Best Forex Brokers in Peru 2019
Broker regulation is important because it ensures that the brokers you deal with are not only ethical in their service delivery, but that they also meet international standards of business. So how do you find a broker that you can rely on? We have compiled a list of the best brokers for Peruvian traders inside. The list is based on our own research and feedback from our users.
Best Forex Brokers in Peru 2019
General Regulation & Peruan Regulation
La Superintendecia de Banca, Seguros y AFP (SBS) is the independent supervisory body that is responsible for oversight and regulation of financial services providers in Peru. These service providers include credit providers, investment firms, and financial consultants. The regulator that deals specifically with the securities market is a known as La Superintendecia del Mercado de Valores (SMV).
The risk of signing up with an unregulated broker is that the broker may be conducting fraudulent operations which of course could affect you negatively. In most scenarios such as this, investor funds are often lost when the broker becomes insolvent or simply steals your funds. In addition to this, you may end up being implicated in money laundering, terrorist financing among other illegal activities. Without regulation, you are exposed to unethical practices directly and indirectly.
Trading Platform & Software
While choosing the best forex broker for you it is important to make sure that they will equip you with a trading platform that works to the best of your advantage. Most brokers offer the downloadable MT4 /MT5 platform for PC, Linux and MacOS, webtrader which can be used via any computer browser and lastly a mobile phone app for android and ios users. This is a very important decision to make because if the broker does not support trading using your device, then you will be at a loss. Take your time to download the platform and see what features it offers that perhaps make it stand out in comparison to competitor brokers.
Commissions & Spreads
Unregulated brokers will often attract customers using very low spreads and commissions. This move is often aimed at luring investors into making deposits after which they will make it almost impossible for you to withdraw your funds. However, this is not to say that legitimate brokers cannot have low costs but in case you find a broker offering very low spreads, make sure that you do a thorough background check to make sure that they are not fraudsters. You will also need to verify that their deposit/withdrawal facilities are secure and convenient.
Brokers that have researched and learnt about the trading patterns of their target market often understand that different customers invest differently. As such, these brokers have different types of accounts to satisfy your needs. For example, some brokers will have accounts that allow you to deposit up to $5 while others will have a minimum deposit of $200. Others offer additional benefits like access to a personal account manager and bonuses to customers who deposit funds above a certain amount, for example, $3,000.
If you prefer that the broker offers you support in Spanish, then this is one of the things you should ensure before signing up with them. Most brokers will offer support in English and perhaps a few other commonly used languages in their target markets.
Some brokers offer a bonus for deposits up to a certain amount, meaning that you will have more funds that you can use to trade but won’t be able to withdraw. Others offer periodic competitions where customers can win real cash prizes.
In the end, we choose our brokers based on these pillars. The most important thing is to ensure that the broker is regulated by a reputable oversight authority so that your funds and your rights as a consumer are protected. Next, you need to check that the broker will easily process and release funds to your account when you request a withdrawal. Third, you should check that their platform allows for the quick execution of orders and does not charge exorbitant fees in the form of spreads and commissions. By following these guidelines you are likely to find the best broker for you.
- 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, FSB, MAS||Israel||$100||Open Account|
|CySEC, FCA, FSB, IFSC||Cyprus||$5||Open Account|
|ASIC, FCA, FSB||United Kingdom||$300||Open Account|
|ASIC, CySEC, FCA||Cyprus||$200||Open Account|
|FCA||United Kingdom||$100||Open Account|