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13 Best Forex Brokers in Botswana

The 13 Best Forex Brokers for Botswana traders revealed. We tested the best forex brokers for Botswana Traders.

This is a complete guide to forex brokers in Botswana.

In this in-depth guide you’ll learn:

  • What is a Forex Broker?
  • Which forex brokers offer the best trading platforms for Botswana traders?
  • Which trading platforms can you use with M-PESA?
  • How to compare the best trading platforms against each other. 
  • Which Forex Brokers are best for beginner Kenayn Traders? 
  • Which brokers offer a sign-up bonus for first-time traders in Botswana? 
  • Which brokers offer a low minimum deposit of $5 (64 BWP) to start trading? 
  • Which brokers offer a mobile app on IOS and Android for Botswana Traders? 
  • Which brokers offer online trading platforms to Botswana traders?

 

And lots more…

So if you’re ready to go “all in” with the best-tested forex brokers

Let’s dive right in…

Updated : October 19, 2022

Best Forex Brokers in Botswana

🏅 Broker✅ Botswana Pula Account?💰 Minimum Deposit💻 Botswana Pula Deposits Allowed?👉 Open Account
1. PepperstoneYes$130 / 1,700 BWPYes👉 Open Account
2. OctaFXYes$100 / 41,500 BWPNo👉 Open Account
3. CM TradingYes$100 / 41,500 BWPYes👉 Open Account
4. TickmillYes$100 / 41,500 BWPYes👉 Open Account
5. OANDAYes$100 / 41,500 BWPNo👉 Open Account
6. FBSYes$1 / 64 BWPNo👉 Open Account
7. BDSwissYes$100 / 41,500 BWPYes👉 Open Account
8. FP MarketsYes$65 / 880 BWPNo👉 Open Account
9 ExnessYes$1 / 64 BWPYes👉 Open Account
10. XMYes$5 / 66 BWPYes👉 Open Account
11. HFMYes$5 / 66 BWPYes👉 Open Account
12. AxioryYes$5 / 66 BWPNo👉 Open Account
13. AvaTradeYes$100 / 41,500 BWPYes👉 Open Account

13 Best Forex Brokers in Botswana

  1. Pepperstone – Overall, Best Forex Broker in Botswana
  2. OctaFX – Best Copy Trading Broker in Botswana
  3. CM Trading – Top Broker for Beginner Traders
  4. Tickmill – Best Regulated Broker in Botswana
  5. OANDA – Top Regulatory Broker in Botswana
  6. FBS – Best Broker for Any Experience Level
  7. BDSwiss – Most Tradable Asset Broker
  8. FP Markets – Top ECN Broker in Botswana
  9. Exness – Lowest Deposit Broker 
  10. XM – Best Lowest Spread Broker
  11. HFM – Top CFD Broker in Botswana
  12. Axiory – Best MetaTrader4/MT4 Broker
  13. AvaTrade – Top Mobile App Broker in Botswana

An Overview of Forex Trading in Botswana

👉 Formerly considered the second poorest country in the world, Botswana is now one of the region’s few middle-income countries. The growing income of the middle class has generated an upsurge in retail interest in the financial markets and FX trading.

 

👉 Botswana gives forex traders a substantial advantage compared to many other African countries. Transparency International’s Corruption Perception Index has ranked Botswana as Africa’s least corrupt nation.

 

👉 While foreign exchange trading may be challenging in other African countries, Botswana investors have an advantage due to government assistance and access to a local market.

 

👉 Botswana traders can easily begin trading Forex since it is the most accessible of all financial markets and the most liquid and volatile. In addition, several well-regulated international online forex brokers are in the country.

 

👉 However, without the proper authorization, commercial enterprises prohibited currency trading. The Bank of Botswana maintains a directory of all the financial institutions in the country that could facilitate foreign exchange.

 

👉 While no international brokers are registered or regulated in Botswana, countless CFD traders offer their services to Botswanan traders who want to participate in the forex market.

1. Pepperstone

Overall Rating

Min Deposit

10 USD /122 BWP

Regulators

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

Trading Desk

MetaTrader 4, MetaTrader 5, cTrader and TradeView

Crypto

Yes

Total Pairs

60+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Since opening its doors in 2010, Pepperstone Group, located in Australia, has risen to the forefront of the online brokerage industry, constructing a highly competitive and feature-rich trading site that concentrates on Forex, shares, indices, metals, commodities, and even cryptocurrencies.

 

👉 Clients can focus on the challenging task of trading successfully thanks to Pepperstone’s simple market access.

 

👉 Pepperstone is ideal for traders that want a wide range of affordable services, a flexible user interface, many account type possibilities, and efficient customer support.

 

Features

Account FeatureValue
💰 Minimum Deposit$130 / 1,700 BWP
💻 Minimum Trading Size0.01 lots
📈 Maximum Trading Size100 lots in a single trade
💵 Base Account CurrencyAUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, and HKD
✅ Trading Strategies SupportedAll including scalping, hedging, and Expert Advisors (EAs)
🗞 News Trading Offered?Yes
➡️ Trade ExecutionNo-Dealing Desk (NDD)
📊 Average EUR/USD SpreadFrom 0.6 pips
💸 CommissionsNone
🔃 Rollover SwapsYes, according to the market rates
⬆️ Maximum Leverage per region• Australia – 1:30
• Bahamas – 1:200
• Cyprus – 1:30
• Dubai – 1:30
• Germany – 1:30
• Botswana – 1:400
• United Kingdom – 1:30
❌ Negative Balance Protection OfferedYes, only for retail clients
✅ Margin Close-Out (%)50%
🔨 Trading Instruments offered1,200+
💻 Trading Platforms offeredMetaTrader 4, MetaTrader 5, cTrader, TradingView, Myfxbook, DupliTrade

 

Pros and Cons

✔️ Pros❌ Cons
Pepperstone offers competitive spreads that start from 0.0 pips on EUR/USDThere are restrictions on the countries that may use Pepperstone’s Islamic account
Pepperstone is well-regulated and offers an extremely secure trading environment with transparent trading feesThere is no BWP-denominated account offered, subjecting Botswanans to currency conversion fees
Investor protection is offered to EU clients through the FSCSThere are additional administrative fees applied to the Islamic account
Pepperstone offers a choice between some of the best trading platforms
Negative balance protection is offered for clients in certain regions
There is an Islamic account offered to Muslim traders
There is a demo account offered by Pepperstone
There are several trading tools offered

2. OctaFX

Overall Rating

Min Deposit

USD 5

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 OctaFX began accepting customers in 2011, and their spreads on trades fluctuate. It is important to note that OctaFX is a Metatrader-only forex broker.

 

👉 In addition to MetaTrader 4 (MT4) and the newest MT5 platforms, they also have their own forex trading and copy trading applications. Furthermore, they provide the Metatrader platform, which works on several devices (computers, smartphones, etc.).

 

Features

FeatureInformation
⚖️ RegulationFSA SVG, CySEC
⚖️ CBN RegulationNo
✔️ Accepts Botswanan Traders?Yes
💳 Minimum deposit (NGN)$100 / 41,500 BWP
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:500
👥 Customer Support 24/5

 

Pros and Cons

✔️ Pros❌ Cons
Fixed spread accounts are offered to retail tradersUS clients are restricted
The broker accepts hedging and scalping strategiesThere are only a few financial markets that can be traded
Negative balance protection is applied to retail investor accounts
The broker is well-regulated and has a decent trust score
There is commission-free trading

3. CM Trading

CM Trading Review 1

Overall Rating

Min Deposit

USD100

Regulators

FSA

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

154

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on CM Trading’s website

Overview

👉 Since its inception in 2012, CM Trading has operated as Blackstone Marketing SA (PTY) LTD subsidiary in South Africa. Its major market is African countries, but it also serves clients all around the globe with a broad range of innovative trade solutions.

 

👉 When you use CM Trading, you may easily and quickly access the market from your desktop computer, web browser, or mobile device. However, suppose you are new to online trading and are a novice. In that case, you may find a few useful educational materials on the topic.

 

Features

Account FeatureValue
💳 Minimum Deposit$100 / 41,500 BWP
📊 Demo AccountYes
📈 Educational materialsYes, Trading eBook, Webinars
✴️ Market ReviewsYes
📈 Spreads fromRegular spreads
🔎 Live Trading SignalsNo
📊 Risk-Free Trades offeredNo
🎓 Personal Assistant offered?No
📈 Trading Central Trading SignalsNo
👨‍💼 Trading Central Live Trading SignalsNo
🚀 Cashback RebatesNo
🔎 Access to ECN?No
📊 Market News and Analysis For Fundamental AnalysisNo
📈 Special OffersNo
Dedicated Trading RoomNo
📊 Trading specialist offering investment adviceNo

 

Pros and Cons

✔️ Pros❌ Cons
CM Trading is a good option for Botswanan beginnersCM Trading does not have Tier-1 regulations
The customer support offered by CM Trading is outstandingWithdrawals can be expensive
There are copy trading opportunities offered to tradersTraders must register for a live account to opt for a demo account
CM Trading has user-friendly trading platforms for mobile, desktop, and web browsers
CM Trading does not charge any commissions
Hedging, scalping, and EAs are allowed
There is an Islamic account offered to Muslim traders
CM Trading offers daily market analysis

4. Tickmill

Overall Rating

Min Deposit

USD 100

Regulators

CySEC, FCA, FSA, FSCA, Labuan FSA

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Tickmill is an NDD broker authorized by Seychelles FSA, FCA, CySEC, Labuan FSA, and FSCA. Tickmill is a Metatrader-only FX and CFD broker that has been around since 2014 and provides access to the MT4, MT5, and WebTrader platforms.

 

👉 There are 62 different currency pairs available for forex trading, 23 different stock index CFDs, 3 oil CFDs, 4 metal CFDs, 8 cryptocurrency CFDs, 98 stock CFDs, and 4 bonds to trade.

 

👉 In addition, Botswanan traders can get up to 1:500 leverage according to the financial instrument they trade and the region in which they reside.

 

Features

FeatureInformation
⚖️ RegulationFSA, FCA, CySEC, Labuan FSA, FSCA
⚖️ CBN RegulationNo
✔️ Accepts Botswanan Traders?Yes
💳 Minimum deposit (NGN)$100 / 41,500 BWP
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:500
👥 Customer Support 24/5

 

Pros and Cons

✔️ Pros❌ Cons
The broker offers commission-free trading across financial instrumentsThe broker does not accept clients from the United States and some other regions
There are powerful trading platforms to choose fromFixed spread accounts are not offered
The broker is well-regulated in several regions
There is a selection of popular financial instruments that can be traded
There are several advanced trading tools offered

5. OANDA

Overall Rating

Min Deposit

USD 0

Regulators

ASIC, BVI, CFTC, FCA, FFAJ, FSC, IIROC, MAS, NFA

Trading Desk

Metatrader 4 and Metatrader 5

Crypto

Yes

Total Pairs

45

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Even though local market authorities do not approve OANDA in Botswana or local offices in Gaborone, novice and expert traders in the region should expect OANDA to provide competitive trading conditions.

 

👉 In addition to a vast selection of tradable products, OANDA provides advantageous trading circumstances to its traders. OANDA has offices all around the globe, from Japan to Singapore, with local regulation and authorization commensurate with global operations.

 

👉 Providing an Islamic Swap-Free account, which gives Muslim Botswanan traders extraordinary trading conditions and privileges, is one of the greatest advantages of OANDA.

 

Features

Account FeatureValue
✔️ Full Account Verification Needed?No
📈 Average SpreadsVariable, from 1 pip
🔎Commissions (Per 1 mil traded)None
📈 Maximum Leverage1:200
✴️ Minimum lot size0.01 lots
📊 Instruments81
🔎Stop-Out50%
🌐 One-Click Trading offered?Yes
📈 Strategies allowedAll
📊 Base Account CurrencyUSD, EUR, HKD, SGD

 

Pros and Cons

✔️ Pros❌ Cons
Proprietary desktop trading platforms offered alongside MetaTrader 4 and 5Fixed spreads are not offered
Offers an impressive array of financial instruments including most currency pairsThere is a monthly inactivity fee applied
Innovative mobile trading apps and mobile platforms provided
There are several advanced charting tools and charting features offered
Negative balance protection is applied to accounts
The broker accepts a wide range of trading strategies including algorithmic trading, hedging, scalping, and more
There is a comprehensive range of trading tools and analytical tools offered
Deposit fees are not charged and there are several deposit options
Offers a decent selection of educational materials including educational articles
Client funds are kept in segregated accounts

6. FBS

Overall Rating

Min Deposit

USD 1 / 12 Pula

Regulators

IFSC, FSCA (South africa), ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5, FBS Trader – all in one mobile trading platform.

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Welcome Bonus

$140 (1 718 PulaFind out More)

Account Activation Time

24 Hours

Overview

👉 Originally established in Belize, FBS has now opened an office in Cyprus. FBS also has a presence in Australia and South Africa through owned subsidiaries. This aids and promotes the company’s goal of catering to traders of all experience levels worldwide.

 

👉 FBS is an excellent choice for traders because of its long service history, low spreads, and extensive teaching centre.

 

👉 Among the many trading choices available via FBS, some of the most noteworthy include the crypto-only account, the basic account with no fees, the trading of over a hundred different cryptocurrency pairings, and the use of a simple mobile trading interface.

 

Features

FeatureInformation
⚖️ RegulationIFSC, CySEC
⚖️ CBN RegulationNo
✔️ Accepts Botswanan Traders?Yes
💳 Minimum deposit (NGN)$1 / 64 BWP
📊 Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:3000
👥 Customer Support 24/7

 

Pros and Cons

✔️ Pros❌ Cons
FBS offers competitive trading conditions with some of the lowest spreadsThere are wide spreads charges on some accounts
There are several account types to choose fromThere is a limited number of tradable instruments
There are many social trading opportunitiesThere are several regional restrictions applied
There is an ultra-low minimum deposit requirement
The broker is well-regulated and trusted

7. BDSwiss

Overall Rating

Min Deposit

$100

Regulators

CySec, FSC, FSA, BaFin, NFA

Trading Desk

MetaTrader 4 , MetaTrader 5

Crypto

Yes

Total Pairs

50 Forex Pairs and 20 Crypto Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 BDSwiss is a multi-regulatory, award-winning broker having offices in Cyprus and Mauritius, regulated by CySEC, FSC, BaFIN, and FSA.

 

👉 When creating a live account, Botswana traders get access to a few tradable products, including Forex. The minimum necessary deposit of 1,300 BWP is typical compared to brokers that provide comparable trading conditions.

 

👉 In addition, BDSwiss supports MetaTrader 4 and MetaTrader 5. As a result, traders may take advantage of leverage of up to 1:1000, tight and variable spreads, and incredibly cheap trading fees.

 

Features

💠 Account Feature💰 Value
📈 Average Spread on EUR/USD1.5 pips
📈 Maximum Leverage1:500
🔆 Tradable InstrumentsOver 250
📈 Available AssetsForex CFDs
Stocks CFDs
Indices CFDs
Commodities CFDs
Cryptocurrencies CFDs
🔎 Commissions per round lot$2 on Indices
0.15% on Shares
✴️ Margin Call50%
📊 Stop-out level20%
💳 Instant Withdrawals offered?Yes, only on credit cards up to 2,000 €/$/£
💳 0% fees on Deposits and CC Withdrawal?Yes
💻 Platforms availableAll
📊 Are trading alerts offered?Limited Access granted
📈 AutoChartist Performance Stats offered?Yes, with a 6,400 BWP minimum deposit
🎓 Personal Account ManagerYes, with a 12,900 BWP minimum deposit
Priority ServiceNo
📈 AutoChartist Standard ToolsYes
🚀 Access to Trading Central?Yes
📊Trading Academy and Live WebinarsYes
📊Trade Companion offered?No
☪️ Islamic Account option?Yes
🔎 VIP WebinarsNo
👨‍💼 24/5 Customer Service and Support?Yes
💳 Minimum deposit requirement1,200 BWP or an equivalent to $100

 

Pros and Cons

✔️ Pros❌ Cons
BDSwiss is multi-regulated and offers high liquidityWithdrawal fees are charged
There is a range of markets that can be tradedThere are no local deposit or withdrawal methods offered to Botswanan traders
BDSwiss offers competitive trading conditions and a choice between account typesThere is no desktop version of the BDSwiss trading platform
There is optimal service offered by prompt and dedicated customer support
There are user-friendly and flexible trading platforms offered
BDSwiss offers a large range of trading tools and research
There are educational materials offered to beginner Botswanan traders
There is an industry-standard deposit requirement when Botswanan traders register an account

8. FP Markets

Overall Rating

Min Deposit

100 USD/1 229 BWP

Regulators

ASIC, CySEC

Trading Desk

MetaTrader 4, MetaTrader 5

Crypto

Yes

Total Pairs

63

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 FP Markets has been operating since 2005, making it an industry veteran with a wealth of experience thanks to its global clientele.

 

👉 In addition, FP Markets invests heavily in research and development and uses innovative trading technologies, including electronic bridges, to strengthen its value offering.

 

👉 FP Markets stands out as a great option when it comes to currency exchange (FX) and contracts for difference (CFDs). MetaTrader and Raw ECN accounts on a commission basis with very tight spreads are available via FP Markets.

 

👉 FP Markets offers MT4 and MT5, allowing traders to access over 12,000 distinct symbols.

 

Features

Account FeatureValue
💰 Minimum Deposit$65 / 880 BWP
📊 Average SpreadsVariable, from 1 pip
✔️ Instruments Available60+ Forex pairs, metals, indices, commodities
📈 Maximum Leverage Ratio1:500
📱 Execution TypeECN
💵 CommissionsNone
👥 Expert Advisors Offered?Yes
📲 Mobile App Offered?Yes
✔️ VPS Available?Yes

 

Pros and Cons

✔️ PROS❌ CONS
FP Markets is a well-established Australian broker regulated by ASIC and CySECFixed spreads are not available
Botswanan traders can choose from an impressive range of markets that can be traded through powerful platformsThere are withdrawal fees charged on most payment methods that are supported
FP Markets offers comprehensive mobile trading opportunitiesThere are administration fees which apply to the Islamic accounts and trading
Botswanan traders can expect superior ECN pricing that includes raw and tight spreads and low commissions
FP Markets is known for its fast trade execution that is delivered through the Equinix servers
There are commission-free accounts offered that still feature competitive spreads
There are dedicated Islamic accounts for Muslim traders
FP Markets offers a range of educational materials and advanced trading tools

9. Exness

Overall Rating

Min Deposit

USD 10

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 Exness is a globally known broker with two primary offices in Seychelles, South Africa, and the UK. In addition, Exness is also recognized as a Cyprus-based broker regulated and licensed by FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, and FCA.

 

👉 Exness requires a minimum deposit of 130 BWP to create an account. By creating a live trading account, Botswana traders have access to a wide range of tradable financial products, including Forex and other CFDs.

 

👉 MetaTrader 4 and MetaTrader 5 are also supported, along with unlimited leverage on some accounts, tight spreads, and no hidden commission fees.

 

Features

FeatureInformation
📈 Account Base CurrenciesAED, ARS, AUD, AZN, BDT, BHD, BND, BRL, CAD, CHF, CNY, EGP, EUR, GBP, GHS, HKD, HUF, IDR, INR, JOD, JPY, KES, KRW, KWD, KZT, MAD, MXN, MYR, NGN, NZD, OMR, PHP, PKR, QAR, SAR, SGD, THB, UAH, UGX, USD, UZS, VND, XOF, ZAR
📊 Minimum Spread0.0 pips EUR/USD

💳 Botswanan Deposits/WithdrawalsYes

⚖️ CBN RegulationNo
📊 Account TypesStandard Account, Standard Cent Account, Raw Spread Account, Zero Account, Pro Account
⚖️ RegulationFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📈 LeverageUnlimited
📊 Micro Account Offered?No
📈 Trading ToolsAnalytical tools, Trading calculators, currency converter, tick history, economic calendar
💻 Educational MaterialNone

👥 Botswanan-Based Customer SupportNo

 

Pros and Cons

✔️ Pros❌ Cons
Exness has a global presence and has authorization and regulation with market regulators around the globeThere is a limited selection of tradable instruments and only a few asset classes
Exness offers instant withdrawals and depositsThere are only a few funding options offered
Botswanan traders have a choice between several dynamic account types
Client fund safety is guaranteed and there is investor protection offered
Exness offers 24/7 customer support that is both prompt and helpful
There are tight and variable spreads offered with competitive commissions

10. XM

Overall Rating

Min Deposit

USD 5 / 67 BWP

Regulators

IFSC, CySec, ASIC

Trading Desk

Desktop MT4 and MT5, Mobile MT4 and MT5, XM mobile app, Web platform

Crypto

Yes

Total Pairs

57

Islamic Account

Yes

Trading Fees

No (Just spread)

Account Activation Time

24 Hours

Overview

👉 XM is a respected ECN and STP broker tightly regulated by FSCA, CySEC, DFSA, IFSC, and ASIC. Its services are available in over 196 countries to over 2.5 million customers for trading Forex, commodities, metals, and indices, among other financial instruments.

 

👉 Botswana traders may anticipate minimal deposits of 66 BWP, tight and variable spreads, ultra-low transaction commissions, a maximum leverage of 1:888, and access to the greatest trading platforms when opening a real account.

 

Features

FeatureInformation
⚖️ RegulationFSCA, IFSC
⚖️ CBN RegulationNo
✔️ Accepts Botswanan Traders?Yes
💳 Minimum deposit (NGN)$5 / 66 BWP
Average spread from0.0 pips EUR/USD
📈 Maximum Leverage1:888
👥 Customer Support 24/5

 

Pros and Cons

✔️ Pros❌ Cons
Negative balance protection is applied to retail investor accountsUS clients are restricted from accessing XM’s trading services
There are several secure payment methods to choose fromThere are no fixed spread accounts offered
The broker is known for low spreads, low commissions, and reliable trade execution speedsThere is an inactivity fee applied to dormant accounts
Traders can use hedging, scalping, and expert advisor trading strategies
The broker offers personal customer service to its clients

11. HFM

Overall Rating

Min Deposit

USD 5

Regulators

CySEC, FSC, CFTC

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 HFM is an international CFD broker that allows its clients to trade foreign exchange, cryptocurrencies, metals, energy, indices, shares, commodities, bonds, and exchange-traded funds, among other financial products.

 

👉 The entry-level account requires just 5 USD / 66 BWP in funding, while more advanced traders provide up to a thousand to one leverage.

 

👉 HFM has developed over 500,000 active trading accounts. The firm has achieved several honours from the industry and the backing of key sponsors, such as Best Clients Funds Security Broker, Best Forex Provider, Top 100 Companies, etc.

 

Features

FeaturesInformation
⚖️ RegulationFSCA, CySEC, DFSA, FSA, FCA, CMA, and FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
💸 Minimum Withdrawal Time
📈 Maximum Withdrawal Time2 to 4 working days
💰 Instant Deposits/Withdrawals?Yes, deposits
💳 BWP-Denominated Account?No
📱 Minimum Deposit Amount$5 / 66 BWP

 

Pros and Cons

✔️ Pros❌ Cons
HFM is a trusted broker that ensures client fund safetyThere are only a few payment methods offered
Electronic payment gateways ensure quick depositsHFM only accepts two deposit currencies
HFM does not keep client funds in its broker accountConversion fees will apply to BWP deposits
The minimum deposit is low and affordable, even for beginners
There are flexible deposit methods offered

 

12. Axiory

Overall Rating

Min Deposit

10 USD / 133 BWP

Regulators

IFSC, MFSC and FSC

Trading Desk

MetaTrader4, MetaTrader5, CopyTrade and cTrader

Crypto

No

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview                                 

👉 Axiory is an international CFD and FX broker that works with MetaTrader 4 and cTrader. The year 2021 witnessed the introduction of Axiory’s new social trading platform.

 

👉 To copy the trades of Master Traders, users with a Max account can download the free mobile app. With Axiory, you may get some of the lowest floating forex spreads of any major broker.

 

👉 Purple Technology, a global leader in financial technology, supports the brand by providing innovative server management and optimization, web application development, and payment solutions to brokers throughout the globe.

 

Features

FeatureValue
💳 Minimum Deposit RequirementNone
📈 Platforms Available for Account TypeMetaTrader 4
📊 Average Spreads on Major Forex PairsNone
🚀 Maximum Leverage Ratio1:1
🔎 Commission Charges on TradesFrom $1.5 per lot
📈 Commissions on Stock CFDsNone
💰 Account Base Currency OptionsEUR or USD
🔨 Negative Balance Protection OfferedNo
💸 Minimum Forex Trading Volume1 Lot
💵 Islamic Account Conversion Offered?Yes

 

Pros and Cons

✔️ Pros❌ Cons
Axiory is well-regulated and a member of the Financial CommissionNigerian traders do not have access to local deposit and withdrawal options
Axiory guarantees client fund safety and provides investor protectionNigerian Naira is not a supported base account currency
Traders have a choice between retail investor accounts and powerful trading platformsNigerians cannot deposit funds in local currency
There is a range of tradable instruments offeredCrypto trading is not supported
There is an Islamic account offered and an unlimited demo accountThere are holding commissions applied to the Islamic Account
There is unlimited access to AutoChartist
Traders can use a range of trading strategies
The broker accepts Nigerian traders

13. AvaTrade

Overall Rating

Min Deposit

USD 100

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Overview

👉 AvaTrade is a regulated market maker that facilitates trade in various assets, such as foreign currency, commodities, cryptocurrencies, exchange-traded funds, options, bonds, and vanilla options.

 

👉 AvaTrade delivers one of the most intuitive and forward-thinking trading environments for Botswanan traders, thanks to its support for all the industry’s top platforms, including MT4, MT5, and its award-winning app, AvaTradeGO.

 

👉 Compared to other brokers, AvaTrade had the lowest trading costs associated with their account. The average spread for a Retail account in EUR/USD is 0.9 pips, and AvaTrade provides a fixed spread account.

 

Features

FeatureInformation
⚖️ RegulationCentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA
⚖️ CBN Regulation?No
📊 Trading AccountsRetail Investor Account, Professional Account Option
📊 Trading PlatformAvaTradeGO, AvaOptions, AvaSocial, MetaTrader 4, MetaTrader 5, DupliTrade, ZuluTrade
💰 Minimum Deposit (BWP)$100 / 41,500 BWP
💰 Trading AssetsForeign currencies, Cryptocurrencies, Commodities, Treasuries, Bonds, Indices, Stocks, ETFs, Options, CFDs, Precious Metals
🔎 Botswanan Naira-based Account?No
💳 NGN Deposits Allowed?No
💰 Bonuses for Botswanan traders?Yes
📈 Minimum spread0.9 pips EUR/USD
📊 Demo AccountYes
☪️ Islamic AccountYes
✴️ Social Trading OfferedYes

 

Pros and Cons

✔️ Pros ❌ Cons
AvaTrade is multi-regulated and one of the most trusted online trading brokers in the worldVariable spreads are not offered
There is a wide range of financial instruments that can be traded across financial marketsThere is a limited choice between account types
There are several technical indicators, economic indicators, and other solutions for advanced tradersInactivity fees are applied
There are several trading platforms to choose fromCurrency conversion fees may be applied
There is a decent selection of educational material that helps beginner traders navigate complex instruments and lower the degree of risk they are often exposed toThere is a limited number of base currency options offered on accounts
There is a multitude of social trading opportunities offered
The broker accepts any trading strategy including automated trading, expert advisors, scalping, hedging, and others.

How to Choose the Right Forex Broker in Botswana

Forex Broker in Botswana

👉 Botswanan traders must evaluate the following components of a forex broker to decide whether the broker is suited to their unique trading objectives or needs.

 

Regulations and Licenses

👉 This is the first vital component that Botswanan traders must thoroughly evaluate. Reputable brokers are regulated by market regulators such as FCA, ASIC, CySEC, FSCA, and others.

 

👉 Botswanans must beware when dealing with brokers with only offshore regulations such as FSA, SVG BVI, FSC, and others.

 

Account Features

👉 Account Features include leverage trading and margin requirement, commissions and spreads, initial deposit, additional features on retail investor accounts, and so on.

 

Deposits and Withdrawals

👉 Botswanans must evaluate the payment options available, the processing times on withdrawal requests, deposit currencies offered, the withdrawal fee, deposit fees, and minimum withdrawal limits, among other trading and non-trading fees.

 

Range of Markets

👉 The range of markets offered refers to the number and range of tradable instruments the broker offers. Therefore, Botswanans must consider what they wish to trade and what is available.

 

Customer Support

👉 Customer Support is another crucial factor. Botswanans must check the availability of support (trading hours), the quality of support, and the promptness with which the customer support team responds to queries.

 

Trading Platform

👉 A trading platform is the Botswanan trader’s portal to the financial markets. Therefore, traders must ensure that the trading platform has the necessary technical indicators, fundamental analysis, technical analysis, economic calendar, charting, newsfeed, and other tools they may need.

 

Education and Research

👉 Education and Research come in handy to both novice traders and experienced investors. Education includes some of the following:

➡️ eBooks

➡️ Trading guides

➡️ Trading knowledge on leveraged products

➡️ A risk warning on complex instruments

➡️ Educational videos

 

👉 Research can include some of the following:

➡️ Trading tools

➡️ Commentary

➡️ Status of International Markets

➡️ Price movements

➡️ Market sentiments

➡️ Whether there is a volatile market

➡️ Exchange Rates

➡️ Expert opinions and other resources can help experienced traders make informed trading decisions.

The Best Forex Brokers in Botswana

👉 In this article, we have listed the best brokers that offer forex trading to traders in Botswana. In addition, we have further identified the brokers that offer additional services and solutions to Botswanan traders.

 

Best MetaTrader 4 / MT4 Forex Broker in Botswana

Overall Rating

Min Deposit

USD 5

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, OctaFX is the best MT4 forex broker in Botswana. OctaFX is an MT4 and MT5 broker that provides Botswanans with various markets. OctaFX offers a choice of accounts via MT4, including ECN and STP accounts, with superior trade execution.

 

Best MetaTrader 5 / MT5 Forex Broker in Botswana

Overall Rating

Min Deposit

USD 100

Regulators

ASIC, FSA

Trading Desk

MetaTrader 4, MetaTrader 5, Ava Social, Ava Protect, Trading Central

Crypto

Yes

Total Pairs

55+

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, AvaTrade is the best MetaTrader 5 forex broker in Botswana. In addition, AvaTrade is regarded as one of the most secure MT5 forex brokers.

 

👉 No commission is charged for trading currency pairings, only leaving the spread to be paid. A demo account is also available for traders to sharpen their abilities via MT5 and several other platforms.

 

Best Forex Broker for beginners in Botswana

logo 19

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FOREX.com is the best forex broker for beginners in Botswana. FOREX.com is a broker renowned for low trading fees and beginner-friendly solutions. In addition, FOREX.com offers several educational materials and a helpful demo account.

 

Best Low Minimum Deposit Forex Broker in Botswana

Overall Rating

Min Deposit

USD 10

Regulators

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

107

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Exness is the best Low Minimum Deposit Forex Broker in Botswana. Exness has a minimum deposit requirement of 10 USD / 130 BWP, making it easy for Botswanans to start trading 278 instruments.

 

👉 Exness also offers MT4 and MT5 through which trades can be made. In addition, it offers some of the best trading tools, charting capabilities, technical indicators, expert advisors, and more.

 

Best ECN Forex Broker in Botswana

Overall Rating

Min Deposit

USD 5

Regulators

CySEC, FSC, CFTC

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

No

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, HFM is the best ECN forex broker in Botswana. HFM is a hybrid forex and CFD broker that uses STP and ECN technology to ensure that Botswanans get the best pricing, minimal slippage, no requotes, and the fastest trade execution.

 

👉 HFM uses the best liquidity providers who aggregate the pricing that Botswanans can see on MT4, MT5, and the HF App for Android and iOS.

 

Best Islamic / Swap-Free Forex Broker in Botswana

Overall Rating

Min Deposit

USD 50

Regulators

CySec, FCA 

Trading Desk

None

Crypto

Yes

Total Pairs

47

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

* Etoro has lowered the amount of the minimum FTD to $ 50 for the following countries: Germany, Austria, Netherlands, Norway, UK, Ireland, Spain, Italy, Sweden, Switzerland.

👉 Overall, eToro is the best Islamic / Swap-Free forex broker in Botswana. eToro is a renowned social trading platform that offers Muslim traders an Islamic Account.

 

👉 eToro does not charge any interest on positions held for over 24 hours. However, registering an Islamic Account can be expensive initially, requiring a 1,000 USD / 13,400 BWP deposit.

 

Best Forex Trading App in Botswana

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, CMC Markets is the best forex trading app in Botswana. In addition, CMC Markets offers a user-friendly mobile app with research tools, powerful charts, customizable watch lists, news reports, and a range of educational materials.

 

Best Lowest Spread Forex Broker in Botswana

Overall Rating

Min Deposit

USD 250 / 3 320 BWP

Regulators

FCA, CySEC, IFSC, KNF

Trading Desk

No Trading Desk

Crypto

Yes

Total Pairs

48

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, XTB is the best lowest-spread forex broker in Botswana. XTB is a well-known forex and CFD broker with low and competitive forex spreads from 0.1 pips depending on the financial instrument and the market conditions.

 

👉 XTB is also a good broker in terms of educational materials and research capabilities, providing traders with comprehensive market analysis across markets.

 

Best Nasdaq 100 Forex Broker in Botswana

Overall Rating

Min Deposit

USD 10 / 134 BWP

Regulators

CySec, FSCA 

Trading Desk

MetaTrader 4 and MetaTrader 5

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FXTM is the best Nasdaq 100 forex broker in Botswana. FXTM is a multi-regulated forex and CFD broker that accommodates Botswanan traders with a keen interest in Nasdaq. Traders can expect low and competitive spreads, a choice between accounts, and powerful trading platforms.

 

Best Volatility 75 / VIX 75 Forex Broker in Botswana

igindex logo sq

Overall Rating

Min Deposit

USD0

Regulators

IGRs

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

80

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

on IG Group’s website

👉 Overall, IG is Botswana’s best Volatility 75 / VIX 75 forex broker. IG is one of the best CFD brokers with powerful proprietary trading technology.

 

👉 IG is well-regulated and offers Botswanans access to VIX75, with spreads from 0.04 pips / 0.13% and zero commission charges.

 

Best NDD Forex Broker in Botswana

Overall Rating

Min Deposit

$50 / 660 BWP

Regulators

FCA

Trading Desk

MetaTrader 4

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, FXCM is the best NDD forex broker in Botswana. FXCM is a No-Dealing Desk broker with STP and ECN execution across several markets.

 

👉 In addition, FXCM offers a choice between third-party platforms in addition to technical indicators, charting tools, and competitive trading conditions.

 

Best STP Forex Broker in Botswana

Overall Rating

Min Deposit

USD 10

Regulators

IFSC

Trading Desk

Meta Trader 4

Crypto

Yes

Total Pairs

32

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, RoboForex is the best STP forex broker in Botswana. RoboForex is popular forex and CFD broker with competitive trading conditions. RoboForex offers STP execution with liquidity sourced from top providers.

 

👉 Botswanans can expect access to over 12,000 instruments via powerful and innovative third-party platforms.

 

Best Sign-up Bonus Broker in Botswana

Overall Rating

Min Deposit

Regulators

Trading Desk

Crypto

Yes

Total Pairs

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

👉 Overall, Windsor Brokers is the best sign-up bonus broker in Botswana. Windsor Brokers is a well-regulated broker that offers Botswanans a welcome account funded with 30 USD in trading credit. With this account, Botswanans can explore the platform or risk-free test their strategies.

Conclusion

👉 These brokers serve a range of traders regardless of their differing degrees of ability, knowledge, and experience, as well as millions of traders residing in different nations.

 

👉 These brokers provide Botswana traders with comprehensive and alluring trading circumstances that fulfil the interests of both novice and experienced traders. Trading costs are straightforward and reasonable.

 

👉 In addition, these brokers use only trustworthy, well-known, and user-friendly trading platforms, such as MetaTrader 4 and MetaTrader 5, two of the most prominent trading platforms in the trading world.

FAQ

Is Forex allowed in Botswana?

Forex trading in Botswanan is legal in addition to trading CFDs on Forex. To trade currencies in Botswana, you must use a locally licensed and authorized dealer. However, you can use any international CFD broker to trade forex CFDs.

 

Can I use Exness in Botswana?

Exness accepts Botswanan traders, and while the broker does not have a BWP-denominated account, Botswanans can choose from several other currencies.

 

Is AvaTrade regulated in Botswana?

AvaTrade is not locally regulated in Botswana. However, AvaTrade is well-regulated by FRSA, CySEC, Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, and ISA.

 

Can I trade using OANDA in Botswana?

OANDA, along with hundreds of other Forex and CFD brokers, accept and welcome Botswanan traders.

 

When should I avoid trading forex in Botswana?

The Foreign Exchange (Forex) market operates around the clock, five days a week. However, there are times when you should avoid participating.

Examples of such times are when banks are closed, when major news is released, when central banks have major meetings, and when markets are closed due to holidays.

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

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