Best forex brokers in Zimbabwe in 2021

To help you find the best forex brokers in Zimbabwe in 2021, we went ahead and did the research for you. First, we selected 79 quality online brokers, then we checked and compared fees, currency pairs, charting tools, platforms, practically everything. We dug deep, so you won't have to. And now, without further ado...

Our top 5 picks for the best forex brokers in Zimbabwe in 2021:

1. Fusion Markets is the winner, the best forex broker in Zimbabwe in 2021. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
2. Tickmill takes the second place. Low forex fees. Fast and easy account opening. Free deposit and withdrawal.
3. XTB rounds out the top three. Low forex fees. Free and fast deposit and withdrawal. Easy and fast account opening.
4. ActivTrades, is ranked fourth. Low trading fees. Free deposit and withdrawal. Good customer support and education services.
5. AvaTrade. Easy and fast account opening. Free deposit and withdrawal options. Great research tools. Just made it to the list moving to the number five spot.

What makes a good forex broker? First of all, fair forex fees and low withdrawal fees. They should also offer a lot of currency pairs and a great platform with advanced charting. Easy to list, but hard to figure out. We test brokers based on more than 300 criteria with real accounts and real money. We know what we are talking about.

If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. You can easily lose all your invested money. If you don't have a clue how forex trading works, start with forex trading 101.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Just enter the name of your country and it will show you only the relevant brokers. Want more details? Compare brokers with this detailed comparison table.

And now, let's see the top forex brokers in 2021 for Zimbabwean citizens one by one, starting with the winner, Fusion Markets.

Fusion Markets is an Australian discount forex broker founded in 2010. It is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for low fees and a chance to use the metatrader 4 platform

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Fees

Fusion Markets has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Open account More
74-89% of retail CFD accounts lose money

#1 Fusion Markets
Deposit and withdrawal

4.4

Fusion Markets does not charge any fees for deposits and most withdrawal options. You can use bank transfer, credit/debit cards and electronic wallets for adding money; however, there are no minor account currencies accepted.

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Markets and products

Fusion Markets gives access to 81 currency pairs.

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Desktop trading platform

3.4

In design and functionality, Fusion Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on it.

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Account opening

5.0

Account opening at Fusion Markets is user-friendly and fully digital. It is also very fast, as our test account was verified the same day.

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74-89% of retail CFD accounts lose money

#1 Fusion Markets
Verdict

Fusion Markets is a great forex broker with very low fees. 

It offers low trading and non-trading fees. Account opening is fast and easy, and customer service provides quick and relevant answers.

On the negative side, Fusion Markets has limited educational tools. The product offering covers only forex and some CFDs. Lastly, there is no investor protection provided.

As you can open an account within a day and fees are low, feel free to try Fusion Markets.

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74-89% of retail CFD accounts lose money

Tickmill is a global forex and CFD broker, established in 2014. The company is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA) in the United Kingdom.

Tickmill is considered safe because it is regulated by the top-tier FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex traders looking for low fees and prefer metatrader 4 platform

Open account
73% of retail CFD accounts lose money

#2 Tickmill
Fees

Tickmill has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Open account More
73% of retail CFD accounts lose money

#2 Tickmill
Deposit and withdrawal

4.5

Deposit and withdrawal are fast and free of charge. There is a wide range of options including bank transfer, credit/debit cards, or electronic wallets. On the other hand, the number of available account base currencies is low.

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

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73% of retail CFD accounts lose money

#2 Tickmill
Markets and products

Tickmill gives access to 56 currency pairs.

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73% of retail CFD accounts lose money

#2 Tickmill
Desktop trading platform

3.4

In design and functionality, the MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.

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73% of retail CFD accounts lose money

#2 Tickmill
Account opening

5.0

Tickmill has a fast and easy account opening process. Our account was verified within one business day. The minimum deposit is low, $100 for all account types, except VIP accounts.

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73% of retail CFD accounts lose money

#2 Tickmill
Verdict

Tickmill is a low-cost forex and CFD broker, regulated by several authorities globally, including the top-tier FCA.

On the plus side, we liked the low forex fees. Account opening is seamless and there are a lot of free deposit/withdrawal options.

Tickmill has some drawbacks though. Its product range is limited to forex, CFDs on some stock indexes and commodities. The trading platforms have outdated design and the news feed is basic.

We recommend Tickmill for those who are interested in CFD and forex trading and like MetaTrader trading platforms. Feel free to test it via the demo account.

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73% of retail CFD accounts lose money

XTB is a global CFD and forex broker with headquarters in London and Warsaw, founded in 2002. The company is regulated by several financial authorities worldwide, including the top-tier UK Financial Conduct Authority (FCA). In addition, XTB is listed on the Warsaw Stock Exchange, and as such is required to disclose its financials.

XTB is considered safe because it has a long track record, is listed on a stock exchange, and publishes its financial statements transparently.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal service

Open account
82% of retail CFD accounts lose money

#3 XTB
Fees

XTB has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Open account More
82% of retail CFD accounts lose money

#3 XTB
Deposit and withdrawal

4.5

XTB deposits and withdrawals are fast, mostly free, and can be done via several channels.

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

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82% of retail CFD accounts lose money

#3 XTB
Markets and products

XTB gives access to 49 currency pairs.

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82% of retail CFD accounts lose money

#3 XTB
Desktop trading platform

4.4

XTB's xStation 5 platform has a desktop version as well. In both functionality and design, it's exactly the same as the web trading platform.

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82% of retail CFD accounts lose money

#3 XTB
Account opening

5.0

XTB's account opening process is hassle-free, straightforward and fully digital. Your account will be ready for trading on the same day.

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82% of retail CFD accounts lose money

#3 XTB
Verdict

XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA. The company is listed on the Warsaw Stock Exchange.

On the plus side, its forex fees are low, and the deposit and withdrawal process is fast and mostly free. We also liked the seamless and hassle-free account opening process.

XTB has some drawbacks, though. Stock CFD fees are high. The product range is mainly limited to FX and CFDs, although real stock and ETF trading are available in some European countries. Fundamental data offered by XTB covers only a few basics such as P/E.

We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options along with fast account opening. Feel free to test it using a demo account.

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82% of retail CFD accounts lose money

ActivTrades is a global forex broker founded in 2001. It is regulated by the UK's Financial Conduct Authority (FCA) and the Securities Commission of the Bahamas (SCB). 

ActivTrades is considered safe because it has a long track record and it is regulated by a top-tier financial authority, the FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for low fees and great deposit/withdrawal conditions

Open account
76% of retail CFD accounts lose money

#4 ActivTrades
Fees

ActivTrades has low fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Open account More
76% of retail CFD accounts lose money

#4 ActivTrades
Deposit and withdrawal

4.5

ActivTrades offers free deposit and withdrawal options, including traditional methods such as bank transfer and credit card, as well as various e-wallets. On the other hand, minor currencies are not accepted.

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

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76% of retail CFD accounts lose money

#4 ActivTrades
Markets and products

ActivTrades gives access to 48 currency pairs.

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76% of retail CFD accounts lose money

#4 ActivTrades
Desktop trading platform

3.4

ActivTrade's desktop trading platform is provided by MetaTrader. It is highly customizable, has a clear fee report and you can set price alerts. On the other hand, it lacks a two-step login and the design is outdated.

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76% of retail CFD accounts lose money

#4 ActivTrades
Account opening

3.8

Account opening at ActivTrades is seamless and fully digital. The whole process took less, than five minutes. Our account was verified within one business day. On the downside, the minimum deposit is high.

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76% of retail CFD accounts lose money

#4 ActivTrades
Verdict

All in all, ActivTrades is a good CFD/forex broker.

ActivTrades has low trading fees, while deposits and withdrawals are free. Customer support is great and it has excellent education tools, including webinars and market analysis.  

On the downside, its product portfolio is limited to just a few products, as it offers mainly CFDs and forex instruments. The research tools are basic, and there are no trading ideas or fundamental data. The minimum deposit is high, at $/€/£/CHF 1,000, depending on the currency of your account.

As the trading fees are low and your account will be ready quickly, feel free to try ActivTrades.

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76% of retail CFD accounts lose money

AvaTrade is a global CFD and forex broker founded in 2006. It is regulated by several financial authorities, such as the Central Bank of Ireland.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Recommended for forex and cfd traders looking for an option to use metatrader platforms

Open account
79% of retail CFD accounts lose money

#5 AvaTrade
Fees

AvaTrade has average fees when it comes to buying and selling currency pairs.

To have a clear picture of forex fees we calculated a forex benchmark fee for major currency pairs. This catch-all benchmark includes commissions, spreads and financing costs for all brokers.

All spreads, commissions and financing rate for opening a position, holding for a week, and closing.

Open account More
79% of retail CFD accounts lose money

#5 AvaTrade
Deposit and withdrawal

4.5

AvaTrade offers several free options for deposit and withdrawal. On the negative side, withdrawal took us 3 business days, and debit card deposits can also be slow.

Why do base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.

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79% of retail CFD accounts lose money

#5 AvaTrade
Markets and products

AvaTrade gives access to 55 currency pairs.

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79% of retail CFD accounts lose money

#5 AvaTrade
Desktop trading platform

3.4

In design and function, AvaTrade's MetaTrader 4 desktop platform is almost the same as the MT4 web platform. A big difference is that you can set price alerts on the desktop platform.

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79% of retail CFD accounts lose money

#5 AvaTrade
Account opening

5.0

Account opening at AvaTrade is seamless and fully digital. You can start trading literally in minutes.

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79% of retail CFD accounts lose money

#5 AvaTrade
Verdict

AvaTrade is regulated by several authorities globally, including the top-tier Central Bank of Ireland and the Australian Securities and Investments Commission (ASIC), therefore it is considered safe.

We liked the seamless and hassle-free account opening. You can use a lot of deposit and withdrawal options, all free of charge. We also liked that you can use many user-friendly tools for research.

AvaTrade has some drawbacks though. The product range is limited to forex, CFDs, and cryptos, and there is a high fee charged for inactivity. Lastly, there are better alternatives if forex trading fees are your main concern.

As there is only a small minimum deposit, and your account will be ready for trading quickly, feel free to try AvaTrade.

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79% of retail CFD accounts lose money

Trading with forex became really popular over the last decade. Looking at important criteria like fees will help you find the best forex broker for you.

At BrokerChooser, we test online brokers based on more than 300 criteria, with a real account and real money.

The most important factors to consider in selecting the top forex brokers are the fees of forex trading. besides trading fees, you should also look at withdrawal fees and the number of available currency pairs. Check if the broker provides great desktop and mobile platforms, and advanced charting tools.

Fees, fees, fees. We bet this is always on your mind when you're looking for the best forex broker. It can be complicated. Let's see how we did it.

It is not easy to compare forex broker fees, but we are here to help. Forex brokers can charge commissions, spreads and financing fees.

For commissions, there are two versions forex brokers use:

1. All trading fees are included in the spread except the financing rate. Basically, think of it as the broker giving you a wider spread than it gets from the market.
2. You get the market spread, but you pay a commission based on the traded amount. This model is usually used by ECN brokers.

The second version is more transparent, but this doesn't mean that the first method cannot be cheaper.

When you trade forex on leverage and hold your position overnight, a fee will be charged. This fee is called financing cost. The financing costs change daily and can be an important cost if you hold your positions for longer.

To make your life easier, we calculated what your overall fee would be if you took a $20,000 position, held it for a week then closed it. We used a 30:1 leverage, the maximum available leverage for major currency pairs at many brokers.

Forex trading looks simple, but it carries serious risks. Before trading, understand the basics and ask yourself: is this for me?

Understanding the forex market

Forex, FX, foreign exchange or currency market: you have probably already heard one of these expressions. They all mean the same: a market where you can exchange currencies or bet on the price movement of currency pairs.

The forex market has several outlets, from currency exchange booths on the street to the currency trading desks of big banks.

For a non-professional trader, as you probably are, the easiest and safest way to trade forex is by opening an account at a reliable online broker.

The vast majority of currency transactions are conducted on OTC (over-the-counter) markets. An OTC market is a non-regulated market, where you have to assess for yourself how safe your counterparty is. When you travel abroad to an exotic country and you need to exchange some money, you would probably go to a bank branch instead of changing money on the street, right?. This is how you minimize your counterparty risk. You have to do the same when you select your online broker for trading forex. You should always choose a reliable broker.

Forex trading is tempting for the following reasons:

• everybody has an opinion on where currencies are going

• at first sight, the forex market is relatively easy to understand compared to other markets, like the stock market

• by using leverage, traders can easily trade with 100 times more money than they have on their trading account and thus magnify profits (or losses!)

• the market is open 24 hours a day, 5 days a week

• it is the most liquid market in the world, meaning there are lots of transactions every second and you don't have to worry about how to find a partner to trade with

Although it looks easy, trading with forex can be risky if you don't know what you're doing. By using high leverage carelessly, you can easily lose all your money within a couple of seconds. So you better start off slow, learn and open a demo account first. If you want to learn more, check out our blog post about the best trading apps for learning.

Forex market trading hours

The forex market is open from 11:00 PM on Sunday until 11:00 PM on Friday, London time.

Trading activity is usually at its highest when London and New York are open.

It is good to know that there is a difference between currency conversion and forex trading.

The end result of a conversion is basically changing one currency into another. Imagine that you receive your salary in euros (EUR), but you spend it in British pounds (GBP). In this case, you exchange euros to pounds.

When you trade with currency pairs there is no physical conversion. Imagine that you have an online broker account in US dollars and you want to bet on the price movements in EURUSD. In this case, you never convert your dollars to euros. If your bet was correct, the profit from your trade will be booked to your account in US dollars. If you were wrong, the loss will be deducted from your account in dollars as well.

Breaking down the forex trading jargon

When you trade forex, you bet on the price change of a currency pair, for example, the EURUSD.

First of all, you need to understand what the bid and the ask prices are. Let's take the EURUSD again as an example. The 'bid' is the price at which you can sell the EURUSD, or in other words to go short in it. If the price goes lower, you will generate a profit. The 'ask' price is the opposite. If you want to bet on the price moving up, you can open a trade at the 'ask' price. The mid-price is usually halfway between the two, but this is just a theoretical price that is not used for trading.

The actual bid and ask prices together are called the quote.

A long position is when you bet on the price moving up, while a short position is when you profit from the price going down.

The spread is the difference between the ask and bid prices. In the example above, the spread is 0.0005, which is calculated as 1.1705-1.1700.

The pip is the smallest amount of a currency pair. One pip is equal to 0.0001 for most of the currency pairs. In case of our example, the spread is 5 pips, or 5 times 0.0001, equalling 0.0005. For some currency pairs like the USDJPY, one pip is 0.01.

Leverage allows you to take bigger positions than the amount of money on your account. Imagine this as a multiplier of your profit or your loss. This can be as high as 300. Imagine you have $1000 on your account and your applied leverage is 100. If you open a long position by using all your $1000, this means you open a trade for $1,000*100, or $100,000. If the price drops 1%, you will lose $1000 (1%*$100,000), that is, all the money on your account. And the price of a currency pair can very easily drop by 1%. In case of EURUSD, this would mean a price decrease from 1.1705 to 1.1588.

A lot is the standard number of units of a forex contract. It is usually 100,000 units of the base currency. The base currency is the first currency in a currency pair. For EURUSD, the base currency is the EUR and one lot is €100,000. A mini lot is 10,000, a micro is 1,000 and a nano is 100 units of the base currency.

In forex trading, you can encounter different types of contracts: spot, CFD, forward and futures. Spot and CFD contracts are traded by most people.

A spot contract is by definition settled two days after the trade. Settlement means that the counterparties are converting their currencies between each other at the price of the trade made two days earlier. Imagine the settlement as a currency conversion made at a money exchange booth on the street. The only difference is that this happens two days after the price was agreed on. However, in most cases, the settlement doesn't actually happen, because spot contracts are rolled over before the settlement. The rollover is done because when you are betting on the direction of a currency pair, you do not actually want to convert money into the other currency, you just want to bet on the price movement. The rollover ensures that the conversion will not happen.

To learn what forex CFD is and how you can trade it, read our CFD 101 and CFD trading tips.

When your position is rolled over, your online broker closes your current spot position and opens a new one. This is not visible for you, but it has a fee, called the rollover or financing fee. The rollover fee is calculated from the interest rate difference between the two currencies you are trading. In some cases, you may also receive a fee from the broker, if the interest rates you trade are in your favor.

A forward forex contract is a contract made on the OTC market. The specifics of the contract, like the term, the price and the settlement are defined by the counterparties case by case. Let's take as an example a company that needs $100,000 in 30 days to pay its employees, but its revenues are in euros. Since it wants to lock the exact exchange rate it gets in 30 days, it will seal a forward contract with a big bank at a fixed price, let's say at 1.1710. After 30 days, they will exchange the currencies and the company will receive €85,397 ($100,000/1.1710). In this case, there is an actual settlement.

A futures forex contract is traded on a regulated market, for example, on a commodity exchange, like the Chicago Mercantile Exchange (CME). When you trade futures, your counterparty is the exchange and the specifics of the contract are predefined by the exchange. When your counterparty is a regulated exchange, you don't need to check your counterparty risk, as this is one of the safest ways of trading. However, the exchange requires a large amount of initial money for trading, so this is not suitable for you if you have little money to invest. If you want to trade one EURUSD futures contract on the CME, for example, you need to have more than $2000 on your account.

What drives forex market prices?

As we said before, everybody has an opinion about the forex market, because it seems simple. However, currency markets are among the most unpredictable ones in the world.

Everything from monetary policies and government spending to politics and wars can influence the prices of currency pairs. Thus, it is difficult to predict which way they are going move.

Nevertheless, economic calendars can help, so at least you know about the scheduled events that could have an effect on the forex market.

You saw the details, now let's zoom out. Here are the top forex brokers in 2021 for citizens in Zimbabwe:

Fusion Markets is our winner, the best forex broker for Zimbabwean citizens in 2021. Low trading and non-trading fees. Fast and easy account opening. Great customer service.

All are great choices. Watch out, forex trading can be risky. If you know enough and are good to go, pick your favourite and take the next step in your trading journey. Let us know what you think in the comments section.

Still unsure? Use the broker finder and find the best broker for you.