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Having a reliable Forex trading app is important for all Forex traders. Whether you’re a beginner or a professional, being able to check market data and adjust trades on your phone is an essential part of your trading day.
These are the best Forex trading apps of 2023 designed for Tanzanian traders of all levels. With this comprehensive list, you’ll gain a better understanding of the top Forex apps and their features, helping you find the right one to your fit your trading style. From risk-managements tools to advanced analysis, you will find everything you need from these apps for Forex trading on the go.
These are the best Forex trading apps in Tanzania for 2023.
A Forex trading app is an application you can download to your phone or tablet that allows you to trade Forex and other financial instruments. Forex trading apps are usually offered free by Forex brokers. Some apps are proprietary, which means they are developed in-house by a broker. But many popular apps are developed by third-party companies. Proprietary Forex trading apps are usually easier to set up and use by beginners.
Forex trading apps will let you open a demo or trading account with the broker, buy and sell instruments, deposit and withdraw funds from your broker, provide real-time market data, display news and analysis, and provide price alerts and other tools to manage your risk.
Forex trading apps are available on mobile devices, while Forex trading platforms run on desktop computers. Otherwise, they perform the same function. Both allow you to trade on financial markets and will connect to your broker’s trading system. Desktop trading platforms tend to have more features and tools than trading apps and are favoured by experienced traders who require more in-depth technical analysis and advanced order types.
To test these mobile apps, we downloaded and installed them on Android and iOS devices and connected our live trading accounts. While trading on the mobile apps, we tested the platform’s stability and execution speed. We also compared their fees and checked how easy it was to deposit and withdraw money from our trading account. We only work with well-regulated brokers with a good reputation for treating their clients fairly. Want to know more about our in-depth review process? Click here to find out.
These are the best Forex Trading Apps in Tanzania for 2023, as determined by our comprehensive review process.
AvaTrade’s flagship mobile app is called AvaTradeGo and was voted the Best Forex Trading App in 2020 at the Global Forex Awards. AvaTradeGo provides a stable trading experience with an advanced dashboard, with intuitive management tools, clear charts, zoom for details, and a Market Trends feature to monitor trading trends within the AvaTrade community. AvaTrade’s fees are some of the lowest for an account with a 100 USD minimum deposit – as low as 0.9 pips on the EUR/USD.
AVATRADEGO FEATURES
Accepts 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.Founded in 2011 and regulated by the UK’s FCA and the FSC in Mauritius, FXTM is an established Forex and CFD broker. Through the FXTM Trader mobile app, traders can access FXTM’s complete range of CFDs, including Forex, spot metals, 180 company shares, commodities, indices and cryptocurrencies. With FXTM Trader you can open and close positions in seconds, fetch live currency rates, manage your trading accounts, and supervise your FXTM Invest copy-trading account.
FXTM TRADER FEATURES
Accepts Tanzanian Clients. Average spread EUR/USD 1.50 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. Leverage offered can vary depending on country of residence, and your trading knowledge and experience. FXTM is regulated by CySEC, FCA, FSCA, and the FSC.XM is a well-regulated broker supporting MT4 and MT5 native XM apps with three account types: A Micro Account, Standard Account and a commission-based XM Zero Account with super-tight spreads. Each account offers tight spreads, with the EUR/USD starting at 1.6 pips on the Micro and Standard Account. The XM Zero Account has spreads down to 0.1 pips with a commission of 7 USD round trip. For beginners, education and research are some of the best globally.
XM APP FEATURES
Accepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. XM Group regulated by CySEC, ASIC, and the IFSC.A well-regulated broker, HFM offers trading on Forex, commodities, indices, shares, bonds, and ETFs – though it recently stopped offering crypto CFDs. The new HFM HF App features include in-app fund transfers, advanced charting, and access to HotForex’s copy-trading accounts (HFcopy). Other features include a live rate stream for CFDs on forex, commodities, stocks and indices, a market news stream and the latest analysis published by the HFM research team.
HF APP FEATURES
Accepts 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.Available on both Android and iOS devices, the Skilling Trader app is well-designed. Beginners will find that it is easy to use and includes a Trading Assistant that walks you through the app. The app allows traders to easily transfer, withdraw and deposit funds, search for instruments, and create watchlists. It also has a huge range of technical indicators and charts in multiple time frames. We also enjoyed how easy it was to execute orders, and all of Skilling’s educational materials and market news are available on the app.
SKILLING TRADER FEATURES
Accepts 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 and cTrader platforms supported. Skilling is regulated by CySEC and the FSA-Seychelles.
3.58 / 5| 🏦 Min. Deposit | USD 200 |
| 🛡️ Regulated By | CySEC, FCA, ASIC, FSA-Seychelles |
| 💵 Trading Cost | USD 10 |
| ⚖️ Max. Leverage | 30:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | etoro |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices |
Founded in 2007, eToro were the creators of the social trading system. It remains the leading social trading broker and its unique and innovative trading platform is built from a mobile-first perspective, leading to a smooth and simple trading experience.
Copying other eToro user’s trades straight from the social feed is a simple process and the app has won many awards for its intuitive and straightforward design. Many of the complex trading features found on other platforms like MetaTrader and cTrader are either removed or are blended into the trading experience in a more natural way. This point-and-click platform is perfect for beginners and needs little introduction before opening trades.
eToro users enjoy zero commission and eToro offers access to over 90 crypto and cross-crypto pairs. eToro is also a fully regulated crypto service provider. eToro members can buy Bitcoin, Ethereum, XRP, and other top cryptocurrencies without deposit fees.
Accepts Tanzanian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. eToro proprietary trading platform support. eToro is regulated by CySEC, FCA, and ASIC. 77% of retail investor accounts lose money when trading CFDs with this provider.Founded in 2010, Markets.com’s offers trading on over 2,200 financial instruments including stocks, Forex, commodities, indices, cryptocurrencies, ETFs, and bonds. Markets.com mobile trading app, called Marketsx, offers fast, low-cost trading on over 2,200 financial instruments. The app has been natively designed for both iOS and Android, providing a smooth and stable trading experience.
MARKETSX FEATURES
Accepts 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.
4.29 / 5| 🏦 Min. Deposit | USD 0 |
| 🛡️ Regulated By | CySEC, FCA, DFSA, FSC |
| 💵 Trading Cost | USD 7 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | xStation5 |
| 💱 Instruments | Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices |
Founded in 2002 in Poland, XTB offers trading on over 1500 financial assets including Forex, indices, commodities, stock CFDs, ETF CFDs, and cryptocurrencies. XTB has successfully incorporated many of its desktop xStation trading platform’s features into the xStation mobile app. With a smooth and intuitive design, the transparent charts (also available horizontally) allow clients to track market movements accurately. XTB has relatively low fees compared to many brokers, with no minimum deposit requirement and spreads averaging 0.9 pips (EUR/USD).
XSTATION APP FEATURES
Accepts Tanzanian Clients. Average spread EUR/USD 0.70 pips on the trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & xStation platforms supported. XTB Group is regulated by CySEC, FCA and the IFSCWith the right Forex trading app, you can stay up to date with the latest market news, access charts, conduct technical analysis, and carry out trades all from the convenience of your smartphone or tablet. But with so many apps out there, how do you choose the best Forex trading app for you? Here are a few important things to consider:
It’s impossible to say which trading app is best as traders have different priorities, but AvaTrade’s trading app, AvaTradeGo, provides a smooth trading experience with a sophisticated dashboard, complete with a set of intuitive risk-management tools, clear charts, zoom for details, and many more helpful features unique to this app.
The best trading apps for beginners are easy to set up and use and have built-in educational resources. In our testing, we found that the Skilling Trader App has many helpful features for beginners. Not only is it easy to use, but it also includes a Trading Assistant that walks you through the app features. Traders can easily transfer, withdraw and deposit funds, search for instruments, create watchlists, and all of Skilling’s educational materials and market news are available on the app.
All Forex and CFD trading comes with a high degree of risk of losing all the money in your trading account. In terms of app security, as long as you download an app from a well-regulated broker and protect your trading account with a strong password and two-factor authentication, your Forex trading app should be secure from hackers.
While there are a few advantages to using trading apps, such as being able to respond immediately to market movements wherever you are, there are also disadvantages to be aware of, such as the risk of overtrading and trading while distracted.
Yes, both MetaTrader 4 and MetaTrader 5 are available as trading apps for Android devices from the Google Play store. Apple removed the MetaTrader apps from its App Store in September 2022, following claims of misuse. However, they have now been reinstated.
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 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.
Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.
Alison joined the team as a writer in 2021. She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers, and she now has over eight years experience in research and content development. She has tested and reviewed 100+ brokers and has a great understanding of the Forex trading world.
Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.
Here are the resources that were used to research and write this article.
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