Best Forex Brokers in Bolivia 2018
Forex trading is popular in Bolivia, but Bolivian forex traders have a difficult time getting access to the best forex brokers. In this article, we will identify the brokers that will best meet the needs of the Bolivian trading population. Read our list inside of the best Bolivian brokers.
How to Choose a Forex Broker as a Bolivian trader
When choosing a forex broker as a Bolivian trader, there are certain things that you need to look out for. These factors may look inconsequential, but they can make or mar your trading experience. These are explained below.
General Regulation & Bolivian Regulation
The first thing you should look out for is whether the broker you are using is regulated or not. The financial markets in Bolivia are regulated by the Autoridad de Supervisión del Sistema Financiero. Bolivia is to all intents and purposes, a socialist country. There are restrictions on the trading of forex in the country and not many forex brokers operate there under local licensing. Many Bolivians, therefore, trade forex with offshore brokers located in Central and South America, as well as the Caribbean.
Trading Platform & Software
The MT4 platform is generally used by the offshore brokers that Bolivian forex traders work with. These platforms enable the use of automated trading software so that Bolivian traders can trade with EAs.
Commissions & Spreads
Forex brokers that serve the Bolivian market generally offer currency assets with fixed spreads. No commissions are paid on forex trades.
The brokers that are used will generally provide various account types. The types of accounts, as well as the contract specifications for each account, vary from broker to broker.
Bolivia is a Spanish colony, and the language spoken widely as a national language is Spanish. Bolivian forex traders will, therefore, benefit from a Spanish-language customer support system. It is essential that brokers provide such Spanish-language support.
When choosing brokers that are suitable for the Bolivian forex trading population, we consider a number of factors:
- Is the broker regulated? Regulation in forex is far more robust and better established than in the binary options market. Therefore, use of regulated brokers is compulsory.
- Is there sufficient Spanish language support? Is this support system available 24/7?
- Does the trading platform have a Spanish language interface?
- Does the forex broker offer payment systems that are compatible with what Bolivian traders can work with?
These issues are adequately taken care of by the brokers that we present to Bolivian forex traders.
- New Zealand
- South Africa
- South Korea
- Hong Kong
- United Arab Emirates
- Russian Federation
List of Brokers
|BROKER||USER RATING||REGULATED BY||HEADQUARTERS||MIN. DEPOSIT||OFFICIAL SITE|
|ASIC, CySEC, FCA||Israel||$100||Open Account|
|ASIC, BVI, FSA(JP), FSB, MiFID||Ireland||$100||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|CySEC, FSB||Cyprus||$100||Open Account|
|BaFin, FCA||United Kingdom||$300||Open Account|