To come up with this list, we have tested forex brokers Tanzania.

We opened a real account and deposited between $4,000 and $6,000 with each broker. Then, to get an accurate picture, we placed real trades in each popular market. 

We also contacted the customer support to check how the team solved the problems we faced. Finally, we withdrew our funds to check the withdrawal process.

We handpicked the best forex brokers Tanzania based on our trading data and experience as a trader.

Is Forex Trading Available in Tanzania?

Tanzania is located in East Africa. It neighbors Uganda, Kenya, Mozambique, Zambia, and Congo. Thanks to the development in the sectors of tourism, telecommunications, and banking, the economy of the country has faced certain growth lately. However, this growth has not had a great impact on the majority of the population and hunger is still one of the pending issues in the country.

As to forex trading in Tanzania, the field is not regulated yet. In the country, most of the financial transactions are overseen and controlled by the Bank of Tanzania. Most of the main tasks of the Bank of Tanzania are to license, regulate and supervise financial institutions. However, there is no certain regulation and rules for forex trading. This means, that there may be unregulated and offshore brokers in the market. 

The official website of the bank is

🏦RegulatorNot regulated
🛡️Is It safe to tradeNo
🔒Negative Balance ProtectionNo
💰Compensation SchemeNo
📊 Maximum Leverage1:30

Best Forex Brokers in Tanzania

Forex trading is not regulated in Tanzania. However, it is not restricted in the country. The problem is that there might be almost no brokers regulated in the country. Besides, some international brokers restrict opening accounts for Tanzanian traders.

On the positive side, there are still international brokers that accept Traders from the country. We recommend signing only with reliable firms as money safety in trading goes first. Read more about international brokers here.

When choosing a broker, it is essential to pay attention to the broker’s offerings. We advise traders to pay attention to the broker’s payment methods and check whether they are available in Tanzania. Also, check, whether customer support provides help in the preferred language.

To select the best forex brokers Tanzania, we have reviewed many regulated forex brokers. Based on our research, we have come up with a list of the best forex brokers Tanzania:

  • FXTM – Best Online forex brokers Tanzania Overall
  • XM– Best Tanzania Forex Brokers for Beginners
  • FP Markets – Best Forex brokers with low spreads Tanzania
  • IG – Best high leverage forex broker Tanzania
  • Admiral Markets – Best MT5 forex brokers for Tanzania

Best Online Forex Brokers Tanzania Overall

We picked FXTM as the best overall online forex broker Tanzania.

ForexTime was founded in 2011 and is headquartered in Cyprus. It is heavily regulated with licenses in the United Kingdom, Cyprus, South Africa, and Mauritius. With the broker, traders have access to multiple trading instruments in various categories: forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and real stocks.

FXTM offers 3 main trading platforms: MT4, MT5, FXTM Trader (proprietary mobile platform). The broker offers several account types: Standard Account, Cent Account, and Stock CFDs Account.

FXTM offers its clients different payment methods: wire transfers, credit cards, local bank transfers, and popular e-wallets like Skrill, Neteller, and Paypal. The education section of the broker is also great. Traders have access to eBooks and trading guides, webinars, seminars, workshops, video tutorials on trading, etc.

Best Tanzania Forex Brokers for Beginners

We picked XM as the best forex broker Tanzania for beginners.

XM is a Forex and CFDs broker. It was founded in 2009 and holds multiple licenses in Australia, the United Kingdom, Cyprus, UAE, and Belize. XM enables traders to have access to forex pairs, indices, stocks, and commodities.

We have chosen XM as the best Tanzania forex broker for beginners. The broker offers an excellent education section. With its detailed courses, it is suitable for beginner traders. XM offers the Tradepedia videos, available for traders all over the world. It also offers other materials, such as weekly webinars and detailed articles.

Best Forex Brokers with Low Spread Tanzania

We picked FP Markets as the best low spread forex broker Tanzania.

FP Markets was founded in 2005. It is located in Australia and holds licenses in different countries: the United Kingdom, Australia, Cyprus, Saint Vincent, and the Grenadines. FP Markets offers multiple trading instruments in different categories: forex, stocks, indices, commodities, and cryptocurrencies.

The broker offers MT4, MT5 platforms, also, the IRESS platform. The broker’s accounts are based on its platforms.

We have chosen FP Markets as the best lowest spread forex broker scalping Tanzania. Its spreads are rather low. For forex and indices especially the spreads are on the lower side. Based on our research, spreads on stocks, commodities, and cryptocurrencies, are mostly on the average benchmark. To learn more, read also our article – Best Lowest Spread Forex Brokers.

Best High Leverage Forex Broker Tanzania

We picked IG as the best high leverage forex broker Tanzania.

IG was founded in 1974. This is a heavily regulated broker and holds licenses from the FCA, ASIC, CFTC, DFSA, etc. IG offers the following instruments: forex, indices, shares, commodities, cryptocurrencies, bonds, ETFs, options, industry sectors, and interest rates.

The broker has its own proprietary platform. However, traders have access to the popular MT4, and MT5 platforms. IG trading conditions are favorable. It has low costs for Forex, also, quality education section, selection of trading platforms, and excellent research tools.

We have chosen IG as the best high leverage forex broker Tanzania. The traders can receive high leverage, by opening accounts under the relevant entity that allows high leverage.

Best MT5 Forex Brokers for Tanzania

We picked Admiral Markets as the best MT5 forex broker Tanzania.

Admiral Markets is a global Forex and CFDs broker. It is headquartered in Estonia. The broker is tightly regulated with licenses in Australia, the United Kingdom, Cyprus, and Estonia. The broker offers multiple trading instruments in the following categories: forex pairs, indices, stocks, commodities, and cryptocurrencies.

Admiral Markets offers five main account types: Trade.MT4, Zero.MT4, Trade.MT5, Invest.MT5, and Zero.MT5. Also, Admiral Markets offers Islamic accounts to its Muslim traders. The deposit methods are fast and easy via different payment methods: bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller.

We have chosen Admiral Markets as the best MT5 forex broker Tanzania. The broker enables its clients to conduct their trades on the popular MetaTrader 4 and MetaTrader 5 platforms. MT5 platform has all the tools and features that provide successful trading.

List of Forex Brokers in Tanzania

We have tested many regulated and trustworthy forex brokers Tanzania. Based on our research, we have come up with a list of available forex brokers Tanzania.

Forex Broker TanzaniaAbout Our TestOur Review
Admiral MarketsDeposit Amount: Over €4,500
Total Trade: 12 trades
Admiral Markets Review
XTBDeposit Amount: Over €5,000
Total Trade: 12 trades
XTB Review
TickmillDeposit Amount: Over €8,000
Total Trade: 12 trades
Tickmill Review
Trading 212Deposit Amount: Over €5,500
Total Trade: 15 trades
Trading 212 Review
FP MarketsDeposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
XMDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
ActivTradesDeposit Amount: Over €5,000
Total Trade: 12 trades
ActivTrades Review
FXTMDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
Vantage FXDeposit Amount: Over €5,000
Total Trade: 15 trades
Vantage FX Review

FAQ and More on top forex trading brokers Tanzania

Traders usually have many questions and concerns related to forex trading in Tanzania. To be helpful we picked and answered some of the most essential questions related to forex brokers Tanzania.

How to Verify Tanzania Regulated Forex Brokers?

Actually, verifying forex brokers is quite easy. The information can be easily found on the regulator’s website. The financial sector in Tanzania is controlled by the Bank of Tanzania. However, as forex trading is not regulated yet in Tanzania, there is only one method left to try.

Traders can verify forex brokers Tanzania directly on the broker’s page. Mostly, all brokers provide information about their availability or restrictions in certain regions and countries. So, the information is available on the brokers’ websites.

The Bank of Tanzania - official website

Tanzania Forex Brokers with $1 Minimum Deposit

Based on our research we were able to pick the best forex brokers Tanzania with $1 minimum deposits. However, before starting, be careful to check the margins for particular instruments since $1 might not be enough to conduct proper trading.

Here are our best picks:

  • AxiTrader
  • Trading 212
  • XM

PAMM Account Forex Brokers for Tanzania

PAMM Account Brokers offer Percentage Allocation Money Management as a management module that conducts managed accounts on behalf of the investor and is performed by the account manager.

Based on our research we have picked the following PAMM account forex brokers Tanzania:

  • FP Markets
  • FxPro

Tanzania Forex Brokers with No Deposit Bonus

No deposit bonus is the credit that brokers provide to the traders when they first open their trading accounts. You can learn more about no deposit bonus in our No deposit bonus forex article.

Based on our tests, we were able to come up with only two no deposit bonus forex brokers Tanzania.

  • Tickmill
  • XM

M-Pesa Forex Brokers in Tanzania

M-Pesa is a mobile banking service that enables traders to transfer funds through their mobiles. Through it traders have access to financial services.

Based on our research, we found only XM offering M-Pesa in Tanzania.

Tax for Forex Trading in Tanzania

Many forex traders in Tanzania assume that they do not need to pay taxes for forex trading as their trading accounts are overseas. However, this is a misconception. In reality, Tanzanian forex traders have obligations toward the country’s Revenue.

Forex traders Tanzania need to pay income taxes. The individual income tax ranges from 3% to 8%.

Tanzania traders should be very careful and check the tax information with the relevant authorities. In the case of delays or tax avoidance, they may face penalties and fines.

Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets and an independent trader.

Now I am passionate about reviewing and comparing forex brokers.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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