Contents
- 1 What are the best Forex brokers in the country?
- 2 Is Forex trading in Saint Nevis and Kitts popular?
- 3 What are the regulations and why are they so important?
- 4 How does Forex trading in Saint Kitts and Nevis work?
- 5 What is the national currency of Saint Kitts and Nevis and what payment methods are available?
- 6 Should you start Forex trading in Saint Kitts and Nevis?
Saint Kitts and Nevis, a country located in the West Indies, is known to be the smallest country in the region, both by population and land area. Even though Forex trading in Saint Kitts and Navis is very popular, it is not the safest place for traders in the region. Because of the lack of regulations, many people try to avoid trading in the country.
In today’s guide, we will discuss everything that you need to know before you start trading here. So, if you are looking for the best Forex broker in Saint Kitts and Navis you have come to the right place! Follow this guide carefully and you will be able to find the best Forex brokers that are available for the citizens of the country.
What are the best Forex brokers in the country?
There are a number of Forex brokers offering their services to the citizens of Saint Kitts and Nevis, however, it is very hard to find the best one, especially because of the lack of supervision from the governing bodies. To make your job a lot easier, we have done the research and came up with a list of Forex brokers that you can see 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
Is Forex trading in Saint Nevis and Kitts popular?
Forex trading in Saint Nevis and Kitts is very popular. There are many people who use this opportunity to access a huge trading market. There are many things that the government is doing to make sure that the economy of the country can strive:
- Those who invest in the country have the ability to get the citizenship of Saint Nevis and Kitts, the Citizenship-by-Investment was established many years ago and is one of the first of its kind
- Because of the unregulated nature of the Forex field, traders have the ability to trade with a very high leverage
- There are very low taxes for Forex traders in Saint Nevis and Kitts
However, all of these reasons are still not enough to start trading in the country. Even though there are many Forex brokers, the fact that they do not have to obtain a specific license from the government makes the field very risky for many people.
What are the regulations and why are they so important?
Regulations are something that lest the government control a certain field. By having regulations, many people feel a lot safer while trading and not for the wrong reason. There have been many horror stories that we have all heard about, traders losing their funds, being lied to, etc.
To avoid this, you should always make sure to trade with a regulated Forex broker, where you will be sure that your funds can stay safe.
How does Forex trading in Saint Kitts and Nevis work?
Establishing a Forex broker in Saint Kitts and Nevis is a very easy procedure since there are no regulations, all brokers need to do is to register as a company and they are free to start working. However, because of this, legal protection for the traders is much weaker in the country, especially compared to other places in the region.
Because of this, many people avoid trading in the country and especially with local Forex brokers. Something that we need you to know is that the fact that the field is not regulated does not mean that every single broker that offers services in the country is a scam.
To make sure that their customers can stay safe, some of the Forex brokers in the country are members of independent financial dispute resolution organizations. This does not nesecerily make them the safest Forex brokers, however, this can be a sign that they are safer than others in the country.
Something that we would recommend is to check the terms and conditions of the organizations to make sure that you can stay as safe as possible. The more you know, the safer you can be!
Are regulations really that important?
Yes. Regulations are very important since they are something that you can use as protection, they make sure that brokers do their job legally and safely. However, there can be some things that you can enjoy with an unregulated market. For example, since there is no one to control the field, it is mostly up to the broker to determine the maximum leverage that you can trade with. In the case of Saint Kitts and Nevis, this can be as high as 1:1000 in many cases. While working on this review, we checked out many FX brokers on the market that might be interesting for you, check out our list of the best FX brokers below.
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
Exness
Min. Depo
$10
Licences
CySEC, FCA, SFSA
Leverage
1:2000
Platforms
MT4, MT5
FundedBull
Min. Depo
49 USD
Licences
N/A
Leverage
N/A
Platforms
MT4, MT5, cTrader
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
Plus500
Min. Depo
$100
Licences
FCA, ASIC, CySEC, FSCA, FMA, MAS
Leverage
1:30
Platforms
WebTrader, Windows 10 Trader
What is the national currency of Saint Kitts and Nevis and what payment methods are available?
The national currency of the country is the Eastern Caribbean Dollar, however, USD is also very actively used in day-to-day activities in the country. You can find a number of brokers that accept this currency and if you are an active user of Eastern Caribbean Dollar, you should most probably go with the brokers that accept payments in this currency to avoid the transaction fees.
There are many payment methods available in Saint Kitts and Nevis for Forex trading, you can use credit cards, such as Visa, MasterCard, and American Express, as well as online payment methods, such as PayPal.
Should you start Forex trading in Saint Kitts and Nevis?
This is a very hard question to ask, on the one hand, Forex trading in Saint Kitts and Nevis gets a little risky because of its unregulated nature. But on the other hand, it also offers traders the ability to trade with very high leverage, which can be a huge advantage for many. However, we would recommend avoiding trading with high leverage if you are not experienced enough, because it can be a very risky thing to do.
In general, if you are ready to do the very hard research, there are many things that Saint Kitts and Nevis Forex brokers can offer you, but if you prefer to stay as safe as possible, you should avoid the Forex brokers in the country, as there is no guarantee for the safety of your funds.