Traders Union (TU) analysts have prepared a comparative analysis of the best brokers Tanzania in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from Tanzania to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.
The Most Reliable Brokers Tanzania by TU include the following:
Exness broker is a trusted broker partner that is compliant with all relevant terms. Exness complies with all payment obligations and pays money earned.
FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.
eToro is an international broker for trading and investing in assets, copying trades of experienced market players and earning income on offering your own successful strategy. The activities of eToro are controlled by European financial regulators: CySEC and FCA. The broker offers its clients the opportunity to trade indices with a maximum leverage of 1:20 and ETF instruments with a leverage of 1:5. Size of leverage in eToro can also vary depending on the regulation of the division of the broker you work with.
The broker is focused on cooperation with active traders, regardless of their trading experience.
The Global Prime brokerage company is suitable for both novice and experienced traders and is geared toward English-speaking clients.
Best forex brokers for beginners in Tanzania in 2024
| Exness | FBS | eToro | IronFX | Global Prime | |
|---|---|---|---|---|---|
Trading platform |
MetaTrader 4/5 (desktop, web, and mobile), Exness Terminal (web), and Exness Trade App (mobile) |
MetaTrader 4, MetaTrader 5, FBS Trader |
Mobile apps (iOS, Android) |
MetaTrader 4 |
MetaTrader 4 |
Min deposit |
$10 |
$1 |
$100 |
$100 |
$1 |
Leverage |
From 1:1 |
From 1:1 |
From 1:2 |
From 1:30 |
From 1:1 |
Trust management |
No |
No |
No |
No |
No |
Accrual of % on the balance |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Spread |
From 1.0 points |
From 0.2 points |
From 2.0 points |
From 0.0 points |
From 0.1 points |
Level of margin call / stop out |
0% / 60% |
40% / 20% |
0% / 0% |
40% / 20% |
120% / 100% |
Execution of orders |
Market Execution, Instant Execution |
Market Execution |
Instant Execution |
STP, Market Maker, ECN |
Market Execution |
No deposit bonus |
No |
$5 |
No |
No |
No |
Cent accounts |
No |
Yes |
No |
No |
No |
There are certain specifics in trading, which novice traders residing in the territory of Tanzania need to know about:
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Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.
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Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.
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When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.
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If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.
1
Best Forex broker for beginners in Tanzania - Exness
The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.
👍 Advantages of trading with Exness for traders from Tanzania:
•Availability of 8 licenses and a membership in the Financial Commission with its own compensation fund to insure traders against losses;
•Wide choice of account types — Standard, Pro, Cent, Swap Free, and Demo;
•Wide range of CFDs, including over 100 currency pairs;
•Zero deposit and withdrawal fees;
•Proprietary platforms for active and social trading, as well as all versions of classic MT4 and MT5.
👎 Disadvantages of Exness for traders from Tanzania:
•The broker’s website offers almost no educational materials;
•24/7 support isn’t available in all languages.
Exness Commissions & Fees for traders from Tanzania
Exness charges trading fees. The fees are charged as the spread. In the fees review for traders from Tanzania, you can learn about their rates depending on the account type.
Exness Commissions and Fees in Tanzania
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard Cent |
$0.3 |
No |
Standard |
$3 |
No |
Standard Plus |
$10 |
No |
Raw Spread |
$0 |
No |
Zero |
$0 |
No |
Pro |
$1 |
No |
2
Best Forex broker for beginners in Tanzania - FBS
FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.
👍 Advantages of trading with FBS for traders from Tanzania:
•negative balance protection;
•a large selection of trading instruments;
•the support service works 24/7.
👎 Disadvantages of FBS for traders from Tanzania:
•no cryptocurrency;
•auto copying is not available;
•no PAMM accounts;
•not suitable for short-term trading, such as scalping;
•the support service works in a limited number of languages;
•only two real accounts.
FBS Commissions & Fees for traders from Tanzania
FBS charges trading fees. The fees are charged as the spread. In the fees review for traders from Tanzania, you can learn about their rates depending on the account type.
FBS Commissions and Fees in Tanzania
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From $1.7 |
No |
Cent |
From $1.3 |
No |
3
Best Forex broker for beginners in Tanzania - eToro
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA.
👍 Advantages of trading with eToro for traders from Tanzania:
•High level of reliability ensured by the licenses of respected regulatory authorities and participation in the compensation funds.
•Wide selection of assets quoted at stock exchanges in the UK, U.S., Australia and Asia.
•An opportunity to combine active trading with social trading and passive investing.
•Zero-fee trading of a number of stocks.
•Access to ready-made diversified asset portfolios with various risk levels.
•Provision of leverage, educational materials on various markets and user-friendly trading platforms that can run on any device.
•Zero fees for portfolio management, depositing funds and account maintenance.
👎 Disadvantages of eToro for traders from Tanzania:
•High minimum deposit for users of a number of countries.
•No live chat on the website for quick connection to customer support.
eToro Commissions & Fees for traders from Tanzania
eToro charges trading fees. The fees are charged as the spread. In the fees review for traders from Tanzania, you can learn about their rates depending on the account type.
eToro Commissions and Fees in Tanzania
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
$5 |
Yes |
Pro |
from $1.1 |
$5 eToro’s fee + the fees of payment systems |
4
Best Forex broker for beginners in Tanzania - IronFX
IronFX was launched in January 2010 by a team of specialists in finance and software development. Today, IronFX has grown to be among the industry leaders that provide online trading services globally. Customers can use the MT4 advanced trading platforms and trade more than 300 tools from 6 various asset classes. IronFX serves individual as well as corporate clients from over 180 countries. IronFX is highly valued for providing cutting-edge technological innovation on trading platforms and trading tools.
👍 Advantages of trading with IronFX for traders from Tanzania:
•round-the-clock communication with a multilingual support TEAM on weekdays;
•wide range of trading assets;
👎 Disadvantages of IronFX for traders from Tanzania:
•the verification procedure can be repeated;
IronFX Commissions & Fees for traders from Tanzania
IronFX charges trading fees. The fees are charged as the spread. In the fees review for traders from Tanzania, you can learn about their rates depending on the account type.
IronFX Commissions and Fees in Tanzania
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
from $18 |
No |
Premium |
from $16 |
No |
VIP |
from $14 |
No |
Zero Fixed |
from $0 |
No |
No commission |
from $17 |
No |
Zero Spread |
from $0 |
No |
Absolute Zero |
from $3 |
No |
5
Best Forex broker for beginners in Tanzania - Global Prime
Global Prime is an Australian broker headquartered in Sydney. It provides services to traders in most countries. The company was founded in 2010 and is now regulated by the Australian Securities and Investments Commission (ASIC, 385620) and the Vanuatu Financial Services Commission (VFSC, 40256). Global Prime has won several prestigious awards, including “Best Client Service” from AU Forex Awards and “Best Forex Analytics” from Australian Forex Awards.
👍 Advantages of trading with Global Prime for traders from Tanzania:
•reputable financial regulators;
•wide range of the most requested trading instruments;
•quick and simple registration.
👎 Disadvantages of Global Prime for traders from Tanzania:
•website is in English only;
•no cent accounts;
•news and reviews are in English only;
•minimum deposit is $1;
•client support works slowly.
Global Prime Commissions & Fees for traders from Tanzania
Global Prime charges trading fees. The fees are charged as the spread. In the fees review for traders from Tanzania, you can learn about their rates depending on the account type.
Global Prime Commissions and Fees in Tanzania
| Account type | Spread (minimum value) | Withdrawal commision |
|---|---|---|
Standard |
From $9 |
No |
Raw |
From $3.5 |
No |
Fees and Commissions
When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.
The brokers usually charge two finds of fees: spread and lot fee.
Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.
The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.
The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.
The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.
Summary
Choosing the right broker is not a simple task for new traders in Tanzania, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from Tanzania, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.
Top Forex brokers for beginners in 2024 for traders from Tanzania
| Exness | FBS | eToro | IronFX | Global Prime | |
|---|---|---|---|---|---|
Overall score |
7.58 |
8.28 |
9.4 |
6.98 |
6.94 |
Execution of orders |
9.6 |
9.5 |
9.1 |
6.85 |
6.05 |
Investment instruments |
8.79 |
6.96 |
9.7 |
8.87 |
8.52 |
Withdrawal speed |
8.79 |
9.57 |
9.5 |
7.23 |
8.57 |
Customer Support work |
9.29 |
7.58 |
9.3 |
7.03 |
5.5 |
Variety of instruments |
8.02 |
7.02 |
9 |
8.02 |
8.02 |
Trading platform |
1 |
9.03 |
9.8 |
3.88 |
4.97 |
FAQ
What amount does a novice trader need in order to start trading?
It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.
How do I choose a reliable broker Tanzania?
According to the requirements of country Tanzania, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.
Should I accept the bonuses for beginners?
Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from Tanzania.
Can a beginner earn passive income in the Forex market while he is learning?
Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from Tanzania.
Best Forex Brokers for Beginners by Countries
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
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Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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