Contents
- 1 What are the best Forex brokers in Saint Vincent and Grenadines?
- 2 What is the main regulatory body of the country and how does it work?
- 3 Does the lack of regulations affect Forex trading?
- 4 What is the national currency of Saint Vincent and Grenadines?
- 5 What are the most popular payment methods in the country?
- 6 What Softwares do Saint Vincent and Grenadines Forex brokers use?
Saint Vincent and the Grenadines is a country in the southern Caribbean, with about 110,000 population. Because of the lack of regulations on the Forex market in the country, the field is super popular among the citizens of the country. There are a number of Forex brokers in Saint Vincent and Grenadines actively offering services to the people of the country.
The economy of the country is developing very fast, and more and more players are coming into play. The field of Forex is also very actively developing, there are both, international and local brokers that are trying to make the field even more popular in the country.
If you are looking for the best Forex broker in Saint Vincent and Grenadines, you have come to the right place! In today’s guide, we will discuss everything about this very diverse and interesting market. So, follow our tips to find the best Forex broker in the country.
What are the best Forex brokers in Saint Vincent and Grenadines?
It is not easy to find the best Forex brokers, especially when it comes to countries where regulations simply are not in place. Saint Vincent and Grenadines Forex brokers are not regulated by the government, however, this does not mean that it is not safe to trade there.
We worked very hard and did research, you can see a list of the best Forex brokers in the country below. While doing the research, we made sure that every single broker that we offer you is safe enough for trading, so, take a good look at them!
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 is the main regulatory body of the country and how does it work?
The Financial Services Authority is considered to be the main regulatory body of the financial sector of Saint Vincent and Grenadines. However, it does not authorize Forex brokers. So, if you find a broker saying that they are regulated by this company, you can know right away that you are dealing with a scam.
FSA was established in 2012, its main mission is to help the country to develop and regulate different parts of the financial sector. Because of the lack of regulations of the Forex broker, the field had a chance to very actively develop. With this, as of today, Saint Vincent and Grenadines is one of the most attractive places for Forex traders. Forex traders have a great opportunity of taking advantage of high trading leverage and in many cases, this can be as high as 1:1000!
Why should you start Forex trading in Saint Vincent and Grenadines?
The fact that the field is not regulated, does not mean that you should not start trading here. Here are the top reasons why people start Forex trading in the country:
- Saint Vincent and Grenadines is one of the best places to start a business because of the little taxes
- Since there are not regulations, you can trade with very high leverage, sometimes as high as 1:1000
- You can choose from tens of different well-developed Forex brokers in Saint Vincent and Grenadines, both international and local ones
Does the lack of regulations affect Forex trading?
The easiest answer to this question is yes, it does. There can be a lot of problems when it comes to Forex trading without any regulations because there can be a number of brokers using it for their own good.
At the same time, as we have said earlier, it also offers many benefits to the field. Something that we would recommend is that try to use the intentional Forex brokers. In most cases, they are authorized by international regulatory bodies, which means that trading with them can be a very safe procedure.
Why are regulations important?
Regulations are something that can make Forex trading a lot safer, many people will tell you that it hurts the field, however, in reality, it has been proved by many countries that it actually helps the field to further develop. For example, in The Bahamas, where the regulations are very strict, the field is very developed and popular among the citizens.
What is the national currency of Saint Vincent and Grenadines?
Saint Vincent and Grenadines uses the Eastern Caribbean dollar as its national currency. The currency is very actively used in Eastern Caribbean States, OECS, and includes countries like Dominica, Antigua and Barbuda, Grenada, Saint Kitts and Nevis, Saint Lucia, and Saint Vincent and the Grenadines. It was first used in 1965 when it replaced the British West Indies dollar.
Internationally, this currency is not that widely used in the world of Forex, however, it is a good idea to find a Forex broker that accepts payments in this currency. It can be a very comfortable thing since you won’t have to exchange it every time you deposit or withdraw your funds, also, you will not have to pay the fees that come with exchanges.
To make sure that you are not wasting money on different types of fees and commissions, it is very important to choose a broker that lets you make payments in the national currency of the country. Because of the fact that a number of countries are using the Eastern Caribbean dollar, many of the brokers who are trying to offer their services to the citizens of these countries are making sure to accept payments in this currency. Below, you can see some of the best FX brokers that we came across while working on this guide.
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 are the most popular payment methods in the country?
There are many payment methods that Forex traders in Saint Vincent and Grenadines can use. Even though cash payments are considered to be the most popular, you can still use wire transfers, credit/debit cards, and online payments in the country. There are a number of Forex brokers that accept these payment methods and you will not have a hard time finding the one that works perfectly for you.
What Softwares do Saint Vincent and Grenadines Forex brokers use?
As in most countries around the world, Forex brokers in the country are mostly using MetaTrader 4 and MetaTrader 5. MT4 is one of the most popular software around the world, it was established 15 years ago, in 2005 and since then has been very actively used by Forex broker around the world.
MT5 is a newer version of MT4 offering some advanced tools. A great thing about these platforms is that it offers traders access to a huge market, with about 90 available currencies. You can also use these platforms either in the internet browser directly or download it on your computer. These platforms can also be used with mobile phones, meaning that you can always stay in touch with the Forex trading market.