Best Forex brokers in Argentina – What should you know?

Argentina, officially the Argentine Republic, is a country located in South America. The country stands to be the eighth-largest around the world with land size, and it has a population of over 46 million people. In the region, the country is the second-largest economy and third-largest in Latin America. It is a member of G-15 and G-20. Argentina is also known to be one of the founding member countries of the United Nations, World Bank, World Trade Organization, and many other international institutions.

The fact that the Argentinian economy is one of the top performing in the region, attracts many Forex and CFD (Contracts for Difference) brokers. It should be mentioned that investing and financial trading is becoming increasingly popular in the country.

The best Forex brokers in Argentina

Finding the best broker involves considering various factors that can impact the overall trading experience, such as: regulations, trading platforms, range of tradable instruments, trading fees, leverage, customer support and account types. Every broker has something different to offer, and there are many different types of traders that value different things in a broker.

To make the selection process easier for you, we have done an extensive research on numerous brokers and came up with a top brokers list that accept traders from Argentina.

Trading Forex in Argentina

Forex trading has a very interesting story in Argentina. Before just a few years ago, Forex trading was illegal in the country. However, following several legislative changes, the government of the country has allowed Forex brokers to operate within the country. Since then, Forex trading has become very popular in the country, attracting hundreds of thousands of local traders.

Even today, there are some very strict restrictions in the country regarding Forex trading to make sure that the rights of both traders and brokers are protected. One thing that Forex traders in the country should keep in mind is that the country has a lot of economic problems. Argentina has experienced high inflation and multiple recessions. Argentina’s economy is large, however quite unstable.

The country has seen very tight currency controls to help the economy, most of them introduced in 2011. The federal government finally decided to overcome those restrictions in 2015, by adopting new regulations. This was one of the first things that the newly-elected president did at that time, he made sure to allow the people of the country to freely buy and sell foreign currencies.

Another decision followed in 2016, this time made by the Central Bank of Argentina, which resulted in lifting the restriction regarding the execution of cross-border derivative transactions. This further opened the Forex trading market for locals in Argentina. The laws that were adopted in 2016 made it possible for every individual in the country to have the right to freely execute Forex transactions, as long as they use the services of financial or foreign exchange companies that were authorized and regulated by the Central Bank of the country.

Further regulations

However, further regulations followed in 2019. New controls were introduced regarding the inflows and outflows of foreign transactions and purchases, as well as for foreign currency trading. There are several authorities that are responsible for overseen financial markets in Argentina. One of the main bodies is Argentina’s Central Bank, mostly referred to as BCRA. Additional regulators are: the Ministry of Economy and Finance.

Most popular payment methods in Argentina

In order to trade Forex live in Argentina, you will have to make a deposit to your trading account. There are various available payment methods that traders can use in the country, you can make payments using credit/debit cards, online transactions, and even digital wallets. Today, there are many internationally accepted payment methods in the country, which makes depositing funds much easier. Available payment methods in the country include Visa and MasterCard, as well as local credit cards.

However, keep in mind that as a result of local regulations, there is a limit for the maximum deposit that you can make with bank cards, which is $50. Traders also can not make payments with digital wallets such as Neteller, PayPal, and Skrill.

Also, one thing that should be remembered is that local payment methods, in most cases, can not be used for payments when you are using international Forex brokers. However, there are many alternative methods that you can use for payments in Argentina, one of them being Mercado Pago, a very famous local payment method.

Popular trading platforms in Argentina

When trading financial assets, one of the most important decisions that you need to make is choosing a trading platform. The most popular platforms in the country are MetaTrader 4 (MT4), and MetaTrader 5 (MT5).

MT4 is one of the most popular Forex trading platforms around the world because it offers some of the best services to investors. According to official data, this Forex trading platform is used by a huge majority of Forex brokers, more than 90 percent of them offer access to MT4 to its clients. MetaTrader 4 was released in 2005, and has been very popular since.

MT5 is famous for being a multi – asset platform that was released in 2010 and offers enhanced capabilities. In addition to Forex, indices, and commodities, MT5 users can trade stocks, bonds, and futures.

Summary

Forex trading in Argentina is increasingly becoming popular and traders need to take into account various factors when they make a decision on their next broker. Trading Forex and CFDs is authorized and regulated by the central bank of Argentina, however there are not many local brokers with proper license documentations. On the upside, residents of Argentina can open live accounts with international brokers such as XM, exness, AvaTrade and more.

FAQs on the best Forex brokers in Argentina