The 3 best Forex Brokers & platforms in Cuba – Comparison & reviews 

The citizens of Cuba often have a hard time looking for the right forex broker for them. If you are one of these citizens, then this article is for you. Here, you will read about four of the best forex brokers in Cuba. Important information such as regulations, minimum deposits, fees, spreads, and account types. and more can be found in each review of the brokers below.

See the list of the best Forex Brokers in Cuba:

Forex Broker:
Review:
Regulation:
Spreads:
Assets:
Advantages:
Open account:
1. 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)
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)

3 best Forex Brokers in Cuba: 

  1. RoboForex
  2. BlackBull Markets
  3. Pepperstone

1. RoboForex

The official website of the Forex Broker RoboForex

This firm has been running since 2009, and you can find the main office in Belize. The International Financial Services Centers Authority oversees and supervises this broker’s activities.

Six accounts are available: Pro-Cent, Pro-Standard, R Trader, and Prime, ECN-Pro. Because it is a micro account, the Pro-Cent account is highly suggested for beginning traders. Micro accounts are perfect for beginners who want to gain trading experience while also making real-world deposits.

RoboForex account types in comparison

The broker does not impose a fee for withdrawals or deposits, but RoboForex charges an inactivity fee. There are six distinct options available to use as the base currency. Bitcoin, Gold, RUB, CNY, USD, and EUR are among them.

Its website has plenty of articles, videos, and books with instructions that teach beginners everything they need to know. The broker also provides a demo account and hosts monthly tournaments to entice customers to practice trading on the demo account.

Clients can access the company’s trading platform through mobile and desktop computers. It also has a copy trading feature, which enables you to view how other experienced traders execute their trades.

The customer care department supports more than nine different languages. You can reach them any time by email, phone, and chat assistance on the site or platform.

RoboForex Logo

Summary:

  • The needed initial deposit is $10.
  • The IFSC grants licenses to the brokerage.
  • The brokerage imposes a $2 service fee.
  • The spread begins at 1.3 points.
  • Payment options include Advcash, Skrill, Neteller, Perfect Money, credit card, bank transfer, and debit card.

Disadvantages of trading with RoboForex

  • This broker currently offers just 36 currency pairs for trading.

(Risk Warning: Your capital can be at risk)

2. BlackBull Markets

The official website of the Forex Broker BlackBull Markets

This brokerage, which began operations in 2014, is pretty popular in the foreign currency trading sector. Even though New Zealand is the home of the company’s main office, it also has branches in New York City, the United Kingdom, Indonesia, and Malaysia.

The Financial Markets Authority of New Zealand and the Financial Services Authority of Seychelles are both responsible for monitoring this broker.

BlackBull Markets customers may establish a Standard or Prime Account depending on their trading demands. When comparing the two accounts, you will see that the spreads, the amount of the needed minimum deposit, and the commission rate all differ.

A minimum deposit of $200 is required to open a Standard Account. However, to establish a Prime Account, you must have a balance of at least $2,000. While the lowest spread for Prime Accounts is just 0.01, it may go as high as 0.8 on Standard Accounts. No extra fees are imposed on customers with Standard Accounts. Customers who have Prime Accounts must pay an exchange fee of $6 for each trade.

Nine distinct base currencies are available for selection. This list consists of the following currencies: Euros, United States Dollars, Great British Pounds, Australian Dollars, Canadian Dollars, South African Rands, and Japanese Yen. When you withdraw money from BlackBull Market, you will be charged a fee of $5. Using a foreign banking institution, on the other hand, will incur a fee of $20.

BlackBull Markets account types

The website provides numerous training programs as well as a selection of publications. Video tutorials are available for the trading platform to help you learn how to use the website. The brokerage firm loads the account with virtual money for free demo accounts before making it accessible for trading.

Traders now have the flexibility to do business using their mobile devices practically anywhere in the world, thanks to the mobile version of the web trading platform. There is widespread support for a wide range of languages, including English, Serbian, Chinese, Spanish, and Uzbek. That is also accepted.

You may contact the customer support representatives by emailing them or using live chat. You may also try phoning them. They are, however, only accessible 24 hours a day, seven days a week.

BlackBull Markets logo

Summary: 

  • A $200 deposit is required.
  • Standard Account clients pay no fee.
  • The licenses for the brokers have been issued by both the FMA and FSA.
  • Spreads start at 0.8 pips and increase from there.
  • Payments to the broker may be made by credit card, bank transfer, debit card, FasaPay, Skrill, Neteller, and China Union Pay.

Disadvantages of trading with BlackBull Markets

  • In comparison to other brokers, the initial deposit of $200 is high.

(Risk Warning: Your capital can be at risk)

3. Pepperstone

The official website of the Forex Broker Pepperstone

This firm is located in Australia and was created in 2010. To better serve European merchants, they established offices around the world in 2015 to widen their reach.

Pepperstone will be under the watchful eye of the Financial Conduct Authority as well as the Australian Securities and Investments Commission to ensure that it abides by the norms and regulations of both of these organizations. 

Pepperstone only gives its customers one live trading account that they can use. On the other hand, there is no required minimum level of funds that must be made. The brokerage also doesn’t charge a fee to make a withdrawal, and it doesn’t impose an inactivity fee for accounts that haven’t been used in a while. Use the risk-free demo account if you don’t think you’re ready to trade with real money.

Pepperstone Razor Account vs. Standard Account

You may open the trading desk from any device you like. People who don’t want to install the app on their own computers can use the website-based platform instead.

Customers have access to the customer care department of the firm twenty-four hours a day, seven days a week, but the only means of communication available to them are real-time chat and the use of the telephone.

Pepperstone logo

Summary: 

  • A minimum payment of $0 is required.
  • The ASIC and the FCA both have licenses for the broker.
  • The broker charges a $3 commission fee.
  • The spread starts at 0.0 pip.
  • The brokerage allows payment through debit cards, bank transfers, credit cards, Bpay, PayPal, Poli, Skrill, Union Pay, and Neteller.

Disadvantages of Trading with Pepperstone

  • Customer support isn’t accessible 24/7. It’s only available 24 hours a day, five times a week.

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

What are the financial regulations in Cuba?

The government of Cuba is responsible for implementing the rules when it comes to foreign currencies. According to their law, citizens can hold foreign currency in their accounts. However, only a limit of 10 foreign currencies is allowed per account.

Security for traders from Cuba

You need to exercise extreme caution when picking a broker to work with in terms of the safety of your money and your personal information. There are many fake websites out there, and their main goal is to get you to give them a significant amount of money.

For you to have confidence in the broker you are working with, they must be monitored and regulated by a respected institution. Also, check to see whether they provide any insurance or other protection to save you from incurring unwarranted damages.

Make sure your money is kept in a separate account from the rest of your finances. As a direct consequence of this, the broker cannot use your money for their own gain. In addition, this stops unauthorized users, such as hackers, from accessing your assets.

Is it legal to trade Forex in Cuba?

flag of cuba

 

Yes, you may trade forex in Cuba because it is legal to do so.

How to trade Forex in Cuba – Tutorial

1. Open an account for Cuba traders 

To begin opening your own trading account, all that is required of you is to fill out the application form and provide your broker with the information they need. The majority of the time, the form will ask for your complete name, the city and state in which you reside, your cell phone number, and a few other pieces of information.

Some brokers will ask you to verify your account by sending them a copy of any government issues ID. Others will email you with a verification link, or they will simply call you on your mobile phone to finish setting up your live account.

2. Start with a demo account or real account

Capital.com real or demo account

You should use a demo account to get familiar with the forex trading interface before investing your personal money in the market. Free demo trading accounts are provided to customers of each listed firm.

Take full advantage of the situation. Demo accounts are equipped with fictitious funds that may be used to practice trading or evaluate the functionality of the trading platform provided by the broker.

3. Deposit money

After using the demo account for free, you will be required to make a cash deposit to convert the demo account into a real one.

The majority of brokers accept bank transfers and debit and credit card payments. They also offer e-wallets such as Neteller, Skrill, and PayPal, among other options.

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

MetaTrader 4 analysis
MetaTrader 4 analysis

Suppose you want to be successful in trading foreign currency. In that case, you can’t just go in immediately without first getting to know the numerous strategies that experienced forex traders use.

The most common strategy in trading is trading in the same direction as the market trend. Watching the direction in which the market is moving, or the trend that is developing for a particular currency pair, is an important part of this kind of trading, which is conducted with an eye on the long term. This comprises making purchases when there is an upward trend and selling transactions when there is a negative trend in the market.

The examination of the market is likewise an incredibly significant component of the risk management method. Suppose you are new to the world of forex trading. In that case, your broker will most likely provide you with the support of a staff member who is entirely dedicated to aiding clients like you. 

This is especially common for brokers that cater to new consumers in the industry. However, conducting analysis and research of the market also plays a role in advancing your position.

5. Make a profit

Making money via foreign exchange trading may take some time. Just remember to be persistent and put into practice all the risk-reducing tactics and guidelines you have devised.

Conclusion: The best Forex Brokers are available in Cuba

Trading forex involves a lot of studying and research. Believe it or not, professionals dedicate their time to analyzing the market and formulating strategies before executing a trade. Sure, it might take a couple of hours for beginners, but doing this will translate to higher gains and better trading positions.

Choosing a regulated broker also ensures that you work with a trustworthy firm. 

FAQ – The most asked questions about Forex Broker Cuba:

What are the criteria for choosing the best forex broker in Cuba?

Selecting the best forex broker in Cuba means looking into the following characteristics:
1. Checking whether the forex broker is regulated or is a scam
2. See if they provide a demo account for practice
3. Look into their assets coverage
4. Check for mobile trading through the Cuban forex broker
5. Find the seamlessness in withdrawal and deposit
6. Customer services play an essential factor in forex brokerage and trading

What are the fees charged by forex broker Cuba?

A forex broker in Cuba charges the following fees:
Stock fee class
Forex fee class
CFD fee class
There can be overheads like inactivity fees, deposits, withdrawal fees, etc. 

What are the different types of forex brokers in Cuba?

The various kinds of forex brokers in Cuba are as follows:
1. Market makers are the brokers with whom deals don’t happen in the interbank markets. That is why they set their prices. It’s crucial to track spreads with them. 
2. Electronic Communication Networks, or ECNs, link traders in the interbank mechanism and establish connections between buyers and sellers.
3. Straight-through processing brokers (STP) only trade with the interbank and don’t have a dealing desk. Only smaller trades can happen as prices are equal to the interbank rates.

Last Updated on October 20, 2023 by Andre Witzel