Here is the list of the best Forex brokers in Belize 2024

With its business-friendly environment and lower taxes than other countries, Belize stands to be one of the most popular destinations for businesses all around the world. Having a population of less than half a million, the country manages to be a very important place for doing business.

Belize has managed to become an important place for trading Forex and CFDs (Contracts for Difference). For starters, the country has worked very hard to create a friendly atmosphere for traders and businesses, the taxes in the country are one of the lowest, which attracts many people.

Belize is known to be one of the most popular offshore regulatory jurisdictions around the world. It is the home of the International Financial Services Commission of Belize, simply known as IFSC. The regulatory body of the country is known to be much more tolerant in terms of its regulatory framework than other countries around the world, especially Europe.

Today we are going to talk about Forex trading in Belize and everything that traders should know. What’s more, we’ll offer you our top broker picks for residents of Belize.

Top brokers list in Belize

Trading Forex is not easy because it is related to many challenges and risks. Finding a trustworthy Forex broker is a huge challenge for many people, especially for those who are just getting started. The thing is, traders need to compare trading conditions of many different brokers that requires a lot of time and effort.

To make your job easier, we did very intensive research, and assessed many reputable brokers. And we’ve created a top brokers list that offer their services to the residents of Belize.

Forex trading in Belize – Regulations

As we have already noted, because of the lower taxes, ease of doing business, and many other factors, the country has been known as one of the top destinations for internationally regulated Forex brokers.

There are several ways to make sure that you are trading with a legit Forex broker. One thing that makes Belize so popular around the world is the regulatory body of the country, namely the International Financial Services Commissions of Belize (IFSC).  The IFSC is one of the prominent regulatory bodies around the world, known for its not-so-strict regulatory policies.

In addition to giving out licenses to Forex brokers, both locally and internationally, the regulatory body is also required to monitor the financial market in the country. It is responsible to set financial market regulations, and if needed, take accurate restrictive measures.

Regulated Forex brokers in Belize

The main idea behind establishing the regulatory body was to ensure the smooth business operation and the safety of Forex trading in Belize. The regulatory body, over the years, has become incredibly popular and as of now, it regulates both onshore, and offshore businesses.

The regulatory body of Belize started operating in 1999. The IFSC works under the surveillance of the government of Belize. The adoption of the International Financial Securities Commission Act has set the basis for the promotion and protection of the financial companies in the country, and around the world.

The regulatory body works very hard to fight against money laundering and is a member of the Caribbean Financial Action Task Force, which is responsible to keep the region safe. Obtaining the license from the regulatory body is much easier than from other agencies, such as FCA of the UK, for example. This is one of the major reasons why so many companies have decided to be licensed by this body.

The IFSC is an independent agency, however, follows the directives from the government of the country. The regulatory body has certain criteria and qualifications that Forex brokers in Belize have to meet to obtain the licenses.

Regulatory framework of IFSC

Forex trading brokers in Belize have to follow certain types of regulatory frameworks. The guidelines that the Fore regulatory body has might not be as strict as others, but they are still enough to maintain the security and safety of Forex traders.

Every single year, the regulatory body goes through the list of Forex brokers in Belize that it has regulated to make sure that they are in line with the regulatory framework. If there is some type of problem with the brokers, the regulatory body takes accurate measures to better the situation.

Forex brokers that are regulated by the Forex broker have to follow several requirements. One of them is the minimum capital requirement, which means that the Forex brokers owning the license of IFSC should always maintain a minimum capital of $500,000.

Also, IFSC requires companies to keep the funds of the Forex traders in segregated bank accounts, and they should also follow the international standards of AML and KYC laws. The Forex brokers in Belize regulated by IFSC also are submitting monthly reports about the events that had been happening.

The thing that makes the regulatory framework of IFSC very different from others is the leverage restrictions. While other regulatory bodies limit the amount of leverage that can be offered by the brokers, this one is not doing that. Forex brokers regulated in Belize can offer a leverage of up to 1:1000. However, keep in mind that using such high leverage is very risky and can be dangerous for beginners.

If you are using such high leverage, you could end up losing a lot of money if something goes wrong, even more than you have on your trading account. So, keep in mind that leverage should be used with a lot of care.

Popular Forex platforms in Belize

When trading financial instruments, finding the most suitable platform is of utmost importance. There are many different types of trading platforms available for FX traders in Belize, but the most popular ones are: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader.

MT4 is used by majority of Forex traders, while MT5 is for trading various asset classes, such as Forex, bonds, stocks, and futures. Both platforms are highly reliable, support algorithmic trading, and have extensive tools for market analysis. On the other hand, cTrader has a modern design and extensive tools for market analysis. It should be mentioned that MT4 and cTrader are mainly used for trading Forex, indices, commodities, and crypto derivatives. We should also mention that most brokers offer mobile trading apps and web trading tools to their clients.

The national currency of Belize

The national currency of Belize is called Belize Dollar, the official code of the currency is BZD. Before getting its independence, Belize was using the British Honduras dollar, British pounds, and Spanish dollars in different parts of history.

The economy of the country is very much dependent on the tourism and agriculture sectors. The country is famous for exporting sugar, bananas, citrus, and even crude oil. The Belize dollar is not that traded in the world of Forex trading, on the upside, traders have access to most liquid major pairs such as EUR/USD, USD/JPY, GBP/USD, and others.

Popular payment methods in Belize

When you are trading Forex, you need to use the payment methods that fit your needs the best. Local Forex brokers offer many different types of payment methods in Belize. You can make payments with more traditional methods such as: credit/debit cards and bank transfers, or use online payment methods.

When it comes to cards, Visa and Mastercard are those that are very widely accepted, you can also find brokers accepting American Express but not as much as Visa and Mastercard. For online payment methods, Belize is known to be very active. There are many mobile and online payment methods available for Forex traders.

Summary

Belize is known to be a very loved destination for Forex traders and businesses around the world. Known for its low taxes and fast-developing markets, Belize plays a huge role in the worldwide Forex trading market.  The International Financial Services Commissions (IFSC) of Belize is known to be one of the top Forex regulators around the world, for its friendly attitude towards Forex brokers. Residents of Belize have freedom to pick locally regulated or globally regulated brokers. In fact, many brokers in our top brokers list do not have the IFSC license, instead they are regulated by other international regulators.

FAQs on the best Forex brokers in Belize, 2024