Are you wondering how to fund your forex trading account using EcoCash and other local payment methods like Zipit?
Due to the difficulties in funding forex trading accounts from Zimbabwe, a lot of local traders are looking for a way to do this. This article will show you how you can trade using EcoCash.
Why Are Zimbabwean Forex Traders Looking For Ways To Fund Their Trading Accounts Using EcoCash?
Some of the most common funding methods accepted by brokers including Neteller, Skrill, MasterCard, BitCoin etc are not readily available to most Zimbabwean online traders.
For example, Skrill and Neteller closed their accounts for Zimbabweans in April 2021 leaving a lot of trades stranded. Other traders may also have physical cash and obviously, this cannot be used online.
Such challenges leave traders desperate for ‘Zimbabwean-friendly’ funding methods.
How To Fund Your Forex Trading Account Using Ecocash & Other Local Payment Methods
Some proactive forex brokers have realised this challenge and have come up with an innovative way to address this challenge. They have introduced local payment agents who can fund other traders accounts in return for local payment methods.
These payment agents fund their accounts either from profits from trading or have access to the accepted deposit options. They then use their position of privilege to help others for a small commission.
So to fund your forex trading account using EcoCash, Cash or Zipit you can simply get in touch with one such agent and arrange for them to fund your account. You then pay the agent via your chosen local method and you can start trading
Which Brokers Accept EcoCash & Other Local Deposit Methods?
The following brokers allow you to fund your forex trading account using Ecocash & local payment methods via local payment agents. They do not accept EcoCash and other local payment methods directly on their platforms.
Deriv was the first broker to introduce payment agents in Zimbabwe and as such it has the most local payment agents. As a result of this Deriv is also the most popular broker amongst Zimbabweans. Their exclusive synthetic indices like V75, Boom, Crash and Step indices are highly favoured by the Zimbabwean online forex traders.
The Deriv payment agents allow you to fund your forex trading account using EcoCash, Zipit, Mukuru transfers and Cash in exchange for Deriv credits. Additionally, you can also start trading and withdraw before you verify your account. Deriv is the only broker that allows you to do this. All other brokers will ask you to verify your account before you can withdraw.
Opening a Deriv account is free and easy and you can get instructions here.
If you want you can even apply to be a Deriv payment here and also earn commission through processing deposits and withdrawals for clients. Additionally, you can even register as a Deriv affiliate partner and earn a lifetime commission from your referred traders. You can apply to be a Deriv affiliate partner here.Open A Free Deriv.com Account Here
JustForex is another broker that is getting more popular amongst Zimbabwean online forex traders. The broker has fewer payment agents but it is slowly getting momentum. The broker has low trading fees and this is very attractive for local traders.
JustForex payment agents also allow you to fund your forex trading account using EcoCash, Zipit, Mukuru and Cash. To enjoy the payment agent services on JustForex you can open your account here and you will automatically be linked with a local payment agent
If you already have a JustForex account you can send the following email to firstname.lastname@example.org
Superforex is also another broker offering local payment agent services. You can open a SuperForex account here.
Conclusion On How To Fund Your Trading Account Using Ecocash & Other Local Payment Methods
Unfortunately, there are not too many brokers that have the local payment agent feature. However, with these three brokers above you should be able to trade using EcoCash with relative ease.
Have you tried to fund your forex trading account using Ecocash? How did it go? Share your thoughts in the comments below.