Best Forex Brokers in Columbia
The best Forex broker in Columbia is RoboForex
The best Forex brokers in Colombia:
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1
RoboForex - best for beginners and professional Forex traders
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2
IC Markets - best for quick order matching, huge trading volume
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3
Exness - best tight spread Forex broker
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4
FxPro - best regulated CFD and Forex broker
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5
VantageFX - best for ECN trading enthusiasts
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6
OctaFX - best for Forex newbies
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7
XM Broker - best low spread broker
The best online brokers in Columbia are those whose services are beneficial to both experienced and inexperienced traders. These brokers integrate excellent Forex trading tools. These include a top trading platform, different account types, copy trading services, demo accounts, trading software, indicators, etc.
The best brokers for Forex trading in Columbia are regulated and integrate features that can make a novice trader professional in a short time. So when choosing a Forex broker in Columbia, traders should always consider brokers that make their user’s trading success a top priority.
The sheer number of Forex trading apps providing trading services in Columbia makes finding the best Forex brokers challenging. But you will have less work to do after reading this article, as TU experts present you with the 7 top Forex brokers in Columbia.
The best brokers for Forex trading in Columbia compared
Comparing 3 to 5 Forex brokers before signing up is among the top tips for potential traders learning how to choose a Forex broker. Comparing Forex brokers is recommended since these brokers have different service offerings and costs. So you need to ensure the brokers you choose meet your trading needs. Traders can compare brokers by considering each broker's minimum deposits, regulators, types of accounts, leverage, commissions, etc.
Below is a table where the best Forex brokers in Columbia are compared based on their services:
| Position | Rating score | Trading Firm | Minimum Deposit | Regulation | Bonus for deposit | Open an account | Add to comparison |
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Minimum Deposit: $10 | Regulation: IFSC | Bonus for deposit: 120% |
Open an Account
STUDY REVIEW
Your capital is at risk.
58.42% of retail investor accounts lose money when trading CFDs with this provider. |
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Minimum Deposit: $200 | Regulation: SFSA, ASIC, CySEC | Bonus for deposit: 0% |
Open an Account
STUDY REVIEW
Your capital is at risk.
75.93% of retail investor accounts lose money when trading CFDs with this provider. |
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Minimum Deposit: $1 | Regulation: CySEC, FCA | Bonus for deposit: 0% |
Open an Account
STUDY REVIEW
Your capital is at risk.
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4
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Minimum Deposit: 100$ | Regulation: FCA, CYSEC, FSCA, SCB | Bonus for deposit: 0% |
Open an Account
STUDY REVIEW
Your capital is at risk.
79.27% of retail investor accounts lose money when trading CFDs with this provider. |
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5
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Minimum Deposit: $200 | Regulation: CIMA, ASIC, FCA | Bonus for deposit: 0% |
Open an Account
STUDY REVIEW
Your capital is at risk.
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6
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Minimum Deposit: $25 | Regulation: CySEC | Bonus for deposit: 50% |
Open an Account
STUDY REVIEW
Your capital is at risk.
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7
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Minimum Deposit: from $5 | Regulation: ASIC, FSC, CySEC, DFSA | Bonus for deposit: 0% |
Open an Account
STUDY REVIEW
Your capital is at risk.
77.74% of retail investor accounts lose money when trading CFDs with this provider. |
RoboForex
RoboForex is among the best Forex brokers in Columbia and meets the needs of traders of different levels. To achieve this, they offer traders attractive trading opportunities, small minimum deposits, trading assistant tools, etc. The most reputable financial market professionals recognize them as trustworthy partners and top-regulated brokers.
Again, RoboForex Standard Accounts have no fees, making it the best broker for beginners. As for ECN accounts, the fee is $2 per lot, substantially lower than the average in the industry. You may also be interested in reviews about RoboForex from clients in Colombia.
Extra features
Regulators: IFSC
Copy trading platform: Yes (CopyFX)
Minimum deposit: $10
Free VPS server: Yes
Trading platforms: MT4, MT5, cTrader, R StocksTrader, R MobileTrader, and R WebTrader
Leverage: 1:2000
Demo accounts: Yes
Instruments:
- Forex (currency pairs)
- Index CFDs
- ETFs
- Cryptocurrency CFDs
- Oil CFDs
- Real securities
- CFD on European and U.S. stocks
👍 Pros
•Low commissions and tight spreads
•Low minimum deposits and immediate cash withdrawals are available
•No-deposit bonus of $30
•12,000+ trading instruments
•RoboForex provides investors with a demo and an Islamic account
👎 Cons
•The R StocksTrader platform has a dearth of cryptocurrency trading tools
IC Markets
IC Market is another top Forex broker in Columbia and a top choice for automated traders. It is also the best Forex broker for traders seeking low-cost Forex/CFD trading platforms. This broker has a competitive product selection and a flexible fee structure, offering very tight spreads with a reasonable commission.
The account opening process is easy, and there are surplus payment options. For the Standard account, pip values begin at 0.6, while they are 0 for the cTrader and Raw Spread accounts. Read more about IC Markets reviews from clients in Colombia.
Extra features
Copy trading platform: Yes
Minimum deposit: $200
Free VPS server: Yes
Trading platforms: MT4, MT5, cTrader
Leverage: 1:1 to 1:500
Demo accounts: Yes
Instruments:
- Currency pairs
- CFDs on futures
- Indices
- Commodities
- Metals
- Stocks
- Bonds
- Cryptocurrencies
👍 Pros
•Swift execution of orders
•Over 2,100 instruments
•Excellent customer service
•Numerous analytical training resources are readily available
•It is permitted to use trading advisors and mobile trading apps
👎 Cons
•Since stocks, ETFs, and funds cannot be traded, IC Markets is not advised for long-term investors
Exness
Exness is another top Forex broker in Columbia recommended for Forex and CFD traders. This broker provides users access to the best trading platforms to trade currency pairs, cryptocurrencies, stocks, indices, metals, and commodities. It is among the best online brokers in Columbia, considering the number of accounts traders can sign up for on the platform. You may also be interested in reviews about Exness from clients in Colombia.
When a trader opens 10 positions and trades at least 5 lots, their leverage increases to 1:Unlimited from their initial leverage of 1:2000.
Extra features
Copy trading platform: Yes
Minimum deposit: $1
Free VPS server: Yes
Trading platforms: MT4, MT5, Web terminal, Mobile platforms, Exness Trade Terminal
Leverage: 1:2000
Demo account: Yes
Instruments:
- Currencies
- Assets of stock and commodity markets
- Cryptocurrencies
👍 Pros
•The broker offers CFDs for cryptocurrencies, stocks, more than 120 currency pairs, energy, and metals
•Exness offers low commission, quick order execution, and quick fund withdrawal
•A demo or training account is available
•Availability of narrow spreads and segregated accounts
👎 Cons
•Currently, the Exness training resource section is only available in English
FxPro
FxPro is among the best Forex brokers experts in Columbia recommend for those seeking where to trade Forex and CFDs, indices, stocks, futures, commodities, and cryptocurrencies. With the availability of iOS and Android trading options, top trading platforms, and tools, this broker is among the best online brokers in Columbia.
New traders can easily sign up and familiarize themselves with the platform's features using the demo account. Again, there are a variety of payment options, interactive economic calendars, and push notifications for volatility.
Extra features
Regulators: FSCA, SCB, FCA, and CYSEC
Advanced copy trading platform: Yes
Minimum deposit: $100
Free VPS server: Yes
Trading platforms: CTrader, MetaTrader, MetaTrader 5, and FxPro Edge
Leverages: Up to 1:200
Demo accounts: Yes
Instruments:
- Currencies
- Metals
- Energies
- Stocks
- Futures
- Cryptocurrencies
- Indices
👍 Pros
•Clients of FxPro are safeguarded from a negative balance
•There are various platforms and account types available
•There are quick and dependable options for deposits and withdrawals
•Fxpro offers traders fixed and variable spread accounts
•2,100+ assets
👎 Cons
•The minimum deposit requirement of $100 might be too high for new traders
VantageFX
Vantage, a multi-award-winning broker, offers traders excellent trading tools to help them profit from trading CFDs on the foreign exchange market. Traders can trade commodities, indices, shares, and cryptocurrencies using platforms like MetaTrader 4, MetaTrader 5, ProTrader, and the Vantage app. This top Forex broker in Columbia offers a standard STP account with spreads starting at 1 pip and zero commissions.
Spreads start at 0 pip in the RAW and PRO ECN accounts, and commissions are as low as $1.75 per lot per side, which is advantageous for novice traders.
Extra features
Regulators: CIMA, ASIC, FCA
Copy trading platform: Yes
Minimum deposit: $200
Free VPS server: Yes
Trading platforms: MT4, MT5, WebTrader
Leverages: 1:20 for CFDs on stocks; 1:500 for currency pairs
Demo account: Yes
Instruments:
- Currency pairs
- CFDs on stocks
- Indices
- Commodities
👍 Pros
•Vantage offers a wide selection of tradable instruments
•There are many options for deposits and withdrawals
•Excellent research resources and free hosting for Forex VPS
•Deposits and withdrawals are free internally
👎 Cons
•A trader who needs to make instant withdrawals may not benefit from the withdrawal process due to its slowness
OctaFX
OctaFX is among the best Forex brokers traders must include in their broker list when seeking platforms to trade Forex in Columbia. These brokers' services are tailored to provide traders with a customized trading experience.
The outstanding customer service provided by Octafx makes this broker a top Forex broker in Columbia. Traders can easily relate their challenges to responsive customer service and get solutions as soon as possible.
Also, Octafx ensures traders get daily articles covering technical and fundamental analysis of popular trading symbols, such as Forex and CFDs.
Extra features
Regulators: CySEC
Advanced copy trading platform: Yes
Minimum deposit: $25
Free VPS server: Yes
Trading platforms: MetaTrader 4, MetaTrader 5, and OctaTrader
Leverages: Up to 1:500
Demo accounts: Yes
Instruments:
- Currency pairs
- Indices
- Gold
- Cryptocurrencies
- CFDs on energy resources
- Silver
- CFDs on stocks
👍 Pros
•On OctaFX, there is no fee for deposits or withdrawals
•The spreads they offer are the lowest in the forex trading sector
•There are numerous deposit and withdrawal options
•A premier trade copying service and negative balance protection
👎 Cons
•Lack of diversity in the educational material it offers and a small range of investment options
XM Broker
XM is among the top regulated global Forex and CFD brokers that have low stock CFD and withdrawal fees. While the account opening is user-friendly and fast, it is among the best Forex brokers for beginners.
New traders have access to useful educational tools, such as webinars. Additionally, traders can test their understanding of the Forex market with the XM free demo account.
Extra features
Regulators: ASIC, FCS, CySEC, DFSA
Copy trading platform: Yes
Minimum deposit: $5
Free VPS server: Yes
Trading platforms: MT4, MT5, XM App
Leverages: Up to 1:1000
Demo account: Yes
Instruments:
- CFDs on currencies
- Stocks
- Precious metals
- Stock indices
- Energy products
- Cryptos
- Commodities
👍 Pros
•Easy and quick account opening process
•Low minimum deposit
•They offer more than a thousand trading instruments
•There is no fee for making deposits or withdrawals
•XM offers incredibly low spreads without any additional costs
👎 Cons
•XM might not be the best Forex broker for investors looking to trade ETFs
Is Forex trading legit in Columbia?
Yes. It is legal to trade currencies in Columbia, but you must do so with a licensed broker. The Financial Regulation and Financial Studies Unit (URF), which was founded in 2013, requires that all foreign exchange brokers in Colombia obtain a license from the Ministry of Finance. It is simpler for brokers to move currency because the Colombian government has recently exercised less direct control over the foreign exchange market.
Key Forex trading rules and limitations
In contrast to the EU nations, which have a 1:30 leverage cap and forbid Forex bonuses, Columbia has no leverage restrictions. Again, trading in currency pairs is permitted, but brokers must still abide by the rules set forth by their regulators.
It is important to review each broker's terms and conditions because the majority of the Forex trading regulations or restrictions are specific to the broker. Every broker has different minimum deposits, maximum leverage, bonus offers, etc.
Is Forex trading safe in Columbia?
Yes, it is safe to trade with the best Forex brokers in Columbia. The financial system in Colombia is comparatively stable. And as a result, Colombians now enjoy a level of investor protection that is lacking in many other South American nations. Therefore, it can be fruitful to trade currency pairs in this part of the world.
While Forex market risk remains, you need the best online broker in Columbia, which is a regulated broker, to have the best trading experience. Trading with an unregulated broker entails risk for the trader because many of these brokers are Forex con artists. Maybe, you are also interested in information about Forex Brokers Blacklist In Colombia.
How to choose a Forex broker in Columbia?
Traders who are learning how to choose a Forex broker should consider the following factors before they start trading Forex
Local regulations
Commission rates
Order execution speed
Minimum deposit
Payment methods
Market cap
Types of accounts
1. Local regulation
Checking whether a national or international regulator has jurisdiction over the broker is the first research prospective traders should perform before choosing a Forex broker in Columbia.
2. Commission amount
Learn the fees for buying or trading currency pairs that each Columbian Forex broker levies.
3. Order execution speed
Learn how long it typically takes for a transaction to complete on the broker's platform.
4. Minimum deposit
Keep in mind that different Forex brokers in Columbia have different minimum deposits. So traders should ensure they learn about each broker's minimum deposit.
5. Payment options
Check each Columbian Forex broker's payment options. Even though many of these brokers provide more payment options than others, pick the top Forex trader in Columbia that offers a convenient payment method.
6. Capitalization of a Forex broker
Analyze the Forex broker's market capitalization to determine its size. This provides you with the total market value of all the currencies traded.
7. Account types
To accommodate all types of traders in Columbia, the best Forex brokers provide a variety of Forex trading accounts. While some account types are more appropriate for advanced users, others are better suited for beginners. Check to see if the broker's account aligns with your trading preferences and financial capabilities.
What is the best time to trade Forex in Columbia?
When considering the best time to trade currency pairs in Columbia with any of the top Forex brokers, consider the days and times. Different regions of the world's Forex markets are open for business continuously from 5 p.m. EST on Sunday to 4 p.m. EST on Friday. According to experts, the best times to trade foreign exchange are when there is high volatility. And the days on which this occurs are Tuesdays, Wednesdays, and Thursdays.
Even though the days listed above are the best for trading Forex, the best hours for day trading are typically from 9:30 a.m. to 10:30 a.m. EST. While no specific time is designated as the best time to trade Forex in Colombia, the best time to open a position is between 8 a.m. and noon EST. This is when the London and American markets overlap.
The overlap reportedly has the highest trading volume and presents Colombian investors with the best investment opportunities. It is more volatile when compared to other trading sessions that overlap, like the Sydney and Tokyo markets.
The best Forex pairs for clients in Columbia
There are other well-liked pairs to trade besides the USD/COP currency pair that may be of interest to Colombian Forex traders. The best currency pairs for Colombian traders have high spreads and are the biggest in terms of liquidity and daily trading volume. Examples of these Forex pairs include:
What are the best Forex brokers for beginners in Columbia?
The best Forex brokers for beginners are those whose services are thoughtfully organized to support new traders as they begin their trading careers. These brokers offer low minimum deposits, special accounts (demo, cent), options for passive income like copy trading and PAMM trading, and quality educational resources.
RoboForex
RoboForex is among the best Forex brokers for beginners in Columbia. It offers traders a low minimum deposit of $10, a copy trading service, a demo account for practice, and top educational resources. Again, RoboForex has a sizable market share in Columbia, flexible trading account types, top-notch trading indicators, and favorable trading terms.
The $30 no-deposit bonus that RoboForex offers gives new traders a head-start. As a result of their straightforward and user-friendly trading platform, they are among the best Forex brokers in Columbia.
XM
XM integrates features and services that will favor beginner traders. They offer low minimum deposits and sophisticated trading platforms. The $30 no-deposit bonus available for new traders and the free education and advanced research tools make XM one of the best Forex brokers for beginners.
The XM Forex course contains all the information required to educate beginning traders about the principles of Forex and the steps necessary to become skilled traders. XM provides 24/7 support, MT4 VPS for EAs, and more than a thousand trading instruments.
FxPro
Fxpro is the next best Forex broker for beginners in Columbia. They are the best Forex broker for traders who wish to be able to trade every class of CFD asset. They offer novice traders the ideal trading environment to hone their trading abilities.
Traders have access to more than 2,100 trading assets, including futures, more than 70 different currency pairs, and others.
FxPro is the best Forex broker for Colombian traders seeking a broad selection of options when trading currencies or a dependable and trustworthy broker. The broker is governed by the FCA, CySEC, FSCA, and SCB and offers a robust mobile experience on iOS and Android.
Do I pay taxes for Forex trading in Columbia?
Yes, Forex traders in Colombia pay taxes. The profits from Forex trading are subject to income tax, although the tax rate varies depending on the type of trader and the amount of income earned. Depending on the level of total income, the tax rate on net profits for individuals typically ranges from 0% to 35%.
FAQs
Is Forex trading legal in Columbia?
Yes. It is legal to trade currencies in Columbia, but you must do so with a licensed broker.
Who are the largest Forex brokers?
While IC Markets stands out as the largest forex broker, AvaTrade, FxPro, Forex.com, XM, Saxo Bank, and HF Markets are other top options.
Which broker to choose for Forex?
Investors should select regulated brokers that support popular trading platforms like MT4, MT5, and cTrader and offer a variety of account types, zero commissions, and tight spreads.
Can I go to multiple brokers?
You can trade with multiple brokers in the same way that you can open multiple accounts with a single broker. But it is crucial to comprehend the risks involved and the laws that apply to each broker.
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Team that worked on the article
Peter Emmanuel Chijioke is a professional personal finance, Forex, crypto, blockchain, NFT, and Web3 writer and a contributor to the Traders Union website. As a computer science graduate with a robust background in programming, machine learning, and blockchain technology, he possesses a comprehensive understanding of software, technologies, cryptocurrency, and Forex trading.
Having skills in blockchain technology and over 7 years of experience in crafting technical articles on trading, software, and personal finance, he brings a unique blend of theoretical knowledge and practical expertise to the table. His skill set encompasses a diverse range of personal finance technologies and industries, making him a valuable asset to any team or project focused on innovative solutions, personal finance, and investing technologies.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).