Five best Forex Brokers and platforms in Costa Rica – Comparison and reviews

Forex trading can be an intimidating venture for any person as it requires the trader to find a reliable forex broker amongst hundreds of emerging brokerage firms. Below is five credible and regulated forex brokers that accept forex traders from Costa Rica.

See the list of the best Forex Brokers in Costa Rica:

Forex Broker:
Review:
REgulation:
Spreads:
Assets:
Advantages:
Open account:
1. Capital.com
Capital.com logo
CySEC, FCA, ASIC
Starting 0.0 pips variable & no commissions
6,000+
(70+ currency pairs)
+ Best platform
+ TradingView charts
+ MT4
+ Leverage up to 1:500
+ 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. RoboForex
RoboForex logo
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: 79% of retail CFD accounts lose money)
4. 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. 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.)

The list of the five best forex brokers in Costa Rica:

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

1. Capital.com

The official website of the forex broker Capital.com

It has registered 5 million forex traders since its inception in 2016 and offers trading instruments such as cryptocurrencies, shares, stocks, commodities, and indices. It has regulations from the Cyprus Securities and investment commission (CySEC), Financial Conduct Authority (FCA), Australian Securities and Investment Commission, and the National Bank of Belarus.

It has three types of accounts; the Plus account has an initial deposit of $2000, the Standard account has $20, and the Premier account offers $10,000. Forex spreads start at 0.8 pips, and it is a commission-free broker.

It has no inactivity costs and no deposits/withdrawals. Overnight charges apply. The maximum leverage is 1:500, but EU clients have a limit of 1:30. It has an unlimited demo account with $10,000 virtual funds.

Capital.com demo account

Overview

  • Minimum deposit-$20
  • License-FCA, ASIC, CySEC, NBRB
  • Platforms-MT4, web-trader
  • Spreads- from 0.8 pips on major pairs
  • Support-24/5
  • Free demo-yes
  • Leverage-1:30

It offers two types of trading platforms web trader, and MT4.traders can deposit or withdraw using Astropay, Multibanko, Sofort, Apple pay, iDeal, Giropay, Trustly, and Przelewy 24, 2c2p, credit/debit cards, and bank transfers.

It has mobile apps, a desktop, and website versions for trading. Traders can access various features, including fast order processing speeds. The support team is available 24/7 in 13 languages via live chat, emails, and SMS.

Capital.com logo

Disadvantages of Capital.com

It has limited research tools for traders to use when they want to research a trading instrument. It also requires a high minimum deposit for traders who want to register on the Premier account.

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

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

It has been in the market since 2014 and has registered thousands of forex traders. It offers a variety of trading instruments such as indexes, commodities, energies, shares, CFDs, and metals. It has a trading license from the Financial Services Authority in Seychelles.

Traders can access the ECN Standard account has an initial deposit of $200, the ECN Prime offers $2000, and the ECN Institutional requires $20,000. Forex spreads in the ECN standard start at 0.8 pips, the ECN Prime from 0.1 pips, and the ECN Institutional starts at 0.0 pips.

The ECN Prime has commissions starting from $6 for every $100,000; the ECN Institutional varies with the trading instrument ECN Standard has no commissions. It has no inactivity costs, deposits and withdrawals are free, and the overnight charges apply.

Overview

  • Minimum deposit-$200
  • License-FSA
  • Platforms-MT4, MT5
  • Spreads-0.0 pips
  • Support-24/5
  • Free demo-yes
  • Leverage-1:30
Different payment methods for Forex brokers

Traders can make payments through Fasa Pay, Bank transfer, Skrill, UnionPay, Neteller, and credit and debit cards.

Their customer support is available 24/6 through emails, live chat, and phone calls. It also offers a virtual private server and copies trading features such as Zulu Trade, My FX book Autotrade and Hoko-cloud.

Traders can access it through their mobile phones on its mobile app, and the desktop version supports IOS or windows. It also has a swap-free account for Muslim traders who use its platform.

Disadvantages of BlackBull Markets

It has limited educational content for new traders to use when trading, and customer support is only available 24/6.

(Risk Warning: Your capital can be at risk)

3. Pepperstone

The official website of the Forex Broker Pepperstone

It was launched in 2010 and had thousands of traders registered on its platform. It offers shares, commodities, ETFs, forex, and indices. It also has regulations from the Financial Conduct Authority and the Australian Securities and Investment Commission.

Account types offered include the Razor and Standard accounts have an initial deposit of $200. Forex spreads on the Razor account start from 0.0 pips, while the Standard account has 1.3 pips. It also has low commissions, whereas the Standard account has no commission; the Razor account offers $7 per 100,000.

Overview

  • Minimum deposit-$200
  • License-ASIC, FCA
  • Platform-MT4, MT5,c Trader
  • Spreads-0.0 pips on the Razor account
  • Support-24/5
  • Free Demo-yes
  • Leverage-1:400

Forex trading using the Pepperstone platform offers traders quality trading materials, including the Stop loss tools. It also has low trading costs such as deposits and withdrawals, no inactivity costs, and the overnight rates vary with the trading instrument.

Traders can access their trading platform from wherever they are through mobile phones on its mobile app, the desktop, and the website version.

Pepperstone cTrader

Disadvantages of Pepperstone

  • Pepperstone has a limited demo account. Traders can access the demo account for only thirty days after registering the trading accounts successfully.

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

4. RoboForex

The official website of the Forex Broker RoboForex

Since its inception in 2009 and has registered over one million forex traders. Trading instruments-ETFs, metals, stocks, Cryptocurrencies, forex, commodities, indices, and CFDs. It has a trading license from the Financial Services Commission.

Its users can access five types of trading accounts, the R-stocks trader has an initial deposit of $100, and the prime, ECN, Pro, and Pro-cent have $10. It also has a low commission; the Pro and Pro-cent account have no commission, and the ECN has a commission of $20 for every $1 million, the Prime has $15 per $1 million, while the R-Stocks trader from $1.5.

RoboForex account types
RoboForex account types

Overview 

  • Minimum deposit-$10
  • License-FSC
  • Platform-R-stocks trader, c Trader, MT4 and MT5
  • Spreads-0.0 pips 
  • Support-24/7
  • Free demo-yes
  • Leverage-1:2000

Roboforex is known for its low trading costs, it has an inactivity cost of $10 for ten months of inactive accounts, but the deposits and withdrawals are free. The overnight charges vary with the trading instrument and the leverage used.

It also has high leverage, which attracts many forex traders on its platform the highest leverage is 1:2000 for the pro and pro-cent, the ECN has 1:500, while the Prime and R-stocks trader offers 1:300.

Disadvantages of Roboforex

  • RoboForex is regulated to operate in a few regions. It has no CySEC regulation or other tiers in one jurisdiction, limiting it to accessing a few regions.

(Risk Warning: Your capital can be at risk)

5. IQ Option

The official website of the forex broker IQ Option

It launched in 2013 and has had over forty million registered traders using its platform. It has a wide range of trading instruments such as Digital Options, cryptocurrencies, commodities, CFDs, forex, ETFs, binary options (only for professional traders and outside EAA countries), and stocks.

It has a trading license from Cyprus Securities and Exchange Commission. It offers two types of trading accounts the Standard and the VIP account. The Standard offers a $10 initial deposit, while the VIP account requires the trader to have no less than a $1900 account balance to open it.

IQ Option logo

It is a forex broker known for offering options for trading; it also has low trading costs with no commissions for most of the trading instruments except for cryptocurrencies with 2.9%. It also has overnight fees ranging from 0.1-0.5%, depending on the number of nights you keep the position open.

Overview

  • Minimum deposit-$10
  • License-CySEC
  • Platform-IQ Option trading platform
  • Spreads-from 0.8 pips
  • Support-24/7
  • Free demo-yes
  • Leverage-1:500

It uses its proprietary trading platform with trading features and fast order processing rates. It is easy to register a trading platform on this trading broker, and it takes less than three minutes. Its user interface is also simple to navigate. Even new users can easily understand how to use the platform.

Its users can access fundamental and technical analysis offered on the platform by the experts through the news feed. It also has technical indicators traders use to evaluate the markets and the economic calendar for looking at incoming financial events.

IQ Option economic calendar
IQ Option economic calendar

When trading, traders can access risk management tools such as stop-loss and take profit that you can set during the trade to manage the risks. It offers negative balance protection that is used to ensure the safety of investor funds. If the trade moves against the trader’s predictions, it will not sweep off the entire account balance.

Disadvantages of IQ Option

  • It does not support MT4 and MT5, which many traders prefer and widely use in the financial markets.

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

What are the financial regulations in Costa Rica?

Costa Rica is regulated by the Central bank of Costa Rica, which started its operations in 1950. The Central Bank Of Costa Rica is assisted by the (SUGEV) General Superintendence of financial entities. They establish the regulatory framework and ensure that the companies that trade forex or offer brokerage services strictly comply with the guidelines.

Central Bank Of Costa Rica logo

While the Central bank regulates the banks and financial institutions, SUGEV is in charge of the capital markets and the banking sector. SUGEV is under a supervisory council for financial services in Costa Rica known as CONASIF. It ensures that supervision and regulation of activities are smooth.

They also have the SUGEVAL, a section under the CONASEV that regulates the stocks sector.

Security for traders in Costa Rica

The Central Bank and the SUGEV ensure that forex traders and investors have certain requirements through supervision and inspections of regulated forex brokers by the Central bank of Costa Rica. They ensure that forex brokers meet the standards stipulated by the laws established for capital markets.

SUGEF logo

The laws ensure that financial dealers comply with investor protection regulations. These regulations prohibit trading activities that affect the output of investors, such as insider trading, market manipulation, and withholding of crucial information.

SUGEV, SUGEVAL, and the central bank of Costa Rica have the mandate of conducting audits and recommending the measures forex brokers should follow to improve investor rights. The government of Costa Rica also ensures the security of forex traders through amendments to existing laws to solve the challenges forex traders face in Costa Rica.

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

Is it legal to trade Forex in Costa Rica?

Yes, Forex trading in Costa Rica is legal, and the finance ministry has placed measures to ensure forex traders within the country have a transparent and fair trading environment. They have also ensured that forex traders can trade in international standards by using audits and inspections of regulated institutions.

Forex traders in Costa Rica can trade forex by opening trading accounts on forex brokers regulated in Costa Rica or those regulated by international forex brokers.

How to trade Forex for Costa Rican traders

Open account for Costa Rican traders

Capital.com real or demo account

Find a credible forex broker that is regulated. They should be compatible with your trading objectives and offer a wide range of trading features. When opening a trading account, factors include trading instruments, regulation, trading costs, demo account, payment methods, and customer care.

Register a trading account by filling in your details on the online registration form on the forex broker’s website. Some brokers request your financial information to gauge your financial tolerance. You also need to verify the information by submitting a copy of the relevant documents.

The AML regulations require forex brokers to verify the identity of their clients.

Start with a demo or a real account

Capital.com demo account

The demo account has virtual funds that forex brokers can practice trading strategies or trade new financial assets. The demo account offers a platform for new traders to learn how to apply the trading ideas they have developed.

Experienced traders also prefer to practice how to trade new trading instruments on the financial markets without risking their real funds. Forex brokers offer the demo account as a feature on the trading broker, and it often is in the version of the trading accounts offered.

Deposit money

Depositing money

Deposit your capital using the various payment methods the forex broker offers. The forex broker has a variety of payment methods that forex traders in Costa Rica can use. They can use bank transfers, credit/debit cards, and digital wallets like PayPal.

Forex traders using local forex brokers can use bank transfers, and forex traders from other countries can use electronic wallets, which are easy and numerous. Link the payment platform with the payment methods you are comfortable with and start trading.

Notice:

The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.

Use analysis and strategies

Use analysis to evaluate the financial markets before you deposit the finances you want to trade. Traders can learn to use two types, technical and fundamental analysis. 

Technical analysis requires the forex trader to involve technical tools, price patterns, and candlestick patterns.

Fundamental analysis requires the trader to know how to analyze the financial markets, news, signals, announcements, interest rate changes, and political and economic status of a country. These factors affect the value of a country’s currency and the value of a related underlying asset in forex.

Strategies

Traders can apply trading strategies according to their objectives for trading forex. Many trading strategies are for long-term and short-term traders or trading professionally or part-time.

Trading strategies are like a plan that traders follow when entering or exiting the financial markets to maximize the profit they make per trade.

Here are a few trading strategies Costa Rican traders can use:

Capital.com - Trend trading explanation

Trend trading-It is a trading strategy for long-term traders. It works by identifying a trend using technical and fundamental analysis. The trend will determine how you enter a financial market; if it is a downtrend, you go short; for an uptrend, you go long. It also requires the trader to continue checking the financial markets to know when the trend is about to change and exit the trade.

Capital.com news trading

News trading– this trading strategy relies on fundamental analysis. Follow the central bank’s announcements or any financial events that can cause the underlying asset’s volatility and open a trading position to trade the market reactions. The market can react negatively or positively to the news, which you can use to trade the volatility of the news’s effect.

Capital.com - Momentum indicator formula

Momentum trading– this trading strategy requires the forex trader to use technical and fundamental analysis to predict the trend’s strength. It helps the trader to know the best time to enter the market, such as when the momentum is high, and exit when the momentum is low as the trend is about to change.

Capital.com - Position trading

Position trading– this trading strategy needs the trader to have patience during the trade. It works by speculating on a trading instrument that will increase in value after a period. Traders then buy the asset at the current low price and hold the position until its value increases. You ignore the temporary volatility of the price movement and sell only after the prices have hit your target price.

Make profits

You can make profits by ensuring that you have practiced trading on the demo account before trading on the real account. Practice different trading strategies to know which one is effective on different trading instruments.

Use analysis to predict the price movements before opening a trading position. During trading, ensure you rely on trading signals to make trading decisions and control your emotions to limit them from influencing your trading decisions.

Apply risk management tools such as stop-loss, guaranteed stop loss, limit orders and take profit when trading to reduce the risk you are exposed to. If you are a new trader, use lower leverage and increase it as you gain experience trading.

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

Conclusion: The best Forex Brokers are available in Costa Rica

The forex industry in Costa Rica is more active due to the technological developments that allow forex brokers to access different regions. The Financial sector of Costa Rica is also regulated to limit forex scams in Costa Rica.

Even though there is a strict regulation from the Central Bank of Costa Rica, SUGEV, and SUGEVAL, investors are encouraged to ensure they check the regulation of a broker before registering. We recommend trading with offshore forex brokers that offer international trading standards and are regulated by credible regulatory agencies in the forex trading industry.

FAQ – The most asked questions about Forex Broker Costa Rica :

How do I choose a forex broker in Costa Rica?

The first step in choosing a Costa Rican forex broker is determining your unique demands. There are numerous various factors to consider. You can search for several aspects, such as investment products and deposit protection. As it helps prevent scams, this can be a crucial factor. 

List every criterion you require for your account, then compare them all. Next, pick a few Forex brokers in Costa Rica to test out sample accounts with. 

Also, take into account their client service. Make sure they answer your queries quickly if you plan to deposit money. 

The final choice is based on your individual requirements and the qualities of the Costa Rican brokers you’ve shortlisted.

How do I determine the costs of trading forex in Costa Rica?

You need to understand how your trades are priced to determine the costs of trading forex in Costa Rica. Each currency pair is given a spot price that usually corresponds to a settlement date of T+2 days. 

To delay the settlement date to the following day, Costa Rican forex traders must pay rollover fees. Costa Rican Forex traders must know their rollover tolerance to calculate the cost of holding a position overnight.

A currency pair’s spread the distinction between the ask and bid prices. Multiplying the spread by the size of your position will yield the cost of your trade.

Last Updated on January 27, 2023 by Arkady Müller