The 4 best Forex Brokers in Belarus – Comparisons and reviews
Table of Contents
About a year ago, President Alexander Lukashenko of Belarus signed a decree to permanently exempt forex traders from paying tax.
See the list of the best Forex Brokers in Belarus:
Forex Broker: | Review: | Regulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. RoboForex  | IFSC | Starting 0.0 pips & $ 4.0 commission per 1 lot traded | 9,000+ (50+ currency pairs) | + Huge variety + Micro accounts + Free bonus program + Leverage up to 1:2000 + ECN accounts + MT4/MT5/cTrader | Live-account from $ 10(Risk warning: You Capital Can Be At Risk) | |
2. BlackBull Markets  | FSPR, FSCL | Starting 0.0 pips & negotiable commission per 1 lot | 500+ (64+ currency pairs) | + ECN Broker + Deep pool execution + High liquidity + Best execution + Leverage 1:500 + MT4/MT5 | Live-account from $ 200(Risk warning: 78.1% of retail CFD accounts lose money) | |
3. Pepperstone  | FCA, ASIC, DSFA, SCB | Starting 0.0 pips & $ 3.5 commission per 1 lot | 1,000+ (40+ currency pairs) | + Fast execution + Large FX Broker + Good service + MT4/MT5/cTrader + TradingView Charts | Live-account from $ 200(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs) |
(5 / 5)
(4.9 / 5)This rule makes forex trading an attractive venture in Belarus. There is no shortage of online brokers since the market is bigger than before, and trading keeps increasing.
We present to you the list of the 5 best forex brokers in the Belarusian market:
- RoboForex – the best for beginners
- Blackbull Markets – the best for fast execution
- Pepperstone – the most trusted broker and best customer service
Here’s a summary of each:
1. RoboForex
RoboForex is a well-respected global forex broker established in 2009.
The company is headquartered in Belize and has offices in Cyprus and Gibraltar. Online forex traders in many parts of the world are welcome, including Belarus.
RoboForex operates with a license from Belize’s International Financial Service Commission (IFSC), making it a regulated broker.
Belarusian traders can choose from these accounts:
- Pro Standard
- Pro cent
- ECN
- Prime
- RStocksTrader
The trading platforms also have several options from which to choose. These include MT4, MT5, cTrader, and RTrader.
The account opening process is straightforward and requires a minimum deposit of only $10. New Belarusian customers also get a $30 welcome bonus to trade with.
Beginners can find their way easily on the broker’s easy-to-use platforms. Educational content and 24-hour support provide a great new user trading experience. Skilled traders will also find helpful research and market analysis materials to enhance their trading decisions.
RoboForex offers competitive fees with spreads averaging 0.4 pips for major pairs during active hours. This applies to the ECN accounts. Spreads on standard accounts start from 0.8 pips for majors.
Traders must be aware that, unlike other reputable brokers, RoboForex charges for withdrawals.
(Risk Warning: Your capital can be at risk)
2. BlackBull Markets
BlackBull Markets was founded in 2014 in New Zealand but now has offices in the United Kingdom, New York, Japan, and other parts of Asia.
BlackBull Markets operates under licenses from the Financial Markets Authority of New Zealand FMA and the Financial Service Authority of Seychelles FSA.
The broker provides mainly ECN executions, giving traders access to the fastest liquidity and the lowest spreads.
BlackBull Markets offers MT4 and its mobile app for trading. The platform is designed to support different trading styles, including scalping, hedging, and copy trading.
BlackBull Markets is also among the low-fee brokers providing the fastest order executions and quality trading services. Customer support is accessible 24 hours a day, all through the weekdays. Quality education and research material are also provided to help customers make the best trading decisions.
But BlackBull Markets require a minimum deposit of $200, which might be too high for someone looking to test the broker. Its competitors offer opportunities to trade micro-lots with much lower minimum deposits.
(Risk Warning: Your capital can be at risk)
3. Pepperstone
Pepperstone is an international online broker based in Australia. The company began brokerage operations in 2010 and is licensed by the Australian Securities and Investments Commission ASIC.
Pepperstone also holds several licenses from renowned financial bodies in Europe, Africa, and Asia. Its regulators include FCA, CySEC, FSA, and DFSA.
Pepperstone is a trusted brokerage firm that offers ECN order executions and a first-rate trading environment. Belarusian will trade at competitive fees with floating spreads below 0.1 pips during high activity periods. This applies to the razor account, not the standard one.
The broker recommends a minimum trading amount of $200 but allows a deposit below this. So Belarusian traders can start trading here with any amount they wish to start with.
The MT4, MT5, and cTrader are available for the traders’ use, with many indicators and full support. Outstanding multilingual customer support is accessible all day and night (24 hours) on weekdays. The broker supports automated, social, and copy trading. Hedging is also allowed.
One drawback with this broker is the limited-time access to its demo account. Traders can only use it for 30 days.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
What are the financial regulations in Belarus?
Forex trading is legalized and well-regulated in Belarus. The Central Bank of Belarus oversees the country’s financial sectors.
Belarus Central bank keeps a record of all its licensed brokers and financial companies.
Forex traders in Belarus must be authorized by this body and hold the license to prove it.
The body mandates all licensed brokers in the country to warn customers of trading risks before signing them up.
Belarusian traders can deal with domestic brokers licensed by the central bank. The regulations also allow traders to sign up with internationally regulated brokers.
Belarus forex traders are permanently exempted from tax payments and can keep all their forex profits.
Security for Belarusian traders – What you need to know
Belarus’s forex trading environment is properly regulated and safe. Regulations mandate forex brokers to warn customers of trading risks before registering them. Customer support must also be available for all traders in case of issues.
However, traders must take personal responsibility to only deal with the appropriate brokers. Brokers within the country’s borders must be approved and licensed by the Central bank. The trader must confirm this before signing up with such a broker.
Traders who wish to deal with international brokers must find one that operates with a recognizable and prestigious license.
Such licenses can include the following:
Traders who use high leverage should find regulated brokers offering negative balance protection.
Is it legal to trade Forex in Belarus?
Absolutely! Forex trading is legal and safe in the Republic of Belarus. The country’s Central bank monitors and supervises forex trading activities. The regulations ensure a safe and fair trading environment for brokers and traders.
How to trade Forex in Belarus – A short and crisp tutorial
Forex trading is quite popular in the country, with more than 20,000 of its small population actively engaged.
Trading forex in Belarus requires the basics, which are:
- Internet connection
- Licensed broker
Ensure you’re subscribed to a reliable internet provider. You want to avoid unexpected disruption while trading. Such can lead to loss of money as it may prevent entering and exiting the trade at the right time.
Another crucial requirement to trading is the right broker. A bad or overpriced broker can also cause you to lose cash.
Tick the boxes below to ensure you select the right broker:
- Licensed by a well-respected and globally-recognized financial body.
- Offers a free demo for testing.
- Spreads and commissions are within the market average or lower.
- Provides 24-hour customer service during trading days.
- Provides simple and popular payment options that are available in Belarus.
A broker that meets these requirements is good to trade forex with.
Decide on a broker and start trading with these steps:
1. Open an account for Belarus traders
You need a brokerage account to start trading. The broker’s website allows you to set up this.
Once you click the create account tab on the website on the homepage, it brings up a form for you to fill out.
The form would require your full name, email address, and, perhaps, phone number in most cases.
Once you type in these details and click on OK, the system sends a link to the email you entered. Open the message in your mailbox and click on the link. That would verify the information you provided and bring up the complete form that allows you to finish the signup process.
Note that the broker may ask you to upload a national ID and proof of address to complete the account registration.
2. Start with a demo or real account
As we mentioned, a good broker must provide a free demo account to allow customers to see the trading platforms before starting to trade.
The broker credits this demo with virtual money that lets customers carry out several test transactions.
A newcomer who has never entered the forex market gets to see what it is like before going in. They can use this account to practice trading.
Existing forex traders can use the demo to experience the broker’s trading environment. They can check to see if the platform can accommodate their trading style before joining the broker fully.
A few inexperienced and experienced traders may skip the demo account to trade live. They fund their account with the smallest required amount and use that to do the necessary tests on the platform before raising the trading amount.
3. Deposit money
To trade live, you must deposit money in the account.
Belarus brokers provide simple payment methods to ease this process.
These methods can be local or international online payment services, card payment, or bank wire. The common ones are MasterCard, Visa, bank transfers, Skrill, and Neteller.
Transferring money to the account using any of these methods should be easy. Click on the FUNDS tab on the platform and follow the instructions to do it.
In most cases, the broker assigns staff to you to assist with this during the initial stage after signing up.
Notice:
The payment methods depend on your country of residence. Forex Brokers offer all kinds of methods separately for each country.
4. Use analysis and strategies
Successful trades require effective trading strategies and market analyses.
Analysis means studying the economic elements that cause the exchange rate to rise and fall. The trader must also examine the patterns that result from price movements.
Two important analyses before trading:
- Fundamental analysis
- Technical analysis
Fundamental analysis involves analyzing the foreign exchange fundamentals that cause a currency’s exchange raise to rise or drop. These fundamentals are economic factors, as we mentioned. They include interest rates, gross domestic product (GDP), interest rates, inflation, etc.
The trader examines these factors to understand the currency pair’s current price direction.
Technical analysis is popularly used to ascertain the currency pair’s current price movement and future direction. Traders conduct technical analysis by studying patterns in the price chart and identifying the best trading opportunities. Brokers often include many tools and indicators for this analysis in their trading platforms. The trader must learn to use these tools and interpret price patterns to make a profit.
A functional strategy must complement these analyses for the user to see gains in their trading. We should also mention that choosing a profitable asset is part of a good forex trading strategy.
The Belarusian ruble is not as liquid as other exotics and might not be profitable for a beginner or low-inexperienced trader. We recommend trading other major or actively traded currency pairs, such as EURUSD, GBPUSD, or USDJPY. There are other actively traded minors and exotics that you can consider. We explain some popular strategies with these active pairs below.
Common forex trading strategies:
Price action
Price action trading strategy involves little technical analysis, though fundamental analysis must be employed in trading.
The trader looks at the naked price chart and studies movements. Then they place trades based on the current information that the chart presents. Price action is a rather simple strategy, but the trader must understand candlestick movements to interpret the price direction. That way, they can make better and more informed trading decisions.
Breakout trading
The trader uses technical indicators to identify possible breaks in price movements. Then they enter the trade at the best point to capitalize on this price move. Breakouts refer to a price condition where the price leaves its current path to take a different direction. A price can break down in an uptrend by falling below its current amount and continuing on that new path. Traders can anticipate this move using analysis and indicators.
Scalping
Scalping is a short-term trading strategy that involves leaving trades open only for a few minutes. Many who trade forex for a living use this strategy. The trader seeks to make small profits in bulk, which adds up to a sizable amount at the end of the day. Trades are left open for a few minutes only, and gains accrue from tiny price movements.
5. Make a profit
Your profits will start adding up soon with the proper analysis and applying the right strategy.
The broker should provide easy withdrawal methods. The same payment methods for depositing funds should work here.
The FUNDS tab on the platform will have the option for you to transfer your profits. Once you send in the withdrawal request, the broker processes it, and your account gets credited.
Although withdrawal processing takes longer than deposits, in most cases, the customer gets the funds in their account after 48 hours. It may take longer if you use the bank transfer option. Online payments take less time.
Ensure you have uploaded all requested KYC documents to prevent unnecessary delays.
In conclusion: The best Forex Brokers are available in Belarus
Trading forex in Belarus is not difficult and can be extremely profitable if done right. Traders must remember that the broker greatly determines their success in this venture. Therefore, they must choose the best and most suitable one for their style. Our recommendations are among the best, and these are flexible brokers you can enjoy dealing with.
FAQ – The most asked questions about Forex Broker Belarus:
How can I find a forex broker in Belarus?
Finding a forex broker in Belarus is straightforward. A trader only needs to look for an online trading platform on the web. When you search for a forex broker, hundreds of traders review various platforms. You can pick the top-performing broker, such as the four brokers we mentioned. These brokers allow traders to trade with the best features. Also, they have the most positive reviews in the traders’ community.
Can traders in Belarus trade forex?
Yes, traders in Belarus can trade forex and earn plenty of money. There are no rules and regulations that bar traders in Belarus from trading forex. Therefore, you can sign up for a trading account and enjoy the fruits of forex investment with a good forex broker. However, choose only a regulated broker to avoid your trading experience from becoming nasty.
How can a trader in Belarus trade forex?
You must pick a reliable brokerage platform in Belarus to engage in Forex trading. Then, you can initiate the signup process and enjoy trading with the features that make forex trading fun. Don’t forget to deposit the minimum amount required by your broker into your Forex trading account. Only then would you be able to trade forex well.
Last Updated on October 20, 2023 by Andre Witzel
