Best Forex Brokers in Colombia 2019

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Pro Tip: Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money. Give it a try with some play money before using your own cash.
Note: Not all Forex brokers accept US clients. For your convenience we specified those that accept US Forex traders as clients.

AvaTrade

Regulated By:ASIC, BVI, CBI, FSA(JP)

Foundation Year:2006

Headquarters:Five Lamps Place, 77-80 Amiens Street, Dublin 1, DO1A742, Dublin, Ireland

Min Deposit:$100

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Your capital is at risk

Your capital is at risk

FBS

Regulated By:CySEC, IFSC

Foundation Year:2009

Headquarters:N/A

Min Deposit:$1

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Your capital is at risk

Your capital is at risk

eToro

Regulated By:ASIC, CySEC, FCA

Foundation Year:2007

Headquarters:Kanika International Business Center 7th Floor, 4 Profiti Ilia Street Germasogeia, Limassol, Cyprus

Min Deposit:$200

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76% of retail investor accounts lose money

76% of retail investor accounts lose money

Libertex

Regulated By:CySEC

Foundation Year:2014

Headquarters:Gladstonos and Karaiskaki Street, off 31, Limassol 3032, Cyprus

Min Deposit:$10

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Your capital is at risk

Your capital is at risk

ATFX

Regulated By:FCA

Foundation Year:2014

Headquarters:1st Floor, 32 Cornhill, London

Min Deposit:$100

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Your Capital is at Risk

Your Capital is at Risk

FP Markets

Regulated By:ASIC

Foundation Year:2005

Headquarters:Level 5, Exchange House 10 Bridge St Sydney NSW 2000, Australia

Min Deposit:$100

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Your capital is at risk

Your capital is at risk

Forex Brokers in Colombia Comparison Table

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BrokerRatingOfficial SiteRegulationsMin DepositMax LeverageTrading PlatformsFoundation YearPublicly TradedTrading Desk TypeCurrenciesCommoditiesIndicesStocksCryptoCommission on tradesFixed spreadsoffers promotionsOfficial Site
AvaTrade
Visit Broker>

Your capital is at risk

ASIC, BVI, CBI, FSA(JP)

$100

1:30

ActTrader, MT4, MT5, Proprietary, Zulutrade

2006

Dealing Desk, Market Maker

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Your capital is at risk

FBS
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Your capital is at risk

CySEC, IFSC

$1

1:3000

MT4, MT5

2009

ECN, No dealing desk, STP

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Your capital is at risk

eToro
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76% of retail investor accounts lose money

ASIC, CySEC, FCA

$200

1:30

cTrader, Currenex, eToro Platform, Keystone, Marketspulse, Mirror Trader, MT4, MT5, Tradologic, Zulutrade

2007

Market Maker, No dealing desk, STP

Visit Broker>

76% of retail investor accounts lose money

Libertex
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Your capital is at risk

CySEC

$10

1:600

N/A

2014

Market Maker

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Your capital is at risk

ATFX
Visit Broker>

Your Capital is at Risk

FCA

$100

1:200

MT4

2014

No dealing desk, STP

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Your Capital is at Risk

FP Markets
Visit Broker>

Your capital is at risk

ASIC

$100

1:500

MT5

2005

DMA, ECN

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Your capital is at risk

How to Choose a Forex Broker as a Colombian Trader

General Regulation & Colombian Regulation

The most important thing to check is if the broker is regulated. Normally, it is not enough just to have any regulator, but to be regulated by the main and most trusted regulator in the country or region. In this case, brokers in Colombia need to have a license from the Ministry of Finance under the Financial Regulation and Financial Studies Unit (URF) which was established in 2013. Overall, it is important to find out if the broker is compliant with prevailing industry standards so that you are not disadvantaged when it comes to exploiting any fresh opportunities.

Trading Platform & Software

The trading platform is basically your workspace. Therefore it is of uttermost importance to make sure that you are satisfied with the platform and software that the broker is offering. The financial transaction aspect is also very important. This includes finding out if the broker has proper deposit and withdrawal systems, any fees and restrictions on transactions and also their spreads/commissions. The key things to look out for include how user-friendly the platform is, how many assets/instruments the broker offers and how quickly the broker executes your trade (both opening and closing). Look out for re-quotes and slippage of prices. The former is unacceptable as you may be forced to attempt executing a trade number of times before it is successful, while the latter should only be expected in times of extremely high volatility in the market.

 Commissions & Spreads

Lots of brokers often pass unnecessary costs to their employees. Be sure to compare the ask and bid prices of the listed assets to make sure they are not such a big difference between them. Some brokers will disadvantage investors by refusing to fill their orders in order to profit from their losses.

 Account Types

Does the broker offer a demo account? This is very important not only to beginners who need to learn and experience the trading environment before using real money but also to experienced traders who want to simulate and test their trading strategies before applying them in real accounts. Some brokers offer extra benefits for customers who deposit a certain amount of money. If this suits your investment plan, then you can request for these options. If you are Muslim, you have the option of going with a broker that offers Islamic accounts.

Customer Service

Find out if the broker has proper customer support channels and if their response rate is acceptable as per your standards. How responsive is the customer service team in case you need to speak to them? Do they offer live chatting, how soon do they respond to emails, during what hours will they pick up your call and do they offer support in your preferred language? Some brokers even offer a dedicated line that customers can call in case of financial issue. You can be sure there is nothing more frustrating than being unable to get assistance especially when your financial investment is at stake.

Additional Services

Some brokers offer additional services such as periodic analysis, trading signals, investor education in the form of webinars, live trading rooms and even dedicated account managers who will be on hand to assist you in case you need any help.

Conclusion

There isn’t a single yardstick that can be used to recommend brokers to investors because every investor has their own unique individual goals to achieve. However, the above factors are the most important to consider while choosing the best broker for you. Additionally, as we had mentioned, it is good practice to skim through forex forums to see if any particular broker has attracted more complaints than others. Of course, you can’t please everyone and so there have to be a few disgruntled customers in every business. However, if you find a pattern, seek further clarification from the regulator or avoid the broker altogether.