For this list, we have searched and tested several forex brokers Zambia.

To be able to select the best brokers with the best offerings, we opened real accounts and deposited between $4,000 and $8,000 with each of the brokers. Then we placed real trades in each popular market.

We also contacted the customer support team to find out whether they are able to solve the problems that customers face during their trades.

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

Is Forex Trading Legal in Zambia?

The Republic of Zambia is a country that sits at the crossroads between Central, Southern and East Africa. The Zambian economy has long been based on the mining of copper, but lately the government is pursuing an economic diversification program to reduce the country’s reliance upon this industry.

Overall, Forex is available and legal in Zambia, however traders should find a reliable broker to trade with, since not many are based or available in Zambia.

The Zambia Securities and Exchange Commission (SEC), together with The Bank of Zambia oversee the financial sector of the country. The main role of the SEC is to supervise and develop the Zambian Capital Markets, also, to license, register and authorize financial intermediaries, issue debt and equity instruments and collective investment schemes.

The role of The Bank of Zambia is tasked with formulating and implementing monetary policy that ensures price stability. In other words, it makes sure there are no wild fluctuations in currency values or increases/decreases against other currencies around their country’s borders.

The Bank of Zambia’s website is www.boz.zm.

🏦Zambia RegulatorThe Bank of Zambia
📊Max. LeverageNo Max. Leverage
🛡️Is It safe to tradeYes
🔒Negative Balance ProtectionNo Negative Balance Protection
💰Compensation SchemeNo Compensation Scheme

Best Forex Brokers in Zambia

The process of finding a reliable forex broker in Zambia can be difficult and time-consuming. Even though there are only a few international brokers available, it is important to avoid trading with offshore brokers because of the high risks. Before signing up with a broker, confirm that the broker is strictly regulated and trustworthy.

It is important to be safe when trading internationally. We recommend to sign up only with reputable brokers that offer protection of your money. When choosing a forex broker Zambia, make sure that the broker provides excellent customer support, with assistance in a language spoken in the region.

We have tried to help Zambian clients in picking a reliable broker. For this purpose, we tested and reviewed forex brokers, by opening accounts with them and checking their offerings.

Based on our research, we have come up with the following forex brokers Zambia:

  • FP Markets
  • IC Markets
  • XM
  • AxiTrader

Best Forex Broker in Zambia Overall

We have picked AxiTrader as the best overall forex broker Zambia.

Founded in 2007 AxiTrader was later rebranded to Axi. The broker holds licenses in Australia, the United Kingdom, the UAE, Saint Vincent, and the Grenadines. Among Axi’s tradable instruments are forex pairs, indices, commodities, and cryptocurrencies.

Axi stands out for its low fees for all the instruments. In our tests, we found out that the average spreads for the popular instruments in each market were below industry averages. Especially low spreads were charged on Bitcoin trades. Trading with Axi clients can choose between two account types: Standard and PRO accounts. For its Islamic clients, the broker offers swap-free Islamic Accounts.

Those clients who prefer the MT4 platform will be satisfied, as all the essential instruments and features are included in this particular platform. Traders can trade via the broker’s website or via mobile and desktop. Axi’s educational section is also great with in-depth articles on many trading topics to help traders improve their trading results. The broker also has video tutorials dedicated to navigation on its own website. 

Best Forex Trading Platform for Beginners Zambia

We have chosen XM as the best forex broker Zambia for beginners.

XM is a Forex and CFDs broker that offers traders favorable conditions for trading. The company holds licenses in Australia, the United Kingdom, Cyprus, UAE, Belize. XM offers a variety of tradable instruments: forex pairs, indices, stocks, and commodities.

There are five different types of accounts available, including Micro and Ultra-low ones. Before choosing an account type, it is better to see which one best suits your needs.

There are many benefits of trading with XM, including a great education program. They offer Tradepedia videos that provide high-quality and prompt instructions for beginners all over the world. Plus you can join their weekly webinars available in different languages.

Best Forex Trading Platform for Zambian Traders

We have picked FP Markets as the best forex trading platform Zambia.

FP Markets or First Prudential Market was founded in 2005 and is headquartered in Australia. This broker offers a range of instruments with forex, stocks, indices, commodities, and cryptocurrencies. FP Markets is regulated in the United Kingdom, Australia, Cyprus, Saint Vincent, and the Grenadines.

FP Markets’ offerings of accounts are based on the trading platforms. The charged spreads mostly depend on the account types. Based on our tests FP Markets standard account spreads for forex and indices are lower than the industry average. On the other hand, spreads on stocks, commodities, and cryptocurrencies, are on the average benchmark.

We have chosen FP Markets as the best trading platform forex broker Zambia , as the broker offers three main platforms for the clients to choose from: MetaTrader 4MetaTrader 5, IRESS. They are all great and suitable for different trading purposes.

Lowest Spread Broker for Zambia

We have picked IC Markets as the best lowest spread forex broker Zambia.

IC Markets is an Australian Forex and CFDs broker founded in 2007. The broker is headquartered in Sydney, Australia. It holds licenses in Australia, Cyprus, Seychelles, and The Bahamas. Among the broker’s tradable instruments are Forex pairs, indices, stocks, commodities, and cryptocurrencies.

As to IC Markets account types, clients have an option to choose from four types: the standard account, cTrader raw spread account, the raw spread account, and the Islamic account. IC Markets charges low fees for most of the instruments. The fees charged for trading Forex pairs, indices, commodities, and cryptocurrencies were much lower than industry averages.

For most of the account types, there are very low spreads and there is no commission. Only the Raw Spread Account charges a commission.

Zambian Forex Brokers List

Actually, it is very important to be careful while picking a forex broker Zambia. Due to regulatory restrictions, not all the recommended forex brokers accept clients from Zambia. Here is a list of the brokers we were able to come up with based on our tests.

Forex BrokerTest DetailsBroker Review
FXTMDeposit Amount: Over €6,000
Total Trade: 12 trades
FXTM Review
Trading 212Deposit Amount: Over €5,000
Total Trade: 15 trades
Trading 212 Review
FBS Deposit Amount: Over €5,000
Total Trade: 12 trades
FBS Review
FP Markets Deposit Amount: Over €6,000
Total Trade: 12 trades
FP Markets Review
IC Markets Deposit Amount: Over €5,000
Total Trade: 12 trades
IC Markets Review
AxiTraderDeposit Amount: Over €6,000
Total Trade: 12 trades
AxiTrader Review
XMDeposit Amount: Over €5,000
Total Trade: 12 trades
XM Review
HYCM HYCM Website
OANDAOANDA Website

FAQ and More on Forex Trading in Zambia

When it comes to forex brokers Zambia there are many essential questions that may interest the traders. In an attempt to be helpful, we picked and answered some of the most important queries related to forex brokers Zambia.

How to Verify Forex Zambia Regulated Broker?

In Zambia, the financial sector is regulated by The Bank of Zambia and The Zambia Securities and Exchange Commission (SEC).

Trading forex in Zambia can be a quite beneficial experience, however, the traders are advised to choose the broker very carefully. It is important to choose only strictly regulated brokers. Though there are many offshore brokers with seemingly beneficial offerings, trading with them can be very risky.

The Bank of Zambia - official website

While choosing a forex broker Zambia, check its website for its availability in the country. Besides, it is also crucial to check the broker’s customer support. It would be a huge advantage if the broker offers support in the language spoken in your country.

No Deposit Bonus Forex Brokers in Zambia

A no deposit bonus is a great way for beginners to get started in the world of Forex trading. These bonuses allow you to test out the waters without risking your own money.

Here are the best no deposit bonus forex brokers in Zambia.

  • XM
  • FBS

Forex Brokers with $1 Minimum Deposit

With Trading 212 you can open an account with $1. However, remember to always check margins for the instrument you are going to trade. Mostly, $1 may simply be not enough to enter into the trade.

Forex Trading Schools in Zambia

Are you interested in learning about forex trading? If so, you may be wondering if there are any forex trading schools in Zambia.  

Actually, Zambian clients have access to a Forex Trading School Zambia. The school’s classes are aimed at helping traders gain financial freedom and learn to trade like a pro. For more information, you can visit their Facebook page.

However, all the reputed brokers offer free education. You can find a lot of useful material for beginner traders to start with their trades easily. Perhaps, this is a better and safer option for starters.

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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