Best Forex Brokers in Srilanka of 2024 (Expert Picks)

The foreign exchange market, also known as Forex, is one of the largest financial markets in the world, with daily trading volumes exceeding $5.3 trillion. In Sri Lanka, the Forex market has grown significantly in recent years, attracting a large number of traders and investors. To participate in this market, it is essential to find a reliable and trustworthy Forex broker. 

With so many options available, it can be difficult to determine the best Forex broker in Sri Lanka. In this article, we will provide an overview of the best Forex brokers in Sri Lanka, highlighting their key features, services, and offerings to help you make an informed decision.

A list of Top Forex Broker in Srilanka

Discover the top ten Forex brokers in Sri Lanka with our comprehensive list, compiled based on various factors such as reputation, regulations, trading experience, customer support, and more. Our research aims to provide traders with a trustworthy and comprehensive resource to help them make informed decisions when choosing a Forex broker in Sri Lanka.

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

Comparison of Best forex Brokers in Srilanka

Best Forex Brokers in Srilanka Reviewed

ICmarkets.com – Best for Tight Spread

IC Market is a regulated broker established in 2017, offering tight spreads and a variety of trading platforms including MT4, MT5, cTrader, Web, and Mobile. It is based in Australia and provides a secure trading environment for traders of all levels. IC Market is committed to providing the best trading experience possible, so you can rest assured that your funds are safe. With a wide range of features, IC Market is one of the best options for trading in the Forex market.

IC Markets is a great broker for traders of all skill levels and offers a variety of trading instruments including 60+ currencies, 10+ cryptos, and 1600+ CFDs. Additionally, IC Markets allows for scalping and news trading, making it an attractive option for those looking to take advantage of the markets. Furthermore, IC Markets offers a MAM account and Zulutrade Social Trading, allowing investors to maximize their earning potential.

Our Ratings

Pros:

• IC Markets offers some of the lowest spreads in the industry, as low as 0.0 pips on some currency pairs.
• IC Markets offers a wide variety of trading instruments, including forex, cryptocurrencies, commodities, and indices. 
• IC Markets provides access to the latest market data and advanced trading tools. 
• IC Markets has an excellent customer service team that is available 24/7. 
• IC Markets has a well-designed and user-friendly trading platform. 

Cons:

• IC Markets does not offer trading services for US and Canadian citizens. 
• IC Markets does not offer a variety of deposit and withdrawal methods.

Pepperstone.com — For Islamic Account

Pepperstone is a regulated broker established in 2010, based in Australia. It is best known for its Islamic Account that offers a wide range of services for its customers. Pepperstone provides its users with a number of popular trading platforms such as MT4, MT5, cTrader, DupliTrade, and TradingView. It also offers online trading services as well as 24/7 customer support. With its strong reputation and advanced trading tools, Pepperstone is a reliable option for traders of all levels.

Pepperstone is a reputable broker offering a wide range of trading instruments such as 60+ currency pairs, 20+ cryptos, and over 1200 CFDs. It allows the use of EAs and robots, as well as scalping and news trading. In addition, the broker provides MAM and PAMM accounts and copy trading features. With Pepperstone, traders can access the markets with confidence and benefit from the best conditions to make a successful trading experience.

Our Ratings

Pros:

• Low minimum deposit requirement 
• Variety of trading platforms 
• Easy to use user interface 
• Comprehensive research and analysis tools 
• Excellent customer support 

Cons:

• Limited number of currency pairs 
• Lack of educational resources

Etoro.com – Best for Social Copy Trading

Etoro is a regulated broker based in the United Kingdom and established in 2007. It is best known for its social copy trading platform, which allows users to easily copy the trading strategies of other users. The platform used by Etoro is the eToro trading platform, which is user-friendly and provides traders with a range of tools and features to help them make informed decisions. Etoro is a great choice for those looking to get involved in social copy trading.

Etoro is a broker that offers an extensive range of trading instruments, including 45+ currencies, 55+ cryptos and 2815+ CFDs. It also allows copy trading, which is a great feature for those looking to diversify their portfolio and benefit from the expertise of experienced traders. However, it does not allow the use of robots or Expert Advisors. Etoro is a great choice for any trader looking for a reliable and varied trading platform.

Our Ratings

Pros

• Easy to use platform with comprehensive features 
• Low minimum deposit and trading fees 
• Variety of trading instruments 
• Social trading features 
• Regulated broker with good customer service 

Cons

• High spreads compared to other brokers 
• Limited options for withdrawing funds

XM.Com – For Flexible trading

XM is a regulated broker based in Cyprus, established in 2009. It offers flexible trading options, with a variety of trading platforms such as MT4, MT5. It provides traders with a safe and secure environment to trade in, and is renowned for its customer service and support. XM is a great choice for anyone looking for an easy to use and reliable broker.

XM is a broker providing a wide range of trading instruments to its clients, such as 55+ currencies, 30+ cryptos and 940+ CFDs. Traders can enjoy a variety of trading conditions, including the use of Expert Advisors and scalping, as well as news trading. In addition, XM also provides MAM account support, but does not offer PAMM accounts. However, clients can still benefit from Zulutrade social trading.

Our Ratings

Pros

• Low minimum deposits – XM offers a low minimum deposit requirement of $5, making it one of the most affordable brokers in the market. 
• Wide range of instruments – XM offers a wide range of instruments, including currency pairs, indices, commodities, stocks, and more. 
• Multiple account types – XM offers different account types to suit different trading styles and levels of experience. 
• Competitive spreads – XM offers competitive spreads across all account types. 
• Robust trading platforms – XM provides robust trading platforms, including the MT4 and MT5 platforms, as well as the XM WebTrader. 

Cons

• Limited customer support – XM offers limited customer support, with a relatively slow response time. 
• Limited educational resources – XM provides limited educational resources, such as trading tutorials and webinars.

Exness.com — For Instant withdrawal

Exness is a regulated broker established in 2008, based in the Seychelles. It is best known for its instant withdrawal options and offers trading platforms such as MT4 and MT5. It is a reliable and secure brokerage, offering a wide range of trading tools and services to traders of all levels. It is an ideal choice for those who are looking for a reliable and secure broker.

Exness is an online broker that offers a wide range of trading instruments, including 95+ currencies, 5+ cryptocurrencies, and 130+ CFDs. It allows traders to use automated trading systems, scalping, and news trading. Additionally, Exness offers copy trading for traders who want to copy the strategies of more experienced traders.

Pros:

• Low spreads and fast execution. 
• Regulated by the Financial Conduct Authority (FCA) and CySEC. 3. Comprehensive educational material. 
• Wide range of trading products and instruments. 
• Numerous account types and features. 

Cons:

• Limited range of research tools and resources. 
• Limited customer service support.

Oanda.com — Most Trusted

Oanda is a highly trusted and regulated broker based in the United States established in 1996. The broker offers multiple trading platforms including MT4, MT5, WebTrader, NinjaTrader, MotiveWave, MultiCharts, and TradingView. Oanda is one of the most reputable brokers in the industry and is a great choice for traders looking for a reliable and secure trading experience.

Oanda is an online trading broker that offers a variety of instruments to choose from, including over 70 currencies, 4 cryptos, and over 50 CFDs. EAs and robots are allowed, as well as scalping and news trading. Additionally, Oanda also offers ZuluTrade, a social trading platform, giving customers the opportunity to copy the trades of experienced traders. Oanda is a great choice for traders looking to trade a variety of instruments with different trading strategies.

Our Ratings

Pros:

• Low spreads: Oanda offers some of the lowest spreads in the forex broker industry. 
• Regulated: Oanda is a regulated forex broker and is certified by top regulatory bodies in the world. 
• Advanced trading tools: Oanda offers advanced trading tools and technology to help traders make better decisions. 
• Excellent customer service: Oanda offers 24/7 customer service and support. 
• Variety of account types: Oanda offers a variety of different account types to meet different trading needs. 

Cons:

• Limited range of products: Oanda does not offer a wide range of products, such as CFDs, indices, and commodities. 
• No bonuses or promotions: Oanda does not offer any bonuses or promotions for traders.

FBS.com —- For High Leverage

FBS is a top broker established in 2009 and regulated in Belize. It is best known for its high leverage, which allows traders to have greater control over their investments. FBS provides a variety of trading platforms, including MT4, MT5, and FBS Trader. The broker also offers a range of services, including analytics, education, and customer support. With its wide range of features and services, FBS is a great choice for traders looking for a reliable broker with competitive fees and high leverage.

FBS is a broker that offers traders a wide selection of trading instruments, including 35+ currencies and 3 CFDs. The broker also allows traders to use EAs and robots, as well as scalping and news trading. This makes it an ideal choice for traders who want access to a wide range of instruments and trading conditions.

Our Ratings

Pros:

• Licensed and regulated by the International Financial Services Commission (IFSC). 2. High leverage of up to 1:3000. 
• Offers a wide range of trading instruments, including currency pairs, indices, commodities, and cryptocurrencies. 
• Low minimum deposit requirement of just $1. 
• Variety of trading platforms, including MetaTrader 4, MetaTrader 5, WebTrader and mobile apps. 

Cons:

• Limited customer support options. 
• Limited payment options.

Hotforex.com — For Trading instruments

Hotforex is a regulated broker established in 2010, offering a wide range of trading instruments through its MT4 and MT5 trading platforms. Based in Saint Vincent and Grenadines, Hotforex offers a secure platform for traders to access the markets, providing them with the tools and resources they need to make informed decisions. Whether you are a beginner or professional trader, Hotforex is a great choice for your trading needs.

Hotforex is a broker that offers a wide selection of trading instruments, including 45+ major and minor currency pairs, 5+ cryptos, and 5+ CFDs. They also provide excellent trading conditions, allowing the use of Ea or Robots, scalping, and news trading. Additionally, Hotforex offers MAM accounts for those looking to manage multiple accounts. All in all, Hotforex provides an ideal platform for those looking to access a wide range of trading instruments with excellent trading conditions.

Our Ratings

Pros:

• Low spreads and competitive pricing. 
• Range of account types to suit different trading styles. 
• Comprehensive education materials, including webinars and tutorials. 
• Robust security and excellent customer service. 
• Wide range of trading instruments, including Forex, CFDs, commodities, indices, and cryptocurrencies. 

Cons:

• Limited range of payment methods available. 
• Not available in certain countries.

Eightcap.com — Best for Trading Support

Eightcap is a regulated broker based in Australia and established in 2009. They specialize in providing excellent trading support to their clients. Their trading platform includes MT4, MT5, and TradingView which allow traders to have access to a wide range of markets and instruments. With Eightcap, traders have access to a reliable and secure trading environment.

Eightcap is a great broker for all traders, offering a wide range of trading instruments including 45+ currencies, 300+ cryptos and 800+ CFDs. It also offers additional facilities such as PAMM and MAM Account, allowing traders to take advantage of automated trading strategies such as EAs and scalping. With Eightcap, you can experience a secure, fast and reliable trading environment.

Our Ratings

Pros:

• Low minimum deposit requirement of only $100 
• Variety of trading platforms available including MetaTrader 4 and 5, cTrader, and WebTrader 3. Offers competitive spreads and commission 
• Regulated by ASIC 
• Comprehensive range of educational resources available 

Cons:

• Limited number of tradable assets 
• Limited customer support options

FXTM.com — Best For Trading Conditions

FXTM is a regulated, online broker based in Mauritius. Established in 2011, the broker offers a wide range of trading platforms for traders, including MT4, MT5, and WebTrader. FXTM is known for offering excellent trading conditions and is an ideal choice for traders looking for a reliable and secure broker. The broker also provides a range of trading tools and resources, including technical and fundamental analysis, to help traders make informed decisions.

FXTM is a great broker for traders of all levels. It offers a wide range of trading instruments including 55+ currencies, 4+ cryptos and 190+ CFDs, granting traders a great variety of options to choose from. Additionally, traders can use EA or Robots, scalping, and news trading, as these are all allowed. Finally, FXTM also offers MAM account, which is a great feature for traders who want to manage multiple accounts at the same time.

Our Ratings

Pros

• Low minimum deposit requirement: FXTM requires a minimum deposit of only $10. 
• Regulation: FXTM is regulated by the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). 
• Range of trading instruments: FXTM offers a wide range of trading instruments, including forex, commodities, indices, stocks, metals, and energy. 
• Secure trading environment: All client funds are segregated and protected by the Investor Compensation Fund. 
• Advanced technology: The broker offers a modern and user-friendly trading platform with advanced charting and trading tools. 

Cons

• Low maximum leverage: FXTM offers maximum leverage of only 1:30, which is lower than the industry average. 
• Limited customer support options: FXTM offers limited customer support options, with no live chat or phone support.

What is a Forex Broker?

A Forex broker is a specialized financial intermediary crucial for individuals and businesses participating in currency trading within the vast global foreign exchange market. Serving as a vital link between traders and the dynamic realm of forex, these brokers provide online platforms for buying and selling various currencies. Opting for a reputable and regulated Forex broker is paramount to 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 Srilanka ?

According to our research and broker ratings, Pepperstone, IC Markets, XM, and FBS emerge as the most reliable forex brokers for trading in Srilanka . 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 Srilanka

Based on our in-depth research and ratings, Pepperstone is the number 1 forex broker in Srilanka . The broker is not only popular in Srilanka  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 Srilanka ?

Based on our in-depth research and test results, the best MT4 forex brokers in Srilanka 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 Srilanka ?

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 Srilanka  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 Srilanka?

Our findings and broker ratings show that the best ECN Forex brokers in Srilanka 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 Srilanka ?

From our research, analysis, testing, and experience; XM, hotforex, FBS, and Exness are the best brokers for beginners in Srilanka . 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 Srilanka ?

The best forex brokers offering copy trading platforms in Srilanka 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 Srilanka ?

FBS is one of the highest-leverage forex brokers that offers services worldwide, including in Srilanka. 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 Srilanka ?

Learn the basics of Forex trading:

Before you start trading Forex, it’s important to understand the basics of the Forex market. You should understand what Forex is, how currency pairs work, what factors affect exchange rates, and how to read charts and graphs.

Find a reputable Forex broker:

Once you have a basic understanding of Forex trading, you need to find a reputable Forex broker that is authorized to operate in Sri Lanka. Look for a broker that is regulated by a reputable financial authority, offers competitive spreads and fees, and has a user-friendly trading platform.

Open a trading account:

After you have chosen a Forex broker, you will need to open a trading account. This typically involves completing an online application and providing some personal information and documentation, such as your ID and proof of address.

Fund your trading account:

Once your trading account is approved, you will need to fund it with money to start trading. You can usually fund your account using a bank transfer, credit/debit card, or e-wallet.

Choose a currency pair to trade:

With your trading account funded, you can start trading Forex. The first step is to choose a currency pair to trade. The most commonly traded pairs include EUR/USD, USD/JPY, GBP/USD, and USD/CHF.

Analyze the market:

To make informed trading decisions, you need to analyze the market and understand the factors that affect exchange rates. There are two main types of analysis: technical analysis and fundamental analysis.

Place your trade:

Once you have analyzed the market and decided on a trading strategy, you can place your trade using your broker’s trading platform. You will need to choose the currency pair, specify the amount you want to trade, and set stop loss and take profit levels.

Monitor your trade:

After you have placed your trade, you need to monitor it to see how it is performing. You can use the charting tools provided by your broker to track your trade and make any necessary adjustments.

Close your trade:

When you are ready to close your trade, you can do so using your broker’s trading platform. You can either take a profit if the trade is going in your favor, or cut your losses if it is not.

Withdraw your profits:

If your trade is successful, you can withdraw your profits from your trading account. You will need to follow your broker’s withdrawal procedures and may need to provide additional documentation for security reasons.

Different Types of Forex Brokers in Srilanka ?

Dealing Desk Brokers:

A dealing desk broker, also known as a market maker, is a broker that creates its own market by setting its own bid/ask prices. This type of broker typically takes the opposite position of its clients, and profits from the spread between the bid and ask price. Dealing desk brokers may also engage in other trading practices, such as hedging and re-quoting.

No Dealing Desk Brokers:

A no dealing desk broker does not have a dealing desk and does not take the opposite position of its clients. Instead, these brokers typically offer two types of execution models: electronic communication network (ECN) or straight-through processing (STP).

Electronic Communication Network (ECN) Brokers:

An ECN broker connects traders directly to a network of liquidity providers, such as banks and other brokers. The prices are set by the liquidity providers, and the broker charges a commission for its services. ECN brokers typically offer tight spreads and fast execution speeds.

Straight-Through Processing (STP) Brokers:

An STP broker routes clients’ orders directly to liquidity providers without intervention. STP brokers make their money from the mark-up on the spread and do not charge commissions. STP brokers typically offer fast execution speeds and competitive spreads.

Types of Trading Platforms in Srilanka ?

Desktop Trading Platforms:

Desktop trading platforms are software programs that need to be downloaded and installed on a desktop computer. These platforms are highly customizable and offer advanced charting, trading tools, and indicators. MetaTrader 4 and MetaTrader 5 are popular examples of desktop trading platforms.

Web-based Trading Platforms:

Web-based trading platforms are accessible through a web browser and do not require any software download or installation. They are easy to use and offer basic trading tools and features. Web-based platforms are suitable for beginner traders who do not need advanced charting and analysis tools.

Mobile Trading Platforms:

Mobile trading platforms are smartphone or tablet applications that allow traders to access their trading accounts on the go. They offer real-time quotes, charts, and trading tools, making it easy for traders to monitor their trades and execute orders from anywhere.

Social Trading Platforms:

Social trading platforms allow traders to copy the trades of other traders or trade alongside them. These platforms allow traders to follow and interact with other traders, share trading ideas and strategies, and learn from their experiences.

How to Choose the Best Forex Brokers in Sri Lanka ?

Choosing the best Forex broker in Sri Lanka requires careful consideration of several important factors. Here are some key factors to keep in mind when evaluating potential Forex brokers:

Regulation:

Look for Forex brokers that are regulated by reputable financial authorities, such as the Central Bank of Sri Lanka or the Securities and Exchange Commission. This helps to ensure the safety of your funds and the integrity of the broker’s operations.

Trading platform:

Choose a broker that offers a user-friendly and stable trading platform with all the features and tools you need to trade effectively. Consider platforms that are accessible on multiple devices, including desktop and mobile, and that offer customization options.

Trading instruments:

Make sure the broker offers a wide range of trading instruments, including currency pairs, stocks, commodities, and indices. This will allow you to diversify your portfolio and take advantage of market opportunities.

Spreads and fees:

Look for a broker with competitive spreads and low fees, as these can significantly impact your trading performance. Consider factors such as rollover fees, swap rates, and other charges that may affect your returns.

Customer support:

Good customer support is critical in Forex trading, as you may need assistance at any time. Choose a broker that offers multiple channels of support, such as email, phone, and live chat, and that has a fast and friendly response time.

Reputation:

Finally, research the reputation of the Forex broker by reading online reviews, forums, and customer testimonials. Make sure to look for unbiased and authentic sources of information to get an accurate picture of the broker’s services and performance.

By taking the time to consider these factors and researching potential Forex brokers, you can make an informed decision and choose the best Forex broker for your needs in Sri Lanka.

Frequently Asked Question (FAQs)

Is Forex Trading Legal in Srilanka ?

Forex trading is legal in Sri Lanka and is regulated by the Securities and Exchange Commission of Sri Lanka. As a major player in the financial markets of South Asia, Sri Lanka has a robust regulatory framework in place to ensure transparency and security for traders.

What is the minimum deposit required to start Forex trading in Sri Lanka?

This varies between Forex brokers, but most require a minimum deposit of $100 or more to open a live trading account. Some brokers offer accounts with lower minimum deposits, while others may require larger deposits for certain account types.

Is it safe to trade with Forex brokers in Sri Lanka?

The safety of your funds depends on the regulatory status and reputation of the Forex broker you choose. Look for brokers that are regulated by reputable financial authorities, have a proven track record, and a good reputation among traders and investors.

What is the maximum leverage offered by Forex brokers in Sri Lanka?

This also varies between brokers, but the maximum leverage offered by most Forex brokers in Sri Lanka is typically 1:100 or 1:200. Leverage allows traders to trade larger positions than their account balance, but it also increases the risk of losses.

How do Forex brokers make money?

Forex brokers make money from the difference between the bid and ask prices of currency pairs, also known as the spread. They may also charge fees for certain services, such as account maintenance or overnight financing.

How do I withdraw money from my Forex trading account in Sri Lanka?

Withdrawals can typically be processed through the same method used for deposits, such as bank transfer, credit/debit card, or electronic payment methods. The exact process and time frame for withdrawals will vary between brokers, so be sure to review their policies and procedures beforehand.

Conclusion

Forex trading can be a lucrative and exciting opportunity for investors and traders in Sri Lanka. However, choosing the right Forex broker is crucial for success in this market. By considering factors such as regulation, trading platform, trading instruments, spreads and fees, customer support, and reputation, you can select a trustworthy and reliable Forex broker that meets your trading needs and goals.

Always remember to educate yourself on Forex trading principles and strategies, and to carefully manage risk through effective risk management techniques. With the right approach and a reliable Forex broker, you can capitalize on the potential of the Forex market and achieve success as a trader or investor.