Best forex brokers in Zimbabwe in 2022
When it comes to Forex Trading, there is no going around choosing good forex brokers. If you happen to choose the wrong broker, you might just end up trying reaching out to customer support almost every time and then.
Let’s face it, no one wants a broker that gives them headaches whenever they want to deposit or withdraw their own money from their own account.
So before we review some of the brokers that are available in Zimbabwe, let me give you a few very important things that you want to look at when choosing a broker
Regulations
In this internet age, it’s now very common to get scammed if you are doing some online money deals. There are a lot of scammers out there who claim to be Forex brokers but they are not regulated and they will later run away with your money. Before you choose a broker make sure they are regulated by……..
You can simply check in their website if they are provide any information about their regulations
Payment Methods
I can’t imagine if we did not have a broker that if more focused on an African audience, how were we going to trade forex because almost every country in Africa have struggles when it comes to their banks making online payments.
I will show you the broker that I think they have solved this problem and they continue to try and make things better for us
Customer Support
No matter how good things look or go, when dealing with money, once in a while you are going to have problems that need to be solved. It’s important in any business to deal with a company that have very good customer support. A live chat is important
Experience
This is obvious right, if you were to bet on two horses on a race, one with 1 year racing experience and the other one with 7 years of racing experience which one would you put your money on?. A broker that have been around for a long time is simply the better choice that new ones.
Best Forex Brokers In Zimbabwe
Now that you know what to look for in a broker, let us take a look at some of the brokers available in Zimbabwe. Please note that this is my personal opinion and experience with using some of this brokers
Best Overall
Let’s NOT save the best for last… Maybe you don’t want to go through this whole article but you just want to know which one I consider the best… Am I right? Ok
DERIV
Deriv is what I consider the best in this article because of the work that they do which dedicated to give a better experience for African, Asian and European trading community. Almost every trader in Zimbabwe now is looking at Deriv as their broker of choice and why is that?
Well I think it’s because of a few advantages they have over others
Easy payments methods
I remember when I was started thinking about making money online, the only thing that help 10 or more businesses that I wanted to start was not being able to make online payments. No bank was accepting VISA card issuing so I would just get crashed and start again just wishing that this time I will be lucky but I just couldn’t make it. Even when I started trading forex, I tried different brokers but they all needed either a master card or visa card to make payments. Luckily I was introduced to Deriv broker
Deriv have really helped us a lot when it comes to depositing and withdrawing from your accounts. They introduced multiple payment methods that even allowed us to use even ECOCASH, MUKURU money transfer. Can you believe that?
Well I am serious, you can actually use these methods by making use of Deriv agents across the country.
You can also use ewallets like AIRTM, Skill, online naira, or perfect money among others.
You can also use crypto currencies to deposit and withdraw
The other better option for depositing and withdrawing is the Deriv peer to peer (DP2P) platform. This is a platform where you can transfer money to other traders on your accounts and they give you the money in your local payment methods.
Regulations
Deriv claim on their website that they are regulated and they provide a link to see the certificates.
Experience
Deriv have been in the industry since 2001. They started as binary.ccom and they rebranded to DERIV.
Synthetic Indices trading
Trading synthetic indices have started becoming a trend because of their high payouts that have allowed traders to make big money in the market.
The minimum deposit on Deriv is just $5
Are you looking a for a good broker to start trading Forex?
IQ OPTIONS
The second broker you can use in Zimbabwe is IQ Options. This broker focuses on Binary options trading only
I first knew about IQ OPTIONS back in 2018 and I created an account with them but I wasn’t able to deposit or withdraw from them because I didn’t have a VISA account or MasterCard.
IQ options allows you to trade binary options which means that when you join them you will have to focus on option trading only. They have been on the market for about 8 years now.
Also IQ options allows a minimum of $10 on deposits.
EXPERT OPTIONS
I bet if you have been on YouTube searching about Forex trading, you have probably seen a lot of expert option popping up. This is another forex broker that have been advertising like crazy and personally I don’t like how their advertising team is doing things. They are promising that you can buy expensive things by just trading with Expert option. I think they should not make people fall into forex trading as a get rich quick plan.
Apart from that, expert option is another broker that offers you an opportunity to trade binary options. They allow you to trade on a mobile phone application.
The minimum amount is $10 and you can deposit and withdraw using VISA, MASTERCARD, and SKRILL OR NETTELLER
Expert option is kind of new to the market so you might need to check their website for Regulations if you decide to use them as your broker.
HotForex
Hot forex is another broker that you can make us of in South Arica. This broker allows you to trade currencies, commodities and crypto as their almost similar to Deriv. The difference might only come when it comes to deposit and withdraw since Hot Forex have no agents, peer to peer platform.
Hot forex have been in the market for about 11 years now.
They claim through their website that they are regulated.
They provide a mobile app and a trading platform just like Deriv. The minimum deposit is $50 and you can VISA CARDS MASTER CARDS or SKRILL to make deposits on HotForex platform.
CONCLUSION
Which one is the best forex broker?
From my writing you can predict which one I consider the best
For me I think DERIV is the best forex broker to go with if you are in Africa. Most traders are using it so it’s better to go with others than to go your own way but it is also up to you so take time to check all of them and see which the best is for you