A forex broker is a foreign exchange broker that provides financial services and allows people to buy and sell currency. Basically, a forex broker works as a middleman between a trader and the network of banks that have access to forex liquidity. Forex trading is legal in Bangladesh and according to Bangladesh Bank, only licensed dealers and money exchangers can transact foreign currency.
The popularity of forex trading is increasing rapidly and many Bangladeshi people are showing interest to invest in foreign exchanges. Therefore, in this article, I have picked the 7 best forex brokers of Bangladesh where you can perform Forex trading from any location, even from home.
Some of the renowned forex brokers of Bangladesh are FXTM, AvaTrade, XM, Pepperstone, Eightcap, eToro, HotForex.
List Of Best Forex Brokers In Bangladesh
1. FXTM
FXTM stands for ForexTime and it is a global leader in online financial trading and investing. If you are looking for high floating leverage and fast execution then this will be the best option for you. The Forex broker was founded in 2011 and since its establishment; it has been maintaining a high level of regulation and reputation. The best part of FXTM is it offers direct trading through real legal ownership. In FXTM, customers have two options – they can open either an ECN-type account or they can trade by “straight-through processing.” Moreover, customers can choose from two trading options: MetaTrader 4 and MetaTrader 5.
Overview Of FXTM
| Headquarters | Cyprus |
| Regulation | CySEC, FCA, FSC, CMA |
| Year Founded | 2011 |
| Type of Broker | Instant/Market Execution |
| Minimum Deposit | $50 |
| Maximum Leverage | Flexible |
| Type of Platform | MetaTrader 4, MetaTrader 5 |
Pros Of FXTM
- Excellent client deposit protection
- Low minimum deposit
- Free MT4 add-ons and VPS hosting
- Good educational tools
- In-Depth Daily Market Analysis
- Trade Spot Metals and the Currency Market
Cons Of FXTM
- Low leverage for retail traders
- High internal withdrawal fees
- No cryptocurrencies
2. AvaTrade
In AvaTrade you will find all the instruments, Indices, FX, Crypto, and more in one place. It is a very renowned Forex broker and it was found in 2006 in Dublin, Ireland. AvaTrade is one of the largest Forex traders in the world where you can choose from fixed or floating spread cost of trading models which is very convenient. This Forex broker has a strong history of compliance and trusted reputation and here you can start trading with a minimum deposit that starts from only $100. This forex broker supports various platforms including Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms, etc.
Overview Of AvaTrade
| Headquarters | Ireland |
| Regulation | N/A |
| Year Founded | 2006 |
| Type of Broker | ECN/STP |
| Minimum Deposit | $100 |
| Maximum Leverage | 1:400 |
| Type of Platform | MetaTrader 4, MetaTrader 5, Proprietary platform, Web-based |
Pros Of AvaTrade
- Renowned broker and the Bank of Ireland is the primary regulator
- Low minimum deposit
- In-depth educational tools
- Tremendous customer support
- Expert Advisors and copy trading
- Wide asset choice across seven sectors
- Superior mobile trading platform
Cons Of AvaTrade
- Low leverage for retail traders
- High quarterly inactivity fee
- Improper cost for AvaProtect
3. XM
This is one of the best Forex brokers in Bangladesh as well as one of the top-ranked brokers worldwide. XM was founded in 2009 and currently, it has over 5,000,000 clients around the world. So, it can be said that XM is a large and internationally established investment firm. XM offers various account types where you can choose your preferred account type. The best part of this broker is it offers micro accounts and standard account sizes with deposit requirements of only $5. There is also an “XM Zero” account that offers access to 55 Forex pairs and XM’s no requites execution policy.
Overview Of XM
| Headquarters | Cyprus |
| Regulation | CySEC, ASIC, IFSC |
| Year Founded | 2009 |
| Type of Broker | Market Maker |
| Minimum Deposit | $5 |
| Maximum Leverage | 1:888 |
| Type of Platform | MetaTrader 4, MetaTrader 5, Web-based |
Pros Of XM
- Licensed and Regulated Broker
- Clients from over 196 countries
- 24-hour Support
- Focused on the Client
- Excellent trading tools and loyalty program
- Low minimum deposit
- Competitive trading cost
Cons Of XM
- Inactivity fee
4. Pepperstone
If you are looking for a well-known ECN Forex broker then Pepperstone will be the best option for you. This is a renowned Forex Broker that was found in 2010 and regulated in Australia, the U.K., and Dubai. Pepperstone process an average of US$12.55bn of trades every day which makes it one of the largest forex brokers in terms of daily trades. There are more than 300,000 traders available around the world that trades with Pepperstone. This Forex broker is being regulated by ASIC, SCB, CMA, CySEC, FCA, BaFin, and DFSA. It also offers many fee-free funding methods which are very convenient.
Overview Of Pepperstone
| Headquarters | Australia |
| Regulation | CySEC, FCA, BaFin, ASIC, CMA, DFSA |
| Year Founded | 2010 |
| Type of Broker | Market Execution |
| Minimum Deposit | $200 |
| Maximum Leverage | 1:400 |
| Type of Platform | MetaTrader 4, MetaTrader 5, cTrader |
Pros Of Pepperstone
- Razor sharp spreads as low as 0.0 pips
- Fast execution
- 99.9% fill rate
- No dealing desk intervention
- Regulated broker
- Low minimum deposit
- Choice of trading platforms
- Comprehensive MT4/MT5 upgrade package
- Active trader program
- Competitive cost structure
Cons Of Pepperstone
- Limited asset selection
5. Eightcap
If you are looking for a better MT4 trading experience then this will be the best Forex broker for you. Eightcap is an award-winning broker that mainly focuses on the security and peace of mind of the traders. This broker offers a personalized trading experience with an ultra-efficient technology infrastructure for the traders. Launched in 2009, the main mission of Eightcap is to deliver an unrivaled trading experience to our clients and provide you with one of the best trading environments in the financial world.
Overview Of Eightcap
| Headquarters | Australia |
| Regulation | ASIC, VFSC |
| Year Founded | 2009 |
| Type of Broker | None |
| Minimum Deposit | $100 |
| Maximum Leverage | Maximum Leverage 1:30 |
| Type of Platform | MetaTrader 4, MetaTrader 5 |
Pros Of Eightcap
- Trade FX, Cryptos, Indices, and Commodities
- Mobile & Desktop
- Award-winning platform
- Instruments in 9 time-frames
- 30 pre-installed indicators
- Low minimum deposit
- High leverage of up to 1:500
- Competitive ECN cost structure
- Quality educational content
Cons Of Eightcap
- Limited asset selection
6. eToro
eToro is the world’s one of the leading social tradings and investing platforms that allows people to trade popular cryptocurrencies. eToro is the first forex broker that has introduced the revolutionary CopyTrader technology. This technology allows the traders to copy other traders automatically. So, if you are new in this trading industry then you can simply choose a trader you’d like to copy, set an amount, and click copy. Now when the trader will trade; you will trade automatically. eToro also has a mobile app for both Android and iPhone users. So, download the app on your mobile and manage your crypto on the go.
Overview Of eToro
| Headquarters | Israel |
| Regulation | ASIC, CySEC, FCA and MiFID |
| Year Founded | 2007 |
| Type of Broker | Market Maker |
| Minimum Deposit | $200 |
| Maximum Leverage | 1:30 |
| Type of Platform | cTrader, Android, iOS, Windows & Mac OS |
Pros Of eToro
- Trade crypto with confidence
- Access a wider variety of top cryptocurrencies
- Transparent pricing
- eToro’s exclusive CopyTrader™ technology
Cons Of eToro
- Don’t support MetaTrader platform
7. HotForex
This is another award-winning forex and commodities broker that offers trading services and facilities to both retail and institutional clients. The main mission of HotForex is to provide the best possible trading conditions to its clients and allowing both scalpers and traders using expert advisors unrestricted access to its liquidity. HotForex also offers various accounts types, trading software, and tools so that you can easily trade Forex and Derivatives online. Here, you will have the opportunity to access various spreads and liquidity through automated trading platforms. In HotForex, you will find a variety of account options to choose the right account type for you. Finally, HotForex provides all the tools and services that are required for an excellent trading experience.
Overview Of HotForex
| Headquarters | Mauritius |
| Regulation | CySEC, DFSA, FCA, FSA-SC, FSCA |
| Year Founded | 2010 |
| Type of Broker | Market Execution |
| Minimum Deposit | $5 |
| Maximum Leverage | 1:1000 |
| Type of Platform | MT4, MT5, Android, iOS, Windows & Mac OS |
Pros Of HotForex
- Commission-free trading accounts
- Great customer support
- Lots of premium MetaTrader tools
- Over 2,500,000 live accounts opened
- More than 27 supported languages
- Safe trading environment
- Unlimited Underlying Accounts
- Expert Advisor Trading Allowed
- Full Manager Statistics Provided
- The ability for Partial Withdrawals
Cons Of HotForex
- Only 56 shares are available
