Zimbabwean investors have a tough time finding the best stock market apps. Besides this, it seems even more of an impossible task to find any that are prepared to even allow Zimbabwean’s to trade stocks on their mobile devices. iOS and Android apps are hard to find. In this article, we hope to make this task a little easier, by showing that there are quite a few apps, now available to do just that.
What the Apps Offer
All the stockapps which are available to Zimbabwean traders are licensed and regulated by most of the financial authorities. The same bodies which regulate apps that are being used in all the countries across the globe. With this in mind, traders from this country can rest assured, knowing that their investments will be safe. Another very good feature that these apps share, is that their deposit is minimal most of them do not exceed $20. The trading apps in most cases are supported by not just iOS and Android devices, but also MT4, MT5, Window and Mac OS. No commission is charged on majority of the apps, making it easier for traders to get started. In all of the apps that were explored, there are also quite a few restrictions on the apps. Most of the restrictions are jurisdiction based, meaning that the apps are not available in certain countries or areas in Zimbabwe. Another issue that came to light is the fact that these apps do not support all the markets. Some do not allow forex trading, while other platforms are not offered. This limits the traders because they are not free to trade on any market as most other countries can.
Other Features
The app promises complete transparency, concerning any promotions or pricing. The app also ensures that investors all receive the same level of service no matter how big or small their investments are. Customer service is of utmost importance to the staff and the staff who works there speaks over 30 different languages, making it easy for anyone from anywhere to be assisted in their mother –tongue. Depositing funds and withdrawals are an easy process so that investors don’t have to worry about any of these aspects. One of the platforms ensures their investor’s investments are secure because the app is regulated by Cyprus Securities and Exchange Commission (CySEC0, Financial Services Commission of the Republic of Mauritius (FSC), Financial Conduct Services of the Republic of South Africa (FSP), Financial Conduct Authority of the United Kingdom (FCA), Dubai Financial Services Authority (DSA) and Seychelles Financial Services Authority (FSA). Being regulated by this many financial bodies means that this app is accountable to adhere to all the rules and policies of these concerns. This means that all the funds and investments will be handled and protected at the highest levels.
Tips for Zimbabwean Traders
The skills that are required for traders in Zimbabwe are no different to skills and tips that traders need to have all around the world. Confidence is a major trait that a trader needs to possess. If you are not confident in nature, this something you will need to work on if you intend to make trading your career. Another very useful skill is numerical skills. This will come in handy when trading. Conversions are a huge part of trading since if you are living in one country and want to trade in another, you will need to know how to calculate your money.
Zimbabwean Trading Terminology
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The terms used in Zimbabwe during trading are unique to the country, with that in mind; let’s have a look at the terms and the meanings:
Pip: This is the basic unit, equivalent to $0.0001; it is also referred to as a forex unit.
Calls: This is a contract which gives a trader permission to control a sum of money up to a certain point in time.
Lot Size: The amount of currency that gets traded. The default lot is generally $100,000, which is referred to as the lot size.
Orders: Your instructions or “orders” to sell or buy a certain sum or amount of currency at a stipulated rate are how transactions occur with the trading platform.
Conclusion
For a long time, Zimbabwe was not able to participate in the trading world. Much less than the online world. But since 2020, that all changed the Reserve Bank of Zimbabwe a new system. What this system brought about was as stronger currency for the country. Although the country’s currency is still not stable, it has strengthened to such an extent, that it has enabled the country to re-enter the forex market. This market could be exactly what is needed to assist in building the country financially. With all the trading apps available this is sure to also boost the country’s economy.
