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Alison Heyerdahl
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Alison Heyerdahl
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Alison Heyerdahl
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Chris Cammack
Partner Manager and Financial Writer

<p>Chris manages the relationships with our partners to provide our users with the best Forex trading experience possible. Chris has 15+ years of experience in research, editorial and design for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.</p>

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Risk Warning

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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FxScouts helps traders across the globe by meticulously testing and reviewing online brokers and providing Forex education and market analysis. Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, they cannot pay to alter our recommendations, advice, ratings, or any other content. Our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. For more detailed information click this link.

Best Forex Brokers in Zambia for 2025

Edited by
Author
Alison Heyerdahl
Edited by
Alison Heyerdahl
Head of Content
Learn more about Alison Heyerdahl
Chris Cammack
Author
Chris Cammack
Partner Manager and Financial Writer

<p>Chris manages the relationships with our partners to provide our users with the best Forex trading experience possible. Chris has 15+ years of experience in research, editorial and design for political and financial publications. His background has given him a deep understanding of international financial markets and the geopolitics that affect them.</p>

Learn more about Chris Cammack

Many Zambian Forex traders lose money due to the risks of trading, high spreads, and poor regulation. However, choosing the right broker can help improve their chances of success.

We’ve spent 30,000+ hours testing and analysing 180+ brokers that accept Zambian traders to bring you this exclusive, data-backed guide. We’ve researched the best Forex brokers in Zambia and found those with:

  • Top–Tier Regulation – Only verified, licensed brokers
  • Low Trading Cost – Tight spreads, no hidden fees
  • Top Platforms – MT4, MT5, TradingView & cTrader
  • Fast Deposits & Withdrawals – No fees, no delays
  • Reliable Customer Service – 24/7 support

Trusted. Transparent. Tested.

For over a decade, we’ve set the standard in forex broker reviews—collecting thousands of data points yearly to deliver unbiased, expert-backed insights.

Skip the trial and error! Below, you’ll find the best forex brokers for Zambian traders for 2025—thoroughly tested, verified, and ranked, so you can trade with confidence.

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Regulation: Why It Matters for Zambian Forex Traders

Forex trading is unregulated in Zambia, and traders should exercise caution and only trade with brokers regulated by top-tier global authorities such as the FCA (UK), ASIC (Australia), and CySEC (Europe). These are some of the world’s strictest Forex trading regulators, ensuring a secure and transparent trading environment.

Choosing a well-regulated broker offers key protections:

  • Your Funds Are Protected – Regulated brokers will segregate your funds from their operating capital.
  • Best Execution Policies – Regulated brokers must ensure fair pricing and transparent order execution.
  • Independent Dispute Resolution – You can escalate complaints to the Financial Ombudsman Service (FOS).

Tip: Always check if a broker is regulated by at least one top-tier regulator before opening an account.

Best Brokers Zambia 2025

To identify the best Forex brokers for Zambian traders, we compiled a comprehensive list of all top-tier regulated brokers. We then ranked them based on their overall score, considering key factors such as regulation, trading conditions, platform quality, and customer support.

You can either use the arrow button or swipe on mobile

Countries Regulated
Minimum Spread EUR/USD
Minimum Deposit
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
Broker Score
Broker Website
Select and Compare
FSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityCapital Markets AuthorityBritish Virgin Islands Financial Services Commission
Financial Services CommissionJordan Securities Commission
0.10 pips
USD 3
USD 7
Visit Broker
71.67% of retail CFD accounts lose money
FCA Regulated BrokersASIC Regulated Forex BrokersCySEC Regulated BrokersDubai Financial Services Authority
Bundesanstalt für FinanzdienstleistungsaufsichtSecurities Commission of the BahamasCapital Markets Authority
0 pips
USD 0
USD 10
Visit Broker
75.3% of retail CFD accounts lose money
FCA Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services AuthorityFinancial Services Commission
The Seychelles Financial Services AuthorityCapital Markets Authority
0 pips
USD 0
USD 10
Visit Broker
72.90% of retail CFD accounts lose money
FCA Regulated BrokersASIC Regulated Forex BrokersFSCA Regulated Forex BrokersMonetary Authority of Singapore
Dubai Financial Services AuthorityFinancial Services AgencyCommodity Futures Trading AssociationSwiss Financial Market Supervisory AuthorityFinancial Markets Authority of New ZealandBundesanstalt für FinanzdienstleistungsaufsichtBermuda Monetary Authority
0.60 pips
USD 0
USD 6
Visit Broker
70% of retail CFD accounts lose money
ASIC Regulated Forex BrokersFSCA Regulated Forex BrokersCySEC Regulated BrokersFinancial Services Agency
Central Bank of IrelandFinancial Regulatory Services AuthorityIsrael Securities Authority
0.90 pips
USD 100
USD 9
Visit Broker
76% of retail CFD accounts lose money
FCA Regulated BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersDubai Financial Services Authority
Securities Commission of the Bahamas
0.40 pips
USD 100
USD 14
Visit Broker
75% of retail CFD accounts lose money
ASIC Regulated Forex BrokersInternational Financial Services Commission
0.70 pips
USD 5
USD 7
Visit Broker
69.21% of retail CFD accounts lose money
CySEC Regulated BrokersASIC Regulated Forex BrokersDubai Financial Services AuthorityInternational Financial Services Commission
0.60 pips
USD 5
USD 6
Visit Broker
75.18% of retail CFD accounts lose money
CySEC Regulated BrokersThe Seychelles Financial Services AuthoritySecurities Commission of the BahamasCapital Markets Authority
0.10 pips
USD 200
USD 8
Visit Broker
70.81% of retail CFD accounts lose money
CySEC Regulated BrokersThe Seychelles Financial Services AuthorityFinancial Regulatory Services Authority
0.70 pips
USD 10
USD 17
Visit Broker
77.41% of retail CFD accounts lose money
Exness
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulator
Minimum Spread EUR/USD
0.10 pips pips
Minimum Deposit
USD 3
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 7
Pepperstone
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Minimum Spread EUR/USD
0 pips pips
Minimum Deposit
USD 0
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 10
HFM
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulator
Minimum Spread EUR/USD
0 pips pips
Minimum Deposit
USD 0
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 10
IG
4.7
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulatorregulatorregulatorregulatorregulator
Minimum Spread EUR/USD
0.60 pips pips
Minimum Deposit
USD 0
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
AvaTrade
4.6
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulatorregulatorregulator
Minimum Spread EUR/USD
0.90 pips pips
Minimum Deposit
USD 100
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 9
FxPro
4.4
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
regulator
Minimum Spread EUR/USD
0.40 pips pips
Minimum Deposit
USD 100
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 14
FBS
4.3
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulator
Minimum Spread EUR/USD
0.70 pips pips
Minimum Deposit
USD 5
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 7
XM
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
Minimum Spread EUR/USD
0.60 pips pips
Minimum Deposit
USD 5
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 6
IC Markets
4.5
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulatorregulator
Minimum Spread EUR/USD
0.10 pips pips
Minimum Deposit
USD 200
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 8
NAGA
4.1
Read Review

Our broker ratings are derived from rigorous testing by industry experts and experienced traders. We thoroughly evaluate regulatory compliance, security, transparency, trading performance, and customer service. We never accept payment for higher scores, ensuring our ratings remain unbiased, factual, and trustworthy—so you can confidently choose a reliable broker for your financial safety and trading success.

For detailed information about our testing methodology click here.

Countries Regulated
regulatorregulatorregulator
Minimum Spread EUR/USD
0.70 pips pips
Minimum Deposit
USD 10
Trading cost/lot EURUSD
Total trading cost at the time of last update, for 1 lot of EUR/USD using the account with the lowest minimum deposit. Includes spread and commission.
USD 17
Quick Forex Broker Finder Tool

Not sure which broker to choose?

How Brokers Are Scored

FxScouts’ Broker Score and Trust Rating constantly evolve to reflect the forex market’s dynamics. We ensure transparency by incorporating regulator data and user insights. Our in-depth reviews consider over 200 metrics across seven key categories. The radar chart to the left shows how important each category is when calculating a broker’s final score.

  • Trust Rating: Assessment of broker reliability and reputation
  • Trading Costs: Spreads and fees for clear comparisons
  • Platforms: User-friendliness and features 
  • Asset Selection: Forex, stocks, and other available instruments
  • Deposit and Withdrawal: Simple and free deposits & withdrawals
  • Education: Support for beginners and developing traders
  • Customer Support: Accessibility, responsiveness, and expertise

 

Learn how we set the standard for broker reviews. Explore our in-depth review process here.

Exness

Best for: Zambian traders looking for ultra-high leverage and fast local withdrawals

Exness
4.32
71.67% of retail CFD accounts lose money

Min. Spread

0.1 pips

Regulation

JSC, CMA, FSA-Seychelles, FSC, B.V.I FSC, FSCA

Min. Deposit

USD 3

Platforms

Exness Terminal, MT5, MT4

Max Leverage

Unlimited:1

Why Exness Stands Out

  • Unlimited Leverage with Easy Access

    Supports instant withdrawals via mobile money apps and local bank cards, essential for Zambian traders who need fast fund access.

  • Instant Withdrawals via Local Methods

    Supports instant withdrawals via mobile money and local bank cards, essential for Zambian traders who need fast fund access.

  • Cent & Standard Accounts With Zero Minimum Deposit

    Allows traders to start with any amount—even less than $1—suiting beginners testing strategies on live markets.

  • Well-Supported Education Hub

    Free training material and trading tips tailored to beginners via Exness Academy.

Why Exness Falls Short

  • Leverage Access Has Initial Requirements

    You need to trade 5 lots before accessing unlimited leverage—can be a barrier for complete newbies.

  • Not FCA Regulated

    Though licensed by FSCA and CySEC, some traders may prefer brokers with top-tier FCA oversight.

Exness | Best for: Zambian traders looking for ultra-high leverage and fast local withdrawals

Final Verdict: Is Exness right for you?

Trade if:

  • You want to start trading with very low capital
  • You need quick withdrawals using Zambian-friendly methods

Consider Alternatives:

  • You prefer top-tier FCA-regulated brokers
  • You want high leverage without trade prerequisites
Visit Broker
Accepts Zambian Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage Unlimited:1. Islamic account available. MT4, MT5, Exness web trader platforms supported. Exness is regulated by CySEC, FCA, and the FSC.

Pepperstone

Best for: Low-cost ECN trading with MetaTrader and cTrader access in Zambia

Pepperstone
4.61
75.3% of retail CFD accounts lose money

Min. Spread

0 pips

Regulation

CMA, BaFin, SCB, DFSA, ASIC, FCA, CySEC

Min. Deposit

USD 0

Platforms

Pepperstone Platform, TradingView, cTrader, MT5, MT4

Max Leverage

30:1

Why Pepperstone Stands Out

  • ECN-Like Spreads with No Markup

    Offers raw spread accounts starting from 0.0 pips and commissions as low as $3.5/lot per side.

  • Multiple Platform Support

    Access MT4, MT5, Pepperstone, and cTrader—great for advanced users and algo traders in Zambia.

  • Local Support from African Region

    Pepperstone offers responsive support teams for Zambian markets.

  • Transparent Fee Structure

    No hidden fees on deposits, inactivity, or withdrawals—ideal for Zambian cost-conscious traders.

Why Pepperstone Falls Short

  • Higher Minimum Deposit for Razor Account

    To access the best spreads, traders need to deposit at least $200, which might be a barrier to entry.

  • No Bonuses or Promotions

    Unlike others, Pepperstone doesn’t offer deposit bonuses or trading contests.

Pepperstone | Best for: Low-cost ECN trading with MetaTrader and cTrader access in Zambia

Final Verdict: Is Pepperstone right for you?

Trade if:

  • You are an experienced trader wanting ECN pricing and fast execution
  • You use or plan to use automated trading tools like EAs or scripts

Consider Alternatives:

  • You’re a complete beginner looking for small account start
  • You want deposit bonuses or incentive programs
Visit Broker
Accepts Zambian Clients. Average spread EUR/USD 1.00 pips with 0.0 USD commission round turn on the trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, MT5 & cTrader platforms supported. Pepperstone Group is regulated by the FCA, ASIC, and the DFSA.

HFM

Best for: Beginner-friendly trading with Zambian mobile payments and educational support

HFM
4.43
72.90% of retail CFD accounts lose money

Min. Spread

0.0 pips

Regulation

CMA, FSA-Seychelles, FSC, DFSA, FSCA, FCA

Min. Deposit

USD 0

Platforms

HFM Trading App, MT5, MT4

Max Leverage

2000:1

Why HFM Stands Out

  • Low Minimum Deposit with Bonus Options

    Start trading from as little as $5 and get access to up to 100% deposit bonuses.

  • FSCA and CMA Regulation

    Fully licensed across Africa (South Africa and Kenya), ensuring strong oversight.

  • Mobile Money & Local Bank Support

    Easy funding and withdrawal for Zambian clients using regional channels.

  • HFM Copy Trading Platform

    Perfect for beginners who want to follow top traders automatically.

Why HFM Falls Short

  • Higher Spreads on Micro and Premium Accounts

    Costs may be higher for smaller trades unless using Zero Spread accounts.

  • Execution Speed Can Lag at Peak Hours

    Trade execution may slow slightly during high volatility sessions.

HFM | Best for: Beginner-friendly trading with Zambian mobile payments and educational support

Final Verdict: Is HFM right for you?

Trade if:

  • You want bonuses and low-capital entry
  • You prefer local support and African regulation

Consider Alternatives:

  • You require ultra-tight spreads for scalping
  • You prioritise lightning-fast order execution
Visit Broker
Accepts Zambian Clients. Average spread EUR/USD 1.00 pips on trading account with lowest minimum deposit. Max leverage 2000:1. Islamic account available. MT4 & MT5 platforms supported. HF Markets Group regulated by the FSCA, FCA, FSC, CySEC and the DFSA.

IG

Best for: Professional traders in Zambia seeking Tier-1 regulation and access to global CFD markets

IG
4.69
70% of retail CFD accounts lose money

Min. Spread

0.6 pips

Regulation

BMA, CFTC, FINMA, FMA, BaFin, MAS, DFSA, FSA-Japan, FSCA, ASIC, FCA

Min. Deposit

USD 0

Platforms

L2 Dealer, ProRealTime, MT4

Max Leverage

30:1

Why IG Stands Out

  • Top-Tier FCA Regulation

    IG is one of the most trusted brokers globally with 45+ years in operation and UK regulatory backing.

  • Extensive CFD Offering (17,000+ Instruments)

    Includes Forex, Indices, Stocks, Commodities, and Crypto—ideal for diversification.

  • Professional-Grade Trading Tools

    Provides ProRealTime, AutoChartist, and native platform options alongside MT4.

  • Strong Research and Education

    Offers some of the best in-depth market analysis and webinars for intermediate traders.

Why IG Falls Short

  • High Minimum Deposit for International Clients

    Traders outside the UK/EU often face $300–$1,000 minimum funding depending on country settings.

  • No Local Deposit/Withdrawal Support

    No Zambian-friendly options like mobile money or local bank transfers.

IG | Best for: Professional traders in Zambia seeking Tier-1 regulation and access to global CFD markets

Final Verdict: Is IG right for you?

Trade if:

  • You want top-tier global regulation and institutional-grade trading tools
  • You need a large selection of instruments beyond just Forex

Consider Alternatives:

  • You are trading on a tight budget or just starting out
  • You prefer local deposit methods or bonus incentives
Visit Broker
Accepts Zambian Clients. Average spread EUR/USD 0.85 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4, ProRealTime and L2 Dealer platforms supported. IG Markets Group is regulated by FCA, ASIC, and the FSCA.

AvaTrade

Best for: Zambians looking for mobile-friendly platforms, fixed spreads, and copy trading

AvaTrade
4.59
76% of retail CFD accounts lose money

Min. Spread

0.9 pips

Regulation

ISA, FRSA, CBI, FSA-Japan, FSCA, ASIC, CySEC

Min. Deposit

USD 100

Platforms

AvaOptions, Avatrade Social, MT5, MT4

Max Leverage

30:1

Why AvaTrade Stands Out

  • AvaTradeGO Mobile App with AvaProtect

    Offers simplified trading for beginners, with risk-management tools like AvaProtect refund protection.

  • Fixed Spreads – No Surprises

    Gives traders certainty over costs, even during news spikes or market volatility.

  • Access to DupliTrade and ZuluTrade

    Provides automated social trading options ideal for time-limited or newer traders.

  • Well-Structured Learning Hub

    Educational modules, trading strategies, and video courses tailored to beginner/intermediate levels.

Why AvaTrade Falls Short

  • No Cent Account for Ultra-Low-Risk Entry

    Beginners may miss the ability to trade nano-lots.

  • Limited Local Payment Gateways

    Deposits/withdrawals require Visa, Skrill, or bank transfer—no mobile money or Zambian options.

AvaTrade | Best for: Zambians looking for mobile-friendly platforms, fixed spreads, and copy trading

Final Verdict: Is AvaTrade right for you?

Trade if:

  • You want a mobile-first experience with fixed trading costs
  • You plan to use copy trading platforms like ZuluTrade

Consider Alternatives:

  • You want to start with cent accounts or ultra-small trades
  • You prefer fast deposits/withdrawals through local Zambian channels
Visit Broker
Accepts Zambian Clients. Average spread EUR/USD 0.90 pips on trading account with lowest minimum deposit. Max leverage 30:1. Islamic account available. MT4 & MT5 platforms supported. AvaTrade Group regulated by ASIC, FSCA, B.V.I FSC & FSA.
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How to Choose the Best Forex Broker in Zambia

Selecting the right Forex broker in Zambia is crucial for safe, transparent, and cost-effective trading. Understanding regulation will help you make an informed decision.

Is Forex Trading Legal in Zambia?

Yes, Forex trading is legal in Zambia, but it is not directly regulated for retail traders. The Securities and Exchange Commission (SEC) of Zambia oversees the capital markets but does not currently license local retail Forex brokers.

As a result, Zambian traders typically use international brokers regulated by tier-1 authorities like the FCA (UK), ASIC (Australia), or CySEC (Europe). Choosing a well-regulated broker helps ensure fund safety and fair trading conditions.

Traders in Zambia should also understand local tax obligations related to profits from Forex trading and comply with any currency regulations when funding and withdrawing from offshore brokers.

What Are the Advantages of Using a Regulated Broker?

Forex trading in Zambia is not regulated at the retail level, so using brokers licensed by authorities like the FCA, ASIC, or CySEC is essential for safety and transparency. Regulated brokers offer:

Client Fund Segregation: Client funds are held in separate accounts from broker operating funds for protection.

Financial Oversight and Licensing: Regulated brokers are required to:

  • Maintain minimum capital
  • Use risk management procedures
  • File regular financial reports with their regulators

Transparent Fees and Risk Warnings: They must clearly disclose trading costs and risks such as spreads, commissions, leverage, and margin.

Standards of Conduct and Advertising: They are required to follow ethical advertising and fair client treatment practices.

Continuous Audits and Supervision:Regulated brokers undergo regular audits and inspections to ensure compliance.

Tip: Zambian traders should only use brokers regulated by top-tier authorities for safer Forex trading.

What are the risks of trading with an unregulated broker?

No fund protection: Unregulated brokers in Zambia do not separate your funds from operational funds, risking a total loss if they become insolvent.

No backup if things go wrong: Regulated brokers follow strict rules for client protection. Without regulation, there is no recourse or compensation if a broker shuts down.

You could lose more than you invested: Lack of negative balance protection can result in owing the broker money after sudden market moves.

They can get away with unfair practices: Unregulated brokers can manipulate trades, adjust prices, or deny withdrawals without accountability.

Dangerously high leverage: Extremely high leverage may result in large losses. Regulated brokers limit leverage to protect clients from excessive risk.

How Do I Verify if a Broker Is Regulated?

Retail Forex brokers are not locally regulated in Zambia, so traders should use international brokers regulated by reputable authorities.

Here’s how Zambian traders can verify a broker’s credentials before depositing funds:

  1. Look for the broker’s licensing statement at the bottom of their website. It should state:
    “This website is operated by [Broker Name], authorised and regulated by [Regulatory Authority].”
  2. Go to the official regulator’s register:
  3. Search for the broker’s name.

If the broker appears, it is regulated. If not, it is not authorised.

Note: Regulated brokers must display their licence details clearly. If the licence is missing, the broker may not be authorised. Use the regulator’s contact details if you need confirmation.

Avoid scam websites:

  • Use the broker’s official website link from the regulator’s register.
  • Check URL spelling carefully (e.g., “pepperstone.com” vs. “pepperst0ne.com”).
  • Confirm HTTPS encryption and SSL certificates in your browser.

Understanding Forex Broker Fees and Trading Costs

Trading costs are a key factor when choosing a Forex broker in Zambia, including spreads and commissions, which vary depending on the broker’s model, regulation, account types, and platforms.

What Is a Spread?

The spread is the difference between the buy and sell price of a currency pair, forming the main trading cost for commission-free accounts.

For example, if EUR/USD is at 1.1000 / 1.0998, the spread is 2 pips, and your trade starts with a 2-pip disadvantage that needs to be covered before making a profit.

For Zambian traders, brokers with tight spreads below 1 pip on EUR/USD include:

  • Pepperstone: Around 0.6 pips average spread, reliable execution.
  • IC Markets: From 0.0 pips on Raw accounts, ideal for advanced traders.
  • HFM (HotForex): Spreads from 1.0 pip on Premium accounts, with local funding support in many African regions.

Note: Spreads may increase during periods of low liquidity or during high-impact news releases, affecting trading costs.

What Are Commissions?

Some brokers, especially ECN or Raw spread brokers, charge a small commission per trade while maintaining ultra-tight spreads, making them cost-effective for scalpers and high-frequency traders.

Brokers offering spreads near 0 pips on EUR/USD with ~$3.50 per side per lot commissions are among the most competitive for Zambian traders:

  • Pepperstone Razor Account: Raw spreads from 0.0 pips + $3.50 per side per lot.
  • IC Markets Raw Account: Spreads from 0.0 pips + $3.50 per side per lot, with high-speed execution.
  • HFM Zero Account: Spreads from 0.0 pips with competitive commission structures, user-friendly for African traders.

Local Insights (Zambia)

Many brokers now offer local bank card payments and online transfer options enabling fast deposits for Zambian traders.

Exness supports easy deposit options, allowing Zambian traders to fund and withdraw efficiently.

Note: Accounts are held in USD or other major currencies, and withdrawals are processed in these currencies.

"The best brokers for beginners are well-regulated and have no minimum deposit requirement, ensuring security and a low cost of entry."

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Final Thoughts: The Best Forex Broker in Zambia (2025)

Zambia’s Forex trading environment is developing, with trusted brokers providing secure, low-cost trading conditions. Beginners should look for user-friendly, low-deposit brokers, while experienced traders may prioritise tight spreads and execution quality.

  • Best Overall: Exness (Fast execution, tight spreads, and flexible leverage)
  • Best for Low Costs: Pepperstone (Competitive spreads, ideal for active trading)
  • Best for Advanced Trading: AvaTrade (Excellent platforms, advanced tools, and strong support)
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Frequently Asked Questions (FAQ)

Zambia’s Forex trading environment is growing, with trusted brokers providing safe and cost-effective options. Below are answers to common questions Zambian traders have when choosing a Forex broker.

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60-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

Meet the Experts Behind Our Unbiased Reviews

Chris Cammack

Partner Manager and Financial Writer

Chris Cammack

Chris Cammack is partner manager and senior financial writer at FxScouts, specialising in broker relations and forex market analysis. As the former Head of Content (2019–2024), he set editorial standards for all content published at FxScouts, including broker reviews, broker comparison pages and education.


With over a decade of experience in editorial management and partner relations, Chris builds and maintains our relationships with our partners to provide the best Forex trading experience for our users.


He also co-hosts the “Let’s Talk Forex” podcast with Alison Heyerdahl, where he explores trading strategies, industry news, and macroeconomic trends to help traders navigate the markets with confidence.

Alison Heyerdahl

Head of Content

Alison Heyerdahl

Alison joined the team as a writer in 2021. She is the Head of Content for FxScouts. She has a medical degree with a focus on physiotherapy and a bachelor's in psychology. However, her interest in Forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, "Let's Talk Forex", alongside Chris and has produced over 100 Forex educational videos for the FxScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 120 Forex brokers.

Ida Hermansen

Financial Writer

Ida Hermansen

Ida is a financial writer with a degree in Digital Marketing and a strong background in content writing and SEO. Her expertise extends beyond marketing and writing, with a keen interest in cryptocurrencies and blockchain networks. Ida's passion for crypto trading sparked a deeper fascination with Forex technical analysis and price movement. She is continually expanding her knowledge in Forex trading, staying informed about the latest trends and identifying the best trading environments for new traders.

Stefan de Clerk

Financial Writer

Stefan de Clerk
The newest member of our team, Stefan has a degree in Marketing and more than a decade of experience writing quality content in both finance and tech. Stefan's deep fascination with how factors like geopolitical events, big data and market sentiment influence the financial markets drives his passion for Forex trading. He believes that if you want to feel the pulse of the world economy, trade Forex, and if you want to trade Forex, you need well-researched, unbiased and objective information.

                

Learn, Trade, Succeed

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Our education section provides easy-to-follow resources that guide you through the fundamentals of Forex trading, risk management, technical and fundamental analysis, and more.
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