Best Forex Trading Platforms And Brokers In Trinidad & Tobago 2024
Trading forex is popular in Trinidad and Tobago, where financial markets are supervised by the Central Bank (CBTT), the Trinidad and Tobago Securities and Exchange Commission (TTSEC) and the Financial Intelligence Unit (FIUTT).
Read our list to discover the best forex brokers in Trinidad and Tobago, selected by our experts as the most trustworthy firms with a great range of currency pairs, superb charting platforms and convenient deposits in Trinidad and Tobago Dollars (TTDs).
Top 10 Forex Trading Platforms In Trinidad & Tobago
These are the 10 best forex brokers that accept traders from Trinidad and Tobago according to our exhaustive hands-on testing:
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1
XM$30 No Deposit Bonus When You Register A Real Account
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50.01 Lots1:1000ASIC, CySEC, DFSA, IFSCCFDs, Forex, Stocks, Commodities, Indices, Thematic Indices, Precious Metals, EnergiesMT4, MT5, TradingCentralCredit Card, Debit Card, Skrill, Neteller, Wire Transfer, Perfect Money, Apple Pay, Google Wallet, TransferWise, Visa, M-PesaUSD, EUR, GBP, JPY -
2
Vantage50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.01 Lots1:500FCA, ASIC, FSCA, VFSCCFDs, Forex, Stocks, Indices, Commodities, ETFs, BondsProTrader, MT4, MT5, TradingView, DupliTradeSkrill, BPAY, JCB Card, AstroPay, Visa, Swift, Neteller, Wire Transfer, Credit Card, Debit Card, UnionPay, FasaPay, Sticpay, Bitwallet, VoletUSD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN -
3
IC Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$2000.01 Lots1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)ASIC, CySEC, FSA, CMACFDs, Forex, Stocks, Indices, Commodities, Bonds, Futures, CryptoMT4, MT5, cTrader, TradingView, TradingCentral, DupliTradePayPal, Skrill, Neteller, Visa, UnionPay, Wire Transfer, Rapid Transfer, Mastercard, POLi, BPAY, Credit Card, Klarna, Swift, SafeChargeUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
4
AvaTrade20% Welcome Bonus up to $10,000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail) 1:400 (Pro)ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Bonds, Crypto, Spread Betting, FuturesWebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTradeSkrill, Wire Transfer, FasaPay, Mastercard, Perfect Money, Swift, MoneyGram, Credit Card, WebMoney, JCB Card, Debit Card, Neteller, BoletoUSD, EUR, GBP, CAD, AUD -
5
PepperstoneCFDs 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:500 (Pro)FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCBCFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread BettingMT4, MT5, cTrader, TradingView, AutoChartist, DupliTradeVisa, Mastercard, Credit Card, Debit Card, PayPal, Wire Transfer, POLi, UnionPay, BPAY, Neteller, Skrill, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD -
6
Eightcap
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASIC, FCA, CySEC, SCB, CNMVCFDs, Forex, Stocks, Indices, Commodities, CryptoMT4, MT5, TradingViewNeteller, Skrill, Visa, UnionPay, Credit Card, Debit Card, Bitcoin Payments, Wire Transfer, FasaPay, BPAY, PayPal, Dragonpay, PIX PaymentUSD, EUR, GBP, CAD, AUD, NZD, SGD -
7
PrimeXBT$100 Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:1000CFDs, Cryptos, Forex, Indices, Commodities, FuturesOwnBitcoin Payments, Ethereum Payments, Credit Card, Debit CardUSD, EUR, GBP -
8
IQ OptionRISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.001 Lots1:500CFD, Forex, Crypto, Stocks, Digital OptionsOwnSkrill, Yandex Money, QIWI, Wire Transfer, Alipay, Perfect Money, MoneyGram, Credit Card, Vietcombank Transfer, Volet, Maestro, Sofort, GlobePay, BoletoUSD, EUR, GBP, ZAR -
9
IGSpread 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/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFMCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
10
FxPro
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited)FCA, CySEC, FSCA, SCB, FSCCFDs, Forex, Stocks, Indices, Commodities, FuturesFxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTradeWire Transfer, Credit Card, PayPal, Skrill, Neteller, Maestro, Mastercard, VisaUSD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN
Here is a summary of why we recommend these brokers:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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 Trading Platforms And Brokers In Trinidad & Tobago 2024 Comparison
| Broker | Forex Assets | EUR/USD Spread | Forex App Rating | Minimum Deposit | Regulator |
|---|---|---|---|---|---|
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55+ | 0.8 | / 5 | $5 | ASIC, CySEC, DFSA, IFSC |
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55+ | 0.0 | / 5 | $50 | FCA, ASIC, FSCA, VFSC |
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75 | 0.02 | / 5 | $200 | ASIC, CySEC, FSA, CMA |
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50+ | 0.9 | / 5 | $100 | ASIC, CySEC, FSCA, ISA, CBI, FSA, FSRA, BVI, ADGM, CIRO, AFM |
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100+ | 0.1 | / 5 | $0 | FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB |
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50+ | 0.0 | / 5 | $100 | ASIC, FCA, CySEC, SCB, CNMV |
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45+ | 0.1 | / 5 | $0 | - |
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60+ | 14 pips | / 5 | $10 | - |
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80+ | 0.8 | / 5 | $0 | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB, AFM |
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70+ | 1.58 pips (Ave) | / 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 Spread | 0.8 |
| EURUSD Spread | 0.8 |
| EURGBP Spread | 1.5 |
| Total Assets | 55+ |
| Leverage | 1:1000 |
| Platforms | MT4, MT5, TradingCentral |
| Account Currencies | USD, EUR, GBP, JPY |
Pros
- XM’s growing roster of 1,000+ instruments provides diverse short-term trading opportunities, with unique turbo stocks, fractional shares, and more recently thematic indices.
- 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.
- 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.
Cons
- 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.
- XM relies solely on the MetaTrader platforms for desktop trading, so there’s no in-house downloadable or web-accessible solution for a more beginner-friendly user experience with unique features.
- 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.
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 Offer | 50% Welcome Deposit Bonus, earn redeemable rewards in the Vantage Rewards scheme |
|---|---|
| GBPUSD Spread | 0.5 |
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.5 |
| Total Assets | 55+ |
| Leverage | 1:500 |
| Platforms | ProTrader, MT4, MT5, TradingView, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, HKD, SGD, PLN |
Pros
- There’s an excellent suite of day trading software, including the award-winning platforms MT4 and MT5
- It’s quick and easy to open a live account – taking less than 5 minutes
- There are no short-term strategy restrictions with hedging and scalping permitted
Cons
- The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
- Unfortunately, cryptos are only available for Australian clients
- A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
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."
IC Markets Quick Facts
| GBPUSD Spread | 0.23 |
|---|---|
| EURUSD Spread | 0.02 |
| EURGBP Spread | 0.27 |
| Total Assets | 75 |
| Leverage | 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global) |
| Platforms | MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- IC Markets offers fast and dependable 24/5 support based on firsthand experience, particularly when it comes to accounts and funding issues.
- As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
- You have access to over 2,250 CFDs across various markets, including forex, commodities, indices, stocks, bonds, and cryptocurrencies, allowing for diversified trading strategies.
Cons
- While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
- Interest isn't paid on unused cash, an increasingly popular feature found at alternatives like Interactive Brokers.
- The breadth and depth of tutorials, webinars and educational resources still need work, trailing alternatives like CMC Markets and reducing its suitability for beginners.
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."
AvaTrade Quick Facts
| Bonus Offer | 20% Welcome Bonus up to $10,000 |
|---|---|
| GBPUSD Spread | 1.5 |
| EURUSD Spread | 0.9 |
| EURGBP Spread | 1.5 |
| Total Assets | 50+ |
| Leverage | 1:30 (Retail) 1:400 (Pro) |
| Platforms | WebTrader, AvaTradeGO, AvaOptions, AvaFutures, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD |
Pros
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
- Recently introduced AvaFutures offers an alternative vehicle to speculate on over 35 markets with low day trading margins
- The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
Cons
- 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
- There is no ECN account with raw spreads
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
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."
Pepperstone Quick Facts
| GBPUSD Spread | 0.4 |
|---|---|
| EURUSD Spread | 0.1 |
| EURGBP Spread | 0.4 |
| Total Assets | 100+ |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Platforms | MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, JPY, CHF, HKD, SGD |
Pros
- Pepperstone boasts impressive execution speeds, averaging around 30ms, facilitating fast order processing and execution that’s ideal for day trading.
- Now offering spread betting through TradingView, Pepperstone provides a seamless, tax-efficient trading experience with advanced analysis tools.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
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.
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."
Eightcap Quick Facts
| GBPUSD Spread | 0.1 |
|---|---|
| EURUSD Spread | 0.0 |
| EURGBP Spread | 0.1 |
| Total Assets | 50+ |
| Leverage | 1:500 |
| Platforms | MT4, MT5, TradingView |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- With tight spreads from 0 pips, low commission fees, and high leverage up to 1:500 for certain clients, Eightcap provides cost-effective and flexible trading conditions that can accommodate an array of strategies, including day trading and scalping.
- 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.
- Despite a useful library of educational guides and e-books in Labs, Eightcap still trails IG’s comprehensive toolkit for aspiring traders with its dedicated IG Academy app and 18 course categories.
- 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.
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 Spread | Variable |
| EURUSD Spread | 0.1 |
| EURGBP Spread | Variable |
| Total Assets | 45+ |
| Leverage | 1:1000 |
| Platforms | Own |
| Account Currencies | USD, EUR, GBP |
Pros
- PrimeXBT has added fresh opportunities with new tokens for exchanging and funding, including 1Inch, Aave, and Injective.
- Ultra-fast execution speeds, averaging 7.12ms, make PrimeXBT an excellent option for day traders looking to secure the best prices in volatile markets.
- 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).
Cons
- Despite improvements, the selection of around 100+ instruments still seriously trails competitors, notably OKX with its 400+ assets.
- 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.
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."
IQ Option Quick Facts
| GBPUSD Spread | 5 pips |
|---|---|
| EURUSD Spread | 14 pips |
| EURGBP Spread | 15 pips |
| Total Assets | 60+ |
| Leverage | 1:500 |
| Platforms | Own |
| Account Currencies | USD, EUR, GBP, ZAR |
Pros
- High payouts on binary options
- Reliable 24/7 multilingual support
- Excellent range of payment methods
Cons
- €10 inactivity fee after 90 days
- No MetaTrader 4 integration
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."
IG Quick Facts
| GBPUSD Spread | 0.9 |
|---|---|
| EURUSD Spread | 0.8 |
| EURGBP Spread | 0.9 |
| Total Assets | 80+ |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, TradingView, AutoChartist, TradingCentral |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, plus recently added US-listed futures and options, providing ample diversification opportunities.
- 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.
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust.
Cons
- 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.
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests.
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."
FxPro Quick Facts
| GBPUSD Spread | 2.39 pips (Ave) |
|---|---|
| EURUSD Spread | 1.58 pips (Ave) |
| EURGBP Spread | 1.74 pips (Ave) |
| Total Assets | 70+ |
| Leverage | 1:30 (Retail), 1:500 (Pro), 1:1000 (Via Prime Ash Capital Limited) |
| Platforms | FxPro Platform, MT4, MT5, cTrader, AutoChartist, TradingCentral, DupliTrade |
| Account Currencies | USD, EUR, GBP, AUD, JPY, ZAR, CHF, PLN |
Pros
- 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
- There's an interactive learning center for beginners with tests, courses, video tutorials and webinars
- 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
- There's no copy trading service, which reduces the appeal for strategy providers looking to earn extra revenue
- There are only a handful of payment methods available, compared to the 10+ offered at top competitors like AvaTrade
How We Rate Forex Brokers In Trinidad And Tobago
Trust
Trading currencies with a proven, reliable broker in Trinidad and Tobago is of the utmost importance due to the prevalence of scams online, with the TTSEC highlighting dangers from unlicensed brokers and boiler room scams where fraudulent platforms sell worthless investment products.
To protect yourself from forex scams, we recommend brokers with licenses from respected regulatory bodies, such as the FCA in the UK and ASIC in Australia, plus a clean track record in the industry.
These brokers employ the best security measures to protect your funds and often employ safeguards such as negative balance protection to prevent you from losing more than your balance when using leverage – a popular tool among forex day traders. It’s worth checking local regulations and tax rules in Trinidad and Tobago if you do choose an international broker.
- AvaTrade achieves a very high trust score after impressing with its long-term commitment to security and row of licenses from ‘Green-Tier’ regulators like the ASIC and CySEC.
Account Funding
Trade with a forex broker that supports suitable payment options for Trinidad and Tobago and you’ll be able to quickly fund your account without overpaying for conversion, deposits or withdrawals.
While analyzing payment methods in Trinidad and Tobago, we found that local traders often prefer e-wallets like Skrill as all-in-one solutions for converting Trinidadian dollars to US dollars or other account currencies.
- XM’s account offering continues to impress with its range of 10+ accepted payment methods including Skrill, Neteller and other convenient e-wallets for Trinidadian traders.
Forex Markets
If you’re day trading forex you’ll want a wide selection of currency pairs for diverse short-term trading opportunities and less downtime.
While our benchmark for a good forex broker is at least 50 pairs, you’ll find leading platforms that offer 70 or more, featuring exotics like the USD/MXN and EUR/MXN.
Notably, Trinidadian dollars (TTD) are not widely available, so you may want to trade regional currencies from Latin America or major pairs with USD.
- IC Markets’ selection of 75 FX pairs is still one of the best available to traders in Trinidad and Tobago, who will benefit from tight spreads from 0.0 pips and lightning-fast execution averaging 35ms, ensuring reliable order executions.
Charting Platforms
Over years analyzing hundreds of forex brokers we’ve found time and again that charting platforms make the difference between a good and a great firm.
Experienced traders often choose established platforms like MetaTrader 4, MetaTrader 5, cTrader and TradingView for their sophisticated technical analysis tools and algorithmic trading support that suit fast-paced day trading strategies.
We also look for user-friendly in-house platforms as we find these are often favored by newer traders who want to quickly start trading currencies on an intuitive interface that’s often available directly through web browsers.
- FOREX.com remains our top option in Trinidad And Tobago in the tooling department thanks to its stand-out proprietary WebTrader, plus TradingView, the MetaTrader suite, and helpful extras like Autochartist and TradingCentral.
Pricing
Low fees are crucial for forex day traders who seek profit from a large volume of short-term trades. We recommend forex trading platforms with tight spreads after recording fees on the EUR/USD, GBP/USD and EUR/GBP because the spread can be the most significant hurdle you face before making a profit.
For experienced investors, finding the tightest spreads often means paying commissions on a Raw Spread account, though we’ve been pleased to see the rise in low-cost, commission-free options as well, which will appeal to newer currency traders.
We also analyze additional costs from non-trading fees as charges such as deposit/withdrawal fees can significantly cut into your profits, especially if you also need to pay for currency conversion to fund your account with Trinidadian dollars.
Trading fees are very important, but I recommend looking at the big picture and weighing these against the broker’s services. The best forex brokers in Trinidad and Tobago provide extra tools that can make a difference in planning winning trades.
- Vantage continues to deliver excellent fees for Trinidadian forex traders with spreads from 0.0 in its Raw account plus a reward scheme for active traders with rebate vouchers and profit boosts.
Methodology
To select the best forex brokers in Trinidad and Tobago, we created a shortlist of brokers that accept traders from the country and ranked them by their overall rating, which factors in these key areas:
- Checking the forex broker carries a license from a reputable regulator if not from the TTSEC.
- Testing that the forex broker supports powerful charting platforms that suit day trading strategies.
- Evaluating the markets to find brokers with currency pairs that are popular among Trinidadian traders.
- Reviewing the pricing on popular currency pairs and weighing this against the quality of the services.
- Checking the platform supports convenient payment methods that are available in Trinidad and Tobago.
FAQ
Is Forex Trading Legal In Trinidad & Tobago?
Specific regulations governing forex trading are not as comprehensive as those relating to traditional banking and financial services in Trinidad and Tobago. So, while many international brokers accept forex traders from Trinidad and Tobago, it’s advisable to consult with a legal professional familiar with the country’s latest rules.
Who Regulates Forex Trading In Trinidad & Tobago?
The Trinidad and Tobago Securities and Exchange Commission (TTSEC) is the regulator that oversees retail forex trading, while the Central Bank and Financial Intelligence Unit are responsible for overseeing other parts of the country’s financial sector.
However, the regulatory framework for forex brokers is not very developed in Trinidad and Tobago, and you’ll find many of the best forex trading platforms are regulated in other countries.
How Much Money Do I Need To Start Trading Forex In Trinidad & Tobago?
Over years reviewing hundreds of forex brokers that accept traders in Trinidad and Tobago, we’ve found that you need a maximum of US$250 – around TT$1,7000 – to sign up with most platforms, though many charge less, and you can sign up with top-rated XM for just US$5.
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Article Sources
- Trinidad and Tobago Securities and Exchange Commission (TTSEC)
- Financial Intelligence Unit of Trinidad and Tobago (FIUTT)
- Central Bank of Trinidad and Tobago (CBTT)
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