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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. 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, 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. 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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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

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.,



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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The basics of trading that one should know

The basics of trading that one should know

Things you should be aware of before you start

The currency trading industry and now also the cryptocurrency trading industry have gone through enormous volatile times the last couple of years. Now with trump and its trade wars. The fast rise and somewhat recline of the cryptocurrencies and the fast pace of international politics and economies that create high rises and steep fall of the currencies.

So what does it all mean and what can you do before start to trade on these news headlines.

Good brokers like LegacyFX and UBCFX provide the traders with the latest market news and updates on a continuous basis but if you are new to trading you still have no idea what to do with this.

You start by understanding that the involves a high degree of risk, including the risk of losing you hard earned money. Besides the ones that were lucky enough to have bought Bitcoin a couple of years back and cashed in in the end of 2017, most people don’t get rich overnight.

You have to understand that you only trade with money that you are able to lose, going hungry because you want to open a trade is not the right wy to go about it.

So, What is Forex?

You should by now understand that the value of currencies goes up and down every day.

This in general becomes apparent the moment you go on vacation and what you bought last year with your money now is not the same amount you get today at the exchange.

This is on a large scale, what a lot of people do not know is that there is a foreign exchange market – or ‘Forex’ for short – or “FX” for even shorter, where you can potentially make a profit from the movement of these currencies.

The most known Trader is George Soros who made a billion dollars in a day by trading currencies. This is of course on a scale that we are not able to reach and you need a huge amount of money to begin with. Still he made a billion in one day!!

The internet has played a huge part in making trading in currencies accessible for the masses. You also do not need huge amounts of money to actually do this. Now keep in mind that if you make 10% profit on your investment but the investment was just $50 you basically just end up with $55. still no bank will give you 10% interest on your money.

Many people and I am talking millions are now trading every day, most do this on the side and don’t do this as a full-time job, but there are today enough people that are full time traders and making enough money to live comfortably.

Retail forex market needed Brokers

The Forex market for the retail market was born, it started around 15 years ago to become more serious as technologies advanced and the stream of information became almost instant, this is important for trading as one second can make the difference between profit or loss.

So, the moment the technology was there the people that wanted to trade were there all that was needed were the Forex brokers that offered the platform for trading.

There are latterly hundreds of companies of not thousands that offer this service and there are good ones like LegacyFX and there are scams (these tend to not last long)

Forex explained in short

The Forex market is the largest financial market on the planet and has been for many years now.

Its average daily trading volume is more than $4 trillion. (just let that number sink in for a second). Of this total amount around 5% is the retail market meaning traders like you and me. Still 5% of 4 Trillion is still a number with a lot of zeros behind it.

If you compare that with the New York Stock Exchange, which only has an average daily trading volume of $55 billion. You truly see the size.

To give you another example:

if you were to put ALL of the world’s equity and futures markets together, their combined trading volume would still only equal a 25% of the daily Forex market. Insane right?

Why does this even matter?

It matters because there are so many buyers and sellers that transaction prices are kept low. To explain how trading the Forex market is different than trading stocks, here are a few major benefits.

  1. Most Brokers don’t charge commissions – you pay only the bid/ask spreads.
  2. There’s 24hour trading – you decide when to trade and how to trade.
  3. You can focus on your currencies and become experts in only those pairs that you follow instead of following and selecting out of 5000 stocks
  4. You can trade on leverage, (something to be very aware of as it can magnify potential gains but also your losses).
  5. Forex is accessible for almost everyone– you don’t need a lot of money to get started
  6. In the Forex market you can trade on Demo accounts to learn before you commit your money

How is Forex traded?

The mechanics of a trade are virtually identical to those in other markets. The only difference is that you’re buying one currency and selling another at the same time.

This is also the reason as to why the currencies are quoted in pairs, like EUR/USD or USD/GBP.

The exchange rate represents the purchase price between the two currencies.


The EUR/GBP rate represents the number of GBP one EUR can buy (relevant now with all the Brexit issues going on) . If you think the Euro will increase in value against the British Pound, you buy Euros with British Pounds. If the exchange rate rises, you sell the Euros back, and you cash in your profit.

Now the same works for strading Bitcoin, ethereum, Litecoin or other cryptocurrencies. this has become an entire new market and has introduced many people to Forex . you should here be also aware that trading cryptocurrencies is like regular trading so you will be able to lose great sums of money.

the Best thing i found about trading cryptocurrencies is that the Leverage by default tends to be very low which makes the risk of losing it all much smaller.

Sounds simply enough?

Why does not everyone Trade.

The same could be asked as to why not everyone plays poker, you can make money. The comparison between the 2 is actually closer than you might think.

All traders that are successful will tell you that 80% of successful trading is psychology and the other 20% is research. It takes time to get the research down, but it can take a lifetime to master the psychology.

People tend to do things differently when real money is on the line and are accepting losses in the hope that the trend will reverse or taking out profit too early because they don’t want to lose what they just have gained. In short, the psychology is the hard part.

One should be aware that you can loose real money and a lot of it very fast if you don’t know what you are doing.

Now most Good Forex brokers offer some educational tools, some more than others that will teach you how to trade. There is also something that is called social trading that will allow you to follow other traders and see what they are doing in order for you to learn and make money at the same time.

So here are some ground rules for those that look to start trading

  1. Get involved in the market, watch read and listen to the news to understand what is happening
  2. Go through a trading course ( a good one is here)
  3. Open a demo account and trade at least a month (my advice to do this even longer)only on this before you even think about trading with real money.
  4. Check out social trading, there are some options for this, this broker offers this also.
  5. Try with an amount that you are able to afford losing. See this as your tuition money.
  6. Take it slow, don’t become greedy and follow the basic rules

Basic Rules (there are many more but start with these)

  1. The trend is your friend
  2. Don’t add money to a losing position
  3. Don’t trade on too many different currency pairs
  4. Trade only with a good broker
  5. Don’t open to many positions (no one needs 100 positions a day)
  6. Develop your strategy and stick to it.
  7. Know that NO ONE is 100% of the times right, everyone loses some.
  8. Last but not least, don’t trade with money you cannot afford to lose.

Now all that I want to say is good luck.  😊


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