The 5 best Forex Brokers in Paraguay – Comparisons and reviews
Table of Contents
Are you in Paraguay and looking for the best forex broker to deal with? The basic part of your search should include trading conditions. Costs are an important consideration when choosing a broker, and that’s why we have compared several brokers’ fees and platforms to put together our list of recommended brokers.
See the list of the best Forex Brokers in Paraguay:
Forex Broker: | Review: | Regulation: | Spreads: | Assets: | Advantages: | Open account: |
|---|---|---|---|---|---|---|
1. Capital.com  | CySEC, FCA, ASIC | Starting 0.0 pips variable & no commissions | 3,000+ (70+ currency pairs) | + Best platform + TradingView charts + MT4 + Best education + Personal support | Live-account from $ 20(Risk warning: 78.1% 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: 78.1% 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: 78.1% 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)This article will introduce the best forex brokers with outstanding service at competitive fees.
5 best forex brokers for Paraguay traders:
- Capital.com
- BlackBull Markets
- RoboForex
- Pepperstone
- IQ Option
The brokers’ overview:
1. Capital.com
Summary:
- License – FCA, CySEC, NBRB.
- Minimum deposit – $20
- Free demo – Yes
- Spreads and commission – Min: 0.6 pips on majors. $0 commission.
- Support – 24 hours. Mon – Fri.
- Payment options – Bank wire, Visa, Skrill, MasterCard, and Neteller.
Capital.com is great for any trader who appreciates an intuitive and innovative trading platform with competitive fees. The broker’s account offerings are commission-free, and spreads are highly competitive.
Capital.com is headquartered in the United Kingdom and regulated by the Financial Conduct Authority FCA. The company is also licensed by the CySEC and the National Bank of the Republic of Belarus NBRB.
Trading services are accessible on the MT4 and the Capital.com app. The broker also provides a special app, the Investmate, for beginners’ trading education.
Capital.com is among the most trusted brokers with its multiple top-tier licenses and quality trading services. Exceptional customer service is available all day and night on weekdays for customers.
Capital.com disadvantage
Traders cannot access the MetaTrader 5 with this broker.
(Risk warning: 78.1% of retail CFD accounts lose money)
2. BlackBull Markets
At a glance:
- License – FMA, FSA.
- Minimum deposit – $200
- Free demo – Yes
- Spreads and commission – Min: 0.1 pips on raw ECN account. $3 commission.
- Support – 24 hours. Mon – Fri.
- Payment options – Skrill, wire transfer, MasterCard, Visa, and Neteller.
BlackBull Markets is a reputable ECN forex dealer based in New Zealand. The company was established in 2014 and licensed by New Zealand’s Financial Markets Authority FMA. BlackBull Markets is also registered with Seychelles Financial Service Authority FSA.
The broker provides genuine ECN fast order executions on the MetaTrader 4, 5, and the mobile app. Traders access the best prices and the tightest spreads at competitive trading costs. Its mobile trading lets you access your account with the full features on the go.
BlackBull Markets provide access to various financial instruments, such as forex, CFDs, indices, commodities, and metals. Social trading is fully supported through MyFxbook and Zulutrade.
BlackBull Markets demerit
The broker requires a high minimum deposit of $200 to trade on its platform.
(Risk Warning: Your capital can be at risk)
3. RoboForex
At a glance:
- License – IFSC
- Minimum deposit – $10
- Free demo – Yes
- Spreads and commission – Min: 0.1 pips on raw ECN account. $2 commission.
- Support – 24 hours on weekdays.
- Payment options – Credit and debit cards, bank transfer, Neteller, and Payoneer.
RoboForex is a trusted global online broker with headquarters in Belize. The company was established in 2009 and now operates more than 300000 active accounts worldwide. The broker is regulated in Europe and Central America, and they welcome traders from different parts of the world, including Paraguay.
RoboForex is among the top-rated forex brokers providing ECN trading services at competitive fees. Its several bonus packages further reduce trading costs for customers.
If you love having different selections to choose from, this broker is for you. They offer several account types, a wide range of instruments, and multiple trading platforms. The platform offerings include MT4, MT5, cTrader, and RTrader. However, forex pairs are few on its RTrader platform.
RoboForex demerit
The broker charges a high withdrawal fee.
(Risk Warning: Your capital can be at risk)
4. Pepperstone
Quick glance:
- License – CySEC, ASIC, FCA, SCB, BaFIN.
- Minimum deposit – $0 ($100 recommended)
- Free demo – Yes
- Spreads and commission – Min: 0.1 pips on raw ECN account. $3 commission.
- Support – 24 hours on weekdays.
- Payment options – Bank wire, Visa card, and MasterCard.
Pepperstone offers traders an exceptional choice of trading platforms and accounts. Its services appeal to global traders because of its competitive fees, superfast order executions, and great asset selections.
Pepperstone is also among the most trusted and well-liked brokers, with several top-class regulations and flexible trading conditions. The broker provides the MT4, MT5, and cTrader for trading services. These platforms come with special plugins that provide access to valuable trading tools.
Its education and research materials are rich with helpful information for the users and include useful market updates to boost the traders’ profitability. Automated trading is fully supported. Traders can also access social and copy trading services through its third-party partners, Zulutrade, Duplitrade, Tradingview, and MyFxbook.
Pepperstone drawback
The broker’s free demo is accessible for only 30 days. Many brokers allow more time than this.
(Risk warning: 74-89 % of retail investor accounts lose money when trading CFDs)
5. IQ Option
Summary:
- License – CySEC.
- Minimum deposit – $10
- Free demo – Yes
- Spreads and commission – Average: 0.8 pips on majors during active hours. $0 commission charges.
- Support – 24 hours on weekdays.
- Payment options – Neteller, Skrill, Web Money, Perfect Money, Visa, Bank Wire, and MasterCard.
IQ Option is a well-known binary option (only for professional traders and outside EAA countries) and forex dealer based in Europe. The broker started operations in 2013 as a binary options (only for professional traders and outside EAA countries) broker but went on to add other assets to its collection.
Traders can access binary options (only for professional traders and outside EAA countries) and digital options, forex pairs, ETFs, indices, and energies on its distinctive proprietary platform. The broker welcomes Paraguayans and traders from across the world.
Its trading platform is suitable for traders of any level and comes with full support and exciting features, including social trading through its Community Live Deal.
IQ Option disadvantage
Trading services are only offered on the broker’s platform. There’s no MT4 and MT5.
(Risk warning: Your capital might be at risk.)
What are the financial regulations in Paraguay?
The number of Paraguayans who engage in forex trading has increased these past few years. The growth in this sector is a symptom of the country’s expansion in other areas of its economy.
Paraguay is currently among the largest commodity exporters in the South American zones. Foreign exchange is necessary for international trade. Its growth also attracts investors, as many flocks form partnerships with this South American economic giant. Forex brokers, too, are welcoming Paraguayans to trade on their platforms.
The country’s capital market is the Asuncion stock and product exchange market. All stocks, securities, and financial instrument exchanges occur in this market.
Forex trading only sees a tiny fraction of its market activities for now. The country’s authorities have not devised any regulations concerning this sector.
(Risk warning: 78.1% of retail CFD accounts lose money)
Security for traders in Paraguay
There are no known forex trading regulations in Paraguay. Fortunately for brokers, they do not need to be approved by the country’s authority to trade with Paraguayans.
This can attract bad actors to its market. Traders must exercise caution when choosing their broker. Regulated brokers are safe, but the trader must confirm that the license is valid.
Paraguayans can safely deal with brokers that have any or a combination of these licenses:
- CFTC, the United States.
- FCA, the United Kingdom.
- CySEC, Cyprus
- SCB, Bahamas.
- ASIC, Australia.
- FSA, Seychelles.
- IFSC, Belize.
Is it legal to trade Forex in Paraguay?
Yes, forex trading is considered legal in Paraguay. The country’s financial authority does not have any regulations against the activity. Therefore, it is not against the law. Traders should choose their brokers with caution to trading safely.
How to trade Forex in Paraguay – A quick tutorial
Forex trading, no matter where you are, requires three basics:
- Stable internet service
- Computer or smart mobile phone
- A trusted broker
These three are equally essential basic requirements for forex trading. A stable connection ensures you open and close trades without disruptions that can lead to loss of funds.
The broker you choose greatly determines your success in the business. We explain how to spot a credible broker below.
Signs of a good broker:
- Regulated by a reputable financial entity
The brokers will have one or more licenses from a globally-recognized financial body like those listed above. The trader must be able to verify the license.
- Reasonable trading costs
With other non-trading fees, the spreads and commission have to fall within the market average or below. Otherwise, the trader’s profits get reduced to an insignificant amount.
- A free demo account
The broker must offer a free demo with sufficient credits to test its platforms before trading. The demo access period should last at least 30 days.
- 24 hours support service
A good broker provides round-the-clock customer service for traders. Many offer multilingual support, and Spanish is among the common languages.
- Common payment options in the region
Credible brokers ensure that deposits and withdrawals are easy to do on their platforms. Easy payment methods in the region are provided to smoothen the payment processes.
If the broker meets these requirements, they can be trusted.
Follow the steps below to trade forex:
1. Open account for Paraguay traders
Visit the broker’s website to get a forex brokerage account. Many brokers provide multiple language services on their sites. Therefore, since you’re in Paraguay, the webpage will load in Spanish.
The create account button should be easily seen as it is often the boldest tab on the homepage. It is usually located at the top of the middle of the page.
Click on the tab and enter the details requested to start the registration. These details will be your email address and maybe a phone number and username.
Once you type in these details, the system forwards a link to the email address you provided. You need to open the message in your mailbox and click on the link. That would verify the details you gave and redirect you to the registration continuation page.
Be prepared to scan and send the broker your government-issued ID and utility bill having your address.
2. Start with a demo or real account
We recommend trading on the broker’s free demo before using the real account. The free demo usually comes with enough virtual money to conduct several test transactions.
Novice traders can use this to practice trading in the forex market. They can gain some trading experience before getting into the real market.
Experienced traders often use the free demo to get acquainted with the dealer when they wish to switch brokers. Some also use it to test a newly acquired trading strategy.
3. Deposit money
Once you have satisfactorily tested the demo, it is time to fund the account for live trading. The broker often assists new customers through this stage. But it should be easy enough if common payment methods are provided.
The FUNDS button on the platform will contain different options, including deposits. Click on the appropriate link and select your preferred option among the payment methods available.
Once you complete the transfer, the funds should settle into the trading account within minutes, or at least within the hour. Many brokers do not charge for this service, so the money should appear in full. However, the payment company or bank may charge a small fee. This is often deducted separately, but you should be notified during the transfer.
Notice:
The payment methods are depending on your country of residence. Forex Brokers are offering all kinds of methods separately for each country.
4. Use analysis and strategies
Before starting trading, you should conduct the necessary market analyses for the currency pair. Analyses are, in fact, the important ingredient for successful trades.
Market analysis of the forex pair gives valuable information about the currencies. It tells where the prices have been and its possible next direction. The trader determines the appropriate forex strategy for their chosen asset through market analysis. An effective strategy always wins if the trader uses it correctly.
Two crucial forex analyses:
- Technical
- Fundamental analysis
Forex technical analysis refers to the study of price patterns in the forex chart. These patterns shows buy and sell opportunities, which the trader has to decipher to identify them. Brokerage trading platforms always come with numerous tools for technical analysis. The trader needs to understand their use to interpret price patterns and spot trading opportunities.
Fundamental analysis in forex trading investigates the currencies’ elements that cause prices to fall and rise. These elements are embedded in the economy. A country’s economic state determines its currency’s exchange rate with any given pair. Therefore, this analysis gives the trader insight into the past prices, current exchange rate, and possible future price movement.
These analyses are extremely crucial to trading forex. The traders get to fully understand the forex pair and make profitable decisions through them. The major decision is the trading approach to be used. We share some strategies below.
Popular forex trading strategies:
- Trading the market trend
Trend trading strategy is among the most popularly used in forex. Price movements always follow a particular trend. This can be a bullish, bearish, or sideways market. A bullish trend means more buying activity in the market, causing the asset’s price to trend upwards. The trading opportunity in this condition is LONG (buy) positions. A bearish market trend is the opposite of bullish and presents SHORT (sell) opportunities in forex trading. If the price is moving sideways, it means neither rising nor dropping. But it is moving within two specific points. The trader needs to identify these points and capitalize on them.
- Swing trading strategy
A swing strategy is best used when the trader spots a medium-term trend. The trader holds their position for the duration of this trade, which can be a few days or weeks. The user must be certain of the time length and should constantly check on the trade.
- News trading
Trading news report means waiting on economic news to place your trades. The trader listens for economic announcements and uses this to anticipate the market participants’ reactions. Then they enter a position based on the anticipated market sentiment. This strategy is best used by experienced traders who understand sentiment analysis.
- Candlesticks trading strategy
The candlesticks strategy is a price action approach whereby the trader examines the candlesticks’ movement in the forex chart to identify the best entry and exit points. The candlesticks show the opening and closing price of the asset and the price highs and lows. The trader uses this information to forecast the next high or low and enters the appropriate position.
5. Make a profit
Enter a trade once you have conducted the required analyses and determined the suitable strategy.
The trade should yield a profit if the market does not make any unexpected move.
Successfully trading the forex market means conducting the necessary market analyses and using the appropriate strategy correctly.
It helps you anticipate any market move and constantly profit from trading. You can quickly raise your capital and upgrade the trading account. Or you may withdraw the funds for your use.
Withdrawals are usually as simple as deposits if the broker is good. Follow the same process by clicking on the FUNDS tab. Select the withdraw option in the dropdown and fill out the request.
Note that processing time takes longer than deposits. So you might not receive the funds from a few hours to two days on average. Sometimes, it takes longer.
(Risk warning: 78.1% of retail CFD accounts lose money)
Final remark: The best Forex Brokers are available in Paraguay
Paraguayans are fortunate that they have varied options of online forex brokers. Trading with any licensed broker is fine. But the trader should check the list of the basic requirements to ensure the broker is suitable for them.
FAQ – The most asked questions about Forex Broker Paraguay :
What options do forex brokers in Paraguay offer traders?
Traders can access a wide range of underlying assets when trading forex in Paraguay. They can trade all the leading international currencies, which makes their trading experience better. Forex brokers in Paraguay offer USD/GBP, USD/JPY, etc., forex currency pairs to traders for trading. In addition, you can always pick a currency pair of your preference.
What kind of trading platforms do forex brokers in Paraguay offer traders?
Traders can access various trading platforms with forex brokers in Paraguay. For the best trading experience, you can choose forex platforms such as MT4 and MT5. The leading forex brokers will offer you these platforms so that you have the best trading experience of your lifetime.
Which forex brokers in Paraguay offer traders the best spreads?
Several brokers might lead in offering you the best trading services. However, if you want a broker that serves you with the lowest fees and spreads, you can sign up for a forex trading account with one of the following brokers.
BlackBull Markets
Capital.com
RoboForex
These brokers serve the trading needs of the forex brokers in Paraguay just right. Also, they have a big clientele, proving they excel in what they do.
Last Updated on March 2, 2023 by Arkady Müller
