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8 Best Forex Brokers in Zambia ( Why you should consider forex trading) – Zambian Watchdog

The Forex Market is the largest and most accessible markets of them all, and it experiences substantially high volumes on a daily basis with transaction to the value of more than $5 trillion being executed within a 24 hour time period.

Overview of Forex Trading in Zambia

The Forex Market is the largest and most accessible markets of them all, and it experiences substantially high volumes on a daily basis with transaction to the value of more than $5 trillion being executed within a 24 hour time period.

There has been an influx in traders taking to the Forex Market for various reasons, one being the attempt to secure an alternative income due to economic duress as result of the Covid-19 pandemic.

There has been an influx in Forex trading especially in various African countries recently, due to more brokers welcoming traders from numerous African countries, providing them with an opportunity to partake in the largest financial market in the world.

Beginner Zambian traders will need to ensure that they gain sufficient Forex trading knowledge by making use of various guidelines and tutorials before they attempt to start trading to avoid substantial loss of capital due to novice errors.

Various brokers offer educational tools and resources that aid beginners in starting their Forex trading journey, and in addition, they offer the use of demo accounts which act as practice accounts.

These demo accounts offer beginner Zambian traders with the opportunity to build up their trading skill and experience with the added advantage that it is a risk-free trading environment that mirrors that of a live trading environment.

There are numerous brokers that accept Zambian traders, and when comparing between them, it will depend on the Zambian trader’s trading needs and objectives in deciding which broker is better suited.

Before registering a live account with a Forex broker, it is imperative for Zambian traders to verify the exchange rate along with the deposit, withdrawal and account base currencies supported.

All currency conversions performed in this article have been done between the US Dollar and the Zambian kwacha at the current exchange rate on the day and at the time that this article was written.

Best Forex Brokers recommended for Zambian traders

ThinkMarkets is an Australian-based ECN and STP broker with regulation through ASIC, and FCA. As a well-regulated, global online broker, ThinkMarkets facilitates the trade of Forex, commodities, cryptocurrency, stocks, and many more financial instruments.

Should Zambian traders wish to make use of this broker, there is a minimum deposit of 4, 540.06 ZMW which allows traders access to leverage of 1:500, variable and tight spreads, and relatively low and competitive commissions on trades.

ThinkMarkets supports the use of MetaTrader 4 and Trade Inceptor and supports a variety of payment methods through which deposits and withdrawals can be made.

eToro is a Cyprus-based broker with multiple regulations through ASIC, FCA, and CySEC in providing online trading facilitation of multiple financial instruments including Forex, commodities, cryptocurrency, indices, and several others.

In opening an account with eToro, Zambian traders will be expected to deposit a minimum of 3,632.05 ZMW when opening an account, providing them with tight and variable spreads, leverage up to 1:400, and commission free trading.

eToro provides its own proprietary platform through which trades can be executed along with an array of payment methods which are supported for deposits and withdrawals.

Trading 212 is a STP broker headquartered in Bulgaria and the U.K with regulation through both the FCA and FSC, respectively. Trading 212 facilitates the trade of Forex, commodities, cryptocurrency, stocks, shares, and many other financial instruments.

Zambian traders who open an account with this broker will be liable to pay a minimum deposit from as little as 18.16 ZMW which provides them access to leverage up to 1:300, variable spreads, and commission free trading.

Trading 212 provides its own proprietary trading platform through which trades can be executed either on web or mobile devices and Zambian traders can make use of an array of payment methods when making deposits or withdrawing funds.

Pepperstone is an Australian-based ECN and STP broker which is authorized and regulated by ASIC, FCA, and DFSA in facilitating trading of Forex, commodities, cryptocurrency, stocks, shares, and numerous other financial instruments.

When opening an account, Zambian traders can expect minimum deposit requirements of 3,632.05 ZMW, leverage of up to 1:500, variable and tight spreads, and ultra-low commissions charged on trades.

Zambian traders can make use of either MetaTrader 4, MetaTrader 5, or cTrader through which trades can be executed and various payment methods which are supported through which deposits and withdrawals can be made.

FXPrimus is a Cyprus-based ECN and STP online broker which is regulated by CySEC, FSCA, and VFSC, and facilitates the trading of Forex, commodities, cryptocurrency, stocks, shares, metals, CFDs, and other financial instruments.

The minimum deposit required when opening an account with FXPrimus is 1,816.03 ZMW and Zambian traders can expect leverage up to 1:1000, variable spreads and low commissions which are charged on trades.

When trading, Zambian traders can make use of MetaTrader 4 either on desktop PC, web browsers, or mobile devices. FXPrimus supports the use of various payment methods through which deposits and withdrawals can be made.

HYCM is an ECN and STP online broker with offices in the U.K, Cyprus, UAE, and the Cayman Island with respective regulation through CIMA, CySEC, DFSA, and the FCA. HYCM facilitates the trade in Forex, commodities, stocks, and more.

When opening an account with HYCM, Zambian traders can expect a minimum deposit requirement of 1,816.03 ZMW, leverage of up to 1:200, fixed and variable spreads and relatively low commission charges on trades.

Zambian traders have a choice between using either MetaTrader 4 or Metatrader 5 when trading. HYCM supports a variety of payment methods through which deposits and withdrawals can be made.

Forex.com is based in the United States, U.K, and Japan with multi-regulation and authorization through ASIC, CFTC, FCA, FSA, IIROC, JFSA, and NFA in facilitating the online trading of Forex, commodities, stocks, indices, CFDs, and numerous other instruments.

Should Zambian traders open an account with Forex.com, there is a required minimum deposit of 908.01 ZMW which provides traders with access to leverage of 1:50, variable spreads and average commission charges.

Forex.com supports the use of MetaTrader 4 but also offers its own proprietary trading platform as well and deposits and withdrawals can only be done through Bank Wire Transfer or Credit/Debit Cards.

NordFX is a STP, ECN, and NDD online broker based in Vanuatu and Cyprus with respective regulation and authorization through VFSC and CySEC in providing trading facilities for Forex, commodities, cryptocurrency, stocks, and other financial instruments.

The minimum deposit required when opening an account is 181.60 ZMW and NordFX offers leverage of up to 1:1000, fixed and variable spreads, and extraordinarily low commissions charged on trades.

Zambians can trade by making use of MetaTrader 4 which can be used either on desktop PCs, web browsers or mobile devices. NordFX supports an array of payment methods which can be used to make deposits as well as withdrawals.

Final Thoughts

With more brokers accommodating traders from African countries, including Zambia, Zambian traders have more access to an array of options where brokers are concerned.

When choosing a broker, Zambians will need a clear understanding of their trading and financial objectives along with their trading needs and what they expect from their broker.

Zambian traders can make use of demo accounts provided by these brokers to gain a more in-depth view of the brokers’ trading conditions in a risk-free environment by using virtual funds instead of the trader’s own capital.

Open a Free Trading Account Now.

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Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

What Is A Demo Account?

Demo accounts enable new investors to test their ideas and learn how to use trading technologies without risk. Users can use the demo account to trade with simulated money and see what their returns would be if they traded with real money. Demo accounts are often used in schools and universities to teach investing and compete in trading competitions.

Demo accounts are commonly used by stock traders, currency exchange traders, and commodities dealers, but not by long-term investors. A demo account is less effective since the longer it takes to produce earnings from an investment, the more time it takes away from compounding real money.

 

How Does A Demo Account Work?

Using demo accounts, investors can practice trading on a platform without putting their own money at risk. You will not be exposed to the dangers associated with live trading platforms on a demo account. As a result, you can learn how platforms work without putting your money at danger.

A demo account guarantees that you will not lose money, but it also guarantees that you will not make money. To reduce risk when trading on the real market, traders must learn discipline and establish techniques.

How to Open A Demo Account?

In general, opening a demo trading account is pretty simple. Choose a Broker – Most brokers provide demo trading interfaces to help you become acquainted with the features and create techniques. Choose which broker to use initially.

Registration is necessary, and you must provide your personal information. Name, address, and financial information will be requested. Your identification will almost certainly have to be validated as well.

Once you’ve decided on a broker, you can install MetaTrader4. Once you have decided on a broker, you will require a trading platform. MetaTrader 4 and MetaTrader 5 are the most popular trading platforms.

You will obtain login details after registering with a trading program. You will be able to open an account.

How Long Do Demo Accounts Last?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

Why Is It Necessary to Open A Demo Account?

Traders can use a demo account to test out a program for up to three months before deciding whether to purchase the complete edition. The three-month term is basically offered to guarantee that the prospective buyer has enough information to make them desire to buy.

What Are Advantages of A Demo Accounts?

Demo accounts are an excellent method to learn about various trading tactics and software. Paper trading is a lot safer way for a beginner investor to make technical mistakes than real trading. Investors can benefit from the customised trading software provided by each firm.

A demo account lets you to test methods without risking any money, whether you are a novice or an experienced trader. Trading on a demo account allows the trader to test the approach before trading with real money.

Even though many traders begin with equities, commodities and Forex can be profitable. The same strategies, however, may not be applicable in all three asset groups. A demo account allows experienced traders to experiment with several asset classes.

 

The Differences Between Demo & Live Accounts

A forex demo account is distinct from a genuine account in that it is utilised as a training account for traders to practise trading without putting real money at risk. Real accounts, on the other hand, use actual money, and traders put their own money at risk. A demo account enables users to trade with fictitious money in order to imitate the earnings they would receive if they traded with real money. Demo accounts are often used in colleges and institutions to teach investing and compete in trading competitions.

However, studies have shown that even if a person has obtained extensive trading expertise through the use of virtual accounts, things may turn out differently when real money is involved. Because you are not putting anything at risk  is more accessible when dealing with virtual money than when trading with actual money.

Can I have Multiple Forex Demo Accounts?

You may be able to open up to five demo accounts depending on the broker. Some, however, provide up to 19 demo accounts. There is no way to predict how many demo accounts are available at any particular time. All brokers do not limit the number of demo accounts.

If your broker has a demo account limit, you can contact their customer service via email or live chat to request more demo accounts.

There are brokers who will only allow you to open one account of each type per email address.

As a result, you are not able to establish any additional accounts until you give them with another email address or open a new account. Traders do not benefit from this practise because it requires them to spend their resources on opening new accounts rather than allowing them to open as many as they like.

In most circumstances, you won’t need more than five accounts, and depending on your plan, one may enough.

In any case, you should practise on a demo account until you are really proficient.

Is A Demo Trading Account Free?

Demo platforms are usually free. There is no risk of losing money because you will not be dealing with real money. As a result, there are no deposits, withdrawals, or training fees involved.

 

How to Choose Forex Accounts?

Different accounts have different settings. Before you open a trading account, you should answer the following questions:

How much money do you want to put down? You should keep in mind that trading with money you cannot afford to lose is not a good idea.

What is your level of risk tolerance? If you are a cautious trader, you can open a micro account and trade micro-lots. However, if you wish to trade more aggressively, you should open a regular account.

Do you require any specialised equipment? Many forex brokers provide their best trading tools to its professional clients, which may include cutting-edge news analysis or access to a diverse set of indicators.

Once you’ve determined what kind of trader you are, your trading objectives, and your risk tolerance, you’ll be able to choose which account is best for you.

Can I Take Money Out of a Demo Account?

Unfortunately, the answer is no. Demo accounts are only for practise purposes. You do not deposit anything because the account is not funded with real money.

As a result, any profits you would have made would be ineligible for withdrawal.

Forex Trading Knowledge Questions and Answers

Forex Trading Knowledge Questions and Answers

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AvaTrade introducing 3 new crypto pairs

crypto trading with Avatrade

AvaTrade introducing 3 new crypto pairs – updating 3 others

AvaTrade has yet again improved their cryptocurrency trading offering.

AvaTrade is introducing three new cryptocurrency pairs: NEOUSD, EOSUSD & MIOTAUSD in addition to the 15 crypto assets already on offer.

These new pairs have been available since July 1st, 2019 and provide an excellent opportunity to diversify your clients’ portfolios and increase their exposure to this vibrant 24/7 market.

AssetTypical SpreadLeverageMarginMin Nominal Trade Size
NEOUSD1.5% Over-market2:0150%10
EOSUSD2% Over-market2:0150%10
MIOTAUSD1.5% Over-market2:0150%10

To unify their cryptocurrency instrument labels, They are relabeling their existing Ethereum, Ripple & Litecoin instruments, by replacing the existing instruments with new USD labelled ones:

AssetOld SymbolNew Symbol
RIPPLEXRPXRPUSD
ETHEREUMETHETHUSD
LITECOINLTC_MiniLTCUSD

These new pairs have also been available since July 1st,

The trading conditions for each one is identical to those of the older respective assets they replace.

Effective immediately, new positions are only available on the new pairs.

Avatrade Clients will not be able to open new positions on the old assets, but those already open will remain unaffected until July 29th.

Existing positions on XRP, ETH and Litecoin-mini that remain open on July 29th will be automatically replaced with corresponding positions on the new pairs, , at the same opening price and at no cost to clients.

as any broker that values their clients would do , Avatrade makes sure that the clients will not be affected by the change.

Visit Avatrade NOW

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Neteller Launches Cryptocurrency Exchange Service

Neteller Launches Cryptocurrency Exchange Service

Neteller  one of the most known Digital fiat currency wallet provider , has started allowing its users to buy, sell, and hold cryptocurrencies including BTC, BCH, ETH, ETC, and LTC.

They do this on the large scale with a pilot in 10 countries and soon another 50 countries to join . They understand that if you do this effort it will only succeed if you can do this on a global scale.

Neteller and Cryptocurrencies

Neteller is a service which is operated by Paysafe Financial Services Ltd.,

paysafe

paysafe

founded in 1999, Paysafe Financial Services entered the market with the mission to provide an online alternative to the known traditional payment methods.

Most of the traders aiming us now neteller as one of the companies through which we made our deposits and if we had any profits also our withdrawals. A couple of years ago they left the Forex and Binary industry behind since the charge-back issue became just too expensive.

But as any companies knows, if you do not adept you die. The binary option market is all but dead and the Forex industry has moved also into the directions of the cryptocurrencies. thus, neteller understands that this is where the future is.

So Lasts week they announced that they are now offering a wallet with buy and sell cryptocurrency options.

As of today, Neteller users can buy, hold and sell cryptocurrencies via a recognized cryptocurrency exchange including bitcoin, bitcoin cash, ethereum, ethereum classic and litecoin, purchased using any one of 28 fiat currencies available in the Neteller wallet.

It may not seem so exciting but for many users that love this service it actually is. More and more currencies will be added making them an true exchange in the near future.

Now one is able to fund their neteller account through many different means (Mobile, Epay, Paysafecard, local bank deposits, and bitcoin)

We think that will make the threshold for many people, who would want to buy or sell cryptocurrencies, lower. This in return is a good thing for the overall acceptance of the cryptocurrencies in the mainstream of every day life.

Conditions for buying and selling cryptocurrencies through Neteller

The rates offered are somewhat in the lower middle of the current market making them go for the save route. The average market rates on the major cryptocurrency exchanges differ all in all not that much anyways, as this is not the main reason to choose to buy Bitcoin through Neteller

The minimum cryptocurrency purchase or sale amount is “approximately equal to 10 EUR,” the firm clarified, adding that the maximum amount depends on the transaction limits associated with each account.

When You open an account with Neteller you have to choose your default currency. This is of course for most people in accordance on their geographical locations, people in Britain will go for the pound most Europeans go for the euro and pretty much the rest of the work goes for the US Dollar, thou other currencies are available

The fee is 1.5 percent for purchasing and selling cryptocurrencies from wallets with EUR or USD as the default currency.

The fee rises to 3 percent for wallets with other default currencies.

Neteller  | Why is this a good move for neteller and one that we should expect from other online Payment providers as well ?

At this moment till last week Neteller users can pay, get paid on thousands of sites, and send money around the world through their system.

The company claims to have “millions of point-of-sale, ATM and online locations” for users to withdraw or spend their cash.

Last July 25, Paysafe ( which as you remember is the company that owns Neteller and Skrill)  announced that another digital wallet provider in its group, Skrill ( formerly known as moneybookers), started allowing customers to “instantly buy and sell cryptocurrencies, including bitcoin, bitcoin cash, ether and litecoin, using any one of the 40+ fiat currencies available in the Skrill wallet.”

We could now see that this was like their test run on this concept.

We do not know the numbers that Skrill produced since they offered this service but it must have been encouraging enough for Paysafe to include their flagship brand in this endevour.

We will see where this leads but we are hopeful that this is the next step in global acceptance to the cryptocurrency revolution. Let me know what you think

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