A definitive guide to best Forex brokers in Bangladesh

Contents

1 What are the best Forex brokers in Bangladesh?
2 What are the things that make a certain broker the best choice for Bangladeshi Forex traders?
3 What are the Forex regulations in Bangladesh?
4 What is the national currency of Bangladesh and what payment methods can local trader use?
5 Should you start Forex trading in Bangladesh?

Bangladesh is a developing country in South Asia, with little more than 161 million population. Forex trading in Bangladesh is not that popular, but as a developing economy, it still has a lot to offer to international brokers. There are little to no Forex brokers in the country and because of that, most of the traders in the country go with internationally regulated well-known brokers.

The field is perfectly legal in the country, however, you should really focus on the local regulations and you should od your best to find something that can give you a safe trading experience. If you are looking for the best Forex broker in the country, you have come to the right place! Follow our tips carefully and you will easily find a perfect Forex broker in Bangladesh!

What are the best Forex brokers in Bangladesh?

Finding a perfect Forex broker is not an easy thing to do. We know how hard it can be for beginners, and because of that, we have decided to do the research ourselves and we have created a perfect list of the best Forex brokers in the country that you can access below! We did this to make your job much easier, and while doing the research, we focused on everything starting from regulations, to available payment methods, trading platforms, etc.

Our Top Rated Broker

Licences

FCA, CySEC, IFSC, ASIC, DFSA

Min. depo

Leverage

1:888

Platform

MT4, MT5, WebTrader

XM

AvaTrade Review – Broker of choice since 2005

Licences

ASIC, FSA, FSCA, FFAJ, FSRA, FSC

Min. depo

100 USD

Leverage

400:1

Platform

MT4, MT5

AvaTrade

Licences

FCA, ASIC, CySEC, FSCA, FMA, MAS

Min. depo

$100

Leverage

1:30

Platform

WebTrader, Windows 10 Trader

Plus500

What are the things that make a certain broker the best choice for Bangladeshi Forex traders?

As someone who is trading in Bangladesh, you will need to focus on several things, including:

Before you start traidng, make sure that the broker has a website in Bengali, and if needed, you can also get help in your native language
It is very important for a broker to be offering local currency, Taka
Because of the fact that the vast majority of the country is Islamic, the broker should be offering Islamic accounts

What are the Islamic accounts?

Islamic Forex account is a type of account that offers clients the ability to enjoy traidng while also respecting the Quran. With this type of account, people in Bangladesh are able to trade without paying or receiving interest rates. These accounts are also known as the swap-free accounts.

What are the Forex regulations in Bangladesh?

Responsible for the Forex market is the Foreign Exchange Regulation Act that was adopted in 1947 in Bangladesh, with this, the government of the country can analyze and have control over foreign assets owned by both Bangladesh citizens and non-citizens who are living and working in the country.

The main regulator of the country is the Bangladesh Bank, BB, and it takes its job very seriously. Although the national currency is very easily convertible, Forex dealings are extremely regulated, international transfer of funds is only permitted under special circumstances and the transactions should be supported by accurate documentation.

Foreign Exchange Regulation Act, FERA, is something that offers legal guidelines for regulating securities, payments, and foreign exchange transactions which also includes the world of Forex. Very frequently, the BB published different guidelines and directives for brokers to follow.

However, because of the financial situation in the country, there are little to no local Forex brokers and in most cases, Forex traders in Bangladesh use internationally known companies that offer services in the country. These trading websites are in most cases translated to Bengali and offer payments in the local currency.

FERA is actually very similar to the Foreign Exchange Act of Pakistan and touches upon many different fields in addition to the Forex. So, if you take a look at the act, you will be able to find enough information not only about Forex but generally about the financial sector of the country as well.

How can a Forex broker start operating in Bangladesh?

Most of the Forex brokers offering services in Bangladesh are international companies, however, for a broker to be able to start functioning in the country, there are several things that it needs to comply with. The rules on Foreign exchange are stipulated under the FERA 1947, this means that only brokers that comply with these rules can start operating in the country.

There are many FX brokers in the country, but how do you know which one to trust? To make your job a lot easier, we came up with a list of brokers that you should try out right now.

XM

Min. Depo

Licences

FCA, CySEC, IFSC, ASIC, DFSA

Leverage

1:888

Platforms

MT4, MT5, WebTrader

AvaTrade

Min. Depo

100 USD

Licences

ASIC, FSA, FSCA, FFAJ, FSRA, FSC

Leverage

400:1

Platforms

MT4, MT5

Min. Depo

Licences

FSA, FSCA

Leverage

1:1000

Platforms

MT5,

How to stay safe while trading Forex in Bangladesh?

Despite the act that the national bank of the country is very strict when it comes to Forex trading, there still are some people who get lied to by different companies. To make sure that you won’t become one of those horror stories that we all ae trying to avoid, make sure that you always trade with internationally regulated Forex brokers that also own local licenses.

There are several things you can do to make sure that you are safe. First of all, try to look for as much information about the broker as you can, in addition, you can always directly contact the regulatory body and ask them if a certain Forex broker is regulated or not. In most cases, these regulators have a special page dedicated to the brokers that they have authorized, in case there is not such a list, you can always ask them for information about a certain broker directly.

What is the national currency of Bangladesh and what payment methods can local trader use?

The national currency of the country is Bangladesh Taka, which is very actively used by local Forex traders. So, while looking for a Forex broker in Bangladesh, try to make sure that you use the one that accepts payments in this currency, the code for the currency is BDT.

When it comes to payment methods, there are a number of them available in Bangladesh, but because of the fact that most of the people outside the capital of the country do not really have access to many payment methods, cash is the leading payment solution among the citizens of the country.

Many people in the country use credit/debit cards for Forex trading, however, E-Wallets are also quite popular. There are some local solutions as well, and if the broker offers one of the local payment methods which you already use for day-to-day activities, it would be a lot more comfortable and useful for you to use that one for Forex trading as well.

Should you start Forex trading in Bangladesh?

Bangladesh still has a very long way to go to become a successful player in the world of Forex, however, in recent years, it has proved that the country has what it takes to have a successful Forex market. The hard work of the BB and other regulatory bodies shows that they are taking good care of the safety of their citizen’s funds. However, this does not mean that Forex trading is safe in the country. There still are a lot of risks involved, and you should only start Forex trading if you are sure that you can trust a broker you are using.