The 5 best Forex Brokers and platforms Guatemala – Comparison and reviews
Table of Contents
Forex trading is an international form of currency exchange and fast becoming a trendy thing today. With the changes in countries’ economies, many countries have started to advise that their citizens should venture into forex to boost their currency.
This article is for you if you are a citizen of Guatemala and want to start forex trading today. It provides you with information on how you can get started and strategies that you can use to be one of the best forex traders and best Forex brokers. It would be best to consider forex trading on any of these platforms.
See the list of the best Forex Brokers in Guatemala:
Forex Broker: | Review: | REgulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Capital.com  | 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: 70% of retail CFD accounts lose money) | |
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: 70% of retail CFD accounts lose money) | |
3. 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: 70% 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  | 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.) |
(5 / 5)
(4.9 / 5)
(4.8 / 5)Below is a list of the 5 Best Forex Brokers in Guatemala you should choose to trade forex with today.
- Capital.com
- BlackBull Markets
- RoboForex
- Pepperstone
- IQ Option
1. Capital.com
Traders usually opt for this platform because of its improved technology, variety of assets, flexibility, and tutorial courses. Capital.com has a helpful range of more than 406,000 all over the world. It was formed in 2016 and still shows impressive growth in the number of traders.
The platform is flexible in that traders are not restricted to one device, say your laptop alone or iPad. The broker’s platform has been developed for all devices that can be compatible. Traders can now trade anywhere.
The platform also cares about its users’ growth and proper training because it provides them with articles, reading outlines, videos, and recordings that they can use to help them know more about forex trading. It also has within it tests the traders can take that. These tests help traders understand aspects they have developed and those they need to build.
Capital.com is also a licensed broker platform. FCA, ASIC, and CySEC are some of the bodies that regulate the broker. They control the activities and ensure that the body functions well and performs its duties as a broker platform to the traders.
Capital.com’s minimum deposit has been said to be relatively high. This has made it also not have as many traders as it would have already.
Advantages of Capital.com
- The platform provides tutorial materials and tests for traders
- The security of traders is assured thanks to the licensing bodies
- It has a demo account where traders can practice trading.
Disadvantages of Capital.com
- The initial deposit is considered too much, which is 3 thousand dollars
- The broker sadly does not support the MT5 platform
(Risk warning: 70% of retail CFD accounts lose money)
2. BlackBull Markets
BlackBull Market is unique because it provides its traders with two different accounts. The accounts have what their good at and not good at. Plus, it allows traders to pick from the account, which is good to start with.
The broker has a Standard account which newbies usually use in forex. It’s good because it has a minimum deposit of $200, which is quite good. The price competition is not challenging.
Professionals in forex usually use the ECN prime account, on the other hand. The account has a minimum deposit of $2000, which is high, but it has a commission for the owners of this account type. The price competition is more challenging than that of the standard account.
The platform was founded in 2014 by New Zealand fintech pros and forex pros. The platform is technologically advanced and can perform multiple functions. The MT4 platform offers security for traders.
It is not so good at making courses for its traders, but it made up for this in its market research. Traders can know how the Forex market is and what strategy or position to take in the market. They also trade assets on BlackBull, such as commodities, metals, stocks, and more. Traders enjoy fast transactions, which most brokers in business do not offer.
Pros of BlackBull Markets
- Fast transaction speed
- An MT4 platform which is excellent for security and multiple functions
- The account is easy to set up
Cons of BlackBull Markets
- No tutorials available for their traders
- Poor customer service response
(Risk Warning: Your capital can be at risk)
3. RoboForex
To begin with, RoboForex is one of those Forex platforms that offer the smallest deposit amount to traders. As a trader on RoboForex, you can start trading with as low as 10 dollars which is very affordable for people who want to start forex trading in developing countries. And such an amount also encourages even students to start forex trading.
When it comes to having one of the best technologies for the trader’s experience and satisfaction, RoboForex is one of its best because the platform is technologically improved in many ways. The broker has a MetaTrader and cTrader platform. The MetaTrader comes with MT4 and MT5, both good R Trader platforms. And the cTrader sits at the top because it can perform better functions than the MetaTrader.
The company was founded in 2009 and already has a wide user range around the world. When it comes to languages, their customer support has quite a number, which allows them to communicate with their clients better in case of complaints or assistance. The company has strongly found itself in more than eight countries on earth.
Assuring its user’s security is also not a problem because the broker has a licensing body that helps secure their trader’s welfare. FSC is short for Financial Services Commission. They help to regulate the activities of the body.
Clients can also easily withdraw their money from the platform whenever they wish, plus the good thing is that you as a trader will not need to wait for a long time before your fund arrives in the bank. Payment into your bank is fast.
Benefits of RoboForex
- Has MetaTrader platforms and cTrader
- The minimum deposit is very affordable
- Customer support has more languages than some of the broker’s customer support.
Drawbacks of RoboForex
- The R Traders cannot use crypto
- There is an attractive fee when you want to withdraw your fund.
(Risk Warning: Your capital can be at risk)
4. Pepperstone
Pepper stone is another broker’s platform that provides its traders with the ability two choose from two account types that it has provided. Also, in this, the two accounts have their merit and demerits. Anyhow, traders pick the most favorable one for them to trade on the platform.
The standard account is also usually used for amateur forex traders. You should begin with this account if you’re new to forex because the price competition is not so tough. The account has a minimum deposit of 200 dollars with the FX spread at one pip, but there is no commission for you as a trader using this account.
On the other hand, the Razor account is usually used by professionals in Forex trading. If you feel like moving to a new competition over the years, you can upgrade to a Razor account. The razor account is an FX spread that starts at zero pips, but it has a commission amount that the traders enjoy.
The platform is well regulated by many licensing organizations worldwide, so the traders are secure and protected, and the company’s activities are well regulated and controlled by these bodies. The platform also gives reliable in-house information about the market. This enables traders to plan and strategize their market moves in forex.
Pepperstone was founded in 2009, and has won the award for the best customer services. The broker is a MetaTrader platform, this means that it has a well-improved technology and safe trading experience for its traders.
Advantages of Pepperstone
- Proper market resources for traders
- Commission when you trade with their Razor account
- Enough licensing bodies that protect traders
Disadvantages of Pepperstone
- On weekends, their customer service is unavailable
- No tutorial materials for the traders
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
Starting as a binary platform alone in 2013, IQ Option already has a lot to offer as a forex broker. Over the years, it later improved its technology and began trading CFDs. IQ Option is known to be one of the most popular brokers globally, and not only is it popular, but it is also known for its outstanding performance. This has been proven thanks to the numerous awards that the company has for its name.
The platform also allows for communication and connection within the app and outside. Links to webinars are shared in the forum and to the mail of their traders. Through these, traders can learn how to trade forex and become better at trading on the platform.
The CySEC regulates it in Cyprus, where it has its head company. The platform also has different chart prices and colors that users can choose from. It is one platform that has a fascinating interface.
As a trader on IQ Options, you must make a minimum deposit of 10 dollars before you can start trading on the platform. Although the brokers’ platform is good and interactive, it lacks MetaTrader platforms. Making it somewhat basic and plain.
Pros of IQ Option
- There are no withdrawal fees
- It is easy to open an account on the platform
- Available and responsive customer care
Cons of IQ Option
- When withdrawing funds into a bank account directly, it takes time.
- No MT4 & MT5 on the broker platform
(Risk warning: Your capital might be at risk.)
What are the financial regulations in Guatemala?
The financial system is generally stable. The Superintendence of Banks (SIB) stipulates that Guatemala has 17 commercial banks with an estimated $51 billion when checked in December 2020. The six biggest banks handle about 89 percent of the county’s assets.
Twelve financial institutions are not banks. The Bank Superintendence is in charge of overseeing the financial services industry. Guatemala’s forex system is free and unfettered. There are no constraints on exchanging or moving money associated with investments into a freely usable currency.
The government establishes a benchmark exchange, which it uses for its business transactions, based on the country’s commercial rate. The Central Bank of Guatemala only intervenes in forex to prevent sharp changes. There are no legislative restrictions on the amount of money that goes in and out or other cash transfers.
There are also no holdups in collecting foreign currency. Banks have been allowed to provide accounts and do business in foreign currency since May 2001. To reduce the risks of money theft, monetary authorities enacted a law in October 2010 that set limits on forex cash transactions.
(Risk warning: 70% of retail CFD accounts lose money)
Security for traders from Guatemala
There are no clear-cut regulations that state the security of traders who want to go into Forex in Guatemala. This is because Forex trade is now primarily an online body trading platform, and as long as the country does not put any ban on forex, then Forex broker’s platforms are allowed in the country.
The only security for you as a trader is to make sure that you trade with Forex platforms that have international regulatory licenses from international bodies worldwide. These broker’s platforms with international licenses are more legitimate and trustworthy than locally licensed ones.
If you want to trade forex today, you should look for companies with these licenses: CySEC, ASIC, SCB, and others. These are just examples of Forex international licensing bodies that give proper security to traders. They also make the platform you are dealing with credible and trustworthy.
Is it legal to trade Forex in Guatemala?
The Guatemalan government provides no regulatory guidance to forex dealers. Ordinarily, this would entice dishonest brokers, but the country’s financial operation laws are highly convoluted.
Since this is the case, Guatemala does not have local forex brokers. Instead, Guatemalan traders use a foreign broker who allows traders from the country. These foreign brokers usually have one or more licensing bodies that show their credibility to their clients.
Forex trade is legal in Guatemala, but to avoid falling into the hands of thefts, be sure to do proper homework about the broker you’re about to trade with. Plus, it would be hard to trace if you fall into the hands of fakes because the government does not even put any regulation on forex in the country.
How to trade Forex in Guatemala – Tutorial
Open an account for a Guatemalan trader
Having decided that you want to start forex trading, and you’ve decided on the broker platform you wish to use, the next thing you can do is open an account with them. Opening an account with any forex broker is free.
However, when it comes to trading, money must first be deposited. Usually, the forex broker will ask for documents to show your identity and where you live. Things like national id and utility bills are needed to open an account.
Start with a demo account or a real account
After opening an account with your broker, the next thing to do is decide if you want to jump right into the real deal with your real account or play around (know the basics) with your demo account. Usually, it is advised that you trade with your demo account if you’re a beginner to get to know how quick forex trading works.
Deposit money
If you’re done with toying with your demo account and want to start forex trading in real life with your real account, you will need to deposit money into your forex account. Depending on the platform you picked, you can make a minimum amount of deposit. Also, there are different payment methods available from the broker to choose from to make a deposit.
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
These are valuable methods that forex traders use to monitor currency movement on the spread. They are helpful for traders who want to plan and be careful with the next move they make in the market. Some of these strategies are mentioned below.
Scalping
This is one of the most common methods or strategies forex traders use. It simply has to do with traders opening several markets in one day and closing them at the end to earn minute profits from each of them. It is a cautious strategy.
Day trading
As the name implies, day trading is a forex strategy involving a trader assuming the same position within a day alone. The method is not only used in forex and is even used in the general market.
Position trading
This involves taking the same trade position for more than a week and can last for years. Traders get benefits from long-term trading positions.
Make profit
The last thing and main aim are to make a profit. Profit is made depending on the position you are in by the time the Forex market for the time closes.
(Risk warning: 70% of retail CFD accounts lose money)
Conclusion: The best Forex Brokers are available in Guatemala
Forex trading is easy to get started as a Guatemalan if you have a device, a working fast internet, and the money to start trading. Guatemala is a Forex trade zone, and you do not need to worry about if it is legal or illegal. The only thing you should be concerned about is making sure that as you trade, you are trading with brokers that have licensed international bodies.
Forex trade is quite interesting because you can do it from the comfort of your home, and you do not need to worry about going out or anything. You can even do it while working in your authentic just because it’s something that can be done whenever it is convenient for you too.
FAQ – The most asked questions about Forex Broker Guatemala:
Can traders in Guatemala trade forex?
Yes, traders in Guatemala can trade forex. A lot of forex brokers in Guatemala operate to offer traders the best trading services. These brokers make trading fun by helping traders secure a platform full of features. Traders can enjoy trading multiple forex pairs in Guatemala, as no legal rules keep traders from doing that.
Which trading platforms are accessible to traders with forex brokers in Guatemala?
Traders in Guatemala can choose from the plenty of trading platforms their forex brokers offer. For instance, brokers such as BlackBull Markets, Pepperstone, etc., allow traders to access leading platforms such as MetaTrader 4, MetaTrader 5, and cTrader. Thus, forex brokers in Guatemala allow traders to have a first-hand customized trading experience. So, they enjoy making more money as compared to other forex traders.
Do forex brokers in Guatemala allow traders to use a demo account?
Yes, a demo trading account is an essential feature of the services offered by a trading platform. Any trader can sign up for a demo trading account whether he resides in Guatemala or elsewhere. The top brokers in Guatemala allow traders to use the demo account without hesitation. Besides, they let you have up to 10,000 USD in your forex demo account.
Last Updated on April 14, 2023 by Andre Witzel
