Best Forex Brokers in Sri Lanka

Swissquote is an international broker that is regulated by various regulatory bodies and therefore the broker can be trusted. Swissquote was established in 2000 as a bank and, over time, started offering financial trading services to its clients. 

The broker offers high security standards and keeps deposits made by its clients in segregated bank accounts. Negative balance protection is provided. Swissquote offers dedicated account types for professional and retail traders. In addition, Asset manager (MAM), and company account types are also available. 

For retail traders that use their own capital to trade in the financial markets. Maximum available leverage is 100:1. Spreads on Euro vs US Dollar start from 1.1 pips, which is not low compared to industry leader prices. The total available instruments on this account is around 400. Moreover, traders can enjoy 9 ms average execution time combined with 98% order fill ratio. There are 15 account base currencies available on this account, however, unfortunately, traders cannot open live accounts in Sri Lankan Rupees. 

Tickmill was founded in 2014 and quickly gained popularity among Forex traders. Currently, the broker serves more than 327,000 active traders worldwide, and has over 668,000 registered trading accounts. 

There are three account types available for traders at Tickmill, namely: Pro, Classic, and VIP. The VIP account type offers the lowest trading fees, however, in order to open this account, it is required for the trading balance to be equal or above 50,000 base currency. On the other hand, the Pro and Classic accounts can be opened with as little as 100 USD initial deposits. 

The Pro account charges traders with commissions, on the other hand, there are no spread markups. This fee structure is best for intraday traders, scalpers, news traders, algorithmic traders, and high frequency traders. 

The Classic account has a completely opposite fee structure and, instead of charging commissions, includes trading fees in spreads. The Classic account is best suited for swing traders and position traders. The comparison table below will give you more detailed information about each account type.

XM is a highly experienced broker with a great reputation in the industry. The broker was established in 2009 and since then has managed to create a loyal customer base of over 5 million traders worldwide. 

It should be mentioned that there is an inactivity fee of 5 USD per month after 90 days of inactivity. XM offers high leverage to international traders, including Indonesians. Traders can access up to 1000:1 leverage to trade more than 

XM offers 4 account types to satisfy the needs of all traders. Ultra Low Micro, and Ultra Low Standard accounts have zero commissions. Instead, trading fees are included in spreads and start from 0.6 pips. 

XM is a group of brokers that operate globally under one band. Traders from Sri Lanka can open trading accounts with XM Global. XM Global offers dedicated 3 account types for Forex and CFD trading, and one account type solely for investing in shares. On the investment account leverage is not available. Before we make a comparison between the available account types, let’s first talk about what is the difference between shares and shares as CFDs. 

The Shares account offered by the broker enables investors to invest in company stocks long term. Traders do not have to worry about swaps or any other fees for keeping positions open overnight. The shares account is made for investing long term.

Micro account offered by XM is ideal for testing Forex trading strategies in live trading conditions with small capital at risk. Contract size for a Micro account is: 1 Lot = 1,000, which means that traders can open very small trades to test their strategies.

The Standard account at XM is best suited for beginners and swing traders. On the other hand, the XM Ultra Low account is best for active trading. Let’s compare each account type in more detail.

AvaTrade was established in 2006 and since then has managed to create a customer base of over 300,000 active traders. AvaTrade is one of the best brokers for social trading. The broker offers AvaSocial and AvaTradeGo platforms, as well as MetaTrader 4 (MT4), and MetaTrader 5 (MT5).

It’s easy for us to say that AvaTrade is a trustworthy broker due to the fact that the company is authorized and regulated by multiple top-tier financial regulators worldwide. However, residents of Sri Lanka can open accounts of AvaTrade’s international branch that is run by Ava Trade Markets Ltd. AvaTrade Markets Ltd. is regulated by the B.V.I Financial Services Commission. 

The broker offers dedicated account types for retail, professional and MAM (Multi Account Manager) traders. In addition, swap-free or also known as Islamic accounts are also available. In addition, traders can open demo trading accounts to develop their skills and trading systems without risking real capital. 

Clients of AvaTrade can access over 1250 tradable instruments from different asset classes, including Forex, Stock CFDs, ETFs, Commodities, Indices, and Cryptocurrencies. Negative balance protection is provided to retail traders. And available account currencies are USD, GBP, and EUR. 

It should be noted that there’s an inactivity fee at AvaTrade. The amount is 50 account base currency. Traders that have stopped trading for at least 3 months, will be charged with the inactivity fees. In order to avoid such fees, you can remain active, or withdraw funds from your trading account when you decide to stop trading. 

HF Markets is a group of well regulated Forex and CFD brokers operating since 2010. There are 2.5 million trading accounts registered with this broker and the number keeps growing. International traders, including residents of Sri Lanka, can access up to 2000:1 leverage to trade currency pairs. Be noted that while high leverage is very useful for scalpers and day traders, it can also increase risks. 

Every trader has a different personality and different trading style. Some prefer active trading, while others prefer passive trading. In addition, traders defer in terms of available trading capital and approach to markets. In order to meet the needs of different traders, HF Markets offers 5 account types. 

The Cent account enables traders to use the smallest contract size (1 lot = 1000 units), which is perfect for traders with limited funds or for traders that aim to test their strategies in a live trading environment with the lowest capital at risk. 

Zero account is best for active traders, as spreads on this account type start from 0 pips. Pro, Premium, and Top-Up Bonus accounts are created for beginners, and regular traders that prefer to position trade. For more detailed information, let’s take a look at the comparison table below.