Find best Forex brokers in Namibia in our guide

The Republic of Namibia is located in Southern Africa, and it borders Botswana, Angola, and Zambia, and it is separated from Zimbabwe by the Zambezi River.  The country’s overall territory reaches 825,615 square kilometers, and, with a population of only 2,746, 745 people it is one of the least dense countries in the world.

The country shares a lot of history with South Africa, and their respective economies are still tied very closely. The national economy of Namibia has managed to overcome some of the major challenges and was even able to develop a strong banking sector driven by modern technologies.

As Internet access began to spread in Namibia, Forex trading has also started to gain popularity. However, although it might seem like the country has the perfect conditions for the Forex market to flourish, it still has a long way to go until it is properly established.

As of right now, there are little to no brokers who are both based in Namibia and offer their services there. Moreover, the country does not yet have an overarching regulatory mechanism that could govern the Namibian Forex market.

Nevertheless, it does not mean that you should avoid trading Forex in Namibia altogether. In the guide below, we explore the state of the national economy a little further and provide you with some tips on how to find a reliable, regulated Forex broker in Namibia to trade with.

A full list of top Forex brokers in Namibia

In countries like Namibia, the process of finding the best Forex broker to join becomes even more complex. When the market is almost not regulated at all, there is a high chance that you come across a scammer disguised as a brokerage, and your hard-earned funds will be put at big risk.

In order to help you stay safe, and spare you the time and effort that you can spend on research and comparison of the brokerages available, we decided to do all the hard work for you. Our team of experts has analyzed all service providers and picked out the best of the best. Below, you will find the list of the best Forex brokers in Namibia in 2020, as well as the breakdown of their main features.

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

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

0 USD

Licences

CySEC, IFSC

Maximum leverage

1:2000

US Clients

No

What is the Namibian national economy like?

The Namibian economy is showcasing persistent sustainable growth over the last few years. In 2013, Blomberg named it the top emerging market economy in Africa and the 13th best-emerging economy in the world.

The country has a nominal GDP of 14.148 USD, and 5,923 USD of GDP per capita. As mentioned earlier, the country enjoys a well-developed banking sector, and modern technological solutions, such as online and cellphone banking are widely used there.

The tourism sector is also growing at a rapid speed in Namibia, and it is currently contributing over 14,5% of the country’s overall GDP. With millions of tourists visiting the country every year ( primarily attracted by the unique wildlife there), this industry is giving thousands of jobs (18.2 % of the overall employment) in servicing the industry directly or indirectly.

Mining is another important component of the country’s total revenues. Namibia is the fourth-largest exporter of non-fuel minerals in Africa, and the world’s fourth-largest producer of uranium. Moreover, unlike many other African countries, Namibia has managed to establish a diamond mining industry free of conflict, criminal activities, and extortion.

The country is still faced with some significant challenges that prevent its economy from developing fully – such as the income disparity and high unemployment rates. Nevertheless, by joining Namibian Forex brokers in 2020, you will be able to benefit from trading in the fast-growing national economy of this country.

What is the national currency of Namibia?

The national currency of Namibia is the Namibian dollar, coded as NAD. The currency has been in use since 1993, when it replaced the South African rand, however, the latter is still a legal tender in the country. Namibian dollar is tied to the South African rand, and the exchanged rate between the two is on a one-to-one basis.

NAD is not very popular among the Forex traders, as it is considered to be an Exotic currency, and trading requires a lot of knowledge and skill. Thus, if you are only now beginning to explore the Forex market, we recommend that you avoid it, and trade Major currency pairs instead.

However, if you are interested in trading NAD, we suggest that you look for the Forex trading brokers in Namibia who accept payments in Namibian dollars, in order to avoid high commissions and additional fees. Namibian dollar is usually traded in a pair with the USD.

Who can start trading Forex in Namibia?

It is relatively easy to start trading Forex in Namibia, as the only legal requirement you will have to meet is being 21 years or older. Having met that, the only other requirements you will have to worry about are those that your broker will have in place. Usually, such requirements are also pretty straightforward and revolve around your employment status and monthly income.

Many people who are just beginning to explore the field of Forex trading are wondering whether joining the market is free. The answer to that is both yes and no. It is, indeed, free to sign up with a brokerage, however, in order to access trading, you will have to make an initial deposit, and its size will depend entirely on the brokerage you choose.

The average size of the minimum required deposit often varies between 5 to 500 USD or equivalent. Moreover, you should bear in mind that the deposit requirement is by no means an indicator of the broker’s reliability or quality of their services. If you look through the list of best Forex brokers in Namibia, presented earlier, you will find that each requires a deposit of a different size. Thus, you should merely choose the one that is best suitable for you.

How is the Namibian Forex market regulated?

Unfortunately, since the Forex market in Namibia is only beginning to gain popularity, the country is yet to come up with an efficient regulatory mechanism to oversee it. As of right now, the main regulatory authority responsible for the country’s financial sector is the Namibia Financial Institutions Supervisory Authority (NAMFISA), however, it does not have exclusive responsibility for the local Forex market.

Although trading Forex in Namibia, can, without a doubt, be quite unsafe, it does not mean that there is no way you can do it without risking your funds. You will find a lot of international brokers offering their services in the country, and, if they possess a license from a reputable regulatory body, such as CySEC or FCA, you can easily trust them with your trading.

However, as usual, we highly recommend that while looking for the top Forex brokers in Namibia, you should always double-check their licensing information by directly contacting the relevant regulatory body, as not everything that the broker claims on its website is necessarily true.

Payment methods and trading software in Namibia

As we have already mentioned, both the banking sector and online payment solutions are very well-developed in this country. Thus, mobile payments are often used by the local traders and are widely accepted by the local brokers, as they are both secure, fast, and reliable.

On top of that, you can choose from more traditional credit/debit card payment methods ( Visa, MasterCard), e-Wallets, paper-based transfers, cheques, cash, and direct ire transfers. Finally, pre-paid cards are also quite popular in Namibia, and many brokers even offer their own pre-paid cards to their clients.

As for the trading software in Namibia, there, too, you will be able to find an impressive variety to choose from. Some brokerages offer their own, custom-made software, while others prefer more popular solutions, such as cTrader, MetaTrader 4, and MetaTrader 5.

When it comes to amateur traders, experts often recommend the latter two as the most appropriate option, as they are both reliable, efficient, and easy to use. Moreover, as a beginner, you will be able to a lot of educational material on how best to use these platforms, which will help you build confidence in no time. A vast majority of the best trading platforms in Namibia are based on MT4 and MT5.

Bonuses and promotions in Namibia

Unlike many other countries in the world, Namibia does not prohibit the provision of bonuses and promotions as a form of aggressive marketing of the potentially risky financial enterprise. Bonuses can be beneficial to both the trader and the broker, that offers them. The former can use them to kickstart the trading session and potentially increase the profits. In turn, the latter can utilize bonuses to promote itself and expand its customer base.

There are two main types of bonuses that you can also find with the best Namibian Forex brokers:

  • Welcome bonuses are usually issued to the traders who have only just joined the broker, either immediately after the competition of the signing up process, or after the first deposit is made.
  • Refill bonuses are available periodically to the returning traders and are usually announced in advance by the broker.

Pros and cons of Forex trading in Namibia

if you are still unsure of whether or not you should a brokerage in Namibia, here you will find a breakdown of the main advantages and disadvantages of trading there.

Pros:

  • The Namibian national economy is developing at a rapid speed, and the local FX market has the potential of becoming one of the largest in the region
  • The country’s well-developed banking sector and a variety of modern fintech solutions means that you will have access to a large number of payment method options
  • With no specific regulatory mechanisms in place, you can trade with a very large leverage

Cons:

  • The market is not yet regulated property and can be very dangerous for the local traders
  • There are almost no local Forex brokers in Nambia to choose from

We should note that this list is by no means complete, and you should not underestimate the importance of your personal research prior to choosing the best Forex broker in Namibia to sign up with.

Forex trading in Namibia – the final verdict

As we have already mentioned, the Forex market in Namibia is not yet properly established or regulated, Thus, by deciding to join it, you have to make sure that you understand all the dangers that it can potentially encompass and approach it with extreme caution.

On the other hand, it is impossible to overlook the fact that the conditions for Forex trading to flourish in Namibia seem to be perfect. The country’s national economy is developing rapidly and the banking sector is both modern and extensive.

Thus, our final verdict is that the Namibian Forex market is worth your attention. If you reside int the country and have long been interested in FX trading, we recommend that you have a closer look at what the best online trading platforms in Namibia have to offer.