2010 and which has a trust score of 85. HF Markets is regulated by several reputable entities and is registered with local regulators in several countries, making it a safe option for Tanzanians.
| Headquartered | Cyprus |
| Tier-1 Licenses | Financial Conduct Authority (FCA) |
| Tier-2 Licenses | Financial Sector Conduct Authority (FSCA)Cyprus Securities and Exchange Commission (CySEC)Capital Markets Authority (CMA)Dubai Financial Services Authority (DFSA) |
| Tier-3 Licenses | Financial Services Authority (FSA)Financial Services Commission (FSC) |
| Islamic Account | Yes |
| Demo Account | Yes |
| Retail Investor Accounts | 5 |
| Order Execution | Market |
| Starting spread | From 0.0 pips |
| Minimum Commission per Trade | $3 to $4 |
| Maximum Leverage | 1:1000 |
| Minimum Deposit (TZS) | 11,600 TZS or an equivalent to $5 |
FP Markets
FP Markets is headquartered in Australia and offers comprehensive solutions to global traders. FP Markets offers some of the best liquidity to Tanzanians, sourced from the likes of Barclays, JP Morgan, Goldman Sachs, and other providers, making it one of the best forex brokers in Tanzania.
Read a comprehensive FP Markets Review.
| Headquartered | Australia |
| Tier-1 Licenses | Australian Securities and Investments Commission (ASIC) |
| Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC) |
| Islamic Account | Yes |
| Demo Account | Yes |
| Retail Investor Accounts | 4 |
| Order Execution | Market |
| Starting spread | 0.0 pips |
| Minimum Commission per Trade | US$3 per side |
| Maximum Leverage | 1:500 |
| Minimum Deposit (TZS) | 160,000 TZS or equivalent to AU$100 |
AvaTrade
AvaTrade has a high trust score of 93 and is one of the best forex brokers in Tanzania that provides over 1,260 financial instruments that can be traded on MT4, MT5, AvaTradeGO, and many other platforms. Tanzanian traders also have unlimited access to social trading on ZuluTrade.
| Headquartered | Dublin, Ireland |
| Tier-1 Licenses | Central Bank of Ireland (CBI)Australian Securities and Investment Commission (ASIC)Japanese Financial Services Authority (JFSA)Financial Futures Association of Japan (FFAJ)Investment Industry Regulatory Organization of Canada (IIROC) |
| Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC)Financial Sector Conduct Authority (FSCA)Israel Securities Authority (ISA)Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FRSA)Polish Financial Supervision Authority (KNF) |
| Tier-3 Licenses | British Virgin Islands Financial Service Commission (BVI FSC) |
| Islamic Account | Yes |
| Demo Account | Yes |
| Retail Investor Accounts | 1 (Retail and Professional Option) |
| Order Execution | Instant |
| Starting spread | From 0.9 pips |
| Minimum Commission per Trade | No Commission Charges |
| Maximum Leverage | 1:30 (Retail)1:400 (Pro) |
| Minimum Deposit (TZS) | 230,000 Tanzanian Shilling or an equivalent to $100 |
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Exness
Exness has been in operation since 2009 and provides Tanzanian traders with 278 tradable instruments and a selection of trading accounts to trade them. Exness is a beginner-friendly broker that offers research materials and comprehensive trading tools.
| Headquartered | Cyprus, with offices in the United Kingdom, Seychelles, South Africa, the British Virgin Islands, and Curaçao |
| Tier-1 Licenses | Financial Conduct Authority (FCA) |
| Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC)Financial Sector Conduct Authority (FSCA) |
| Tier-3 Licenses | Financial Services Authority (FSA) SeychellesFinancial Services Commission of the British Virgin Islands (FSC BVI)Financial Services Commission (FSC) MauritiusCentral Bank of Curaçao and Sint Maarten (CBCS) |
| Islamic Account | Yes |
| Demo Account | Yes |
| Retail Investor Accounts | 5 |
| Order Execution | Market |
| Starting spread | 0.0 pips EUR/USD |
| Minimum Commission per Trade | From $0.1 per side, per lot |
| Maximum Leverage | Unlimited |
| Minimum Deposit (TZS) | 23,200 TZS or an equivalent to $10 |
easyMarkets
easyMarkets was launched in 2001 and has a longstanding reputation as a forward-thinking broker that offers negative balance protection, dealCancellation, Freeze Rate, and other innovative features to Tanzanians.
| Headquartered | The British Virgin Islands |
| Tier-1 Licenses | Australian Securities and Exchange Commission (ASIC) |
| Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC) |
| Tier-3 Licenses | British Virgin Islands Financial Services Commission (BVI FSC)Financial Services Authority (FSA) Seychelles |
| Islamic Account | Yes |
| Demo Account | Yes |
| Retail Investor Accounts | 3 |
| Order Execution | Market |
| Starting spread | Fixed, 0.03 USD WTI (OIL) |
| Minimum Commission per Trade | None |
| Maximum Leverage | 1:400 |
| Minimum Deposit (TZS) | 58,000 TZS or equivalent to $25 |
Conclusion
All the brokers on the list above are well regarded and have excellent regulatory control, which is crucial for traders worried about the protection of their money. These brokers also provide excellent trading conditions, customer service, and a wealth of tools for novice traders.
FAQ
Do Forex Traders pay tax in Tanzania?
Yes, when forex traders trade within their own capacity, they are subject to income tax per the TRA income tax for individuals.
What is the best time to trade forex in Tanzania?
The best time for Tanzanians to participate in forex trading is when the London and New York sessions overlap, which is typically between 12 pm and 6 pm local time.
