As a trader anywhere in the world, you will always be looking for the best fx broker you can find in order to have the best trading experience possible. If you are trading and also looking for the best forex broker in Bangladesh, then you have searched in the right place.
Here we will take a closer look at the exact rules and regulations around forex trading in Bangladesh, as well as provide some of the top forex brokers operating for traders in the country so you can make the best broker choice possible.
Is Forex Trading legal in Bangladesh?
This is a very common initial question to ask. Gladly, the answer is yes, forex trading is legal in Bangladesh. Not only is it legal but it is also regulated by BSEC (Bangladesh Securities and Exchange Commission).
With that said however, BSEC regulation is not mandatory for brokers in the country, and they can offer forex trading and CFDs if they are regulated within their own country. This is a positive in that it opens up the country a lot to well-regulated international forex brokers, and you will typically find that Bengali traders prefer to register with EU/UK brokers regulated by CySEC, and the FCA for their improved safety environment.
How to trade forex in Bangladesh
Getting started as a forex trader with any of these brokers in Bangladesh should be no trouble at all. Similar with almost every other country, you will just have to upload a few documents to verify your account. These include a copy of your ID, and proof of your residence.
Typically, a passport, and a recent utility bill or bank statement will satisfy this requirement. You will then have to fund your account with the chosen broker after completing the verification process.
Top 10 Best Forex Brokers in Bangladesh
Here is a rundown of the ten top forex brokers in Bangladesh that we have found:
Bengali trader? Here’s what to look for in a forex broker
As a Bengali trader, you have a uniquely positive position. You are able to select from all of the leading forex brokers from around the world since BSEC regulation is not mandatory. With that said, there are still a few tips and things that you should be mindful of when making your broker choice.
1. Try to avoid offshore regulated brokers
For the safest experience possible, it is best to steer clear of any offshore regulated brokers. These choices may be more flexible when it comes to the trading environment and areas like increased leverage which can be suited to some, but for the most secure trading environment, brokers regulated by CySEC, the FCA, and ASIC are great choices.
2. Look for brokers allowing Bengali payment methods
Even though VIsa and Mastercard payments are international, not every broker will accept payments in your local currency. Some may offer local internet banking, particularly in Asian countries, to help you deposit in your local currency, though if you cannot, you may need to pay a conversion fee since international brokers never feature the Bangladeshi Taka as a supported base currency.
3. Choose a broker with a great demo account if you are a beginner
Particularly if you are starting out in trading, get some practice through a demo account. Trading can be risky, and this risk is amplified when trading on leverage. Opening a demo account with one of these brokers gives you the chance to practice and improve your skills completely risk-free.
How to verify if a forex broker is regulated in Bangladesh
There are a few simple steps that you can take if you wish to verify that your broker is regulated in Bangladesh. The first of these is to go to the official BSEC website. But since this isn’t mandatory, we recommend you check if brokers are ESMA compliant, ASIC or FCA regulated. You can do this through the following links depending on where your broker is regulated, noting that European brokers are typically registered under CySEC.
Is forex trading taxable in Bangladesh?
Yes, forex trading is taxable in Bangladesh. There is a 15% capital gains tax applied to profits from trading and stock investing in the country.
We are not professional tax advisors, thus we strongly suggest you contacting local authorities if you don’t know how to manage this aspect