AvaTrade – Best Mobile Trading App

Broker Score

4.59 / 5

🏦  Min. Deposit	USD 100
🛡️  Regulated By	ASIC, CySEC, CBI, FRSA
💵  Trading Cost	USD 9
⚖️  Max. Leverage	30:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5, Avatrade Social, AvaOptions
💱  Instruments	Bonds, Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices, Vanilla Options

Who AvaTrade is for: Traders who want a good broker with low costs, free withdrawals, and a well-designed mobile trading app.

Why we like AvaTrade: AvaTrade’s biggest selling points are free deposits and withdrawals to Zambian bank accounts and low trading fees, with Forex spreads starting at 0.9 pips on the EUR/USD. While AvaTrade’s minimum deposit of R1500 (or 100 USD) isn’t the lowest you can find, it’s still low enough for most beginners. Traders on the move will like AvaTrade’s well-designed mobile app, AvaTradeGO, with its smart risk management tools and direct connection to AvaSocial, AvaTrade’s popular social trading system. Another highlight is the 13 cryptocurrency pairs available to trade at AvaTrade, more than most other brokers in Zambia. Cryptocurrency traders will also appreciate the dedicated 24/7 crypto trading customer support. It’s no secret that share CFDs are also very popular right now and AvaTrade has that sector covered too with 625 share CFDs to trade, including famous tech stocks like Google, Apple, and Amazon.

AvaTrade’s drawbacks: As we noted above AvaTrade has low trading fees, but they are not the lowest available in Zambia – some brokers have spreads down to 0.6 or 0.7 pips on the EUR/USD. And it’s possible to find much lower minimum deposits, all the way down to 3 USD in some cases. But most serious beginners will want a deposit of 100 USD or more anyway.

Pepperstone – Raw Spreads, Low Commission, Three Trading Platforms

Broker Score

4.61 / 5

🏦  Min. Deposit	USD 0
🛡️  Regulated By	ASIC, CySEC, BaFin, CMA
💵  Trading Cost	USD 10
⚖️  Max. Leverage	30:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5, cTrader, TradingView
💱  Instruments	Commodities, Cryptocurrencies, Stock CFDs, ETFs, Forex, Indices, Metals

Who Pepperstone is for: More experienced traders looking for a low-cost ECN broker with a choice of trading platforms.

Why we like Pepperstone: Pepperstone’s low-cost ECN trading service, fast trade execution, and range of third-party trading platforms has made it popular amongst experienced traders and serious beginners around the world. Pepperstone’s Standard Account has no commission and spreads starts at 1.00 pips on the EUR/USD, making it one of the lowest-cost trading accounts available. For traders who prefer raw spreads, the Razor Account has spreads down to 0 pips on the EUR/USD and a commission of 7 USD per trade. More experienced traders who rely on scalping and bots for automated trading will appreciate that most trades on both of Pepperstone’s accounts are executed in less than 30ms. While it doesn’t offer its own trading platform, Pepperstone supports three third-party trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader, which is easier to learn but shares all the sophisticated automation tools found in MT4 and MT5. Serious beginners looking for an ECN broker should take note that Pepperstone has scrapped its minimum deposit requirement, though it still recommends starting with at least 200 USD. Pepperstone’s also has one of the better education sections offered by an ECN broker.

Pepperstone drawbacks: Unlike most brokers, Pepperstone does not offer its own easy-to-use trading platform so beginners may find their early trading a bit intimidating. The steep learning curve will also include the need to calculate commission costs if they decide to go with the Razor Account. Both issues can be reduced by going with the cTrader trading platform, which has a flat commission structure and is easier to learn than MT4 or MT5.

Exness – $1 Minimum Deposit and 24/7 Customer Service

Broker Score

4.32 / 5

🏦  Min. Deposit	USD 3
🛡️  Regulated By	FSCA, CMA, B.V.I FSC, FSC
💵  Trading Cost	USD 7
⚖️  Max. Leverage	Unlimited:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5, Exness Terminal
💱  Instruments	Cryptocurrencies, Energies, Stock CFDs, Forex, Indices, Metals

Who Exness is for: Beginner traders looking for a low-risk trading account with a 1 USD minimum deposit, low trading fees, and 24/7 customer service.

Why we like Exness: Exness has the best cent trading account for beginners in Zambia. Cent accounts allow micro lot trading, and the trading balance is displayed in cents, so a 20 USD deposit will be shown as 2000 cents. These features make cent accounts the cheapest trading accounts with the lowest risks. The Exness Standard Cent Account has a minimum deposit of only 1 USD and much lower trading fees than most cent accounts, with spreads as low as 0.3 pips. Costs are low on the funding side, too, with free deposits and withdrawals via online banking in Zambia, though this funding method has a minimum 3 USD deposit. Good customer service is essential for beginner traders, and Exness customer support is available throughout the weekend, 24 hours a day. Weekend support is good for beginners who work during the week, but it’s also helpful for cryptocurrency traders as the cryptocurrency market never closes.

Exness drawbacks: There are a couple of downsides to Exness’ Standard Cent Account: It’s only available on the MT4 trading platform, and trading is restricted to Forex pairs and precious metals. 

XM – Lowest Fees in Zambia

Broker Score

4.45 / 5

🏦  Min. Deposit	USD 5
🛡️  Regulated By	CySEC, ASIC, DFSA, FSCA
💵  Trading Cost	USD 6
⚖️  Max. Leverage	30:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5
💱  Instruments	Commodities, Cryptocurrencies, Energies, Stock CFDs, Forex, Indices, Metals, Shares

Who XM is for: Zambian traders who want a low-cost trading account on MT4

Why we like XM: The main draw at XM is the Ultra-Low Account, which has some of the lowest trading fees in the world. Available as a USD trading account, the Ultra-Low Account has spreads starting at 0.6 pips on the EUR/USD and no commission. The Ultra-Low Account has a minimum deposit of 50 USD, but XM also has two accounts with a minimum deposit of 5 USD which may be more suitable for beginners. Beginners will also benefit from XM’s great education section and a demo account that never expires. XM clients will also benefit from a choice of the MT4 or MT5 trading platforms, and a selection of trading assets including commodities, precious metals, indices and 1200+ shares.

XM’s drawbacks: While the XM Ultra-Low Account is cheap in terms of ongoing trading fees it’s still relatively expensive to get started, with a minimum deposit of 50 USD. Traders can find multiple accounts in Zambia with minimum deposits of 5 USD or lower. Some traders may also be put off by XM’s lack of cryptocurrency to trade. Finally, those wanting to trade shares will be forced to use the MT5 platform.  

HFM (HotForex) – Best Low Cost Trading Account

Broker Score

4.53 / 5

🏦  Min. Deposit	USD 0
🛡️  Regulated By	CySEC, FCA, DFSA, FSC
💵  Trading Cost	USD 10
⚖️  Max. Leverage	2000:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5, HFM Trading App
💱  Instruments	Bonds, Commodities, Cryptocurrencies, Energies, Stock CFDs, ETFs, Forex, Indices, Metals, Stock DMAs

Who HFM is for: Traders who want a trading account with a low minimum deposit and fast and free withdrawals.

Why we like HFM: HFM is a fantastic all-around broker, but its fast and free deposits and withdrawals are the highlights here. The Micro Account, with a 5 USD minimum deposit and decent trading fees starting at 1 pip spreads on the EUR/USD. Traders always want to deposit and withdraw their funds as fast and as cheaply as possible, and HFM excels over other brokers with instant deposits and 2-day withdrawals, all with no extra charge. Fast and free funding is available for clients with online bank accounts with African Bank, Bidvest Bank, Capitec Bank, FNB, Investec, Nedbank, Standard Bank, or TymeBank. Beginners and those with little time to trade should note that HFM also has two copy-trading accounts – clients can copy the trades of experienced and profitable traders. The three standard accounts have access to trading on Forex, cryptocurrencies, commodities, indices, shares, bonds, and ETFs, and with FSCA regulation since 2015, HFM clients can rest assured of local protection of their trading accounts.

HFM drawbacks: HFM is popular for its range of CFDs and while the Micro Account has a low minimum deposit, a starting spread of 1 pip is a bit higher than other brokers. Copy traders should also be aware that the HFCopy account is only available on the MT4 trading platform, and trading is restricted to Forex, indices, and gold.

IC Markets – Streamlined Low-Cost Trading Across Popular Platforms

Broker Score

4.56 / 5

🏦  Min. Deposit	USD 200
🛡️  Regulated By	CySEC, ASIC, FSA-Seychelles, SCB
💵  Trading Cost	USD 8
⚖️  Max. Leverage	30:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5, cTrader, TradingView
💱  Instruments	Bonds, Commodities, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices

IC Markets stands out for its simplified account options and competitive trading conditions across three popular trading platforms.

Trading Instruments:

• Access to Forex, commodities, stocks, cryptocurrencies, indices, bonds, vanilla options, and ETFs.

Trading Platforms and Fees:

• MT4, MT5, and cTrader platforms.
• Raw Spread Accounts with a commission of 3 USD (cTrader) or 3.5 USD (MT4/MT5) and spreads averaging 0.1 pips on EUR/USD.
• Standard Account with no commission and spreads starting at 1 pip.

Regulation and Security:

• Regulated by ASIC (AFS License Number 335692) since 2007 and CySEC in the EU.
• Negative balance protection and segregated operational and client funds

FP Markets – Award-Winning Broker with Low-Cost Trading and Advanced Tools

Broker Score

4.40 / 5

🏦  Min. Deposit	AUD 100
🛡️  Regulated By	ASIC, CySEC, FSCA, CMA
💵  Trading Cost	USD 7
⚖️  Max. Leverage	30:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5, cTrader, IRESS
💱  Instruments	Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, ETFs, Bonds

Who FP Markets is for: Traders looking for a competitive trading environment with low-cost options, advanced trading tools, and a number of platform options.

Why we like FP Markets: As of January 2023, FP Markets acquired a licence from the Financial Sector Conduct Authority (FSCA) in South Africa. FP Markets’ low-cost trading accounts and range of third-party platforms, including the recent addition of cTrader, make it a popular choice for both experienced traders and serious beginners. Both its accounts have a minimum deposit requirement of only 100 AUD (or equivalent), and its commission-free Standard Account has a spread of 1 pip (EUR/USD), while its Raw Account has a spread that starts at 0 pips (EUR/USD) in exchange for a low commission of 6 USD (RT). FP Markets also has an impressive range of trading tools, including free Autochartist, VPS services, and the Trader’s Toolbox for an enhanced trading experience, and it also has one of the better education sections offered by Forex brokers. 

FP Markets Drawbacks: With such a good offering, it’s difficult to find drawbacks, but Zambian traders are still onboarded through its Saint Vincent-regulated entity.

FBS – High Leverage Trading and $1 Minimum Deposit

Broker Score

4.33 / 5

🏦  Min. Deposit	USD 5
🛡️  Regulated By	CySEC, ASIC, FSCA, FSC
💵  Trading Cost	USD 7
⚖️  Max. Leverage	30:1
💹  Copy Trading	No
🖥️  Platforms	MT4, MT5
💱  Instruments	Cryptocurrencies, Energies, Stock CFDs, Forex, Indices, Metals

Who FBS is for: With a wide range of accounts, FBS will appeal to both experienced traders looking for high leverage and low fees or beginners looking for low minimum deposits and cryptocurrency trading

Why we like FBS: FBS’ strength is in its range of accounts, with trading conditions for all types of traders. Beginners will focus on its Cent Account with its 1 USD minimum deposit or the Micro Account with a 5 USD minimum deposit, more experienced traders will be interested in the ECN account with a 1000 USD minimum deposit, raw spreads, and a 6 USD commission. Other accounts include a Standard Account with 100 USD minimum deposit and Zero Spread Account with a 500 USD minimum deposit. Experienced traders will appreciate the high leverage available, with all accounts except the ECN account offering leverage of 3000:1. Beginners will also like the low trading fees on the entry-level accounts, with Cent Account spreads starting at 0.8 pips on the EUR/USD. Cryptocurrency trading is also a big draw here, with 37 cryptocurrencies available to trade, many more than most other brokers.

FBS drawbacks: As most traders will know, high leverage is a double-edged sword. While it can greatly increase profitability, it also greatly increases risk. An FBS trading account with only a few dollars in it but 3000:1 leverage can be wiped out in an instant. And while FBS lets clients use both the MT4 and MT5 trading platforms, its cryptocurrency products can only be traded using the FBS Trader mobile app. As many people already use their phones to trade this isn’t the end of the world, but the FBS Trader app is currently only available on Android devices, not iPhones.

FXTM – Best Forex Broker for Beginners

Broker Score

4.37 / 5

🏦  Min. Deposit	USD 10
🛡️  Regulated By	FCA, FSCA, FSC, CMA
💵  Trading Cost	USD 15
⚖️  Max. Leverage	2000:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4, MT5
💱  Instruments	Commodities, Stock CFDs, Forex, Indices, Metals, Shares

Who FXTM is for: Beginner traders with day jobs who want low-risk trading, a superior copy trading service and detailed Forex education.

Why we like FXTM: FXTM is the best broker in Zambia for beginner traders for its low-cost Micro Account with a 10 USD minimum deposit and its demo account that never expires, both great low-risk options for learning to trade. Beginner traders may also be interested in FXTM Invest, FXTM’s copy trading system.  FXTM Invest allows beginner traders to copy the trades of professional traders for a small commission so they can learn trading strategies and make a profit at the same time. Low-risk trading and watching professionals make a profit are both great learning tools, but you can boost your learning with FXTM’s huge library of educational material, available for free in 22 languages. It includes videos, webinars and daily videos covering trading opportunities. For traders with jobs in the week, FXTM customer support is also available on Saturday and Sunday via email, live chat, email, telephone, and popular messaging apps like WhatsApp and Telegram. A real advantage for beginners who want to get set up over the weekend.

FXTM’s drawbacks: While the Micro Account has a low minimum deposit, the trading costs are a bit higher than average, with spreads starting at 1.5 pips on the EUR/USD. Cryptocurrency enthusiasts will also be disappointed that FXTM only has 4 cryptocurrencies to trade. And while standard leverage is 2000:1, it is limited to 1000:1 on the Micro Account, though most traders should find this more than enough.

Axi – Two Low-Cost MT4 Accounts, Great Trading Tools

Broker Score

4.44 / 5

🏦  Min. Deposit	USD 0
🛡️  Regulated By	FCA, CySEC, ASIC, DFSA
💵  Trading Cost	USD 10
⚖️  Max. Leverage	500:1
💹  Copy Trading	Yes
🖥️  Platforms	MT4
💱  Instruments	Commodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, WTIs

Who is Axi for: Traders who only use the MT4 trading platform and want an ECN broker with great trading tools but aren’t too bothered about trading shares.

Why we like Axi: Axi, formerly AxiTrader, stands out for three reasons: First off, it’s an MT4-only broker, so if you want to use any other trading platform, you can look away now. Secondly, it’s an ECN broker with low fees, no minimum deposit requirement, and two simple accounts, one with commission and one without. Finally, it has a fantastic collection of trading tools that it offers for free to its clients. While the MT4-only policy may seem like a drawback, it does allow Axi to focus on making its MT4 trading experience as profitable as possible. This includes Axi’s MT4 NexGen plugin which includes an advanced sentiment indicator, a correlation trader, and an automated trade journal. And while the fees on its accounts aren’t the lowest available, they are below the industry average. The Pro Account, in particular, is good value, with spreads averaging 0.1 pips on the EUR/USD and a 7 USD commission. Beginners and experienced traders alike will really appreciate Axi’s selection of powerful and free trading tools, including Autochartist, MyFxbook, and PsyQuation. Autochartist is a tool that automatically identifies trading opportunities, MyFxBook is one of the world’s most popular copy-trading platforms, and PsyQuation is an AI trade diagnostic that helps traders learn from their mistakes.

Axi drawbacks: The main and most obvious drawback here is Axi’s insistence on only providing support for the MT4 trading platform. Apart from putting some traders off, this also results in a smaller range of trading assets and Axi only recently added a handful of share CFDs to its product line-up. That said, Axi does have a good range of cryptocurrencies to trade. Another concern is that Zambians will be trading with Axi’s subsidiary based in St Vincent in the Grenadines (SVG). SVG does not regulate brokers so Axi’s Zambian clients will not have negative balance protection.