Best Forex Brokers in Bangladesh for 2021

logomark Filippo Ucchino calendar Last Updated: November 2021 timer 14 min read
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At InvestinGoal, we adhere to strict standards to ensure an unbiased review process. We conduct our reviews by examining each broker’s offering and performance across 4 key categories. A final rating is produced for each forex broker based on a total of 187 data points. Learn more about our review process and methodology.

Do you want to start trading forex in Bangladesh but don’t know where to start? It is often more tasking to carry extensive research on the market since you don’t know what criteria to use. Well, if you are confronted with such a challenge, you shouldn’t be perplexed because this article looks at the best forex brokers in Bangladesh for your trading.

Notably, the best competent and reliable broker should validate predictions, give tips, translate jargon you don’t understand, and read charts. Nevertheless, building a strong relationship with the forex broker of your choice is an essential ingredient to your success. To help you pick the best forex broker, we’ve carried out detailed research on the top 10 best forex brokers in Bangladesh for your forex trading.

Table of contents

Is Forex Trading Legal in Bangladesh?

Forex trading is legal in Bangladesh and regulated by the Bangladesh Securities and Exchange Commission (BSEC). The financial firms ensure every broker gets regulated to deliver quality service to customers.

However, forex brokers are not mandated to register under BSEC, so most traders prefer to register with EU or UK brokers registered with (Financial Conduct Authority) FCA or Cyprus Securities and Exchange Commission (CySEC) firms. Primarily, many traders source for other brokers outside Bangladesh because they offer a safer trading environment.

How to Trade Forex in Bangladesh

Forex trading is a universal concept. It means trading in the United States is not different from trading in Bangladesh. You can trade forex in Bangladesh right from the comfort of your home if you complete the registration with a registered broker of your choice.

To register, you need to provide valid identification or passport, proof of residence, and fill the signup form on the brokers’ website. After providing your email and other relevant information, you will have to verify your account depending on the broker’s process. Once your account is verified, you can fund your account using the approved payment method.

Top 10 Best Forex Brokers in Bangladesh

There are hundreds of forex brokers for anyone to choose but how do you navigate the industry to get the best broker? What do you look for in a broker before registering with it? Are they regulated? What services do they offer?

Importantly, the best competent and reliable broker should validate predictions, give tips, translate jargon you don’t understand, and read charts. Nevertheless, building a strong relationship with the forex broker of your choice is an essential ingredient to your success. To help you pick the best forex broker, we’ve performed detailed research on the top 10 best forex brokers in Bangladesh for your forex trading.

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73.57% of retail investor accounts lose money

1. XM

XM is one of the popular brokers with a global customer base that trades several assets. It offers a different range of accounts with spreads starting from 0 pips. The platform supports trading in cryptocurrencies, ETF CFDs, stock CFDs, commodities, indices, and forex.

For your forex trading, XM offers XM standard and Micro account with over 47 currency pairs. Furthermore, it provides leverage up to 200:1. To ensure everyone gains access to trading, it offers the best Islamic Swap-Free account for Muslims. Besides all of these, it has a reward system that tends to give back to customers. Customers can enjoy a 50% deposit bonus, a $30 bonus, trading contests to win money, and a loyalty program.

Ultimately, XM offers traders two excellent trading platforms (MT4 platforms and xStation 5) with a collection of over 3000 trading financial instruments. Indeed, you get the best lowest spreads with XM. However, XM lags in customer support and offers fewer currency pairs than its competitors.

77
Rated: Excellent
Security 94
Cost 74
Trading 65
Education 68

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 5
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68% of retail investor accounts lose money

2. eToro

eToro is a multi-asset platform that allows traders to invest in stocks, trade CFDs, and crypto-assets. Renowned as the best social trading broker in the world offers traders the opportunity to copy the trades of other investors across over 2300 financial instruments. Its social trading feature can help improve your trading skill and enhance your trading knowledge when starting.

Unlike other brokers, eToro is for serious traders, so it has a minimum deposit of $200. Well, if you are not experienced in trading, you can leverage its unlimited demo account to hone your skill. Notably, even professional traders can use the demo account to backtest their strategy and build their trading plan.

The copy trading feature allows you to copy expert traders’ trade. With this, you can grow your confidence in the market. Despite all the goodies that come with using eToro, it has a few drawbacks. For instance, it only allows USD payments and offers higher spreads compared to other brokers.

78
Rated: Excellent
Security 94
Cost 71
Trading 69
Education 63

Platforms: Proprietary Web Platform Regulations: FCA, CFTC, MIFID-ESMA, ASIC, CYSEC Minimum Deposit: 200
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74-89% of retail CFD accounts lose money

3. OctaFX

If you want a CFDs and Forex trading platform that focuses on a competitive fee and low spread, OctaFX is one option to consider. It supports several trading platforms, including cTrader, MT4, and MT5. The cTrader platform offers the lowest costs but requires some experience to navigate through it. However, for new traders, you can start with the popular MT4, which allows you to open a micro account.

Established in 2011, OctaFX has its headquarters located in Saint Vincent and the Grenadines; it also has an additional office in Jakarta, Indonesia, to oversee its activities. It has over 1.5 million trading accounts and offers one of the best swap-free services in the forex industry.

With a seamless registration process, you can deposit and start trading. However, the minimum deposit allowed is $100 with spreads starting from 0 pips. For every deposit, traders are giving a 50% deposit bonus, which is something we haven’t seen in the industry. Indeed, OctaFX remains a front liner in the industry and offers a different range of local deposit methods for traders.

Asides from the limited funding methods and no copy trading on iOS devices, OctaFX offers commission-free trading, EU regulation, bonuses, and contest for non-EU residents.

79
Rated: Excellent
Security 94
Cost 79
Trading 69
Education 59

Platforms: cTrader desktop, cTrader web, MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, CYSEC Minimum Deposit: 5
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81% of retail investor accounts lose money

4. FXTM

ForexTime, abbreviated as FXTM, is a renowned trading broker that focuses on foreign exchange. Specializing in forex trading makes it the most sought-after broker in the financial industry. This uniqueness is what has made it a top brand in the industry. It also offers traders CFDs on over 50 currency pairs, including minor, major, and exotic pairs.

FXTM is based in Cyprus and offers leverage up to 1000:1 for all sets of traders with a minimum deposit of $10. It has different accounts such as standard, cent, stock CFDs, ECN zero, ECN, and FXTM Pro account, with each having distinct features. Furthermore, the Islamic account is one of its newest trading accounts that offers unique benefits for Muslims. While there is no bonus on any trading account, you can participate in its loyalty program to reduce your trading costs.

FXTM is prominent for providing excellent customer support with great accessible service. Besides this, it is a tightly regulated platform with several selections of financial assets and educational tools for your trading. Although many complain that the forex fees are highly competitive, many are not deterred from trading with the broker.

80
Rated: Excellent
Security 94
Cost 71
Trading 71
Education 80

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, Proprietary Web Platform Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, FSC (Mauritius) Minimum Deposit: 10
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61.14% of retail investor accounts lose money

5. Instaforex

The CySEC regulates the activities of InstaForex; it is fully compliant with European legislation. InstaForex is a global broker that offers CFD and forex trading with impressive traders using the platform. It has built a reputation for itself as one of the fast-growing international brands with several high-profile sponsorships.

Recently, it got the award as the “best broker in Asia” that offers unique services and customer experience. To make it easier for traders to fund their accounts, InstaForex ensures it allows every local payment method possible with swap-free accounts available. It offers several payment options, including Bitcoin through Skrill, bank wire transfer, bank cards, Skrill, Sofort, Neteller, and B2BinPay.

You can take advantage of the 4 different bonuses available to traders, including the 100% deposit bonus for first-timers. InstaForex is an option to consider if you want a comprehensive variety of varying trading options along with the security of its community. Despite not being exceptional in certain areas, it has a good reputation and different functionality available for traders – from experience to beginners.

80
Rated: Excellent
Security 95
Cost 79
Trading 73
Education 61

Platforms: Mirror Trader, ZuluTrade, MT5 Desktop, Proprietary Web Platform Regulations: MIFID-ESMA, CYSEC, FSC (British) Minimum Deposit: 1
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74-89% of retail CFD accounts lose money

6. FBS

FBS is a top-notch online broker founded in 2009 and regulated by CySEC to provide trading services. The FBS Markets Inc. runs its global branch while being regulated by the International Financial Services Commission of Belize (IFSC). It is competing with InstaForex in Asia despite being popular.

FBS offers traders MetaTrader 4 and MetaTrader 5 with access to several markets, including forex, metal, stock, indices, and energies. In trading forex, you can access leverage up to 1:3000, depending on the type of account you open. Furthermore, the platform is renowned for offering very low minimum deposits starting from $1. However, the ECN account allows a minimum balance of $1000 with other unique features.

The swap-free account is another important feature that makes the broker very popular. You can start trading with spreads starting from 0 pips and access to copy trading. Overall, we consider FBS one of the best forex brokers in Bangladesh as it offers numerous bonuses and contests to customers. Additionally, new traders can receive 100% bonuses on their first deposit with the broker.

80
Rated: Excellent
Security 93
Cost 86
Trading 68
Education 60

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, MAC Platforms Regulations: MIFID-ESMA, ASIC, FSCA, CYSEC, Offshore Minimum Deposit: 1
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74-89% of retail CFD accounts lose money

7. FP Markets

FP Markets is an Australian broker founded in 2005; the Australian Securities and Investments Commission (ASIC) and CySEC regulate its activities while ensuring it meets every regulation in the financial industry. It has its headquarter in Sydney but with customers spanning across the globe.

Undoubtedly, an award-winning broker, it offers over 13,000 products, including commodities, cryptocurrencies, indices, share CFDs, and forex. Furthermore, it gives various options to traders to choose between the trading accounts of their choice. These accounts come with unique trading tools and educational materials at their disposal.

FP Markets is a market maker broker with ECN/STP execution and offers one of the best lowest spreads in the market. It spreads start from 0 pips with fast execution. However, the minimum deposit for any of the accounts is $100, whereas the CFD stockbroking account has a minimum of $1000. For deposit and withdrawal, it offers numerous options, including direct bank transfer and PayPal. For new traders, the demo account is where to hone your skill. Nevertheless, it is an unlimited account that you can use for 30 days before it expires.

85
Rated: Excellent
Security 93
Cost 64
Trading 100
Education 47

Platforms: MT4 Dekstop, MT4 Web, MT5 Desktop, MT5 Web, Proprietary Desktop Platform, MAC Platforms Regulations: ASIC Minimum Deposit: 100
Visit Broker
73% of retail investor accounts lose money

8. XTB

Hardly can anyone mention the top ten forex brokers in the world without including XTB. The broker is a leading CFD and Forex trading company based in Europe. It offers traders access to over 2000 financial instruments. Traders can decide to trade shares, commodities, indices, ETFs, cryptocurrencies, and forex on two unique platforms – the traditional MetaTrader 4 and xStation 5 (its proprietary platform). With over 16 years of existence in the financial market, it is a reliable broker to start your trading.

To ensure traders are well equipped with the latest information in the industry, it has an educational section where it provides relevant information. Furthermore, the trading academy is a place to get free lessons. It doesn’t matter what level – beginner or professional, there is always something new to learn from the academy.

Its trading account comes with no minimum deposit and several options for your deposit and withdrawal. The spread starts from 0.2 pips with a swap-free account available. To give back to customers, it offers contests, which are dedicated to Islamic traders. The contests usually take place during the Ramadan period. Overall, XTB doesn’t disappoint in delivering fast execution to trades.

82
Rated: Excellent
Security 95
Cost 76
Trading 75
Education 72

Platforms: Mirror Trader, Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: FCA, MIFID-ESMA, FSCA, CYSEC, Offshore Minimum Deposit: 0
Visit Broker
74-89% of retail CFD accounts lose money

9. Interactive Brokers

Interactive Brokers is a highly regulated broker that offers access to over 100 markets in 25 countries. It deals in futures, ETF, CFDs, options, bonds, forex, and stocks. Interactive Brokers offers a sophisticated, institutional-grade trading platform with competitive fees.

With three different account types – cash account, margin, and portfolio margin account, you can start trading with Interactive Brokers. Each of these accounts comes with unique features that allow you to take a position of your choice. There is no minimum deposit requirement when trading with these brokers. It offers over 105 currency pairs with spreads beginning from 0.1 pips. Generally, your best broker for stockbroking and forex trading.

Interactive Brokers stands out from other brokers since it allows traders to access mobile applications, different order types to choose and a free demo account. Furthermore, it offers the best competitive pricing system with a reliable real-time market data feed. Despite all these, it has limited analyzing and charting tools with steep inactivity fees.

80
Rated: Excellent
Security 95
Cost 71
Trading 71
Education 75

Platforms: Proprietary Desktop Platform, Proprietary Web Platform, MAC Platforms Regulations: MAS, FCA, CFTC, MIFID-ESMA, ASIC, IIROC, SEC, CYSEC, Offshore Minimum Deposit: 0
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79% of retail investor accounts lose money

10. AvaTrade

AvaTrade is an international broker and part of the AVA Group of companies. It is one of the oldest brokers in the world. Founded in 2006, the Central Bank of Ireland (CBI) regulates its activities. AvaTrade has its offices located in different parts of the world, with major cities such as Ireland, British Virgin Island, Australia, and Japan. Furthermore, it accepts traders from everywhere, providing access to a variety of trading instruments.

An exciting aspect of the broker is that it offers numerous trading platforms, including the AvaTradeAct, which is its proprietary platform. Additionally, traders can use the MetaTrader 4 and 5 platforms, which are available for Mac, web, and mobile trading. It offers a simple registration that enables traders to start trading. With a minimum of $100, you can trade the forex market using AvaTrade.

Moreover, it offers a swap-free account with spreads starting from 0.9 pips. Your trading only gets better with access to various trading tools, including educational materials, charting tools, and free coaching courses. Generally, AvaTrade is a reliable and one of the best forex brokers in Bangladesh that offers a unique trading experience.

82
Rated: Excellent
Security 94
Cost 78
Trading 75
Education 72

Platforms: Mirror Trader, ZuluTrade, MT4 Web, MT5 Web, Proprietary Web Platform, MAC Platforms Regulations: FSA, MIFID-ESMA, ASIC, IIROC, FSCA, Offshore, FSC (British) Minimum Deposit: 100

Bengali Trader? Here’s what to look for in a forex broker

As a Bengali trader, you can trade with any broker of your choice as long as they are regulated. Remarkably, such a broker doesn’t need to have BSEC regulations. Given that the option of choosing a reliable and trustworthy broker is never easy. Even professional traders fall into the trap of fraudulent brokers as they choose wrongly. However, if you are a new trader or looking for tips to choose the best forex broker to start trading, here are tips to help you.

Tip 1: Avoid offshore regulated Brokers

Brokers who have offshore regulations can reach a wide range of potential customers. Nevertheless, they don’t provide safety for your funds. While they allow people to trade, the issue of safe regulation is common. Therefore, in choosing a broker, ensure such broker is regulated with a safer environment. You can streamline your search to European, FCA, or ASIC brokers.

Tip 2: Look for brokers that offer Bengali Payment Methods

Besides registering on a platform and trading, the next important thing is the payment and withdrawal methods. The payment method allows you to fund or deposit into your account to start trading. In contrast, the withdrawal enables the transfer of money to your bank account.

In consideration of the payment methods, look for a broker that allows MasterCard and Visa. However, you can also look for a broker that accepts payment in your local currency. In Asian regions, some brokers allow local internet banking for depositing. Nevertheless, you will have to pay conversion fees using international brokers because most international brokers don’t feature the Bangladeshi Take as their base currency.

Tip 3: Choose a broker that offers a demo trading account

For new traders, you should consider a broker that provides access to a demo account because it allows you to learn and improve trading. Trading is never an easy task when starting. It like any new craft you want to learn. The initial stage is always stressful and challenging. Additionally, it would help if you ascertained the leverage the broker offers because leverage is a risk. You can open a demo account on our list of best forex brokers in Bangladesh. These brokers mentioned here all offer a free demo account.

How to verify if a forex broker is regulated in Bangladesh

Besides following the tips mentioned above, you need to do a final background check. To verify if a broker is regulated in Bangladesh, go to the official BSEC website and check if they are among the listed of regulated brokers. Remember, a broker doesn’t need to be BSEC regulated. Nevertheless, we recommend you check if the brokers are FCA, ASIC, or ESMA compliant.

Is Forex Trading Taxable in Bangladesh?

Yes, it is. Forex trading is taxable in Bangladesh with 15% CGT for stock-investing and trading incomes. All profits that exceed the taxable income threshold are taxable based on the income tax rate. Furthermore, it doesn’t matter whether the profits generated from forex are main income or not regarding the income tax law.

Disclaimer: Forex trading, like any financial instrument, trading is a risk adventure. We are not tax advisors.


About the Author

Filippo Ucchino

Co-Founder - CEO - Broker Expert
Filippo is the co-founder and CEO of InvestinGoal.com. He has 15 years of experience in the financial sector and forex in particular. He started his career as a forex trader in 2005 and then became interested in the whole fintech and crypto sector.
Over this time, he has developed an almost scientific approach to the analysis of brokers, their services, and offerings. In addition, he is an expert in Compliance and Security Policies for consumers protection in this sector.
With InvestinGoal, Filippo’s goal is to bring as much clarity as possible to help users navigate the world of online trading, forex, and cryptocurrencies.

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