A full guide to the best Forex brokers in Chile

The Republic of Chile is a country in South America with an overall territory of 756, 096 square kilometers and a population of 17.5 million people. The country borders Peru in the north, Bolivia to the northeast, and Argentina in the east.

Chile is considered to be one of the region’s most stable and prosperous economy, that is defined by both high income and high standards of living. The field of Forex trading is slowly gaining popularity, however, the local population is still wary of this market as it is still largely unregulated.

In this guide, we will have a closer look at the main regulatory bodies in this country, as well as the list of the Chilean Forex brokers. Moreover, we will address the state of the national economy and its specifics that you, as a trader, can benefit from. Finally, we will examine what it will take for you to become a Forex trader in Chile.

A complete list of best Forex brokers in Chile

Finding the best Forex broker in Chile is not a very easy task, and there are a lot of reasons for that. To begin with, finding a reliable brokerage requires hours upon hours of extensive research, assessment, and comparison. Not only do you need to know exactly what is needed for your successful trading career, but you also need to make sure that the broker that you are considering is, in fact, legitimate and will not turn out to be a scam.

Since the FX market in Chile is not yet regulated properly, there is a high chance that you, as an amateur trader, might fall victim to the fraud scheme of the local con artists disguised as a regular Forex broker. Thus, in order to keep you and your hard-earned funds safe. we came up with our own comprehensive list of the best brokerages that offer their services in Chile.

XM Group

XM Group Forex Review

Minimum deposit

5 USD

Licences

CySEC, IFSC, ASIC

Maximum leverage

1:30*

US Clients

No

Exness

An in-depth review of Exness Forex broker

Minimum deposit

1 USD

Licences

CySEC, FCA, FSA

Maximum leverage

1:Unlimited

US Clients

No

IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD

Licences

CySEC

Maximum leverage

1:1000

US Clients

No

EagleFX

EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD

Licences

N/A

Maximum leverage

1:500

US Clients

No

RoboForex

RoboForex Broker

Minimum deposit

0 USD

Licences

CySEC, IFSC

Maximum leverage

1:2000

US Clients

No

How can you become a Forex trader in Chile?

Before we dive deep into discussing the specifics of the field of Forex trading in Chile, let us help you figure out whether or not you are eligible to legally become a Forex trader in this country. As we keep mentioning in our articles, Forex trading is a risky financial enterprise, which might result in devastating financial losses or even a lifetime of debt.

Just like in every other country in the world, in Chile minors cannot have access to the Forex market. Thus, in order to be legally eligible to become a trader in this country, you need to achieve the age of 18 or older. Having done that, the only other requirements that you will need to worry about are those issued by the Forex trading brokers in Chile. Such requirements usually revolve around your employment status and monthly income.

Many individuals who are looking to build a career as a Forex trader often wonder whether or not it is free to join this market. It is, indeed, free to sign up with a brokerage and start using the demo account. However, if you wish to access real trading you should be prepared to make a deposit.

The minimum deposit requirement varies depending on which brokerage that you choose, and it can vary from 5 to 500 USD (or equivalent). While the amount of the minimum required deposit is in no way an indicator of how good  ( or bad) a broker is, you should always remember to choose the one that suits you best. Professional traders often advise to only deposit what you will be comfortable losing.

What is the Chilean national economy like?

As we have already mentioned, the Chilean national economy is one of the strongest and most prosperous in the region of South America. The country’s GDP reaches 245, 414 USD, with a GDP per capita of 12, 612 USD. Chile has been ranked first out of the countries in Latin America, and 7th in the world, in terms of economic freedom, and third in terms of the nominal GDP per capita.

The country’s main trading partners are the USA, China, Ecuador, Thailand, and South Korea. According to the latest figures, 60% of the total exports consist of copper, and a large chunk of the country’s exports rely heavily on Chilean natural resources. Escondida, the country’s largest copper mine produces 5% of the global copper supplies, and Chile produces a third of the world’s copper in general, and it is also rich in lithium.

Due to its unique geographical location, Chile is able to enjoy a striving agricultural sector, that produces beans, fish, poultry, wool, apples, pears, oats, asparagus, peaches, garlic, grapes, onions, and much more. Finally, the tourism sector has been developing at a rapid speed over the last few years and has now become a significant contributor to the country’s  GDP.

Having looked at the state of the national economy of Chile, we can safely say that it provides a very favorable environment for the local Forex traders. By joining the top Forex brokers in Chile you will certainly be able to keep your trading profile diverse and resistant to market volatility.

What is the national currency of Chile?

The national currency of Chile is the Chilean Peso, coded as CLP. This currency is very popular among the traders within the country, in the region of Latin America (especially Brazil), and elsewhere in the world. Such popularity of this trading currency can be attributed to the stability of the country’s economy, and it is because of that the CLP trading volumes reach 7.78 billion USD.

If you wish to trade CLP, we recommend that you seek the best Forex platforms in Chile that accept payments in this currency, as this way you will be able to avoid additional fees and commissions on the exchange rates. However, you should keep in mind that the CLP is an Exotic currency, and it is generally recommended that beginners should avoid it and resort to Major currency pairs, such as USD/GBP, or USD/EUR.

How is the Forex market in Chile regulated?

The main regulatory authority responsible for overseeing the financial market in Chile is the country’s Central Bank. Moreover, the Commission for the Financial Market is responsible for the non-banking institutions in Chile since 2018. Before that, this sector of the market was monitored by the Superintendency of Securities and Insurance.

Unfortunately, there is no specific regulatory authority that will be responsible exclusively for the Forex market. As a result, the Chilean Forex market might not be as safe as the ones elsewhere in the region. However, it does not mean that one should give up on it altogether.

In order to make sure that both you and your funds are safe at all times, we recommend that while looking for top Forex brokers in Chile you pay special attention to the international brokerages that are licensed by reputable regulatory authorities, such as CySEC or FCA.

Which trading platforms do Chilean FX brokers use?

Trading software that you end up using is one of the most important components of your future trading success, as it will define how quickly, efficiently, and smoothly your orders will be executed, as well as how much exposure to the various trading instruments you will be able to access.

When it comes to Chile, you will be able to choose from a variety of platforms. Some brokers offer software that was custom-made for their clients, while others resort to the more popular alternatives, such as the cTrader, MetaTrader 4, and MetaTrader 5.

The latter two are used by almost 90% of the brokers worldwide. Ever since it was first introduced in 2005 by the Russian company called MetaQuotes, this software has proven to b both reliable and easy to use. Moreover, if you choose Chilean Forex brokers in 2020 that offer this platform, you will be able to find a large number of educational material available for it.

Which payment methods can you use in Chile?

Given how advanced the economy of Chile is, it is no surprise that the variety of payment methods to choose from will be able to satisfy the needs of a trader of any background and experience. The most traditional methods – debit/credit cards (Visa, MasterCard), as well as the direct wire transfers are still very popular among the Chilean traders.

Moreover, the best Forex brokers in Chile in 2020 offer e-Wallets and online payment solutions to their clients – the latter includes PayPal, PayU, and BitPay. We reconned that you take your time to find the payment solution that suits you best and seek the broker that offers it.

List of best Forex brokers in Chile – the final verdict

As e have already mentioned, the Chilean national economy has a lot to offer to the local Forex traders. It is developing at a rapid speed, and the national currency of Chile is quite popular among the brokers in the region and elsewhere in the world.

Nevertheless, it should be mentioned that the field of Forex trading in this country does still lacks an efficient regulatory mechanism and can be quite dangerous for the traders who join it. However, by choosing the regulated Forex brokers in Chile you will be able to explore this market without risking your funds.