Best Forex Brokers in Bhutan for 2024 [Reviewed]

Forex trading is gaining popularity in Bhutan and many investors are looking for the best Forex brokers to help them navigate the market. Finding the right Forex broker can be challenging, as there are many options available with different trading platforms, fees, and regulations.

 In this article, we’ll provide an overview of the best Forex brokers in Bhutan and what to look for when choosing a broker for your Forex trading needs.

A list of Top Forex Broker in Bhutan

If you’re looking for the best forex brokers in Bhutan, you’ve come to the right place. We’ve compiled a list of the top ten forex brokers in Bhutan based on a range of factors, including reputation, regulations, trading experience, customer support, and more.

Here is the list of top 10 forex brokers in Bhutan

• Icmarkets
• Pepperstone
• Etoro
• XM
• Exness
• Oanda
• FBS
• Hotforex 
• Eightcap
• FXTM

Comparison of Best forex Brokers in Bhutan

Best Forex Brokers in Bhutan Reviewed

ICmarkets.com – Best for Tight Spread

IC Market is a regulated broker based in Australia and established in 2017. It is best known for its tight spreads and variety of trading platforms, including MT4, MT5, cTrader, Web, and Mobile. It offers a secure and reliable trading environment for traders of all experience levels. With competitive spreads and a wide range of assets, IC Market is a great choice for traders looking to maximize their profits.

IC Markets is a leading broker that offers an extensive range of trading instruments including 60+ currencies, 10+ cryptos, and 1600+ CFDs. It allows customers to use EAs and robots for trading, as well as scalping and news trading. In addition, it offers a Multi-Account Manager (MAM) facility, allowing customers to manage multiple accounts in one place. However, it does not offer PAMM accounts. It also allows customers to access Zulutrade, a social trading platform, to copy and follow the strategies of successful traders.

Our Ratings

Pros

• Low spreads and competitive pricing 
• Regulated by ASIC and CySEC 
• Variety of deposit and withdrawal options 
• Offers multiple account types and trading platforms 
• Access to a wide range of markets and products 

Cons

• No US clients accepted
• Limited customer support options

Pepperstone.com — For Islamic Account

Pepperstone is a regulated broker based in Australia, established in 2010. It offers a variety of trading platforms, such as MT4, MT5, cTrader, DupliTrade, and TradingView, and also offers Islamic accounts. The broker is committed to providing its clients with the best trading experience through its top-of-the-line technology, competitive spreads, and reliable customer support. With Pepperstone, traders can take advantage of the latest in trading technology, giving them the tools they need to succeed in the markets.

Pepperstone is a great choice for those looking to trade a variety of instruments. It offers more than 60 currencies, 20+ cryptos, and 1200+ CFDs to trade. It also allows for use of EAs and robots, scalping, and news trading. To make trading easier, Pepperstone also offers MAM and PAMM accounts and allows for copy trading.

Our Ratings

Pros:

• Low minimum deposit requirements – Pepperstone Forex broker has a low minimum deposit requirement of only $200, making it accessible to traders with limited capital. 
• Variety of trading platforms – Papperstone offers a wide variety of trading platforms, including MetaTrader 4 and 5, cTrader and WebTrader, allowing traders to choose the platform that suits their trading needs. 
• Comprehensive research and education – Papperstone offers a comprehensive selection of educational materials, including webinars, tutorials and market reports, allowing traders to gain a better understanding of the Forex market. 
• Secure and reliable trading environment – Papperstone provides a secure and reliable trading environment, with full encryption and two-factor authentication for all transactions. 
• Competitive spreads – Papperstone offers competitive spreads, allowing traders to benefit from tighter spreads when trading. 

Cons:

• Limited asset selection – Papperstone only offers Forex and CFD trading, so traders looking to trade other asset classes may not find the selection they need. 
• Lack of customer support – Papperstone does not offer 24/7 customer support, so traders may not be able to get the

Etoro.com – Best for Social Copy Trading

eToro is a regulated broker based in the United Kingdom that was established in 2007. It is best known for its social copy trading feature, which allows traders to copy the trades of other successful traders. eToro’s trading platform is comprehensive and user-friendly, making it a great choice for both experienced and novice traders. The broker offers a wide range of trading instruments, including stocks, ETFs, indices, commodities, and cryptocurrencies. eToro also provides tools such as copy trading, copy portfolios, and market analysis to help traders make informed decisions. With its intuitive trading platform and extensive range of tools and features, eToro is a great choice for anyone looking for a reliable and regulated broker.

Etoro is a great broker providing a wide range of trading instruments such as 45+ currencies, 55+ cryptos, and 2815+ CFDs. Copy trading is allowed, but unfortunately, the use of EAs or robots is not. Etoro provides a great platform for traders to make money by investing in various instruments.

Our Ratings

Pros

• Easy to use trading platform 
• Low spreads and commissions 
• Variety of trading instruments 
• Comprehensive educational content 
• Highly regulated and secure 

Cons

• Limited customer support 
• Limited trading tools and features

XM.Com – For Flexible trading

XM is an online broker offering traders a wide range of instruments to trade with, from 55+ currencies, 30+ cryptos, and 940+ CFDs. This broker allows scalping, news trading, and the use of EAs and robots. Additionally, MAM accounts are allowed, but PAMM accounts are not. For those who want to benefit from the knowledge of experienced traders, XM also offers Zulutrade Social Trading. With XM, traders of all levels have access to a wide range of instruments and tools to help them achieve their trading goals.

XM is a regulated broker based in Cyprus that was established in 2009. It offers flexible trading with its top-of-the-line trading platforms, MT4 and MT5. XM is known for its wide range of instruments, competitive spreads, and fast execution speeds. It also offers a variety of features and tools, such as trading signals, automated trading, and Expert Advisors, to make trading easier. With XM, traders can enjoy a secure and reliable trading experience.

Our Ratings

Pros:

• Low fees and competitive spreads to help save on trading costs. 
• Regulated in multiple jurisdictions and compliant with international standards. 
• Access to a wide range of tradable assets, including forex, CFDs, stocks, indices, commodities and cryptocurrencies. 
• Comprehensive educational resources and customer service. 5. Advanced trading platform with a range of tools and features. 

Cons:

• Limited range of payment methods.
• Limited customer support available in certain countries.

Exness.com — For Instant withdrawal

Exness is a reliable broker that offers traders a wide range of trading instruments such as 95+ currencies, 5+ Cryptos, and 130+ CFDs. It allows traders to use EAs or Robots, Scalping, and News Trading to make the most of the market conditions. Moreover, it also provides an additional facility of Copy Trading which traders can use to copy other successful traders.

Exness is a regulated broker based in Seychelles, established in 2008. It is known for its fast withdrawal process and offers its users the MetaTrader 4 and 5 platforms for trading. Exness is the perfect broker for traders who are looking for a reliable, secure broker for instant withdrawals. With their extensive range of trading instruments, their user-friendly trading platform, and their secure trading environment, Exness is the ideal broker for any trader who is looking for a reliable and efficient broker.

Pros:

• Low minimum deposit requirements – Exness requires a minimum deposit of $1, making it one of the most accessible brokers out there. 
• Variety of trading accounts – Exness has a range of account options tailored to different traders’ needs and preferences. 
• High leverage – Exness provides leverage up to 1:2000. 
• Fast withdrawals – Exness offers quick and easy withdrawals for its clients. 
• Low spreads – Exness offers low spreads, allowing traders to maximize their profits. 

Cons:

• Limited customer support – Exness offers limited customer support, which may be a problem for some traders. 
• Limited trading instruments – Exness offers a limited range of trading instruments, which may be a problem for traders looking for more variety.

Oanda.com — Most Trusted

Oanda is one of the most trusted brokers in the industry and is based in the United States. Established in 1996, it is a regulated broker, offering a variety of trading platforms such as MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, TradingView. Oanda is the perfect broker for anyone looking for a reliable and secure trading experience.

Oanda is a broker that offers a wide range of trading instruments, including over 70 currencies, 4 cryptos, and 50+ CFDs. It allows trading with EA or Robots and Scalping, as well as News Trading, and provides access to ZuluTrade. This makes it a great choice for traders of all levels, and provides a variety of opportunities for them to make profits.

Our Ratings

Pros:

• Low trading fees – Oanda offers some of the most competitive trading fees in the industry, making it an attractive option for budget-conscious traders. 
• Great customer service – Oanda has a reputation for providing excellent customer service, with knowledgeable representatives who are able to answer questions quickly and accurately. 3. User-friendly platform – Oanda’s trading platform is intuitive and easy to navigate, making it perfect for beginner traders. 
• Extensive research tools – Oanda provides a wealth of tools to help traders stay informed, including market analysis and trading signals.
• Multiple account types – Oanda offers several different account types, allowing traders to choose the one that best suits their needs. 

Cons:

• Limited product offering – Oanda only offers forex and CFD trading, so traders looking for other asset classes may have to look elsewhere. 
• Limited leverage – Oanda only offers up to 50:1 leverage, which may not be sufficient for some traders.

FBS.com —- For High Leverage

FBS is a regulated broker based in Belize, established in 2009. It is best known for its high leverage, offering up to 1:3000. It supports three of the most popular trading platforms: MT4, MT5, and FBS Trader. FBS also offers a variety of features such as tight spreads, fast execution, and a wide selection of trading instruments. All of these features combined make FBS an ideal broker for traders of all levels.

FBS is a broker that offers a wide range of trading instruments, including over 35 currencies and 3 CFDs. It is an ideal broker for traders who want to use EAs or Robots, as well as those who prefer scalping and news trading strategies. Moreover, FBS offers competitive trading conditions and a user-friendly trading platform that can be used by both beginners and experienced traders.

Our Ratings

Pros:

• Low minimum deposit requirement of just $1. 
• Offers more than 200 tradable assets. 
• Variety of advanced trading tools. 
• Competitive spreads and fees. 
• Fast and reliable order execution. 

Cons:

• Limited customer support. 
• Not regulated by major authorities.

Hotforex.com — For Trading instruments

 Hotforex is a regulated broker based in Saint Vincent and Grenadines, established in 2010. It offers a variety of trading instruments and is well known for its user friendly trading platforms such as MT4 and MT5. Hotforex provides a secure and reliable environment for traders to access the financial markets. It offers competitive spreads, fast execution speeds and 24/7 customer support. With its wide range of features, Hotforex is a great choice for traders looking for a reliable and regulated broker.

Hotforex is a leading online broker offering a wide range of trading instruments such as 45+ currencies, 5+ cryptos, and 5+ CFDs. It offers attractive trading conditions such as allowing EA or robots and scalping, as well as news trading. Hotforex also provides additional facilities such as a MAM account, allowing traders to manage multiple accounts with just one master account. With its competitive spreads and fast execution, Hotforex is a great choice for traders of all levels.

Our Ratings

Pros:

• Low minimum deposit requirements 
• Comprehensive range of educational material 
• Highly competitive trading conditions 
• Multi-lingual customer support 
• Wide range of trading instruments 

Cons:

• High spreads on some pairs 
• Limited range of deposit and withdrawal options

Eightcap.com — Best for Trading Support

Eightcap is a regulated Australian broker that was established in 2009. It is best known for its exceptional trading support and offers a variety of platforms such as MT4, MT5, and TradingView. It is a reliable broker for those looking for a reliable and secure trading experience. With a wide range of features and tools, Eightcap is a great choice for all types of traders.

Eightcap is a great broker for traders who are looking for a wide variety of trading instruments. It offers over 45 different currencies, 300+ cryptos, and 800+ CFDs. It also allows traders to use EA or robots, and offers scalping as well. Additional facilities such as PAMM and MAM accounts are also available. With Eightcap, traders have access to a wide range of instruments, allowing them to find the best trading opportunities.

Our Ratings

Pros:

• Regulated by the Australian Securities and Investment Commission (ASIC) 
• Offers competitive spreads, low commissions, and fast execution speeds 
• Provides access to a wide range of trading instruments, including forex, CFDs, indices, stocks, and commodities 
• User-friendly and intuitive trading platform 
• 24/7 customer support 

Cons:

• Limited range of educational resources and tools 
• Limited payment methods available

FXTM.com — Best For Trading Conditions

FXTM is a regulated broker based in Mauritius that was established in 2011. It offers traders a variety of trading platforms, including MT4, MT5, and WebTrader, which are all designed with competitive trading conditions in mind. FXTM is the perfect choice for traders looking for a reliable and regulated broker with competitive trading conditions.

FXTM is an online broker that provides traders with access to a wide variety of trading instruments, including 55+ currencies, 4+ cryptos, and 190+ CFDs. It allows traders to use EAs and robots, as well as employ scalping and news trading strategies. FXTM also provides additional facilities such as MAM accounts.

Our Ratings

Pros:

• Low minimum deposit requirements. 
• Competitive spreads and fees. 
• Variety of trading platforms available. 
• Many educational resources and tools for traders. 
• 24/7 customer support. 

Cons:

• Limited range of instruments available for trading. 
• No access to certain markets, such as the US or Japan.

What is a Forex Broker? 

A Forex broker is a dedicated financial intermediary playing a pivotal role for individuals and businesses engaged in currency trading within the vast global foreign exchange market. Serving as a crucial link between traders and the dynamic world of forex, these brokers provide online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is paramount for ensuring a secure and efficient trading experience, complemented by essential tools and analysis to navigate the intricacies of currency transactions within the expansive forex landscape.

Read More : What You Need to Know About a Forex Broker

What are the Most Trusted Forex Brokers in Bhutan?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Bhutan. These brokers are highly regulated by top regulators including FCA, ASIC, CySEC, BaFIN, DFSA, SCB and so on.  They also offer segregated client fund accounts with tire 1 banks. for example. Here are our trust score for the following brokers 

• Pepperstone : 9.4 
• IC Markets    : 9.3
• XM                : 9.3 
• FBS              : 9

What is the No 1 Forex Brokers in Bhutan

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Bhutan. The broker is not only popular in Bhutan but also globally. Additionally, the broker is regulated under top-tier regulators worldwide, including FCA, ASIC, CySEC, and others. Pepperstone secures a score of 9.4 out of 10, the highest in our research

What are the Best MT4 Forex Brokers in Bhutan ?

Based on our in-depth research and test results, the best MT4 forex brokers in Bhutan are:

• IC Markets
• Pepperstone
• Eightcap
• Tickmill
• XM
• FBS

They offer thousands of trading instruments, including forex, crypto CFDs, stock CFDs, and indices.

What are the Best MT5 Forex Brokers in Bhutan?

MT5 a multi-asset trading platform by MetaQuotes. It is second most popular forex trading platform in the world. Most of the forex brokers in Bhutan offer MT5 Trading Platforms. According to our brokers research and ratings, the best MT5 Forex Brokers in the UK are 

• Pepperstone
• IC Markets 
• FBS 

MT5 perform allows traders to perform  technical analysis and trading operations in the Forex market

What are the Best ECN Forex Brokers in Bhutan ?

Our findings and broker ratings show that the best ECN Forex brokers in Bhutan are 

•  Pepperstone 
•  IC Markets 
•  XM
•  FXTM 
•  Hotforex 

These brokers offer low trading fees. They also offer seamless deposit and withdrawal processing. Among the brokers, Pepperstone we ranked Pepperstone as No 1 forex brokers in the world

Which Forex Brokers are Best for Beginners in Bhutan ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Bhutan. They all provide comprehensive training resources for newbies and also demo accounts for practice. When the newbies are ready for live trading, these brokers offer micro accounts which they can use to start experimenting with live trades at very little risk.

Which Forex Brokers Offer Copy Trading Platforms in Bhutan ?

The best forex brokers offering copy trading platforms in Bhutan include eToro, Pepperstone, IC Markets, and FBS, among others. Among these, eToro is renowned for its social copy trading. Moreover, you can use almost all forex brokers for copy trading purposes if they allow EA trading

Which Forex Brokers offer High Leverage in Bhutan ?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Bhutan. FBS provides a 1:3000 leverage, allowing for up to $3000 in trading capital for every $1 risked. However, the leverage in the EU and the USA is fixed. In the EU and Australia, retail traders can take up to a 1:30 leverage, while US regulators allow a maximum 1:50 leverage for retail forex traders. Many brokers have multiple entities for traders in different countries. Here is a list of the highest-leverage forex brokers:

FBS.com : 1:3000

Exness.com : 1:2000

Hotforex : 1:1000

How Can I trade Forex in the Bhutan ?

Step 1: Learn the basics of Forex trading

Before you start trading Forex, it’s important to have a basic understanding of how it works. You can learn the basics through various online resources, such as educational websites, YouTube tutorials, and trading forums.

Step 2: Choose a reputable Forex broker

To trade Forex, you’ll need to choose a reliable Forex broker that is licensed and regulated by a reputable authority, such as the Bhutan Securities Exchange Commission (BSEC). Look for a broker that offers competitive spreads, a user-friendly trading platform, and good customer support.

Step 3: Open a Forex trading account

Once you’ve chosen a broker, you’ll need to open a Forex trading account. This usually involves filling out an online application and providing some personal and financial information, such as your name, address, and bank account details.

Step 4: Fund your trading account

After your account has been approved, you’ll need to fund it with some money to start trading. Most Forex brokers accept deposits in Bhutanese Ngultrum (BTN), and you can typically fund your account using a variety of payment methods, such as bank transfer, credit card, or e-wallet.

Step 5: Download the trading platform

Most Forex brokers offer a trading platform that you can download onto your computer or mobile device. Make sure to download and install the platform and become familiar with its features and functionality.

Step 6: Place a trade

Once you’ve funded your trading account and downloaded the platform, you’re ready to start trading. Choose a currency pair that you want to trade, and decide whether to buy or sell based on your market analysis. You can place a trade by entering the order details, such as the currency pair, the amount you want to trade, and the stop loss and take profit levels.

Step 7: Monitor your trade

After you’ve placed a trade, it’s important to monitor it closely. You can track your trade’s progress using the trading platform, and adjust your stop loss and take profit levels if necessary.

Step 8: Close your trade

When you’re ready to close your trade, simply enter the opposite order to the one you placed initially. If you bought a currency pair, you’ll need to sell it to close the trade, and if you sold a currency pair, you’ll need to buy it back.

In conclusion, trading Forex in Bhutan can be a profitable and rewarding experience, as long as you take the time to learn the basics, choose a reputable broker, and follow a disciplined trading plan.

Different Types of Forex Brokers in Bhutan

Dealing Desk brokers act as market makers, which means that they make the market by setting their own bid-ask spreads and executing trades on their own behalf. Here are the subtypes of 

Dealing Desk brokers:

Market Maker: A market maker is a broker that takes the opposite side of its clients’ trades. They set the bid-ask spreads and execute trades from their own inventory. Market makers may face a conflict of interest, as they have an incentive to trade against their clients and manipulate prices to their advantage.

On the other hand, 

No Dealing Desk (NDD)

 brokers do not take the opposite side of their clients’ trades. They provide direct access to the interbank market, where traders can buy and sell currencies without the intervention of a middleman. Here are the subtypes of No Dealing Desk brokers:

Electronic Communication Network (ECN):

An ECN broker provides direct access to the interbank market, where traders can trade with other market participants, including banks, hedge funds, and other traders. ECN brokers charge a commission for their services and offer very tight spreads, but they may require a higher minimum deposit and have slower trade execution times.

Straight Through Processing (STP):

An STP broker is similar to an ECN broker in that it provides direct access to the interbank market. However, instead of charging a commission, STP brokers mark up the bid-ask spreads and make their profit from the difference. STP brokers may offer faster trade execution times than ECN brokers but may have wider spreads.

Types of Trading Platforms in Bhutan ?

There are several types of trading platforms available for traders in Bhutan. Here are some of the most common types:

Web-based platforms:

Web-based platforms are trading platforms that operate through a web browser. They don’t require any software installation and can be accessed from any device with an internet connection. They usually offer basic trading functionalities, such as charting, order placement, and account management.

Desktop platforms:

Desktop platforms are trading software that is downloaded and installed on a computer. They typically offer more advanced functionalities, such as custom indicators, automated trading systems, and backtesting tools. Desktop platforms can be faster and more reliable than web-based platforms since they run locally on the trader’s computer.

Mobile platforms:

Mobile trading platforms are applications that are designed specifically for mobile devices, such as smartphones and tablets. They allow traders to access their trading accounts on-the-go, place orders, and monitor their trades. Mobile platforms are usually available for both iOS and Android devices.

Social trading platforms:

Social trading platforms are online communities where traders can follow and copy the trades of other traders. They often provide tools for analyzing the performance of other traders and allow traders to interact with each other through forums and chat rooms.

MetaTrader platforms:

MetaTrader platforms are trading software developed by MetaQuotes Software Corp. They are widely used by traders around the world and offer a range of advanced features, such as automated trading, multiple charting tools, and custom indicators. MetaTrader platforms are available as both desktop and mobile applications.

How to Choose the Best Forex Brokers in Bhutan ?

When choosing a Forex broker in Bhutan, it is important to consider the following factors:

Regulation:

Make sure the broker is regulated by a reputable financial authority, such as the Central Bank of Bhutan, to ensure the safety of your funds.

Trading Platform:

Look for a broker that offers a trading platform that is user-friendly, stable, and secure.

Fees:

Compare the fees charged by different brokers for trades and withdrawals, as these can add up over time and affect your profits.

Leverage:

Consider the leverage offered by the broker, as well as the terms and conditions associated with its use.

Customer Support:

Good customer support is essential for a smooth trading experience. Look for a broker that provides 24/7 support through multiple channels, such as email, phone, and live chat.

Reputation:

Read online reviews and check the broker’s reputation within the Forex community to ensure that it is reliable and trustworthy.

Account Types:

Different brokers offer different account types, so make sure to choose one that meets your trading needs and goals.

Market Access:

Make sure the broker offers access to the markets you are interested in trading, as well as a variety of trading instruments.

Frequently Asked Question (FAQs)

What is Forex trading?

Forex trading is the act of buying and selling different currencies in the foreign exchange market. The goal is to profit from changes in the exchange rate between two currencies.

Is Forex Trading Legal in Bhutan ?

Yes, Forex trading is legal in Bhutan, and the country has a potential market size of roughly 763,092 Forex traders based on its population. As a growing economy with a relatively stable political environment, Bhutan offers ample opportunities for Forex traders looking to enter the market. 

How do I choose the best Forex broker in Bhutan?

When choosing a Forex broker in Bhutan, consider factors such as regulation, trading platform, fees, leverage, customer support, reputation, account types, and market access.

Is Forex trading safe in Bhutan?

Forex trading can be safe in Bhutan if you choose a regulated and reputable broker, educate yourself on the market, and trade responsibly.

How much money do I need to start Forex trading in Bhutan?

The amount of money needed to start Forex trading in Bhutan can vary depending on the broker and the type of account you choose. Some brokers require a minimum deposit of just a few dollars, while others may require thousands of dollars.

Can I trade Forex from Bhutan?

Yes, you can trade Forex from Bhutan with a broker that offers trading services to residents of Bhutan.

What are the risks of Forex trading in Bhutan?

Forex trading involves significant risks, including market volatility, currency fluctuations, and the possibility of losing your entire investment. It is important to educate yourself on the market and trade responsibly.

Conclusion

Forex trading is a popular investment option in Bhutan and there are many reputable Forex brokers available to choose from. When selecting a Forex broker, it is important to consider factors such as regulation, trading platform, fees, leverage, customer support, reputation, account types, and market access. While Forex trading carries significant risks, it can also offer the potential for substantial profits. It is important to educate yourself on the market and trade responsibly to minimize your risk and maximize your chances of success.