Who are the best Forex brokers in Marshall Islands?

The internet is the most important factor behind the accessibility of Forex trading across the world. While previously, the market was only available to the residents of the large economic players, right now virtually every country can let their citizens give trading Forex a try.

Among such places is the Republic of Marshall Islands – a country located in Micronesia and consisting of over 1 150 islands and islets. The overall country population is only 58 000 people, and the local economy can definitely be regarded as small.

Nevertheless, there too, Forex trading has started to grow in popularity. Although it is is still in the early stages of development, it is still interesting to explore it a bit further. In the guide below, you will find some useful information about the safety of trading in this country, the specifics of the national economy as well as the list of the best Forex brokers in the Marshall Islands in 2020.

A full list of top brokers in the Marshall Islands

We always include a top Forex broker list in our guides for several reasons. First of all, we know just how hard it is to start looking for a brokerage to join. More often than not, both the experienced traders and the beginners alike find themselves overwhelmed by the variety of options available at the market.

Moreover, once a trader gets acquainted with those, they will have to assess the credibility of the information that each individual broker has provided. Having done that, they will then have to carefully examine the national economy of the country they are planning to trade in, and, based on this assessment, work out a trading strategy that will suit them best and will bring in the most profits.

Finally, once all of the aforementioned stages are done, a trader will have to decide which of the brokerages available would actually be able to cater to their individual means in trading, as well as ensure the safety of their respective funds.

In order to simplify this time-consuming and stressful procedure, our team of experts decided to spend hours upon hours researching and finding the top-notch Forex brokers in the Marshall Islands. The list of those brokers is presented below, and in it, you will also find some useful information about the safety measures in place, the bones and trading instruments available, and more.

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

BlackBull Markets

BlackBull Markets Review – What Does This FX Broker Offer?

Minimum deposit

$200

Licences

FMA

Maximum leverage

1:500

US Clients

No

Forex.com

Forex.com Review

Minimum deposit

100 currency units

Licences

CIMA, FCA, NFA

Maximum leverage

1:200

US Clients

Yes

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

100 USD

Licences

CySEC

Maximum leverage

1:200

US Clients

No

Who can start trading in the Marshall Islands?

When it comes to Forex trading in the Marshall Islands, anyone who has reached the legal age of maturity can start doing it. Of course, the majority of the brokerages in the country, especially the international ones, will have their traders meet some additional standards – those include the employment status and the minimum monthly income.

Although you will not be required to pay any additional fees for joining a brokerage in this country. this does not mean that there will be no need for any financial contribution on your side. If you wish to access actual trading, rather than using the demo account, you will be required to make an initial deposit.

This amount varies, depending on which of the top Marshal Islands’ brokers you will end up choosing. Usually, you will be looking at anything between 5 – 500 USD.

How is the Marshall Islands’ FX market regulated?

Since the Forex market in the Marshall Islands has only just started to become visible and attract local traders, the proper regulatory mechanism is yet to be introduced. Unfortunately, what this means is that trading in this country is slightly on the unsafe side.

Nevertheless, it does not mean that you should give up on trading there altogether. You will find that the regulated Forex brokers in the Marshall Islands are often those based and licensed outside of the countries. If you see ( and able to confirm) that the brokerage is licensed by a reputable body, such as the CySEC and the FCA, we can easily recommend that you join them, as your security will definitely be ensured.

Moreover, since the FX market in the country currently lacks regulation, you can easily trade with extra high leverage, which, in the long run, may bring you a very lucrative profit. However, if you are new to trading Forex, we suggest that you avoid using leverage until you are confident in your skills and aware of the risks that come with it.

Can you get bonuses in the Marshall Islands?

The short answer would be – yes, you definitely can, however, it would depend on the broker that you end up joining. As mentioned in the previous section, the local FX market lacks any regulatory measures, thus, the provision of bonuses and promotions is not sanctioned either.

Nevertheless, if your broker of choice is licensed and physically based in Europe, bonuses might not be available to you, as the European regulatory bodies prohibit them as an aggressive form of marketing of the potentially risky investment.

If you end up finding your best Forex broker in the Marshall Islands that does offer bonuses, you should expect one of the two following types. Welcome bonuses will be available to you exclusively while you are new to the brokerage, either after you sign-up or after you make the first deposit. On the other hand, refill bonuses will be issued to you as a returning client periodically and will be announced by your broker beforehand.

Payment methods and trading software

Since the majority of the Forex trading brokers in the Marshall Islands are the ones that offer their services across the world, the variety of trading software is quite diverse.

The most popular ones include the cTrader, as well as MetaTrader4 and MetaTrader5. The latter has long proven itself as a reliable and efficient platform, and after the original MT4 became widely used across the world, the enhanced MT5 version was released.

When it comes to payment methods, the Marshall Islands’ traders would also enjoy some diverse choices, ranging from wire transfers and traditional credit/debit cards to the e-Wallets and more. Our experts advise that when looking for a broker to sign up with, you do pay attention to whether they offer the payment system that is most preferable for you.

Main perks of trading in the Marshall Islands

The national economy of the Marshall Islands is far from being a strong competitor to the major, or even middle-tier economic players in the world, yet it is quite self-sustainable. The country’s GDP is estimated at 220 million USD, and the country’s import exceeds export by almost two times.

The main product that the country exports are tuna and the majority of the local fisheries are focused on it. Among other resources in the Marshall Islands are coconut oil, livestock, and various other agricultural products.

When it comes to some country-specific perks of trading Forex in the Marshall Islands, the provision of cryptocurrency as a legal tender, as according to the 2018 Sovereign Currency Act. Moreover, the US dollar is the actual national currency in this country, which means that with the best online trading platforms in the Marshall Islands you will be able to trade with the most popular currency in the international FX market

So, should trade FX in the Marshall Islands?

The field of FX trading in this country is definitely interesting, although not yet fully developed. What it lacks in the variety on the top Forex brokers list, it makes up with the availability of crypto assets and one of the most popular currency to trade with.

Nevertheless, one should always keep in mind that there are no working regulatory mechanisms in place, thus, you should always aim to choose a broker with a license from either the reputable regulatory bodies across the world or the regional FSPC. If approached wisely, this Forex market can definitely become the source of impressive profits that are worth exploring.