Forex trading in Africa is slowly gaining popularity in various countries, including Tanzania. This country now has a significant number of hardcore forex traders who contribute to over $10 million in forex trading volume each year. Today, Tanzania witnesses new traders entering the market each month, fueled by the increased accessibility to mobile phones and the Internet. Additionally, the country sees the rise of new forex brokers each seeking to offer its services to the growing number of traders. Unfortunately, it can be hard to pick the best forex trading apps among the sea of available options. However, there are a few key features traders can check to pick the top forex brokers among the many. In this review, we are going to look at some of the best forex trading apps in Tanzania. But before we list them, here are the criteria we used to present our findings.
Our Criteria for Selecting The Best Forex Trading Apps In TanzaniaFor this article, we will focus on four key areas when making our selections. These will include:
- The trading app - This will be the priority feature we consider. We will be looking for fast, easy-to-use, and offers a variety of trading tools.
- The regulatory status - The regulatory status of the broker providing the forex trading app is also important to consider. In Tanzania, the Capital Markets and Securities Authority of Tanzania is in charge of regulating the forex market. However, there are not any reputable brokers under the regulation of this body. As such, we will feature brokers with reputable regulations elsewhere.
- Availability of trading instruments - We will also be looking for forex trading apps that give traders access to a variety of market instruments.
- Spreads offered - Finally, we will also consider the spreads involved when trading with the different forex trading apps.
With that out of the way, let’s now look at some of the best forex trading apps in Tanzania.
ExnessExness is a prominent broker with a significant presence in African countries like Kenya, Nigeria, and importantly, Tanzania. This broker provides traders with a mobile trading app that is available on both the Play Store and the App Store, making it available for both Android and iOS users. The Exness Trading App allows Tanzanian traders to access a plethora of market instruments. These include forex currency pairs, gold, stocks, oil, indices, and more.
Additionally, it comes with a number of trading tools to help make trading easier for traders. These include advanced charting tools, an asset watchlist, price alerts, and notifications, among others. As the Exness Trade App is powered by MetaTrader, it offers fast order execution to traders.
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Further, there are five different accounts offered by Exness. These include two standard accounts and three different professional accounts. The standard account has a spread that starts from 0.2 pips with no commission while the standard cent account has spreads starting from 0.3 pips. Further, the professional accounts feature lower spreads with two of the accounts requiring a commission.
As traders are always looking to invest with regulated brokers, Exness does not disappoint in this category. Tanzanian traders will be pleased to learn that this broker is regulated by the CMA in neighbouring Kenya. It is also regulated by the FSCA in South Africa, the FSA in Seychelles, the FCA in the UK, and others.
PepperstonePepperstone provides Tanzanian traders with two different mobile trading apps to pick from. These include the Pepperstone Trading App and the Pepperstone cTrader App. Both of these trading apps come with a ton of technical indicators, different chart types, one-click trading, and asset watchlists, among other features. Better yet, traders gain price streams directly from liquidity providers as Pepperstone is an ECN broker.
The spreads charged by this broker are fairly low starting from 1.0 pips for major currency pairs with no commission required. However, the spreads are lower on the razor account starting from 0.0 pips plus a commission depending on the platform a trader uses. When using the cTrader platform, traders pay a commission of $3 per side per lot. In contrast, the Pepperstone Trading App charges traders a commission of $3.5 per side per lot.
Finally, Pepperstone is also a well-regulated broker around the world. For starters, it has regulations from the CMA in Kenya. On top of that, the broker is under the supervision of the FCA in the UK, the DFSA in the DIFC, the ASIC in Australia, and the CySEC in Cyprus. Such regulations are what make Pepperstone popular in African countries, especially in Nigeria, Kenya, South Africa, and Tanzania.
FP MarketsFP Markets is another popular forex trading broker that offers traders a mobile app which is available for both Android and iOS users. The Android version is based on the MetaTrader platforms while the iOS version is the company’s take on cTrader. Either way, traders gain a fast-execution mobile trading app with access to a variety of market products.
Specifically, traders gain access to forex currency pairs alongside CFDs on shares, commodities, indices, shares, metals, cryptocurrencies, ETFs, and bonds. This allows traders to diversify their portfolios without needing another trading app. The spreads offered when trading with these mobile trading apps are fairly low. The standard account on this broker site has spreads from as low as 1.0 pips with no commission required. On the other hand, the raw account has spreads from 0.0 pips plus a commission of $3 per side per lot.
Further, FP Markets is a regulated broker in multiple jurisdictions. These include the FSCA, the FSC in Belize, the ASIC, and the CySEC.
Equiti TraderThis app is supplied by the FX Pesa broker that has regulations from the CMA in Kenya, the FCA in the UK, and the CySEC in Cyprus, among others. This trading app gives traders a no-dealing desk intervention with fast order executions. Additionally, it comes with interactive charts, analytical tools, live market news, and instant notifications.
Regarding the trading instruments available, traders have access to various global markets. Particularly, they can trade CFDs forex, indices, commodities, shares, and ETFs. There are two main accounts to choose from when trading with this platform. These include the executive account and the premiere account. The executive account has a spread from 1.4 pips for major currency pairs. In contrast, the Premiere account offers spreads from as low as 0.0 pips with a commission of $3.5 per side per lot.
AdmiralsThe Admirals trading app is a proprietary mobile trading app produced by Admiral Markets that allows traders to use a variety of trading strategies in the market. This platform places emphasis on simplicity, security, and transparency. Moreover, this trading app gives traders access to a wide selection of market products.
With this app, traders can invest in CFDs on Forex currency pairs, stocks, indices, commodities, and ETFs. Further, the broker offers different accounts that fit different trader profiles. The Trade.MT4 and the Trade.MT5 accounts both feature spreads that start from as low as 0.5 pips for major currency pairs with no commission. There are three more accounts that feature spreads from as low as 0.0 pips plus commissions that are between $1.8 to $3 per lot.
As always, we must check the regulatory status of the broker behind the forex trading app. Admiral Markets operates under the watchful eye of the CMA, the FSCA, the FCA, the ASIC, and the CySEC.
XMXM is a forex broker with a presence in over 196 countries including Tanzania, Nigeria, South Africa, and more. This broker’s mobile trading app provides an MT5 environment for clients to manage their trading accounts and trade the company’s full range of instruments. The app is available to download for both iOS and Android. It comes with up-to-the-minute charts, over 90 trading indicators, instant order execution and no re-quotes. Further, the application brings clients the latest news, analysis, and market research straight to their phones.
Positively, this mobile trading app allows investors to trade over 1,000 CFDs on forex, stocks, indices, shares, energies, cryptocurrencies, and precious metals. This great diversity is one of the features that attracts many traders to XM as a broker. Moreover, the spreads associated with trading with the XM mobile trading app are competitively low. The micro and the standard accounts each feature spreads from 1.0 pips on major currency pairs. On the other hand, the XM Ultra low account has spreads starting from as low as 0.6 pips on major currency pairs.
On regulations, this broker is supervised by the FSC in Belize, the FCA in the UK, the CySEC in Europe, and the ASIC in Australia. The FSC-regulated branch of this global broker allows it to onboard traders from different countries including Tanzania, South Africa, Nigeria, and Ghana.
Final CommentsIn conclusion, the surge of interest in forex trading within Tanzania has led to a proliferation of feature-rich mobile trading apps. Whether you're a beginner looking for a user-friendly platform or an experienced trader seeking advanced analytical tools, there's a Forex trading app suitable for you. We've highlighted several standout platforms based on criteria such as app usability, regulatory status, available trading instruments, and spreads.
Exness, Pepperstone, FP Markets, FX Pesa, Admirals, and XM all offer robust mobile trading solutions catering to the diverse needs of Tanzanian traders. These apps provide access to a wide range of trading instruments, advanced charting tools, and efficient order execution. They empower traders to navigate the forex market with confidence. Furthermore, regulatory oversight ensures a level of trust and security for traders engaging with these platforms.
Nonetheless, we understand that there are tons of other mobile trading apps available for Tanzanian traders that are not listed here. Traders should always do their own research to determine whether a mobile trading app is suitable for their specific needs. This remains true regardless of whether the trading app is listed on this list or not.
