Forex trading in Bangladesh is an excellent source of earning money for retail and institutional traders, especially with regulated brokers.
March 8, 2021 | AtoZ Markets – As you know, Forex is the largest financial market in the world, with more than 5 trillion dollar transactions daily. Making a profit from Forex trading is one of the effective ways to make money with your investments. Due to globalization and the increase of technology, people can buy or sell their favorite currency pairs. It makes Forex trading easy for Bangladeshi traders. However, it is essential to know how to trade in the forex market before making any investment.
To start forex trading in Bangladesh, you should know every step from opening an account to technical and fundamental analysis.
Before opening a live account with any broker from Bangladesh, you should focus on detailed research to justify the trustworthiness. As forex trading is not legal in Bangladesh, there is no way to guarantee 100% security of funds. However, based on the performance and regulation, we have chronologically set up and reviewed some reputable brokers that are available for Bangladeshi traders.
Before proceeding further, you can find the entire table of contents of this guide about Forex trading in Bangladesh.
(Table of contents section)
- Is Forex Trading Legal in Bangladesh?
- How to Choose a Forex Broker in Bangladesh?
- Top 10 Best Forex Brokers in Bangladesh
- How to Open a Forex Trading Account in Bangladesh
- How to Deposit or Withdraw Funds from Bangladesh Forex Brokers
Is Forex Trading Legal in Bangladesh?
The Bangladesh Bank (BB) regulates the Forex transactions in Bangladesh. As per Bangladeshi rules, only Bangladeshi banks and their authorized money exchangers can make FX transactions. The legislation states that licensed brokers can buy and sell foreign currencies under the Foreign Exchange Regulation Act 1947.
General people, along with Bangladeshi citizens living abroad, are not authorized to perform foreign exchange transactions.
So, is it possible to trade in the forex market from Bangladesh?
Yes. Although retail traders are not allowed to trade in the forex market, thousands of traders are trading activity by following some rules.
The main reason to restrict forex trading is that Bangladesh is a developing country, and investing in Bangladesh to a foreign country might influence money laundering.
On the other hand, the forex market is a highly potential platform; therefore, everyone wants to know how to trade Forex from Bangladesh. Many traders are doing this business from Bangladesh and earning a lot of foreign remittances. However, there is some unavoidable risk in the forex market, which might not be suitable for Bangladeshi trades. Forex trading is a skill, not a shortcut to becoming wealthy.
Overall, there are specific ways to start forex trading from Bangladesh. In this article, we will see a step-by-step approach regarding how to start forex trading in Bangladesh.
How to Choose a Forex Broker in Bangladesh?
To start forex trading from Bangladesh, traders should find a broker that allows registration from Bangladesh. Forex brokers are usually from foreign countries with no physical office in Bangladesh. Therefore, traders should perform detailed research to find reputed brokers before opening a trading account.
Many Forex brokers are flying over the internet, but few of them are authentic. There is an excellent possibility of getting scammed. Traders should find a well-regulated broker and follow the review that identifies the most reliable one. For regulations, CySEC, FCA & ASIC are the most secure for Bangladeshi traders. Although no broker operates business activity in Bangladesh, some brokers provide service through a third party. Moreover, a regulated broker follows a standard that can assure fund safety for Bangladeshi traders. Some brokers have a dedicated support team for Bangladeshi traders that provide support from abroad.
After ensuring the regulations, you should research the services offered by a broker before opening an account. In that case, you can focus on brokers that allow advanced trading platforms with analytical resources. Many brokers offer MT4, MT5, cTrader, and web trading platforms for Windows, Mobile & MAC.
The next thing to consider while choosing the broker is the commission or fees. Usually, forex brokers take charge of transactions through a bid-ask spread. That is a small difference between the current buying and selling prices of a currency. However, some brokers may have other types of commissions or fees for their services. These additional costs can be essential to consider determining the overall profitability of trading. Some Brokers offer a fixed spread, and some offer floating. However, the commission may change with the execution type. The ECN broker will allow you to trade from the liquidity provider directly but will charge a fixed commission with the floating spread.
Top 10 Best Forex Brokers in Bangladesh
Although no broker in Bangladesh provides regulations for Bangladeshi traders, there are many regulated and international brokers that provide service in Bangladesh. In the following section, we will see the top best Forex brokers for Bangladeshi traders and some features of these are:
XM Is a globally recognized broker that has More than 3,500,000 clients from 196 countries. The company was founded in 2009 and has grown as an established international investment firm and a true industry leader.
The company has more than 450 trading professionals with long experience in the industry. XM provides its service in 30 languages that help it to access many countries.
In Bangladesh, XM is very famous for its educational service. For Bangladeshi traders, XM organizes educational way winners every week where traders can learn beginner to advanced levels trading tools and investment Strategies for free. Furthermore, for Bangladesh, XM has a defecation team, and trading portal higher traders can contact them and make trading decisions. Furthermore, XM offers trading competitions that attract most of the traders.
Overall, XM has a license from the following countries:
- The UK
- What type of Forex broker is XM?
XM is a Forex and CFD broker.
- Is XM regulated in Bangladesh?
XM is authorized and regulated by IFSC (International Financial Services Commission), CySec (Cyprus Securities and Exchange Commission), ASIC (Australian Securities and Investments Commission)
- How much does it cost to trade with XM in Bangladesh?
XM offers a competitive spray for Bangladeshi traders. The standard spread for Major currencies is as low as 0.6 pips with 888:1 leverage. Details of the spread and leverage are mentioned on the XM website.
- Which trading platforms does XM offer to Bangladeshi traders?
XM offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.
- What is the minimum deposit for Bangladeshi traders with Oanda?
Bangladeshi traders can trade as low as $5 with XM. However, the minimum deposit varies from trading account types.
- How is XM’s Customer support in Bangladesh?
XM has a dedicated customer support team for Bangladesh. Besides life support, they make periodical contact with clients regarding their trading account and trading help.
ICMarkets Is one of the famous trading brokers in Bangladesh that offers trading solutions for day traders, scalpers, position traders, and swing traders. In Bangladesh, this company is famous for its true ECN trading platform. Through this trading platform, this broker charges a commission of $7 standard lot and offers a competitive spread from 0.0 pips. Therefore traders who look for reliable brokers with a low spread usually trade here.
ICMarkets Management has significant experience in Forex and equity markets in Europe, Asia, and North America. Therefore the company can provide up-to-date Technology solutions and better pricing in every financial instrument.
Overall, ICMarkets has a license from the following countries:
- The UK
- What type of Forex broker is ICMarkets?
ICMarkets is a Forex and CFD broker.
- Is ICMarkets regulated in Bangladesh?
ICMarkets (SC), regulated by the Financial Services Authority of Seychelles with a Securities Dealer Licence Number: SD018.
- How much does it cost to trade with ICMarkets in Bangladesh?
The uniqueness of this broker is that it offers 0.0 spread in most trading platforms, including the raw trading account.
- Which trading platforms do ICMarkets offer to Bangladeshi traders?
ICMarkets offers Mt4, Mt5, and cTrader for desktop, web, ios, and android.
- What is the minimum deposit for Bangladeshi traders with ICMarkets?
ICmarkets offers trading for Bangladeshi traders with a minimum deposit of $200 with most of the trading accounts.
- How is ICMarkets Customer support in Bangladesh?
ICmarkets customer support is available 24/7. Furthermore, the support team is high and dedicated and provides quick responses to most of the problems.
InstaForex Is the component that is considered as the introducer of Forex trading in Bangladesh and providing the trading opportunity for more than ten years. This company was established in 2007 and provides trading services for more than 7 million traders worldwide, and it claims to gain more than 500 new traders per day. InstaForex offers to trade in Forex and CFD markets, commodities, stocks, cryptocurrencies, and indices.
For Bangladeshi traders, it offers a competitive spread and availability of the website in the Bengali language. Furthermore, this broker often arranges seminars and educational webinars for Bangladeshi people to provide International standard educational services.
Overall, InstaForex has a license from the following countries:
- The UK
- What type of Forex broker is InstaForex?
InstaForex is a Forex and CFD broker.
- Is InstaForex regulated in Bangladesh?
Services are provided under the InstaForex brand, which is a registered trademark:
- Instant Trading Ltd (BVI) is licensed by BVI FSC, License Number SIBA/L/14/1082
- Insta Service Ltd is registered with FSC Saint Vincent, Reg. Number IBC22945
- Insta Global Ltd. registered in Saint Vincent, IBC24321
- How much does it cost to trade with InstaForex in Bangladesh?
The spread of this broker is started from 0.0 pips.
- Which trading platforms do InstaForex offer to Bangladeshi traders?
InstaForex offers Mt4, Mt5, web trader, and Insta tick trader for desktop, web, ios, and android.
- What is the minimum deposit for Bangladeshi traders with InstaForex?
InstaForex offers trading for Bangladeshi traders with a minimum deposit of $1 with most of the trading accounts.
- How is InstaForex Customer support in Bangladesh?
The customer support of InstaForex is satisfactory and provides accountability Solutions as soon as possible.
Pepperstone is a forex broker from Melbourne, Australia. It was established in 2010. At first, they operated their business in Australia only. Later on, they expanded their business and opened a London office in 2015. The company’s main aim is to provide superior technology, genuine commitment & low-cost spreads to traders worldwide. Pepperstone is a broker that offers multiple currencies, shares, metals, CFDs, metals, cryptocurrencies, etc.
Overall, Pepperstone has a license from the following countries:
- The UK
- What type of Forex broker is Pepperstone?
Pepperstone is a Forex and CFD broker.
- Is Pepperstone regulated in Bangladesh?
Pepperstone is regulated by the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA).
- How much does it cost to trade with Pepperstone in Bangladesh?
The minimum trading commissions of Pepperstone have started from AUD 3.50 each way on major currencies. On the CFD position, the commission would be USD 0.02 per. They offered standard, mini, and micro contract sizes on FX to suit the client’s needs.
- Which trading platforms do Pepperstone offer to Bangladeshi traders?
Pepperstone offers Mt4, Mt5, andcTrader for desktop, web, ios, and android.
- What is the minimum deposit for Bangladeshi traders with Pepperstone?
Pepperstone offers trading for Bangladeshi traders with a minimum deposit of $200 with most of the trading accounts.
- How is Pepperstone Customer support in Bangladesh?
The customer support of Pepperstone is satisfactory and provide accountability Solutions as soon as possible
Plus500 is a trading platform that is owned by a holding company called Plus500 Ltd. The company is listed on the Main Market of the London Stock Exchange (LON: PLUS). Operating through 3 different subsidiaries:
- Plus500UK Ltd,
- Plus500CY Ltd
- Plus500AU Pty Ltd.
Additionally, Plus500 is also an active sponsor of professional Soccer and Rugby teams. The firm has been the official sponsor of Club Atletico de Madrid since 2016.
- What type of Forex broker is Plus500?
Plus500 is regarded as a leading broker in the CFD space. The brokerage firm delivers trading facilities on shares, Forex, commodities, ETFs, options, and indices.
- Is Plus500 regulated in Bangladesh?
Plus500 is regulated by the UK’s FCA, the Monetary Authority of Singapore (MAS), and the Australian Securities and Investments Commission (ASIC).
- How much does it cost to trade with Plus500 in Bangladesh?
Spreads are tight, and commission fees are competitive. The EUR/USD spread is fixed at 0.6 pips. However, it is worth noting that financing rates are quite high.
- Which trading platforms does Plus500 offer to Bangladeshi traders?
Plus500 has a unique and very attractive mobile trading platform available on iPhone, Android, and Windows and multilingual. It also has a Windows-based desktop platform. Unlike most of its peers, it does not offer the renowned MetaTrader or cTrader offering, thus losing the opportunity to customize the platform.
- What is the minimum deposit for Bangladeshi traders with Plus500?
When opening an account, funds are held on a segregated basis, and there is a USD100 minimum deposit only required. There is no withdrawal fee above $100, and any inactivity fee does not apply for the first three months.
- How is Plus500’s Customer support in Bangladesh?
Plus500 customer support is excellent and available 24/7 either via live chat or email. WhatsApp is the preferred medium outside of the live chat function.
HotForex is a forex and commodities broker that provides trading services to retail and institutional clients established in 2010.
If you’re interested in more facts about HotForex, you can always check our HotForex review.
- What type of Forex broker is HotForex?
HotForex is an ECN/STP broker that offers its clients several account types across two trading platforms. Therefore, you can enjoy ECN trading opportunities by registering for a Zero Spread account besides the standard STP account.
- Is HotForex regulated in Bangladesh?
HotForex holds licenses for different entities from different regulators, including the FCA, CySEC FSCA, DIFC, and the SFSA.
- How much does it cost to trade with HotForex in Bangladesh?
The spreads on all accounts are variable, which starts from as low as 0.0 pips.
- Which trading platforms does HotForex offer to Bangladeshi traders?
HotForex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.
- What is the minimum deposit for Bangladeshi traders with HotForex?
The minimum deposit for an account at HotForex depends on the account type and region. For Bangladeshi traders, Micro accounts start at $5 deposits.
- How is HotForex’s Customer support in Bangladesh?
HotForex has multiple channels for customer support, including live chat, web contact form, active phone numbers, emails, and multilingual support.
Orbex is a CySec regulated broker that offers trading opportunities in most major and cross-currency pairs and indices and commodities.
This broker became famous among Bangladeshi traders while offering a deposit bonus back in 2013-2014. However, there are still many active traders in this broker as it offers to access the Bengali Language website.
- What type of Forex broker is Orbex?
Orbex is an ECN/STP broker that offers its clients several account types.
- Is Orbex regulated in Bangladesh?
Orbex holds licenses from the CySEC.
- How much does it cost to trade with Orbex in Bangladesh?
The spreads on all accounts are variable, which starts from as low as 1.8 pips.
- Which trading platforms does Orbex offer to Bangladeshi traders?
Orbex offers MetaTrader 4 and the MetaTrader 5 platform for Windows Desktop and Web.
- What is the minimum deposit for Bangladeshi traders with Orbex?
The minimum deposit for an account at Orbex starts from $200.
- How is Orbex’s Customer support in Bangladesh?
Orbex has multiple channels for customer support, including live chat, web contact form, active phone numbers, emails, and multilingual support.
NatureForex is an international broker that provides financial and investment services worldwide. The company provides services in Forex, Metals, Indices, Oil, and Binary Options.
- What type of Forex broker is NatureForex?
NatureForex is an STP broker that offers its clients several account types.
- Is NatureForex regulated in Bangladesh?
NatureForex, registered in Belize, is a Forex broker regulated and authorized by the International Financial Services Commission (IFSC) of Belize under license number IFSC/60/214/TS/14.
- How much does it cost to trade with NatureForex in Bangladesh?
The spreads on all accounts are variable, which starts from as low as 0.3 pips.
- Which trading platforms does NatureForex offer to Bangladeshi traders?
NatureForex offers MetaTrader 4, MetaTrader 5, and NatureForex Jtrade platform for Windows Desktop and Web.
- What is the minimum deposit for Bangladeshi traders with NatureForex?
The minimum deposit for an account at NatureForex starts from $20.
- How is NatureForex’s Customer support in Bangladesh?
NatureForex has multiple channels for customer support, including live chat, web contact form, active phone numbers, emails, and multilingual support.
OctaFX is a forex broker offering trading services in more than 100 countries. This forex broker focuses mainly on the aside retail market and has won outstanding industry awards, mainly for its services in this sector.
- What type of Forex broker is OctaFX?
OctaFX is an STP/ECN broker that offers its clients several account types.
- Is OctaFX regulated in Bangladesh?
OctaFX, registered in St Vincent and Grenades with the registration number: 19776 IBC/ 2011.
- How much does it cost to trade with OctaFX in Bangladesh?
The spreads on all accounts are variable, starting from as low as 0.2 pips for the MetaTrader platform. On the other hand, the cTrader platform offers 0.0 pips spread.
- Which trading platforms does OctaFX offer to Bangladeshi traders?
OctaFX offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.
- What is the minimum deposit for Bangladeshi traders with OctaFX?
The minimum deposit for an account at OctaFX starts from $100.
- How is OctaFX’s Customer support in Bangladesh?
OctaFX offers customer support for Bangladeshi traders, including live chat, emails, and multilingual support.
Exness is a world-class forex broker that offers trading services in Bangladesh. In Bangladesh, most of the trading volume comes through this broker.
It has a dedicated support team for Bangladeshi traders who consult with traders frequently. The uniqueness of this broker is solid functionality and ease. Traders enjoy instant withdrawal and deposit through the Neteller and Skrill payment method that most brokers are unable to provide.
- What type of Forex broker is Exness?
Exness is a Market Maker/ECN broker that offers its clients several account types.
- Is Exness regulated in Bangladesh?
Nymstar Limited is authorized to operate under the brand and trademark of Exness.
It is registered in Seychelles with registration number 8423606-1 and licensed by the Financial Services Authority (FSA) with license number SD025.
- How much does it cost to trade with Exness in Bangladesh?
The spreads on all accounts are variable, which starts from as low as 0.3 pips.
- Which trading platforms does Exness offer to Bangladeshi traders?
Exness offers MetaTrader 4, MetaTrader 5, and cTrader platform for Windows Desktop and Web.
- What is the minimum deposit for Bangladeshi traders with Exness?
The minimum deposit for an account at Exness starts from $1.
- How is Exness’s Customer support in Bangladesh?
Exness offers customer support for Bangladeshi traders, including live chat, emails, and multilingual support.
How to Open a Forex Trading Account in Bangladesh
To open a forex trading account, traders will need to follow some necessary steps. The steps involved in opening an account can vary from broker to broker, but the procedure involves the following:
- Enter the broker’s website and review the types of reports available. These may include small accounts with low minimum balances designed for novice traders; or accounts with advanced features designed for active traders. Therefore, you should find the right account types that will be suitable for your strategy and investment.
- The next step is to fill-up the registration form. The majority of brokers require the necessary information. It may include the name, surname, date of birth, place of birth, country of residence, gender, address, email address, and telephone number. Some brokers may require more or less information depending on the regulation.
- After completing the registration, you need to validate your account. You must prove to the intermediary that the information you have provided is authentic. You can do this by uploading any two copies of your national ID card, passport, or driving license. Moreover, you need to submit the utility bills or bank statements to prove your address of residence. The validation process may require up to 3 days after submitting all the documents.
- Once your account has been verified, you will be notified by email, and your broker will give you a username and password to access your account. Therefore, you have to download a trading platform from the broker’s website to access charts.
- Then, you need to fund your account. Funding of the report can be done using various methods such as credit/debit card, Paypal, Skrill, Neteller, and Bitcoin.
How to Deposit or Withdraw Funds from Bangladesh Forex Brokers
Depositing to a forex broker is impossible for Bangladeshi traders through the banking channel. Therefore, traders often find e-currency from local people and invest it?
Where will you find an e-currency seller?
Many people are freelancing in Bangladesh and earn currency in their digital wallets. They usually withdraw money from their digital wallet to Bangladeshi banks through BEFTN and SWIFT. Besides, they can transfer their currency to your e-currency wallet by taking money from you. However, the process is risky and somehow against the Bangladeshi rules. Therefore, some brokers received authority from the government to act as a money exchanger to make the deposit flexible.
There are some alternative ways to make transactions. If anyone has relatives residing abroad, they can send funds for you through Paypal, Neteller, Skrill, or other techniques. The Neteller and Skrill are the most favorable e-currency gateway for forex traders and freelancers in Bangladesh. A trader from Bangladesh can easily open a Neteller or skrill account with easy steps similar to open accounts in forex Brokers.
However, any remittance from forex trading brokers is also illegal in Bangladesh. In that case, traders usually buy or sell their profits face to face in Bangladesh by following a simple step.
It would help if you found someone who needs Neteller or skrill. Then you meet with the person at a shopping mall or restaurant and exchange the cash with the online dollar transfer. However, there is a risk of fraud and being hijacked. As it is illegal to trade Forex in Bangladesh, you may not get any help from the local authorities.
Best Brokers in Bangladesh – Conclusion
Choosing the best broker is the hardest part for Bangladeshi traders, as it is often impossible to test services from many brokers.
Thousands of forex brokers allow trading from Bangladesh. Therefore, instead of testing all of these, you can choose the right one from the AtoZ broker review directory.
However, forex trading is risky and challenging for everyone until you know about the technical and fundamental analysis.
Overall, forex trading is an excellent source of earning foreign remittance in Bangladesh.
Do you still have questions about trading Forex in Bangladesh? Then feel free to write a comment below or contact our team directly.
This article was written by MD Rockybul Hasan.