Learn about top Forex brokers in Peru with our guide

The Republic of Peru is a country in the western part of South America, bordering Chile, Ecuador, Columbia, and Brazil. With a total territory of 1,285,216 square kilometers, the country has a population of a little over 33.7 million people.

Peru has a developing economy that is supported by mining, manufacturing, agriculture, and services. Peru has a trade agreement with the United States of America, that helps the local economy develop further.

Peru attracts visitors from all over the world by offering natural beauty, cultural heritage, and historic places such as Machu Picchu. With the advancements in technology and growth in the economy, more and more people are interested in Forex trading. Starting a currency trading journey is easy, as there are very low barriers to entry and many brokers do not even have minimum initial deposit requirements.

Find the right Forex broker from Peru

One of the very first tasks beginners have to complete to start trading is finding the right broker. Which is not an easy job to do. There are so many brokers to choose from, and they all have different offerings. Traders first need to make a list of priorities for what they are looking for. For active traders, it’s better to find a broker that offers low spreads. For swing and position traders, low commissions are more important. In addition, traders have to compare regulations, account types, platforms, customer service, and more. To make this task easier for you, we have created a top brokers list. So that you don’t have to check all the brokers out there.

Forex trading regulations in Peru

Financial sector in Peru is regulated by various entities, however, Forex trading is largely unregulated. The Ministry of Finance in Peru deals with Market Securities Law and ensuring that every company in the country follows the regulations. The extension of the Ministry, Superintendecia del Mercado de Valores, or SMV for short, is directly supervising the local financial consultants. Finally, both the Superintendecia de Banca, Seguros y AFP (SBS), and the Central Reverse bank of Peru deal with the overall supervision of the local financial sector.

Forex and CFD (Contracts for Difference) trading is not well regulated in the country, and the number of local regulators and can compete with international brokers is not impressive. On the other hand, residents of Peru are allowed to open live trading accounts with global brokers.

Peruvian national currency and payment methods

The national currency of Peru is Sol, coded as PEN in the Forex markets. The currency is considered to be one of the most stable ones in the region. However, you should keep in mind that PEN is regarded as an exotic currency, and if you are an inexperienced trader, it is better for you to start with more popular, major currency pairs, such as EUR/USD, GBP/USD, USD/JPY and others. Exotic currency pairs have low liquidity and increased volatility. Which increases spreads and makes intraday trading profitably super difficult.

When it comes to the payment methods available in Peru, one can say that they are quite diverse, and range from digital wallets to debit and credit cards. The most popular methods are bank wire transfers, Visa’s and MasterCard, mobile and online payment options such as Skrill, Neteller, and PayPal. It’s important to note that your broker might not be offering your favorite payment method, which is why it’s always best to check it before opening a live account. Be noted that while most deposit methods are instant, bank wire transfers typically take a couple of working days.

Popular trading platforms in Peru

Some Forex and CFD brokers offer custom-built platforms, while others use third party software, the most popular platforms are:

• MetaTrader 4 (MT4) – best for trading currencies. Beginner traders typically pick MT4 due to its simplicity, reliability, and user-friendly interface. On the downside, this platform is not for trading stocks and doesn’t offer modern design.
• MetaTrader 5 (MT5) – MT5 is an improved version of MT4, however, a bit more complex. Both MT4 and MT5 are super popular. What makes MT5 different from its predecessor is that MT5 has enhanced features and supports multi-asset trading. You can find stocks, bonds, and futures on this platform.
• cTrader – cTrader has a modern and slick design. The platform is popular among intraday Forex traders. On the downside, the platform doesn’t support stocks.
• TradingView – this platform offers amazing charting capabilities. TradingView was originally built for analyzing the markets and very recently has expanded its services to offering trading option to its clients.

Summary

Overall, we can say that the Forex trading is becoming increasingly popular in Peru. And while the financial trading is fully legal, it is not well regulated. In addition, the number of local brokers that are licensed by reputable regulatory bodies is limited. Which is why we recommend you to consider internationally regulated brokers that offer low fees, various trading platforms and access to multiple asset classes. There are many amazing brokers in our top list, such as XM, AvaTrade, exness, and others. Make sure to read detailed reviews before opening accounts. You can simply click on a broker’s icon from the list above, and you’ll be transferred to a full review.

FAQs on top Forex brokers in Peru