Best Forex brokers for beginners in Sri Lanka in 2024

1
8.28
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76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.
2
6.87
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3
7.19
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Traders Union (TU) analysts have prepared a comparative analysis of the best brokers Sri Lanka in 2024. Experts performed the analysis taking into account the specifics of trading in the country. In their evaluation, TU experts use over 100 criteria that are split into groups. They have collected all the necessary data providing a possibility for novice traders from Sri Lanka to give an unbiased evaluation to a broker. Using this information, a user can choose the company that meets his criteria.

The Most Reliable Brokers Sri Lanka by TU include the following:

1
8.28
VISIT BROKER
Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

FBS is a broker for those who appreciate a variety of trading instruments and prompt support. The company is suitable for both beginners and experienced traders working on PCs and smartphones.

2
6.87
VISIT BROKER
Your capital is at risk.

Pocket Option is an unregulated broker focused on cooperating with professional traders who do not need training or additional bonuses.

3
7.19
VISIT BROKER
Your capital is at risk.

TeleTrade is a broker for traders who value the variety of trading instruments and trade using their PC or a mobile app. The company is a good broker both for beginners and experienced traders.

4
8.28
VISIT BROKER
Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

XM Broker is a broker for professional trading. Trading conditions correspond to the average market; there are technical advantages that distinguish XM Broker from its competitors.

5
6.08
VISIT BROKER
Your capital is at risk.

The broker is suitable for traders with a basic trading experience, who are prepared to start trading on a real account right away.

Best forex brokers for beginners in Sri Lanka in 2024

FBS Pocket Option TeleTrade XM Group 4XC

Trading platform

MetaTrader 4, MetaTrader 5, FBS Trader

МТ5, proprietary platform

MT4, МТ5

МТ4, МТ5 (desktop, web, and mobile versions), and XM App for smartphones and tablets

MT4, MT5, Webtrader

Min deposit

$1

$5

$1

$5

$50

Leverage

From 1:1
to 1:2000

From 1:1
to 1:1000

From 1:1
to 1:10

From 1:1
to 1:30

From 1:1
to 1:500

Trust management

No

No

No

No

No

Accrual of % on the balance

0.00%

0.00%

0.00%

0.00%

0.00%

Spread

From 0.2 points

From 1.2 points

From 0.8 points

From 0.6 points

From 0.0 points

Level of margin call / stop out

40% / 20%

30% / 50%

70% / 20%

100% / 50%

100% / 50%

Execution of orders

Market Execution

Market Execution

Market Execution, Instant Execution

Market Execution

Market Execution

No deposit bonus

$5

No

No

No

$50

Cent accounts

Yes

No

No

Yes

No

There are certain specifics in trading, which novice traders residing in the territory of Sri Lanka need to know about:

  • Novice traders need educational courses. The bigger the educational blocks, the more useful knowledge you will gain.

  • Take notice of the availability of a demo account or a cent account. Traders can use these accounts to practice without considerable costs. A demo account allows you to work with virtual money, and a cent account - with micro lots, where your profit or loss amounts to just several dollars or even cents.

  • When choosing a broker, it is important to evaluate its fees schedule. Novice traders should check out the fees on cent or basic accounts.

  • If a novice trader professes Islam, he needs to make sure that an Islamic account is available. it is a special swap-free account that does not violate the Sharia law.

1
Best Forex broker for beginners in Sri Lanka - FBS

FBS (fbs.com) is an international broker operating in 190 countries. The brokerage company has been on the market for over 10 years, and during this time it has earned about 40 international awards. It is regulated by the CySEC under license number 331/17 and provides flexible conditions for Forex trading. In addition to classic currency pairs, the company's clients can trade indices, futures contracts, exotic currencies, and metals. FBS is especially popular in Asian countries such as India, Malaysia and Indonesia.

👍 Advantages of trading with FBS for traders from Sri Lanka:

negative balance protection;

a large selection of trading instruments;

the support service works 24/7.

👎 Disadvantages of FBS for traders from Sri Lanka:

no cryptocurrency;

auto copying is not available;

no PAMM accounts;

not suitable for short-term trading, such as scalping;

the support service works in a limited number of languages;

only two real accounts.

FBS Commissions & Fees for traders from Sri Lanka

FBS charges trading fees. The fees are charged as the spread. In the fees review for traders from Sri Lanka, you can learn about their rates depending on the account type.

FBS Commissions and Fees in Sri Lanka

Account type Spread (minimum value) Withdrawal commision

Standard

From $1.7

No

Cent

From $1.3

No

VISIT BROKER
Your capital is at risk.
76.5% of retail accounts lose money when trading ᏟᖴᎠs with this provider.

2
Best Forex broker for beginners in Sri Lanka - Pocket Option

The Pocket Option broker is part of Gembell Limited holding, which was founded by a group of professionals seasoned in trading and investment activities. The company is mass-market requirements-based, therefore, it provides quality services to binary options trading in the OTC market access. The broker strives to make the trading process as simple, clear, and convenient as possible. For this reason, Pocket Option has developed a unique trading platform to ensure stable trading for traders and investors. How to sign up and start trading

👍 Advantages of trading with Pocket Option for traders from Sri Lanka:

low threshold for entering the market; the first deposit starts at $5;

social trading platform generates passive income.

👎 Disadvantages of Pocket Option for traders from Sri Lanka:

not licensed by any reputable regulator;

to trade Forex through MetaTrader 5, you need to deposit at least $1,000;

support service responds within 24-48 hours, which is also too slow.

Pocket Option Commissions & Fees for traders from Sri Lanka

Pocket Option charges trading fees. The fees are charged as the spread. In the fees review for traders from Sri Lanka, you can learn about their rates depending on the account type.

Pocket Option Commissions and Fees in Sri Lanka

Account type Spread (minimum value) Withdrawal commision

Novice trader

No

Yes, when withdrawal with Perfect Money

Beginner

No

Yes, when withdrawal with Perfect Money

Experienced

No

Yes, when withdrawal with Perfect Money

Master

No

Yes, when withdrawal with Perfect Money

Professional

No

Yes, when withdrawal with Perfect Money

Expert

No

Yes, when withdrawal with Perfect Money

MT5 Forex

From 1.1 pips

Yes, when withdrawal with Perfect Money

VISIT BROKER
Your capital is at risk.

3
Best Forex broker for beginners in Sri Lanka - TeleTrade

TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.

👍 Advantages of trading with TeleTrade for traders from Sri Lanka:

detailed analytical section;

informative educational section.

👎 Disadvantages of TeleTrade for traders from Sri Lanka:

no PAMM accounts or other money management options;

a small range of trading instruments;

few withdrawal options;

support is available 24/5;

withdrawals delayed;

technical support responds slowly;

sometimes it takes a long time to verify data.

TeleTrade Commissions & Fees for traders from Sri Lanka

TeleTrade charges trading fees. The fees are charged as the spread. In the fees review for traders from Sri Lanka, you can learn about their rates depending on the account type.

TeleTrade Commissions and Fees in Sri Lanka

Account type Spread (minimum value) Withdrawal commision

Standard ECN

$17

No

Professional NDD

$9

No

Sharp ECN CENT

$2

No

Cryptocurrency account

$3

VISIT BROKER
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4
Best Forex broker for beginners in Sri Lanka - XM Group

XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. XM is reliable and safe. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted more than 5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders. XM Profile Details

👍 Advantages of trading with XM Group for traders from Sri Lanka:

XM Broker guarantees 100% execution of orders, 99,35% of orders delivered nearly instantly. No requotes guaranteed;

no “markup” on narrow market spreads (broker's margins over the spread);

over 1,000 trading instruments. Available for trading are: more than 55 currency pairs, including CFDs on cross rates, metals (including palladium and platinum), commodities (cocoa, cotton, grain), stocks;

no commission for replenishment and withdrawal of money. XM Broker incurs all commission costs of payment systems;

around the clock support for 5 days a week in more than 30 languages.

👎 Disadvantages of XM Group for traders from Sri Lanka:

passive investment services (social trading platform, PAMM accounts);

expanding their limited choice of trading platforms. Despite the fact that the broker offers 16 terminals, all of them are modifications of MT4 and MT5 for desktop, browser and mobile trading.

XM Group Commissions & Fees for traders from Sri Lanka

XM Group charges trading fees. The fees are charged as the spread. In the fees review for traders from Sri Lanka, you can learn about their rates depending on the account type.

XM Group Commissions and Fees in Sri Lanka

Account type Spread (minimum value) Withdrawal commision

XM Ultra Low Micro

From 6 USD

No

XM Ultra Low Standard

From 6 USD

No

VISIT BROKER
Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider.

5
Best Forex broker for beginners in Sri Lanka - 4XC

4XC is a reliable broker with the FSC license MC03/2018 . With 4XC, customers can trade on MT4, MT5, mobile apps, and Webtrader and get access to trade CFDs on Forex, Precious Metals, Stocks, Indices, Oil, and Cryptocurrencies. 4XC offers live trading or trust management options. The company is loyal to any kind of trading strategies creating a friendly trading environment for every customer.

👍 Advantages of trading with 4XC for traders from Sri Lanka:

Attractive trading conditions for beginners. Minimum deposit is USD 50 with leverage up to 1:500. This amount is enough to open a position on some assets within the rules of risk management;

Relatively narrow spread: from 1 pips on the Standard ECN account;

Good educational opportunities: structured courses for beginners, advanced traders and experts.

👎 Disadvantages of 4XC for traders from Sri Lanka:

Withdrawal fee (except for the VIP account). Withdrawals are limited to one transaction per day;

The FAQ section does not fully answer the questions of a potential trader.

4XC Commissions & Fees for traders from Sri Lanka

4XC charges trading fees. The fees are charged as the spread. In the fees review for traders from Sri Lanka, you can learn about their rates depending on the account type.

4XC Commissions and Fees in Sri Lanka

Account type Spread (minimum value) Withdrawal commision

Standard

from USD 10

0.5-3%

Pro

USD 0

0.5-3%

VIP

USD 0

no

VISIT BROKER
Your capital is at risk.

Fees and Commissions

When choosing a broker, it is very important to evaluated the structure of its fees. The fees are the main source of income for brokerage companies.

The brokers usually charge two finds of fees: spread and lot fee.

Spread is more popular than the lot fee. However, the type of fee depends on the trading account. Make sure you review the conditions.

The lowest spreads are always found on ECN accounts. Availability of such account types is an important advantage for any broker.

The type of fees can depend on your trading strategy, but a detailed calculation needs to be performed anyway.

The fees charged by brokers often vary depending on the trading account type and also the instruments a trader works with. The higher the popularity and liquidity of certain instruments, the narrower the spreads or the lower the fees per lot.

Summary

Choosing the right broker is not a simple task for new traders in Sri Lanka, as they have to take into account many nuances. Each of those could considerably impact your trading successes or your profit. Trading instruments that the broker offers traders from Sri Lanka, trading conditions and the quality of educational materials need to be evaluated. Availability of a demo account or a cent account you can use to practice is an important advantage. Keep in mind that before opening a position, you need to assess its risk level.

Top Forex brokers for beginners in 2024 for traders from Sri Lanka

FBS Pocket Option TeleTrade XM Group 4XC

Overall score

8.28

6.87

7.19

8.28

6.08

Execution of orders

9.5

9.52

3.21

9.35

4.41

Investment instruments

6.96

4.29

6.7

8.7

5.51

Withdrawal speed

9.57

9.64

7.79

7.9

8.47

Customer Support work

7.58

4.38

8.41

8.5

6.12

Variety of instruments

7.02

6.01

8.75

8.02

8.02

Trading platform

9.03

7.38

8.29

7.2

3.95

FAQ

What amount does a novice trader need in order to start trading?

It depends on the account type. For a cent account, USD 50 is enough. For trading on a real account, it is better to deposit at least $300-500.

How do I choose a reliable broker Sri Lanka?

According to the requirements of country Sri Lanka, a broker must disclose all information, including the name, registration data, legal address, etc. License for financial activity is the key document.

Should I accept the bonuses for beginners?

Bonuses for beginners can make trading more profitable, but before accepting a bonus, make sure you read the conditions for receiving bonuses by traders from Sri Lanka.

Can a beginner earn passive income in the Forex market while he is learning?

Yes. For example, you can use PAMM accounts or copy trading platforms. Make sure that these kinds of investment opportunities are available for traders from Sri Lanka.

Team that worked on the article

Mikhail Vnuchkov
Author at Traders Union

Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.

The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.

Mikhail’s motto: Learn something new and share your experience – never stop!

Olga Shendetskaya
Author and editor at Traders Union

Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.

Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.

Olga’s motto: Do well and you’ll be well!