Best Forex Brokers for Beginners

Compare the best Forex brokers for beginners in Tanzania and discover the 5 things to look for in a Forex trading account.

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Best brokers

1. FXCC Best Forex Trading Account 2017 - UK FOREX Awards
2. FxPro Best MetaTrader Broker 2020
3. Equiti Best Overall Broker 2023 - TrustedBrokers.com
4. AvaTrade Best Mobile Trading Platform 2021
5. LiteFinance Best ECN Broker Africa 2020

Broker reviews

#1

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Trade CFDs across Forex, crypto, oil and indices with leverage up to 1:500. FXCC accepts all trading styles and Expert Advisors on MT4. There are no conflicts of interest, as FXCC.com doesn't trade against you.

• Markets: Forex (CFD), Cryptos (CFD)*, Indices (CFD), Metals (CFD), Energy (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4
• Regulators: Cyprus (EU), Nevis

• Accounts

ECN XL Account  ▷ ECN XL Account: Trade CFDs on 70+ currency pairs, crypto-currencies, commodities and indices with leverage up to 1:500. Get a 100% bonus on your first deposit, up to $2,000.
$0 deposit	1:500 leverage ?	Market execution	▷

#2

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FxPro (FxPro.com) is a global broker, winner of 95+ awards including "Best MetaTrader Broker" in 2020. Trade 250+ instruments across a wide range of asset classes on MT4/5 or cTrader. FxPro accepts all trading styles without restrictions.

• Risk warning: 84.69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs and Spread Betting work and whether you can afford to take the high risk of losing your money.
• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5, cTrader, Copy trading
• Regulators: Bahamas, Cyprus (EU), South Africa, UK

• Accounts

MT4 Floating - Instant Execution  ▷ MT4 Floating - Instant Execution: Trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and instant execution. All EAs are allowed.
$500 deposit	1:200 leverage	Instant execution	▷

MT4 Floating - Market Execution  ▷ MT4 Floating - Market Execution: Trade 70+ currency pairs, spot indices, energies, metals and shares on floating spreads and market execution. All EAs are allowed.
$500 deposit	1:200 leverage	Market execution	▷

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MT5 Floating - Market Execution  ▷ MT5 Floating - Market Execution: Trade 70+ currency pairs, indices, energies and metals on floating spreads with market execution. All EAs are allowed.
$500 deposit	1:200 leverage	Market execution	▷

FxPro cTrader  ▷ FxPro cTrader: Trade 70+ currency pairs, spot indices, energies and metals on razor-thin spreads with market execution. Run cAlgo algorithmic trading robots.
$500 deposit	1:200 leverage	Market execution	▷

#3

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Equiti.com is TrustedBrokers' Best Overall Broker in 2023. Trade CFDs on 400+ instruments on leverage up to 1:500. Get superior execution through its network of 35+ liquidity providers. Equiti accepts all trading styles, without restrictions.

• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5
• Regulators: Armenia, Jordan, Kenya, Seychelles, UAE, UK

• Accounts

Standard Account  ▷ Standard Account: Trade CFDs on Forex, crypto-currencies, stocks, indices, ETFs and commodities on low spreads, with leverage up to 1:500. Equiti supports MT4 and MT5 and allows all trading styles. Get ECN execution with Tier 1 liquidity.
$500 deposit	1:500 leverage	Market execution	▷

#4

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AvaTrade (AvaTrade.com) is an award-winning online broker. Trade CFDs on Forex, crypto-currencies, shares, metals and more on MetaTrader 4 or 5. AvaTrade accepts all Expert Advisors except those with a focus on arbitrage.

• Risk warning: 77.82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5, Copy trading
• Regulators: Australia, BVI, Cyprus (EU), Gibraltar, Israel, Japan, South Africa, UAE

• Accounts

AvaTrade Account [BVI]  ▷ AvaTrade Account [BVI]: Trade 55 currency pairs on fixed spreads, plus CFDs on crypto-currencies, stocks, indices, bonds and commodities. This account, registered in the British Virgin Islands, has significantly higher leverage.
$100 deposit	1:400 leverage	Instant execution	▷

AvaTrade Account [EU]  ▷ AvaTrade Account [EU]: Trade 55 currency pairs on fixed spreads, plus CFDs on crypto-currencies, stocks, indices, bonds and commodities.
$100 deposit	1:30 leverage	Instant execution	▷

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Islamic Account [BVI]  ▷ Islamic Account [BVI]: Trade a wide range of financial instruments with a Shariah compliant account. AvaTrade does not charge rollover fees or swaps on overnight positions. You cannot invest in crypto-currencies through this account. This...more ▷ Islamic Account [BVI]: Trade a wide range of financial instruments with a Shariah compliant account. AvaTrade does not charge rollover fees or swaps on overnight positions. You cannot invest in crypto-currencies through this account. This account, registered in the British Virgin Islands, has significantly higher leverage.
$100 deposit	1:400 leverage	Instant execution	▷

Islamic Account [EU]  ▷ Islamic Account [EU]: Trade a wide range of financial instruments with a Shariah compliant account. AvaTrade does not charge rollover fees or swaps on overnight positions. You cannot invest in crypto-currencies through this account.
$100 deposit	1:30 leverage	Instant execution	▷

#5

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LiteFinance (LiteFinance.com), formerly LiteForex, is a global ECN broker. Trade CFDs on a wide range of markets on Metatrader 4 or 5, with flexible leverage up to 1:1,000. LiteFinance accepts all EAs and trading styles, including scalping and news trading.

• Risk warning: 83% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5, Copy trading, Mirror trading
• Regulators: Cyprus (EU), Saint Vincent and the Grenadines

• Accounts

Classic Account  ▷ Classic Account: Trade Forex on floating spreads from 2 pips on MT4 or MT5. Get started from a low $50 deposit. Market execution with no requotes.
$50 deposit	1:1000 leverage	Market execution	▷

#6

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HFM (HFM.com), formerly known as Hot Forex, is an award-winning Forex and CFD broker, with accounts tailored to new and experienced traders. Trade a wide range of markets including Forex, stocks, indices and commodities through MetaTrader 4 or 5.

• Markets: Forex (CFD), Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD), Bonds (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5, Currenex, Copy trading, Mirror trading
• Regulators: Cyprus (EU), Mauritius, Saint Vincent and the Grenadines, Seychelles, South Africa, UAE

• Accounts

Micro Account [MT4, MT5]  ▷ Micro Account [MT4, MT5]: Trade Forex as well as CFDs on shares, indices and metals on floating spreads without commission. This account, designed for new traders, has smaller trading sizes and a lower initial deposit.
$5 deposit	1:1000 leverage	Market execution	▷

Premium Account [MT4, MT5]  ▷ Premium Account [MT4, MT5]: Trade Forex as well as CFDs on shares, indices and metals on floating spreads without commission. This account, designed for experienced traders, allows you to trade up to 60 lots per position.
$100 deposit	1:500 leverage	Market execution	▷

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Islamic Account [MT4]  ▷ Islamic Account [MT4]: Trade Forex as well as CFDs on shares, indices and metals on floating spreads without commission. This Islamic account has no swap or rollover charges when you keep positions overnight. Terms and conditions apply.
$100 deposit	1:500 leverage	Market execution	▷

#7

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Trade CFDs on Forex, shares and precious metals on competitive spreads through ForexMart, an international ECN broker. ForexMart supports all trading styles, including scalping, through MetaTrader 4.

• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, Copy trading
• Regulators: Saint Vincent and the Grenadines

• Accounts

Classic Account  ▷ Classic Account: Trade 60+ currencies from 1 pip without commission on MetaTrader 4. ForexMart supports all trading styles and Expert Advisors.
$15 deposit	1:500 leverage	Market execution	▷

Pro Account  ▷ Pro Account: Trade 60+ currencies from 0.6 pips without commission on MetaTrader 4. ForexMart supports all trading styles and Expert Advisors.
$200 deposit	1:500 leverage	Market execution	▷

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Zero Spread Account  ▷ Zero Spread Account: Trade 60+ currencies on raw spreads plus commission on MT4, with leverage capped at 1:200. ForexMart supports all trading styles and Expert Advisors.
$500 deposit	1:200 leverage	Market execution	▷

#8

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HYCM (HYCM.com), formerly HY Markets, is an award-winning regulated online broker. Trade over 300 instruments on fixed or variable spreads over MetaTrader 4 or 5.

• Risk warning: 85% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD), Commodities (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5
• Regulators: Cayman Islands, Cyprus (EU), Saint Vincent and the Grenadines, UAE, UK

• Accounts

Fixed Account  ▷ Fixed Account: Trade CFDs on fixed spreads from 1.8 pips on MetaTrader 4 or 5. No support for Expert Advisors. This account is available in Islamic format upon request.
$100 deposit	1:500 leverage	Instant execution	▷

#9

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JustMarkets (formerly JustForex) is an offshore broker that allows you to trade over 170 instruments on low spreads, and high leverage up to 3,000 times your initial deposits. It accepts all trading styles on MetaTrader 4 and 5.

• Risk warning: Margin trading in the financial markets is speculative and implies a high level of risk, including full loss of deposit.
• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5, Copy trading
• Regulators: Cyprus (EU), Seychelles

• Accounts

Standard Account  ▷ Standard Account: Trade CFDs from 1 pip with flexible leverage up to 1:3000. Choose between MetaTrader 4 and 5. All EAs and trading strategies are allowed.
$1 deposit	1:3000 leverage	Market execution	▷

#10

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4xc.com is an offshore broker founded by Forex industry veterans. Trade Forex, metals, oil and stocks with leverage up to 1:500. 4XC accepts all trading styles and Expert Advisors on MT4 and 5.

• Risk warning: Trading Forex/CFDs on margin carries a high level of risk and may not be suitable for all investors as you could sustain losses in excess of your deposits. You should carefully consider your financial situation and experience level before trading.
• Markets: Forex (CFD), Cryptos (CFD)*, Stocks (CFD), Indices (CFD), Metals (CFD), Energy (CFD)
  * Availability subject to regulation.
• Platforms: MetaTrader 4, MetaTrader 5
• Regulators: Cook Islands

• Accounts

Standard Account  ▷ Standard Account: Trade 74 currency pairs and CFDs on stocks, oil, metals and crypto with leverage up to 1:500. 4XC allows all trading styles and all Expert Advisors on MetaTrader 4 and 5.
$10 (MT4), $ 100 (MT5) deposit	1:500 leverage	Market execution	▷

If you're new to Forex trading, placing your first trade may seem daunting. You may find Forex trading terminology and account options confusing. This guide attempts to clear the air and narrow your options.

We've pulled together 5 features you should look for in a Forex trading account for beginners.

1. Minimum deposits

Trading is no longer the preserve of high net worth individuals. You can open an account and place your first trade from a low initial deposit. In particular, we recommend HYCM.com and AvaTrade.com, as they both have low $100 minimum deposits.

2. Small trading sizes

The standard Forex trading size is 1 lot, which amounts to 100,000 units of your funding currency. If you trade Dollars, 1 lot amounts to $100,000. This is large, even for seasoned investors. This is why we suggest you look for accounts with small incremental trading sizes: 0.01 lots (or $1,000) is typical for Micro accounts, and 0.1 lots (or $10,000) is typical for Mini accounts.

3. Leverage

Very few investors fund their positions entirely through their deposit. Instead, they borrow from their broker to cover the difference between the trade's overall value and their deposit. This is known as leverage. For example, an account with leverage of 1:1000 allows you to place a $100,000 trade with a $100 deposit (one thousand times smaller).

However, you should also note that leverage is a double-edged sword, which can magnify your losses as well as your profits. You should not invest more money than you can afford to loose, and avoid over-stretching yourself through excessive leverage. For this reason, we suggest using low to moderate leverage until you are familiar with risk management strategies.

If your broker is regulated within the European Union by CySEC, leverage across Forex trades is now capped at 1:30. However, this restriction doesn't apply to brokers regulated outside of the EU. Of note, brokers such as AvaTrade.com and FxPro.com allow you to chose the regulator under which you wish to open your account.

4. Fixed spreads

If you are new to Forex trading, you may not be entirely familiar with concepts such as the 'bid-ask spread', 'fixed' or 'floating' spreads. The spread is simply the difference between the price at which you can buy or sell a currency pair. That difference may be either constant at all times, with a 'fixed spread' account; or it may vary with market conditions, with a 'floating spread' account. We think you'll find it easier to estimate your trades' profit & loss with a fixed spread account.

5. Forex education

You'll also want to choose a Forex broker that teaches you to trade like a pro. If you open an account with AvaTrade and deposit more than $1,000 (or the equivalent amount in your currency's account), you'll be entitled to free one-on-one Forex trading. This is an opportunity to gain invaluable advice for more experienced traders. You'll also find educational material and videos covering the fundamentals of trading, technical analysis and fundamental analysis on AvaTrade.com.