AuthorBy Chris Cammack
Updated: March 1, 2021

When you fund your trading account, most Forex brokers will convert your Shilling to US Dollars, Euros or British Pounds. But TZS Forex brokers offer trading accounts that keep the trading balance in TZS, which is useful if you want to avoid currency conversion fees.

Having a TZS account also means your trading funds will be kept in local bank accounts, which makes deposits and withdrawals by bank transfer faster and more convenient. Unfortunately, only a few international brands have TZS Forex trading accounts.

In this guide, you will learn the advantages and disadvantages of trading with a TZS Forex account. This includes a summary of why TZS accounts are rare, who should use a TZS-based account, and a shortlist of the brokers with the best TZS account options.

Best Forex Brokers with ZAR Accounts 2021

Last updated on 1 Mar 2021
Updated 1 Mar 2021
by Editorial Director Chris Cammackby Chris Cammack
Chris Cammack
All Brokers Regulated
All Brokers Regulated
by Trusted Authoritiesby Trusted Authorities
Trusted
1
HotForex
Min. Deposit
USD 5
4.494.49
FSCA Licence
46632
Min. Spread
0 pips
Base Currencies
EUR, USD, ZAR
Overall Rating
11110.54.49/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.
2
XM
Min. Deposit
USD 5
4.254.25
FSCA Licence
None
Min. Spread
0.60 pips
Base Currencies
USD, EUR, GBP, JPY, CHF, ‎AUD, HUF, PLN, RUB, SGD, ZAR
Overall Rating
11110.54.25/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.60 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.
3
Exness
Min. Deposit
USD 1
4.124.12
FSCA Licence
51024
Min. Spread
0.10 pips
Base Currencies
USD, EUR, GBP, AUD, ZAR, CHF, JPY, NZD, SGD
Overall Rating
11110.54.12/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Exness is regulated by CySEC, FCA, and the FSC.
4
Blackstone Futures
Min. Deposit
ZAR 1000
4.484.48
FSCA Licence
49846
Min. Spread
0.60 pips
Base Currencies
ZAR, USD, GBP
Overall Rating
11110.54.48/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846
5
FxPro
Min. Deposit
USD 100
4.244.24
FSCA Licence
45052
Min. Spread
0.60 pips
Base Currencies
USD, GBP, EUR, AUD, CHF, JPY, PLN, ZAR
Overall Rating
11110.54.24/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA
6
markets.com
Min. Deposit
USD 100
4.494.49
FSCA Licence
43906
Min. Spread
0.60 pips
Base Currencies
USD, AUD, CHF, CZK, DKK, EUR, GBP, NOK, PLN, SEK, ZAR
Overall Rating
11110.54.49/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.
7
Global GT
Min. Deposit
USD 5
3.643.64
FSCA Licence
48896
Min. Spread
1.40 pips
Base Currencies
USD, EUR, ZAR, BTC, ETH, USDT
Overall Rating
1110.503.64/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT5 platform supported. GT.io is regulated by the FSCA & FSA Seychelles.
8
FxPrimus
Min. Deposit
USD 100
3.493.49
FSCA Licence
46675
Min. Spread
0.10 pips
Base Currencies
ZAR, USD, EUR
Overall Rating
1110.503.49/ 5
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

?HotForex – Best Regulated Broker

Regulated by the FSCA since 2016, HotForex is a firm favourite among Tanzanian traders looking for an account with STP execution and strong international regulation. The minimum deposit is 100.000 Shilling.

  • Regulated by the FSCA, FCA and CySEC
  • STP execution
  • Tight spreads and high leverage
  • Great value Micro Account
  • Detailed market analysis and dedicated customer service

✔️Strong Regulation | STP Execution | 1000:1 Leverage

HotForex is regulated by CySEC in Europe, the FCA in the UK and the South African FSCA. No-Dealing Desk (NDD) STP execution means tights spreads for all trades. Leverage is flexible – all the way up to 1000:1 on the Micro Account where the minimum deposit is 5 USD. Spreads start at 1 pip even, on the Micro Account.

HotForex Micro Account

✔️Detailed Market Analysis | Dedicated Customer Support

HotForex’s has a dedicated market analysis website hosted by a team of in-house experts. Analysis includes market news, technical analysis across all asset classes, special reports, and monthly outlooks. The site is updated frequently throughout the trading day and is always useful. In addition, customer support is available 24/5 in over 27 languages. Toll-free local phone numbers and local email addresses give clients direct free access to quality customer service in their language.

?Summary: Why Should Traders Use HotForex?

Spreads are tight, with flexible leverage up to 1000:1 on the Micro Account. Detailed market analysis will be helpful for both new and experienced traders and customer support is excellent.

Pros
  • Low minimum deposit
  • Tight spreads
  • Well regulated
  • Good range of accounts
Cons
  • Limited base currencies
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

?BlackStone Futures – With the Tightest Spreads

Founded in 2009, BlackStone Futures is an established FSCA-regulated broker based in Johannesburg.  Offering some of the tightest spreads and a minimum deposit of 150 000 Shilling, Blackstone Futures is one of Africa’s favourite brokers, it offers:

  • Africa’s tightest spreads
  • Responsible Attitude to Client Care
  • MT4 Support and Fast Withdrawals

✔️Tight Spreads 

Blackstone Futures offers trading accounts on both the MT4 and CloudTrade platforms. Traders will struggle to find an African broker with tighter spreads, with the EUR/USD down to 0.6 pips at times – exceptional for a broker which does not charge commission.

✔️Responsible | Client Focused

All BlackStone Futures clients have negative balance protection, and all trades are executed at third-party venues, removing any conflict of interest. Blackstone Futures’ approach to leverage is unusually responsible: Leverage is limited for new traders to 1:100 and can only be increased after a track record of responsible trading. Blackstone Futures also provides free withdrawals and aims to have client funds back in their accounts within 24 hours.

Homepage

?Why Should Traders Use BlackStone Futures?

BlackStone Futures is an FSCA-regulated broker with a long history of responsibly assisting traders to launch successful Forex trading careers. With tight spreads and a clear focus on customer support, BlackStone Futures is a great choice in a broker for African traders.

Pros
  • South African broker; FSCA regulated (FSP 49846) since 2009
  • Fast STP trade execution and negative balance protection for all traders
  • Tight spreads starting at 0.6 pips and no commission
  • ZAR accounts available; trade in Rand with fast deposits and withdrawals
Cons
  • Limited trading platform choice: MT4 and CloudTrade only.
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.6 pips on trading account with lowest minimum deposit. Max leverage 400:1. Islamic account available. MT4 and CloudTrade platforms supported. Blackstone Futures is regulated by the FSCA - FSP:49846

?FxPro – Best No Dealing Desk (NDD) Broker

FxPro’s NDD execution model is available on MT4, MT5, cTrader and its browser-based platform. FxPro recommends an opening deposit of 1.000.000 Shilling, though accounts can be opened with as little as 250.000 Shilling. Features traders will like at FxPro are:

  • Ultrafast NDD Execution and Platform Choice
  • Tight Spreads 
  • Free Funding via the FxPro Wallet

✔️Fast Execution | No Dealing Desk

All trades are NDD and most are executed in less than 10 milliseconds. Only 9% of orders received negative slippage. A perfect environment for scalpers and automated trading in volatile markets.

FXPro No Dealing Desk

✔️Tight Spreads | All Three Major Platforms

FxPro has three accounts, one for each of the major platforms: MT4, MT5 and cTrader. Both the MT4 and MT5 accounts offer commission-free trading while the cTrader account has a 4.50 USD commission per trade but raw spreads – down to 0.3 pips on the EUR/USD. In addition, FxPro has its own FxPro (EDGE) web platform for those that want to keep things simple.

FxPro cTrader

✔️FxPro Wallet | Free Deposits and Withdrawals

The FXPro Wallet is kept separate from the trading account, so will not be considered when calculating margin or leverage – making it a risk management tool. All deposits and withdrawals from the FxPro Wallet are free of charge via all methods.

FxPro Wallet

?Why Should Traders Use FxPro?

FxPro offers its clients a choice of platform and then provides the execution and simplicity that many traders crave. Fast NDD execution, tight spreads, simple funding, and complete transparency.

Pros
  • Well regulated
  • Great platform choice
  • Tight spreads
Cons
  • Limited education
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5, cTrader and FxPro proprietary trading platform supported. FxPro Group is regulated by FCA, CySEC, FSCA, and the DFSA

?Marketsx – Best Trading Platform

Marketsx is the new trading platform operated by Markets.com. The Marketsx platform offers traders fast, commission-free trading on over 2,200 financial instruments with spreads as tight as many ECN brokers.

  • Trade over 2200 tradeable instruments 
  • Tight spreads with no commission
  • In-depth charting, asset comparison and sentiment tools
  • Live-streamed, expert analysis

✔️7 Tradeable Markets | 2200 Instruments | Tight Spreads

Traders have a choice of over 2,200 instruments on the Marketsx platform. Over 50 FX pairs are available to trade with spreads starting at 0.6 pips, no commission and leverage of 1:300. Other tradeable assets include stocks, cryptocurrencies, over 25 major market indices, commodities, dozens of regional and sectoral ETFs and US, UK and German government bonds.

Marketsx Chart

✔️Trading Tools and Usability

The Marketsx trading tools menu features a range of tools that crunch big data from leading analysts, hedge funds, and commentators to give traders better insight into the market. Each tool has integrated buy and sell buttons so traders can act instantly upon the information presented. In the chart view, traders can see their orders, related instruments, and open positions with a single click. Marketsx offers a clean, well-designed UI that puts the trader usability first.

Marketsx Tools

?Summary – Why Should Traders Use Marketsx?

Marketsx is perfect for traders looking for an intuitive trading platform. The platform is packed full of features and analytical tools, Forex spreads are tight, and almost any other asset is available to trade.

Pros
  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
Cons
  • High minimum deposit
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

?FXPRIMUS – Most Secure Broker

FXPRIMUS is an STP market maker founded in 2009. The minimum deposit to open an account is 250.000 Shilling, though FXPRIMUS recommends 1.000.000 Shilling starting balance. FXPRIMUS has a secure trading environment and a strong focus on customer satisfaction – with free withdrawals and negative balance protection for all Tanzanian clients.

Highlights are:

  • Negative Balance Protection
  • Third-party monitoring of client withdrawals
  • Investor compensation and great customer support

✔️Secure | Trusted

Security and trustworthiness is of the utmost importance at FXPRIMUS. FXPRIMUS is a regulated member of the Investor Compensation Fund (ICF), meaning that client funds are protected up to €20.000. As an added safety measure, FXPRIMUS has introduced professional indemnity insurance of €2.5million. In addition, FXPRIMUS has partnered with the Boudica Client Trust to introduce third-party monitoring of client withdrawals. This ensures that withdrawal requests are executed as quickly and efficiently as possible.

FXPRIMUS Home

✔️Tight Spreads | Great Customer Support

Not just secure and trusted, FXPRIMUS also offers tight spreads across two simple accounts with low minimum deposits. Customer support is also knowledgable and helpful and available via WeChat, Zalo, Line, Telegram, Live Chat, WhatsApp, Facebook Messenger, Email and telephone.

?Why Should Traders Use FXPRIMUS?

Tanzanian traders who want a broker with the highest level of security should look to FXPRIMUS. FSCA regulation, negative balance protection for all Tanzanian clients and third party monitoring of client withdrawals makes FXPRIMUS one of the most secure brokers in the industry. In addition, customer support is top-notch and minimum deposits are low with tight spreads.

 

Pros
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • Great customer support
Cons
  • High commission
  • Limited education
  • Limited market analysis
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.50 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 1000:1. Islamic account available. MT4 platform support. FxPrimus is regulated by the CySEC, FSCA, and the VFSC.

What are the Advantages of Having a TZS Account?

The greatest advantage of having a TZS Account is that you will avoid currency conversion fees when funding your trading account.

If you have a USD trading account, conversion fees or the volatile TZS/USD exchange rate can take a bite out of your profits before you even start trading. Most international brokers will also give you a poor exchange rate from TZS to USD.

TZS Accounts will not have conversion fees on withdrawals and deposits

TZS accounts are also good for traders who use bank transfers or credit cards to fund their accounts. If you ask your bank or credit card company to fund a USD account, you can lose 7-10% of the value of your deposit in conversion charges and added fees. Fund transfers are also much quicker between local banks, so deposits and withdrawals can generally be made within 24 hours, and often happen instantly.

Funding TZS Accounts is much faster than USD accounts

Another benefit of having a TZS account is that your funds will be kept in a Tanzanian bank and will be accessible if your broker declares bankruptcy. With a USD account at an international broker, this will not be the case: Even if your funds are kept in a segregated account, they will be kept in a segregated account in another country.

TZS Accounts are usually held in Tanzanian banks

How to choose the best TZS Account

Choosing a broker with the best TZS account is much the same as choosing any Forex broker. It is essential to look at the detail of each broker to find out what differentiates them from each other.  When looking for a TZS account broker, it is important to judge them on the following areas:

Regulation 

Regulation is the most important aspect of selecting a broker with a TZS account, as it is with any Forex broker. You want to make sure your funds are secure and kept in a segregated account and that your broker maintains a fair trading environment. 

 The best international brokers tend to be regulated by the FCACySEC or ASIC as well as the FSCA.

The best regulators in the world are the FCA, CySEC and ASIC

Alongside FSCA regulation, brokers who offer TZS accounts will need a licence from the Bank of Tanzania (BOT) to provide financial products denominated in TZS – this extra licencing requirement adds another layer of protection for local traders.

Trading Conditions 

This includes what kind of spreads are available, how much leverage is offered, and how many currency pairs are available. These factors will directly impact your profit or loss.

Trading conditions are particularly important for traders with TZS accounts as your trading balance will be denominated in Shilling. This means that when you are open a trade with the base currency in anything other than TZS (USD/JPY, EUR/USD, AUD/USD, etc.) you TZS balance will be converted in the base currency, it will be converted back again to TZS once you close the trade. This can be expensive if you plan to hold multiple large trades open simultaneously.

When trading, your account currency is converted to the base currency of an FX pair

If you are planning to trade the USD/TZS be aware that this is considered an exotic pair and spreads are much wider than for major pairs (such as the USD/GBP), often as wide as 80 or 100 pips.

Trading Platforms

Another factor to consider is the choice of trading platforms on offer. Most brokers will offer MT4, but some brokers will offer multiple platforms – each with their own advantages. Many brokers also have their own platforms, these are often easier to use for beginners, though may not have the automation options that exist on downloadable applications like MT4, MT5 and cTrader.

MT5

Broker’s own trading platforms are often easier to use for beginner traders

Minimum Deposit 

For TZS Accounts, your minimum deposit will always be in Shilling. How much you are required to deposit changes for each broker and often changes between account types offered by the same broker, with higher minimum deposits often linked to better trading conditions.

Accounts with higher minimum deposits have better trading conditions

Deposit and Withdrawal Methods

 All brokers accept traditional payment types such as debit/credit cards and bank transfers, many accept online payments through Skrill and Neteller.

Always check for deposit and withdrawal fees before you sign up with a broker

Always check for deposit and withdrawal fees, a few brokers charge a percentage fee for some withdrawal methods, making large drawdowns expensive. 

Customer Service

Another important factor to consider when opening a TZS account is the quality of customer service offered by a broker. Brokers with TZS accounts tend to have local offices and can offer local support – which can make all the difference for beginner traders.

Brokers with local customer support will have a better understanding of your needs

Brokers with local customer support have a better understanding of the issues new traders in Tanzania have when setting up their accounts. They also can offer support in multiple languages, including Swahili.

Why are TZS Accounts so Rare?

Forex brokers who offer TZS accounts are rare, and most brokers still only offer USD or EUR accounts. This is mainly due to a lack of TZS liquidity providers. Forex brokers with TZS accounts need access to large amounts of Shilling, or Shilling liquidity pools, to cover their clients’ trades. Currently, there are just not that many banks in South Africa willing to provide the necessary funding.

Broker with TZS accounts need the support of large Tanzanian banks

Another reason for the lack of TZS accounts is that most international brokers have their costs priced in USD. By converting large sums of USD to finance TZS accounts they would open themselves up to huge exchange rate risk. They would lose money every time the TZS devalued against the USD, which has been a common problem recently.

International brokers with TZS accounts lose money when the Shilling devalues

Should I Use a TZS Account?

It depends. You will avoid conversion fees and withdrawals and deposits will be faster with a TZS account, however there will be a conversion fee on every trade with non TZS currency pairs.

Some traders want a USD account, especially traders who keep many positions open simultaneously. With this approach to trading with a TZS account, the fluctuations in the exchange rate would impact your profit margins.

One thing to keep in mind with a TZS account is whether your broker charges commission on trades – most ECN brokers do – and what currency the commission is charged in. If you have a TZS account and are being charged a USD commission for every trade, you will be losing a small amount of every trade in currency conversion. This can add up over time and become quite expensive. Most brokers with TZS accounts will charge the commission at a fixed rate in TZS but do check first.

Forex Risk Disclaimer

Trading Forex and CFDs is not suitable for all investors as it carries a high degree of risk to your capital: 75-90% of retail investors lose money trading these products. 

Forex and CFD transactions involve high risk due to the following factors: Over-leveraging, unpredictable market volatility, slippage arising from a lack of liquidity, inadequate trading knowledge or experience, and a lack of regulatory protection for clients. 

Traders should not deposit any money that is not disposable. Regardless of how much research you have done, or how confident you are in your trade, there is always a substantial risk of loss. (Learn more from the FCA or from ASIC)

Our Methodology

Our State of the Market Report and Broker Directory are the result of extensive research on over 100 Forex brokers. The explicit goal of these resources is to help traders find the best Forex brokers – and steer them away from the worst ones – with the benefit of accurate and up-to-date information. With over 150 data points on each broker and over 3000 hours of research and review writing, we believe we have succeeded in our goal.

In a world where trading conditions and customer support can vary based on where you live, our broker reviews focus on the local trader and give you information about these brokers from your perspective.

All research has been conducted by our in-house team of researchers and writers, gathering information from various company representatives, websites and by sifting through the fine print. Learn more about how we rank brokers

References

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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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