Four big businesses control the financial sector of Namibia. All of these have close ownership and finance connections to South Africa.
The Namibian Dollar and the South African Rand are fixed at parity under the Common Monetary Area, or CMA, arrangement. The Nonbank Financial Institutions, or NBFI, are fairly substantial, making the Namibian Stock Exchange, or NSX, one of the biggest in Africa.
Many foreign brokers are operating in Namibia because the Namibia Financial Institutions Supervisory Authority, more popularly known as NAMFISA, does not explicitly regulate Forex brokers in Namibia.
1. AvaTrade
Overview
AvaTrade is a prominent Forex broker that provides a user-friendly interface for copy trading. AvaTrade customers have access to several trading platforms. AvaTrade is regarded as a premier broker.
Pros and Cons
| PROS | CONS |
| A broad range of tradable instruments | High EURUSD and inactivity fees |
| MetaTrader 4 and 5 are available | |
| Excellent educational resources |
| Feature | Information |
| Regulation | Central Bank of Ireland, MiFID, ASIC, BVI |
| Minimum deposit from | $100 |
| Average spread from | 0.9 pips |
| Commissions from | No commission on Forex |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 |
| Bonuses | First Deposit Bonus |
| Customer Support | 24/5 – multilingual |
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2. FXCM
Overview
FXCM was founded in 1999 and offers traders the opportunity to trade in global markets by offering a variety of financial instruments. FXCM offers traders competitive trading conditions and many flexible trading platforms.
| PROS | CONS |
| Well regulated | No US Clients |
| MetaTrader 4 | EU clients restricted to 1:30 leverage |
| Commission free trading | No fixed spread accounts |
| Client funds kept in segregated accounts | |
| Access to Auto Chartist |
| Feature | Information |
| Regulation | FCA, ASIC, CySEC and FSCA |
| Minimum deposit from | $100 |
| Average spread from | 0.2 pips |
| Commissions from | $0.10 on EUR/USD |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:400 for non-EU/UK clients |
| Bonuses | None |
| Customer Support | 24/5 |
3. FXPRIMUS
Overview
FXPRIMUS is a reputable ECN and STP broker that has been in operation since 2009. It has offices in Cyprus, South Africa, and Vanuatu with respective regulations through CySEC, FSCA, and VFSC.
Traders have access to more than 120 financial instruments which can be traded through MetaTrader 4 and Platinum API in conjunction with the competitive trading conditions that FXCM offers its traders.
| PROS | CONS |
| Well regulated | No US Clients |
| Commission-free trading on some accounts | Restricted leverage of 1:30 for EU-clients |
| Negative balance protection | No fixed spread accounts |
| Need a VIP account to gain access to the best trading conditions |
| Feature | Information |
| Regulation | CySEC, FSCA, VFSC |
| Minimum deposit from | $500 |
| Average spread from | 0.0 pips |
| Commissions from | $10 per lot |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
4. HotForex
Overview
HotForex is a multi-asset broker which is headquartered in Cyprus but has regulation through CySEC, FCA< DFSA and FSCA. It offers the trade of a wide range of tradable assets.
HotForex offers trading through powerful and flexible platforms and the broker is known for its low trading and non-trading fees and offers a variety of accounts including being a forex broker with a ZAR account.
| PROS | CONS |
| Well regulated | No US Clients |
| Numerous account types | |
| Competitive trading conditions |
| Feature | Information |
| Regulation | CySEC, FCA, DFSA, FSCA |
| Minimum deposit from | $5 |
| Average spread from | 0.0 pips |
| Commissions from | $3 |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:1000 |
| Bonuses | Yes |
| Customer Support | 24/5 |
5. IG
Overview
In operation since 1974, IG is a well-established broker which has a long and rich history of offering comprehensive trading solutions and services to traders from around the world.
Traders have a choice of more than 16,000 financial instruments which can be traded through flexible, powerful trading platforms in addition to expecting competitive trading conditions and the best quality customer support.
| PROS | CONS |
| Well-regulated | High minimum deposit requirement |
| Various account options | |
| Over 16,000 financial instruments | |
| Competitive trading conditions |
| Feature | Information |
| Regulation | FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF |
| Minimum deposit from | $250 |
| Average spread from | 0.1 pips |
| Commissions from | 0.10% CFS EU |
| Deposit/Withdrawal Fees | None |
| Maximum Leverage | 1:200 |
| Bonuses | None |
| Customer Support | 24/5 |
