The five best Forex Brokers and platforms in Mozambique- Comparison and reviews
Table of Contents
Forex trading is growing globally as more people diversify their income streams by joining the trading community. The first step is to find a suitable broker who is difficult if you have no trading experience.
See the list of the best Forex Brokers in Mozambique:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Capital.com  | CySEC, FCA, ASIC | Starting 0.0 pips variable & no commissions | 6,000+ (70+ currency pairs) | + Best platform + TradingView charts + MT4 + Leverage up to 1:500 + Best education + Personal support | Live-account from $ 20(Risk warning: 78.1% of retail CFD accounts lose money) | |
2. BlackBull Markets  | FSPR, FSCL | Starting 0.0 pips & negotiable commission per 1 lot | 500+ (64+ currency pairs) | + ECN Broker + Deep pool execution + High liquidity + Best execution + Leverage 1:500 + MT4/MT5 | Live-account from $ 200(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. RoboForex  | IFSC | Starting 0.0 pips & $ 4.0 commission per 1 lot traded | 9,000+ (50+ currency pairs) | + Huge variety + Micro accounts + Free bonus program + Leverage up to 1:2000 + ECN accounts + MT4/MT5/cTrader | Live-account from $ 10(Risk warning: 78.1% of retail CFD accounts lose money) | |
4. Pepperstone  | FCA, ASIC, DSFA, SCB | Starting 0.0 pips & $ 3.5 commission per 1 lot | 1,000+ (40+ currency pairs) | + Fast execution + Large FX Broker + Good service + MT4/MT5/cTrader + TradingView Charts | Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) | |
5. IQ Option  | CySEC | Starting 0.1 pips variable & no commission | 500+ (25+ currency pairs) | + Easy to use + Binary Trading + Support 24/7 + Min. Deposit 10$ + Lowest spreads on main trading hours | Live-account from $ 10(Risk warning: Your capital might be at risk.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)Here is a list of credible forex brokers we recommend you to start with that have industry standard trading resources and are beginner-friendly.
The five best Forex Brokers in Mozambique
1. RoboForex
RoboForex has been in the industry for over a decade and has over one million forex traders registered on its platform.
Trading platforms – it has commodities, stocks, forex, CFDs, Cryptocurrencies, metals, and indices.
Regulation – it has regulation from the Finacial Services Commission of Belize.
Account types – traders can select from the Prime, Pro, Pro-cent, and ECN, which have an initial deposit of $10, or the R-stocks trader with $100.
Fees – forex spreads depend on the account; the Pro and Pro-cent account have 1.3 pips, the Prime and ECN start at 0.0 pips, while the R-sticks trader starts from 0.01 USD.
Trading costs – it has low commissions, and deposits and withdrawals are also free. It has an inactivity cost of $10 for inactive accounts over one year.
Leverage – the highest leverage is at 1:2000 on the Pro and Pro-cent account, the ECN has 1:500, while the Prime and R-stocks trader have 1:300.
The Demo account – RoboForex has an unlimited demo account.
Trading platforms – R-stocks trader, c Trader, MT5, MT4, and MT5.
Payment methods – it supports Skrill, NganLuong wallet, AdvCash, Perfect Money, Neteller, bank transfer, and credit and debit cards.
Customer Support – its customer care team is available 24/7 through live chat, emails, and phone calls.
Pros
- Fast account registration
- Low trading costs
- Low minimum deposit
- Negative balance protection
- Quality research and learning resources
Cons
- Limited trading instruments
(Risk Warning: Your capital can be at risk)
2. Capital.com
Capital.com started its operations in 2016 and has been able to register 5 million clients.
Trading instruments – it has indices, stocks, shares, cryptocurrencies, commodities, and forex.
Regulation – Capital.com is registered by the ASIC, NBRB, FCA, and the CySEC.
Account types – its traders can select the Standard account with an initial deposit of $20; the Plus account has $2000, and the Premier accounts with $10,000.
Fees – the forex spreads start from 0.8 pips.
Trading costs – it has no commissions, inactivity fees, or deposits and withdrawals. Overnight charges apply depending on the size of the open position.
Leverage – the highest leverage is 1:500 but is limited to 1:30 for retail traders in the EU.
The demo account – it has a free account with a $10,000 initial deposit.
Trading platforms – it supports the web trader and the MT4
Payment methods – it accepts bank transfers, GiroPay, Przelewry 24, Multibanko, I Deal, Trustly, Sofort, credit, and debit cards.
Customer care – customer support is available 24/7 through live chat, email, and phone calls. It supports 11 languages.
Pros
- Low trading costs
- Negative balance protection
- Fast account registration rates
- Low initial deposit for the standard account
- Fast order processing speeds
Cons
- limited research tools
- High initial deposit for the Premier account.
(Risk warning: 78.1% of retail CFD accounts lose money)
3. Pepperstone
Pepperstone has been in the market since 2010 and has thousands of registered accounts.
Financial instruments – shares, commodities, ETFs, Indices, and indices
Regulation – it has regulations from the FCA and ASIC.
Account types – traders can choose from the Razor or the Standard account with an initial deposit of $200.
Fees – forex spreads depend on the account, the razor account has forex spreads of 0.0 pips, and the Standard account has 1.3 pips.
Trading costs – it has no commission on the Standard account, but the Razor account has a commission of $7 for every $100,000. It has no inactivity fee, and deposits and withdrawals are free.
Leverage – the maximum leverage has 1:400
The demo account – Pepperstone has a demo account limited to 30 days and $50,000 virtual funds.
Trading platforms – it supports c trader, MT4, and MT5.
Payment methods – it accepts Poli, Skrill, Bpay, Neteller, UnionPay, PayPal, bank transfer, debit cards, and credit cards.
Customer care – customer support is available 24/5 through live chat, phone calls, and emails.
Pros
- Quality trading resources
- Fast order processing rates
- Low trading costs
- Negative balance protection
- Quality educational content
Cons
- Limited research materials
- Customer support is available 24/5
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
4. IQ Option
IQ Option has been operating since 2013 and has over 40 million clients globally.
Trading instruments – it offers Cryptocurrencies, Commodities, CFDs, Options, Stocks, and forex.
Regulation – it has regulation by Cyprus Securities and Exchange Commission.
Account types – it offers the VIP account with variable initial deposits and the Standard account with $10.
Fees – the forex spreads vary with the asset and liquidity.
Trading costs – it has an inactivity fee of $10 after three months of inactivity; it has no commission for most markets, but cryptocurrency has a commission of 2.9% and overnight rates ranging from 0.1-0.5%. Deposits and withdrawals are free.
Leverage – it has a maximum of 1:500
The demo account – IQ Option has an unlimited demo account with $10,000 of virtual funds.
Payment methods – traders can deposit through Cash U, WebMoney, Skrill, Neteller, bank transfer, debit, and credit cards.
Customer care – customer support is available through live chat and emails.
Pros
- Low trading costs
- Low initial deposits
- Quality trading resources
- A fast account registration process
- Fast order processing speeds
Cons
- Limited trading instruments
(Risk warning: Your capital might be at risk.)
5. BlackBull Markets
BlackBull Markets got established in 2014 and has thousands of registered accounts.
Financial instruments – it has shares, indexes, commodities, metals, forex, and CFDs.
Regulation – it has regulation from Financial Services Authority.
Account types – it has three accounts, ECN Standard with an initial deposit of $200, the ECN prime has $2000, and the ECN Institutional at $20,000.
Fees – it has forex spreads varying with the account; the ECN standard account has forex spreads from 0.98 pips, the ECN Prime starts from 0.1 pips, and the ECN Institutional account starts at 0.0 pips.
Trading costs – the commissions vary with the trading account; the ECN Standard account has no commission, the ECN Prime has $6 for every $10,000, while the ECN Institutional account has a varying commission.
Leverage – it has a maximum of 1:500.
The demo account – it has an unrestricted demo account
Trading platforms – it has integrated MT4 and MT5.
Payment methods – traders can transfer funds through Fasa Pay, Skrill, Union Pay, Neteller, bank transfer, credit cards, and debit cards.
Customer care – its customer care is available 24/6 through phone calls, live chat, and emails.
Pros
- Low trading costs
- Fast account execution rates
- High leverage rates
- A fast account registration process
Cons
- Limited educational materials
- Customer support is only available 24/6
(Risk Warning: Your capital can be at risk)
Forex trading in Mozambique – What you need to know
Forex trading in Africa has become popular, and Mozambique is among the countries where investors are trying to build a forex trading culture. It is difficult due to the slow economic growth experienced as the Mozambique economy largely depends on agriculture with low productivity.
Mozambique is still recovering from the 15-year war after its independence in 1975, heavily affecting its economy. It is still struggling, and the forex trading industry is a new concept to locals, even with the Bolsa Valores de Mocambique (BVM) stock exchange market in Mozambique, which started operations in 1999, has been stalling due to lack of transparency.
The Bank of Mozambique (BOM) regulates the securities and exchange markets. It also regulates the finance sector and is responsible for stabilizing the Mozambique Metical and the economy.
Is it legal to trade Forex in Mozambique?
It is legal to trade securities and exchange in Mozambique. Forex investing companies like forex brokers have to register with the Bank of Mozambique, although it is not necessary. It means that traders can open a trading account with regulated brokers based in other countries.
The forex market is still highly unregulated, which is why we recommend forex traders open trading accounts with regulated offshore brokers that offer transparency and fair trading conditions for trading.
What are the financial regulations in Mozambique?
The Bank of Mozambique has established and implemented some regulations for trading forex in Mozambique. These financial regulations may not be sufficient to ensure investors’ transparency and security in Mozambique, but they cover some important aspects of the market.
Some regulations include:
- Financial issuers, banks, and forex traders have to get authorization from the BOM to conduct their business in Mozambique.
- The BOM is responsible for issuing the conditions that a forex broker or dealer has to meet to get the authorization to conduct business in Mozambique.
- It also sets the rules and guidelines that forex brokers and investors must comply with when transacting foreign currency in Mozambique.
- According to the Anti-Money laundering legislation, forex brokers in Mozambique must register and verify the clients. This
- includes understanding their financial backgrounds and trading objectives.
- Forex brokers must accept regular reviews from external auditors, the BOM, and the Mozambique Financial Information Offices.
- Forex brokers must put the necessary resources to monitor and report suspicious accounts using risk assessment methods.
- Forex brokers and financial issuers have to keep up-to-date records about their customers and their transactions in case they need to be assessed.
- They must ensure that local forex traders or the international markets recognize the payment methods applied.
- Financial issuers have to update their trading software and infrastructure and implement the appropriate measures that prevent investors from engaging in money laundering practices or funding terrorist activities.
- The employees of financial issuers have to receive appropriate trading on risk assessment, identification, and verification of clients. They should also have training on how to identify suspicious activities.
- If illegal dealings are reported and investigated by the BOM and find incriminating evidence, it has the authority to involve the public prosecution office to execute the penalties.
Security for investors from Mozambique
The BOM has ensured transparency when trading the forex industry by implementing the legislative laws for the registration of investors. It ensures that forex brokers have the information they require from registered forex traders.
They are also required to update transactions. Constant reports ensure that all transactions are accounted for in case an issue occurs. It conducts regular inspections and collects records from financial issuers to make sure the standards for trading are according to international standards.
(Risk warning: 78.1% of retail CFD accounts lose money)
Analysis and trading strategies Forex traders in Mozambique use
Analysis
Forex trading requires traders to invest time to understand trading knowledge. The most crucial is how to evaluate the financial markets like a currency pair to know how to open or close a trading position. Analysis methods are in two categories technical and fundamental.
Fundamental analysis is based on the external factors that directly or indirectly affect the price movement of an asset. These include interest rate adjustment from central banks, a trading partnership between countries, political and economic issues, and the prices of other correlated products.
Technical analysis uses technical tools provided by the trading platform or trading broker to evaluate the price movements. You can use technical indicators that signal market direction, the strength of the bull or bear market, volatility, and asset liquidity to decide when to enter or exit the market.
Trading strategies
Some trading strategies traders use include:
Day trading strategy – involves opening and closing many positions in a single day. The profits depend on the cumulative profit you make after a trading day. Day trading requires you to be keen and have a good trading discipline to make more profits than losses.
Trend trading strategy demands time when analyzing the market but less time trading on your screen when you have opened a trading position. It takes longer than day trading and can last more than a few days to weeks. This trading strategy requires the trader to know how to identify a trend.
Swing trading is a hybrid of day and trend trading and needs you to identify a market with swing highs and swing lows. You profit from trading the swing highs or swing lows from a larger trend. Depending on the time frame and the asset you trade, it can also take one day to a few days.
How to trade forex in Mozambique – A quick tutorial
Find a regulated Forex Broker
The Mozambique forex industry is still growing, which means there is a high chance of getting scammed by the many new forex traders who want to start trading. Furthermore, there are no forex brokers based in Mozambique, so forex traders register trading accounts with offshore traders or the regulated banks to trade forex.
We have recommended regulated offshore forex brokers when you want to start trading. You can do your research on the forex broker you prefer by checking the trading features you want, such as the trading platforms, trading costs, educational and research resources, and customer support.
Register a trading account
If you select one of the recommended brokers, open a trading account through their official website. The registration form requires your name, email, citizenship, date of birth, account type, and password. They may also need a trading background and employment status according to the AML laws of BOM.
Download a trading platform
You can download a trading platform the forex broker supports. Forex brokers offer trading platforms they are compatible with that forex brokers can select and download to access the financial markets. You can also research the trading platforms to decide when choosing a trading platform.
Once you load the trading platform, take some time to familiarize yourself with the trading features. You can also modify the settings to fit how you prefer trading and the trading instruments you want to trade.
Start with a demo or a real account
If you have experience in forex trading, you can start trading after downloading a trading platform. If you are a new trader, you can start with a demo account that uses virtual funds. Forex brokers offer demo accounts for forex traders to practice their trading strategies and skills before using real funds.
You can also learn how to apply trading instruments and research other trading strategies forex brokers use and practice trading with them.
Deposit funds and start trading
Once you have practiced enough and are confident with your trading skills, you can start trading with real funds. But first, you have to deposit funds to your trading account. You do this by linking your trading account with a payment method that your forex broker supports.
(Risk warning: 78.1% of retail CFD accounts lose money)
Conclusion: The best Forex Brokers are available in Mozambique
Forex trading in Mozambique cannot be compared with other countries but has a higher potential for growth. The Bank of Mozambique has placed the required regulations to ensure that the forex industry is fair and transparent and fair in its operations.
Traders still must protect their funds by registering a trading account with a regulated broker. Many forex brokers claim to be regulated, so you should verify the regulation through the regulatory institution.
1. Capital.com
2. BlackBull Markets
3. RoboForex
4. Pepperstone
5. IQ Option
FAQ – The most asked questions about Forex Broker Mozambique:
Is the Mozambique Metical available in Forex?
The Metical is available in forex and has the currency code MZN. Forex traders trade it with major pairs such as the USD and the EUR. The current exchange rates are USD/MZN is 63.8300, and the EUR/MZN is 67.4348.
How is Forex taxed in Mozambique?
Foreign entities that offer financial products and have no permanent residence in Mozambique have to pay 32% tax. According to the corporate income tax, the financial issuers with physical offices in Mozambique also have 32% Corporate tax and a 17% VAT.
Which forex brokers operating in Mozambique offer the best spreads?
A trader must always consider the spread that forex brokers offer. It helps them know what their share of profit earnings would be. For instance, the spreads offered by Pepperstone, BlackBull Markets, Capital.com, RoboForex, and IQ Option are the best. A trader benefits when trading forex with these brokers.
Which forex brokers offer trading services to traders in Mozambique with low fees and commissions?
Trading services offered by the above five brokers offer traders the lowest trading fees and commissions. You can sign up with one of these brokers and enjoy trading by securing a larger part of your earnings. These brokers have no deposit and withdrawal fees. Besides, the inactivity fees that these brokers charge are also very minimal. So, these five brokers offer traders an ideal trading platform.
Can traders in Mozambique trade forex?
Yes, traders in Mozambique can trade forex by choosing a broker. There are several brokers in Mozambique with a great platform. First, find a broker with forex trading facilities, signup, and fund your trading account. Then, you can place forex trades after carefully researching the market using all trading tools and technical indicators.
Last Updated on January 27, 2023 by Arkady Müller
