In this guide, we go over the best trading platforms in Bermuda. We have analysed 174 brokers and evaluated their platforms in 8 major categories. We measured all aspects of their service including trading platforms, fees, mobile trading, deposits & withdrawals, assets, regulation, research & education, customer support and islamic account options.
Trading platforms that reached the highest scoring are considered in the following list:
Top 5 Trading Platforms in Bermuda
- eToro – Best trading platform overall
- Capital.com – Best in research and education
- Forex.com – Best Forex Trading Platform
- IQ Option – Best Platform For Investors and Traders
- ActiveTrades – Regulated by the UK FCA
Best Online Trading Platforms Bermuda
|PLATFORM||SCORE||GENERAL INFO||MINIMUM DEPOSIT|
|#1||eToro||4.9||Best Platform Overall||$200|
|#2||Capital.com||4.7||Best Broker for Algorithmic Traders||$0|
|#3||Forex.com||4||Best Forex Trading Platform||$100|
|#4||IQ Option||4.7||Best Platform For Investors and Traders||$10|
|#5||ActiveTrades||4.4||Regulated by the UK FCA||$500|
Below section breaks down the best trading platforms in Bermuda, beginning with the highest rated…
01. eToro: Best Platform Overall
eToro is a reputable global brand and industry leading broker for copy trading. Their robust and cutting edge copy trading platform and social trading features allow users to copy trades and portfolios from professional traders and investors.
As a CFD multi asset broker, eToro allows users to trade on over 3075 different symbols including stocks, forex, cryptos, indices and commodities. Trading spreads are wide, deposits are free and account minimum is low. There are conversion and inactivity fees. eToro provides a comprehensive list of technical tools, charts, and newsfeeds. Their customer support is available through email and live chat in Arabic and English.
eToro is a well established market maker broker with a clean history record, regulated by top tier regulators.
68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
02. Capital.com: Broker with great educational content and resources
Capital.com is a top choice for traders looking for a discount broker with great educational content and resources, advanced research tools and a premium trading interface. They offer a wide range of tradable assets including CFDs on cryptos, stocks, indices, commodities and forex pairs.
Founded in 2016, Capital.com is an international fintech company which has group of entities authorised and regulated by the Financial Conduct Authority (“FCA”), the Australian Securities and Investments Commission (“ASIC”), the Cyprus Securities and Exchange Commission (“CySEC”), and the Financial Services Authority of Seychelles (“FSA”). It does not operate a bank and is not publicly traded.
Choose Capital.com if you are looking for a great mobile trading experience, professional web trading interface, day trading features. Beginner traders will like the low minimum deposit ($20), industry leading commission structure, and award winning education section.
03. Forex.com: Best Forex Trading Platform
Forex.com finishes up on forth 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.
04. IQ Option: Best Platform For Investors and Traders
IQ Option is the overall best online trading platform for investors and traders. Their winning offer consists of low spreads, a sophisticated trading platform, free demo account option, and responsive customer support in English language. They offer islamic accounts and copy trading in Arabic language which allows you to copy portfolios from seasoned investors and traders.
IQ Option is a trustworthy and reliable market maker broker commissioned by CySEC and subject to the highest standards of regulation in the industry. Options trading is no longer available.
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
05. ActiveTrades: Broker regulated by the UK’s Financial Conduct Authority (FCA)
ActivTrades is a reputable forex and CFD broker regulated by the UK’s Financial Conduct Authority (FCA). Their proprietary trading platform called ActivTrader is intuitive, fully customizable and offers a clear report on trading fees. Account opening is fast and easy, deposits and withdrawals are free of charge. Trading fees are below industry average.
ActiveTrades charges an inactivity fee. Tradable assets are limited to basic classes and instruments which will not be enough for professional traders. Research and educational materials are slim.
How To Pick The Right Platform?
The main criteria to consider when choosing a trading platform in Bermuda include: fees, trading platform, mobile trading, deposits & withdrawals, assets, customer support, liquidity and security.
Fees: Choose a broker with a transparent fee structure and avoid brokerage accounts with high fees on trades, overnight fees and hidden fees. Commission and spread fees are common with Bermuda brokerage accounts. Spreads should vary between 0.03% to 0.5% depending on your trading volume.
Trading platforms: They should be user friendly, grant access to trading tools and indicators and suitable to traders at all levels. We recommend you opt for a platform with a technical charting interface and built-in market data. A comprehensive market news feed and access to advanced features are a must.
Mobile Trading: Mobile trading apps should offer the same trading tools and charts as their web versions. Choose mobile platforms with full-screen charting options and social feeds.
Deposit & Withdrawal: Deposit and withdrawal needs to be fast and simple. Choose an broker that offers your preferred payment method and industry leading commission and fee structures.
Assets: Look for coverage of preferred assets. Bermuda traders are allowed to access all tradable asset classes including forex, stocks, indexes, options, FOPs, commodities, futures, indices, bonds, swaps, mutual funds, hedge funds, spot gold, ETFs and cryptos.
Regulation: Brokers with top-tier licenses follow strict rules enforced by a trustworthy regulators and offer high security standards. We recommend users to choose platforms with FCA, CySEC, and ASIC licenses and tier one regulations.
Research & education: Beginner and average 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 traders should look out for responsive and professional customer support available in their language.
*Islamic Accounts: All platforms from our list offer islamic account options. This gives users the chance to trade online in compliance to the Sharia law.
Online Trading In Bermuda
Online trading in Bermuda is done through the Bermuda Stock Exchange via the Bermuda Electronic Securities Trading (BEST) system. On this stock exchange, people trade listed domestic securities and other assets. To trade forex, commodities, or stocks from other countries traders have to use offshore brokerage accounts. Bermudan people can trade or invest in cryptocurrencies via internationally operating cryptocurrency exchanges. All the brokers mentioned in this guide accept traders and investors from Bermuda.
Online Trading Regulation
The Bermuda Monetary Authority (BMA) is the main financial regulatory body in Bermuda. If a company wants to offer finance, trading, or investment services, it has to obtain a license from the BMA. International companies that offer these services to Bermudan residents do not have to apply for such a license and can freely offer their products and services. The BMA cannot guarantee the safety of funds when Bermudan people use overseas brokerage, trading, and investment companies’ services.
There are currently no rules in place for cryptocurrency trading. This means that Bermudan citizens can trade crypto legally, but do so at their own risk. The BMA warns of the high volatility of crypto-assets and their association with criminal activities.
You can verify if a Bermuda-based broker has a valid license issued by the BMA by going to the official BMA website and clicking on the ‘Licensed Entities’ button in their main menu. Here you search for the name of the broker you are trading with or want to trade with. If the broker’s name is listed, it is a reputable and reliable broker. If you cannot find the brokes’ name, we recommend not to trade with them. If you want to trade with an international broker, always make sure they are licensed by a regulatory body like the CySEC, FCA, FINRA, or ASIC.
Based on our review, we consider eToro as the best trading platform for Bermuda residents. They offer a low minimum deposit, competitive fees, advanced charting tools, social trading features and a responsive customer support.
Capital.com is the second best trading platform for Bermuda residents, because of their low fees, advanced trading tools, copy trading features and a responsive customer support. Forex.com, IQ Option and ActiveTrades are finishing up our list of top platforms with a great overall offer and above average ratings.
Are There Commission-Free Trading Platforms In Bermuda?
Yes, there are trading platforms available in Bermuda that offer 0% commission trading like eToro.
How Much Should I Invest When Trading Online in Bermuda?
You should always invest at least the minimum deposit amount Bermuda and international brokers require you to open an account. In most cases, this is about $50.
Is Crypto Trading Available In Bermuda?
Yes, crypto trading is available to Bermuda citizens. The leading trading platforms offer Bitcoin trading via CFDs.
How To Check If A Trading Platform Has a Valid License?
You can check if a broker has a valid operating license on the BMA official website.
The mission of Business24-7 is to provide comprehensive, unbiased ratings and reviews of the best online brokers. Trading platform, fees, mobile trading, payments, assets, regulation, education, and research are all part of our six-month evaluation of a broker’s trading platform. 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.
If you liked this article then also read:
- Saudi Arabia
- 1 Top 5 Trading Platforms in Bermuda
- 2 Best Online Trading Platforms Bermuda
- 2.1 01. eToro: Best Platform Overall
- 2.2 02. Capital.com: Broker with great educational content and resources
- 2.3 03. Forex.com: Best Forex Trading Platform
- 2.4 04. IQ Option: Best Platform For Investors and Traders
- 2.5 05. ActiveTrades: Broker regulated by the UK’s Financial Conduct Authority (FCA)
- 2.6 How To Pick The Right Platform?
- 2.7 Online Trading In Bermuda
- 2.8 Online Trading Regulation
- 2.9 Licence Verification
- 3 Conclusion