Best Forex Brokers in Ecuador 2018
If you are a forex trader based in Ecuador, or if you are looking to start trading for the first time, the most important thing you can do, is finding a reliable and trustworthy broker, that serves your part of the world. FXEmpire has compiled a list of the very best brokers for Ecuador traders.
How to Choose a Forex Broker as an Ecuadorian Trader
The largest financial market has opened its doors to investors in Ecuador. Access to the forex market which operates around the clock due to its decentralized nature is being offered by numerous that are new in the Ecuador market. It is therefore important to know how to separate the scams from the legitimate brokers. This article delves into the main points to look out for while selecting a broker.
General Regulation & Ecuadorian Regulation
From the customer’s perspective, regulation is perhaps the most important factor to consider while selecting a forex broker. As an investor, it is of great importance that you always have peace of mind so that you can focus coming up with the most effective trading strategy as well as on money management. This can only be done if you know that the funds you have deposited with your broker are safe and that you will be able to have access to these funds at all times. Regulation, therefore, means that there is an independent oversight authority that keeps brokers operating within a suitable legal framework which protects all market participants. Without a regulator, you can be sure that if any of the clients’ rights are curtailed, there would be no one to defend the client. There is the possibility that brokers could also engage in unscrupulous activities to gain that extra edge against competitors. Brokers in Ecuador are regulated by the Superintendecia de Bancos which is the Central bank of Ecuador.
Trading Platform & Software
A good platform is one that is convenient, user-friendly, simple but still contains all the necessary tools that you as an investor may need to use in your analysis. It also needs to contain all the necessary trading assets that you would want to trade. Portability is another important factor to consider because you may not always want or have the chance to trade from one device. A good broker will offer web trader as a platform as well as mobile applications that can be used to achieve the same goal.
Commissions & Spreads
A good broker will offer their assets at prices that are not too different from prevailing market prices. It is understandable that brokers need to make money too but charging exorbitant commissions and spreads is not the way to do this. As a matter of fact, high spreads will often lead to failure of orders to be filled at the set prices, therefore, leaving a trail of disgruntled customers. Often you will see investors comparing charts offered by different brokers were the same pending orders were set but only one order was successfully executed. This is an example of two brokers offering different spreads.
The broker needs to offer an account that is most applicable to your trading needs. This includes offering demo accounts, real accounts, accounts that enable customers to open small positions (mini and micro) as well as standard lot accounts. These are all factors that you need to consider based on the type of trading that you intend to do.
If you are most comfortable speaking Spanish, it is good to make sure that the broker offers support in this language. Most brokers will offer their services in English and the most common language(s) spoken in the country.
Some brokers will offer additional services such as periodic analysis reports, trading signals, and even investor education. These are not mandatory services but based on your expectations and requirements as trade, you may compare them to see which broker gives you the greatest value.
As we have mentioned in this article, each investor has their own goals to achieve. We, therefore, advise that as you select from the numerous brokers offering their services in Ecuador, you make sure to confirm that they are regulated by the rightful oversight authority and that they operate in your best interests. To make your job easier, we have compiled a list of the very best brokers that serve your part of the world.
- 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|