Forex trading is increasingly popular across the world, and is offered by many online brokers. To help you find the best forex trading platforms in Zimbabwe in 2022, we went ahead and did the research for you. First, we selected 101 quality online brokers, then we checked and compared their fees, currency pair selections, charting tools and more.
Our top 5 picks for the best forex brokers in Zimbabwe in 2022:
- Fusion Markets is our winner, the best forex broker in Zimbabwe in 2022. Low trading and non-trading fees. Fast and easy account opening. Great customer service.
- Capital.com takes second place. Low forex CFD fees and commission-free real stocks. Great account opening experience. Excellent email and chat support.
- MultiBank rounds out the top three. Quick and easy account opening. Free and varied deposit and withdrawal options. Fast and helpful customer service.
- XTB is ranked fourth. Low forex CFD fees, commission-free stocks/ETFs for some. Free and fast deposit and withdrawal. Easy and fast account opening.
- TMGM completes the list at number five. Low forex fees. Easy and fast account opening. Free deposit and withdrawal.
To see the best forex trading platforms recommended for US residents, check out the BrokerChooser top list of best US forex brokers.
What makes a top forex broker?
Fair forex fees; a good selection of currency pairs; a great trading platform with advanced charting; and, especially for beginner traders, a set of educational tools to guide you through the basics of trading.
We test brokers based on almost 500 criteria, using live accounts and real money. Here’s a summary of how the best brokers for forex fared in various categories:
| Broker | Info | Minimum deposit | Forex fee score | Markets and products score | ||
|---|---|---|---|---|---|---|
| #1 | Fusion Markets | Australian forex broker | $0 | 4.9 stars | 2.2 stars |
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74-89% of retail CFD accounts lose money |
| #2 | Capital.com | Global CFD broker | $20 | 3.7 stars | 3.1 stars |
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83.45% of retail CFD accounts lose money |
| #3 | MultiBank | Global CFD and forex broker | $50 | 4.8 stars | 2.0 stars |
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74-89% of retail CFD accounts lose money |
| #4 | XTB | Global CFD broker | $0 | 3.9 stars | 2.9 stars |
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76% of retail CFD accounts lose money |
| #5 | TMGM | Global forex broker | $100 | 4.6 stars | 2.2 stars |
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68% of retail CFD accounts lose money |
If you are a beginner, be careful with forex trading. Forex products are complex and very risky, thus not suitable for everyone. To learn more about the basics of trading forex, check out our forex trading 101 pages. Once you feel comfortable with the fundamentals of forex trading, you may want to read further about forex trading strategies.
For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.
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Live account testing : we open live accounts at each broker and test their services based on our unique methodology
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Safety above all : we only recommend safe brokers (certified and regulated)
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Unbiased and independent : our partnerships do not affect our scoring and verdicts
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Regular data updates : information on our site is up-to-date at all times
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Fully accessible : you can always reach us if you have questions: [email protected]
Best forex brokers
Trading fee comparison of the best forex brokers
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. This is what your overall fee would be if you took a $20,000 position, held it for a week and then closed it. We used 30:1 leverage, the maximum available for major currency pairs at many forex brokers.
| Fusion Markets | Capital.com | MultiBank | XTB | TMGM | |
|---|---|---|---|---|---|
| EURUSD benchmark fee | $5.2 | $8.7 | $5.0 | $8.3 | $5.9 |
| GBPUSD benchmark fee | $3.2 | $6.6 | $2.9 | $5.8 | $4.4 |
| AUDUSD benchmark fee | $2.5 | $6.1 | $4.3 | $7.0 | $5.6 |
| EURCHF spread | 0.6 | 1.8 | 0.7 | 1.7 | 0.4 |
| EURGBP benchmark fee | $5.7 | $10.9 | $7.8 | $9.7 | $6.6 |
Best forex brokers
Non-trading fees of the best online forex brokers
| Fusion Markets | Capital.com | MultiBank | XTB | TMGM | |
|---|---|---|---|---|---|
| Account fee | No | No | No | No | No |
| Inactivity fee | No | No | Yes | Yes | Yes |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
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Best forex brokers
Currency pair selection offered by the top forex brokers
| Fusion Markets | Capital.com | MultiBank | XTB | TMGM | |
|---|---|---|---|---|---|
| Currency pairs (#) | 89 | 138 | 55 | 57 | 57 |
Best forex brokers
Other category scores for the best online forex brokers
| Fusion Markets | Capital.com | MultiBank | XTB | TMGM | |
|---|---|---|---|---|---|
| Desktop platform score | 3.4 stars | 3.4 stars | 3.4 stars | 4.4 stars | 3.4 stars |
| Research score | 4.0 stars | 3.8 stars | 3.5 stars | 4.7 stars | 4.0 stars |
| Charting quality | Mid-range | Great | Mid-range | Great | Mid-range |
| Education score | 1.5 stars | 5.0 stars | 1.5 stars | 5.0 stars | 3.0 stars |
| Deposit and withdrawal score | 4.4 stars | 4.5 stars | 5.0 stars | 4.5 stars | 4.3 stars |
| Customer service score | 4.5 stars | 4.5 stars | 4.5 stars | 4.4 stars | 4.5 stars |
You can read about additional aspects of forex trading and trading platforms in general at the end of this article. But first, let's see the top forex brokers in 2022 for Zimbabwean citizens one by one, starting with the winner, Fusion Markets.
#1 Best forex broker
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
| Pros | Cons |
|---|---|
| • Low trading and non-trading fees | • Basic educational tools |
| • Fast and easy account opening | • Limited product selection |
| • Great customer service | • No investor protection |
#1 Fusion Markets
Fees
Fusion Markets has low fees when it comes to buying and selling currency pairs.
#1 Fusion Markets
Desktop trading platform
In design and functionality, Fusion Markets's MetaTrader 4 desktop platform is almost the same as the web trading platform. A major difference is that you can set price alerts here.
#2 Best forex broker
Capital.com
Capital.com is a global CFD broker founded in 2016. It has offices located in the United Kingdom, Cyprus, Australia, Seychelles and Gibraltar where each is authorized and regulated locally respectively by the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC) and the Financial Services Authority of Seychelles (FSA).
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 83.45% 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 investors and cfd traders looking for a great trading platform and excellent customer service
| Pros | Cons |
|---|---|
| • Low forex CFD fees and commission-free real stocks | • High stock index CFD fees |
| • Great account opening experience | • Only CFD, real stock, and spread betting (for UK clients) available |
| • Excellent email and chat support | • Smaller account currencies not available |
#2 Capital.com
Fees
Capital.com has low fees when it comes to buying and selling currency pairs.
#2 Capital.com
Desktop trading platform
Capital.com's desktop trading platform is provided by MetaTrader. It's customizable and supports price alerts, but it lacks a two-step login, the design is outdated, and it's not available in the UK.
#3 Best forex broker
MultiBank
MultiBank is a global CFD and FX broker. MultiBank Group was established in California, USA, in 2005 with headquarters in Hong Kong. They are a global financial group whose member companies are active in areas from asset management to brokerage. MultiBank's brokerage service is operating under several legal entities, regulated by the Australian Securities and Investments Commission (ASIC) and other financial authorities. In this review, we will 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 reasonably 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. 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 trading platform
| Pros | Cons |
|---|---|
| • Quick and easy account opening | • High stock CFD and inactivity fees |
| • Free and varied deposit and withdrawal options | • Limited product coverage |
| • Fast and helpful customer service | • Poor research and educational tools |
#3 MultiBank
Fees
MultiBank has low fees when it comes to buying and selling currency pairs.
#3 MultiBank
Desktop trading platform
In design and functionality, MultiBank's MetaTrader 4/5 desktop platforms are almost the same as their web versions; a plus is that you can set price alerts on the desktop platform.
#4 Best forex broker
XTB
XTB is a global CFD 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 regularly 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.
HEADS UP: Recent feedback about deposit and withdrawal – The details of depositing by wire transfer might be unclear for some of our users according to recent feedback we received. If you have problems, head to the 'Deposit and withdrawal' section of the review, where we explain how to make a free wire deposit to your XTB account under the section's 'Deposit and fees and options' heading.
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 service
| Pros | Cons |
|---|---|
| • Low forex CFD fees, commission-free stocks/ETFs for some | • Product portfolio limited mostly to CFDs |
| • Free and fast deposit and withdrawal | • Limited fundamental data |
| • Easy and fast account opening | • Inactivity fee charged |
#4 XTB
Fees
XTB has low fees when it comes to buying and selling currency pairs.
#4 XTB
Desktop trading platform
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.
#5 Best forex broker
TMGM
TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC), the New Zealand Financial Markets Authority (FMA) and the Vanuatu Financial Services Commission (VFSC).
TMGM is considered safe because it is regulated by the top-tier ASIC.
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. 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 who prefer the metatrader platform
| Pros | Cons |
|---|---|
| • Low forex fees | • Slim product portfolio |
| • Easy and fast account opening | • Limited research and educational tools |
| • Free deposit and withdrawal | • Inactivity fee |
#5 TMGM
Fees
TMGM has low fees when it comes to buying and selling currency pairs.
#5 TMGM
Desktop trading platform
In design and functionality, TMGM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Best forex brokers
What is a forex trading platform?
You've read our list of the best brokers for forex, but if you want to further explore the world of trading forex, below are a few important questions you need to get a grip on.
What do we mean by forex trading platforms? Strictly speaking, a trading platform is the portal or interface provided by your broker where you can:
- place buy and sell orders
- deposit or withdraw funds
- track your portfolio
- view research material such as charts, news or analysis
- read educational materials about trading forex
This can be a web browser-based platform, a downloadable desktop app or a mobile app.
More broadly speaking, a forex trading platform is simply an online broker that offers forex trading. It's in this sense that we use the term here when listing the best forex trading platforms - in other words, the best brokers for forex trading.
Many of the best forex brokers offer multiple trading platforms, often providing all three types - web, desktop and mobile.
- Web platforms are offered by nearly all forex brokers. To use these online trading platforms, you simply go to the broker's website and log in to a secure client area to access the actual trading platform and all trading tools.
- A desktop app can be either a proprietary trading platform developed by the broker, or a third-party tool such as MetaTrader. These desktop trading platforms are often targeted at more advanced forex traders.
- By contrast, mobile apps are great for trading on the go or checking the latest market news, but they're often not ideal for using more complex research tools such as charts.
Best forex brokers
Do I need a broker for trading forex?
Yes, you need to open an account at an online broker if you want to trade forex. At a good online forex broker, this takes only a short time and minimal hassle. In fact, some of the best online trading platforms will verify your new account in less than a day and require little or no minimum deposit.
So what does a forex broker do? Put simply, it lets you buy and sell foreign currencies, by acting as an intermediary between you and the rest of the market. There are hundreds of reliable forex brokers to choose from, and the forex market itself is a highly liquid market that is open around the clock; making forex trading relatively accessible for everyone.
However, the top trading platforms offer a lot more than simply executing your buy or sell orders.
- They provide sophisticated charting tools that let you analyze price movements.
- They have news feeds and calendars that help you stay on top of market-moving news.
- Many of the best brokers for forex also offer educational material such as articles or videos that explain the basic concepts and smaller nuances of forex trading.
- Some of the best forex brokers also offer social trading, also called copy trading - the chance to take a peek at other forex traders' activity and copy their successful strategies.
Best forex brokers
Is forex trading safe?
Are forex brokers reliable? For all the legit and trustworthy forex brokers out there, you can run into just as many shady operators or downright scams.
So how to tell if a forex trading platform is safe and your money won't be stolen? The most important thing to consider is regulation. Regulatory bodies across the world create and enforce rules that forex brokers must comply with. Some of these regulators are more stringent than others, meaning better protection for your money.
The best forex brokers are often regulated by either the US Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the UK Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), or other similar top-tier authorities. Please note that forex brokers often operate via separate legal entities in different regions of the world, meaning that not all clients may belong under the same regulator.
How can I tell if my forex broker is regulated? This information, often including a registration number, should be available on the broker's website. You should then double-check it on the regulator's website. Sounds like too much trouble? Don't worry - we at BrokerChooser only review and recommend forex brokers that are regulated by at least one top-tier authority. If you still want to broaden your search for the best forex trading platform, here are a few tips on how to spot and avoid scams.
For added peace of mind, you may also look at other factors, such as how long the broker has been in operation, or whether it has a well-known and reputable parent company.
While the best brokers for forex are properly regulated and keep you safe from fraud, trading forex is not without risks. Because you will be trading with leverage, even a small change in prices can translate into big gains or losses. As the forex market can be very volatile, a sudden price movement in the wrong direction can, in the worst case, wipe out all or a sizable portion of your money.
Best forex brokers
Tips for choosing a forex broker
To find the best trading platform for forex trading, you need to consider several factors. While our toplist of the best brokers for forex is a good place to start, you may want to check in detail if these platforms are really the best for you.
Regulation and safety
As we have noted above, having a sound regulatory background is of utmost importance. But there are other aspects to safety you might want to consider. For example, many of the top trading platforms require two-step authentication for login, reducing the likelihood of unauthorized access to your account.
Trading fees and costs
Whatever pricing method your broker applies (see more on these below), trading commissions and other fees can make a big difference to your forex trading profits at the end of the day, so it's worth shopping around.
Demo account
Many of the best online trading platforms offer demo accounts (also known as paper trading accounts), where you can test your trading skills and strategies using virtual money and running no actual risk. Demo accounts are also great for trying out the various features and tools of the trading platform.
Trading platform quality
Whether you are a beginner or an advanced trader, you will want a web/desktop platform or mobile app that is easy to use and has all the functions you need. Some of the best forex trading platforms are customizable, allowing you to create a workspace where the most important tools are literally at your fingertips.
Minimum deposit
Many of the top trading platforms require you to make no minimum deposit (or only a relatively small amount) when opening an account. This allows you to start forex trading and learn the basics without committing too much of your capital and exposing yourself to too much risk.
Number of currency pairs to trade
While some currency pairs such as EUR/USD and GBP/USD are offered by most forex brokers, many of the best trading platforms will also offer so-called minor or exotic pairs, meaning the currencies of smaller countries. Some online forex brokers will offer hundreds of currency pairs for trading.
Research and educational tools
To understand the forex market and the ins and outs of currency trading, you will need great research and educational tools. The best forex brokers will offer you advanced charting, trading recommendations, news feeds, educational articles, platform tutorial videos and more.
Customer service
In case something goes wrong with your trade or if the trading app breaks down, it's important to have immediate assistance from your broker. If you want to find the best trading platform, look for one that offers 24/7 support, either via phone or live chat.
Best forex brokers
What are the costs of forex trading?
If you're looking for the best forex trading platform, make sure to check out all fees and costs associated with trading and with maintaining your account. These fall into two broad categories: trading fees and non-trading fees.
Trading fees
In the case of forex trading, trading fees can be charged in two ways. It is either a commission, charged as a percentage of the trade value while you're paying a market-based buy-sell spread. Or, it can be incorporated into the buy-sell spread - think of it as the broker giving you a wider spread than it gets from the market.
The spread is usually quoted in pips - a pip is one ten-thousandth of a point. So, for example, if a currency pair is quoted 1.1234 for Sell and 1.1238 for Buy, the spread would be 4 pips.
Holding a leveraged forex position overnight will involve a financing cost. The financing rate changes daily, and it can add up to a significant part of your overall costs if you hold your positions for a longer period of time.
Non-trading fees
Non-trading fees may include inactivity fees, withdrawal fees or account maintenance fees. Some of the best forex brokers charge no such fees at all.
Feel free to explore our more detailed overview of fees and costs at forex and stock brokers.
Best forex brokers
Can I trade forex with $100?
Yes, it's possible to trade forex with just $100 or even less. Most of the top forex trading platforms offer so-called micro accounts, which allow you to trade as little as 1,000 units of a currency pair. This is called a micro lot; a standard lot would be 100,000 units. Trading one EUR/USD micro lot using 20:1 leverage would require you to deposit just a little over $50. Read on to learn more about trading with leverage.
Trading with such small amounts is a good way to learn the basics of forex trading or to test a new trading strategy while running reasonably low risk.
Best forex brokers
What are the most popular forex pairs?
The most popular foregn currency pairs are those that include the US dollar or the Euro, such as EUR/USD, USD/JPY, GBP/USD or EUR/GBP. Other currencies that are relatively popular in various pairings include CAD, CHF, AUD and HKD. Because of high market liquidity, popular currency pairs such as EUR/USD often come with lower spreads (and therefore lower trading costs for you) than more exotic currency pairs.
