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AuthorBy Jeffrey Cammack
Updated: August 1, 2022

We have checked out all the cryptocurrency brokers in Tanzania using our rigorous review process. While traders may be tempted by brokers who offer a wide range of cryptocurrency pairs, the traditional metrics of trust, platform choice and trading conditions should be applied when judging cryptocurrency brokers.

These are the best regulated cryptocurrency brokers in Tanzania for 2022.

  • AvaTrade - Best Mobile Experience for Cryptocurrency Trading
  • Capital.com - 470+ Cryptocurrencies and 100:1 Leverage
  • Admirals - Best MetaTrader Crypto Broker
  • Eightcap - 250+ Crypto Pairs and Low Fees
  • easyMarkets - High Leverage Crypto Trading
  • BDSwiss - Best Market Analysis for Cryptocurrency Traders
  • IC Markets - Best Cryptocurrency Broker for Beginners
  • HFM (HotForex) - Crypto Copy-trading and 1:50 leverage
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Broker
Overall Rating
Official Site
Min. Deposit
Crypto Pairs
Fx Pairs
Regulators
Platforms
Compare
AvaTrade
4.38 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
20
55
ASIC Regulated Forex Brokers
FSCA Regulated Forex Brokers
British Virgin Islands Financial Services Commission
Financial Services Agency
CySEC Regulated Brokers
Central Bank of Ireland
Avatrade Social
AvaOptions
Capital.com
4.68 /5
Read Review
Visit Broker >
Your capital is at risk
USD 20
477
137
FCA Regulated Brokers
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
Capital.com
Admiral Markets
4.34 /5
Read Review
Visit Broker >
Your capital is at risk
USD 25
42
50
ASIC Regulated Forex Brokers
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
MT Supreme
Eightcap
4.13 /5
Read Review
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Your capital is at risk
AUD 100
250
45
ASIC Regulated Forex Brokers
Vanuatu
Securities Commission of the Bahamas
easyMarkets
3.98 /5
Read Review
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Your capital is at risk
USD 25
17
103
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
BDSwiss
4.32 /5
Read Review
Visit Broker >
Your capital is at risk
USD 100
27
50
CySEC Regulated Brokers
Financial Services Commission
The Seychelles Financial Services Authority
IC Markets
4.46 /5
Read Review
Visit Broker >
Your capital is at risk
USD 200
18
64
CySEC Regulated Brokers
ASIC Regulated Forex Brokers
The Seychelles Financial Services Authority
HFM (Hotforex)
4.49 /5
Read Review
Visit Broker >
Your capital is at risk
USD 5
19
53
CySEC Regulated Brokers
FCA Regulated Brokers
FSCA Regulated Forex Brokers
Dubai Financial Services Authority
Financial Services Commission
The Seychelles Financial Services Authority

How do I choose a Cryptocurrency broker?

Cryptocurrency trading is not available at all brokers. There are several reasons for this, including regulatory conditions – for instance, the Financial Conduct Authority (FCA) has barred all UK-based brokers from offering cryptocurrency CFD trading. For other brokers, it is a business decision not to offer crypto trading, and for some, it is due to platform limitations.

When comparing cryptocurrency brokers, you should consider the following points.

Is the broker well regulated?

Regulation, especially with cryptocurrency trading, is very important. Numerous illicit offshore brokers specialise in cryptocurrency trading, so always verify your broker’s regulation before making a deposit.

Does the broker offer demo accounts?

This free account type should always be a starting point for any trader starting to trade crypto. Cryptocurrency is extremely volatile, and price patterns are much harder to predict, as limited fundamental data is available and all trading is done by examining charts.

What level of leverage is offered?

Leverage is typically much lower for cryptos than for other assets, around 2:1. While using too much leverage in highly volatile markets can devastate a trading account, traders will still want to access some leverage. Check that the leverage amounts match your risk appetite.

The number of cryptocurrency pairs offered

Some cryptocurrency traders will be happy with a smaller number of pairs, limited to Bitcoin, Litecoin and other coins against the USD. However, some brokers offer a wider range of crypto CFDs, which will introduce more variety to your trading. Trading the same few crypto pairs will limit your cryptocurrency trading opportunities, and you will need to find other asset classes, like Forex or commodities, to trade in parallel.

The number of FX pairs offered

Most cryptocurrency traders will also want to trade currencies. Just as the number of crypto pairs is important, so too is the number of FX pairs. The more currency pairs available, the more variety you can have in your trading.

Transaction fees

Brokers may introduce a fee for trading cryptocurrency in addition to the spread. Spreads on cryptocurrency can be a lot wider than on fiat currency pairs, which means that large changes in prices will need to happen for a trader to profit. Overall trading costs can vary widely, from US$5 to US$15 per transaction.


Avatrade – Best Mobile Experience for Cryptocurrency Trading

A well-regulated market maker, Avatrade provides a reliable, user-friendly trading environment on a range of platforms, including its innovative mobile app – AvaTradeGO.  AvatradeGO allows traders to view their trades at a glance, create watchlists, and view live prices and charts.  It also allows traders to trade on more than 250 instruments, including 8 cryptocurrencies on its mobile app. 

Avatrade supports cryptocurrency trading 24/7, which means that traders can operate on the weekend.  Furthermore, unlike many other brokers that restrict clients by only allowing crypto to crypto trading, Avatrade clients can trade cryptos against Fiat currencies (USD, EUR, and JPY).  Lastly, Avatrade offers some of the best trading conditions on cryptocurrencies, but leverage is limited to 20:1 because of the volatility of the market.

Pros
  • Good for beginners
  • Well regulated
  • Low minimum deposit
Cons
  • Dealing desk
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.

Capital.com – 470+ Cryptocurrencies and 100:1 Leverage

Capital.com is a well-regulated market maker broker with an impressive range of 477 cryptocurrency pairs, including Bitcoin, Litecoin, Ripple, Bitcoin Cash, Ethereum, and DASH.  Traders can choose between the MT4 trading platform or Capital.com’s own sophisticated web-based platform. The single trading account has a minimum deposit requirement of 100 USD, putting it in reach of most beginners.  Cryptocurrency trading is commission-free, and some popular pairs feature leverage of up to 100:1, much higher than most other brokers. Capital.com has another 6000 CFDs to trade, including Forex, indices, commodities, and shares. 

Capital.com provides an extensive and well-organised selection of educational and market analysis materials that cater to traders of all experience levels.  Warranting special mention is its proprietary Capital.comTV, which stages numerous high-quality videos covering a range of trading-related content and trading ideas related to current events.  It also offers numerous in-depth guides, and webinars are held weekly and run by professional technical analyst, David Jones who leads the in-house research team. 

Pros
  • Tight spreads
  • Low minimum deposit
  • Excellent education
Cons
  • Limited account options
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 200:1. Capital.com custom platform supported. Capital.com Group regulated by the FCA, ASIC, NBRB & CySEC. 81.4% of traders lose money with this provider.

Admirals – Best MetaTrader Crypto Broker

Admirals, formerly known as Admiral Markets, is an Australian broker offering trading on a wide range of assets, including 40+ Forex pairs, 32 cryptocurrency CFDs, metals, energies, commodities, indices, shares, ETFs, and bonds.  Cryptocurrency trading is offered on both the MT4 and MT5 trading platforms, but traders can only choose between four crypto pairs on MT4. For the full range of 32 cryptocurrencies, traders must use MT5. Cryptocurrency assets include 22 cryptocurrency pairs crossed with Fiat currencies, and 10 cryptocurrency cross pairs. The minimum deposit on the trading accounts is 100 EUR/GPB/AUD, leverage on crypto is up to 2:1, and trading is open 24/7 on pairs with EUR and digital crosses.  No commissions are charged. 

Admirals offers its own customised plugin for MetaTrader, known as the MetaTrader Supreme Edition.  This custom plugin was built by MetaQuotes for Admirals and adds powerful features to both the MT4 and MT5 platforms.  Included in the MetaTrader Supreme Edition is the Global Opinion toolset, which scans and contextualises millions of financial news stories and social media posts, providing traders with a dynamic view of market sentiment.

Pros
  • Well regulated
  • Excellent education
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.80 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & MT4 Supreme Edition platforms supported. Admiral Markets is regulated by ASIC, CySEC, and the FCA.

Eightcap – 250+ Crypto Pairs and Low Fees

A well-regulated broker, Eightcap offers low-cost trading on a broad range of cryptocurrency pairs on the MT4 and MT5 trading platforms. With over 250 cryptocurrencies, Eightcap has one of the largest sets of crypto pairs in the industry, including crypto-crosses and crypto indices. Eightcap also boasts some of the tightest crypto spreads, with Bitcoin at 12 USD per coin and Ethereum at 0.45 USD per coin. Additionally, leverage is higher than many other cryptocurrency brokers, up to 20:1, where clients can open trading accounts with a 100 AUD minimum deposit.

Pros
  • Great platform choice
  • Excellent education
Cons
  • Limited demo account
  • No swap-free account option
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.00 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. Eightcap Markets is regulated by ASIC & the VFSC.

easyMarkets – High Leverage Crypto Trading

Founded in 2001, easyMarkets is a well-regulated market maker offering trading on Bitcoin, Ethereum, Ripple, Litecoin, Stellar, and Bitcoin Cash. While easyMarkets only offers six cryptocurrencies, they are the most traded in the world and it also offers higher leverage than most other crypto brokers. Leverage is up to 1:30 on the easyMarkets platform and app and 1:20 on MT4.

easyMarkets has a history as one of the most innovative brokers in the industry and was the first broker to introduce negative balance protection and a guaranteed stop-loss.  It has continued to innovate with tools such as easyTrade, Freeze Rate, and dealCancellation to help traders manage risk. Trading is offered on its own beginner-friendly platform and app as well as MT4, and easyMarkets allows scalping, hedging, and algorithmic trading.    

easyMarkets’ Standard Account requires a minimum deposit of only 25 USD – making it accessible to beginner traders. easyMarkets does not charge any deposit or withdrawal fees and provides negative balance protection for all traders. 

Pros
  • Well regulated
  • Wide range of assets
  • Innovative trading tools
Cons
  • Limited platform choice
  • Limited account options
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 & the proprietary easyMarkets platform are supported. easyMarkets is regulated by CySEC, ASIC, and the FSA in Seychelles.

BDSwiss – Best Market Analysis for Cryptocurrency Traders

A well-regulated market maker, BDSwiss offers 20 cryptocurrency pairs available for trading, including Bitcoin, Litecoin, Ripple, and Ethereum. No commissions are charged, and BDSwiss offers leverage of up to 5:1.  With a broad range of other tradable assets on three live accounts, BDSwiss offers full support for MT4, MT5, and its bespoke BDSwiss Webtrader application, featuring an extensive set of analysis tools and advanced charting. 

The BDSwiss Trading academy and its associated market analysis materials are the best in the industry.  Curated by a team of renowned market analysts and professional traders that provide 24/5 market news coverage, it is well-recognised by the global industry and its research team is often featured in world-leading publications and financial news outlets.

Pros
  • Tight spreads
  • Good for beginners
  • Wide range of assets
Cons
  • Expensive withdrawals
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. BDSwiss is regulated by CySEC, FSC, and the FSA-Seychelles.

IC Markets – Best Cryptocurrency Broker for Beginners

A beginner-friendly broker famous for its raw Forex spreads, IC Markets also offers trading on 12 cryptocurrency pairs.  Cryptocurrency trading is available 24/7 and IC Markets provides 24/7 customer support, which is also great for weekend traders and beginners who are trying to find their footing.  Leverage on cryptocurrencies is up to 5:1 and all fees are included in the variable spreads. IC Markets offers a broad range of trading platforms, including MT4, MT5, and cTrader. Beginners may also be interested in IC Markets’ copy trading platforms such as Zulutrade, and Myfxbook Autotrade.

IC Markets also offers an impressive array of course material, including video tutorials, articles, frequent webinars, and IC Markets’ WebTV.  It also provides an extensive hub of market analysis materials including fundamental analysis, technical analysis, and an up-to-date market news section. 

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Great platform choice
Cons
  • High minimum deposit
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.10 pips with 7 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4, MT5 & cTrader platforms supported. IC Markets is regulated by CySEC and ASIC.

HFM (HotForex) – Crypto Copy-trading and 1:50 leverage

There are three main advantages of trading crypto with HFM: Leverage of up 1:50 is available on the most popular pairs (such as BTC/USD and ETH/USD), and unlike Forex, trading cryptocurrency can be traded 24 hours a day, seven days a week. Finally, both the BTC/USD and the BTC/EUR are available on HFM’s dedicated copy trading account, HFCopy. This is particularly good for traders who are new to the cryptocurrency market, which is notoriously volatile. Copying more experienced crypto-traders allows beginners to understand the risks of trading these markets while making a profit.

Standard crypto trading is also available on all three of HFM’s regular accounts, including the Micro Account, which only requires a 5 USD minimum deposit. With support for both MT4 and MT5 and 19 crypto pairs, including three euro crosses, most crypto traders will be satisfied.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

How Does Cryptocurrency Trading Work?

Cryptocurrency trading works in much the same way as classic Forex trading with three significant differences. Due to the extreme volatility of the cryptocurrency market:

  • Leverage is much lower (the maximum is often 1:10 or similar) and
  • Spreads are much wider (often in the range of 25-35 pips).

This is to protect brokers and traders from the wild swings often prevalent in the crypto market.

Finally:

  • The cryptocurrency market operates 24/7, as it does not rely on large financial institutions for liquidity.

Traders and brokers both know there is money to be made on cryptocurrencies, so brokers have adapted their trading platforms and customer support hours to provide a genuine crypto CFD trading experience.

What is a cryptocurrency?

A cryptocurrency is a digital currency with no asset or national backing. They can be used to make payments or make investments and are more commonly accepted all the time.

Cryptocurrencies are ‘mined’ using computers, once mined the new unit of currency is added to a blockchain – a public ledger of transactions. This is very different from traditional currencies, which are minted by a federal bank.

Cryptocurrencies have a theoretical limit on the number of coins that can be created. As long as there is a demand, this supply limit allows them to hold their value, and they can be viewed as an investment vehicle.

There are dozens of cryptocurrencies, but the most liquid and widespread are Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ripple, and EOS.

What is Blockchain?

Blockchain is a time-stamped digital record used to keep track of data. Much like a traditional notary, blockchain eliminates any possibility of backdating or altering digital data. With the introduction of digital tender, blockchain is used as a distributed ledger containing a register of transactions. Every block in a blockchain includes data, a unique hash (much like a fingerprint) and the hash of the previous block in the blockchain.

The data in a Bitcoin block stores details about transactions such as amount, sender and receiver. The hash identifies a block and its contents and is always unique.

Altering the information in a block will also alter the hash of the block, thus automatically making all the following blocks invalid as they no longer store a valid hash of the previous block.

Additionally, blockchain has a mechanism that slows down the creation of new blocks called “proof-of-work” to prevent tampering with data inside the blocks.

The ledger (transactions) are re-calculated every ten minutes by the machine with the greatest processing power. All the other computers on the network check and verify that the transactions entered are valid once the primary machine has completed the calculation.

If more than 50% of the computers agree on the outcome of the calculation, the new block of transactions gets included in the blockchain.

What is mining?

Mining is the process of adding new tender to the blockchain, in effect generating new tender. Mining uses high-powered computers, often powerful GPUs (graphic processing units), to find and verify the resulting coin, which is placed in a wallet associated with the computer.

What are Wallets?

A digital wallet allows a user to store coins and enables the movement of funds by the owner. An account is often referred to as an address or key, where the key is used to track the ownership of a cryptocurrency.

A wallet can also be a program or a physical device, some wallets are geared for a single digital currency or a few select digital currencies.

Trading Crypto CFDs

If your goal is to purchase these assets for an investment, you can buy them on digital currency exchanges, such as Coinbase. However, cryptocurrency pairs can be traded like any other Forex pair.

Like standard Forex CFDs, the value of a cryptocurrency CFD mirrors the currencies it follows. Each transaction is speculation on the value of the currency increasing or decreasing.

There are several benefits to trading these currencies:

  • You can use leverage
  • You can trade them at most Forex brokers
  • You don’t ever own the asset and only speculate on currency value changes

As mentioned previously, cryptocurrencies can experience extreme volatility. Bitcoin has seen a 250% increase in value against the USD over the last five months but has also experienced frequent crashes of over 20% in the same period. This is in stark contrast to the traditional fiat currencies where historical volatility is below 3%.

These currencies have similar traits to traditional ones. If you plan on trading these assets over the short-term, you should look for rapid changes in sentiment, as this will help predict future price movement. If you plan on trading over the long-term, watch for new information to affect value significantly.

Like traditional Forex trading, you can use your trading platform to execute trades, perform analysis and follow the news. Most brokers that offer cryptocurrency CFDs offer CFDs on other assets, which provides for a seamless transition if you are already accustomed to trading this asset class.

What Cryptocurrencies Should You Trade?

  • Bitcoin – The oldest and most liquid of them all is Bitcoin (BTC). It was established in 2009 by an unknown person using the name Satoshi NakamotoNakamoto to be used as a payment mechanism. In trading, BTC is commonly paired with fiat currencies such as the USD and EUR.
  • Ethereum – This is an open-source platform that uses blockchain technology. The critical function is smart contract programming. Ethereum is very liquid and experiences the same volatility expected from this market. The system went live on July 30, 2015, with 72-million coins.
  • Litecoin – This coin was built using the same open-source software that was used to create Bitcoin but uses a different license to make it more flexible. Litecoin was initially referred to as an alternative coin or altcoin and was created in October 2011.
  • Ripple – Founded as a payment system and currency exchange network by Ripple Labs Inc. The system was established in 2012, and Ripple can be traded versus several fiat currencies as well as other coins.
  • EOS– EOS operates as a smart contract platform and decentralised operating system. The system is fast and can execute millions of transactions in seconds. You can trade EOS against other coins and fiat currencies.

How are cryptocurrencies different from regular currencies?

Over the last decade the supply of money has grown exponentially; this has been the most significant growth in the supply of money in history. Central banks control our money system, and all currencies are government fiat currencies.

The issue with fiat currencies is that the more of money that is in a system, the more prices will rise. This increase in inflation will also cause the value of the currency to fall.

Both BTC and gold are similar in that there is a finite supply; this is in contrast to fiat currencies, where central banks can print more tender whenever they please. As such, there is a predictable rate at which Bitcoin is mined, like the predictable rate at which gold is added to the market.

How many Cryptocurrencies are there?

On July 3rd 2017, there were 34 – by June 5th 2019, there were 2216. The table below shows the top 10 cryptocurrencies by market capitalisation (as of September 6, 2019).

Source: coinmarketcap.com

Why Trade Bitcoin & Digital Coins?

These assets are known for their high volatility, thus creating more trading opportunities. Forex volatility has fallen to near record lows in the past ten years, often to less than 1%, while Bitcoin has had extreme volatility readings of 30% with an average volatility reading of 10%.

More volatility means more trading opportunities and larger profits, but at the same time, it also increases the sizes of the losses. Because of this volatility, you will find that brokers offer much lower maximum leverage for these pairs.

Analysing these pairs is easier because you don’t have fundamental data like GDP, CPI Inflation, unemployment rate or the business cycle to consider. Digital currencies are not influenced by fundamental macro data which will make the price action much easier to be read.

What To Look for in a Broker?

Find a well-regulated broker that provides a robust trading platform, where you can perform technical analysis with ease, execute trades quickly, with a wide choice of currency pairs. 

You want to be able to buy and sell both fiat currencies, such as the dollar, yen, pound, and euro as well as versus other coins and commodities. In addition to a downloadable or web-based platform, you should also look for a broker with a mobile app.

Your broker should offer a margin account, allowing at least 10:1 leverage on most pairs, an education section to help you trade this fast-moving market, with trading conditions that won’t eat up too much of your profits.

Finally, find a brokerage with a demo account which will let you test drive the platform, and work out any kinks before you risk your capital.  For further reading on how to compare forex brokers, we have a more detailed article. 

Featured Brokers

Trading Forex and CFDs is not suitable for all investors and comes with a high risk of losing money rapidly due to leverage. 75-90% of retail investors lose money trading these products. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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