Forex trading has become increasingly popular in Bangladesh with the advancement of the IT sector. With a population of around 165.2 Million and a projected GDP annual growth rate of 8.5% in 2021, Bangladesh strives hard to elevate the poverty level within the country. Due to high unemployment levels, a lot of young Bangladeshi investors have become dedicated retail forex traders in the foreign exchange market. Today we will review the five best forex brokers in Bangladesh.
Best Forex Brokers in Bangladesh
#1 Plus500
Plus500 is a market leader when it comes to offering trading services in the forex and CFDs. The broker has no match in the industry for tight spreads, high leverage, commission-free deposits, and lightning-fast trade execution. Embedding complete control in your hands, the broker allows you to manage your account the way you always wanted.
With some of the salient features such as stop limits, negative balance protection, and trailing stops, the broker makes traders well equipped to deal with the volatile market conditions. Free push notifications and price alerts through emails and SMS make traders stay ahead of the market.
Offering traders unlimited trading opportunities across 2000+ financial markets, the broker adds a flavour of real-time quotes and dedicated round-the-clock customer support, taking traders to the next level of excitement.
Being safe for forex investment, the broker keeps clients funds in segregated bank accounts. Also, the broker secures clients’ funds under the Financial Compensation Services Scheme.
- Founded:2008
- Regulation: FCA, ASIC
- Headquarter: United Kingdom
- Minimum Deposit: $100
- Trading Platforms: Online, Desktop & Mobile
Read: Plus500 Review
| PROS | CONS |
| Low deposits Strong Regulations Tight spreads Commission-less deposits FSCS funds protection | No US clients accepted Floating spreads Average customer support Basic research tools |
#2 FXCM
FXCM is a US-based forex broker providing state-of-the-art trading solutions to its clients under one roof. Besides offering exclusive trading and technical tools, the broker also provides charting options empowering a customized trading experience.
Allowing API integration, the broker also offers social trading platforms such as ZuluTrade that might attract novice traders the most. FXCM keeps the minimum deposit low, so traders with limited funds could also sign up. Clients have the option to fund their accounts or withdraw profits using multiple payment options available at FXCM.
The broker offers both desktop and mobile-friendly trading platforms along with low spread costs and high leverage options.
Forex Capital Markets offers a great variety of educational resources to enable traders to learn different trading techniques. With the option of a demo account, clients can practice different trading strategies before going live.
- Founded: 1999
- Regulation: ASIC, FCA
- Headquarter: United States
- Minimum Deposit: $50
- Trading Platforms: Online, Desktop & Mobile (MT4, Zulu Trade)
Read: FXCM Review
| PROS | CONS |
| Competitive pricing Low Minimums Multi Regulated STP/ECN trade execution model Social trading available | Low leverage for European customers Variable spreads No clients from the US |
#3 Forex.com
Forex.com is one of the old brokerage firms known to offer premium trading services in Forex, CFDs, stocks, indices, metals, oil, and digital currencies. Real-time price quotations, expert-led market analytics, and low spreads are some exciting features of the broker.
With the opportunity of trading across more than 500 financial markets, traders can also enjoy competitive pricing and rebate offers through an active trader program. The trade execution scorecard and transparent rollover pricing help traders in smooth trading.
Forex.com offers four types of trading accounts, offering traders more flexibility to choose the one that suits their needs. The broker also offers reliable customer support services to its clients five days a week.
- Founded: 1999
- Regulation: CIMA, FCA, FSA, NFA, ASIC
- Parent Company: Gain Capital UK, Ltd
- Headquarter: New Jersey, US
- Minimum Deposit: $100
- Trading Platforms: Online, Desktop & Mobile (MT4, MT5)
Read: Forex.com Review
| PROS | CONS |
| Fast trade execution Multiple regulations Resourceful Education Section User-Friendly trading platforms US Clients accepted | No DMA on MT4 Confusing margins Slow Customer Support IRA accounts unavailable |
#4 IG
IG is the leading forex broker offering regulated trading services to its clients across the globe. Offering thousands of tradable assets, the broker makes it easy for clients to trade through its user-friendly advanced trading platforms. With low-cost trading options and cutting edge risk management tools, IG is the best option for novice traders.
The availability of algorithmic trading through the integration of its native APIs in collaboration with world-class platforms such as ProRealTime Trader and MT4, makes IG Markets one of the best brokers available in the forex industry. Besides offering multiple digital currencies, traders now have the option of investing in the Crypto10 index at IG.
Considering the scope of mobile-based trading, IG empowers traders to explore the financial markets with one touch trading. Traders can have the supported versions of the trading platforms installed on their mobile phones through Google Play Store and Apple Store. To educate clients, IG has an instructive library, helping clients to learn what it takes to be a skilled forex trader. IG also ensures to offer round the clock customer support services.
- Founded:1974
- Regulation: FCA
- Headquarter: London, UK
- Minimum Deposit: $300
- Trading Platforms: Online, Desktop & Mobile
Read: IG Review
| PROS | CONS |
| Intuitive trading platforms Multiple payment options US Clients accepted Rich educational library | High fees on CFDs No web chat High minimum deposit |
#5 HotForex
Hotforex is a forex and CFD broker providing trading services in financial derivatives for the last ten years. Whether you wish to trade forex, CFDs, or cryptocurrencies, HotForex offers you complete flexibility with competitive prices. The broker has earned remarkable fame over the years for its award-winning trading platforms, low deposit accounts, and 24/5 customer support. Offering micro accounts to low-budgeted traders, the broker also facilitates high volume trading through its recently inducted DMA accounts.
HotForex has a quick account opening process that becomes even more convenient with the minimum verification prerequisites. The option to deposit and withdraw funds using multiple methods available makes it even more appealing. The premium risk management and technical tools with rich educational resources are some prominent traits of the broker.
- Founded: 2010
- Regulation: Cysec, FCA, FSA, DFSA,
- Headquarter: Cyprus
- Minimum Deposit: $5 for Micro Account, $100 for Premium Account
- Trading Platforms: Online, Desktop & Mobile (MT4, MT5)
Read: HotForex Review
| PROS | CONS |
| No dealing desk Variety of tradable assets DMA accounts for high volume trading Low spreads | Zero accounts commission Unresponsive customer support Average educational resources |
How Did I Select The Above Forex Brokers?
After years of trading and being through a lot of inconveniences, I finally managed to know the secret lies behind successful forex trading. No matter how skilled you are, A good forex broker is always the main ingredient in your success. The money I lost to scammers during my forex journey taught me life-lasting lessons that I always revisit before selecting a forex broker. It took me several days to compile the list after searching through the data of nearly 70 brokers. My basis for the selection of these broker involve;
- Regulation
- Funds Security
- Trading platforms
- Fees and Commissions
- Customer Support Services
Central Bank of Bangladesh (CBB)
In compliance with the Foreign Exchange Regulation Act 1947, Bangladesh has a strict regulatory framework concerning the scope of forex brokers. The Central Bank of Bangladesh is the ultimate regulator and responsible for administering the financial affairs. However, Forex brokers looking to offer their services to Bengali clients need to have approval from the Securities and Exchange Commission Bangladesh as well.
The Central Bank of Bangladesh (CBB), in collaboration with SECB, requires brokers to have sufficient funds available to ensure increased liquidity. Brokers also need to follow a complete suite of work ethics, acting in the best interest of investors. Any broker found guilty of violating terms and conditions specified by the CBB might face permanent cancellation of the permit following other legal implications.
Factors To Consider When Choosing A Forex Brokers
Regulation
Before signing up with a broker, traders need to confirm if the broker is regulated. Regulated brokers follow a strict regulatory framework of the respective regulatory bodies ensuring the best work ethics. Regulation of a broker also offers assurance concerning the safety of your funds that is very necessary for small investors from a developing country like Bangladesh.
The most renowned regulatory bodies around the world include ASIC, FCA, CySEC, MSA, BaFin, IFSC, MiFID, FSA, etc. While compiling the list of best forex brokers in Bangladesh, I made sure that all of them are well regulated.
Trading Platforms
Trading platforms serve as a portal to access the financial markets online. Traders should ensure that the platform is easy to operate and has all the necessary trading tools available for profitable trading.
Essentially, it should have an easy process to enter or exit a trade. A good trading platform has clear (buy and sell) buttons. On the other hand, a poorly designed trading platform could lead you to commit serious order entry mistakes. For example, the opening of a new position when you wanted to close the existing one, etc.
Types of Accounts
While being different from each other, almost all of the brokers offer nearly the same facilities. Therefore, you must pay close attention to account details while selecting a forex broker. You can start by looking at the minimum deposit amount required to get started, the leverage options, and the spread cost. Usually, accounts with fixed spreads are likely to yield more returns as compared to those with floating spreads. All of the listed brokers have a low minimum deposit requirement, that being Bangladeshi citizens, you could easily afford.
Trade Execution
The best broker always fills your order at the best prices. That’s only possible when you open an account with a broker known for instant trade execution. For a good broker, there shouldn’t be any reason for not letting you fill your order at your desired price after pressing the buy or sell button (except the market is highly volatile at some specific time). Secondly, always try to open an account with an STP broker instead of a dealing desk, especially when you are a beginner. Dealing desk brokers might not only delay your orders but play against you.
Customer Support
Since you can trade forex round the clock, therefore, your broker should be accessible when you need it. Your broker should have an active customer support staff to get back to you instantly. It is always better to visit the website of your prospective brokers and contact customer support staff, asking as many questions as you could. That’s how you can figure out how well the broker is going to facilitate you after signing up with it.
Verdict
After a thorough research and investigation, I hand-picked the five best forex brokers for Bangladeshi clients. Plus500 tops my list of best forex brokers in Bangladesh because of exceptional customer support, lightning fast trade execution, low spreads and multiple regulations.
