FxScouts does NOT recommend Boston Merchant Financial Group due to insufficient regulation. We suggest that you find an alternative regulated broker governed by processes designed to protect your funds. Supplying customers with MT4, but minimal educational material and regulatory oversight over their accounts, there are more attractive places for beginners to start than BMFN. A lack of transparency in areas of execution and commissions charged means trading costs could not be estimated and confirmed. At the same time withdrawals all carry a 50 USD administration fee.

Blackwell Global is an FCA-regulated broker, based in London and offering a range of account types on the MT4 platform. Standard, ECN and Islamic account are all available, with spreads on the ECN account down to 0.1 pips on some major pairs. While education and market research are both limited, Blackwell Global also offers trading on 16 cryptocurrencies as well as commodity and index CFDs. 

Founded in 2009, Blackstone Futures is a well-regulated Zambian broker with an attractive ZAR Account and strong educational support that appeals to beginner traders. The trading account at Blackstone Futures accommodates beginner Zambian traders with a minimum deposit of 1,000 ZAR, low trading costs with spreads starting at 0.6 pips (EUR/USD), and an optional ZAR wallet. This account allows clients to make smaller trades, and while the number of financial assets may seem more limited than with other international brokers, this should not restrict the trading of any serious beginner. Beginner traders receive strong educational support, including weekly webinars and in-person seminars around Zambia, in addition to customer service available on weekends.  Blackstone also supports beginners by reducing leverage to 1:100, which will increase to 1:400 once the client has a track record of responsible trading.

Please Note: Although Trading212 accepts traders from Zambia, traders will be put on a waiting list. A well-regulated broker, Trading212 appeals to traders looking for a large number of tradable assets and a simple account structure. However, traders should be aware that Trading212 is primarily a low-cost stock broker and that its CFD spreads are significantly wider than other brokers. With over 1800 financial instruments, including over 180 Forex pairs, commodities, equities, ETFs, and indices, Trading212 offers a much wider range of tradable instruments than other similar brokers. Trading is only offered on the Trading212 platform, which has a simple and intuitive interface, but does not have the execution speeds of third-party platforms such as MT4 and MT5 and does not have algorithmic trading capabilities. Trading212 also only offers one live commission-free account, with a minimum deposit of [fxs-broker-property identifier="deposit"] [fxs-broker-property identifier="currency"], but spreads that average at [fxs-broker-property identifier="eur_usd_spread_smallest_account"] pips on the EUR/USD, making it an uncompetitive offer.  Educational and market analysis materials are also limited, making it a poor choice for beginner traders, but it does offer a free, unlimited demo account.  Additionally, customer service is only available via a ticketing system, and its response times are extremely slow.