Forex Trading in Countries

The forex trading trend is currently a worldwide phenomenon, driven by enhancements in modern technology, the arrival of smartphones and tablets, and an increase in social media activity. These factors have driven advertising and marketing of forex trading and foreign exchange products to several of the highest levels ever seen since the 1990s. The last 10 years have seen a lot of internet penetration, which has seen penetration of foreign exchange into regions of the world that had actually never ever heard of this 5-letter word for the very first time. Nonetheless, the foreign exchange market is likewise a place where there is a great deal of geographical inequality. Where things are a simple breeze for traders in some nations, in others, they present all kinds of challenges.

Most of the forex literature on the internet showcases and presents forex in a manner that assumes that all traders in all countries have the same access to knowledge, skills, tools, technology, and resources to trade forex. This is very far from reality.

Forex Brokers List By Country

The geographical location of forex brokers is one area where there is a huge disparity. Most of the forex brokers worldwide today lie in the United States, Europe (UK and also Cyprus specifically), Asia (Japan, Singapore, Australia), and the Center East. There is hardly any broker agent presence in Africa. This has brought about a scenario where those who trade foreign exchange in countries where there is no physical broker agent presence are at the grace of the offshore brokers and the regulations provided by the companies that control and oversee these brokerage firms.

Where is Forex Trading Allowed, Restricted, or Banned?

A discussion of forex trading online can never ever be complete without reviewing the state of forex trading across the globe. Where is forex trading online permitted? What countries have constraints on forex trading online as well as where is the trading of foreign exchange prohibited? Right here is a shortlist of countries that fit these three summaries.

1) Countries where forex trading is allowed
United States
United Kingdom
Italy
Cyprus
Australia
Canada
Japan
Malta
Indonesia
Bulgaria
Switzerland
Romania
Germany
Most countries in Central and Eastern Europe

Popular brokers as per country

– UNITED STATES

UNITED KINGDOM

ITALY

CYPRUS

AUSTRALIA

CANADA

JAPAN

MALTA

INDONESIA

BULGARIA

2) Countries where forex trading is restricted

Forex trading is allowed in these countries, but with restrictions from the central governments. These restrictions border on the amount of money that can be transferred to a broker for trading, how much can be kept in foreign currency in a domiciliary account, and how forex is accessed for trading purposes. These restrictions could also be due to anti-money laundering laws.

China
Nigeria
South Africa
Russia
Ukraine
Egypt

3) Countries where forex trading is banned

Forex trading is banned completely in the following countries:

India – Restrictions on the way Indian citizens are allowed to trade in the Forex markets are being regulated by the Securities and Exchange Board of India (SEBI)
Belgium
North Korea
Malaysia
France
Bosnia Herzegovina
Israel
Countries with strict Sharia laws such as Pakistan
The Best Countries to Trade Forex
The best countries to trade forex are countries which fulfill the following criteria:

Have easy access to the major trading hubs, with the ability to open forex trading accounts with brokers in these hubs.
Countries with good internet systems.
Countries with a sound technology backbone which can support the placement of servers and systems required to enhance the forex trading experience.
Countries with easy and unlimited access to any payment system offered by the forex brokers.
Countries that have a solid financial technology presence.
Countries with no restrictions on forex trading activity.
Only very few countries can fulfill all the criteria spelled out. However, if a country can fulfill four out of the six listed criteria, it can still be classified as one of the best countries to trade forex.

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