Namibia Forex Brokers

Located in Southern Africa, Namibia is a member of the Southern African Development Community (SADC), the United Nations (UN), etc. The country’s economy is quite developed, with the main sectors being the tourism and mining industries while Forex Trading is still new but developing field in Namibia.

Forex Platforms Namibia

Forex trading is legal in Namibia, for forex platforms operating in Namibia there is a requirement to be authorized by the local financial regulator, the Namibia Financial Institutions Supervisory Authority (NAMFISA) and the Bank of Namibia, in order to legally provide financial services in the country.

  • In most cases Brokers and Trading Platform operating and accepting Namibia traders are mainly international companies that might have Branches somewhere in Africa alike South Africa or accept traders via its international branches
  • Some of the popular forex platforms used by Namibian traders include MT4, MT5, and proprietary trading platforms offered by brokers.
  • Before opening an account for money safety and transparent conditons of Forex platform in Namibia, it is important to verify that the broker is authorized by the Bank of Namibia and NAMFISA, or to be a Broker with a reputable license. You can check the regulators’ websites or contact them directly to confirm the authorization status of a forex platform in Namibia.
  • So it is crucually necessary to verify all the Trading conditions firstly with an authorized broker can help to ensure that your funds are protected and that you are trading in a safe and regulated environment. Besides, we advise to avoid trading with offshore brokers, as there is a greater risk of encountering fraud which is also widely active in Africa region precisely

For further details about the forex market, please visit Wikipedia.

Namibia Trading ProsNamibia Trading Cons
Access to Global MarketsLack of Regulation
High LiquidityComplexity
Low Trading CostsScams and Frauds

Forex Regulation in Namibia

The regulation of forex trading in Namibia is overseen by the Bank of Namibia, which is responsible for regulating and supervising financial institutions in Namibia. Even though it regulated Trading and Financial sector, its regulations are still not so strict compared toother famous financial regulators perform.

For more information visit the official website of the Bank of Namibia is www.bon.com.na. And see some of our notes for Traders from Namibia:

  • According to the Namibia Currency and Exchanges Act, only authorized dealers and brokerages can operate in this field. Also, there are two main acts – the Currency and Exchanges Act, and The Exchange Control Regulations which regulates and imposes particular rules to the Brokers and Trading activity
  • Besides, there is a special independent institution formed in the country’s financial sector – The Namibia Financial Institutions Supervisory Authority (NAMFISA). Its main aim is to regulate and supervise the country’s financial institutions.
  • The forex market in Namibia is a growing and active market, with a significant number of traders participating in online forex trading.
  • Investors in Namibia can access the forex market through various trading platforms and Brokers, including those provided by international brokers and local banks, so the trading offering is pretty diverse and accessible. 
  • While forex trading can be profitable, it is important for investors to understand the risks involved and to develop a solid trading strategy also learning well about all the trading conditions involved.

Namibia regulator

Top 5 Best Forex Brokers in Namibia

After conducting extensive research, we have carefully curated a list of international forex brokers that welcome Namibian traders. Our selection comprises brokers that have been rigorously tested and are well-regulated by competent authorities, as assessed by our team of financial experts.

  • HFM – Best Overall Broker in Namibia 2024
  • BlackBull Markets – Lowest Spread Broker in Namibia 2024
  • FP Markets – Best Broker for Beginners in Namibia 2024
  • Eightcap – Best MT4 Broker in Namibia 2024
  • BDSwiss – Best for Scalping and EA Trading Namibia 2024

How to Start Forex Trading in Namibia?

As firstly you need to select and Broker for Trading and pass good Forex Education, it is necessary to check whether the broker’s offering satisfies your trading expectations and needs. Also, pay attention to payment methods and whether they are available in your country. Finally, check whether the broker provides support in the language you prefer for easier communication.

What Time Does the Forex Market Open in Namibia?

The main session in Namibia begins at 9:00 a.m. and lasts till 5:00. Traders should also remember that Forex Market operates around the clock due to the time differences gloabally, also that market is not open on weekends, thus the trading positions should be closed till the end of the Friday session.

Is Bitcoin legal in Namibia?

The legal status of Bitcoin and other cryptocurrencies in Namibia is currently unclear. The Bank of Namibia, which is the country’s central bank, has issued a statement warning the public about the potential risks associated with cryptocurrencies, including the lack of regulation and the potential for fraud and money laundering. However, there are currently no laws or regulations that specifically address the use of Bitcoin or other cryptocurrencies in Namibia.

List of Namibia Forex Brokers

These are the Regulated brokers that accept clients from Namibia mainly via international branches which we have verified as safe to trade:

Broker Detail
Octa
Min. Deposit: $25
Max. Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5, Octatrader
Regulation: CySEC, SVGFSA, FSCA
Octa Review
SquaredFinancial Review Logo SquaredDirect | SquaredFinancial
Min. Deposit: $250
Max. Leverage: 1:30 | 1:500
Trading Platforms: MT4, MT5, Mobile App
Regulation: CySEC, FSA
SquaredDirect | SquaredFinancial Review
Saxo Bank
Min. Deposit: $5,000
Max. Leverage: 1:30
Trading Platforms: SaxoTraderGo, SaxoTraderPRO
Regulation: DFSA, FCA, ASIC, CBUAE, JFSA, MAS, SFC
Saxo Bank Review
XM
Min. Deposit: US$5
Max. Leverage: 1:30 to 1:1000
Trading Platforms: MT4, MT5, XM WebTrader
Regulation: CySEC, ASIC, FSC, DFSA
XM Review
Instaforex Review InstaForex
Min. Deposit: 0 $
Max. Leverage: 1:30 | 1:1000
Trading Platforms: MT4, MT5, WebTrader, MobileTrader
Regulation: CySEC, FSC BVI, FSC
InstaForex Review
Exness Review Exness
Min. Deposit: 10 US$
Max. Leverage: 1:30 | 1:1000
Trading Platforms: MT4, MT5
Regulation: FCA, CMA, CySEC, SFSA, CBCS, FSC BVI, FSC Muritius, FSCA
Exness Review
XPro Markets Review Logo XPro Markets
Min. Deposit: $250
Max. Leverage: 1:30 | 1:400
Trading Platforms: MT4, Webtrader
Regulation: FSCA
XPro Markets Review
Headway Review Logo Headway
Min. Deposit: $1
Max. Leverage: 1:30
Trading Platforms: MT4, MT5
Regulation: FSCA
Headway Review
Traders Trust Review Logo Traders Trust
Min. Deposit: €50
Max. Leverage: 1:30 | 1:3000
Trading Platforms: MT4
Regulation: CySEC, FSA
Traders Trust Review
JustMarkets Review Logo JustMarkets
Min. Deposit: $10
Max. Leverage: 1:30 | 1:3000
Trading Platforms: MT4, MT5
Regulation: FSCA, CySEC, FSA, FSC
JustMarkets Review