How to find best Forex broker in Botswana easily

What many people do not know about Botswana is that it is actually home to the most sustainable democracy and one of the most stable developing economies in the region. Up to 70% of the countries territory is occupied by the Kalahari Desert, and only 10% of the local population resides in the capital, which makes Botswana one of the most sparsely populated countries in the world.

The countries’ national economy mostly relies on mining, cattle, and tourism, however, it does still manage to maintain a relatively high standard of living, with a GDP of  44.4 billion USD per a little over 2.2 million people of the country’s overall population.

Forex trading in Botswana is gradually growing in popularity, and the local authorities facilitate such growth by making it legal and introducing measures to make it safer for all the parties involved. In the guide below, we will discuss the overall state of the Botswana regulatory environment, as well as have a closer look at the conditions of trading in the country’s national economy.

Finally, we will provide you with a list of the best Forex brokers in Botswana, so that you can make an easy choice among the most reliable options.

Your full list of best Forex brokers in Botswana

It is extra hard to find a Forex broker to join when you are currently based in the country with the FX market that is only beginning to emerge. The task is slightly easier when the government makes some effort to make Forex trading in Botswana safer, however, you might still stumble upon a scam broker.

In order to prevent you from being subjected to fraud and potentially losing your hard-earned funds, we decided to create our own list of brokers in Botswana that you can definitely trust. Below you will find some useful information about them, such as the license that they possess, extra security regulations, trading instruments and tools available, minimum deposit requirements, and more.

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

BlackBull Markets

BlackBull Markets Review – What Does This FX Broker Offer?

Minimum deposit

$200

Licences

FMA

Maximum leverage

1:500

US Clients

No

Forex.com

Forex.com Review

Minimum deposit

100 currency units

Licences

CIMA, FCA, NFA

Maximum leverage

1:200

US Clients

Yes

EagleFX

EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD

Licences

N/A

Maximum leverage

1:500

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

100 USD

Licences

CySEC

Maximum leverage

1:200

US Clients

No

What’s the national economy in Botswana like?

Ever since gaining independence in 1966, Botswana has managed to transform its economy from one of the poorest in the region to the one with upper-middle-income. Such success was probably caused by the commitment of the local authorities to the sustainable development and security of the country’s national economy.

The main source of revenues in Botswana is the diamond industry, making up a total of 40%. A number of regional mining companies have decided to locate their headquarters in Botswana and predicted that if explored further, the country could actually benefit from launching the mining of gold, copper, oil, and uranium, however, it seems like such prospects are still merely a distant future.

The financial sector in Botswana is very well regulated, and the main focus of the local regulatory bodies is transparency and customer protection across every industry. The most prominent components of the Botswana financial sector are banking and pension funds.

Although the country’s national economy is not necessarily rich with any specific assets, there are a number of unique features that the trader can benefit from. If you are interested in trading commodities, you will definitely enjoy the variety of options to trade Botswana diamonds, which can be found among almost any of the Forex trading brokers in Botswana.

Moreover, the government’s commitment to the security of every economic sector means that you are likely to be safe regardless of what trading strategy you end up choosing  – but the security regulations in Botswana will be explored in more detail in the sections to come.

National currency and payment methods

With the technological advancements penetrating virtually every country in the African region, it is unsurprising that the most popular way of making a deposit and withdrawing funds is via mobile payments.

Due to its speedy and efficient service provision, almost every one of the top brokers in Botswana offers this option to its traders. On top of that, you will able to find some of the more traditional payment methods, such as wire transfers, debit or credit cards, and even e-wallets.

When choosing a brokerage to join, one should always pay extra attention to the payment method options that it has to offer, as it may become the single most important factor determining how profitable your overall trading experience will be.

The national currency of Botswana is the Botswana Pula (BWP). The name of the currency holds a deep meaning to the country’s residents as it is literally translated as the “rain” – something that is always welcomed in the country that mostly consists of the desert.

This currency is considered exotic, and, although popular in Botswana, is rarely used by traders from elsewhere in the world. Our general advice to the beginners would be to avoid it for the time being, and resort to other, more popular currency pairs until a sufficient amount of knowledge and skill is acquired.

What are the main FX regulations in Botswana?

As a continuation of its commitment to the security and transparency of the national economy, Botswana has not one, but two regulatory bodies in place. The first one is the Central Bank of Botswana, which oversees the general functioning of the financial sector, as well as the issue of the national currency and the general monetary policy.

In turn, the Non-Banking Financial Institutions Regulatory Authority ( NBFIRA) is responsible for a more detailed assessment of how well various components of the financial sector operate. The government of Botswana has long been searching for a single strategy that will ultimately elevate the FX market, however, it does still have a long way to go until this is finally achieved.

For that reason, we do recommend to approach the process of choosing the best Forex platforms in Botswana with extra care. One way to do it is by choosing the brokers that are licensed by the reputable regulatory bodies elsewhere in the world – ones like the Cyprus-based CySEC, or the UK’s FCA.

Moreover, it is always a good idea to contact the regulatory body and check whether or not the brokerage is actually registered with them. This measure, although seemingly insignificant at the first sight, in the long run, might actually prevent you from some devastating losses.

Which trading software do Botswana brokers use?

The advancement of the technological solutions in the field of Forex trading means that brokers nowadays can choose any software ranging from the one developed specifically for them to the more popular cTrader, MetaTrader4, and MetaTrader5.

MT4 and MT5 are currently used by over 90% of the world’s brokers, and, ever since it was first introduced in 2005 by Russia-based MetaQuotes, it was easily able to overcome most of the market’s competition.

Similarly, top Forex brokers in Botswana are often using the MT4 and MT5 software for their respective trading platforms. If you are new to the field of Forex trading, we would highly recommend that you also seek MT4 or MT5, as it is both reliable, efficient, and extremely easy to use.

Pros and cons of the Botswana FX market

Before getting straight into Forex trading in Botswana, you should bear in mind the following key features of the local FX market.

Pros:

  • The country’s economy is one of the fastest-growing, both in the region and in the world, and will soon have even more benefits to offer to the local traders
  • There is a variety of brokers available in Botswana, and you can easily choose the one that suits you best

Cons:

  • The local regulatory environment is not yet functioning efficiently, and there is a significant number of scams present
  • For those who wish to trade with the country’s main commodity – diamonds, it is best to remember that the reserves are slowly decreasing

Who can start trading Forex in Botswana?

The answer is virtually anyone. If you have reached the age of 18 or older, and you manage to meet the requirements of your broker, you will be able to start trading in no time. On top of that, it will not cost you a dime to join the local Forex trading market, and the main financial input required from you is the initial deposit, the size of which will be determined by the best Forex trading platform in Botswana that you will end up joining.

Another perk of joining the local FX market is the availability of various bonuses and promotions, which, unlike in many other countries in the world, are not prohibited in Botswana.

There are two main kinds of bonuses that you can receive – welcome ( available exclusively to the new traders) and refill ( issued to the returning customers). Such bonuses are a great way to kickstart your trading sessions and maximize your profits.

Should you start trading Forex in Botswana?

Regardless of whether you know the Forex market well, or are only just getting acquainted with it, you are definitely aware of just how important the country’s sustainable economic growth is to the consequent growth and profitability of the local FX trading.

In Botswana, such a factor can definitely be found, although the market still lacks proper regulation. If you are seriously considering to try out Forex trading in this country, we highly suggest that you only look for the regulated Forex brokers in Botswana – for both the sake of your funds’ safety and for the peace of your own mind.