The Republic of Peru is a country in the western part of South America, bordering with Chile, Ecuador, Columbia, and Brazil. With a total territory of 1,285,216 square kilometers, the country has a population of a little over 32 million people and a GDP of 505, 450 billion USD, and is named the third-largest country in the region.
But what does the country have to offer apart from its rich history, that dates back to 4th millennia BCE and listed among the five cradles of the civilization? Well, the Peruvian national economy is regarded as one of the strongest in the most stable in South America, which is why it is especially interesting to assess whether trading Forex there is worth giving a try.
First of all, we have to mention that Forex trading in Peru is not regulated. We will go into further detail about that in the sections to come, however, as for now, we would like to mention that this does not mean that you should give up on the FX trading in Peru altogether – you should just be a bit more careful about how you approach it.
As we have mentioned on multiple occasions before, finding the broker that is right is already not an easy task – it requires a lot of patience, stress-resistance, and hours of extensive research and analysis. Moreover, once you make up your mind and join a certain brokerage, you will only have to wait and see whether it was the right choice or a terrible mistake that will ultimately result in some devastating losses.
When looking for a Forex trading broker in Peru, one will be faced with an additional complication of choosing among the brokerages in the market that is not properly regulated. In order to make the task a little easier for you, we have created a full list of the most trustworthy and qualified Peruvian Forex brokers in 2020 by choosing which you will not be compromising the security and success of your trading sessions.
CySEC, IFSC, ASIC
CySEC, FCA, FSA
100 currency units
CIMA, FCA, NFA
The legal age at which a person is considered an adult in Peru is 18, and if you are 18 or older you will able to start trading Forex freely. On top of that, there is a certain amount of standards that each individual brokerage requires its potential traders to meet, however, once you are able to do that, you will able to access the local FX market in no time.
It is also worth mentioning that getting into trading Forex in Peru will not cost you a dime, as the local Forex trading brokers do not charge any additional fees when the traders choose to sign up with them. The only financial input that will be requested from you is the initial deposit, the exact amount of which will be determined by the broker that you will end up joining.
You should always remember that the best way to determine just how much to deposit is by finding the amount that you will be comfortable losing. With that in mind, you should conduct the search for the broker that suits you best accordingly.
As mentioned above, there is no single regulatory body that deals exclusively with the local Forex trading market, however, there are several entities that oversee the functioning of the country’s financial sector.
First of all, the Ministry of Finance in Peru deals with Market Securities Law and ensuring that every company in the country complies with it. The extension of the Ministry, Superintendecia del Mercado de Valores, or SMV for short, is directly supervising the local financial consultants. Finally, both the Superintendecia de Banca, Seguros y AFP (SBS), and the Central Reverse bank of Peru deal with the overall supervision of the local financial sector.
What you are probably wondering about is how does one go about trading safely in a country where the regulatory mechanism of the FX market is absent. There are a few steps that you should definitely take to ensure the safety of your trading funds and the success of your trading sessions. First of all, it is always good to conduct full research of the broker before deciding to join one – review is a good place to start with that, although do keep in mind that they need to be issued by a reliable source.
On top of that, you can always resort to joining an international broker that is offering its services in Peru. In fact, some of the best online trading platforms in Peru are licensed by a regulatory body overseas. If the license of the broker is received from an authoritative entity such as the CySEC or the FCA, you can be certain that no threat is imposed upon the funds that you deposit.
As mentioned earlier, the Peruvian national economy is, without a doubt, very strong and stable. It is, therefore, unsurprising that the national currency – Sol (PEN) is also considered to be one of the most stable ones in the region, and is often used by the Peruvian Forex traders. However, you should keep in mind that PEN is regarded as an exotic currency, and if you are an inexperienced trader, it is better for you to start with more popular, major currency pairs, such as EUR/USD and others.
When it comes to the payment methods available in Peru, one can say that they are quite diverse, and range from digital wallets to debit and credit cards. You should note that although it would be very beneficial for you to find a Peruvian Forex trading broker that allows payment in Sol, in reality, the task can be quite hard due to the lack of proper regulatory measures in place.
For a similar reason, the most popular payment method in Peru is the Skrill, although you will also be able to find some electronic payment methods, such as PayU, Paysafecard, SafetyPay, and many more. Choosing the right payment method is not in any way less important than choosing the best Peruvian Forex broker, and we suggest that you pay special attention to it when conducting your research.
There are many trading software available for the Forex trading brokers in Peru, and, on top of the most popular ones, such as the MetaTrader4 and cTrader, many brokers resort to using software that was developed specifically for them. However, using the former is most advisable, since it is both very reliable and easy to navigate, especially for those with little experience in trading Forex.
The answer to this question is both yes and no – and let us elaborate on this a little. The provision of bonuses is not prohibited in Peru, which means that local Forex brokers are very likely to offer them. However, if you are looking for an extra layer of security and end up choosing a brokerage licensed in Europe, such bonuses will not be available, as the provision of them contradicts the guidelines issued by MiFID and ESMA.
If you are unfamiliar with the concept of bonuses, in a nutshell, they can be defined as a promotional tool in a form of a token that a broker offers to its clients. There are two main types of such bonuses – welcome and refill, with the former, usually being granted to the new traders, while the latter is issued periodically to the returning customers.
If you are specifically looking for the provision of such tokens in your search for the best trading platform in Peru, then the local FX market is definitely a good place for you to find those.
The FX market in Peru is definitely an interesting one, and there are some opportunities that a trader can profit from. However, it is definitely not the safest, thus, one should take all the repercussions necessary to protect the hard-earned funds used in the trading sessions.
One way to approach the local Forex trading is by choosing to join an international Forex broker, licensed overseas, which are, in fact, a majority on the list of top regulated Forex brokers in Peru. Foreign regulatory bodies are known for their strict requirements and efficient assessment mechanism, which means that choosing their licensees is bound to bring you that added layer of security that is so needed in this already risky financial endeavor.