To help you to find the best forex brokers in Zimbabwe in 2020, we did the research for you. We checked and compared fees, currency pairs, charting tools, platforms, practically everything. We went deep, so you won't have to. And now, without further ado...
Our top 5 picks for the best forex brokers in Zimbabwe in 2020:
- XTB is the winner, the best forex broker in Zimbabwe in 2020. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
- XM in the second place. Low CFD and withdrawal fees. Easy and fast account opening. Great educational tools.
- AvaTrade rounded out the top three. Easy and fast account opening. Free and multiple deposit and withdrawal options. Great education tools.
- MultiBank, number four. Fast and easy account opening. Free and multiple deposit and withdrawal options. Fast and relevant customer service.
- FXTM. Superb customer service. Great educational tools. Digital and fast account opening. Just made it to the list with being number five.
| Broker | Info | Score | |
|---|---|---|---|
| #1 | XTB | Global CFD and forex broker | 4.6 |
| #2 | XM | Global CFD and forex broker | 4.4 |
| #3 | AvaTrade | Global CFD and forex broker | 4.1 |
| #4 | MultiBank | Global CFD and forex broker | 3.8 |
| #5 | FXTM | Global CFD and forex broker | 4.2 |
What makes a good forex broker? First of all, fair trading fees and low withdrawal fees. They should also offer a lot of currency pairs and need to have a great platform with advanced charting. These are easy things to list, but quite hard to figure it out. We test brokers based on more than 100 criteria with real accounts and real money. We know what's up.
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 of 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 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 best forex brokers in 2020 for Zimbabwean citizens one by one, starting with the winner, XTB.
#1 Best forex broker
XTB
XTB is a global CFD and forex broker with headquarters in London and Warsaw. The company is regulated by several financial authorities worldwide, including the UK's Financial Conduct Authority (FCA) and the Polish Financial Supervision Authority (KNF). XTB is listed on the Warsaw Stock Exchange.
XTB is considered safe because it is regulated by at least one top-tier financial authority, the FCA, and is listed on a stock exchange.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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
| Pros | Cons |
|---|---|
| • Low forex and stock index CFD fees | • High fee for stock CFD |
| • Free and fast deposit and withdrawal | • Limited product portfolio, mostly CFD and FX |
| • Easy and fast account opening | • Poor email support |
#1 XTB
Fees
XTB has low trading fees and low non-trading fees. Within trading fees, there are low fees for forex and stock index CFDs. On the other hand, stock CFD fees are high.
| Pros | Cons |
|---|---|
| • Low trading fees | • High stock CFD fees |
| • Low non-trading fees | |
| • No withdrawal fee |
Forex fees are Low. 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.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $15.0 | $17.1 | $19.2 | $19.3 | $17.8 |
| GBPUSD benchmark fee | $11.1 | $13.8 | $15.7 | $17.8 | $15.5 |
| AUDUSD benchmark fee | $10.0 | $13.9 | $12.0 | $6.8 | $12.2 |
| EURCHF benchmark fee | $6.6 | $9.1 | $8.5 | $7.1 | $4.4 |
| EURGBP benchmark fee | $9.9 | $12.2 | $14.0 | $7.9 | $11.5 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#1 XTB
Markets and products
XTB's product selection covers only CFDs, forex and crypto assets. Some European clients can also trade with real stocks and ETFs. Popular asset classes like bonds, mutual funds, options and futures are not available.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 57 | 56 | 27 | 48 |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | No | No | No |
| ETF | Yes | No | No | No | No |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#1 XTB
Web trading platform
XTB's xStation 5 platform is user-friendly, can be customized and has a good search function. On the other hand, a two-step login is not available.
| Pros | Cons |
|---|---|
| • User-friendly | • No two-step (safer) login |
| • Clear fee report | |
| • Good search function |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
XTB charting
The charting tool is good. You can add ~35 indicators which is mid-range, compared to other brokers. You can save the chart.
#1 XTB
Account opening
XTB's account opening process is hassle-free, fully digital and straightforward. Your account will be ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $5 | $100 | $50 | $500 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#1 XTB
Deposit and withdrawal
XTB deposits and withdrawals are cost-friendly, fast, and can be done in several forms.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Number of base currencies | 4 | 11 | 5 | 8 | 4 |
Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#1 XTB
Verdict
XTB is a great CFD and forex broker. It is regulated by several financial authorities globally, including the UK's FCA, and it is listed on the Warsaw Stock Exchange.
On the plus side, its forex and stock index CFD fees are low and the deposit and withdrawal process is free and fast. We also liked the seamless and hassle-free account opening process.
XTB has some drawbacks, though. The 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. Lastly, its email support did not reply to our queries.
We recommend XTB for clients who prefer forex or CFD trading, and also want to enjoy great deposit and withdrawal options and a fast account opening. Feel free to test it using a demo account.
| XTB | |
|---|---|
| Summary | XTB is a global CFD and forex broker, listed on the Warsaw Stock Exchange and regulated by financial authorities including the UK FCA and Poland's KNF. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders looking for low fees and great deposit/withdrawal service |
#2 Best forex broker
XM
Trading Point Holding, XM's parent company, is a global CFD and FX broker founded in 2009. Trading Point Holding has two brands, XM and Trading.com.
XM is available globally and is regulated by three financial authorities: the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and the International Financial Services Commission of Belize (IFSC).
Trading.com was launched in 2019 and is available only for EEA residents, except those living in Belgium, Cyprus, Greece and Switzerland. Trading.com is regulated by the UK's Financial Conduct Authority (FCA).
In this review, we focus on the XM brand.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69.10% 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. Risk warnings are shown on the website but they are unclear on percentages
Recommended for forex and cfd traders who prefer metatrader platforms and seek low trading fees
| Pros | Cons |
|---|---|
| • Low CFD and withdrawal fees | • Only CFDs, forex, cryptos for Europeans |
| • Easy and fast account opening | • Average forex fees |
| • Great educational tools | • Inactivity fee |
#2 XM
Fees
XM has low trading fees for CFDs and charges no withdrawal fee. On the other hand, forex fees are average, and there is a fee for inactivity.
| Pros | Cons |
|---|---|
| • Low CFD fees | • Inactivity fee |
| • No withdrawal fee | • Average FX fees |
Forex fees are Average. 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.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $15.0 | $17.1 | $19.2 | $19.3 | $17.8 |
| GBPUSD benchmark fee | $11.1 | $13.8 | $15.7 | $17.8 | $15.5 |
| AUDUSD benchmark fee | $10.0 | $13.9 | $12.0 | $6.8 | $12.2 |
| EURCHF benchmark fee | $6.6 | $9.1 | $8.5 | $7.1 | $4.4 |
| EURGBP benchmark fee | $9.9 | $12.2 | $14.0 | $7.9 | $11.5 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#2 XM
Markets and products
At XM, you can trade CFDs, forex and cryptos; non-European clients can also trade some real stocks. There are no ETFs, mutual funds, bonds, options or futures.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 57 | 56 | 27 | 48 |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | No | No | No |
| ETF | Yes | No | No | No | No |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#2 XM
Web trading platform
XM's web trading platform is provided by MetaTrader. It is highly customizable and has a clear fee report. On the other hand, the platform lacks price alerts, and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No price alerts |
| • Good customizability (for charts, workspace) | • Outdated design |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
XM charting
Uses Metatrader 4 charting tools. You can use 31 technical indicators. These charting tools can be found on the MetaTrader trading platforms.
#2 XM
Account opening
XM account opening is hassle-free and straightforward. Your account is ready for trading on the same day.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $5 | $100 | $50 | $500 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#2 XM
Deposit and withdrawal
XM's deposit and withdrawal functions are fast and inexpensive, and offer you several options.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee | |
| • Free wire withdrawal above $200 |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Number of base currencies | 4 | 11 | 5 | 8 | 4 |
Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#2 XM
Verdict
XM is regulated by several authorities globally, including the top-tier ASIC.
On the plus side, we liked the low CFD and withdrawal fees. The account opening process is seamless and hassle-free. There is a wide range of educational tools of great quality.
XM has some drawbacks though. Its product range is limited to FX, CFDs and cryptos, with stock trading only available for non-European users. Its forex fees are average, and a monthly $5 fee is charged after three months of inactivity.
We recommend XM for those who are interested in CFD and forex trading and prefer MetaTrader trading platforms. Feel free to test it via the demo account.
| XM | |
|---|---|
| Summary | XM is a global forex and CFD broker regulated by Australia's ASIC, CySEC of Cyprus, and Belizean authority IFSC. |
| Fees score | 4.0 |
| Recommended for | Forex and CFD traders who prefer MetaTrader platforms and seek low trading fees |
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#3 Best forex broker
AvaTrade
AvaTrade is a global CFD and FX 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. 71% 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
| Pros | Cons |
|---|---|
| • Easy and fast account opening | • Only CFDs, forex, and cryptos offered |
| • Free and multiple deposit and withdrawal options | • Limited research tools |
| • Great education tools | • Phone support is not responsive |
#3 AvaTrade
Fees
AvaTrade has average trading fees and average non-trading fees. Withdrawal is free of charge but there is an inactivity fee.
| Pros | Cons |
|---|---|
| • Low trading fees | • Inactivity fee |
| • No withdrawal fee | • Administration fee |
Forex fees are Average. 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.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $15.0 | $17.1 | $19.2 | $19.3 | $17.8 |
| GBPUSD benchmark fee | $11.1 | $13.8 | $15.7 | $17.8 | $15.5 |
| AUDUSD benchmark fee | $10.0 | $13.9 | $12.0 | $6.8 | $12.2 |
| EURCHF benchmark fee | $6.6 | $9.1 | $8.5 | $7.1 | $4.4 |
| EURGBP benchmark fee | $9.9 | $12.2 | $14.0 | $7.9 | $11.5 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#3 AvaTrade
Markets and products
At AvaTrade, you can trade only with forex, CFDs, ETFs, Bonds, Options and cryptos. It doesn't offer real stocks and mutual funds.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 57 | 56 | 27 | 48 |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | No | No | No |
| ETF | Yes | No | No | No | No |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#3 AvaTrade
Web trading platform
AvaTrade's web trading platform is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
AvaTrade charting
AvaTrade has OK charting tools. Uses Metatrader 4 charting tools. You can use 31 technical indicators.
#3 AvaTrade
Account opening
Account opening at AvaTrade is seamless and fully digital. You can start trading literally in minutes.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • Low minimum deposit |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $5 | $100 | $50 | $500 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#3 AvaTrade
Deposit and withdrawal
AvaTrade deposit and withdrawal are free and can be done by using several methods. On the flip side, the withdrawal took us more than 3 business days.
| Pros | Cons |
|---|---|
| • Free withdrawal | • Slow withdrawal - over 3 days |
| • No deposit fee | |
| • Credit/Debit cards, electronic wallet available |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Number of base currencies | 4 | 11 | 5 | 8 | 4 |
Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#3 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 and they are free of charge. The trading fees are low and the fee structure is transparent. AvaTrade's customer support is great via live chat. The education opportunities are great.
AvaTrade has some drawbacks though. The product range is limited to forex, CFDs, and cryptos. The research tools lack recommendations, fundamental data, and news feed.
As there is only a small minimum deposit, and inactivity fee only kicks in after three months, feel free to try AvaTrade.
| AvaTrade | |
|---|---|
| Summary | AvaTrade is a global forex and CFD broker. It is regulated by several financial authorities globally, including the Central Bank of Ireland and Australia's ASIC. |
| Fees score | 3.0 |
| Recommended for | Forex and CFD traders looking for an option to use MetaTrader platforms |
#4 Best forex broker
MultiBank
MultiBank is a global CFD and FX broker.
MultiBank Group is a global financial group which includes companies from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities regulated by Australian ASIC and other financial regulators. In this review, we use MultiBank as a name for the brokerage service.
MultiBank is considered safe because it is regulated by the top-tier ASIC and has a long history, dating back to 2005.
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 and cfd traders familiar with the metatrader 4 trading platform
| Pros | Cons |
|---|---|
| • Fast and easy account opening | • High stock CFD and inactivity fee |
| • Free and multiple deposit and withdrawal options | • Limited product coverage |
| • Fast and relevant customer service | • Basic research and educational tools |
#4 MultiBank
Fees
MultiBank does not charge any withdrawal fees and has low stock index CFD fees. On the other hand, the stock CFD and inactivity fees are high.
| Pros | Cons |
|---|---|
| • No withdrawal fee | • High inactivity fee |
| • Low stock index CFD fees | • High stock CFD fees |
Forex fees are Average. 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.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $15.0 | $17.1 | $19.2 | $19.3 | $17.8 |
| GBPUSD benchmark fee | $11.1 | $13.8 | $15.7 | $17.8 | $15.5 |
| AUDUSD benchmark fee | $10.0 | $13.9 | $12.0 | $6.8 | $12.2 |
| EURCHF benchmark fee | $6.6 | $9.1 | $8.5 | $7.1 | $4.4 |
| EURGBP benchmark fee | $9.9 | $12.2 | $14.0 | $7.9 | $11.5 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#4 MultiBank
Markets and products
At Multibank you can trade only with forex and CFDs. CFDs are provided in several forms, such as stock indexes and cryptos.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 57 | 56 | 27 | 48 |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | No | No | No |
| ETF | Yes | No | No | No | No |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#4 MultiBank
Web trading platform
At Multibank you can use the MetaTrader4 trading platform. It is highly customizable, available in a lot of languages, and has a clear fee report. On the negative side, it lacks a two-step login and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation | • Poor design |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
MultiBank charting
Uses Metatrader 4 charting tools. You can use 31 technical indicators and other technical tools, such as trendlines and Fibonacci retracement.
#4 MultiBank
Account opening
The account opening procedure with Multibank is easy and straightforward. The account is ready for trading within a day.
| Pros | Cons |
|---|---|
| • Fast | • High minimum deposit for ECN Pro and MultiBank Pro accounts |
| • Fully digital | |
| • Low minimum deposit |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $5 | $100 | $50 | $500 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#4 MultiBank
Deposit and withdrawal
Deposit and withdrawal at MultiBank are great. You can use many deposit and withdrawal types and withdrawal is free.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | None |
| • Free withdrawal | |
| • No deposit fee |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Number of base currencies | 4 | 11 | 5 | 8 | 4 |
Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#4 MultiBank
Verdict
MultiBank is regulated by more financial authorities globally, including the top-tier ASIC.
The account opening is seamless and hassle-free. Multiple and free options are offered for deposit and withdrawal. The customer service is great.
MultiBank has some drawbacks though. The stock CFD and inactivity fees are high. Its product range is limited to FX, CFDs, and cryptos. The research and educational tools are also basic.
| MultiBank | |
|---|---|
| Summary | MultiBank is an international CFD and forex broker, regulated by several financial authorities such as the top-tier ASIC of Australia. |
| Fees score | 3.0 |
| Recommended for | Forex and CFD traders familiar with the MetaTrader 4 trading platform |
#5 Best forex broker
FXTM
FXTM or ForexTime was founded in 2011 and is a global CFD and FX broker. It is regulated by several financial authorities, including the UK Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC).
FXTM 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. 83% 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 familiar with the metatrader 4 platform
| Pros | Cons |
|---|---|
| • Superb customer service | • High stock CFD fees |
| • Great educational tools | • Inactivity and withdrawal fees |
| • Digital and fast account opening | • Limited product portfolio |
#5 FXTM
Fees
FXTM's trading fees are low for stock index CFD fees, while average or low for forex. On the negative side, the stock CFD fees are high.
| Pros | Cons |
|---|---|
| • Low fees for stock index CFDs | • High stock CFD fees |
| • Low EURCHF and EURGBP fees |
Forex fees are Average. 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.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $15.0 | $17.1 | $19.2 | $19.3 | $17.8 |
| GBPUSD benchmark fee | $11.1 | $13.8 | $15.7 | $17.8 | $15.5 |
| AUDUSD benchmark fee | $10.0 | $13.9 | $12.0 | $6.8 | $12.2 |
| EURCHF benchmark fee | $6.6 | $9.1 | $8.5 | $7.1 | $4.4 |
| EURGBP benchmark fee | $9.9 | $12.2 | $14.0 | $7.9 | $11.5 |
All spreads, commissions and financing rate for opening a position, holding for a week, and closing.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#5 FXTM
Markets and products
FXTM's product selection covers forex CFDs and cryptos. Non-EU clients can also trade with real stocks. On the negative side, it lacks ETFs, mutual funds, bonds, options, and futures.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Currency pairs (#) | 49 | 57 | 56 | 27 | 48 |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Stock | Yes | Yes | No | No | No |
| ETF | Yes | No | No | No | No |
| Fund | No | No | No | No | No |
| Bond | No | No | No | No | No |
| Options | No | No | No | No | No |
| Futures | No | No | No | No | No |
| CFD | Yes | Yes | Yes | Yes | Yes |
| Crypto | Yes | Yes | Yes | Yes | Yes |
#5 FXTM
Web trading platform
The web trading platform of FXTM is provided by MetaTrader. It is highly customizable, available in a lot of languages, and has a clear fee report. On the other hand, it lacks a two-step login and price alerts, and the design is outdated.
| Pros | Cons |
|---|---|
| • Clear fee report | • No two-step (safer) login |
| • Good customizability (for charts, workspace) | • No price alerts |
| • Order confirmation |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Web platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Mobile platform score | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Desktop platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
FXTM charting
Uses Metatrader 4 charting tools. You can use 31 technical indicators and editor tools, such as trendlines or Fibonacci retracement.
#5 FXTM
Account opening
FXTM account opening is fully digital, easy and fast. Your account will be ready within 1-2 business days. There are also a lot of account types you can choose from.
| Pros | Cons |
|---|---|
| • Fast | None |
| • Fully digital | |
| • User-friendly |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Minimum deposit | $250 | $5 | $100 | $50 | $500 |
| Time to open account | 1 day | 1 day | 1 day | 1 day | 1 day |
#5 FXTM
Deposit and withdrawal
FXTM offers a great variety of deposit and withdrawal options. Almost everything is available, including credit cards, bank transfer and electronic wallets. The main disadvantage is that FXTM charges a fee for most withdrawal types.
| Pros | Cons |
|---|---|
| • Credit/Debit card available | • Most of the withdrawal options have a fee |
| • No deposit fee | |
| • Quick deposit and withdrawal - within 3 days |
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Number of base currencies | 4 | 11 | 5 | 8 | 4 |
Why does base currencies matter? Because if you fund your account in the same currency as your bank account, currency conversion fees won't be charged.
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Bank Transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/Debit card | No | Yes | Yes | Yes | Yes |
| Electronic wallets | No | Yes | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $3 |
#5 FXTM
Verdict
FXTM is regulated by several financial authorities globally, including the top-tier Financial Conduct Authority (FCA).
On the plus side, customer support gives fast and relevant answers. There are several educational tools, including demo accounts and webinars. The account opening is fully digital and fast.
FXTM has some drawbacks though: it charges high stock CFD fees, like inactivity and withdrawal fees, and the product range is limited.
As account opening only takes a short time, and customer support is helpful and reliable, feel free to try FXTM.
| FXTM | |
|---|---|
| Summary | FXTM is an international CFD and forex broker, regulated by the UK FCA, CySEC of Cyprus and the Mauritian FSC. It is licensed by South Africa's FSCA. |
| Fees score | 4.0 |
| Recommended for | Forex traders familiar with the MetaTrader 4 platform |
Best forex brokers
What makes a good forex broker?
Trading with forex has become really popular over the last decade. Keeping your eyes on important criteria like fees helps you to find the best forex broker for you.
At Brokerchooser, we test online brokers along more than 100 criteria, with a real account and real money.
The most important factor for selecting the best forex brokers is the fees of forex trading. Not just the trading fees, but the withdrawal fees are important to take into consideration. We also score positively if the broker provides a great amount of currency pairs, great desktop platform, and advanced charting tools.
Best forex brokers
Forex broker fees
Fees, fees, fees. We bet this is at the top of 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:
- 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.
- You get the market spread, but you pay a commission based on the traded amount.
The latter is more transparent, but this doesn't mean 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 a rollover or financing fee. The financing rate depends on the currency pair and the broker.
To make your life easy, we calculated everything for you. We calculated what your overall fee would be if you take a $20,000 position, hold it for a week then close it. We used a 30:1 leverage.
You see this for the EURUSD, GPBUSD, and AUDUSD currency pairs.
Best forex brokers
Forex trading 101
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 the currency exchange booths on the street to the currency trading desks of big banks.
For a layperson, a non-professional individual 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. On a non-regulated market, you have to assess for yourself how safe your counterparty is. For example, when you travel abroad to an exotic country and you need to exchange some money, you usually go to a bank branch instead of changing money on the street. This is how you minimize your counterparty risk. You have to do the same risk minimization when you select your online broker for trading forex. You should always choose a reliable broker.
Forex trading is very tempting for the following reasons:
-
everybody has an opinion on where the currencies are going
-
on first sight, the forex market is relatively easy to understand compared to other markets, like the stock market
-
by using leverage, a trader can easily trade with 100 times more money than they have on their trading account and thus also increase profits (or losses!) 100 times
-
the market is open 24 hours a day, 5 days a week
-
it is the most liquid market in the world, meaning there are huge numbers of transactions every second and you don't have to worry about not finding 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 irresponsibly, you can easily lose all of your money within a couple of seconds. So you better start off slow, learn and open a demo account first. If you want to study 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.
The highest trading activity within each day is 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 the euros to pounds. Before the transaction you had euros, and after it you will have pounds.
When you trade with currency pairs there is no physical conversion happening. Imagine that you have an online broker account in US dollars and you want to bet on the price movements of the EURUSD. In this case, you effectively never convert your dollars to euro. 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.
| EURUSD bid price | EURUSD ask price |
|---|---|
| 1.1700 | 1.1705 |
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 increasing, 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 going 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 decreases 1%, you will lose $1000 (1%*$100,000), that is, all of the money on your account. And the price of a currency pair can very easily decrease 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 1,000 and a nano 100 units of the base currency.
In forex trading, you can encounter three types of contracts: spot, forward and futures. The spot forex contract is the type that is traded by most people, and this also what you trade when you use an online broker. A spot contract by definition is settled two days after the trade. Settlement means that the counterparties who traded 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 office 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. This is always the case when you trade forex with your online brokers. The rollover happens because when you are betting on the direction of a currency pair, you do not want to actually convert money into the other currency, you just want to bet on the price movement. The rollover ensures that the conversion will not happen.
When your position is rolled over, your online broker in the background basically 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. For example, imagine a company which will need $100,000 in 30 days for paying its employees, but it will receive its revenue in euro. Since it wants to specify the exact exchange rate it can get in 30 days, it will seal a forward contract with a big bank at a fixed price, let's say 1.1710. After 30 days, they will exchange the currencies and the company will receive €85,397 ($100,000/1.1710). In this case, the settlement actually happens.
A futures forex contract is traded on a regulated market, for example, 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 modes 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. For example, if you want to trade one EURUSD futures contract on the CME, you need to have more than $2000 on your account.
What drives the forex market price?
As we said above, 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 price change of currency pairs. So many different factors can affect prices that it is difficult to make a prediction on which way they will move.
Nevertheless, economic calendars can help, so at least know about the scheduled events that could have an effect on the forex market.
Best forex brokers
Bottom line
You saw the details, now let's zoom out. Here are the best forex brokers in 2020 for citizens in Zimbabwe:
| XTB | XM | AvaTrade | MultiBank | FXTM | |
|---|---|---|---|---|---|
| Fees score | 4.0 | 4.0 | 3.0 | 3.0 | 4.0 |
| Markets and products score | 3.0 | 3.0 | 2.0 | 1.0 | 2.0 |
| Web platform score | 4.0 | 3.0 | 3.0 | 3.0 | 3.0 |
| Account opening score | 5.0 | 5.0 | 5.0 | 5.0 | 5.0 |
| Deposit and withdrawal score | 5.0 | 5.0 | 5.0 | 5.0 | 4.0 |
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75% of retail CFD accounts lose money |
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69.10% of retail CFD accounts lose money |
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71% of retail CFD accounts lose money |
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74-89% of retail CFD accounts lose money |
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83% of retail CFD accounts lose money |
XTB is our winner, the best forex broker for Zimbabwean citizens in 2020. Low forex and stock index CFD fees. Free and fast deposit and withdrawal. Easy and fast account opening.
All are great great choice. Watch out, FX can be risky. If you know enough and are good to go, pick your winner 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.
