- 1 What are the best Forex brokers in the country?
- 2 What are the Forex trading regulations in the British Virgin Islands?
- 3 What is the national currency of the British Virgin Islands and what payments can be used by Forex traders?
- 4 What are the trading Softwares that you will come across while trading in the British Virgin Islands?
The British Virgin Islands is a British overseas territory in the Caribbean. It has a very successful and developed financial sector and is very popular among investors around the world as it offers a safe, trustworthy, and diverse financial market. In addition, it is known to be a tax-haven for many, as it allows investors to enjoy 100 percent of their income.
There are many Forex brokers in the country, because of such an involvement in the field, the government of the country had to come up with a kind of regulator that would oversee the field of Forex among other financial sectors. In the British Virgin Islands, Forex trading is legal, and it controlled and overseen by the British Virgin Islands Financial Services Commission, BVIFSC.
If you are looking for the best Forex brokers in the British Virgin Islands, you have come to the right place! In this guide, we will try to touch upon everything about the field of Forex in the country, so read our guide carefully!
What are the best Forex brokers in the country?
There are a number of Forex brokers in the British Virgin Islands, and it is very hard to say which is the best one out of them. However, we have done very hard research, we made sure to keep in mind the regulations, payment methods, trading platforms, and many other while we were working on the list of the best Forex brokers in the British Virgin Islands, you can see the list below!
FCA, CySEC, IFSC, ASIC, DFSA
MT4, MT5, WebTrader
FCA, ASIC, CySEC, FSCA, FMA, MAS
WebTrader, Windows 10 Trader
MT4, MT5, cTrader, RTrader
Desktop, WebTrader, Mobile
What are the Forex trading regulations in the British Virgin Islands?
The main regulatory body of the country is the British Virgin Islands Financial Services Commission, which oversees the field of Forex and works on the regulations and guidelines for brokers. The regulatory body is responsible for many things, including:
- The company’s main goal is to protect consumers and detect any financial crimes
- BVIFSC also makes sure that a proper regulatory environment is maintained
- It also oversees legislation and communicates with the financial industry to be as effective as possible
What BVIFSC does is that it comes up with a set of rules, a regulatory framework, which should be followed by every company that is authorized by the BVIFSC. However, the company has been criticized for not being as strict as other regulators around the world, especially the ones in Europe.
Something that many critics are using as a downside of the BVIFSC regulated Forex brokers is that BVIFSC does not require brokers to keep a minimum level of capital, neither do they require them to keep the funds segregated. Even though you would be much more protected from other regulatory bodies, BVIFSC can still be something that you can use as a tool to find a safe Forex broker.
Why are regulations so important?
Forex brokers are very important as it makes Forex trading a lot safer. There are dozens of different Forex brokers in the British Virgin Islands that own some type of license. By this, you can tell which one of those you can trust more. However, always make sure that you double-check the information that was provided by the Forex broker with the regulatory body itself, in most cases, they have a special page dedicated to the Forex brokers that they have regulated.
If you are looking for a broker that is the safest to trade with, you can see below some of the best FX brokers that we have come across in regards of regulations and many other factors.
FCA, CySEC, IFSC, ASIC, DFSA
MT4, MT5, WebTrader
What is the national currency of the British Virgin Islands and what payments can be used by Forex traders?
The national currency of the British Virgin Islands is the United States Dollar. In general, most of the businesses do not use any other currency than the USD, and because the country uses USD, it is very easy to find a payment method that will work perfectly for you.
A great thing about USD being the national currency of the country is that you will find a Forex broker that accepts this currency very easily since most of the brokers on the market do so. Also, USD is one of the most traded currencies on the market, it is the main currency on Major Currency pairs and can be a lot advantageous for those who use this currency in every-day lives.
When it comes to payment methods, there are a bunch of them to choose from in the British Virgin Islands. You can use more traditional payment methods, like credit/debit cards, and more modern payment methods, like online payments. This offers users the ability to be as comfortable as possible while depositing money on the Forex trading account in the British Virgin Islands.
What are the trading Softwares that you will come across while trading in the British Virgin Islands?
There are many different trading platforms available in the country, including the most popular names such as cTrader, MetaTrader 4, and MetaTrader 5. However, you will also come across platforms that are specially created for the Forex brokers in the British Virgin Islands.
Most people like to use MT4 trading platforms, because it offers access to the larges market, with a few dozen available currency pairs. In addition, over the years, MT4 was able to gather a huge following, which makes it very easy to find the information that you might need during trading very easily. MT5 is a newer version of MT4, with some additional advanced tools.
Is Forex trading in the British Virgin Islands safe?
In general, especially compared to some of its neighbors, trading Forex is much safer in the country. Even though BVIFSC is not that strict when it comes to regulations, it still does add more safety to the Forex brokers in the country. However, something that we would recommend is to do good research before you start Forex trading as there might be some things that you need to know.
Keep in mind that the safety of your funds should be your top priority, so always make sure to trade with regulated Forex brokers and do not trust those who do not own authorization from official regulatory bodies, there are a number of legit Forex brokers in the British Virgin Islands so you do not really need to start trading with brokers that are not authorized.