In Bangladesh, the evolution of Forex trading is significantly related to the exchange rate regime of the country. The Bank of Bangladesh is the main regulator of other regulators whose main role is to balance foreign exchange demand and supply. However, after the online account was introduced, the operation is now stopped. Today, I want to show you the best forex brokers in Bangladesh so that you can know where to trade.
The Forex trading of Bangladesh
Prior to 1990, some exchange rates used various exchange rate gain plans, such as XPB, XPL, IECS and EFAS. This leads to a wide variation between the official exchange rate and the SEM (secondary trading market). This situation prompted the government of Bangladesh to impose indiscriminately various regulations and lead to macroeconomic imbalance and ineffective risk management measures.
After Bangladesh gained independence, the Taka was dependent on the Pound and ranked according to the Indian Rupee. In 1975, Taka slipped. In 1976, Bangladesh had to apply the system of floating exchange rate with control, which was in effect until 1979, when a currency-weighted package was implemented. In 1983, another foreign exchange management policy (trade-weighted basket) was introduced. The dollar is now an arbitration currency. SEM can also grow as the foreign exchange rate increases. As a result, the roadside market has increased.
Currently, the exchange rate between Taka and other currencies is supervised through Real Effective Exchange Rate (RFER)
Bangladesh’s top Forex brokers
When searching the internet about Forex trading in Bangladesh, you will come across a series of brokers. However, the chances of you encountering scam brokers are very high because there is no authority that can authenticate you. Wisely, you should consult the list of top brokers here to have a trusted broker for your forex trading plan.
XM broker belongs to and is managed by a financial institution capable of providing global financial markets globally, Holding Ltd. With XM, with just $ 5 for the minimum deposit, you can leverage up to 888: 1. In addition to operating on the Forex market, it also provides other financial instruments such as equity indices and precious metals with a total of more than 120 effectively and transparently. MT4 trading platform can operate on personal computers, tablets and phones.
Another famous name in the Bangladesh’s forex trading brokerage community is HotForex. HotForex offers a wide range of account types to suit a variety of traders. For as little as $ 5 for the minimum deposit, you can use 1000: 1 leverage with a low spread of about 1 pip. There are 5 different trading platforms that can be used for personal computers, web, tablets, phones using Apple and Android operating systems, namely Metatrader4, Web trader, Ipad Trader, Iphone Trader and HotForex Droid. .
Easy Forex broker
Broker Easy Forex provides trading operations on currencies and raw materials in over 150 countries with a rich trading platform that operates online from personal computers to mobile phones. In addition, the account packages are designed to be flexible to meet the needs of most customers. With only a minimum deposit of $ 25, you can use the leverage up to 4000: 1.Easy Forex offers clients the opportunity to make great money.
The weak management of currency brokers in Forex trading in Bangladesh by the national regulator has led to a significant loss of money for its small currency traders. That's what happened a few years ago. And now, Bangladesh Bank is facing an online currency trading situation, all they can do is ask the currency traders to do business with brokers registered with the bank of Bangladesh and each city has its own brokerage.
Next up on the list, learn about forex traders in India.