Forex Brokers in Botswana

Category: Countries | Author: Trading Brokers | Date: November 24, 2022

Forex trading in Botswana is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Significant mineral (diamond) wealth, good governance, prudent economic management, and a relatively small population of around 2.4 million have made it an upper middle-income country with an agenda of becoming a high-income country by 2036. Whilst international forex brokers can accept traders in Botswana as clients, forex brokers in Botswana are required to become authorised by the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and also the National Bank of Botswana as they are the country’s regulatory bodies.

Best forex brokers Botswana

To find the best forex brokers in Botswana, we created a list of all the forex brokers that accept clients in Botswana and then ranked them based on our overall rating. You can see our list of our top forex brokers for Botswana below.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
3.

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, CySEC, DFSA, IFSC

$5

2009

1:888

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, CySEC, FSA, SCB

$200

2007

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

NBFIRA forex brokers in Botswana

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) regulates and supervises the Botswanan financial industry. The NBFIRA was established in 2006, after the enactment of the Non-Bank Financial Institutions Regulatory Authority Act 2006.

The Act grants NBFIRA the mandate to regulate and enforce compliance within the NBFI sector in order to safeguard the stability, fairness and efficiency of the non-bank financial sector.

As outlined in section 4 of the NBFIRA ACT, the principal objective on NBFIRA is to regulate and supervise the non-bank financial institutions so as to foster the:

  • Safety and soundness of non-bank financial institutions
  • Highest standard of conduct of business by non-bank financial institutions
  • Fairness, efficiency and orderliness of the non-bank financial sector
  • Stability of the financial system
  • Reduction and deterrence of financial crime

The Bank of Botswana has been issuing currency (notes and coin) since August 1976 when the national currency, the Pula, was first introduced. The bank of Botswana engages in a variety of operations in domestic financial markets, covering money, bond markets, and foreign exchange markets.

How to verify NBFIRA regulated brokers in Botswana

You can find an authorised forex broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the NBFIRA website to confirm if the forex broker is regulated in Botswana to provide online forex trading products and services.

Some Botswana forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.

If you are a resident of Botswana, you will probably be looking at using a regulated broker in another jurisdictions as you may find your option limited otherwise. The public in Botswana are recommended to exercise due diligence before making any investment with any Non-Bank Financial Institution (“NBFI”).

Is forex trading legal in Botswana?

Yes, forex trading is legal in Botswana, which has a population of about 2’304 million people. According to Bank of Botswana (Bureaux de Change) Regulations, the bureaux de change and, consequently, the forex market in the nation are governed. It is significant to remember that trading foreign currencies without a license is prohibited for enterprises in the nation. Since gaining its independence, Botswana has experienced one of the quickest increases in per capita income anywhere in the world, with tourism playing a significant part in the economic well-being of the nation. Because of this, currency exchange is necessary for successful corporate operations in the nation.


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