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AuthorAuthor: Chris Cammack
Updated: Mar 22, 2023
Last Updated On Mar 22, 2023
Chris Cammack

Most traders want a TZS Forex trading account because they can avoid paying conversion fees on deposits or withdrawals. An added bonus is that most brokers with TZS accounts will also keep trading funds in Tanzanian banks. This means that deposits and withdrawals via bank transfer will be faster and usually free.

Otherwise, TZS trading accounts operate the same as other trading accounts. So, we have featured the best TZS account brokers for a variety of traders and their differing priorities. Whether you’re a beginner looking for a micro account, a scalper looking for high leverage, or a trader just looking for the lowest possible costs, you’ll find a TZS trading account here that suits your needs.

This guide will also teach you 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.

These are the best Forex brokers with TZS Accounts in 2023.

  • HFM - Best Overall Broker
  • XM - Most Trusted Broker
  • Exness - Best Trading Platforms
  • FxPro - Best No Dealing Desk (NDD) Broker
  • markets.com - Best Trading Platform
  • Global GT - Best Education

These are the Best Brokers with TZS Accounts

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Overall Rating
Min. Deposit
Max. Leverage (Forex)
Negative Balance Protection (Default)
Trading Cost (Standard Account)
Account Types
Trading Commission
HFM (Hotforex)
4.43 /5
Read Review
USD 01000:1 CySEC Regulated BrokersFCA Regulated BrokersDubai Financial Services AuthorityFinancial Services CommissionUSD 100.10 pips0.30 pips0.50 pipsSTP6 USD / lot - Zero Account
4.35 /5
Read Review
USD 5500:1 CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services CommissionUSD 70.10 pips0.10 pips0.20 pipsMarket Maker7 USD / lot - XM Zero Account
4.12 /5
Read Review
USD 3Unlimited:1 FSCA Regulated Forex BrokersCapital Markets AuthorityBritish Virgin Islands Financial Services CommissionFinancial Services CommissionUSD 70 pips0 pips0.10 pipsMarket Maker7 USD/lot
4.29 /5
Read Review
USD 100200:1 FCA Regulated BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityUSD 140.40 pips0.60 pips1.00 pipsMarket Maker NDD9 USD / lot
4.58 /5
Read Review
USD 100300:1 FCA Regulated BrokersCySEC Regulated BrokersASIC Regulated Forex BrokersBritish Virgin Islands Financial Services CommissionUSD 70.60 pips0.70 pips1.20 pipsMarket MakerFees Included in Spread
3.93 /5
Read Review
USD 51000:1 FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityUSD 141.90 pips1.60 pips2.20 pipsSTPFees Included in Spread

?FxPro – Best No Dealing Desk (NDD) Broker

Overall Rating
4.294.29 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage200:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

  • Well regulated
  • Great platform choice
  • Tight spreads
  • Limited education
AlertAccepts Tanzanian Clients. Average spread EUR/USD 1.40 pips on trading account with lowest minimum deposit. Max leverage 200:1. 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

Overall Rating
4.584.58 / 5
🏦  Min. DepositUSD 100
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage300:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

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.

  • Well regulated
  • Tight spreads
  • Wide range of assets
  • Fast and free withdrawals
  • High minimum deposit
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 300:1. Islamic account available. MT4 & MT5 platforms supported. MarketsX is regulated by CySEC, ASIC, and the FSCA.

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 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.


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 180 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 200 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

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