A guide to trading Forex with top brokers in Colombia

The Republic of Colombia is a country located in the north of South America, and stretching over to North America, bordering Panama, Brazil, Ecuador, Peru, Venezuela, and Brazil. The overall territory reaches 1,141,748 square kilometers, making it the 25th largest country in the world.

Colombia is one of the most linguistically and ethnically diverse countries, both in the region and around the world. Such diversity is merely a reflection of the country’s rich history, which is why the Colombian cultural heritage and historical sights are attracting many visitors from all over the world.

When it comes to the field of Forex trading, the local market is yet to establish itself as both a developed and safe one. However, Forex trading is very much legal in Colombia and it has been growing in popularity ever since it was first introduced.

In the guide below, we will have a closer look at how the Colombian Forex market is regulated, what is the state of the national economy, as well as examine the best Forex brokers in Colombia, to help you choose the one that suits you best.

Top Colombian FX brokers: a complete list

Our team of experts has spent years upon years researching the Forex market, and has, to this day, conducted a large number of broker reviews. It is safe to say that we have seen it all: from reliable brokerages with excellent standards of service to the scam schemes that were merely trying to steal people’s money.

Thus, we decided to call upon our extensive expertise and help you avoid the complex and time-consuming process of searching for the right broker, and did all the work for you. We have analyzed all the FX brokerages that offer their services in Colombia and picked up only the best of the best. Below you will find our list of best Forex brokers in Colombia and their main characteristics that you should know about it.

XM Group

XM Group Forex Review

Minimum deposit




Maximum leverage


US Clients



An in-depth review of Exness Forex broker

Minimum deposit




Maximum leverage


US Clients


IQ Option

IQ Option Review – can the broker be trusted?

Minimum deposit

10 USD



Maximum leverage


US Clients



EagleFX Review – Is it worth your time and money?

Minimum deposit

10 USD



Maximum leverage


US Clients



RoboForex Broker

Minimum deposit




Maximum leverage


US Clients


How is the Colombian Forex market regulated?

The way in which a country’s Forex market is regulated is imperative to its further development and growth. If the regulations are too strict, the development might be significantly slowed down, while the lack of proper regulation will mean that the market participants will not be safe.

When it comes to Colombia, we can say that the regulation of the local Forex market is already quite good, although there is still some room for improvement. The main regulatory body there is the Ministry of Finance under the Financial Regulation and Financial Studies, established back in 2013. The body is responsible for overseeing the country’s financial sector, including the Forex market.

Licensing of the brokers

In order to obtain a license and offer their services in Colombia, local brokers need to meet a number of requirements that we will discuss in more detail below. As always, we recommend that you only join one of the regulated Forex brokers in Colombia, as this will guarantee an additional layer of safety for your and your hard-earned funds.

Having said that, we should also mention that in Colombia you will also come across brokerages, that are both licensed and based elsewhere. Thus, you might be wondering whether it is safe to join them? Our answer is – it depends.

If the international broker in question is an official licensee of a reputable regulatory body, such as the Cyprus CySEC, or the UK’s FCA, then you should not fear trusting it with your funds. Moreover, most of such brokers offer a Spanish version of their interface, which means that you will have no trouble navigating their services. However, you should always double-check whether the information about the license, that the broker discloses is actually true by directly contacting the relevant regulatory body.

We will now have a closer look at the regulatory requirements for the Forex brokers in Colombia, and the reasoning behind them.

Minimum capital

In order to qualify for the official license, Colombian Forex brokers in 2020 are required to demonstrate the possession of the minimum operating capital of 986 Colombian pesos ( an equivalent of approximately 310 000 USD) at all times.

This requirement is necessary to ensure that the broker is not operating on the verge of bankruptcy, and, thus, is not putting the funds of its clients at risk. Similar measures can be found with various other regulatory bodies across the world, especially in Europe.

Segregation of funds

In another attempt to facilitate the security of Colombian traders, local regulatory authorities made it obligatory for the best Forex brokers in Colombia in 2020 to keep their operational funds separately from those of their clients. Yet again, this measure can often be found in the list of requirements issued by the European regulatory authorities.

The reason behind it is to make sure that the traders’ funds are never misused by the broker, whether intentionally or otherwise. Moreover, with the segregation of funds, you can be confident that your funds will be less likely to be frozen, or lost altogether, should the brokerage go bankrupt.

Is it safe to trade Forex in Colombia?

Overall, the market in Colombia is sufficiently regulated, however, it does not mean that all scam brokers are eliminated for good. In order to make sure that you do not fall, victim, to the local scam schemes, we recommend that while looking for the best online trading platform in Colombia, you only choose the one with an official license from a reputable regulatory authority.

The possession of such a license is a reassurance that the broker is both properly monitored, and is forced to abide by the relevant laws and regulations at all times. Moreover, it means that in case of a dispute, the relevant regulatory authority will step in on your behalf.

What is the Colombian national economy like?

With a total population of a little over 50, 372, 420, the Colombian GDP reaches 827, 662 billion USD. In recent years, the Colombian economy has demonstrated significant development, with an average growth rate exceeding 4%.

As a result of the positive performance of the national economy, growth of credit and good liquidity, the country’s financial sector has been expanding at a rapid speed. Thus, the Colombian Stock Exchange, via the Latin American Integrated Market (MILA) allows a regional market to trade equities.

Colombia is rich in natural resources, and its exports range from mineral fuels, oils, precious stones metals, and forestry to agricultural products ( such as fruits and sugar) and manufactured goods, that primarily include clothes, electronics, confectionary, perfumes, textile, fabrics, vehicles, software and military products.

Although poverty and unemployment remain to be the main challenges that the country is faced with, the rapid growth and diversity of the Colombian economy still have a lot to offer to the Colombian traders – and, by choosing the top Forex brokers in Colombia, you will be able to benefit from all the perks of trading in this country.

What is the national currency of Colombia?

The national currency of Colombia is the Colombian peso, coded as COP. The COP was introduced in 1810, and it currently actively traded by the local traders, in a pair with the USD. However, this currency is less popular outside of the country, as it is considered Exotic and is usually avoided by beginners.

If you are confident in your skills and wish to trade the COP, we recommend that while looking for the best online trading platforms in Colombia, you choose the one that accepts payments in Colombian peso. By doing that, you will make sure that you avoid any additional fees or high exchange rates.

Which trading platforms are available in Colombia?

Professional traders often refer to the trading platform as the single most important component of your successful trading career. Trading platforms define both your exposure to the variety of trading instruments, as well as the speed and efficiency of your order execution.

When it comes to the Forex trading brokers in Colombia, you will find that the trading software that they offer really varies. Some of the brokers prefer to use popular solutions, such as cTrader, MetaTrader4, or MetaTrader5. Others offer platforms that were custom-made for them.

As always, it is hard to say which option is the best, as it will depend entirely on your individual trading strategy. However, MT4 and MT5 are generally viewed as a good choice for amateur traders. First introduced in 2005, by the Russia-based company called MetaQuotes, this trading software has been growing in popularity ever since.

MT4, and its later version, MT5, are both reliable, easy to use, and convenient. Moreover, since this trading software is, indeed, very popular, you will have no trouble finding educational material and various informational resources on how best to use it.

Which payment methods do Colombian brokers use?

Once again, when it comes to the payment methods, you will find a variety to choose from with the best Colombian Forex brokers. The most popular ones are the credit/ debit card payments ( MasterCard, Visa), and direct wire transfers.

On top of that, you will come across some online payment methods, such as Pago en Linea, or PSE, which is currently used by 85% of the Colombians. Moreover, international online payment solutions, such as Skrill, are also available.

Bonuses and promotions

A lot of traders, whether beginners or experienced ones, often choose a broker depending on whether or not it offers any bonuses to its clients. For a broker, the provision of such bonuses is a good way of marketing its services and expanding its customer base. In turn, for a trader, bonuses can be a way of kickstarting the trading sessions and. potentially, earn more profit.

With the best Forex platforms in Colombia, like elsewhere in the world, you will find two main types of bonuses: welcome and refill. Welcome bonuses are usually available to the newly joining traders, either upon their registration with the broker or after the first deposit is made. In turn, a refill bonus is issued periodically to the returning traders and is usually announced by the broker in advance.

Who can start trading Forex in Colombia?

In order to be legally eligible to join the Colombian Forex trading market, an individual needs to have reached the age of 18 or older. Since Forex trading is regarded as a potentially risky financial enterprise, it is only fair that the governments across the world keep the minors out of it.

Having met this condition, the only other thing that you will need to worry about is the requirements that your broker of choice will have in place. Those will usually revolve around your monthly income and employability. After you meet them all, you will be able to start trading straight away.

Is it free to start trading in Colombia?

It is, and it is not at the same time. It is true, that joining the market will not cost you a dime, however, in order to have access to the actual trading, you will need to make a deposit. On top of that, most brokers have their own requirements for the minimum initial deposit.

Usually, the minimum deposit requirement ranges between 5 – 500 USD ( or equivalent), however, you should bear in mind that it is not, by any means, an indicator of how good ( or bad) a certain brokerage is. If you look through the list of best Forex brokers in Colombia, you will find that their requirements for deposit are very different, thus, you should only choose what suits you best.

Best Forex brokers in Colombia – should you join them?

Having examined the Colombian Forex market, we can conclude that it is definitely worth your attention. The local economy is developing at a rapid speed and has a lot to offer to the local traders. Moreover, the market is sufficiently regulated, which means that your funds will be safe throughout your trading.

However, having said that, we should remind you that like any market elsewhere in the world, the Colombian Forex market is not without its own pitfalls- including the scam brokers, FOr that reason, it is always important to only choose licensed brokerages from the list of best Forex brokers in Colombia, and double-check the license information with the relevant regulatory authority.