Economy
TU Experts Compiled the List of the Best Forex Brokers in Zambia for 2023
Selecting the right broker is crucial for trading in financial markets as it directly impacts the security of funds, potential profits, and trading opportunities. Traders in Zambia can make an informed choice by assessing brokers comprehensively. TU analysts have conducted a review of the Best Forex Brokers in Zambia for 2023, comparing and selecting five popular companies in the country.
Exploring the best brokers in Zambia
The experts at Traders Union have conducted a comparative analysis of a number of Forex brokers in Zambia. Below are some of the top-rated Forex brokers in Zambia:
- RoboForex
RoboForex offers attractive bonus programs, including a $30 Welcome Bonus for traders depositing $10 or more. Additionally, they offer a typical bonus of up to 120% on both the initial deposit and subsequent account replenishments. Additional bonuses include 5%-15% cash back on fees based on trading volume and extra 10% funds for more than 1,000 trades.
- Tickmill
Tickmill caters to both novice and professional traders with different account types. Their Classic account is suitable for beginners, offering a transparent spread without fees. The Pro and VIP accounts are professional ECN accounts with near-zero spreads, instant order execution, and a fixed fee per lot, catering to high-frequency trading strategies. The minimum deposit for Classic and Pro accounts is $100.
- XM Group
XM Broker is a top choice for professional traders due to its high order processing speed and optimal commission levels. It holds licenses from four leading regulators, including ASIC, FSC, CySEC, and DFSA. The broker offers various account types with consistent execution quality, minimal requotes, slippages, and instant order matching. Leverage adheres to European standards, and the maximum leverage for EU-regulated clients is 30:1. Novice traders will find attractive conditions, with a minimum deposit of $5 and cent accounts available.
- Pepperstone
The advantageous trading conditions offered by Pepperstone, which include spreads that begin at 0.0 pips and a minimum trade volume of 0.01 lots, make it stand out. With over 1200 trading instruments and fast trade execution (30 ms on average), Pepperstone is attractive to traders. According to TU experts, the platform also supports auto-copying of trades.
- 5Fusion Markets
5Fusion Markets offers leverage ranging from 1:30 to 1:500, depending on the jurisdiction and account type. While it may not have the widest range of trading tools, the broker provides opportunities to evaluate their services through a demo account.
Selecting the Right Forex Broker in Zambia
Choosing the right Forex broker in Zambia requires careful consideration. Start by checking the broker’s regulatory compliance and reputation. A reliable broker should have a transparent track record and demonstrate commitment to fair practices.
Evaluate the broker’s trading platform and tools, ensuring it meets your trading needs and supports the instruments and strategies you plan to use. Consider the range of tradable assets offered and compare trading costs and fees.
Security measures and fund protection are essential, so opt for brokers with segregated client accounts and encryption technology. Lastly, TU analysts recommend assessing the level of customer support and service provided by the broker. Prompt and helpful support can be crucial in addressing technical issues and queries.
Trading Without Investing
While Forex trading usually requires an initial investment, some brokers offer no-deposit bonuses that allow traders to start trading with limited funds provided by the broker. One example is RoboForex, which offers a $30 Welcome Bonus for new account holders.
However, these bonuses come with terms and conditions, so traders must carefully review them before participating.
Conclusion
Choosing a reliable Forex broker is of utmost importance for traders in Zambia to ensure a successful and secure trading experience. The selection process can be daunting due to the multitude of options available in the market. Traders Union’s review of the Best Forex Brokers in Zambia for 2023 provides a valuable resource for traders, as it offers a comprehensive analysis of the top brokers in the country. By carefully examining the pros and cons of each broker, traders can make informed decisions and find a brokerage that aligns with their trading goals and preferences, thus maximizing their chances of success in the dynamic and competitive Forex market.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
