Contents
- 1 What are the best Forex brokers in Guatemala?
- 2 What do you need to focus on before you start trading?
- 3 What are the Forex trading regulations in Guatemala?
- 4 What is the national currency of Guatemala?
- 5 What are the preferred payment methods among Guatemalan Forex traders?
- 6 What can you trade in Guatemala?
The Republic of Guatemala is a country in Central America, that borders Mexico, Belize, and the Caribbean. Forex trading has significantly developed in recent years in the country, attracting many locals and giving them access to a whole new and diverse financial market.
Guatemala represents the most populated country in Central America, even though the economy of the country and it’s the financial sector is not among the most well-developed in the region, it still offers quite a lot of opportunities to Forex traders in Guatemala.
While working on this guide, we have done very hard research and came up with the things that you should pay attention to before you start Forex trading in Guatemala. Follow our tips to find the best Forex broker in the country!
What are the best Forex brokers in Guatemala?
Finding a Forex broker that fits all of your needs is not an easy thing, especially in countries like Guatemala where the field is still quite new. To make your job easier, we have prepared a list of the best brokers in the country, while doing the research, we made sure to focus on some of the most important factors, like regulations, fees, trading platform, etc. Check out the list below!
Licences
FCA, CySEC, IFSC, ASIC, DFSA
Min. depo
$5
Leverage
1:888
Platform
MT4, MT5, WebTrader
XM
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 do you need to focus on before you start trading?
If you want to start trading in Guatemala, there are a few things that we need you to focus on:
- First of all, make sure that the broker you are using allows you to make deposits in local currency
- Check out the local regulations and the authorizations that the broker has
- Take a good look at the payment methods that are available and the fees that apply to payments
What are the Forex trading regulations in Guatemala?
Forex trading in Guatemala is very much legal and popular among the citizens of the country. A regulated Forex broker is the one that follows strict rules of a governing body that makes sure that you can stay safe. When it comes to Guatemala, the field of Forex is not that strictly regulated, so we would recommend for you to start trading with international Forex brokers. In most cases, the best international Forex brokers in Guatemala are regulated by companies like DFSA, CySEC, FCA, FSB, ASIC, BaFin, and many others.
Like many other countries in the region, the main body that oversees the financial market is the Central Bank of Guatemala. It looks after the general economic and monetary stability of the country, however, there seems to be no formal set of guidelines that local Forex brokers in Guatemala need to follow, but there are not so many local brokers either.
Because of very confusing laws, barriers to foreign investment, and many other reasons, it is very hard to find a local legit Forex broker in Guatemala.
Because of this, many traders in the country prefer to go with international brokers, especially those that are established in Europe. A huge part of European Forex brokers accepts clients from Latin America. Many of them even have special websites for Spanish-speaking people, to make trading a lot easier for them.
According to the local laws, all of the participants in the securities and commodities markets in Guatemala should be registered by the Securities and Commodities Markets Registry. It is not a financial regulator, however, it is responsible to make sure that every company is in compliance with the Securities and Goods Market Act.
How to make sure that the company is really regulated?
Once you have found a broker that you believe you can trusts, make sure that you double-check the information that was provided by the broker. For example, if you have chosen a European company owning a proper license from any of the international regulators, make sure to contact the regulatory body and ask them if the information is accurate.
In many cases, these companies have special pages or lists of the brokers that they have authorized, and even if they do not have a list, you can always email them and ask the question that you have directly. Below, you can see some of our favorite and safest FX brokers.
XM
Min. Depo
$5
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
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
Forex.com
Min. Depo
$100
Licences
NFA, CFTC, FCA, FSA, IIROC and CIMA
Leverage
1:50
Platforms
WebTrader, MT4, MT5
CMTrading
Min. Depo
250 USD`
Licences
FSCA
Leverage
1:200
Platforms
MT4, WebTrader, Copykat
What is the national currency of Guatemala?
Guatemalan Quetzal is the national currency of the country, it was named after the national bird of Guatemala. The country started using this currency in 1925 when it replaces peso. Forex trading with this currency is not so popular, however, if you choose to start Forex trading in Guatemala, you need to make sure that the broker that you have chosen accepts this currency.
By doing so, you can be sure that you will not have to pay huge fees for exchanges and it will be more comfortable to make deposits and withdrawals. Even though the USD is widely accepted in the country, it still is always a good idea to find a broker that allows you to make payments in local currency.
What are the preferred payment methods among Guatemalan Forex traders?
There are many payment methods available in Guatemala, however, the most popular ones probably are major credit and debit cards like Visa and MasterCard. Many people in the country use these in every-day lives, and most of the Forex brokers will also accept them.
Also, online payment solutions are also very popular in the country. PayPal is very widely used and you will find a number of Forex brokers that accept this payment method in Guatemala. Many people in the country are also very actively using cryptocurrencies. Because of a very large young population, the crypto was adopted very easily in Guatemala. The great news is that there are a number of international legit Forex brokers in Guatemala that accept crypto payments!
What can you trade in Guatemala?
In this regard, Guatemala is very diverse. You can trade everything from money to oil, commodities, CFDs, gold, etc. Because of a lack of regulations, there are many opportunities for trading in the country, and many international brokers are allowing locals of Guatemala to use these opportunities actively.
However, before you start trading, make sure that your funds can stay safe. Use the payment method that has the lowest fees, go with brokers that are authorized internationally, and always try to focus on details about the brokers!