Table of Contents
Best forex brokers in Tanzania 2020
In Tanzania, we are spoilt for choice, the best forex brokers in Tanzania are easy to find.
There is a huge list of best forex brokers in Tanzania from around the world and Tanzanian citizens can register and trade with all of them. However, forex traders are strongly advised to stick to brokers regulated by a high authority regulator such as the Financial Services Conduct Authority of South Africa (FSCA) previously known as the Financial Services Board (FSB).
Best forex brokers in Tanzania; free below.
There are many countries with such regulatory bodies and the top forex trading brokers are regulated with one or more of these. Regulation is the first consideration traders should take into account before choosing a broker. There are important aspects to consider before choosing the best forex trading brokers in Tanzania.
Many brokers appear very similar at first, but there are subtle differences, which make each broker uniquely suitable for a different type of trader.
Best forex brokers in Tanzania list is very vital.
All of the following brokers are regulated and all of them offer demo accounts. These are the first prerequisites in narrowing the list down to the broker that is best for you.
Risk Warning: Trading Forex and CFD is Risky; Your Capital is at Risk.
Always remember that Forex trading is a risky business and you might win money or even lose all your money.
Top forex brokers in Tanzania
ForexTime (FXTM) is a highly popular broker among Tanzanians as they are registered with our local FSCA regulator, so you can rest assured that your money is safe.
ForexTime is one of the best forex brokers in Tanzania.
Also what’s great is that if you don’t have the usual $250 minimum deposit required by most brokers, FXTM has an account known as the cent account with a minimum deposit of only $5.
Cent Account – Minimum Deposit $5 (+/- R80), Spreads from 1.5
Standard Account – Minimum Deposit $100 (+/- R1,400), Spreads from 1.3
To wrap it up they pretty much have all the bells & whistles as any other broker on this list, including Copy Trader a feature that allows traders to automatically copy professional traders.
FXTM can truly be counted among the best forex brokers in Tanzania.
Here are the features of FXTM at a glance:
Broker regulation
South Africa – FSCA
Mauritius – FSC
United Kingdom – FCA
Cyprus – CySEC
Best forex brokers in Tanzania should be regulated.
Trading Platforms
Metatrader 4 and
WebTrade
Mobile trading apps
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
CFDs on Commodities
CFDs on Indices
Spot Metals
Share CFDs
Cryptocurrency CFDs
Stock Trading
Contract Specifications
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
FXTM Pivot Points Strategy
FXTM Trading Signals
FXTM Trader App
Currency Converter
MT4 Indicators
Forex VPS Trading
FXTM Invest Profit Calculator
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
Copy-trading (Copy trading involves copying trades of the best performing Forex traders without knowing how to trade and even doing any research – Let the experts do all the work for you). FXTM has a copy trading feature called FXTM Invest.
Market Analysis
Market Outlook
Economic calendar
Forex News Timeline
Market Analysis Videos
Market Analysis Team
Trading Accounts
Accoount Type | Standard Account | Cent Account | Shares Account |
Trading Platforms | MT4 / MT5 | MetaTrader 4 | MetaTrader 4 |
Account Currency | USD / EUR / GBP / NGN | US Cent / EU Cent / GBP Pence / NGN kobo | USD / EUR / GBP / NGN |
Leverage | Floating from 1:12000 | Fixed from 1:1000 – 1.25 (FX), 1:500 – 1:25 (Spot Metals) | Fixed leverage 1:10 for US Shares and 1:3 for European Shares |
Minimum Deposit | 100 pounds | 10 pounds | 100 pounds |
Commission | 0 | 0 | 0 |
Spread | From 1.3 | From 1.5 | From 0.1 |
Deposit Methods by one of the best forex brokers in Tanzania
- Bank Transfer
- Visa
- Mastercard
- Maestro
- Skrill
- Neteller
- Bitcoin
- Unionpay
AvaTrade is well into its second decade of operation, boasting adherence to the regulatory requirements of more than 6 global regions – from North America through Europe and South Africa to Asia, including the hard-to-crack Chinese market.
It is obviously one of the best forex brokers in Tanzania.
Their track record as one of the best forex brokers in Tanzania is one no other online broker can attest to; each AvaTrade review speaks for itself, thanks to a corporate vision that emphasizes client satisfaction and a constant effort to answer each new need as it arises.
Avatrade will always feature among the top forex brokers in Tanzania. They are definitely one of the best forex brokers in Tanzania.
Here are the features of Avatrade at a glance:
Broker regulation
South Africa – FSCA
Australia – ASIC
British Virgin Islands – B.V.I FSC
United Kingdom – FSA
Best forex brokers in Tanzania should be regulated.
Trading Platforms
Metatrader 4 and 5
WebTrader
Mobile trading
Mac Trading
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
CFD trading (Commodities, ETF, Indices, Bonds and Treasury)
Cryptocurrency CFDs
Stock Trading
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Trading Calculator
AutoChartist (Automated technical analysis tool implemented on Metatrader 4 that identifies trading opportunities)
Avaprotect (Available on the mobile app to protect your money for a certain period once a position has been opened)
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
DupliTrade is an MT4 compatible platform, which allows traders to automatically follow experienced traders’ signals and strategies in real-time. Its user-friendly interface makes it easy to build and manage a trading portfolio while gaining valuable insights on successful trading strategies.
Market Analysis
Financial Instruments information
Economic calendar
Market Analysis information
Earnings releases
Trading Accounts
Accoount Type |
Professional Account |
Retail |
|
|
|
Trading Platforms |
MT4 / 5 |
MT4 / 5 |
Leverage |
Max. 400:1 |
Max. 400:1 |
Minimum Deposit |
100 USD |
100 USD |
Commission |
0 |
0 |
Spread |
1.3 pips |
1.3 pips |
Deposit Methods from one of the best forex brokers in Tanzania
- Bank Transfer
- Visa
- Mastercard
- POLI
- Skrill
- Neteller
- Paypal
As your trusted Forex trading partner, ForexMart is highly committed to offering high-class trading software, giving exceptional trading experience, protecting your account against any fraudulent activity, and equipping you with comprehensive knowledge needed for successful trading.
Among the best forex trading brokers in Tanzania, meet ForexMart.
They are definitely one of the best forex brokers in Tanzania.
Broker regulation
Cyprus – CySEC
Best forex brokers in Tanzania should be regulated.
Trading Platforms
Metatrader 4
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
CFD on Shares
Cryptocurrency CFDs
Spot Metals
Energy
Indices
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Economic calendar
VPS Hosting
Forex Calculator
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
Open a ForexMart account, verify it, and use a payment method you prefer to deposit your account. All personal data are stored and protected by using the latest encryption technology. Once inside the platform you may use the copy trading feature to copy the best traders’ forex strategies.
Market Analysis
Market Analysis information
Economic news
Trading Accounts
Accoount Type |
Classic |
Pro |
Cents |
Zero Spread |
Scalping |
|
|
|
|
|
|
Trading Platforms |
MT4 |
MT4 |
MT4 |
MT4 |
MT4 |
Leverage |
Max. 500:1 |
Max. 500:1 |
Max. 500:1 |
Max. 500:1 |
Max. 500:1 |
Minimum Deposit |
15 pounds |
1000 pounds |
15 pounds |
1 pound |
100 pounds |
Commission |
0 |
0 |
0 |
0.02% – 0.07% |
0 |
Spread |
Min. 1 pips. Average 1.2 pips |
Min. 0.6 pips Averge 0.8 pips |
Min. 1 pips Average 1.2 pips |
Min. 0 pips (fixed)
|
Min. 0 pips Average 1.2 pips |
Deposit Methods from one of the best forex brokers in Tanzania
- Bank Transfer
- Visa
- Mastercard
- Skrill
- Neteller
- Sofort
How can we compile a list of the best forex brokers in Tanzania, without IQ Option?
IQ Option is one of the fastest growing online trading brands in the world. Voted the best mobile trading platform, they have now expanded their offerings to include CFDs on stocks and ETFs, Forex trading, and the exclusive IQOption product called Digital Options.
First founded in 2013, IQ Option has grown massively, and now has over 40 million members and counting! The platform itself has also undergone some changes since 2013, and they are constantly working to ensure it is fast, accurate and easy to use.
Although they do not have the Metatrader feature, IQ Options is also one of the best forex brokers in Tanzania.
Broker regulation
Cyprus – CySEC
Best forex brokers in Tanzania should be regulated.
Trading Platforms
IQ Options platform – An advanced trading platform for Desktop Windows, Mac Operating system, Mobile app, and the web interface.
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
Stocks
Cryptocurrency CFDs
Options
ETFs
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Economic calendars
Historical Quotes
Trading Signals
Islamic Account
Tournaments
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
None. It does not have its own copy-trading feature.
Market Analysis
News feed
Industries resources
Trading Accounts
Account Type |
Live Account |
|
|
Trading Platforms |
IQ Option Custom-made |
Leverage |
Max. 1000:1 |
Minimum Deposit |
5 USD |
Commission |
0 |
Spread |
Min. 1.1 pips
|
Deposit Methods from one of the best forex brokers in Tanzania
- Bank Transfer
- Visa
- Mastercard
- Skrill
- Neteller
- WebMoney WMZ
- AstroPay
- Advcash
- Perfect Money
As a strong proponent of transparency, FxPro establish the highest standards of safety for our clients’ funds. For this reason, client funds are kept in major international banks and are fully segregated from the company’s own funds.
Ever since their establishment, FxPro has successfully expanded to serve retail and institutional clients in more than 170 countries – and are still growing. That is why FxPro is on of the best forex brokers in Tanzania.
Broker regulation
Cyprus – CySEC
United Kingdom – FCA
South Africa – FSCA
FxPro Global Markets Limited is authorised and regulated by the Securities Commission of The Bahamas
Best forex brokers in Tanzania should be regulated.
Trading Platforms
Metatrader 4 (MT4)
Metatrader 5 (MT5)
cTrader
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
Futures
Indices
Shares
Metals
Energies
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Economic calendars
Forex tools
Economic News
Calculators
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
None. It does not have its own copy-trading feature.
Market Analysis
News feed
Industries resources
Trading Accounts
FxPro has always been a keen supporter of transparency and fairness in the Forex industry, and it has made every effort to hard to eradicate conflicts of interest between broker and client.
According to FxPro CEO, Charalambos Psimolophitis, “We provide our clients with not only superior educational resources and trading tools but also with a guarantee of their funds’ safety.
In an industry where it is taken for granted that slippage almost always goes against the client, we are pleased to demonstrate that this is not in fact the case.”
FxPro is committed to providing its clients with full trade reporting and support. In this regard, it posts its monthly slippage statistics right on the website.
Traders can choose between instant execution and market execution a feature not made available by many other Forex brokers. They also offer advanced order-matching and execution technologies that are continuously upgraded.
Deposit Methods from one of the best forex brokers in Tanzania
- Bank Transfer
- Visa
- Mastercard
- Skrill
- Neteller
- UnionPay
FBS is an international broker with more than 190 countries of presence. 14 000 000 traders and 370 000 partners have already chosen FBS as their preferred Forex company.
To provide the best customer experience FBS organizes seminars and special events, providing its clients with training materials, cutting-edge trading technologies and the latest strategies on the Forex market. Both newbie and professional traders will find these sessions useful.
Without a doubt, FBS is one of the best forex brokers in Tanzania.
Broker regulation
Belize – IFSC
Best forex brokers in Tanzania should be regulated.
Trading Platforms
FBS Trader
Metatrader 4
Metatrader 5
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
Metals
CFD
Stocks
Forex Exotic
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Economic calendars
Traders’ calculator
Risk Management tools
Alerts
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
FBS Copy Platform for both investors and traders
Market Analysis
Company news
Forex News
Daily Market Analysis
Trading Accounts
Accoount Type |
Standard Account |
Cent Account |
Micro Account |
Zero Spread |
ECN Account |
|
|
|
|
|
|
Trading Platforms |
MT4, MT5 and FBS Trader |
MT4, MT5 and FBS Trader |
MT4, MT5 and FBS Trader |
MT4, MT5 and FBS Trader |
MT4, MT5 and FBS Trader |
Account Currency |
USD |
USD |
USD |
USD |
USD |
Leverage |
Up to 1:3000 |
Up to 1:1000 |
Up to 1:3000 |
Up to 1:3000 |
Up to 1:500 |
Minimum Deposit |
100 USD |
1 USD |
5 USD |
500 USD |
1000 USD |
Commission |
0 |
0 |
0 |
0 |
0 |
Spread |
From 0.5 pips |
From 1 pip |
From 3 pips |
0 pip |
From 1 pip |
Deposit Methods from one of the best forex brokers in Tanzania
- Visa
- Neteller
- Sticpay
- Skrill
- Perfect Money
- Bitwallet
- Local exchangers
7. AxiTrader
AxiTrader was founded in 2007 on a simple idea: be the broker we’d want to trade with. Since then, we’ve grown from a two-person startup into a global business servicing tens of thousands of traders in more than 100 countries.
AxiTrader can be counted among the best forex brokers in Tanzania.
Broker regulation
The United Kingdom – FCA
Australia – ASIC
Dubai – DFSA
Best forex brokers in Tanzania should be regulated.
Trading Platforms
Metatrader 4 Webtrader
Metatrader 4
AxiOne
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
Indices
CFD
Commodities
Oil
Gold and Silver
Crypto
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Signal Providers
MT4 VPS Hosting
AutoChartist
Economic calendar
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
PsQuation is a social trading feature used by FBS; were traders can follow leading strategies.
Market Analysis
Company news
Forex News
Daily Market Analysis
Trading Accounts
STANDARD ACCOUNT | PRO ACCOUNT | ||
---|---|---|---|
Setup cost | Free | Free | |
Spreads | From 0.4 pips | From 0.0 pips | |
Commission | None | $7 round trip (USD) | |
Minimum Trade Size | 0.01 lots | 0.01 lots | |
Minimum deposit | $0 | $0 | |
Products | 140+ FX pairs, Metals CFDs | 140+ FX pairs, Metals CFDs | |
Pricing | 5 digit pricing | 5 digit pricing | |
Mobile trading | Yes | Yes | |
MT4 NextGen | Yes | Yes | |
Margin/Leverage | Up to 500:1 | Up to 500:1 | |
Base account currencies | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD | AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD, USD | |
Demo period | 30 days | 30 days | |
EA compatibility | Yes | Yes | |
VPS | Free** | Free** | |
Autochartist | Free | Free | |
myfxbook Autotrade | Free | Free | |
PsyQuation | Free | Free | |
PsyQuation Premium | Free | Free |
Deposit Methods from one of the best forex brokers in Tanzania
- Visa
- Mastercard
- Neteller
- Skrill
- Bank Transfer
- BPay
- China Union Pay
- Bank Wire
- POLI
8. XM Broker
With over 2,500,000 clients since it was founded in 2009, XM has grown to a large and well established international investment firm and has become a true industry leader.
XM is currently built of more than 450 professionals with long-year experience in the financial industry.
Their extensive experience combined with support for well over 30 languages, makes XM the broker of choice for traders of all levels, anywhere.
XM Broker is among the best forex brokers in Tanzania.
Broker regulation
Cyprus – CySEC
United Kingdom – FCA
Australia – ASIC
Italy – IFSC
Best forex brokers in Tanzania should be regulated.
Trading Platforms
Metatrader 4 Webtrader
Metatrader 4
Metatrader 5 Webtrader
Metatrader 5
Mobile Apps
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
Stocks
Commodities
Equity Indices
Precious Metals
Energies
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Forex Calculator
Technical Indicators
MQL 5
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
XM Mirror Trade is a social trading feature used by XM; where traders can follow leading strategies or traders.
Market Analysis
Markets News
Forex News
Technical Summaries
Trade-Ideas
Economic Calendar
Trading Accounts
Accoount Type |
Micro |
Standard |
Ultra Low |
Shares |
|
|
|
|
|
Trading Platforms |
MT4 / 5 |
MT4 / 5 |
MT4 / 5 |
MT4 / 5 |
Leverage |
1:1 to 1:888 ($5 – $20,000) |
1:1 to 1:888 ($5 – $20,000) |
1:1 to 1:888 ($5 – $20,000) |
No leverage |
Minimum Deposit |
5 USD |
5 USD |
50 USD |
10,000 USD |
Commission |
0 |
0 |
0 |
YES |
Spread |
As Low as 1 Pip |
As Low as 1 Pip |
As Low as 0.6 Pip |
As per the underlying exchange |
Deposit Methods from one of the best forex brokers in Tanzania
- Bank Transfer
- Sofort Banking
- Visa
- Mastercard
- Maestro
- Skrill
- Neteller
- Bitcoin
- Unionpay
9. FXGiants
FXGiants is an international online trading broker, giving access to retail and institutional investors, to over 200 tradable instruments from 6 asset classes.
The company operates successfully around the globe and places great emphasis on providing professional and reliable services to all our clients.
FXGiants is committed to provide the highest standard of services with full transparency to clients and become a one-stop destination for online trading.
FXGiants are among the best forex brokers in Tanzania.
Broker regulation
United Kingdom – FCA
Best forex brokers in Tanzania should be regulated.
Trading Platforms
Metatrader 4 for PC
Metatrader 4 for Mac
Metatrader 4 for Multi-terminal
Mobile Apps
Best forex brokers in Tanzania should have a diverse platform choice.
Trading Instruments
Currency Pairs (Forex trading)
Metal
Indices and Commodities
Futures
Shares
Cryptocurrency
Best forex brokers in Tanzania should have multiple instruments.
Trading Tools
Technical Indicators
Best forex brokers in Tanzania should have useful trading tools to assist you while trading.
Social Trading
AutoTrade by Myfxbook is the latest in social trading software.
It allows less experienced traders to copy the trades experienced traders you select into your FXGiants MetaTrader 4 account.
Market Analysis
Forex News
Live Currency Rates
Signals
Trading Accounts
Account Type | Micro Account | Premium | 0 Fixed Spread | STP/ECN No commission |
Trading Platforms | MT4 for PC and Mobile apps | MT4 for PC and Mobile apps | MT4 for PC and Mobile apps | MT4 for PC and Mobile apps |
Account Currency | USD, EUR, GBP, JPY, CZK | USD, EUR, GBP, JPY, CZK | USD, EUR, GBP | USD, EUR, JPY, CZK |
Leverage | 1:1 up to 1:1000 | 1:1 up to 1:1000 | 1:1 up to 1:500 | 1:1 up to 1:200 depending on the deposit |
Minimum Deposit | 100 USD | 1000 USD | 500 USD | 200 USD |
Commission | 0 | 0 | 18 USD per lot | 0 |
Spread |
As low as 1.1 |
As low as 0.7 |
Not Disclosed |
Not Disclosed
|
Trading Accounts (continued)
Account Type |
Absolute Zero STP/ECN |
STP/ECN 0 Spread |
Absolute Zero Plus STP/ECN |
|
|
|
|
Trading Platforms |
MT4 for PC and Mobile apps |
MT4 for PC and Mobile apps |
MT4 for PC and Mobile apps |
Account Currency |
USD, EUR |
USD, EUR, GBP, JPY, CZK |
USD, EUR |
Leverage |
1:200 |
1:1 up to 1:200 |
1:200 |
Minimum Deposit |
Not specified |
500 USD |
Not disclosed |
Commission |
0 |
7.5 USD per lot |
Up to 10 USD IB Commission |
Spread |
Not disclosed |
Not disclosed |
EUR/USD as low as: 0 |
Deposit Methods from one of the best forex brokers in Tanzania
- Visa
- Mastercard
- Bank Wire
- Skrill
- Neteller
- Dotpay
- Unionpay
Factors In Choosing a Forex Broker – best forex brokers in Tanzania
- Regulation is a critical factor when choosing a broker. A regulated broker can be given the benefit of a doubt that all is well.
- Account Types are very vital; see if a demo account is available. This will assist you during training.
- Trading Platform is also very important; remember you need to trade on a user-friendly platform that you can understand.
- Choose what Broker Type you want. Some brokers offer commission-free trading and are known as dealing desk brokers or market maker brokers. Some brokers charge commission but have tighter spreads, these are known as non-dealing desk brokers or direct market access brokers.
- Always check for additional Broker Fees that may be charged. We always highlight these in our reviews, but common ones are deposit and withdrawal fees and currency conversion fees.
- Find a broker with the Trading Conditions that will support your trading strategy. Think about how much Leverage you want to have available; keeping it low (100:1 or less) is a good idea if you are still learning how to trade. You might increase the leverage as you become comfortable with forex trading.
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Forex Broker FAQ – best forex brokers in Tanzania
What exactly is a Forex Broker?
A Forex broker is an intermediary between traders and the world’s currency markets. They do this by providing a platform and capital.
A trading platform provides traders with access to the interbank market. The interbank market is a collection of technology platforms used by banks to trade with one another. The broker platform provides traders with live prices, the ability to execute trades, and tools like charts.
Most traders use leverage to trade, and brokers provide leverage by effectively lending capital to their clients.
What is Leverage?
Leverage, also known as gearing, allows traders to take positions using capital borrowed from a bank. The trader’s margin account is used as collateral against the loan, and any losses are subtracted from the margin account.
There is more than one way to trade with leverage. A margined trading account gives traders access to leverage as mentioned above. Derivatives also give clients access to increased buying power. When a trader buys a CFD, future, option, or spread position, they must pay margin to enter the trade. In this case, the margin is like a deposit against which any losses are offset.
Forex brokers offer leverage of anywhere from 50 to 1,000 times a trader’s margin, though this usually depends on the account size, trade size and volatility of the currencies being traded.
What is a Pip?
For most currency pairs, a pip is the smallest change that can take place in the rate. It will usually be the fourth number after the decimal. If a currency rate is quoted at 1.1515 and it moves to 1.1516, then the rate has increased by one pip.
Some pairs are quoted to five decimal places, in which case the pips are measured in decimals. If the
EURUSD pair is quoted at 1.17895 and it moves to 1.17898, then it has increased by 0.3 pips.
What is the Spread?
The spread is the difference between the buy and sell price. So, if the EURUSD pair is quoted at 1.17485 to 1.17489, the spread is 0.4 pips.
In the above example, a trader would buy at 1.17489, which is the offer (or ask) price. If the trader wanted to sell, they would sell at 1.17485, which is the bid price.
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How do Forex Brokers make money?
Brokers either charge commission, or add their fee to the spread. Sometimes they do both.
The commission is calculated as a percentage of the value of the trade. The commission is deducted from a trader’s margin account.
If a broker makes money on the spread, they will quote a wider spread than the spread available in the interbank market. So, if the EURUSD pair is quoted at 1.17480 – 1.17485 in the interbank market, they might quote the rate at 1.17470 – 1.17495. If a client bought at the broker’s offer price, the broker would buy at the lower price in the interbank market, giving them a 1 pip profit.
Why do Forex Brokers need to be regulated?
Forex brokers need to be regulated for two reasons: risk and fraud.
Most traders use leverage. Most brokers have thousands of clients, and all the positions a broker’s clients hold can add up to significant exposure. If a broker does not manage its own risk properly, it can be wiped out if market volatility increases. This would mean the broker’s client accounts can also be wiped out. It also poses a systemic risk to the market. Regulations force brokers to take adequate measures to ensure they do not put client accounts at risk.
Brokers are also regulated to prevent fraud. Client accounts and the broker’s working capital need to be separated. If client money is used to run the business, this amounts to fraud. Regulatory oversight is needed to make sure this does not happen.
Why compile a list of the best forex brokers in Tanzania?
To avoid Tanzanians falling for unscrupulous forex brokers that scam people of their hard-earned cash.
Are the above top forex brokers in Tanzania legit?
Most definitely. We only compile a list of regulated forex brokers that have been tried and tested for years.
The best forex brokers in Tanzania are listed above, try them out.
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Written Courses |
Link |
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|
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