In this guide, we go over the best forex brokers in Bermuda. 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 Bermuda
- 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 Bermuda
|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 Bermuda, beginning with the best – AVAtrade.
01. AVAtrade: Best Forex Broker Overall
AVAtrade takes the first place as the best forex broker for Bermuda 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 Bermuda citizens, this is the go to forex broker for traders and investors at all levels.
Bermuda 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 Bermuda 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 Bermuda.
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 Bermuda 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 Bermuda offer an islamic account option. This gives the user to trade forex in compliance to the Sharia law.
Forex Trading in Bermuda
Forex trading is popular in Bermuda and is a way of second income for almost a third of their population. Benefits of forex trading include no taxation on capital gains made with currency trading and a local currency pegged to the United States dollar. It is easy to get started with forex trading in Bermuda. It is legal and you only need an internet connection.
Traders from Bermuda can use offshore forex brokers to trade forex with higher leverage, lower commissions and currency pairs not offered by local brokers. The Bermudan government does not protect funds invested with offshore brokers.
Forex Trading Regulation in Bermuda
The Bermuda Monetary Authority regulates Bermuda’s forex markets and oversees all financial activities in the country. Founded in 1969 it is located in Hamilton. The BMA regulates and inspects forex brokers operating in the country. They make sure no insider trading or other forms of investment fraud take place.
All forex brokers that want to offer brokerage services to citizens of Bermuda must obey strict rules set out by the BMA to obtain and maintain a forex broker license. Many forex brokers have an office in Bermuda because forex profits aren’t taxed. Overseas-based forex brokers don’t need to be authorized by the BMA to offer forex trading services to Bermuda traders.
How to Check Authorisation
You can verify the validity of a forex broker license in Bermuda by going to the official BMA 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 Bermuda 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.
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 Bermuda 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 Bermuda forex broker for high volume traders based on their reliable trade execution, overall low fees and big variety of tradable assets.
Is forex trading legal in Bermuda?
Yes, forex trading is legal in Bermuda. It is regulated by The Bermuda Monetary Authority (BMA).
Is forex trading taxable in Bermuda?
No, forex trading profits aren’t taxed in Bermuda. Traders still need to report their yearly profits/losses in their tax statements.
Where can I trade forex in Bermuda?
You can trade forex in Bermuda with domestic forex brokers who have a valid broker license or with any overseas broker offering services to Bermuda residents.
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.
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.
- 1 Best Forex Brokers Bermuda
- 2 Best Forex Brokers for citizens in Bermuda
- 2.1 01. AVAtrade: Best Forex Broker Overall
- 2.2 02. Forex.com: Best Forex Trading Platforms and Features
- 2.3 03. Saxo Bank: Best Selection Of Tradable Assets
- 2.4 04. XM.com: Best Forex Broker For Market Research and Education
- 2.5 05. Interactive Brokers: Lowest Trading Fees
- 2.6 06. Pepperstone: Best MetaTrader and cTrader Forex Broker
- 2.7 How To Choose a Regulated Forex Broker?
- 2.8 Forex Trading in Bermuda
- 2.9 Forex Trading Regulation in Bermuda
- 2.10 How to Check Authorisation
- 3 Summary