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 Sri Lanka for 2024. Five companies that enjoy huge popularity in Sri Lanka were selected and compared between each other.
1
Eightcap - Best in Sri Lanka 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
FBS - Best in Sri Lanka for 2024
The FBS brokerage company offers very attractive trading conditions for traders living all over the world. The minimum trade volume is 0.01 lot for all trading accounts. The minimum deposit is EUR 10 and the spread is 1 pip. Traders can connect an Islamic account option to all live accounts, allowing them to trade according to Sharia law. Popular and exotic currency pairs, indices, futures, and metals are offered as trading instruments.
3
TeleTrade - Best in Sri Lanka 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.
4
Pocket Option - Best in Sri Lanka for 2024
Pocket Option trading conditions are classic for the binary options market. You can trade currency pairs, stocks, commodities, and cryptocurrencies using a web platform, designed with the inherent characteristics of working with options in mind. The minimum initial deposit for all accounts is $5, but hereinafter the balance should be from $100 to $50,000 (depending on the profile). The minimum bit is $1.
5
Vantage Markets - Best in Sri Lanka for 2024
Vantage Markets broker offers clients 1000+ CFD instruments, including 57 currency pairs. The company provides standard platforms MetaTrader 4 and MetaTrader 5 for trading. There is also a proprietary trading terminal: Vantage Markets App, which is compatible with iOS and Android devices.
Clients have access to a standard STP account and two types of ECN accounts (including RAW ECN). Traders are offered margin trading, with leverage ratio going up to 1:500. Vantage Markets supports swap-free trading for Muslim clients. Beginners can practice on a free demo account, which is provided without restrictions.
TU Expert Review for the best Forex Brokers in Sri Lanka
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 Sri Lanka 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.
FBS - TU Expert Review
The FBS broker fulfills its obligations as a partner to Traders Union and is recognized by the members of the Union as a company that offers clients optimal trading conditions. The FBS brokerage company provides traders with several trading accounts to choose from: a free demo account and several types of real accounts with different conditions. This allows its clients to choose the best option based on the trading strategy and financial instrument, as well as individual requirements. The broker provides all traders with negative balance protection. Considering all this, we can say that the FBS broker is suitable for both novice traders and professionals of foreign exchange trading. It should be noted that the company's support service works around the clock, 7 days a week, and you don't have to wait long for an answer. The broker's website is simple, you can understand it intuitively.
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.
Pocket Option - TU Expert Review
The company's clients are paid up to 92%, get access to many bonuses offers, and a profitable affiliate program. Thanks to unique rewards, traders can increase their profile level and purchase resources in Pocket Option's own Market store to increase your profitability while trading. The brokerage company Pocket Option.com has developed a unique system that enables traders to reduce the loss of a failed transaction. You can purchase crystals to cancel a losing transaction in the Forex market. There are special promotional codes on the website from the broker and also from its partners. Pocket Option offers a variety of options for depositing and withdrawing funds with zero or minimal fees. The company's website is quite informative and is translated into 22 languages. There is no market analysis, expert articles, or training materials, so a novice trader has to search elsewhere for the missing information.
Vantage Markets - TU Expert Review
Vantage Markets is the broker best suited for traders who prefer ECN trading. This gives users direct access to liquidity providers and can save on trading fees. The company offers two types of ECN accounts at once, one of which is for professional traders with a large deposit. Vantage Markets will be the optimal choice for clients who are primarily interested in trading. However, there are few options for passive investing. The company offers a vast array of currency pairs and does not impose restrictions on trading strategies. The company is also suitable for clients who prefer automated trading. Trading robots can be used without restrictions. Traders can choose an attractive type of commission for themselves: spread or fixed fee. To do this, you need to select the appropriate type of account. The size of the initial deposit can be considered quite low. The broker focuses on the safety of clients' funds, so traders will have to go through additional checks to withdraw funds. The company's technical support service is efficient and responds quickly.
Is Forex Legit in Sri Lanka?
In Sri Lanka, forex trading is legal. The Securities and Exchange Commission of Sri Lanka (SEC) governs and supervises the country's forex market. The SEC guarantees that Forex brokers and traders follow the relevant regulations and guidelines in order to protect investors' interests.
This regulatory structure assures the Forex industry's transparency, security, and fair trading procedures. However, it is crucial to know that there are some restrictions on Forex trading in Sri Lanka. Only regulated Forex brokers are permitted to trade Forex in Sri Lanka. Foreign currency trading is forbidden for Sri Lankan residents, and only approved banks and financial organizations can enable Forex transactions.
How to Choose a Forex Broker in Sri Lanka?
Choosing a trustworthy Forex broker is essential for successful Forex traders in Sri Lanka. When selecting a Forex broker in Sri Lanka, keep the following four points in mind:
Regulation and Licensing
One of the most important things to take into account when choosing a Forex broker in Sri Lanka is regulation and licensing. It is crucial to confirm that the broker you select is overseen by an established and renowned financial regulator. This guarantees that the broker operates within precise parameters and abides by industry rules, giving traders a level of trust and security.
Trading Platform
For Forex traders in Sri Lanka, having a user-friendly and technologically advanced trading platform is critical. The trading platform acts as the principal interface between the trader and the market, allowing traders to execute trades, evaluate market data, and successfully manage their trading activity. When selecting a Forex broker, it is critical to evaluate the trading platform they provide.
Security Measures
Choose brokers who put your funds and personal information first. Check to see if the broker uses encryption technology, separates client funds, and has a solid reputation for data security.
Customer Service
Having dependable customer service is essential for resolving any issues or complaints that may emerge during your trading adventure. Choose a broker who provides responsive and efficient client service over numerous channels.
Can I Start Trading Without Investing?
Forex trading often necessitates a capital commitment in order to open a trading account and begin trading. Some Forex brokers, on the other hand, provide no-deposit bonuses, which allow traders to begin trading without making an initial deposit. RoboForex is one such trustworthy broker.
RoboForex is well-known for its no-deposit bonus program, which offers new traders a cash incentive upon registration. This bonus can be used to trade Forex without making a deposit. Traders can use this opportunity to learn about the Forex market, test trading techniques, and gain practical experience without putting their own money at risk, growing them into the best Forex traders in Sri Lanka.
The Traders Union website has an easy-to-use layout that allows traders to quickly peruse the available services. One significant feature on their website is a section devoted to "No Deposit Bonuses." This section contains a complete list of Forex brokers that offer no-deposit bonuses, which allow traders to begin trading without making an initial deposit.
No-deposit bonuses are a popular incentive offered by brokers to entice novice traders and give them the opportunity to practice live trading without risking their own money. These bonuses are often in the form of trading capital credited to the trader's account upon registration.
Traders in Sri Lanka may explore several no-deposit bonus offers and select the one that best meets their trading needs.
Should I pay taxes as a Forex trader?
It is important to understand your tax requirements as a Forex trader in Sri Lanka. Profits from forex trading are typically taxed. The taxing method and regulations, however, may differ. Your trading activity may or may not be reported to the local tax authority by your forex broker. To ensure compliance with Sri Lankan tax legislation, it is recommended that you consult a tax professional or accountant.
In Sri Lanka, the tax rates on Forex trading gains are determined by the individual's entire income and tax band. It is critical to keep precise records of your trading activities, including earnings and losses, in order to report them correctly during the tax filing process. Noncompliance with tax requirements might result in penalties or legal consequences.
Summary
Many brokers operate in Sri Lanka, 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 Sri Lanka 2024 and will be able to evaluate the pros and cons of its closest competitors.
Overall score of the best Forex Brokers in Sri Lanka
| Eightcap | FBS | TeleTrade | Pocket Option | Vantage Markets | |
|---|---|---|---|---|---|
|
Overall score |
7.69 |
8.28 |
7.19 |
6.87 |
7.32 |
|
Execution of orders |
7.9 |
9.5 |
3.21 |
9.52 |
8.2 |
|
Investment instruments |
8.5 |
6.96 |
6.7 |
4.29 |
9.19 |
|
Withdrawal speed |
7.6 |
9.57 |
7.79 |
9.64 |
8.2 |
|
Customer Support work |
7.2 |
7.58 |
8.41 |
4.38 |
6.64 |
|
Variety of instruments |
8.02 |
7.02 |
8.75 |
6.01 |
7.37 |
|
Trading platform |
6.9 |
9.03 |
8.29 |
7.38 |
4.31 |
|
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FAQ
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.
What are the risks of trading in the financial markets?
Any trading in the financial markets carries risks of losing your money due to asset volatility. Therefore, it is important to develop the rules of risk management in your strategy and strictly follow them.
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.
What commissions and fees should I take into consideration when I am choosing a broker?
The commissions and fees in the financial markets are divided into trading and non-tradings ones. Trading fees are the fees that are charged directly during trading (spread, commission per lot, etc.), while non-trading fees are the ones charged outside the trading process (for example, account fee, inactivity fee, deposit and withdrawal fee).
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.
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).