Speaking from experience and having spent quite a lot of time in forex trading, I understand the significance of choosing the right broker. As a beginner myself, it seemed overwhelming to see so many choices and the risk of spending so much time and money selecting the wrong broker. This is even more applies to traders in Bangladesh since depending on a broker, who appreciates the local market is very critical.
In this article, I will share the top 10 best forex brokers in Bangladesh in the year 2024. These brokers have been recommended on other issues that bother most people such as safety, fees, trading platforms employed, and customer support. If you are just a novice who has never even seen a trading account or you are more experienced in trading like I am, this guide will help you make your decision wiser.
Also, this article is going to give you a more decent insight into the practicality of forex trading in Bangladesh, which can be a little bit hard to digest. In addition, I will give a few of my own ideas regarding the essential features of good brokers and how one can benefit from his/her forex broker the best.
Is Forex Trading Legal in Bangladesh?
Upon doing background research on forex trading in Bangladesh, it was apparent that there are different views as to its legal status. In most cases, there is no single answer as to whether it is illegal or legal. There are regulations imposed by the Bangladesh Bank that restrict such capital outflows, mainly to combat money laundering. Nevertheless, these rules don’t really stop people from doing online forex trading.
In my very own opinion, it is safer to trade foreign currencies through brokers that are under the supervision of international monitoring agencies that are held in high esteem. This includes the SLA in London, the ASA in Australia, and the CYSEC in Cyprus. By having these regulators, the brokers have to comply with certain regulations and this works well towards safeguarding my funds.
Want to trade Forex with a regulated broker from Bangladesh? Open a free account with AtoZ Markets approved forex brokers:
Most international brokers I know accept Bangladeshi traders and I have used a few of them. These brokers are not supervised by Bangladeshi institutions but I have never felt uneasy doing business with them due to the fact that they are regulated in other countries. My recommendation is to double-check each broker’s regulations prior to opening the account.
Key Factors to Consider When Choosing a Forex Broker in Bangladesh
Forex trading can be confusing for a beginner and when I started engaging in the activity, I did not understand what to consider in a broker and I made some errors in my journey. As I started trading forex more, there few aspects or factors that in my understanding are of great importance when one is choosing a broker, more so if trading from Bangladesh like me.
Regulation & Security
So, the first thing that comes into my mind is, ‘Is the broker regulated?’ I can never say this enough – regulation is what will keep your money safe. In the beginning, I was so desperate to find a broker that I signed up with one that lacked regulation and when the broker turned very shady, getting my money back was nearly impossible. That’s why I am now very cautious about which broker I open an account with and look at whether or not they are regulated by bodies such as the FCA, ASIC, and CySEC for several reasons. I mean, for traders in Bangladesh, it means even more because there’s hardly any local regulation to safeguard us.
Platforms for Trading
The subsequent aspect I examine is the trading platform. Personally, I like using MetaTrader 4 since it is easy to use and has a lot of modern tools that make trading easier. I have used some brokers affording their own platforms and although some were okay, there is nothing that comes close to use MT4 or MetaTrader 5. If you are new, then I would advise using one of these platforms as they are more or less the standard in the industry. A good example is using Webtrader or MT4 for all the brokers herein even on demo accounts.
Commissions and Fees
I have also taken the time to pay attention to the other charges. A good number of brokers may look appealing at first sight only to have very high fees and costs that will cut into your profit. Some time back, I made several successful trades only for me to be horrified by the withdrawal fees and spreads. I have learned that it is important to look at the charges, spreads, commissions, and even withdrawal charges well in advance before selecting a broker. Pick brokers that have low spreads, reasonable costs in relation to services rendered, and clear fees. You would appreciate yourself if you did so.
Leverage & Margin
Leverage can be complicated. For instance, in Bangladesh, certain brokers provide quite high amounts of leverage, and while this increases the profit, it also presents higher losses. I have seen the best and the worst side of trading on leverage and in my opinion, it is more suitable to begin on a low side. Most brokers will cut you some slack and allow you to change the leverage ratio so it is recommended to look for a broker that is flexible. For the great majority of traders, leverage of 1:30 proves satisfactory, primarily if you are not an experienced trader.
Customer Support
Customer support is of great importance as well. There are instances when I was in a rush to get something done and there were brokers who simply ignored me for a couple of days. This is less than desirable when you're trying to make money. A good broker must provide 24x7 support and there must be customer service in the following languages English and Bengali. There is no reason to neglect this, good support is very important especially in the case when troubles arise during the trading process.
Deposit & Withdrawal Methods
In my opinion, the majority of brokers are not very versatile when it comes to funds remittance in and out of Bangladesh. Brokers that allow local options such as bKash, Neteller, or Skrill are very relieved. Dealing with some brokers who take cognizance of the banking system and give various alternatives for funding and withdrawing from accounts has been less troublesome for me.
Educational Resources
When I was venturing out for the very first time, I was really thankful to brokers who could provide educational materials. Such webinars, tutorials, or demo accounts were great tools for me to learn how things work with no money at stake. To this day, I enjoy taking part in online trading courses or making use of tools provided by the broker. For starters, try to find brokers who, like you, will offer such materials; it would already ease the way of learning a lot.
Top 10 Best Forex Brokers in Bangladesh
With this in mind, let me take you through my top 10 choices for forex brokers in Bangladesh. The selection of these particular brokers was based on my own expert opinion and extensive research on the internet. I have used a couple of them myself and, I have to say, they are indeed dependable, easy to use, and reasonably priced.
1. IC Markets
IC Markets is one of the very brokers I have been recommending for a long time and even used myself and found great. They are regulated by ASIC and this is the first thing that eases my anxiety. What I admire most about IC Markets is the ultra-low spreads that they offer, sometimes it even gets to 0.0 pips. For those who mean business by investing in Forex trading particularly scalping as they would call it, this is a great plus.
The platform is user-friendly and supports MetaTrader 4, MetaTrader 5, and cTrader offering something for each trader type. Additionally, as there are options such as Neteller and Skrill, which facilitate faster deposits and withdrawals, it is easier for traders in Bangladesh. Their customer support is also quite strong. In all the instances where I needed clarification, someone was there and responded promptly to my inquiries.
2. Exness
With Exness, they are another broker that I think has been beneficial for me due to its flexible leverage. They have been following CySEC regulations and thereby protecting the investors. What I appreciate about Exness is that the procedures for opening an account are quite straightforward. When I first opened my account, things were hassle free, and I was able to commence trading within hours.
Although their platform is very basic, they even have more professional tools that can be used by professions. One thing that caught my attention is the automatic withdrawals that they have and that are done instantly, something I haven’t been able to find with many other brokers. Therefore, Exness is good for Bangladeshi traders who wish to trade as they will be able to withdraw their money quickly.
3. XM
It’s a fairly recent broker but XM already has quite a fan base for a reason. They have pretty wonderful educational materials, which was my ideal when I was still a novice and still trying to grasp things. May be the reason why their services are safe is because they are under the regulation of CYSEC, ASIC. One of the factors I find interesting about XM is the lowest prediction of the deposit amount which really matters when youare at a beginner stage and do not want to go all in without knowing the extent of risk: it is simple and the more prudent solution.
Competition is stiff and there is no requote policy; you simply get what you see on the platform. It is straightforward and easy to use considering that their support is always online. I have managed to contact them a few times regarding technical queries, and they have always made it easy for me.
4. FBS
The FBS is a good choice for Bangladeshi traders who dream of trading with high leverage. They provide leverage up to 1:3000, which is extremely high of all the brokers I have tried. While this is dangerous, it is ideal for the advanced traders who are aware of leverage management. This is because they provide a no risk no deposit bonus, conducive to learning any device risk-free.
They have a dedicated customer support department, which can also speak and correspond in a few other languages including Bengali, which I found quite useful. Depositing and withdrawing money is also easy as bKash, Neteller and Skrill are options. I have been with FBS for several months now, and even though their lures are not the smallest, their capabilities are good, and all my withdrawals were done with ease and without any problems.
5. OctaFX
OctaFX is the broker I most frequently recommend to beginners as it is easy for them to use. They have lots of information, and their platform is quite basic for a person who wants to start with Forex. Like in my case, the first time I deposited money to my octafx account, I couldn’t help but admire how fast they processed the deposit and withdrawal processes especially as they accept a local bank transfer and bKash.
Regulated by CySEC, there is some level of faith here. Though their spreads can be a little tighter than some rather competitive brokers, they compensate it well with the customer service support and a host of account formats. As a nice touch, I also appreciate regular promotions that they offer, which is good if one wants to make the most out of the returns.
Want to trade Forex with a regulated broker from Bangladesh? Open a free account with AtoZ Markets approved forex brokers:
6. Tickmill
Tickmill is ranked number one in terms of both low spread and execution speed among all brokers. They are under the regulation of FCA and CySEC so all safety issues are sorted. Personally, I have been on Tickmill for quite some time, and what strikes me is the low trading cost. They do not have any charge on some of the accounts, while the spread can go as low as 0.1 pips that is quite helpful to a scalper like me.
Tickmill provides countless educational material which I think is helpful. Now, since they are strong in Asia, then they have a good support for the traders even in Bangladesh. One disadvantage is that they do not have so many ways to make payments in comparison with some other brokers, but Neteller and Skrill are available, which works fine for me.
7. HotForex
HotForex is a broker I have tried mostly due to their range of how many different types of accounts there is to open. They provide you with account types that fit regardless if you are a novice or a pro. When I wanted to trade with a little cash, I found their Micro account to be useful. HotForex has a license from CySEC, thus they are within the market standards of international brokerage.
They have both MT4 and MT5 platforms which I have used and they worked fine. Their leverage is good, and their customer care is quite efficient. They also have local deposit options which is good for the Bangladeshi clients. But, this company can increase spreads when there are very volatile markets, which is a concern.
8. FXTM (ForexTime)
They say FXTM is quite popular in Asia and I must say, my experience has been good. They are under the supervision of CySEC and FSC which makes it safe. FXTM has education resources for beginners as well as professional traders. For instance, I opened their demo account which helped me ease out on their platform before going live.
The spreads they post are respectable, particularly with regards to their Advantage account where the spreads are 0.0 pips. There are also flexible leverage options and several payment methods such as local bank transfers and bKash.
9. AvaTrade
To wrap things up, I would recommend people to open the AvaTrade broker. AvaTrade is another broker I’ve tried, and I like their easy-to-use platform. These institutions are resistant to suspensions by major regulators such as ASIC, FCA, and several others, which makes it safe. A lot of things attracted me about AvaTrade broker, however, the most concerning is their provision of free educational tools to clients. Same can be said about customer support, which is available in Bengali among various other languages.
Novelty of their spreads is good and they will do the negative balance protection which was one of my best features without any doubts.
10. Pepperstone
Pepperstone is a well and favorable known broker. It is also regulated by both British FCA and Australian ASIC as well and thus, complies with the highest level requirements of the industry. This is why I made it a point to get accounts in both the MT4 and MT5 platforms as well as their low spreads. Their margin isn’t high as what other brokers may have, but we’ll disregard that as they have fast execution and low charges.
Their fresh feature out of the many is world class customer care. Whenever I had issues, and they did, I was impressed with how fast and helpful the team was. Payment provisions are europeanpeppa for Bangladeshi traders since making and receiving payments is not an issue at all.
Comparison Table: Top Forex Brokers in Bangladesh
While I was searching for a broker that suited my requirements, I found it convenient to compare the key elements in a comparative manner. So here again is a comparison chart summarizing the most important information for each of the 10 brokers discussed above. This will help you see just how they are comparable in regards to regulatory compliance, the spreads offered, and other elements.
| Broker | Regulation | Min. Deposit | Spreads | Leverage | Platforms | Payment Methods | Customer Support |
|---|---|---|---|---|---|---|---|
| IC Markets | ASIC | $200 | 0.0 pips | 1:500 | MT4, MT5, cTrader | Neteller, Skrill | 24/7, English & Bengali |
| Exness | CySEC | $1 | From 0.3 pips | 1:2000 | MT4, MT5 | Neteller, Skrill | 24/7, Multilingual |
| XM | CySEC, ASIC | $5 | From 0.6 pips | 1:888 | MT4, MT5 | Neteller, Skrill | 24/5, Multilingual |
| FBS | IFSC | $1 | From 1.0 pips | 1:3000 | MT4, MT5 | bKash, Neteller, Skrill | 24/7, Bengali |
| OctaFX | CySEC | $100 | From 0.4 pips | 1:500 | MT4, MT5 | bKash, Local Bank | 24/7, English & Bengali |
| Tickmill | FCA, CySEC | $100 | 0.1 pips | 1:500 | MT4, MT5 | Neteller, Skrill | 24/5, Multilingual |
| HotForex | CySEC | $5 | From 1.2 pips | 1:1000 | MT4, MT5 | Neteller, Skrill | 24/5, Multilingual |
| FXTM | CySEC, FSC | $10 | From 0.0 pips | 1:2000 | MT4, MT5 | bKash, Neteller, Skrill | 24/5, Multilingual |
| AvaTrade | FCA, ASIC | $100 | From 0.9 pips | 1:400 | MT4, MT5, AvaOptions | Neteller, Skrill | 24/5, Multilingual |
| Pepperstone | FCA, ASIC | $200 | From 0.0 pips | 1:500 | MT4, MT5, cTrader | Neteller, Skrill | 24/7, English |
Everything on this table I have put together based on my own experience with these brokers. It indicates regulatory compliance, minimum deposit of the account for reasonable reasons, and leverage in order to observe the extent of control one possesses over trading activities. As for myself, payment methods such as bKash, Neteller, or Skrill are a great advantage for traders in Bangladesh, because these are the easiest for me.
The comparison table also proved quite useful in making decision on which broker to go for and I believe it will be the same for you!
How to Open a Forex Trading Account in Bangladesh
At first, opening a Forex trading account may seem a little daunting however once you’ve got the hang of it, it is fairly easy. I remember it was quite a big step for me when I opened my first Forex account but it turned out to be much easier than what I had anticipated. In this article, based on my experience, I will provide you with a step-by-step guide, and hopefully, it will facilitate your getting started.
Step 1: Choose the Right Broker
The first thing you need to do is choose the broker that best fits your trading style and needs. Adding all the things together, in the previous part, I have shared the information regarding the best forex brokers in Bangladesh. It would be a great idea to check out features like the ones mentioned and see which one suits you best. For example, in case you are a novice, you may consider working with forex brokers such as OctaFX or XM because they have great support and resources focused on learning and are not intimidated by complex trading platforms.
Step 2: Creating an Account
When you have decided upon the broker you want to use, navigate to their website and tap the ‘Sign Up’ or ‘Open Account’ icon. At this stage, you will also provide some mainstream information such as your name, e-mail address, and your telephone number. A few brokers may even require you to select the kind of account you want (for example, Standard, Micro, or ECN). Personally, I opened a standard account a couple of years ago when I was new to Forex, but now I just go on with an ECN account as the spreads are relatively lower.
Step 3: Identity Verification
And your next course of action will be to verify yourself which is necessary for the safety/checks of your account. Brokers often call for identification documents by asking the client to upload their passports, national ID cards, driving licenses, and so forth. I uploaded my passport as I was being asked to do, and it was approved within a day. Additionally, you may be required to submit documentation supporting your address for example a utility bill or a bank statement. You will also have to ensure that your uploaded documents match what you filled in during registration.
Step 4: Fund Your Account
Once your account is verified, go ahead and make your first deposit. Generally, brokers will have several ways you can choose from as a payment method. In Bangladesh, I have found bKash, Neteller, and Skrill to be the most convenient and fastest methods. When I started online trading, I made a minimum deposit to try the site. There are several brokers like FBS and XM who have low starting deposits, which is fantastic for those who prefer to go with baby steps.
Step 5: Prepare and Set Up the Trading Platform
Once you have made a deposit, download the trading software. The majority of brokers provide the MetaTrader 4 or MetaTrader 5 platforms. Though I do not consider myself experienced in trading, I think the tools available on MT4 do the job well, more than enough for most casual traders. Instead, download the platform from the broker’s website and enter the set username and password.
Step 6: Begin Trading
As with all other steps above everything is in place and you can start trading! But it would be wise for you to first cut your teeth on the demo account before going into ‘live’ trading. This is understandable, since most, if not all brokers have demo accounts to be used for paper trading. I spent a couple of weeks on a demo account whenever I started and I was able to familiarize myself with the platform and formulate a nice trading plan.
After you are satisfied with the practice, simply make a switch to the live account and begin trading. It is also advisable to set lower limitations, to begin with and or employ the appropriate risk management strategies in order to avoid losing your capital.
Frequently Asked Questions (FAQs)
When one begins trading in the forex market, it is natural for several questions to come along. Certain aspects were perplexing, and I did not know what steps to take. Hence, from my understanding, I have compiled some of the most asked questions that will, in my opinion, help you resolve any confusion you may have. These are the questions I had when I was getting started, as well as other traders in Bangladesh I noticed asking them.
How many forex brokerage firms are there in Bangladesh?
In my view, this is not a straightforward question that can be answered with a single judge. It depends on the trading activity of the broker and what the broker is looking for. If this is your first time to trade, I’d suggest OctaFX or XM since they have minimum initial amounts to open an account as well as plenty of learning materials. Advanced Forex brokers, IC Markets, and Tickmill are recommended for more senior traders as they have very low spreads with additional platforms such as Meta Trader 4 and Meta Trader 5.
I am also acquainted with some of the brokers stated in this article and it is crucial to determine which one will be the most suitable.
Is forex trading profitable in Bangladesh?
Investing in forex trading can be very lucrative, however, that does not mean it is a way to get rich rapidly or are the wild fantasies of many traders. I had to learn that the hard way where I wanted to do the same and look to make profits early. Just like other types of investments, forex trading does involve risks and one has to be quite patient and be disciplined too. It took quite some time before I was able to come up with a strategy that suits me, whereby even now, I still have some losses every now and then. The secret is the implementation of appropriate risk strategies as well as having a good trading strategy.
If you have the right mental attitude and the will to invest time and effort to learn and practice, forex trading will be a very profitable activity for you. One very clear thing, however, is do not put more money into risking than what you can afford to lose.
What is the minimum deposit required to start forex trading in Bangladesh?
This depends on the broker you choose. In my case, there are some brokers such as FBS and Exness that allow trading to commence even with $1, while other brokers like IC Markets and Tickmill have a $100 or $200 minimum deposit. I think when I was a beginner I chose a broker which was low in the amount of initial deposit because I did not want to lose a lot of money at the very beginning.
As if you’re just starting, I would suggest you place a small deposit at first in order to get a taste of it and understand how forex trading works. When you become more confident, you can always increase the funds available in your account.
What are the ways I can withdraw money from my forex broker in Bangladesh?
One of the things that worried me a lot when I started trading was the ability to withdraw money. Fortunately, there are also many brokers who allow you to easily withdraw your profits. In my dealings in Bangladesh, bKash, Neteller, and Skrill are usually the popular withdrawal methods available. I personally like NT as the transfers are super liquid but use bKash where appropriate since it is wise to take cash out directly to a local bank account.
Because I know some brokers are better than others, I try to confirm the withdrawal methods that are available as well as any charges incurred for such services. There is no broker out there who does not have a set of conditions in relation to withdrawals including operational expenses so it is good to be aware of this in advance. My dealings with brokers like Exness and XM have been hassle-free as withdrawals have been done quickly with no complaints from my side.
Do local authorities regulate any forex brokers from Bangladesh?
Unfortunately, no. As of now, there are no forex brokers in Bangladesh that are organized in a structure that is overseen by local authorities. When I began day trading, I thought I could get a forex broker licensed with the Bangladesh Bank, but that was not the case. Rather, I went for brokers who have been authorized to operate by regulatory agencies within jurisdictions such as the UK (FCA), Australia (ASIC), or Cyprus (CySEC).
While it is not desirable that there is no local supervision whether it is regarding the brokers I have to say that I do not have difficulties with international brokers. These brokers are very professional and around after my high expectations for trading are met and they offer the security that I must have in order to trade.
So, is the answer YES in that case, can I trade forex on my phone in Bangladesh OR it is otherwise NO?
Yes, you can! In fact, I do a lot of my trading on my mobile phone. Almost every one of the brokers that has been discussed in this article provides mobile trading applications for both Android and iOS. I have used the MetaTrader 4 and MetaTrader 5 apps, which are great for trading on the go. These applications allow me to keep track of the market, place trades, and close positions even if I am not on my PC.
In my case, mobile trading is a revolution in my trading activities in that I can conduct trade anywhere and any day. Only a steady internet connection is required—this is particularly true in Bangladesh where internet connection may have its shortcomings.
Conclusion
Revisiting my own forex trading history, I clearly understand why the choice of a broker is so critical, as is the decision to educate oneself beforehand. Yes, the forex market can be very interesting; however there also are bloopers and pitfalls to be aware of, especially at the start. I made some blunders in the process; however, every such instance is a case study in its own right that I would gladly narrate to you.
Just like probably every beginner’s experience in forex trading, I also had broker overload. However, I gradually appreciated that I had to pay attention to crucial characteristics such as regulation, commissions, trading platforms, and customer service to whittle down my choices. I have mentioned in this article some brokers such as IC Markets, Exness, and OctaFX who have been reliable, convenient, and appropriate for Bangladeshi traders.
It does not matter which broker you select, it is equally important to approach Forex trading with the right perspective, strategy, and risk appetite. I can’t stress enough that the arduous task of utilizing leverage should be properly executed, stop-loss orders have to be placed, and letting one’s emotions get the better of oneself while performing trades should be resisted. Trust me, I’ve learned that lesson the hard way.
In case you are new to the domain, my suggestion would be to use demo accounts first to familiarize yourself with the trading platform and work your strategies without any risk. It was something that assisted me a great deal when I was starting out. As soon as you are prepared to transfer to a real account, keep in mind that it is better to start with small amounts, be in no hurry, and know that this is not a one-day competition but rather a long game.
I trust that this guide has helped you in knowing the forex market in Bangladesh and the process of selecting a broker that will suit you best. As the case scenario may dictate, perhaps you are a new trader or have been in the game for a while, the information that I have shared is from my own experiences and it is meant to guide you in making things quite down the road.
Thank you for joining me on this trading expedition and remember that the key to being successful is to be disciplined and well informed and most importantly, do not place bets that exceed the amount you are willing to lose.