Best forex brokers in Tanzania

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Tanzania, one of the fastest growing emerging economies in Africa has also a rapidly developing financial market. The institution, that oversees the capital markets in the country and which is entrusted with the task to protect investors is the Capital Markets and Securities Authority (CMSA).

CMSA has a mandate to license all market participants, including securities dealers / brokers and their representatives, Nominated Advisers and their representatives, investment advisers, fund managers, custodians of securities, Central Depositories (CSD), stock exchanges and commodity exchanges.

Presently however, there are no locally based forex and CFD brokers, so if you reside in Tanzania your best choice will be the international brokers licensed by a respectable, financial regulator such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or let say the Australian Securities and Investments Commission (ASIC).

The other authority monitoring the financial markets in Tanzania is the central bank – the Bank of Tanzania, which however is mainly responsible for the regulation of the commercial banks, the monetary policy and the price stability.

Otherwise, you can easily transfer money in or out of Tanzania using major cards like VISA and MasterCard, as well as e-wallets like WebMoney, Neteller, Skrill, Paysafecard and CashU among others.