Forex Brokers in Zimbabwe

Category: Countries | Author: Trading Brokers | Date: November 25, 2022

Forex trading in Zimbabwe 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 Zimbabwe as clients, forex brokers in Zimbabwe are required to become authorised by the Securities and Exchange Commission of Zimbabwe (SECZ), which is the financial regulatory body of Zimbabwe. However, many Zimbabwe traders look for a regulated broker that is located overseas.

Best forex brokers Zimbabwe

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

SECZ forex brokers in Zimbabwe

Forex and CFD trading are legal in Zimbabwe according to The Securities and Exchange Commission (SEC) of Zimbabwe. The Securities and Exchange Commission of Zimbabwe was established through the enactment of the Securities Act (Chapter 24:25). Section 3 of the Act provides for the establishment of the Securities and Exchange Commission which is the regulatory body for the securities and capital markets in Zimbabwe.

Regulatory functions

  • Regulates trading and dealing in securities; and
  • Registers, supervise and regulate securities exchanges
  • Licenses, supervise and regulate licensed persons

Objectives

The stated objectives of SECZ are:

  • Providing high levels of investor confidence
  • Reducing systemic risk in the capital markets
  • Promoting market integrity and investor confidence
  • To prevent market manipulation, fraud and financial crime
  • Ensuring transparency in capital and securities markets
  • Promoting investor education

How to verify SECZ regulated brokers in Zimbabwe

The Securities and Exchange Commission of Zimbabwe (SECZ) says very little of regulation in the retail trader space, but Zimbabwean investors can still take advantage of brokers regulated through other entities, including the FSCA, FCA and CySEC.

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 relevant registrar to confirm if the forex broker is regulated in Zimbabwe to provide online forex trading products and services.

Some Zimbabwe 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.

There is no regulation for forex brokers in Zimbabwe making it risky for investors. If you still want to invest in forex at your own risk, you must do proper due diligence on local forex laws, online investing restrictions in Zimbabwe and on the forex brokers that you want to choose.

Is forex trading legal in Zimbabwe?

Zimbabwe has a population of around 14.86 million people, making it a country with a lot of prospective forex traders. There are five main organizations in Zimbabwe that are in charge of overseeing and regulating the nation’s financial system. These organizations include the Securities Exchange Commission (SEC), the Insurance and Pensions Commission, the Deposit Protection Corporation, the Ministry of Finance, and the Reserve Bank of Zimbabwe (RBZ). Zimbabwe’s principal exports are minerals, gold, and agricultural products, with tourism also playing a significant role. In addition to conventional forex trading, Islamic forex trading is also permitted and accessible in the nation. In Zimbabwe, less than 1% of the local population self-identifies as Muslim, making Islam a minority religion. To trade in conformity with Sharia Law, local Muslim investors must pick a forex broker that offers both conventional and Islamic forex trading accounts.


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