Forex Brokers in Tanzania
Forex trading in Tanzania is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Tanzania as clients, forex brokers in Tanzania are required to become authorised by the Capital Markets and Securities Authority (CMSA) which regulates the industry by exercising surveillance over capital markets intermediaries and issuers of securities with a view of maintaining proper standards of conduct, professionalism thus ensuring integrity of securities dealings.
Best forex brokers Tanzania
To find the best forex brokers in Tanzania, we created a list of all the forex brokers that accept clients in Tanzania and then ranked them based on our overall rating. You can see our list of our top forex brokers for Tanzania below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
CMSA forex brokers in Tanzania
Trading online in Tanzania is popular among residents. Whilst there are many internationally regulated brokers who can accept clients from Tanzania, it is an additional benefit if the broker is regulated and authorised by the Capital Markets and Securities Authority (CMSA), which is the financial regulatory body in Tanzania.
The Capital Markets and Securities Authority (CMSA) was established in 1995 by the Capital Markets and Securities Act, Chapter 79 R.E. 2002. The CMS Act is supplemented by 19 Regulations and Guidelines governing various aspects of capital markets.
CMSA became operational as an autonomous body in the 1995/1996 Financial Year. The establishment of CMSA followed comprehensive financial sector reforms in the early 1990s that were aimed at developing capital markets in Tanzania. The capital markets are important because they provide the appropriate mechanisms for mobilizing long term savings and ensuring efficient allocation of resources to productive sectors in that way stimulate economic growth.
Functions, duties and powers of the CMSA are subject to the provisions of the Section 10 (1) of the CMS Act; the CMSA has the duty to:
- Promote and develop efficient and sustainable capital markets and securities business in Tanzania while ensuring fair and equitable dealings;
- Formulate principles for the guidance of the industry, protection of investors’ interests and integrity of the securities market against any abuses;
- Licensing and regulating stock exchanges, dealers, brokers and their representatives and investment advisors;
- Create the necessary environment for the orderly growth and development of the capital market;
- Advising the Government on policies and all matters relating to the securities industry.
How to verify CMSA regulated brokers in Tanzania
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the CMSA registrar to confirm if the forex broker is regulated in Tanzania to provide online forex trading products and services.
Some Tanzania 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.
Is forex trading legal in Tanzania?
Since there are no rules governing the legality of Forex trading in Tanzania, it is lawful to do so. The Bank of Tanzania regulates foreign currencies and controls the nation’s outflow of currency. As long as you adhere by financial regulations that stop money laundering and you submit your income tax, trading forex is legal. Although it is not required by law, employing a regulated broker can help give traders some protection.
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