You first need to choose a broker that accepts local traders like Deriv. You then open a demo account. Afterwards, you can open a real account and start trading real money.
You can get step-by-step account opening instructions here.
Yes, online forex trading in Zimbabwe is legal. However, it needs to be done through a reputable, well-regulated broker like Deriv.
No, forex trading is not a scam. The Forex market is a legitimate trading market where the world’s currencies are traded. It is not a scam in itself. However, there are scams surrounding forex that sometimes lead people into thinking that forex trading is a scam.
The Forex market is open 24 hours a day, Monday-Friday, but the best time to trade Forex is when the world’s major stock markets are most active. The time when all the major financial centres of the world are open is from about 10 am to 3 pm Zimbabwean time.
You can, however, still trade outside of these times but the volatility is usually lower.
Deriv MT5 (DMT5) is the trading platform used by the most popular broker in Zimbabwe, Deriv. As a result, it is the most popular trading platform in Zimbabwe. It is more popular than MT4.
Deriv is the most popular broker in Zimbabwe. This is largely due to the broker’s exclusive synthetic indices which are a favourite trading asset of Zimbabwean traders.
Other popular brokers in Zimbabwe include HFM, XM, FBS and Superforex.
Yes, you can do so via local payment agents. At this point in time, only three brokers can allow you to do that and they are Deriv, JustForex and Superforex. Learn how you can deposit using local payment methods here.
It is possible to get rich by online forex trading in Zimbabwe. However, this is not easy and there are a lot of factors that come into play. For example, you need to have a firm grasp of the market and have a substantial deposit e.g of US$100 000 to be able to get significant returns from the forex market.
You also need to be a disciplined trader who practices money management and has mastered solid trading psychology. All this is not easy and it takes a very long time to master
To trade synthetic indices from Zimbabwe you will need to open a synthetic indices account from Deriv here. You can get more information on synthetic indices trading from Zimbabwe here.
The USD is the best currency to use when opening a forex trading account in Zimbabwe. You will use this currency to deposit and withdraw to and from your account. A big advantage of using this currency is that it is already popular locally compared to other currencies like the euro and the British pound.
Brokers like Deriv will allow you to have a USD account and deposit and withdraw using local payment methods like Ecocash and Zipit.
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