10 Best Forex Brokers in Namibia
The process involved with finding and comparing forex brokers who accept Namibian traders can be tedious and time-consuming, especially considering that hundreds of brokers offer
comprehensive trading solutions and services.
Several factors must be considered when traders evaluate brokers including their regulation, safety of funds, account types, fees and spreads, deposit and withdrawal methods, and
several others.
To simplify the evaluation and selection process, we have compiled a comprehensive list of some of the best forex brokers in Namibia.
IFX Brokers
Features
Established in 2018, IFX Brokers is a well-regulated and reputable Electronic Communications Network (ECN) broker based in South Africa.
IFX Brokers is regulated by the Financial Sector Conduct Authority in providing comprehensive trading solutions to traders in South Africa, Namibia, and several other countries in Africa.
IFX Brokers is centred around providing a fair, safe, and transparent trading environment, offering retail traders and institutional clients some of the best trading conditions in the world.
Pros and Cons
PROS |
MetaTrader trading platforms are supported |
Educational materials are provided |
The trading conditions are competitive |
Well-regulated by the FSCA |
A wide range of markets are provided |
OctaFX
Features
Established in 2011, OctaFX is a well-regulated STP and ECN broker that is headquartered in Saint Vincent and the Grenadines, with a global reach in offering comprehensive trading solutions to beginner and professional traders alike.
OctaFX facilitates the trade in a wide range of forex and CFD trading instruments. Traders can expect competitive trading fees, advanced trading tools, and dedicated customer support in a range of languages including English, German, Spanish, and several others
Namibian beginner traders can expect access to a range of educational resources that will help them navigate complex financial markets and different trading instruments. Traders can expect competitive variable spreads, negative balance protection that is applied to retail accounts, and more.
Pros and Cons
| PROS |
|
Regulated by the Cyprus Securities and Exchange Commission (CySEC) |
|
Tight average spreads offered |
|
Range of financial instruments provided |
|
Islamic accounts provided to Muslim traders |
|
MT4 Forex trading platform offered |
|
Flexible funding options offered |
|
Variable spreads and fixed spread accounts offered |
| CONS |
|
US and UK clients are not accepted |
eToro
Features
eToro is a popular Market Maker and one of the most popular online brokers in the world in addition to being the leading social trading platform in the world.
eToro has been in operation since 2006 and is renowned for its comprehensive trading solutions and competitive trading conditions. Namibian traders can easily add a competitive edge to their trading when they use the services of eToro.
Pros and Cons
| PROS |
|
eToro is the best social trading platform in the industry and one of the most trustworthy brokers in the world |
|
Wide range of financial instruments that can be traded, including several forex pairs and CFDs trading across several asset classes |
|
The perfect solution for active traders |
|
Competitive average spreads are offered |
|
Swap-free accounts are offered |
| CONS |
MT4 forex trading platform is not supported |
High minimum deposit requirement |
There is no live chat support provided |
Inactivity fees are charged on dormant accounts |
Scalping and hedging are not allowed |
HotForex
Features
HotForex is one of the most versatile and popular online brokers with multi-regulation through reputable entities including the Cyprus Securities and Exchange Commission (CySEC, FSCA, DFSA, and several others.
HotForex has been in operation since 2010 and is well-known for its tight variable spreads, commission-free trading options, a choice between several retail investor accounts, and wide range of financial instruments offered.
Apart from its competitive trading conditions, HotForex offers the use of the popular MT4 forex trading platform as well as MetaTrader 5. HotForex offers Islamic Accounts, negative balance protection, competitive commission per trade, and more.
Pros and Cons
| PROS |
|
One of the best online brokers that welcomes all levels of traders |
|
Well-regulated by several financial regulators |
|
Offers a wide range of complex instruments spread across several asset classes |
|
Tight spreads, low commission charges |
|
Versatile funding options including bank wire transfer, credit cards, debit cards, and several others |
| CONS |
United States clients are not accepted |
MetaTrader-only broker with no proprietary trading platforms |
Fixed spreads are not offered |
FXTM
Features
Established in 2011, FXTM is one of the best online brokers that welcome all levels of traders from Namibia and several other African regions including South Africa, Nigeria, and more. FXTM facilitates the trade in complex instruments that are spread across several financial markets including foreign currency, CFDs trading, shares, indices, and more.
FXTM has an ultra-low minimum deposit requirement and offers variable spreads, the popular MT4 forex trading platform, and several others. FXTM is regulated by several entities including the Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority, and several others.
FXTM is suited to all types of forex traders and offers transparent trading cost, low commission charges, and has customer support in a range of languages including English, Vietnamese, Polish, Spanish, and several others.
Pros and Cons
| PROS |
|
Well-regulated broker that accepts all types of traders |
|
Regulation with the Cyprus Securities and Exchange Commission, amongst other major regulators |
|
Mobile apps offered for trading |
CONS |
There is an inactivity fee charged on dormant accounts |
IQ Option
Features
Established in 2014, IQ Option is one of the most popular online brokers that operate according to a Market Maker business model. IQ Option is well-regulated with the Cyprus Securities and Exchange Commission, which is one of the most reputable financial regulators, offering traders from around the world some of the best trading conditions.
IQ Option offers a variety of instruments that can be traded through powerful proprietary trading technology available.
Pros and Cons
| PROS |
|
Well-regulated by the Cyprus Securities and Exchange Commission in Cyprus and other major regulators |
|
Client funds are kept in segregated accounts |
|
Member of an Investor Compensation Fund |
|
Reasonable minimum deposit requirement and competitive rates charged |
|
Variety of instruments that can be traded |
CONS |
Fixed spreads are not offered |
Limited leverage for some regions |
ExpertOption
Features
ExpertOption is an STP trading broker that is based in Saint Vincent and the Grenadines, with a low minimum deposit requirement that provides traders access to a wide range of tradable instruments that are spread across several asset classes.
ExpertOption is focused on providing traders with the best trading conditions that can be accessed through a powerful proprietary trading platform. ExpertOption also offers a choice in trading accounts and innovative traders mobile apps that can be used.
Pros and Cons
| PROS |
|
Competitive rates charged on multiple account options |
|
Range of tradeable instruments offered |
|
Perfect for trading forex, CFDs, and other markets |
CONS |
Unregulated |
MetaTrader is not supported |
There are several countries excluded from service |
AvaTrade
Features
AvaTrade is one of the most popular online brokers in the world, well-regulated by several reputable major regulators.
AvaTrade offers some of the best trading conditions in the world in addition to offering traders with access to several key trading technologies and several markets including spot indices, forex trading, CFDs, options, shares, and more.
AvaTrade offers its competitive trading conditions through a suite of powerful trading platforms including MetaTrader and its proprietary trading technology.
Pros and Cons
PROS |
Well-regulated by several entities |
Commission-free trading |
Tight and fixed spreads |
Fast and reliable trade execution speeds |
Multi-award-winning broker |
Deposit fees and withdrawal fees are not charged |
| CONS |
US clients are not accepted |
Variable spreads are not offered |
Alpari
Features
Alpari is a well-regulated and popular forex broker that has been in operation since 1998, with offices spread across several regions. Alpari is known for its flexible trading solutions, high leverage ratios, choice in investor accounts, and powerful trading technology.
Alpari offers some of the best trading conditions and offers support in several languages. With Alpari, Namibian traders can rest assured that they will get tailor-made solutions that serve their trading needs and objectives.
Pros and Cons
| PROS |
|
Managed accounts are provided |
|
Well-regulated |
|
Member of a Financial Commission |
|
Customer support in more than 30 languages |
|
Signals are provided through AutoChartist |
| CONS |
Fixed spreads are not offered |
Limited trading instruments |
Lack of education |
Olymp Trade
Features
Established in 2014, Olymp Trade is a popular forex broker that offers comprehensive trading conditions, educational sources, trading signals, and decent market analysis through the MetaTrader 4 trading platform.
Olymp Trade has more than 200,000 registered traders and the broker also sees high trading volumes through its proprietary trading platform daily.
Olymp Trade has won several industry awards for offering some of the best trading solutions and competitive rates.
Pros and Cons
| PROS |
|
Ultra-low minimum deposit requirement |
|
Market News and analysis offered |
|
Proprietary trading platform provided |
|
Educational materials are provided |
CONS |
Unregulated |
MetaTrader is not offered |
US and UK traders are not accepted |
FREQUENTLY ASKED QUESTIONS
Is Forex Trading Legal in Namibia?
Yes, Forex Trading is legal in Namibia and there are no restrictions on the forex brokers through which you can trade.
Do Forex Traders pay Tax on Forex Profits in Namibia?
Yes, Forex Traders may be liable for tax on their Forex profits.
How many Forex Traders are there in Namibia?
There are more than 150,000 forex traders that actively trade monthly in Namibia.
Should I use USD or NAD as my base account currency?
Most forex brokers offer trading accounts in USD and other major currencies because these currencies are highly liquid whereas NAD is not a major currency. When you register an account in USD and you deposit/withdraw in NAD, you will be subject to currency conversion fees.
What should I look for in a broker if I am a beginner trader?
You should consider the educational tools, resources, and materials that the broker offers, the level of customer support, and the provision of a demo account and other resources that help you navigate the financial markets as a beginner trader.