How to Open a Forex Trading Account In Zimbabwe in 2024 ✅

How to Open a Forex Trading Account In Zimbabwe


The Best Forex Brokers For You

In this guide, we'll walk you through the steps to open a forex trading account in Zimbabwe and get started on your trading journey. We will also show you the best brokers you can use for forex trading in Zimbabwe.

If you are a complete newbie you can read a comprehensive guide to forex trading in Zimbabwe.

You can also download the free e-book below.

Intro to forex trading in Zimbabwe  

The Top Forex Brokers For Zimbabweans

The best forex brokers to use when you want to open a forex trading account in Zimbabwe are:

  1. Deriv
  2. HFM (formerly Hotforex)
  3. FBS
  4. XM
  5. Exness
  6. Iq Option
  7. Instaforex

We should bring it to your attention that after you register a demo account with some brokers they will start calling you persuading you to upgrade to a real account.

They claim that when you deposit real money they will give you a dedicated account manager who will help you to learn to trade and maximise your profits. They can call you day after day. Be careful with these, only open a real account when feel you want to.

Bottom line, DON’T BE COERCED INTO MAKING A DEPOSIT INTO A REAL ACCOUNT WHEN YOU ARE NOT READY.

3. Open A Real (Live) Forex Trading Account In Zimbabwe

Next, you should open a real forex trading account to use in Zimbabwe. The live forex trading account you open will allow you to deposit, trade and withdraw real money. This is where serious business happens.

How to open a real (live) Forex trading account in Zimbabwe

This is also an easy process. Log in to the demo account you created above and look for the option to open a live account. You can also choose to open a real forex trading account directly by clicking the links below.

After clicking on any of the buttons above you will get to a registration page where you will need to enter your details. Make sure you use your real details as you will need to verify them in the next step.

The see details are your legal name and proof of residence. Once you are done you will get a confirmation email with the login credentials to your live forex trading account in Zimbabwe.

4. Verify Your Forex Trading Account In Zimbabwe

The next step is to verify your live forex trading account in Zimbabwe. Account verification is done to improve security and reduce the possibility of financial crimes like money laundering.

You can open your account and trade before you verify your forex trading account but you will be asked to verify when you want to make any withdrawals. It is best to do account verification early to reduce inconveniences later.

How Do You Verify Your Forex Trading Account In Zimbabwe?

To verify your forex trading account in Zimbabwe you will need to upload the following documents:

  • A valid ID or Passport clearly showing your name and date of birth (for proof of legal existence)
  • A utility bill (e.g. electricity, water, gas, phone, internet) or bank statement in your name that has been issued in the last 6 months (for proof of residence)
  • You can also use a lease agreement showing your name and the name and contact details of your landlord
  • If you do not have any proof of residence you can approach a commissioner of oaths and get a stamped affidavit. This is a simple and convenient way to get legit proof of residence.

Simply log in to your live forex trading account and look for the account settings/verification option. Click on it and follow the instructions to upload your documents. The forex broker will do a verification process and send you an email once done. This usually takes about 24-48 hours.

Sometimes your documents may be rejected for various reasons and you will be notified of this. Make sure you rectify the issues and re-upload your documents. This is where another advantage of Deriv comes in. Deriv allows you to trade and withdraw up to US$ 10 000 before you verify your account.

This is very helpful if you need some time to organise your verification documents. You do not need to wait to trade while you get the documents. You can trade and withdraw easily right away on Deriv. When you do have the documents it is also very easy to verify your Deriv account.

Deriv Demo

5. Fund Your Forex Trading Account In Zimbabwe

You will have to fund your live forex trading account in Zimbabwe before you can trade with it. With a demo account, you do not need to do any funding since the broker gives you virtual money.

How Do You Fund Your Forex Trading Account In Zimbabwe?

This depends on the funding method you want to use. The basic procedure involves logging into your live forex account and looking for the deposit option.

You will then see the various deposit options supported by your chosen broker and you can choose the most convenient one for you. Follow the steps and complete your deposit. Here another advantage of Deriv comes in handy again.

Deriv allows you to deposit using Ecocash, Zipit, Cash, Mukuru and other local payment methods. The depositing process is done via payment agents and dp2p.

 

6. Start Online Forex Trading In Zimbabwe

After successfully creating, verifying, and funding your live account you can then go ahead and start trading using it. While you only have two options when it comes to trading (buy or sell) this is not an easy task. You have to learn to analyse the market so that you can increase your chances of making a profit.

You need to have a working strategy and price action is one alternative.

Frequently Asked Questions On How To Open A Forex Trading In Zimbabwe

How can I join forex trading in Zimbabwe?

To join forex trading In Zimbabwe you should find a broker and open an account.

Recommended brokers for forex trading in Zimbabwe are Deriv, HFM, FBS, XM and Iq Option. Simply click on any broker link above and open your free account. You need to start by trading on a demo account for practice
Is Forex Trading Allowed in Zimbabwe?

Forex trading in Zimbabwe is legal if it is done through a regulated broker like Deriv, HFM, FBS, XM and Iq Option.

How Much do you need to Open a Forex Trading Account In Zimbabwe?

Opening a forex trading account in Zimbabwe is free. However, you will need to deposit to your trading account before you can start trading.

The minimum amount you can deposit depends from broker to broker. The following brokers have a minimum deposit of just $5: Deriv, HFM, FBS, XM and Iq Option.
How can I Trade Online in Zimbabwe?

To trade online in Zimbabwe you need to open a forex trading account for free using any of these brokers; Deriv, HFM, FBS, XM and Iq Option. After opening an account you need to learn and practice before risking your funds

How many Forex Traders are in Zimbabwe?

According to research, there are about 100 000 forex traders in Zimbabwe

Which is the Most popular Forex Broker in Zimbabwe?

Deriv is the most popular broker in Zimbabwe by a significant percentage. This is because Deriv offers unique synthetic indices which are a favourite of many Zimbabwean traders.

Deriv also makes it easy to deposit using local payment methods like EcoCash, Zipit, Cash and Mukuru. This is very convinient for traders.
Which Brokers Accept EcoCash?

Deriv is the best broker that accepts Ecocash and other local payment methods.

   

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