Best Forex Brokers in Peru of 2023

CFD trading is rapidly gaining popularity in Peru, with a variety of brokers extending their services to clients based in the country. Forex trading is a legal practice and is devoid of specific regulations for brokers within the country. Therefore, clients based in Peru must rely on the foreign-regulated entities offered by their chosen broker.

Selecting the right broker is a crucial step to financial success. Traders should carefully assess key aspects, such as regulation, fees, available instruments, trading platforms, and more. FX Empire is an industry leader with over than a decade of experience reviewing forex brokers. Through our unique methodology, evaluating over 250 factors across nine key categories, we help you find the most suitable forex brokers for your trading goals.

Considering the different needs of traders, we have broken down this list into five primary categories.

List Of The Best Forex Brokers In Peru

• IC Markets — Best Overall
  Low spreads. Spanish version of the website. MetaTrader 4&5, CTrader. Suits high-volume traders, scalpers, and robots.
• FP Markets — Best for Professional Traders
  Well-regulated broker. 13000+ tradable assets. Competitive spreads. Range of platforms. Spanish version of the website.
• FXTM — Best for Beginners
  Spanish version of the website. FCA, CySEC regulated. Several account types. VPS hosting. User-friendly mobile app.
• GO Markets — Best MT4
  Spanish version of the website. Low-to-average spreads, swaps, and commission. Multiple payment methods, processing times are generally low, no handling fees. MT4 Genesis. Trading Central, a-Quant, Myfxbook, Autochartist.
• CPT Markets — Best Low Spreads
  Competitive spreads. Commission-free and swap-free trading. Free deposits and withdrawals. Third-party tools. High maximum leverage (at 1:500).

How Did FX Empire Select The Best Brokers In Peru?

To choose the best brokers in Peru, we used the FX Empire 250-point rating system to find the leaders in each category. We focused on the following key features:

• We selected brokers with top-tier regulations.
• We prioritized brokers that provide bonuses and promotions for Peruvian clients.
• We listed trustworthy brokers.
• We chose brokers that offer low fees.
• We preferred brokers that have friendly and feature-rich platforms.
• We focused on brokers that provide localization in terms of the website and customer support language, as well as payment methods.

Our team of experts has identified each broker’s strengths and weaknesses using FX Empire’s comprehensive methodology. I then explored and analyzed all our findings along with my 16 years of experience in forex trading to select the best brokers for Peruvian traders in various categories. Here’s how we test.

Now, let’s explore the selected brokers.

How to Choose the Best Forex Broker in Peru?

Use our guide to choose the best forex broker in Peru according to your needs.

How to choose a safe broker as a Peru-based trader?

The process of choosing a broker begins with learning where your potential broker is regulated. Peru-based traders have access to the global entities of brokers. Such entities are usually regulated by offshore regulators.

Such regulators do not have strict limits on leverage, so traders will have access to high leverage levels. At the same time, they should not count on any compensation schemes, so if a broker has financial issues, they’ll be on their own.

What fees should you focus on when choosing the broker?

Typically, brokers charge spreads, commissions, swap/rollover fees, and inactivity fees.

• The spread is the difference between the bid and the ask price. The higher the spread, the more you pay for the trade. We consider spreads below 1 pip for EUR/USD and 3 pips for GBP/JPY to be low. Check out our guide for the best forex brokers with lowest spreads.
• A commission is a fixed cost of entering the trade. Usually, accounts that charge commissions offer low spreads. For instance, for forex pairs and gold commissions below $3 are considered to be low.
• A swap/rollover fee is charged when you hold a leveraged position overnight. Traders should pay extra attention to these fees if they plan to use swing trading strategies, which involve holding positions for several days or even weeks. For forex pairs, a swap rate below 0.5 pips is viewed as a good result.
• An inactivity fee is a fee that is charged by the broker if your account is dormant. In this case, a certain amount of money is charged on a monthly basis. An inactivity fee below $10 is considered to be low.

How to choose the right account for trading in Peru ?

As a Peru-based trader, you should understand the difference between various types of accounts.

• Demo accounts are used for practice without risking real money. Such accounts are highly recommended for novice traders making their first steps in trading.
• Spread-based accounts typically charge spreads and swap/rollover fees. These accounts usually represent a good choice for traders whose trading volume is expected to be relatively modest.
• Commission-based accounts charge commissions in addition to spreads and swap/rollover fees. Usually, spreads are tight in such accounts. These accounts are suitable for traders whose trading volume is expected to be high.
• On Islamic accounts, swap/rollover fees are not charged to insure compliance with Sharia law.
• Professional accounts usually have a high minimum deposit and offer access to high leverage that most professional traders are looking for.

How to choose a trading platform in Peru?

Typically, most brokers provide access to MetaTrader4 and/or MetaTrader5. Those are sophisticated platforms with a variety of tools tailored mainly for experienced traders, hence, beginners may have to spend some time learning the ropes.

Some brokers have also developed in-house trading platforms. Usually, such platforms are focused on the needs of different levels of traders. They are easy to navigate and simple to use.

The choice of trading platform depends on personal preferences and trading experience. In my opinion, for novice traders it’s better to start with a user-friendly platform or a mobile app, whereas experienced traders typically opt for MT4/MT5. Read more about each trading platform in our detailed guides on the best MT4 brokers, best MT5 brokers, and best cTrader brokers.

What leverage is available for traders in Peru?

Leverage provides traders with the opportunity to boost their profits through the use of borrowed funds. The greater the leverage, the higher your potential profits may be. However, leverage can be a double-edged sword; utilizing it can also amplify potential losses. Thus, beginners will be better off starting with low levels of leverage to avoid outsized losses.

The maximum potential leverage that the broker can offer is determined by the regulator. As Peru-based traders have access to broker’s global entities, they will deal with offshore regulators that do not put special limits on the leverage that is given to retail clients. Thus, the leverage can be as high as 1:3000. Note that it’s necessary to consider your risk tolerance and trading strategy before engaging in high-leverage trading. In addition, traders should note that offshore regulators offer fewer protections.

What to avoid when choosing a broker in Peru?

Based on my trading experience, I have outlined the five things to avoid when choosing a broker in Peru:

• Neglecting to verify regulatory compliance.
• Overlooking broker fees, such as spreads, commissions, and swap rates.
• Selecting an account type that does not align with your requirements.
• Skipping to review the range of instruments provided by the broker.
• Avoiding straight communication with the support team before opening an account.

How to avoid forex scams?

To safeguard yourself against forex scams, follow these essential guidelines:

• Research and choose a reputable broker: Conduct thorough research to identify a broker with a solid reputation and a history of regulatory compliance. Verify its credentials and look for reviews or testimonials from reliable sources.
• Check the regulatory status: Ensure that the broker you select is regulated by a recognized financial authority. This oversight provides a decent level of protection and ensures adherence to industry standards.
• Be cautious of unrealistic promises: Beware of brokers or investment schemes that promise guaranteed high returns or low-risk opportunities. Forex trading involves inherent risks, and legitimate brokers will not make unrealistic claims.
• Avoid unregulated entities: Steer clear of unregulated brokers or those operating from offshore jurisdictions with weak regulations. Regulatory oversight helps protect your funds and ensures fair trading practices.
• Understand the terms and conditions: Read and comprehend the broker’s terms and conditions, including fee structures, withdrawal policies, and any potential hidden costs. Beware of brokers that make it difficult to access or withdraw your funds.
• Use secure payment methods: Choose reputable payment methods that offer additional security layers, such as bank transfers or established electronic payment systems. Avoid dealing with brokers that solely accept cryptocurrency or other non-traceable forms of payment.
• Stay informed and educated: Continuously educate yourself about forex trading and stay updated on market trends and news. This knowledge will empower you to make informed decisions and identify potential scams.
• Trust your instincts: If something seems too good to be true or raises suspicions, trust your gut instinct and exercise caution. Take time to seek advice from trusted financial professionals or consult with experienced traders before making any decisions.

Moreover, for a more guided approach, consider referring to our detailed list of trustworthy brokers categorized by jurisdiction, accessible here.

Our Methodology

FX Empire, with a history dating back to 2010, has established itself as a reputable authority in broker reviews. Our extensive experience in evaluating CFD brokers, spanning over a decade, has led us to develop a meticulous and comprehensive review strategy. Adhering to stringent guidelines for editorial integrity, we consistently uphold our commitment to deliver unbiased evaluations.

We follow a diligent protocol for our review process, integrating objective criteria and quantifiable data. This methodical approach allows us to generate a justified score that accurately reflects the performance of a broker. Our mission is to provide traders with a thorough and unbiased review, empowering you to make well-informed decisions aligned with your specific needs.

To choose the best brokers for you, we rate them across nine categories and calculate a score that reflects their performance.

The categories include:

• Trust and Stability
• Fees
• Platform and Tools
• Tradable Instruments
• Account Types
• Deposit and Withdrawal
• Research
• Customer Support
• Education.

We open accounts, test platforms, measure spreads, and chat with support teams to collect as much data as we can for each broker. Overall, we evaluate brokers based on more than 250 distinct data points.

In this article, I focused on forex brokers that are best suited for Peruvian traders. I have given priority to brokers offering specific features, such as customer support and website accessibility in the Spanish language, the availability of local deposit and withdrawal methods, as well as bonuses and promotions tailored to Peruvian clients.

Every category receives a rating from one star (weak) to five stars (excellent). The broker’s total score depends on its performance in each of these nine categories.

We highlight each broker’s strengths and weaknesses, explain regulatory details, and share the results of our live tests of brokers’ fees, customer support, and trading platforms. To learn more about our review process, click here.

Meet our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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