This guide will help you find top Forex brokers in Macau

Officially, the Macau Special Administrative Region (SAR) of the People’s Republic of China maintains its own political and economic systems. Although not hugely known across the world, Macau is unique in many different ways. Firstly, as mentioned earlier, it has managed to obtain a degree of independence from the Mainland China, and exists under the principle of “one country, two systems”.

With a total territory of 32.9 square kilometers, this region has a population of over 686 thousand people and is projected to grow further, which makes it the most densely populated region in the world. The diversity of the ethnic groups that resides in this unique region is also astonishing and ranges from Han Chinese, Vietnamese, and Filipino to Portuguese. And there’s no surprise that Macau’s official languages are mandarin, and Portuguese.

The region is home to an impressively high GDP and a variety of very developed segments of the local economy. The largest and most profitable segment of the Macau local economy is gambling. Since gambling is illegal in China and Hong Kong, Macau has a full monopoly in this industry and attract visitors from around the region.

As the local economy develops and residents of Macau get richer, so does the interest in financial investing and trading. Although, it should be mentioned that Forex and CFD (Contract for Difference) market is not fully regulated in the country. On the other hand, residents of Macau can open trading accounts with reputable and well-regulated international brokers.

A full list of the best Forex brokers in Macau

Finding the most suitable broker for your needs is difficult as every trader is using different strategies and has different needs and there are brokers with unique features and offerings. Traders need to take into consideration various factors when selecting a broker, such as: trading fees, regulations, account types, platforms, customer service and available assets. To make the task easier for you, we have assessed multiple brokers globally and came up with a top list of brokers that offer their services in Macau.

Regardless of your experience with the FX market, we suggest that you study the list below thoroughly before making the final decision. You can click on the logos to read detailed reviews on each broker.

The national currency of Macau

The national currency of Macau is the Macanese Pataca, coded as MOP. There is a currency board system in Macau, and MOP is backed by the foreign currency – the Hong Kong dollar (HKD).  This currency is considered exotic and is rarely traded in the international Forex market. However, when it is traded, it is usually done in a pair with the USD. The USD vs MOP pair is highly illiquid, and it’s very difficult to trade it profitably, in addition, the majority of brokers do not have MOP in their portfolio.

Forex market regulations in Macau

When it comes to Macau, the main regulatory body that oversees the smooth functioning of the local financial sector is the Monetary Authority of Macau (AMCM). The body is also responsible for the Macanese Forex market, the local legislature does not specifically target this field. What this means is that the FX trading in Macau is left largely unsupervised, and is still quite unsafe for the local traders. In addition, the number of local brokers is very limited. On the upside, traders from Macau can open accounts with global brokers.

The most popular trading platforms in Macau?

As in many other Forex markets across the world, in Macau, you will be able to find a variety of trading software that local brokers use. Some choose popular solutions, such as the cTrader, MetaTrader4, or MetaTrader5, while others offer custom-made platforms. Even when you choose international brokers, you will come across the same platforms:

• MetaTrader 4 (MT4) – developed in 2005, is best suited for Forex trading, offers access to the largest pool of custom-made trading algorithms called Expert Advisors (EAs)
• MetaTrader 5 (MT5) – developed in 2010, is a multi asset platform, offers enhanced features and also supports EAs
• cTrader – was released in 2010, the platform is popular among day traders that prefer raw spreads as the platform grants access to ECN (Electronic Communications Network) trading.

Popular payment methods in Macau

There are various payment methods available in Macau. Most of the brokers that offer their services there accept credit/debit card payments, as well as direct bank transfers. Moreover, you will be able to access online payment systems such as the local MacauPay or China UnionPay.

Pros and cons of trading Forex in Macau

Before you make the final decision of whether to join the best trading platform in Macau, let us give you a simple breakdown of the main advantages and disadvantages of trading there.

Pros:

• The Macanese economy is well-developed and growing fast, which means that the local Forex market has the potential to become very large
• In Macau, you can find a lot of reliable international brokers licensed by the reputable regulatory bodies
• The country does not put a cap on the maximum allowed leverage and allows the provision of bonuses and promotions

Cons:

• The field of Forex in Macau is not well regulated, which means that you are likely to come across scams
• The economy is not very diverse and does not offer any unique local commodities to trade with

Summary

Overall, Macau is home to one of the richest economies in the region, and trading financial instruments is popular in the country. However, regulations are not well-developed and there are limited number of local Forex and CFD brokers. Which is why we have included top international brokers that accept traders from this region in our top list.

FAQs on top Forex brokers in Macau