Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.

Best Forex Brokers in Bangladesh

Bangladesh Forex BrokersWant to invest in the Forex market in Bangladesh but wondering where to start? Carrying out an extensive research on Forex market trading helps but if you are serious about joining the financial market and want to start investing and trading right away, a broker is all you need. Online Bangladesh Forex brokers have made things easier for investors.

A reliable and competent broker should give you tips, validate predictions, read charts, and translate jargon for you. Building a strong relationship with your broker is also very important; it will help you make a huge difference to your profit margin. This person has experience and knows what they are doing. They do it daily and it could take you many years to know what they know. Learn more about some of the  trading features and options of top brokers in the table below.

  • Key information
  • Trading
  • Payment systems
  • Trading platforms
  • Trading instruments
  • Support
  • Trading accounts
  • Account settings
  • Spreads
  • Promotion
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Company #LogoForex brokerFoundedRegulatedReviewsPayment systemsBroker type(?)Min. DepositMax.
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Live spread
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USD/CHF
Live spread
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USD/CAD
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USD/JPY
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AUD/USD
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Deposit bonusAccount
Libertex1Libertex1997
CySEC
8

Payment systems

NDD
10 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
RoboMarkets2RoboMarkets2012
CySEC
1

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
100 $1:500N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
XM.COM3XM.COM2015
ASIC, FCA

Regulated

33

Payment systems

MM
5 $1:300N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %
EXNESS4EXNESS2008
FCA, CySEC
26

Payment systems

NDD, ECN

Broker type

  • NDD
  • ECN
  • STP
  • MM
0 $1:2000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A-
Alpari5Alpari1998
IFSC, NAFD

Regulated

17

Payment systems

ECN
0 $1:1000N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A100 %


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Brief History of Forex Trading in Bangladesh

Bangladesh Forex

Evolution of Forex in Bangladesh is closely associated with the country's exchange rate regime. The country did not have strong Forex market policies until 1993. Bangladesh Bank was the primary regulator of other regulatory bodies and its main role was equilibrating demand and supply of foreign exchange.  However, this stopped when current account convertibility was introduced.

Before 1990, several exchange rates used diverse exchange benefit schemes names like IECS, XPB, XPL, and EFAS among others. This resulted in a wide discrepancy between official exchange rate and SEM (secondary exchange market). This condition led to a rapid rise of different confusing regulations, weak risk management measures and macroeconomic imbalances triggering the harmonization of the two rates by the Bangladeshi government.

After independence, taka was attached to sterling pound and it was ranked as Indian rupee. In 1975, taka lost its value and in 1976 Bangladeshi adopted a managed float regime that was implemented until 1979 when currency weighted basket strategy was introduced. In 1983, another Forex management policy was introduced (trade-weighted basket). At this time the USA dollar was the intervention currency. SEM was also permitted to grow hand in hand with the Forex rate. This consequently increased curb market.

Today taka's exchange rate against other currencies is monitored through RFER (real effective exchange rate).

Regulation of Bangladesh Forex Brokers

Bangladesh Forex Regulation

In recognition of the rapid growth of global trade and use of FX in the economy and Bangladesh, workforce amendments were introduced by the government via Foreign Exchange Regulation Act 1947 of Bangladesh (FERA). The Bangladesh government can now analyze and follow-up foreign asset owned by both Bangladesh citizens and non-citizens living and working in the country.

The primary regulatory agency is Bangladesh Bank (BB) and it has very meticulous and stringent foreign exchanges regulations. Although Taka is easily convertible, Forex dealings are extremely regulated; transfer of funds internationally is only permitted under special circumstances and should be supported by documentation. FERA is the law that offers legal guideline for regulating securities, payments and foreign exchange transactions including Forex. From time to time the Bangladesh Bank issues and publishes summaries of guidelines and directives on the same subject on Exchange Control Manual. All Forex dealings should be done as stipulated by the FERA and Guideline, otherwise, the trader could face criminal charges.

Authorized Dealers (ADs) and Money Changers

The ADs are the only bodies permitted to own and handle foreign exchange transactions in Bangladesh as well as abroad. The national regulator gives authorized dealer licenses to banks only. Moreover, there are registered moneychangers who purchase international currencies from tourists and then sell them to Bangladesh citizens traveling abroad. Shops, hotels, and other service providers have limited money-changing licenses and buy foreign currencies from guests and then sell them to ADs.

Normally BB issues Forex licenses to scheduled banks if the bank applying for this license has a competent team that will attract business to the target location as well as complies with BB guidelines like periodic returns submission. Applications for authorized dealers licenses are made to the general manager (Forex department), in Dhaka. It should have details of the trained staff.

BB may also issue general or limited licenses. The latter has a limited scope and are granted to firms with money-changing facilities and who are in a position to adhere to foreign exchange regulations.

Application for money changers licenses is made to your area's Foreign Exchange Policy Department. The main components of the application include your main business, the location of the business premises, your bankers' name and address.

When it comes to the Bangladesh Bank transaction with ADs, BB sells to or buys from the ADs in US dollars on spot basis. All these transactions should be in multiples of US $10,000 and a minimum of US $50,000. Authorized dealers are free to give their rates.

The relationship between Interbank transaction in Forex and Foreign Exchange Reserve

Interbank is a type of Forex market where banks exchange currencies directly or via EBS (electronic brokering services. Popular currencies have floating exchange rate and don't have stable values. Instead, they fluctuate against each other.

Although the interbank market is a very important element of Forex, it is decentralized and not regulated. There is no specific place or location for making transactions. However, in Bangladesh, the central banks control and hold foreign exchange reserves (foreign assets). These reserves can be gold, specific currency, treasury bills, or equities and they are used to control different exchange rates.

Becoming a Forex Broker in Bangladesh

 

Advanced training for Bangladesh Forex Brokers

Everyone particularly the young people desire to know how to go about FX trading in Bangladesh. Although many brokers are making it, it is a very risky job for a beginner. Therefore education is highly recommended; it will help you examine different financial market details such as trading strategies, MT 4 platform, understanding resistance and support level of different foreign currencies, types of analysis, charts, trend line, and demo account.

The best way to learn about any career is to live it; it is, therefore, wise to find a course that is conducted in a work or office setting. You will find a place to learn and immerse yourself in the trading environment.

How to find a job as a Forex broker in Bangladesh

Most FX brokers find their first employment through networking. Finishing an internship while in school is one of the best ways to have networks and it can lead job offer immediately after graduating. Another way is joining your school's alumni. It can be a source of information about potential job openings.

How Online Bangladesh Forex brokers withdraw or Invest Funds

Withdrawing money in Bangladesh is okay to some extent. But you cannot add money to an online account via a banking channel. Fortunately, there are alternatives. You can request friends or relatives working abroad to load the funds for you through Skrill or PayPal. Alternatively, those working for freelancing jobs can use their online income for trading from the country.

Factors to Consider when Starting your Own Brokerage

To remain competitive here are 3 factors you need to put into consideration before starting a brokerage outfit:

  1. Avoid over-making your market

Bangladesh Forex brokers earn spread cost between 2 currencies from the interbank market. In layman's language, interbank market is a pool of financial institutions that serve commercial currency investment turnover. For instance, if the interbank market marks USD/EUR to one pip, most brokers will charge three pips. That way the brokers are overcharging traders and making a profit of two pips in every trade made. There is nothing wrong with using the interbank market cost but don't over-charge. There are many brokers who will be glad to quote a cheaper spread.

  1. Give low or no commission

A commission is a fee that clients pay when purchasing or selling in a trade and it varies depending on the currency pair being traded. Its purpose is to make trading cost-effective for all customers. Clients like low spreads and no commission and it is your responsibility to offer them.

  1. Offer topnotch support

To remain in-tune with your clients, you must offer responsive support. If a client asks a question on how to use your platform, the support should give specific instructions on how to go about it. Moreover, funds withdrawal should be seamless and should not take long to process. Remember, it is the small things that make your clients confident about your services.

Limitations and Comparison to other Countries/scams

Bangladesh Bank

Bringing Foreign Currency out of Bangladesh

An adult Bangladesh citizen should bring out US $12,000 or any other equivalent foreign currency in form of credit or cash in a year for international private tour where the US $5,000 should be taken to SAARC (Southern Asian Association of Regional Cooperation) member nations and Myanmar while the US $7,000 should be used for travelling to other nations. For persons below 12 years, the pertinent quota is half the amount applicable for adults.

However, one should not take out the US $50,000 in form of cash out of the country in one trip.

This, as a result, makes it difficult for businesspeople to make business trips since it is more expensive than normal trips. Sometimes entrepreneurs have resorted to illegal practices to carry more money while traveling abroad.

Foreign currency an investor can carry to Bangladesh

A foreigner investor can bring in any amount of foreign exchange with a declaration to the customs authority. This is done by applying Form FMJ. However, no declaration is required for amounts less than US $ 5,000. Also, any amount not exceeding the US $5000 brought in by a foreigner without declaration can be taken out of Bangladesh freely before proceeding abroad.

Amount of Taka one can carry from abroad and carry out of Bangladesh

Any person can bring in or take out up to Tk. 5000 without declaration to the customs authority. For more information download the circular at topbrokers.com.

Repatriation of profits and capital

Foreign traders can send their capital, dividends, and profits to their home country through an authorized dealer as long as they have the required documentation in place. Foreigners working in Bangladesh can remit up to 50 percent of their income, saving and retirement benefits via an AD.

The Most-trustworthy Bangladesh Forex Brokers and FX Trading Platforms for Beginners

There are handful Bangladesh Forex brokers available on the internet. However, very few are authentic hence increased scamming chances. All aspiring investors should, therefore, read the top-ranked brokers list at topbroker.com to select the most reliable one. 

  1. XM

XM is owned and managed by trading point Holding Ltd, a financial entity that offers online global financial market. It provides more than 120 financial instruments like Forex, precious metals, equity indices at a cost-effective and transparency cost in real time, free demo account, low spread, a very low initial deposit of $5 and leverage of 1: 888. Its trading platforms include MT4, tablet, and smartphone mobile.

  1. HotForex

HotForex is another online Bangladesh Forex broker who is popular for offering quality services. They have different trading accounts that suit different Forex traders, Forex trading platform with low spreads of one pip,  1:1000 leverage on major currency and a minimum account opening deposit is $5. It has 5 trading platforms including iPhone Trader, Metatrader 4, HotForex Droid, Web Trader, and Ipad Trader.

  1. Easy Forex

Easy Forex offers its client an opportunity to make money by trading raw materials and currency in more than 150 countries. Thanks to their numerous trading platforms available online, office and mobile. Moreover, it has many trading account packages that are designed to meet expectations and needs of clients. The minimum deposit for opening an account is $25, has fixed spreads, and a maximum leverage of 1:4000.

A couple of years ago, Forex retail traders in Bangladesh lost huge sums of money when the national regulatory body lacked the power to regulate Bangladesh Forex brokers. This time the BB was caught by surprise by online trading and all it could do was ask traders to only use brokers registered and regulated by Bangladesh Bank. Nonetheless, every city has its brokerage. But it is advisable for an amateur to use brokers in large cities like Dhaka and Tongi because these brokers have a number of special offers in their service list and quick access to national banks. This will positively impact success and efficiency of your business.


Risk Warning: Your capital is at risk. Statistically, only 11-25% of traders gain profit when trading Forex and CFDs. The remaining 74-89% of customers lose their investment. Invest in capital that is willing to expose such risks.
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