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.
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.
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.
Thank you for your interest in joining as an IFX Partner. You can expect to receive response within 48 hours. Please direct any queries to partners@ifxbrokers.com
Your complaint has been successfully submitted. You can expect to receive a response in 48 hours. For any queries relating to this matter, kindly contact complaints@ifxbrokers.com