Trading in financial markets requires the right choice of a broker, as security of traders’ funds, their profit and opportunities depend on it. Before you start working with a company, it is important to comprehensively assess it. Traders Union analysts have already done it for you. The experts prepared a review of the Best Forex Brokers in South America for 2024. Five companies that enjoy huge popularity in South America were selected and compared between each other.
1
Eightcap - Best in South America for 2024
The minimum deposit for most brokers is determined by the account type. That is, in order to trade with real money, you need to deposit a certain amount. For example, from $10 or $1,000. With Eightcap, the minimum deposit is $100 regardless of the account type. Thus, traders need to deposit at least this amount when opening a live account. Further, traders can focus only on their own preferences and the minimum trade volume, which is a standard lot of 0.01. Leverage also does not depend on the account type but on the asset. The highest trading leverage, which is always relevant for currency pairs, is 1:500. This is more than enough to increase the profit potential, although the risk increases proportionally. The broker's technical support is ready to respond promptly by phone, email, or live chat. An important plus is that multilingual support works 24 hours a day, but not on weekends.
2
TeleTrade - Best in South America for 2024
TeleTrade offers its clients rather enticing trading conditions. The minimum trade volume is 0.01 lots for all trading accounts, and the minimum spread is 0.2 pips. The minimum deposit is $10. The company's clients can trade on three types of real accounts, as well as copy trades of experienced traders. The broker offers wide range of financial instruments: in addition to currency pairs, you can trade indices and cryptocurrencies.
3
eToro - Best in South America for 2024
You can use eToro to invest in more than 3,000 stock assets, including at zero fee. The minimum deposit and leverage vary depending on the country of registration of a trader. Trading is available in mobile apps and on the web platform on any device. You can deposit and withdraw money via bank transfer and electronic payment systems. The broker offers margin trading, various bonuses and partner rewards.
4
FreshForex - Best in South America for 2024
Trading conditions at FreshForex are fairly comfortable for both novice and experienced traders. The trader can determine the minimum deposit amount independently, regardless of the type of account. The leverage is 1:25 - 1: 2000.
5
Forex4you - Best in South America for 2024
Trading conditions at Forex4you are among the most attractive ones on the market. First of all, there are no requirements for the minimum deposit amount: according to the conditions, the replenishment amount is from $0 for all types of accounts. With a minimum transaction volume of 0.01, the trader is offered a leverage of up to 1: 1000, which is one of the largest values on Forex. Stop Out Level is 10–20% depending on the type of account.
Forex4you offers 150+ trading instruments, such as Forex pairs, indices, commodities, and stocks. Also, standard and cent accounts, cash back, as well as bonus and partnership programs are available. Forex4you provides access to the Share4you copy trading platform as a passive income option. Each trader can be both an investor and a signal provider.
Forex4you offers cent, classic, and professional accounts, which differ in spread. There are fixed spreads starting from 2 pips and floating spreads starting from 0.1 pips. Pro accounts have fixed fees per lot, which are $0.10 on the Cent Pro account and $8 on the Classic Pro. Copy trading on the Share4you platform is available on each of the accounts, except for the Classic Standard. The lock is allowed on all account types. Deposit and withdrawal methods include Visa/Mastercard cards and electronic payment systems, such as WebMoney, Skrill, and Neteller.
TU Expert Review for the best Forex Brokers in South America
Financial expert and analyst at Traders Union
Anton joined Traders Union as a financial expert and analyst in 2013. He performs comprehensive internal testing of brokers as a trader. Essentially, Anton “test drives” brokers: he checks the operation of the website and user account, the speed and effectiveness of customer support team, stability of the software, deposit and withdrawal processing times, legal documents of companies and also all additional services (VPS, affiliate programs, contests, bonuses, educational programs, etc.). Based on the results of his “inspections”, he prepares expert conclusions about the operation of brokerage companies in the Forex, stock and binary option markets and also of the cryptocurrency exchanges.
His opinion as for the best Forex Brokers in South America is posted below.
Eightcap - TU Expert Review
Eightcap has been in business for 14 years. This is one of the largest brokers with millions of clients globally. It is registered in Seychelles and the Bahamas, and controlled by SCB. All this indicates the reliability and transparency of the company. Nevertheless, Traders Union experts checked it and found no confirmed conflicts with its clients, problems with tax reporting, or other negative aspects. In terms of trading conditions, Eightcap rightfully takes one of the leading positions. The reason is that it manages to keep extremely low spreads. The declared indicator for account types with a raw spread is from 0 pips. The broker does not hide anything, thus current spreads can be checked on the website. For a number of assets, they really start from 0 pips, while the average indicator is about 0.5-0.7 pips. For most other brokers such parameters seem unreachable. But spreads are not the only advantage of Eightcap. The broker offers over 800 assets. This is an impressive number, but keep in mind that those are CFDs only. That is, currencies, cryptocurrencies, stocks, indices, and commodities are not available as independent instruments, but only in the form of CFD trading. This is not necessarily a disadvantage; traders just need to understand what they are working on. No other broker provides so many CFDs on cryptocurrencies. Plus, the maximum leverage is 1:500. By itself, the indicator is market average, however, in combination with other advantages of the broker, it provides much more opportunities. Eightcap has no options for passive income, and this can really be defined as a conditional disadvantage. There is not even a referral program, that is, the company's clients can earn only by actively trading in the available markets. Also, you can trade via MT4/MT5 from a desktop or smartphone, while the TradingView solution is available for browsers. Here the broker also offers comfortable working conditions. That's why its clients love it.
TeleTrade - TU Expert Review
Traders Union has been working with the company since 2012. Over this time, a lot of reviews have been received about the broker from the TU clients, which you can find on this page. All reviews are moderated and then published. Therefore, they contain relevant information about traders’ experience of working with TeleTrade. Each TU client who opened an account with a brokerage company is entitled to free legal support, as well as advice on general issues related to the broker’s performance. TeleTrade Company offers its clients the opportunity to trade 28 currency pairs, as well as metals, indices, stocks and energies. Cryptocurrency trading is also available. Traders canopen a free demo account and trade virtual funds. The broker also provides several types of real accounts, which allows you to choose the best option in terms of conditions. Thanks to a large analytical section and loads of educational information, the company attracts a lot of novice traders. A wide range of technical analysis tools and the possibility to use various strategies, including pipsing, are the main reasons why experienced traders open an account with TeleTrade.
eToro - TU Expert Review
eToro is an international brokerage company offering services all across the world. Every registered office adjusts the conditions to suit local traders to enable them to trade on beneficial conditions. The minimum deposit depends on the country of residence of a trader. In particular, the minimum deposit for residents of the US is $10 and UK is $50, Europe – $50, Israel – $10,000. The minimum deposit for overseas territories of the UK and France is $1000, for all other countries – $200. The broker provides retail clients with a negative balance protection and restrictions on opening positions with insufficient margin. The clients can also contact the Financial Ombudsman Service. Investments of traders from a number of European countries are protected by compensation funds. The leverage on eToro varies depending on the type of asset and the registered office chosen for trading. In particular, traders, who chose the office regulated by CySEC or FCA can trade indices with a leverage of 1:10-1:20, ETFs – 1:5. The company with a license of the Seychelles regulator offers a leverage of 1:100 for the most traded indices and 1:10 for non-major indices and ETFs. eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk
FreshForex - TU Expert Review
This company is a proven partner of the Traders Union, the broker strictly fulfills its obligations for our traders and has been consistent for years. There are no hidden payments to the company, lucrative offers, and various bonus programs are provided. However, sometimes there are failures of both the trading platform and Personal account, but this is not the crucial factor. The quality of the customer service is of a high standard, good materials on market analysis and trading information and training are provided, comfortable trading conditions - all these features can characterize FreshForex broker. This is beneficial for beginners to master the market and build a career, and experienced traders - to move up the career ladder confidently. However, FreshForex is not popular among the major investors, it is more preferred by beginner traders. There are more than a hundred tools that they have on offer. However, FreshForex will not work for the fans of cryptocurrency as it does not provide these trading instruments. You can test your strengths at FreshForex with minimal risk not only on a demo account but also at the real market, starting with a deposit of 1 US dollar. There are no minimum amount of restrictions, also, you can pre-test the effectiveness of the strategy and master the software using a demoor cent account. There are a lot of training materials on the official FreshForex website: from self-help instructions to video lessons. This Forex broker has also taken care of providing traders with analytical data by placing a set of effective market analysis tools in the corresponding section of the site. FreshForex quickly updates quotes, works only with liquidity providers having the license of the European standard - it is another positive feature that is worth mentioning regarding this broker.
Forex4you - TU Expert Review
Forex4you has established itself as a reliable partner that offers high quality trading conditions. There are cent accounts for beginners as well as professional ECN accounts with narrow market spreads. I would specially focus on the responsible approach to forming the rating of traders on the Share4you social trading platform, which allows traders to rank managers by risk level. The brokerage company Forex4you is suitable both for those who just start to get acquainted with trading through to professional traders who build their own trading systems and entice investors to them. The broker has been cooperating with the Traders Union for more than a year, and during this time there have been no significant complaints about the work of this broker. Any issues that do arise, the customer support resolves quickly and with maximum benefit for the client. The company's website allows you to quickly evaluate, analyze and compare all offers of active and passive trading. Due to a comprehensive full-featured service and a ‘client-first’ approach, the company gains the rightful leading position in the Traders Union ranking of Forex brokers.
Summary
Many brokers operate in South America, but not all of them are reliable or offer attractive trading conditions. TU experts selected 5 companies and rated them based on collected data. By reviewing them, you will learn about the Best Forex Brokers in South America 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best Forex Brokers in South America
| Eightcap | TeleTrade | eToro | FreshForex | Forex4you | |
|---|---|---|---|---|---|
|
Overall score |
7.69 |
7.19 |
9.4 |
6.44 |
7.44 |
|
Execution of orders |
7.9 |
3.21 |
9.1 |
6.3 |
8.65 |
|
Investment instruments |
8.5 |
6.7 |
9.7 |
4.1 |
6.1 |
|
Withdrawal speed |
7.6 |
7.79 |
9.5 |
5.71 |
6.4 |
|
Customer Support work |
7.2 |
8.41 |
9.3 |
6.63 |
8.5 |
|
Variety of instruments |
8.02 |
8.75 |
9 |
7.37 |
5.77 |
|
Trading platform |
6.9 |
8.29 |
9.8 |
8.5 |
9.22 |
|
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FAQ
Is it possible to work with offshore brokers?
It is best not to work with offshore brokers. However, if you have chosen such a company, you need to check and analyze it very thoroughly. There are offshore brokers with good reputations. Before you start working with such a company, deposit the minimum amount and start trading. Once you’ve worked with the broker for a little while and checked how it operates and how quickly it processes withdrawals, you can start depositing higher amounts.
What learning instruments can a broker offer?
Brokers offer various educational options. These include full-fledged educational courses, or video tutorials, articles, and books. Companies also often hold seminars and webinars.
Does the choice of a beginner differ from the choice of an experienced trader?
Yes. A novice trader should primarily consider the availability of educational tools and a demo account, as well as basic assets. A more experienced trader is interested in wider opportunities on advanced account types, a wider choice of instruments for technical analysis, and a greater number of trading instruments.
How much money do I need in order to start working in the financial markets?
The initial capital depends on the assets you plan to trade. However, in the majority of cases, $300-500 is a good amount for a start.
Best Forex Brokers by Countries
Team that worked on the article
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.
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.