How to Open a Forex Trading Account In Zimbabwe (2023)
Simple Steps To Do Forex Trading In Zimbabwe
The interest in forex trading in Zimbabwe has increased recently as many people are looking for ways to make money online in Zimbabwe. This article will show you how to open a forex trading account in Zimbabwe for free as a beginner.
We will also show you the best brokers you can use for forex trading in Zimbabwe. If you are a complete newbie you can read a comprehensive guide to forex trading in Zimbabwe. You can also download the free e-book below.
How To Open A Forex Trading Account In Zimbabwe: Step By Step
these are the steps you need to take when you want to do forex trading in Zimbabwe
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- Find a forex broker in Zimbabwe
- Open a Demo account
- Open a Live Forex Trading Account
- Verify your live account
- Fund your account
- Start trading online in Zimbabwe
Now let's look at these steps in detail below.
1. Find A Forex Broker In Zimbabwe
One of the most important tasks you have to do when you start forex trading in Zimbabwe is to choose a broker. After all, you will be depositing your hard-earned money with the broker so you want to make sure that your money will be safe and you can withdraw it when you want.
There are over 1000 brokers worldwide but very few are suitable for trading online in Zimbabwe. This is due to several factors. For example, some brokers do not accept Zimbabwean forex traders due to sanctions. Other brokers offer depositing and funding methods that are not easily accessible to the bulk of ordinary forex traders in Zimbabwe like Skrill and Neteller.
This leaves a limited number of options for online forex traders in Zimbabwe as compared to traders from other countries.
Other brokers may not be trustworthy and may end up giving you challenges when you want to withdraw. You would not want to open a forex trading account in Zimbabwe with such brokers.
As a newbie, you may be getting confused as to how you can find a broker to work with in Zimbabwe. Don’t worry we have done the hard work for you and sifted through to find the best brokers that you can use for forex trading in Zimbabwe.
How To Choose The Best Forex Broker In Zimbabwe
These are the factors that we looked at when choosing the best brokers in Zimbabwe
- Regulation
The most important aspect to check before choosing a broker is how and if their firm is regulated. Regulated brokers are much safer as they have their activities overseen by a watchdog.
- Minimum Deposit
A low minimum deposit is good because it allows you to start trading while risking only a small amount of funds. The brokers we recommend all have very low minimum deposits.
- Customer Support
A responsive and helpful customer service helps traders when they have questions or issues. The forex brokers we recoomend all have good customer support services.
- Depositing and withdrawal methods
We choose brokers that have firendly deposit and withdrawal options.
- Trading costs
Spreads and other brokerage fees are significant costs in trading. We sought out brokers with low spreads so that they do not eat into your profits.
The Top Forex Brokers For Zimbabweans
The best forex brokers to use when you want to open a forex trading account in Zimbabwe are:
Below is a quick overview of each broker.
1. Deriv
Deriv is by far the best broker to use when you want to join forex trading in Zimbabwe. The broker has a low minimum deposit of just $5 and it allows you to deposit using local payment methods like Cash, Ecocash and Zipit. You can even deposit as little as $1 using dp2p and payment agents.
You can also use the two methods above to make withdrawals in less than 10 minutes on Deriv!
Deriv is also the fastest growing broker in Zimbabwe because of its unique synthetic indices like boom and crash and the step index. These are very popular with local Zimbabwean forex traders. other tradeable assests on Deriv include forex and cryptocurrencies and stocks.
We strongly recommend that you start with this broker when you want to open a forex trading account in Zimbabwe.
You can visit the Deriv Official Website or Read an In-Depth Deriv review.
2. HFM (Formerly Hotforex)
HFM is another broker that is very popular with Zimbabwean traders. 
The broker is highly regulated and even has an office in nearby South Africa. The broker has low spreads and their minimum deposit and withdrawal are $5.
HFm has a variety of accounts to suit every trader from newbie to pro. The best thing about this broker is that they offer a MasterCard linked to your account.
The broker allows you to transfer funds instantly from your trading account into the card and you can swipe the card in local shops or make online payments. This is very convenient as it gives the trader easy access to their funds. You can even use the card internationally as well.
The card costs $10 when you choose to have it delivered by regular mail (takes at most a month to arrive) and $40 when you choose delivery via DHL (10 days).
The broker also offers a free contest on demo account where you can stand a chance to win up to $2000 without risking your own money!
Visit the Official HFM Website or Read an in-depth HFM broker review
3. FBS
FBS is a well-regulated broker that also accepts forex traders from Zimbabwe. The brokerage company was founded in 2009 and it has seen phenomenal growth since then. The reliable and trustworthy broker currently boasts over 17 million happy customers from 190 countries.
FBS has a low minimum deposit of just $5.Forex, commodities, bonds, shares, indices, stocks, CFDs, metals, and energies are some of the assets available for FBS traders. As a FBS customer you also have access to copy trading which helps you profit from the expertise of others.
The broker has a demo contest called the FBS league where you stand a chance to win up to $450.
PerfectMoney, Cryptocurrencies and Mastercard are some of the deposit and withdrawal methods you can use with this broker. A free and unlimited demo account is available for you if you want to test the broker’s interface.
You can even benefit from the 100% deposit bonus offered by FBS that allows you to double your equity and potential profits.
You can visit the FBS official website here or read the full FBS broker review.
4. XM
XMÂ is another broker that you can use if you are doing online forex trading in Zimbabwe. The broker is internationally regulated and licensed broker with more than 3.5 million clients in over 200 countries with access to trading more than 1,000 instruments.
XM traders can choose between the popular MetaTrader 4 or MetaTrader 5 platforms or access the XM WebTrader through their browser. The minimum deposit for XM is $5.
The broker offers trading bonuses and a free demo account. XM has an extensive education section to help newbies get up to spped with the world of online trading..
Read the XM broker review or visit the officlal website.
5. IQ Option
Iq Option was originally founded as a binary options broker in 2013. The broker has evolved over the years to offer a lot more including forex CFDs, commodities, ETFs, indices, and stocks.  IQ Option has grown rapidly and now handles up to 2 million trades per day. The broker also has over 40 million account holders.
This means that you will be in good company should you decide to use IQ option to open a forex trading account in Zimbabwe. Iq option hasa minimum deposit of $10 and an unlimited demo account. Account opening at Iq Option takes less than two minutes and is very straightforward.
You can read this Iq option broker review or visit the officlal IQ option website..
2. Open Demo Account
After choosing a broker that allows you to open a forex trading account in Zimbabwe you then need to open a demo account. The demo account allows you to trade real time charts and currency movements using virtual money.
Think of a demo account as a simulated test drive, you trade real-time currencies but you don’t risk any real money. The profits and losses you make would be reflective of how you would have fared using real money. Although using a demo account is vital in learning to trade, it has differences with trading a real account.
One of the differences is that with a demo account you can start with any amount from $1000 to $100 000 depending with your broker. The profits that you make using such high figures will not be the same when you switch to a live forex account with a deposit of say $100.
Thus, you may want to reduce the balance in your demo account so that it matches the amount you want to deposit into your live account later on. Another downside to the demo account is that it has no emotional aspect to it.
The range of emotions you feel when you trade real money is different from what you feel when you trade virtual money. With real money, you feel emotions such as anxiety, apprehension, euphoria (after some good trades of course), dejection even anger!
A demo account is indispensable in your journey towards being a successful trader but it can be misleading, just because you managed to double your demo account in 5 days it does not mean you are ready to ace the real market. Proceed with caution to a real account.
A forex demo account should be used 1.) to learn a broker’s inter face, and 2) to test ‘trading strategies’.
How Do I Open A Demo Forex Trading Account In Zimbabwe?
The demo account opening process is essentially the same. Simply visit any of the links below to open a demo account using your preffered broker.
- Deriv Demo account Opening
- HFM Demo Account Opening
- FBS Demo Account Opening
- XM Demo Account Opening
- Iq Option Demo Account Opening
Once you click on any of the links above you will get to a demo account registration page. Simply enter your details like name and email address and you will be done. As you can see, it is easy to open a demo forex trading account in Zimbabwe.
We should bring it to your attention that after you register a demo account with some brokers they will start calling you persuading you to upgrade to a real account. They claim that when you deposit real
money they will give you a dedicated account manager who will help you to learn to trade and maximise your profits.
They can call you day after day. Be careful with these, only open a real account when feel you want to.
Bottom line, DON’T BE COERCED INTO MAKING A DEPOSIT INTO A REAL ACCOUNT WHEN YOU ARE NOT READY.
3. Open A Real (Live) Forex Trading Account In Zimbabwe
Next, you should open a real forex trading account to use in Zimbabwe. The live forex trading account you open will allow you to deposit, trade and withdraw real money. This is where serious business happens.
How to open a real (live) forex trading account in Zimbabwe
This is also an easy process. Simply log in to the demo account you created above and look for the option to open a live account.
You can also choose to open a real forex trading account directly by clicking the links below.
- Deriv Real Account opening
- HFM Real Account Opening
- FBS Real Account Opening
- XM Real Account Opening
- Iq Option Real Account Opening
After clicking on any of the buttons above you will get to a registration page where you will need to enter your details. Make sure you use your real details as you will need to verify them in the next step.
The see details are your legal name and proof of residence. Once you are done you will get a confirmation email with the log-in credentials to your live forex trading account in Zimbabwe.
The next step is to verify your live forex trading account in Zimbabwe. Account verification is done to improve security and reduce the possibility of financial crimes like money laundering. You can open your account and trade before you verify your forex trading account but you will be asked to verify when you want to make any withdrawals.
It is best to do account verification early to reduce inconveniences later.
How Do You Verify Your Forex Trading Account In Zimbabwe?
To verify your forex trading account in Zimbabwe you will need to upload the following documents:
- A valid ID or Passport clearly showing your name and date of birth (for proof of legal existence)
- A utility bill (e.g. electricity, water, gas, phone, internet) or bank statement in your name that has been issued in the last 6 months (for proof of residence)
- You can also use a lease agreement showing your name and the name and contact details of your landlord
- If you do not have any proof of residence you can approach a commissioner of oaths and get a stamped affidavit. This is a simple and convenient way to get legit proof of residence.
Simply log in to your live forex trading account and look for the account settings/verification option. Click on it and follow the instructions to upload your documents. The forex broker will do a verification process and send you an email once done. This usually takes about 24-48hrs.
This is where another advantage of Deriv comes in. Deriv allows you to trade and withdraw up to US$ 10 000 before you verify your account. This is very helpful if you need some time to organise your verification documents. You do not need to wait to trade while you get the documents. You can trade and withdraw easily right away on Deriv.
When you do have the documents it is also very easy to verify your Deriv account.
5. Fund Your Forex Trading Account In Zimbabwe
You will have to fund your live forex trading account in Zimbabwe before you can trade with it. With a demo account, you do not need to do any funding since the broker gives you virtual money.
How Do You Fund Your Forex Trading Account In Zimbabwe?
This depends on the funding method you want to use. The basic procedure involves logging into your live forex account and looking for the deposit option. You will then see the various deposit options supported by your chosen broker and you can choose the most convenient one for you.
Follow the steps and complete your deposit.
Here another advantage of Deriv comes in handy again. Deriv allows you to deposit using Ecocash, Zipit, Cash, Mukuru and other local payment methods. The depositing process is done via payment agents and dp2p.
6. Start Online Forex Trading In Zimbabwe
After successfully creating, verifying, and funding your live account you can then go ahead and start trading using it. While you only have two options when it comes to trading (buy or sell) this is not an easy task.
Frequently Asked Questions On How To Open A Forex Trading In Zimbabwe
How can I join forex trading in Zimbabwe?
To join forex trading In Zimbabwe you should find a broker and open an accouint. Recommended brokers for forex trading in Zimbabwe are Deriv, HFM, FBS, XM and Iq Option. Simply click on any broker link above and open your free account. You ned to start by trading on a demo account for practice.
Is Forex Trading Allowed in Zimbabwe?
Forex traind in Zimbabwe is legal if it is done through a regulated broker like Deriv, HFM, FBS, XM and Iq Option.
How Much do you need to Open a Forex Trading Account In Zimbabwe?
Opening a forex trading account in Zimbabwe is free. However, you will need to deposit to your trading account before you can start trading. The minimum amount you can deposit depends from broker to broker. The following brokers have a minimum deposit of just $5: Deriv, HFM, FBS, XM and Iq Option.
How can I Trade Online in Zimbabwe?
To trade online in Zimbabwe you need to open a forex trading account for free using any of these brokers; Deriv, HFM, FBS, XM and Iq Option. After opening an acount you need to learn and practice before risking your funds
How many Forex Traders are in Zimbabwe?
According to research there are about 50 000 forex traders in Zimbabwe
Which is the Most popular Forex Broker in ZImbabwe?
Deriv is the most popular broker in Zimbabwe by a significant percentage. This is because Deriv offers the unique synthetic indices which are a favourite of many Zimbabwean traders. Deriv also makes it easy to deposit using local payment methods like EcoCash, Zipit, Cash and Mukuru. This is very convinient for traders.
Which Brokers Accept EcoCash?
Deriv is the best broker that accepts Ecocash and other local payment methods.
