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Best Forex Brokers In Jamaica 2024

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Written By
Michael MacKenzie
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Written By
Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
» Michael MacKenzie Profile Page
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Fact Checked By
James Barra
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Fact Checked By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
Updated
Oct 8, 2024

Interest in trading currencies online has increased across Jamaica in recent years and is overseen by the Bank of Jamaica (BoJ) and the Financial Services Commission (FSC).

Explore our list of the best forex brokers in Jamaica, selected by our experts for their excellent range of currency pairs, competitive pricing, and convenient funding for deposits in the Jamaican Dollar (JMD).

5 Top Forex Brokers In Jamaica

We have exhaustively reviewed and compared brokers from our extensive database to find the best 5 forex platforms that accept traders from Jamaica:

Click a broker for details
  1. 1
    XM
    $30 No Deposit Bonus When You Register A Real Account
    Ratings
    3.8 / 5
    4.3 / 5
    4 / 5
    3.8 / 5
    3.3 / 5
    4 / 5
    4.3 / 5
    4.3 / 5
    4.7 / 5
    3.9 / 5
    $5
    0.01 Lots
    1:1000
    ASIC, CySEC, DFSA, IFSC
    CFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, Energies
    MT4, MT5, TradingCentral
    Credit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-Pesa
    USD, EUR, GBP, JPY
    Go To XM
  2. 2
    Vantage
    50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
    Ratings
    4.6 / 5
    4.5 / 5
    4.5 / 5
    4.4 / 5
    4.3 / 5
    4.4 / 5
    4 / 5
    4 / 5
    3.6 / 5
    3.9 / 5
    $50
    0.01 Lots
    1:500
    FCA, ASIC, FSCA, VFSC
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds
    ProTrader, MT4, MT5, TradingView, DupliTrade
    Skrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, Volet
    USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN
    Go To Vantage
  3. 3
    IC Markets
    Ratings
    4.6 / 5
    4 / 5
    3.5 / 5
    4.6 / 5
    4 / 5
    4.5 / 5
    4 / 5
    3.5 / 5
    3.1 / 5
    4.2 / 5
    $200
    0.01 Lots
    1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
    ASIC, CySEC, FSA, CMA
    CFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, Crypto
    MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
    PayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeCharge
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To IC Markets
  4. 4
    AvaTrade
    20% Welcome Bonus up to $10,000
    Ratings
    4.8 / 5
    4.3 / 5
    4.5 / 5
    3.8 / 5
    4.3 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    0.01 Lots
    1:30 (Retail) 1:400 (Pro)
    ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, Futures
    WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
    Skrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, Boleto
    USD, EUR, GBP, CAD, AUD
    Go To AvaTrade
  5. 5
    Pepperstone
    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. 81.8% of retail investor accounts lose money when trading CFDs.
    Ratings
    4.6 / 5
    4 / 5
    3.8 / 5
    4.4 / 5
    4.4 / 5
    4.6 / 5
    4.3 / 5
    4 / 5
    4.4 / 5
    4.1 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
    CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
    MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
    Visa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD
    Go To Pepperstone
  6. 6
    Eightcap
    Ratings
    4.3 / 5
    4 / 5
    3.6 / 5
    3.8 / 5
    4.3 / 5
    4 / 5
    3.5 / 5
    3.5 / 5
    4.8 / 5
    4.4 / 5
    $100
    0.01 Lots
    1:500
    ASIC, FCA, CySEC, SCB, CNMV
    CFDs, Forex, Stocks, Indices, Commodities, Crypto
    MT4, MT5, TradingView
    Neteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX Payment
    USD, EUR, GBP, CAD, AUD, NZD, SGD
    Go To Eightcap
  7. 7
    PrimeXBT
    $100 Deposit Bonus
    Ratings
    2.8 / 5
    3.3 / 5
    4 / 5
    4 / 5
    3.8 / 5
    3.5 / 5
    3.5 / 5
    3.5 / 5
    0 / 5
    0 / 5
    $0
    0.01 Lots
    1:1000
    CFDs, Cryptos, Forex, Indices, Commodities, Futures
    Own
    Bitcoin Payments, Ethereum Payments, Credit Card, Debit Card
    USD, EUR, GBP
    Go To PrimeXBT
  8. 8
    IQ Option
    RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
    Ratings
    3 / 5
    3 / 5
    3.5 / 5
    3 / 5
    3.3 / 5
    3 / 5
    0.8 / 5
    2.5 / 5
    4.3 / 5
    4.2 / 5
    $10
    0.001 Lots
    1:500
    CFD, Forex, Crypto, Stocks, Digital Options
    Own
    Skrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, Boleto
    USD, EUR, GBP, ZAR
    Go To IQ Option
  9. 9
    IG
    Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
    Ratings
    4.9 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.9 / 5
    4.5 / 5
    4.9 / 5
    5 / 5
    4.6 / 5
    4 / 5
    $0
    0.01 Lots
    1:30 (Retail), 1:250 (Pro)
    FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
    CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
    Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
    PayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit Card
    USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD
    Go To IG
  10. 10
    FxPro
    Ratings
    4.5 / 5
    3.8 / 5
    4.2 / 5
    4.3 / 5
    4.5 / 5
    4.1 / 5
    4.4 / 5
    4.3 / 5
    4.7 / 5
    4.3 / 5
    $100
    0.01 Lots
    1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
    FCA, CySEC, FSCA, SCB, FSC
    CFDs, Forex, Stocks, Indices, Commodities, Futures
    FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
    Wire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, Visa
    USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
    Go To FxPro

This is why we think these brokers are the best in this category:

  1. XM - XM offers a strong selection of currency pairs with no re-quotes or hidden charges, while spreads have come down over the years, now starting from 0.8 pips on the EUR/USD in the commission-free account.
  2. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  3. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  4. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  5. Pepperstone - Pepperstone offers ultra-competitive forex spreads averaging 0.12 pips on EUR/USD in the Razor account, accompanied by a diverse portfolio comprising 100+ currency pairs - an extensive selection surpassing most competitors. Additionally, Pepperstone distinguishes itself by offering three currency indices (USDX, EURX, JPYX), not commonly found among alternative platforms. Pepperstone has now won our annual 'Best Forex Broker' award twice.
  6. Eightcap - Eightcap offers 50+ currency pairs in line with the industry average but trailing category leaders like CMC Markets with its 300+ currency pairs. However, Eightcap stands out with institutional-level spreads from 0.0 pips on major pairs like the EUR/USD, alongside low $3.50/side commissions. The broker also offers rich forex data to inform trading decisions, including key fundamentals, bullish/bearish indicators and a calendar that tracks key events in the foreign exchange market.
  7. PrimeXBT - PrimeXBT offers forex trading on over 50 majors, minors and exotics with margin opportunities and zero commissions. The forex platform is fast, reliable and feature-rich based on our latest tests with 3 charts, 10 timeframes, and 91 technical studies - ideal for active trading strategies.
  8. IQ Option - IQ Option offers CFD trading on 24 forex assets, including major pairs and some minors. EU traders can access a maximum of 1:30 leverage in line with local regulations. The broker offers commission-free trades but spreads are on the high side so the brand does not excel in this area.
  9. IG - IG offers an above-average suite of 80+ currency pairs on its proprietary web platform, mobile app or MetaTrader 4, with more advanced charts and forex analysis tools available on the ProRealTime software. Forex spreads are competitive based on tests, starting from 0.1 pips on majors like the EUR/USD.
  10. FxPro - FxPro offers 70+ currency pairs with ultra-fast execution speeds and tight spreads from 0.46 pips on EUR/USD. The range of forex assets outranks many rivals, including our award winner, AvaTrade. Various short-term forex strategies are permitted, including EA trading and hedging.

Best Forex Brokers In Jamaica 2024 Comparison

Best Forex Brokers In Jamaica 2024 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator
XM logo
55+ 0.8 4.7 / 5 $5 ASIC, CySEC, DFSA, IFSC
Vantage logo
55+ 0.0 4 / 5 $50 FCA, ASIC, FSCA, VFSC
IC Markets logo
75 0.02 4.8 / 5 $200 ASIC, CySEC, FSA, CMA
AvaTrade logo
50+ 0.9 4.3 / 5 $100 ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM
Pepperstone logo
100+ 0.1 4.7 / 5 $0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
Eightcap logo
50+ 0.0 3.6 / 5 $100 ASIC, FCA, CySEC, SCB, CNMV
PrimeXBT logo
45+ 0.1 3 / 5 $0 -
IQ Option logo
60+ 14 pips 4.5 / 5 $10 -
IG logo
80+ 0.8 4.9 / 5 $0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM
FxPro logo
70+ 1.58 pips (Ave) 2.5 / 5 $100 FCA, CySEC, FSCA, SCB, FSC

XM

"With a low $5 minimum deposit, advanced charting platforms in MT4 and MT5, expanding range of markets, and a Zero account offering spreads from 0.0, XM provides all the essentials for active traders, even earning our ‘Best MT4/MT5 Broker’ award in recent years."

Christian Harris, Reviewer

XM Quick Facts

Bonus Offer$30 No Deposit Bonus When You Register A Real Account
GBPUSD Spread0.8
EURUSD Spread0.8
EURGBP Spread1.5
Total Assets55+
Leverage1:1000
PlatformsMT4, MT5, TradingCentral
Account CurrenciesUSD, EUR, GBP, JPY

Pros

  • XM stands out for its commitment to trader education, with a wealth of well-presented resources, including webinars, tutorials, and even real-time trading sessions through XM Live.
  • XM’s Zero account is ideal for day trading with spreads from 0.0 pips, 99.35% of orders executed in <1 second, and no requotes or rejections.
  • XM’s customer support has delivered over years of testing, with 24/5 assistance in 25 languages, response times of <2 minutes and now a growing Telegram channel.

Cons

  • Although trusted and generally well-regulated, the XM global entity is registered with the weak IFSC regulator and UK clients are no longer accepted, reducing its market reach.
  • XM is falling behind the curve by not offering cTrader and TradingView which are increasingly being favored over MetaTrader for their smoother user experience and superior charting packages.
  • While the XM app stands out for its usability and exclusive copy trading products, the selection of technical analysis tools needs to be improved to meet the needs of advanced traders.
Visit XM
XM Review

Vantage

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

Jemma Grist, Reviewer

Vantage Quick Facts

Bonus Offer50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
GBPUSD Spread0.5
EURUSD Spread0.0
EURGBP Spread0.5
Total Assets55+
Leverage1:500
PlatformsProTrader, MT4, MT5, TradingView, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN

Pros

  • Vantage caters to hands-off investors with beginner-friendly social trading via ZuluTrade & Myfxbook
  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side
  • The low minimum deposit of $50 and zero funding fees make this broker a great choice for new traders

Cons

  • It's a shame that some clients will need to register with the offshore entity, which offers less regulatory protection
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
Visit Vantage
Vantage Review

IC Markets

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

Christian Harris, Reviewer

IC Markets Quick Facts

GBPUSD Spread0.23
EURUSD Spread0.02
EURGBP Spread0.27
Total Assets75
Leverage1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
PlatformsMT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.

Cons

  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.
  • The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
Visit IC Markets
IC Markets Review

AvaTrade

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

Jemma Grist, Reviewer

AvaTrade Quick Facts

Bonus Offer20% Welcome Bonus up to $10,000
GBPUSD Spread1.5
EURUSD Spread0.9
EURGBP Spread1.5
Total Assets50+
Leverage1:30 (Retail) 1:400 (Pro)
PlatformsWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD

Pros

  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
  • The broker offers reliable 24/5 multilingual customer support with fast response times during testing
  • WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders

Cons

  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
  • There is no ECN account with raw spreads
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
Visit AvaTrade
AvaTrade Review

Pepperstone

"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."

Christian Harris, Reviewer

Pepperstone Quick Facts

GBPUSD Spread0.4
EURUSD Spread0.1
EURGBP Spread0.4
Total Assets100+
Leverage1:30 (Retail), 1:500 (Pro)
PlatformsMT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD

Pros

  • Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
  • Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
  • There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.

Cons

  • Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
  • Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
  • Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets, though it has introduced an intuitive copy trading app.
Visit Pepperstone
Pepperstone Review

Eightcap

"Eightcap delivers in every area for day traders with a growing selection of charting platforms, education via Labs, and AI-powered tools. Now sporting 120+ crypto CFDs, it's also become a stand-out choice for crypto trading, winning our 'Best Crypto Broker' award two years in a row."

Christian Harris, Reviewer

Eightcap Quick Facts

GBPUSD Spread0.1
EURUSD Spread0.0
EURGBP Spread0.1
Total Assets50+
Leverage1:500
PlatformsMT4, MT5, TradingView
Account CurrenciesUSD, EUR, GBP, CAD, AUD, NZD, SGD

Pros

  • After bolstering its roster in 2021, Eightcap offers one of the most extensive selections of cryptocurrency CFDs in the market, with crypto/fiat pairs, crypto/crypto pairs, plus crypto indices for broader exposure to the market.
  • Eightcap stands out with a selection of powerful trading tools and resources, including MT4 and MT5, the innovative algorithmic trading platform Capitalise.ai, and more recently the 50-million strong social trading network TradingView.
  • Having excelled across all key areas for day traders, Eightcap outperformed every competitor to win our 'Best Overall Broker' award for 2024, also securing our 'Best Crypto Broker' title.

Cons

  • In spite of an increasing variety of tools, Eightcap doesn't offer industry favorites like Autochartist or Trading Central, which offer cutting-edge charting analytics, live news, and market insights for short-term traders.
  • The demo account expires after 30 days and can only be extended upon request - a notable inconvenience compared to the likes of XM with its unlimited demo mode.
  • Eightcap needs to continue bolstering its suite of instruments to match category leaders like Blackbull Markets with its 26,000+ assets, featuring a particularly weak selection of commodities.
Visit Eightcap
Eightcap Review

PrimeXBT

"PrimeXBT is perfect for aspiring traders looking for crypto derivatives alongside traditional markets like forex and indices, all tradable on an intuitive, web-based platform. The copy trading solution is also ideal for hands-off traders with 5-star ratings and performance graphs to help you find the right trader."

William Berg, Reviewer

PrimeXBT Quick Facts

Bonus Offer$100 Deposit Bonus
GBPUSD SpreadVariable
EURUSD Spread0.1
EURGBP SpreadVariable
Total Assets45+
Leverage1:1000
PlatformsOwn
Account CurrenciesUSD, EUR, GBP

Pros

  • Maker and taker fees of at 0.01% and 0.02%, respectively, for crypto futures contracts are highly competitive within the industry.
  • The web platform and app were built for technical traders with advanced charting features, a customizable layout and multiple order types including one-cancels-the-other (OCO).
  • 24/7 customer support, available via live chat, proved excellent during testing, while the extensive help centre is perfect for self-help.

Cons

  • While common in the crypto industry, PrimeXBT lacks authorization from a trusted regulator, seriously elevating the risk for retail traders.
  • The lack of integration with established platforms like MT4 will be limiting for traders familiar with the world’s most popular forex trading software.
  • Despite improvements, the selection of around 100+ instruments still seriously trails competitors, notably OKX with its 400+ assets.
Visit PrimeXBT
PrimeXBT Review

IQ Option

"IQ Option is a good broker for beginners with a slick platform and low minimum investment. New users can also open an account in three easy steps."

William Berg, Reviewer

IQ Option Quick Facts

GBPUSD Spread5 pips
EURUSD Spread14 pips
EURGBP Spread15 pips
Total Assets60+
Leverage1:500
PlatformsOwn
Account CurrenciesUSD, EUR, GBP, ZAR

Pros

  • Excellent range of payment methods
  • Access to IQ Option community
  • iOS & Android compatible app

Cons

  • No MetaTrader 4 integration
  • €10 inactivity fee after 90 days
Visit IQ Option
IQ Option Review

IG

"IG continues to provide a comprehensive package with an intuitive web platform, best-in-class education for beginners, advanced charting tools bolstered by its recent TradingView integration, real-time data, and fast execution speeds for experienced day traders."

Christian Harris, Reviewer

IG Quick Facts

GBPUSD Spread0.9
EURUSD Spread0.8
EURGBP Spread0.9
Total Assets80+
Leverage1:30 (Retail), 1:250 (Pro)
PlatformsWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD

Pros

  • The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading, while IG has also added TradingView integration.
  • The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met.
  • The IG app offers a superb mobile trading experience with a clean design that helped it secure Runner Up at our 'Best Trading App' award.

Cons

  • Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges.
  • IG has discontinued its swap-free account, reducing its appeal to Islamic traders.
  • While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients.
Visit IG
IG Review

FxPro

"FxPro is best for experienced traders looking for wide market access, premium research tools and advanced charting platforms. The competitive fees and fast execution will serve serious short-term traders, whilst the BnkPro investment service will appeal to those looking for long-term e-money solutions."

William Berg, Reviewer

FxPro Quick Facts

GBPUSD Spread2.39 pips (Ave)
EURUSD Spread1.58 pips (Ave)
EURGBP Spread1.74 pips (Ave)
Total Assets70+
Leverage1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)
PlatformsFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade
Account CurrenciesUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN

Pros

  • Thousands of CFDs are available across 6 asset classes with a particularly impressive range of indices and precious metals
  • There are 4 superior day trading platforms, including a proprietary solution with over 50 indicators, 7 chart types and an impressive 15 chart time frames
  • Comprehensive analysis and trading tools are available for seasoned traders, including signals powered by Trading Central and VPS hosting

Cons

  • The broker charges a $10 inactivity fee after 6 months of account dormancy, though this is more lenient than many brokers
  • FxPro's services are mainly geared towards experienced investors and beginners may find the broker's fees and accounts complex
  • There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
Visit FxPro
FxPro Review

How We Rate Forex Brokers In Jamaica

Trust

The most important step when choosing a forex broker should always be to make sure it’s a legitimate outfit. This is especially important given that Jamaica’s FSC has warned of fraudulent investment schemes that promise “guaranteed high returns” but are built on shady operations.

That’s why we only recommend forex trading platforms we trust, after balancing their regulatory credentials with their years in the industry and our own observations during the testing process.

  • AvaTrade stands out with a 4.9/5 trust rating owing to its 20-year track record of providing secure forex trading services and licenses from ‘Green-Tier’ regulators, notably the ASIC and CySEC.

Forex Markets

Jamaican Dollars are not commonly traded online, especially compared to leading currencies like the US Dollar and Euro.

However, the best forex brokers still provide a wide selection of forex pairs, providing short-term trading opportunities on a diverse range of currencies and economies, for example, those from nearby Latin America and North America.

Our minimum expectation for a good forex broker is 50 currency pairs, but you’ll find outstanding platforms with 70, 80 or more pairs, catering to advanced traders looking to speculate on volatile exotics, such as the USD/MXN.

  • FOREX.com’s 80+ currency pairs remain the best range in our toplist for forex traders in Jamaica, including assets from Latin America, notably the USD/MXN, EUR/MXN and GBP/MXN.

Trading Fees

Choosing a forex broker with excellent pricing, notably tight spreads and low to zero commissions, is critical for short-term currency traders in Jamaica. Even small differences in fees will add up over time, impacting your overall profitability.

That’s why for every forex trading platform we test, we record and assess spreads on popular currency pairs, notably the EUR/USD, EUR/GBP and GBP/USD. Then we investigate non-trading fees, for instance, conversion charges if you fund your forex account in Jamaican Dollars.

Finally, we balance price with quality. This is because we’ve learned that sometimes it can be prudent to pay more for analyst insights and financial calendars that highlight economic releases that could affect the value of the Jamaican Dollar, for example.

  • IC Markets maintains its position as one of the lowest-cost forex brokers in Jamaica, featuring consistently low spreads of 0.1 pips on the EUR/USD, alongside cash rebates up to $2.50 per forex lot for active traders.

Charting Platforms

Selecting a forex trading platform with well-designed, reliable charting tools is essential, especially for short-term trading strategies.

Powerful third-party options, such as MetaTrader 4 and MetaTrader 5, are our top picks for experienced forex traders because they provide sophisticated tools for planning and executing fast-paced strategies, including support for automated forex trading.

However, newer options like TradingView offer similarly powerful charting tools but with a more user-friendly design and a huge social investment network.

Jamaican Dollar/US Dollar forex trading chart at TradingView
TradingView – JMD/USD Chart

We test the trading platforms of every forex broker we recommend to Jamaican traders, evaluating their usability, analytical tools and the overall environment for day traders.

  • Vantage stands out with MT4, MT5 and TradingView, plus its own ProTrader solution that sports a slick design we love using with an excellent charting package, integrated technical summaries, analyst views and financial news.

Account Funding

Most forex brokers do not support accounts in Jamaican Dollars (JMD), meaning you may need to transfer funds to an account based in the US Dollar (USD), for example. As such, it’s important to have access to secure and convenient deposit methods.

Despite cash remaining prevalent in Jamaica, Our Today reported growing interest in electronic payment methods and mobile wallets, with Lynk emerging as the most popular funding option.

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Jeton is also available in Jamaica and allows for convenient transfers to online forex brokers.

As well as checking forex brokers support convenient deposits and withdrawals, we also verify that the minimum deposit is accessible. Our findings show most forex brokers accept traders from Jamaica with a minimum deposit up to 250 USD, around 40,000 JMD.

  • Fusion Markets stands out with its 15+ payment methods, including convenient options for Jamaican forex traders like Jeton. There is also no minimum deposit, catering to budget traders.

Methodology

To identify the top forex trading platforms in Jamaica, we first found all the brokers accepting Jamaican traders and then ranked them by their total rating, which considers key areas, notably:DayTrading.com broker testing methodology overview

  • Licenses from trusted regulators, if not the BoJ or FSC then top-tier bodies in other jurisdictions.
  • A great range of currency pairs, including those of interest to Jamaicans from Latin America and the US.
  • Secure, hassle-free deposits for Jamaican forex traders, including accessible minimum investments of <$250.
  • Easy-to-use charting platforms with analytical tools to help capitalize on short-term trading opportunities in the foreign exchange market.
  • Excellent trading fees with tight spreads on popular currency pairs and no hidden charges.

FAQ

Forex trading is legal in Jamaica. However, the country’s financial regulators are less active than many bodies, such as the FCA in the UK or ASIC in Australia. As a result, many Jamaicans sign up with international forex brokers.

Make sure you pay any taxes due on forex trading in line with the Tax Administration Jamaica.

Who Regulates Forex Trading In Jamaica?

Jamaica’s financial markets are overseen by the Bank of Jamaica (BoJ) and the Financial Services Commission (FSC), including brokers that offer retail investors access to the foreign exchange market.

How Much Money Do I Need To Start Day Trading Forex In Jamaica?

After years of reviewing forex brokers in Jamaica we’ve found that most reputable trading platforms have a minimum deposit of up to 250 USD, around 40,000 JMD.

That said, XM is one of the highest-rated forex brokers in Jamaica and only requires a $5 deposit, around 750 JMD, making it an excellent option for traders with less starting capital.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com