4 best Forex Brokers in Bulgaria – Comparisons and reviews

Many European regions are often considered frontrunners in the global forex trading sector. According to credible sources, Bulgaria is not left out, as its number of forex traders surpassed 20% of the population in 2020.

See the list of the 4 best Forex Brokers in Bulgaria:

Forex Broker:
Review:
Regulation:
Spreads:
Assets:
Advantages:
Open account:
1. Capital.com
Capital.com logo
CySEC, FCA, ASIC, SCB
Starting 0.0 pips variable & no commissions
3,500+
(70+ currency pairs)
+ Userfriendly platform
+ TradingView charts
+ MT4
+ Best education
+ Personal support
Live-account from $ 20(Risk warning: 79% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Markets logo
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: 79% 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)
4. IQ Option
IQ Option logo
CySEC
Starting 0.1 pips variable & no commission
500+
(25+ currency pairs)
+ Easy to use
+ Binary Trading
+ Support 24/7
+ Min. Deposit 10$
+ Lowest spreads on main trading hours
Live-account from $ 10(Risk warning: Your capital might be at risk.)

Bulgarians looking to start forex trading with the best broker can look no further than this list of globally acclaimed brokers:

  1. Capital.com 
  2. BlackBull Markets 
  3. Pepperstone 
  4. IQ Option

An overview of the brokers’ offering:

1. Capital.com

Capital.com is an online forex and CFD broker that came into the market in 2016. Capital.com offices are in Cyprus, UK, and some more countries. The company operates with licenses from these well-recognized and respected entities:

Capital.com requires a $20 minimum, and the trading costs are among the lowest on its platforms. Spreads are from 0.6 pips, with no commission fees on all its account types.

Capital.com offers the MT4 and its proprietary app for trading. These platforms are accessible on mobile phones and come with various indicators and helpful market analyses, including a forex calendar. The Capital.com newly created Invest account allows clients from Europe to trade stocks at incredibly low fees. The broker provides access to market instruments, such as forex, CFDs, indices, stocks, and commodities.

Bulgarian traders can expect top-quality trading services at competitive fees with Capital.com. However, the MetaTrader 5 is not offered.

(Risk warning: 79% of retail CFD accounts lose money)

2. BlackBull Markets 

The official website of the Forex Broker BlackBull Markets

BlackBull Markets is an online forex brokerage company established in 2014. BlackBull Markets is based in New Zealand and has offices in London, the United States, Japan, and Hong Kong.

The following authorities regulate this broker:

Trading on BlackBull Markets platforms requires a minimum of $200 with an average spread of 0.4 pips on its raw ECN account. The commission charged is $3 per trade.

Traders can choose from the MT4, the MT5, and the broker’s app to conduct trading. These are also available on mobile phones, and the necessary trading tools are featured on the mobile version. Social and copy trading is provided through MyFxbook and Zulutrade. The products to trade are forex, CFDs, ETFs, energies, and metals.

Bulgarian traders will enjoy ultrafast order executions and access to great educational content with this ECN broker.

(Risk Warning: Your capital can be at risk)

3. Pepperstone 

The official website of the Forex Broker Pepperstone

Pepperstone is an ECN online broker with headquarters in Australia.

Pepperstone started operations in 2010 and now holds licenses in several jurisdictions, such as:

Pepperstone offers two account choices on the MT4, MT5, and cTrader. These platforms contain valuable tools and add-ons for an enriching trading experience. Mobile trading is available, and automated trading services are offered. The spreads on its raw ECN (razor) account starts from 0.1 pip, with a $3 commission charge. Pepperstone does not impose a minimum deposit for trading but recommends a starting capital of $200. Many customers trade with a lower amount.

Bulgarian looking for top-rate ECN trading service at low fees will love Pepperstone services. Order executions are swift, and several useful plugins are provided to boost the traders’ experience. Note that the broker’s demo account expires after 30 days.

(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)

4. IQ Option

The official website of the forex broker IQ Option

IQ Option is an online forex and binary options broker established in 2013. IQ is licensed by Europe’s Cyprus Securities and Exchange Commission CySEC.

IQ Option offers trading services on its proprietary platform, the IQ Option app. The platform comes with full support and video tutorials for beginners. Traders can access binary options (only for professional traders and outside EAA countries) and digital options, forex, index CFD, and ETFs on commission-free accounts. The average spread is 0.8 pips. 

IQ Option is great for Bulgarian traders who invest in binary options (only for professional traders and outside EAA countries) and FX options. Its low fees and easy-to-use platform make the broker an appealing choice.

(Risk warning: Your capital might be at risk.)

What are the financial regulations in Bulgaria?

Bulgaria is one of the active forex trading countries in Southeast Europe. The country operates a free economy that continues to grow and expand in all areas.

The number of forex traders from this country exceeded 20% of its total population (6 million+) in 2020. More people are getting into the market. Many more brokers are welcoming Bulgarians to trade on their platforms. 

As a European Union member country, Bulgaria follows the rules and regulations of the European Securities and Markets Authority ESMA. The implication is that the forex trading environment is safe for traders, and customer protection is assured. However, there are limits to the leverage a number of traders can access.

ESMA Europe logo

The forex regulatory entity in the country is the Financial Supervision Commission FSC. The FSC regulates the country’s non-banking finance sector, such as forex and CFD trading and the financial markets activities. Brokers who wish to render services within the country’s borders need to obtain a license from this entity.

(Risk warning: 79% of retail CFD accounts lose money)

Security for traders in Bulgaria – Good to know

Bulgarian forex traders should trade within ESMA regulations to remain under its protection. This means they must only deal with licensed brokers within the country and ones operating under a European regulatory body.

Brokers regulated by a European financial entity follow ESMA rules and guidelines. They are, therefore, safe for Bulgarians. Notable financial bodies that follow ESMA regulations are CySEC, FCA, and BaFIN.

Is it legal to trade Forex in Bulgaria?

flag of bulgaria

Yes, trading forex is allowed in Bulgaria. The environment is also a safe forex trading zone as the activity is properly regulated, and traders’ protection is assured. Traders must use only Europe-regulated brokers that adhere to ESMA rules to trade safely.

How to trade Forex in Bulgaria – Tutorial

Forex trading is a relatively common means of earning extra income in Bulgaria. 

Here are the three basic steps to joining the market:

Step 1 – Get an internet-enabled device with a stable internet connection 

The device can be a desktop computer, a laptop, a tablet, or a smartphone. The internet connectivity should also be solid. Unexpected disruptions during trading can lead to a loss of profit or, worse, the whole capital.

Step 2 – Choose a trustworthy broker

The broker provides access to the global forex market through a brokerage account. They receive payment for these services through commissions or spreads. It would be best to use a trusted broker offering quality trading services. 

Here’s how to identify a trustworthy broker:

  • Proper license

The broker should hold a license from any globally recognized financial entity, especially in Europe. The trader should verify the license by checking the regulators’ website to see their brokers’ list.

  • Competitive spreads and fees

Trading costs are an essential consideration in forex trading. You want to be able to keep the better part of your profit. If the expenses are too high, you can’t. Therefore, compare spreads and commissions among brokers to ensure your chosen charges are among the low fees.

  • 24-hour customer service 
RoboForex customer support

A trustworthy broker must be reachable at all times during trading days. Therefore, support must be accessible on weekdays via live chat, phone, or email. It is even better if the broker offers multilingual support that includes Slavic.

  • Free Demo
roboforex demo accounts

Potential customers should be able to access a free demo for at least 30 days on a trading platform. A trustworthy broker ensures the demo is loaded with enough fake cash to run tests on its platforms before trading live.

  • Simple deposit and withdrawal process

Reputable brokers ensure that the payment methods provided are accessible in the region where they operate. Crediting the trading account and withdrawing profits must be straightforward without unnecessary delays.

Step 3 – Use the steps below to start trading forex:

1. Open an account for Bulgarian traders

How to open an account with Capital.com

Visiting the broker’s website should take you to its webpage for Bulgarian traders. Many brokers support multiple languages so that the page might load in the official Bulgarian language. 

Click on the signup button boldly displayed on the top right or center of the page. Type in the required details, usually your email address and your full name. 

When you click on OK or signup, the system sends an authentication link to the email you entered. Open the inbox and click on the link to confirm the account and continue the signup process.

The broker might request an ID issued by the government and a utility bill that carries the home or office address you supplied in the form. Follow the broker’s instructions on sending these documents, and the account should be ready within a few hours, two days tops.

2. Start with a demo or real account 

Capital.com demo account

Use the broker’s free demo to test its platform. The free demo will contain sufficient fake cash to conduct many tests on the platform. Some brokers let you request more credit if you run out of virtual cash.

New traders have the opportunity to practice trading with this account as much as necessary. It helps them get accustomed to the market environment without risking money.

Existing forex traders who wish to switch brokers or expand their trading skills can use it to see the broker’s trading environment and practice strategies. The free demo account is useful to all, and traders should always take advantage of it.

Some prefer live testing. So, these traders skip the demo for a real account. This is also good if you can afford it. But we recommend using a micro account and trading with the lowest minimum deposit. 

3. Deposit money 

Depositing money

 After the tests and practice on the demo, deposit money in the live account for real trading. As we mentioned, the broker should provide simple payment methods available in the region.

This payment option may include MasterCard, Skrill, Visa, bank transfer, and PayPal.

The funding tab on the trading platform should contain the option for moving money in and out of the account. Click on the appropriate one for deposits and select your preferred payment method.

The broker’s support service will be on hand to assist with this process. But it should be simple and take only a few minutes to complete. Deposit is usually free with most brokers, so the funds should appear in FULL with no deductions. The PSP may charge a small fee for the service, and they’ll notify you. The fee is usually taken separately in this case, not from the actual funds sent.

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 

Analysis and a good trading strategy are required to trade the market successfully. Therefore, before placing your first trade, conduct market analyses and research effective trading strategies. 

Market analysis is necessary for understanding the currencies and their price movements. It gives you knowledge and insights into the factors moving the exchange rates up and down. With this, you can make better predictions and place winning trades.

Here are three crucial analyses of forex trading:

  • Fundamental
  • Technical 
  • Sentiment analysis 

Fundamental analysis in forex trading refers to the study of economic factors directly affecting the exchange rate. The factors are the country’s interest rate, inflation rate, import and export, gross domestic product (GDP), etc. The trader examines this to understand the forex pair’s price movement and anticipate future prices.

Technical analysis in forex is the study of price movements in the forex chart. The trader looks for patterns that emerge from price moves and identifies the indicated best buying and selling opportunities. All forex trading platforms come with various tools for technical analysis. It is the most commonly used analysis. The trader has to understand technical indicators’ uses and learn how to interpret trade signals provided by the trading tools.

Market sentiment analysis involves examining the market participants’ behavior to determine their expectations. This analysis goes together with technical analysis. Indicators and other tools are embedded in trading platforms to help with it. The trader uses these tools to ascertain market participants’ expectations and anticipates price moves. 

These three market analyses are equally essential to successful forex trading. Fortunately, trading platforms come with various helpful tools to conduct them successfully. But the trader has to learn their uses to understand the trade signals that are provided. 

Proper analysis is then mixed with the most suitable strategy for the asset to profit from trades.

Common forex trading strategies:

  • Momentum trading
Capital.com - Momentum indicator formula

The momentum strategy is best used in a medium to the long-term market trend. The trader identifies this current trend and enters a trade in the same price direction. The goal is to ride the momentum since the trader believes that the price will continue in this direction for a certain period. The strategy can be used no matter the market condition. The basic requirement is to spot the correct trend and accurately predict its time length. Risk measures, such as limit orders, are part of the strategy. 

  • Breakout strategy 
Breakout trading in forex

Breakout trading refers to taking advantage of expected price breaks. No matter the market trend, breakouts may occur in price movements. They could be short-term breaks, which are often called pullbacks or reversals. A breakout may also usher in a new trend. The important thing for the trader is to anticipate this break and capitalize on it. Risk management is also crucial here.

Many other effective strategies exist, including:

  • Scalping
  • Range trading
  • Price action
  • Etc.

Profitability depends on the accurate application of the strategy you choose. Therefore the trader must thoroughly understand it before using it.

5. Make a profit

The right analysis and strategy will lead to successful trading. You will start to make profits before long.

You may raise your investment and account status with the funds or withdraw them for personal use.

Withdrawal should be as simple as a deposit, though the processing time is longer. Click on the same funding tab to access the withdrawal request form. 

Select the same method you used for depositing money. Complete the instructions and click on OK. The broker receives the requests and starts to process the withdrawal. 

The funds should get credited to the receiving account within a few hours to a few days. It all depends on the payment method and the broker.

(Risk warning: 79% of retail CFD accounts lose money)

Final thoughts: The best Forex Brokers are available in Bulgaria

Forex trading in Bulgaria is permitted and very popular. Fortunately, the environment is safe for the activity, and traders get quality protection from the regulating bodies. The only tough part is choosing the most suitable broker among the many that welcome Bulgarians. We hope our recommendations make the process simpler for you.

FAQ – The most asked questions about Forex Broker Bulgaria:

What factors should you consider when looking for a forex broker in Bulgaria?

The following factors should get considered while looking for a forex broker in Bulgaria:
1. The overall reputation, quality, and excellence of the broker
2. Regulatory agency governing them
3. Availability of different accounts
4. Spreads and commissions structure
5. Brokers with nano-lots for low budget
6. Demo account offering
7. Coverage over assets
8. Mobile trading experience
9. Seamlessness in deposit and withdrawal
10. Customer services

What are the ways to get started with the forex broker Bulgaria?

Beginning the process with a forex broker in Bulgaria can go as follows:
1. Have a digital device with the fastest internet connection
2. Look for an online forex broker
3. Sign up for the account
4. Put funds into your account so that you can start trading
5. Find a reliable forex trading platform
6. Kickstart your journey towards forex trading

 What strategies can be used through forex broker Bulgaria?

The simple strategies you can apply in forex trading through a forex broker in Bulgaria are as follows:
1. News trading looks for financial information and events to impact the short-term movements of foreign currency pairs.
2. Day trading emphasizes close monitoring of the intraday exchange rate movements.
3. Scalping strategy to make small gains and minor losses.
4. Momentum trading relies on shifts in the market’s momentum and sees the effects of market volatility on profit.

Last Updated on January 3, 2024 by Andre Witzel