Best Forex Brokers Bangladesh 2022
The primary stock market in Bangladesh is the Dhaka Stock Exchange (DSE), which was founded in 1986, but originates back to 1954 when the East Pakistan Stock Exchange Association Ltd was first incorporated. The DSE now ranks 48th among the largest stock exchanges globally, with a market capitalization of around $42.42 Billion in 2019.
The DSE provides a basic listing service in stocks and equity derivatives for Bangladeshi companies. It also lists mutual funds and has plans to offer more assets in the future, like Real Estate Investment Trusts (REITs) and exchange-traded funds (ETFs). The exchange also provides trading in Bangladeshi debt instruments like treasury bonds and corporate bonds and debentures.
The primary broad stock market index for the Dhaka Stock Exchange is the DSE Broad Index (DSEX), while the exchange’s main narrower blue chip index is the DSE 30 Index (DS30). Stocks in both of these indices are weighted by their float-adjusted market capitalization, and neither index includes mutual funds or debt instruments.
Bangladesh also has a second significant stock exchange known as the Chittagong Stock Exchange (CSE) based in Chittagong. It was incorporated in 1995 and demutualized in 2013, with its Next Generation Trading System (NGTS) becoming operational in 2011. The CSE ranks 50th among the largest stock exchanges globally, with a market capitalization in 2019 of $40.36 Billion.
The CSE’s listing service includes stocks of Bangladeshi companies, mutual funds, and corporate bonds. Like the DSE, the CSE also has plans to offer additional assets soon, including Real Estate Investment Trusts (REITs), exchange-traded funds (ETFs), commodities and derivatives. The primary broad stock index for the CSE is the CSCX or Chittagong Special Categories index which incorporates all the securities the CSE lists, including Z category stocks. Narrower blue-chip indices include the CSE 30 and the CSE 50 indices that are made up of the top 30 and 50 best stocks traded on the CSE respectively.
The Bangladeshi taka (BDT) is the national currency for the People’s Republic of Bangladesh. Takas are issued and managed by the Bangladesh Bank which acts as the central bank of Bangladesh. Each taka is further broken down into 100 lesser units called poisha. In its 2016 survey, the Bank for International Settlements (BIS) did not rank the Bangladeshi taka among the 35 most actively traded currencies that year. The BDT also failed to rank among the currencies most commonly held as central bank reserves in 2018, as per the International Monetary Fund (IMF).
The main securities market regulator in Bangladesh is the Bangladesh Securities and Exchange Commission (BSEC) which operates under the country’s Ministry of Finance. The BSEC was formed in 1993 to regulate the country’s capital markets under the Securities and Exchange Commission Act 1993. This regulator aims to protect the interest of securities investors, develop the securities market in Bangladesh and formulate securities legislation. Forex trading is legal in Bangladesh, and online forex brokers are overseen by the Bank of Bangladesh.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 65% and 82% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Best Online Brokers for Bangladesh
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FOREX.com
- 8.7/10 Overall
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eToro
- 8.6/10 Overall
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AvaTrade
- 8.2/10 Overall
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Admiral Markets
- 8.1/10 Overall
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IC Markets
- 8/10 Overall
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Markets.com
- 8.1/10 Overall
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XM Group
- 8/10 Overall
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Tickmill
- 7.8/10 Overall
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HYCM (Henyep)
- 7.7/10 Overall
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HFM
- 7.6/10 Overall
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Eightcap
- 7.2/10 Overall
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ThinkMarkets
- 7.3/10 Overall
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BlackBull Markets
- 7/10 Overall
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easyMarkets
- 7.3/10 Overall
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AxiTrader
- 7/10 Overall
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.0 (July 2022) |
| All-in Cost EUR/USD - Active | 1.0 (July 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | No |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$10-$10,000 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1 (August 2021) |
| All-in Cost EUR/USD - Active | N/A |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Highly Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.91 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.61 (Aug 2020) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.8 (July 2021) |
| All-in Cost EUR/USD - Active | 0.7 (July 2021) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$200 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.62 (August 2021) |
| All-in Cost EUR/USD - Active | 0.62 (August 2021) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
98 |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.9 (as of Oct 2019) |
| All-in Cost EUR/USD - Active | 1.9 (as of May 2019) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$5 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 1.6 (Aug 2020) |
| All-in Cost EUR/USD - Active | 0.8 (Aug 2021) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.51 (August 2022) |
| All-in Cost EUR/USD - Active | 0.31 (August 2022) |
| PayPal (Deposit/Withdraw) | Yes |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
Minimum Initial Deposit
$100 |
Trust Score Trust Score is a numerical rating (from 1 - 99) that represents a broker's overall trust.close
Trusted |
Cost & Fundingexpand_moreexpand_less
| Average Spread EUR/USD - Standard | 0.6 (Sept 2021) |
| All-in Cost EUR/USD - Active | 0.6 (Sept 2021) |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Visa/Mastercard (Credit/Debit) | Yes |
How to Trade in Bangladesh
None of the major online forex brokers are situated in Bangladesh, although traders based in the country can deposit money for online trading by opening accounts with foreign brokers that will accept them as clients. Traders should also make sure that a broker allows for withdrawals and deposits in Bangladeshi taka if they do not have an available balance in another currency.
Any broker located outside of Bangladesh also needs to be strictly regulated in its local jurisdiction and keep client funds separate in segregated accounts to keep funds deposited as margin protected. Brokers should also have good overall client reputations, as well as a sufficient range of tradable assets and services.
Most online forex brokers will allow practice trading and strategy development via demo accounts funded with virtual money. Funded accounts are also available at online brokers, and they require traders to put up a minimum initial deposit to use as a margin before starting to trade live. Since Bangladesh is a Muslim country, some brokers offer Islamic accounts without swaps on rollovers that comply with Sharia law.
Virtually all online brokers provide customer service and a website in English. If accessing a broker’s website in a language other than English is important, such as in Bengali, Rangpuri, Assamese, Bihari, or Urdu, then be sure to ask about that in advance to assure that those needs can be accommodated.
Online brokers vary substantially when it comes to the asset classes they allow clients to trade, although most do offer some kind of forex trading for the major currency pairs. Contract for difference (CFD) trading is popular outside the United States, and CFD brokers will typically give traders the ability to trade more assets.
Regarding stock trading, both The Dhaka and Chittagong Stock Exchanges provide fair and transparent markets for several asset classes, including Bangladeshi stocks. DSE and CSE trades are generally executed in Bangladeshi taka, and live trading has taken place on the DSE via its automated trading system (ATS) since 2006 and on the CSE’s Next Generation Trading System (NGTS) since 2011.
Biggest Opportunities of Trading in Bangladesh
The Bangladeshi financial sector is in the process of development. It presently consists primarily of a banking sector and a mostly undeveloped equity and capital market. And while the country is relatively small in size, its population of 167.9 million makes Bangladesh the eighth-most populous and the most densely populated nation in the world, excluding city-states.
According to GOV.UK, Bangladesh aims to become a middle-income country by 2021, with a plan for growth through massive investment in infrastructure, skills development, and trade. Other benefits for companies aiming to do business in Bangladesh include:
- An annual growth rate of at least 5.3% over the last 16 years.
- Poverty levels have approximately been cut by half in the last decade.
- Ready-Made Garment (RMG) export levels have quadrupled in 5 years.
- English is widely spoken in business.
- There is strong consumer demand for products, equipment and services.
With respect to World Bank rankings for doing business, Bangladesh scored rather poorly in most categories, with protecting minority investors being its best overall ranking at 89th.
Biggest Challenges of Trading in Bangladesh
According to the World Bank Group, Bangladesh’s top trading partners are the United States, Germany, the UK, Spain, and France. Other countries that trade actively with Bangladesh include: China, India, Hong Kong/China and Singapore.
Any upcoming Brexit, which is set to occur on October 31st, 2019, should have minimal impact on Bangladesh’s existing trade with the UK since those countries do not have an existing trade agreement.
The World Bank ranked Bangladesh at a dismal 176th for general ease of doing business, and the country had even worse rankings of 189th for enforcing contracts and 183rd for registering property. Other areas that received low scores were obtaining electricity, trading across borders, and obtaining credit, for which the country ranked 179th, 176th, and 161st respectively.
Summary
In summary, traders and businesses may find Bangladesh a somewhat challenging place to operate in. Although Bangladeshi securities firms receive competent oversight by the BSEC, forex traders should look for a firm authorized to operate in Bangladesh by the Bangladesh Bank.
When selecting an online broker to trade through from Bangladesh, traders should ensure that a broker offers the asset classes they want to trade, has a good reputation, is well regulated, and accepts deposits in a currency they can readily obtain. The online broker should also provide a free trading platform that has the necessary features and should separate client funds from its own money for added safety.
BrokerNotes.co 2022 Overall Rankings
To recap, here are our top forex brokers accepting residents of Bangladesh as clients for 2022, sorted by Overall ranking.
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Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Author
Marcus Taylor
BrokerNotes was founded in 2014 by Marcus Taylor, founder and CEO of Venture Harbor, a venture studio in Oxford that develops innovative online tools & technology across a range of sectors.
IG
Saxo Bank
CMC Markets
Interactive Brokers
TD Ameritrade
FOREX.com
XTB
City Index
Swissquote
Plus500
FXCM
FP Markets
OANDA
Capital.com
Pepperstone
FxPro
DooPrime
Fineco Bank
HFM
BDSwiss
Vantage
Trading 212
Moneta Markets
Trade Nation
ACY Securities
Eightcap
ThinkMarkets
BlackBull Markets
VT Markets
easyMarkets
TMGM
Exness
Spreadex
IronFX
RoboForex (RoboMarkets)
Trade360
AxiTrader
GKFX
Vestle
TeleTrade
FXOpen
OctaFX
Forex4you
LegacyFX
FXPrimus
Alpari
GBE brokers
TopFX
ATFX
UFX
Libertex (Forex Club)
Xtrade
Tradeo