Best Forex Brokers in Barbados - Emirates Business 24/7
In this guide, we go over the best forex brokers in Barbados. We have analysed and evaluated 174 forex brokers in 8 different categories. We measured all aspects of their service including trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education and customer support.
Forex brokers that reached the highest scoring are considered in the following list:
Best Forex Brokers Barbados
- AVAtrade – Best forex broker overall with a high trust score
- Forex.com – Best trading tools and forex trading features
- XM – Best forex broker for beginner and intermediate traders
- Saxo Bank – Best forex broker for advanced users and research
- Interactive Brokers – Best forex broker for advanced users
- Pepperstone – Best forex broker with low trading fees and customer support
Best Forex Brokers for citizens in Barbados
| BROKER | GENERAL INFO | SCORE | BEST FOR | MIN. DEPOSIT | |
| #1 | AVAtrade | Best overall offer | 4.9/5 | Low spreads | $100 |
| #2 | Forex.com | Best features | 4.9/5 | Tools and features | $100 |
| #3 | XM | Best for forex trading | 4.8/5 | Different assets | $5 |
| #4 | Saxo Bank | Best for premium traders | 4.8/5 | Forex trading | $10,000 |
| #5 | Interactive Brokers | Best Overall Broker | 4.8/5 | Overall trading experience | $0 |
| #6 | Pepperstone | Lowest trading fees | 4.7/5 | Low fees | $0 |
Find below a breakdown of the best forex brokers in Barbados, beginning with the best – AVAtrade.
01. AVAtrade: Best Forex Broker Overall
AVAtrade takes the first place as the best forex broker for Barbados traders. They have a intuitive and sophisticated trading platform and mobile trading app that supports over 50 different forex currency pairs.
Deposits and withdrawals are free of charge. The minimum deposit is $100. Choose AVAtrade if you are a beginner or semi advanced forex trader, looking to trade major forex currency pairs as CFD's with a authorised forex broker.
02. Forex.com: Best Forex Trading Platforms and Features
Forex.com finishes up on second place with the best forex trading platform. Their multi-asset, features-rich trading platform offers a wide range of proprietary platforms, advanced social trading features and great asset coverage. Forex.com offers trading on over 4500 different CFDs as stock, cryptos, currencies and access to 5500 tradable symbols overall.
Their overall great offer makes this forex and CFD broker a good choice for traders at all levels.
03. Saxo Bank: Best Selection Of Tradable Assets
Saxo Bank finishes up on third place as the forex brokers with the best asset coverage. They offer a superb trading platform offering all the industry leading trading features, tools and research materials. Their offer of over 40.000 tradable symbols and 30.000 securities makes them an industry leader in forex trading assets coverage.
If you can afford the minimum deposit of $10.000 for Barbados citizens, this is the go to forex broker for traders and investors at all levels.
Barbados based forex traders who want to trade in accordance to the Sharia Law can open up an islamic account. Saxo Bank also offers a great customer support in Arabic language via phone, email or in person in their local UK office.
04. XM.com: Best Forex Broker For Market Research and Education
XM finished on third place as the broker with the best selection of market research and educational materials. They are a MetaTrader-only forex broker offering auto-trading, fast order executions, multiple order types, and no hidden commissions. We recommend this brokers for beginner traders, because of their low entry level and great educational content.
This broker offers limited regulatory protection.
05. Interactive Brokers: Lowest Trading Fees
Interactive Brokers is a great overall pick for Barbados traders. It is a high trusted company with an industry leading trading platform, a competitive fee structure and great global market access. Their low entry level and the Global Trader platform, which is intuitive and easy to use trading station, make this broker s great choice for beginners and advanced forex traders living in Barbados.
06. Pepperstone: Best MetaTrader and cTrader Forex Broker
Pepperstone is a trusted Forex and CFD broker well know for its support of multiple copy trading platforms, great variety of tradable assets and a enormous research and education section. The combined offering of cTrader, MetaTrader and various social trading features makes this broker s great fit for copy traders and algorithmic traders.
Pepperstone is available through 24/5 phone and online chat support plus offers an extensive FAQ web section, and e-mail.
How To Choose a Regulated Forex Broker?
The main criteria to consider when choosing a regulated forex brokers in Barbados include: trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education and customer support.
Fees: Avoid brokerage accounts with high fees on trades, overnight fees and hidden fees.
Trading platforms: Look for intuitive, easy to use and fast executing forex trading platforms.
Mobile Trading: Mobile trading apps should offer the same trading tools and charts as their web versions.
Deposit & Withdrawal: Choose an broker that offers your preferred deposit and withdrawal option with low fees.
Assets: Look for the best coverage of asset classes and currency pairs. Forex broker who does not offer major currency pairs should be voided.
Regulation: Only choose tier one, DFSA regulated forex brokers.
Research & education: Beginner and average forex traders and investors should choose a broker with research and education tools including: weekly webinars, daily news updates, personal account manager, personal training and room access.
Customer support: Beginner forex traders should look out for responsive and professional customer support available in their language.
Islamic Accounts: All of the brokers from our list of the best forex brokers in Barbados offer an islamic account option. This gives the user to trade forex in compliance to the Sharia law.
Forex Trading in Barbados
Forex trading in Barbados is popular among residents. Because of their lower standards, trading on currency movements is a great way to earn an extra income. Forex trading is legal in and trading profits are taxed. Yearly profits under 50,000 Barbados dollars are taxed 12,5% and everything above is taxed 28,5%.
Traders from Barbados can use offshore forex brokers to trade forex with higher leverage, exotic currency pairs and with lower commissions. The government of Barbados does not protect traders' funds traded or invested abroad.
Forex Trading Regulation in Barbados
The Central Bank of Barbados (CBB) regulates forex trading in Barbados and oversees the whole financial market. Founded in 1972 it is located in Bridgetown. The CBB protects traders from insider trading or other forms of investment frauds.
All companies offering forex trading services to citizens of Barbados must obey strict rules set by the CBB to obtain and maintain a forex broker license. Brokers based overseas don't need to do this to be able to offer forex trading and brokerage services to residents of Barbados.
How to Check Authorisation
You can verify the validity of a forex broker license in Barbados by going to the official CBB website and searching the Registered Entities Database for the name of the broker. If its name doesn't show up, the broker or trading platform is unlicensed. You will be better off trading with one of the best forex brokers in Barbados mentioned in this guide.
Whenever a forex broker is based abroad, you can check the validity of their license by going to the official websites of international regulators including, but not limited to the ASIC, CySEC, BaFIN, and FCA, and checking their Registered Entities listings.
Summary
We have compared 174 forex brokers in 8 major categories including: trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education customer support and sharia law compliance.
According to our research, AVAtrade is the best forex broker for Barbados residents. Beside its great overall offer, it has a competitive fee structure, advanced trading tools, copy trading features and a responsive customer support in Arabic language.
Forex.com is the best Barbados forex broker for high volume traders based on their reliable trade execution, overall low fees and big variety of tradable assets.
FAQ
Is forex trading legal in Barbados?
Yes, forex trading is legal in Barbados. It is regulated by The Central Bank of Barbados (CBB).
Is forex trading taxable in Barbados?
Yes, forex trading profits are taxed as income tax at 12,5% under 50,000 Barbados dollars yearly or at 28,5% above.
Where can I trade forex in Barbados?
You can trade forex in Barbados with domestic forex brokers who have a valid broker license or with any overseas broker offering services to Barbados residents.
Methodology
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best forex brokers. Trading platform, fees, mobile trading, payments, assets, regulation,
education and research are all part of our six-month evaluation of a broker's account.The rating scale was based on thousands of data points that have been weighted into the scoring system. Brokerages were required to fill out a multi-point survey regarding every aspect of their platform. In-person demonstrations and evaluations were provided by the majority of the online brokers we reviewed. Stefan Grasic, along with our team of industry experts, conducted our reviews and developed this methodology for ranking what form is used in online investing.
Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
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