By Chris Cammack Author Information Updated: June 25, 2020

These are the best Forex brokers in Tanzania; they are all well-regulated, suitable for beginner traders and have excellent trading conditions.

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  • Broker
    AvaTrade

    AvaTrade  - Best Trading Conditions

    REGULATED BY
    ASIC ASIC
    FSCA FSCA
    B.V.I FSC B.V.I FSC
    FSA FSA
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    11111
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Equities
    • ETFs
    Deposit Methods
    • POLi
    • Visa
    • Mastercard
    • Skrill
    • Neteller
    • Paypal
    • Bank Transfer
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.2 pipsNoneInstantUSD 100 Account Details
    Professional0.9 pipsNoneInstantUSD 100 Account Details
    Retail0.9 pipsNoneInstantUSD 100 Account Details
  • Broker
    FXTM

    FXTM  - Most Trusted Broker

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    FSC FSC
    Trading Desk Type
    Minimum Deposit
    USD 10
    Trading Conditions
    1110.50
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    Deposit Methods
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bitcoin
    • Unionpay
    AccountSpread FromCommissionExecutionMin. Deposit
    Cent Account1.5 pipsNoneInstantUSD 10 Account Details
    Standard Account1.3 pipsNoneInstantUSD 100 Account Details
    ECN Zero Account1.5 pipsNoneMarketUSD 200 Account Details
    ECN Account0.1 pips$2.00MarketUSD 500 Account Details
    FXTM Pro Account0.0 pipsNoneMarketUSD 25000 Account Details
  • Broker
    Blackstone Futures

    Blackstone Futures  - Best Local SA Service

    REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    ZAR 1000
    Trading Conditions
    11110.5
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Equities
    • Energies
    • Forex
    • Futures
    • Indicies
    • Metals
    Deposit Methods
    • Bank Transfer
    • Visa
    • Mastercard
    • Ozow
    • Skrill
    • Neteller
    AccountSpread FromCommissionExecutionMin. Deposit
    USD Account0.6 pipsNoneMarketUSD 100 Account Details
    ZAR Account0.6 pipsNoneMarketZAR 1000 Account Details
  • Broker
    XM

    XM  - Best Overall Broker

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    IFSC IFSC
    Trading Desk Type
    Minimum Deposit
    USD 5
    Trading Conditions
    11110.5
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    • Energies
    Deposit Methods
    • Bank Transfer
    • Sofort Banking
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Bitcoin
    • Unionpay
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneInstantUSD 5 Account Details
    Standard1.0 pipsNoneInstantUSD 5 Account Details
    XM Ultra Low0.6 pipsNoneInstantUSD 50 Account Details
    XM Zero0.6 pips$7.00InstantUSD 100 Account Details
  • Broker
    HotForex

    HotForex  - Best Education

    REGULATED BY
    CySEC CySEC
    FCA FCA
    FSCA FSCA
    DFSA DFSA
    FSC FSC
    Trading Desk Type
    Minimum Deposit
    ZAR 70
    Trading Conditions
    11110.5
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    • Energies
    • Bonds
    Deposit Methods
    • Bank Transfer
    • Visa
    • Mastercard
    • Skrill
    • Neteller
    • Bitcoin
    • VLOAD
    • Unionpay
    AccountSpread FromCommissionExecutionMin. Deposit
    Micro1.0 pipsNoneMarketUSD 5 Account Details
    Islamic1.0 pipsNoneMarketUSD 100 Account Details
    Premium1.0 pipsNoneMarketUSD 100 Account Details
    Auto1.0 pipsNoneMarketUSD 200 Account Details
    Zero0.0 pips$3.00MarketUSD 200 Account Details
    HFCopy1.0 pipsNoneMarketUSD 300 Account Details
    Premium Pro1.0 pipsNoneMarketUSD 5000 Account Details
  • Broker
    FxPro

    FxPro  - Best Trading Platforms

    REGULATED BY
    FCA FCA
    CySEC CySEC
    FSCA FSCA
    DFSA DFSA
    SCB SCB
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    11110.5
    Trading Platforms
    Trading Instruments
    • Forex
    • Indicies
    • Metals
    • Equities
    • Energies
    • Futures
    Deposit Methods
    • Bank Transfer
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Unionpay
    AccountSpread FromCommissionExecutionMin. Deposit
    FxPro cTrader0.45 pips$4.50MarketUSD 100 Account Details
    FxPro MT41.2 pipsNoneMarketUSD 100 Account Details
    FxPro MT51.52 pipsNoneMarketUSD 100 Account Details
    Islamic1.2 pipsVariableMarketUSD 100 Account Details
  • Broker
    easyMarkets

    easyMarkets  - Best Education

    REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    11110.5
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Equities
    • Metals
    • Vanilla Options
    Deposit Methods
    • Bank Transfer
    • Sofort Banking
    • Visa
    • Mastercard
    • Maestro
    • Skrill
    • Neteller
    • Astropay
    AccountSpread FromCommissionExecutionMin. Deposit
    Islamic1.9 pipsNoneInstantUSD 100 Account Details
    Standard1.9 pipsNoneInstantUSD 100 Account Details
    Premium1.4 pipsNoneInstantUSD 2000 Account Details
    VIP0.9 pipsNoneInstantUSD 10000 Account Details
    Super VIP1.2 pipsNoneInstantUSD 50000 Account Details
  • REGULATED BY
    CySEC CySEC
    ASIC ASIC
    Trading Desk Type
    Minimum Deposit
    USD 200
    Trading Conditions
    11110.5
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Equities
    • Bonds
    • Futures
    Deposit Methods
    • Bank Transfer
    • Visa
    • Mastercard
    • Skrill
    • Neteller
    • Paypal
    • Unionpay
    AccountSpread FromCommissionExecutionMin. Deposit
    RAW - cTrader0.0 pips$3.00MarketUSD 200 Account Details
    RAW - MetaTrader0.0 pips$3.50MarketUSD 200 Account Details
    Standard - MetaTrader1.0 pipsNoneMarketUSD 200 Account Details
  • REGULATED BY
    FSCA FSCA
    Trading Desk Type
    Minimum Deposit
    USD 250
    Trading Conditions
    110.500
    Trading Platforms
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    Deposit Methods
    • Bank Transfer
    • Neteller
    • Visa
    • Mastercard
    • Fasapay
    AccountSpread FromCommissionExecutionMin. Deposit
    Bronze1.5 pipsNoneInstantUSD 250 Account Details
    Silver1.2 pipsNoneInstantUSD 1000 Account Details
    Gold0.9 pipsNoneInstantUSD 10000 Account Details
    PremiumNot Published pipsNoneInstantUSD 25000 Account Details
  • REGULATED BY
    CySEC CySEC
    FCA FCA
    FSA-Seychelles FSA-Seychelles
    Trading Desk Type
    Minimum Deposit
    USD 100
    Trading Conditions
    11111
    Trading Platforms
    Trading Instruments
    • Cryptocurrencies
    • Forex
    • Indicies
    • Metals
    • Equities
    • Bonds
    • WTIs
    Deposit Methods
    • Bank Transfer
    • Visa
    • Mastercard
    • Skrill
    • Neteller
    • SticPay
    • Unionpay
    • Fasapay
    AccountSpread FromCommissionExecutionMin. Deposit
    Classic1.6 pipsNoneMarketUSD 100 Account Details
    Pro0.0 pipsVariableMarketUSD 100 Account Details
    VIP0.0 pipsVariableMarketUSD 50000 Account Details
  • Broker
    REGULATED BY
    FCA FCA
    CySEC CySEC
    ASIC ASIC
    MAS MAS
    Trading Desk Type
    Minimum Deposit
    ZAR 1500
    Trading Conditions
    11100
    Trading Platforms
    • Plus500
    Trading Instruments
    • Commodities
    • Cryptocurrencies
    • Forex
    • Indicies
    • Equities
    • Vanilla Options
    • ETFs
    Deposit Methods
    • Bank Transfer
    • Visa
    • Mastercard
    • Skrill
    • Paypal
    AccountSpread FromCommissionExecutionMin. Deposit
    Standard0.7 pipsNoneInstantUSD 100 Account Details

We pride ourselves on giving good advice, and we always put our readers first. When choosing partners, we do our research according to our review process which covers areas such as regulation, trading conditions, and the product offering.

We don't put just anyone up here. We put you first.

To pay the bills, and keep the lights on, we need a business model. That business model makes use of affiliate programs whereby we get a commission from partners featured on our website.

Our business model never influences our opinion of any partner, and the partner selection and review processes are separate. The compensation we receive from partners may affect how our lists are arranged, but the reviews are genuine, and the data is accurate. Our opinion can not be bought, and we always put our readers and their financial livelihoods first.

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Forex Trading in Tanzania

Forex trading in Tanzania is increasingly popular, as in many East African nations. Unfortunately, the Bank of Tanzania (BOT) has still not regulated the local industry and the Tanzanian Forex market has more than its fair share of unscrupulous brokers. That said, there are signs that the BOT is considering regulating the Forex market.

While there are some local brokers who treat their clients with respect, until such time as there is adequate regulation in place it is much safer to work with internationally regulated brokers who accept Tanzanian customers.

All brokers in the list above are rated highly and have top-quality regulatory oversight – essential for traders concerned about the security of their funds. In addition, they all have great trading conditions, customer support and comprehensive resources for beginner traders.

Foreign Exchange Controls in Tanzania

Tanzania has a relatively developed financial market, and the Bank of Tanzania applies strict regulatory oversight for most commercial activities in the country. 

Recently the Bank of Tanzania (BOT) and the Tanzania Revenue Authority (TRA) launched a sweeping crackdown on physical foreign exchange bureaus in the country; this was a result of a lengthy investigation which proved that many of the bureaux were covering operations for money laundering and fraud. This crackdown was followed later this year by a tightening of regulations on foreign currency exchange. The new rules make it harder for small exchange bureaus to operate, likely resulting in business moving to the commercial banks.

Apart from raising the minimum capital for Forex bureaus three-fold, the new regulations require all senior management to pass a “fit and proper person test” from the central bank. Bureaus are also required to ensure procedures are in place to identify suspicious transactions, in an effort to prevent money laundering. In addition, all customers are required to provide the source and purpose of the foreign currency to be exchanged.

The Bank of Tanzania and online Forex trading

But what does this have to do with online Forex trading? It does show that the Tanzanian government can move swiftly and decisively once it believes that there is a need. 

While no move as yet has been made to regulate the online Forex CFD market, there are signs that the BOT has started investigations and will be moving forward with some form of regulation shortly.

In August 2019 the Bank of Tanzania issued a circular informing the local CFD industry that they have launched a survey to asses whether the market needs to be regulated (see below). 

As this survey has continued, the BOT recently held a public forum for stakeholders in the local CFD industry (specifically the Forex and Crypto markets) to “gather more information about the business in Tanzania”.

We are confident that once the BOT and the other relevant authorities have completed this assessment phase, we will see a roll-out of regulation and licensing for both local brokers and international brokers who wish to open offices in Tanzania. As we have seen in other countries across the region, local regulation will benefit Tanzania Forex traders by providing security, enforcement of rules and the removal of bad actors from the local market.

But, to reiterate, until the BOT does have a regulatory regime in place you should trade with a reputable international Forex broker, such as those on the list above.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients.

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information.

With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal. 

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

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Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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