Have you ever wanted to start trading Forex in Argentina but you are having a hard time deciding which broker to trust? If so, you have come to the right place. Today, we are going to discuss the Forex trading market in the country and we will try to offer you a detailed insight into this market.
The Argentine Republic is a country located in South America. The country stands to be the eighth-largest around the world with landside, and it has a population of almost 50 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.
In terms of Forex trading, this country plays a huge role. Being one of the largest economies in the region, it is a place of many offshore Forex brokers around the world. Argentina is known to be a very important player in the Forex trading market, however, it had many challenges over the past few decades. Keep reading to learn more about FX trading in Argentina!
The best Forex brokers in Argentina
Forex trading is a very popular market around the world, however, finding a trustworthy FX broker is a huge challenge. It is especially true for beginners in the market. Many times, beginners are having a very hard time deciding which Forex brokers to trust, so, if you are one of them, we have great news for you!
We did very intensive research regarding the Forex brokers in Argentina and finally, we were able to find some of the best Forex brokers in the country. Take a look at our list below and start trading with the best brokers in Argentina today.
CySEC, IFSC, ASIC
CySEC, FCA, FSA
100 currency units
CIMA, FCA, NFA
Forex trading market in Argentina
Forex trading has a very interesting story in Argentina. Until just a few years ago, Forex trading was altogether illegal in the country, however, following several legislative changes, the government of the country has allowed Forex trading in Argentina. 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 kept safe. One thing that Forex traders in the country should keep in mind is that the country has a lot of problems, especially the economy of it. One of them is the inflation of over 50 percent and multiple recessions, it also stands to be one of the most unstable economies around the world.
Because of this, there are many scam companies in the country and many traders are having a very hard time identifying trustworthy and safe Forex brokers. Because of this, it is very important to keep in mind that safety should be your number one priority while trading Forex in Argentina, or anywhere else, for that matter.
Ways to staying safe while trading FX in Argentina
There are several things that you can do to make sure that your funds are kept safe at all times while trading Forex in the country. For many years, the market was illegal in the country for a number of reasons. Even today, the country has many restrictions in place to make sure that the local Forex traders are kept safe.
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.
However, further regulations followed in 2019. As a result of this wave of regulations, new controls were introduced regarding the inflows and outflows of foreign transactions and purchases, as well as for foreign currency trading. As of now, there are no Argentina-based individuals to transfer foreign currency from their local accounts, however, for non-resident individuals who want to purchase foreign currency, is there is a $1,000 cap monthly.
Also, there are several authorities that are responsible to overlook the market in Argentina. One of the main bodies is Argentina’s Central Bank, mostly referred to as BCRA. Also, the Ministry of Economy and Finance is responsible to make sure everything goes smoothly in the market, and the National Securities Commission also overlooks the ongoing events in the Forex trading market of Argentina, the agency is often simply called CNV.
CNV was established many years ago, in 1968, the primary goal of the company is to regulate all security transactions in the country and it is the main body that issues the rules and regulatory guidelines regarding the Forex trading market in Argentina.
CNV functions under the instructions of the Ministry of Economy, and it has huge control over the Forex trading market in Argentina. The main job of the agency is to make sure to guarantee the transparency of the market, while also working on the safety and security of local Forex traders.
A very interesting thing about the Forex trading market in Argentina is that there are not so many local Forex brokers in the country, because of which, many people decide to trade with international FX brokers that offer services in Argentina. There actually are a number of leading and reputable Forex brokers in the country that you can use for trading in the country.
Most popular payment methods in Argentina
While trading Forex online in Argentina, you will have to make deposits on your trading account. There are many available payment methods that traders can use in the country, but how do you know which one to use? Because of the restrictions that the country had, there were not as many available payment methods in the country in the past. However, this has changed a lot recently.
Now, 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.
Available trading platforms in Argentina
For online trading, one of the most important things is the trading platform. There are many trading platforms available around the world, but local traders should keep in mind that it would be better to use the one that offers services in their mother language, Spanish. One of them that offers this is MetaTrader 4, which was developed by a very famous Russian company, MetaQuotes.
MT4 is one of the most popular 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. The greatest thing about it is that it offers traders access to a huge trading market, which is something that every trader needs in Forex.
MetaTrader 4 was released exactly 15 years ago, in 2005, and has been very popular since then around the world. There also is a very useful alternative of MT4, MetaTrader 5, which is a new version of MT4. MT5 is mostly used by those traders who want to invest in commodities, stocks, and CFDs because it was created and designed to plug into centralized trading exchanges.
Can you trade Forex in Argentina with smartphones?
Mobile trading has become very popular in recent years, but if it will be available for you largely depends on the Forex broker that you are using. Most of the international Forex brokers offer special applications for smartphones, which is a great thing, because, with the help of them, you will be able to always stay in touch with the market, no matter where you are.
Forex trading in Argentina – The Summary
Forex trading in Argentina has not always been legal. Just several years ago, no one could access this market, however, it has changed a lot in recent years. One of the major reasons for this change was the new regulatory framework and guidelines adopted by the government of the country.
As of today, Forex trading is very much legal in Argentina. Forex traders in Argentina mostly trade with international Forex brokers, because there are not so many local Forex brokers. The market has developed very fast in the country recently, because of the new regulations adopted.
So, if you are in Argentina and you are looking for a place to start trading, do your research, make sure to always trade with reputable Forex brokers, and always work on your safety and security before making any decisions.