How to find best Forex brokers in Namibia?

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 over 2.6 million 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. Namibia is rich in natural resources such as diamonds, uranium, zinc, copper, and gold. Mining sector is a significant contributor in the country’s economy. In addition, manufacturing and agriculture plays a big role in Growth Domestic Product (GDP). Moreover, we should mention tourism.  Namibia has outstanding natural sights, diverse wildlife, and Namib Desert that attracts visitors from all over the world.

Advancements in technology helped access to internet quickly spread in the country. And simultaneously, Forex trading popularity has started to emerge. 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.

A full list of top Forex brokers in Namibia

When searching for a Forex broker in Namibia, it’s crucial to consider factors such as regulations, trading fees, available platforms, tradable instruments, and customer support. While the world is filled with many different types of brokers, the local ones often fail to compete. In this top brokers list, we have included international Forex and CFD (Contract for Difference) brokers that accept clients from Namibia and offer great trading conditions.

Namibian currency in Forex

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. The 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 available for trading Forex markets, however is not very popular among the Forex traders, as it is considered to be an Exotic currency, and trading NAD requires a lot of knowledge and skill. The most popular Namibian Dollar pair is NAD against US Dollar. However, the pair lacks liquidity, which makes it highly difficult to trade profitably for day traders. It should be mentioned that most professional and beginner traders avoid trading exotic pair due to low liquidity.

Forex trading regulations in Namibia

Forex and CFD trading is fully legal in Namibia. The Namibia Financial Institutions Supervisory Authority (NAMFISA) regulates and oversees the forex trading activities in the country. NAMFISA is responsible for ensuring the stability, integrity, and fairness of the financial sector in Namibia. The regulator implements rules and regulations to protect investors and their interests and promote healthy development of the financial sector. However, we should mention that NAMFISA is not highly experienced in regulating brokers and there are not a lot of brokers in the market that hold the NAMFISA license.

On the upside, residents of Namibia can open accounts with international brokers that are regulated by reputable international regulatory bodies such as CySEC (Cyprus Securities and Exchange Commission) or FCA (Financial Conduct Authority) in the UK. It’s perfectly safe to open an account with global brokers. Often, because these brokers have to compete at an international level, they offer better trading conditions than the local ones.

Starting a trading journey in Namibia

The financial sector of Namibia is not fully developed yet, and it’s difficult to find many trading career opportunities within the country. However, financial trading has become an international business, and traders can get educated, find brokers, and job opportunities online. There are many career paths to consider, such as: retail trading from the comfort of your home office, institutional trading, becoming an analyst or a risk manager, selling trading signals or educational courses to other traders.

Opening a trading account is easy for the residents of Namibia. Registration process is fully digital and usually takes less than a day. On the other hand, trading professionally takes a lot of practice and hard work. Professional traders work tirelessly to educate themselves, develop and test trading strategies, manage their risks and emotions to grow account balance gradually.

Popular 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 wire transfers. It’s worth mentioning that when making a deposit to your trading account, most of the mobile and online banking options are instant, while bank wire transfers may take up to a couple of working days.

As for the trading software in Namibia, the popular solutions are: cTrader, MetaTrader 4 (MT4), and MetaTrader 5 (MT5). The MT4 and MT5 were developed by MetaQoutes, and both platforms are highly reliable. The main difference between the two plaftforms is that the MT5 is a multi asset platform that offers enhanced capabilities, while MT4 was built for trading FX. As for the cTrader, the platform offers a modern and user-friendly design. The platform is proffered by traders that enjoy ECN (Electronic Communications, Network) trading and raw spreads.

Pros and cons of Forex trading in Namibia

Financial trading is associated with many possibilities, however, there are many dangers too. Traders need to be informed about them before starting a trading journey to make informed decisions and prepare accordingly.

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 numerous payment method options
• With no specific regulatory mechanisms in place, you can trade with a very large leverage
• Traders can turn Forex into an additional source of income or into a full-time job

Cons:

• The market is not yet regulated property and choosing a local broker can be dangerous for Namibians
• There are almost no local Forex brokers in Namibia to choose from
• While the financial sector is not fully developed in the country, there are not many trading career opportunities in the country

Summary

Overall, Forex trading is regulated in Namibia by the Namibia Financial Institutions Supervisory Authority (NAMFISA), however the regulator is not very experienced. In addition, there are not many local brokers to choose from. On the upside, many international brokers accept traders from the country, such as: XM, RoboForex, and exness.

FAQs on how to find the best Forex brokers in Namibia