In Ukraine the stock market security is regulated by the National Securities and Stock Market Commission (SSMCS). Ukraine president is in charge of the SSMCS, but the commission is accountable to the parliament in Ukraine.
You might ask yourself, what is the best forex broker in Ukraine. Do I know how to choose the best forex broker? Which are the best forex brokers for beginners 2019? We’ll help you find the best broker for forex trading by answering these and many more questions.
The SSMCS commission is responsible for implementation and formation of state policy which is used in development of securities and the functioning of derivatives. SSMCS also regulates and controls the circulation of derivatives and securities and production of the same. Tag along and let’s find the best forex brokers for Ukraine clients.
There are no specific regulations for CFD and forex brokers, for this reason the forex retail market remain unregulated. February of 2019 the national bank of Ukraine published and approved some regulations which are to introduce a currency method that is liberal for the whole country. With this new policy, legislations set twenty five years ago will be lifted hence easing up the terms of trade.
For people residing in Ukraine it is crucial to have a forex broker who will offer a trading experience that will result to profit with caution to the set regulations.
A good forex broker considers the following;
- Reliable customer service
- Platform Accounts and trading terms
- Trust an regulation
Trade is about profits. The best forex broker should be able to guarantee this. For this to happen we have to ask ourselves who are the best brokers that Ukraine has, and what is it that makes them stand out?
The four top tier forex brokers in Ukraine include:
|Brokers||Minimum deposit||Minimum Spread||Currency Pairs|
|Forex.com||$50||0.97 pips||50||1st Choice|
|FXTM||$10||0.1 pips||57||2nd Choice|
|IQ Option||$10||3 pips||29||3rd Choice|
This has to be one of the most notable organization we have so far in the digital markets. Forex.com has a parent company in Unites States but it is not limited geographically that is why citizen of Ukraine get to use their service. Prices in forex.com are transparent, although there are different types of accounts availed to traders.
Forex.com software is suitable for desktop functionality and can also be found as an app for mobile phones and it’s supported by both iOS and android operating system. Trade charts are well incorporated in to the platform for easy access for the clients. Forex.com is one of the best forex brokers with low minimum deposit 2019.
Regulation and Trust.
Regulations are strictly adhered to. Which means Ukraine residents cannot go against the stipulated policies. The laws set are different for each country which means that products offered are different for each country as well. Ukraine gets to enjoy CFDs while other counties like Canada don’t. Another advantage of forex.com is that client funds and organizations funds are kept separate that way in case the organization dissolves all clients are reimbursed their money.
Trading Terms, Accounts and Platforms.
The minimum deposit needed is $50. Accounts with less than $10,000 in a span of 12 months and no trading activity noted, the account is to pa $15 every month. The payment is known as inactivity fee. With forex.com accounts with over $10,000 are exempted. ACH payments, checks and withdrawals are free .Before committing to real capital Ukrainians are offered demo accounts where they see pricing structures and can assess whether to trade or not.
Customer Service and Support.
Forex.com are quick with their feedback and offer support where it’s most needed. CFTC regulates forex.com with regulations which stipulate that brokers must make sure that traders have all the relevant resources for trading.
FXTM prides itself in having different trading instruments such as shares CFDs, spot metal, CFDs for commodities and indices, forex and crypto currencies. FXTM has had a competitive base due to regulations made by FCA and CySec. Due to leverage, most FXTM brokers caution traders about CFDs which are complex trading instruments and are associated with high risk of loses.
Trading Terms, Accounts and Platform.
Ukrainians get to enjoy the advantage of having a wide range of currency pairs. As a trader you have the option to diversify your trade instruments. One can opt to trade CFDs of commodity, spot metals or shared CFDs. Alternatively you can trade CFDs of crypto currency, indices and EFTs. There are hidden charges, every information is disclosed to everyone. FXTM is one of the best forex brokers with demo accounts 2019.
FXTM trading accounts include;
Standard accounts – here the commissions and spread are fixed.
- Share account
- Standard account
- Cent account
ECN accounts – commissions and spread vary.
- Pro account
- ECN Zero account
- ECN account
Customer service and support.
For any organization customer service has to be reliable. At FXTM there are different trading accounts to cater to different client needs.
Top forex brokers cannot be mentioned without featuring IQ Option. IQ Option is mostly attractive to starters since it’s seamless and easy to go through. Experienced traders use it as well. An ideal forex broker accommodates different needs presented to them by traders. IQ Option is certainly among the best forex broker Ukraine.
Regulation and trust.
This is an essential for any organization. Regulations are set to ensure the trade laws are the same to everyone depending on which states they are. IQ Option gets its regulations from ESMA, FCA and CySec and all the relevant trading certificates. Regulations enforce trust among traders and brokers.
Trading terms, accounts and platforms.
The demo account has put IQ Option on top of the tier compared to the competitors. Demo accounts have helped new traders familiarize with the trading platform before committing any real money. There are VIP accounts which need a minimum of $10 and standard accounts requiring a minimum of $1900.
IQ Option may not have the highest spread in the forex brokers’ organizations, but it has the best trading technology and is friendly to beginner traders. Conditions offered for beginners are reliable and have the ease of use.
Customer service and support.
Prompt responses and efficient solutions will keep a customer. IQ Option has given traders different methods of reaching out to them be it via email, phone call or live chart. Trading support is also given on the platform to cater different trading accounts. At IQ Option there is no biased priority, both beginners and experienced traders get prioritized customers support.
eToro has unique a unique feature which attracts most traders to it. It has copy trading mechanism which is not to mean that it’s not competitive. Copy trading is where one trader can copy trade chats from a fellow trader.
Unlike other organizations in the stock exchange eToro has never disclosed its annual sales reports. Another unique thing is that eToro does not have a parent bank like its competitors. Traders are attracted by the open social way of trading also known as copy trading, opening and account with eToro is easy and well guided. When it comes to trade in the EU, stocks are free so is the ETF trading.
Regulations and trust.
Because of eToro unique character, its regulations come from most popular regulations bodies in the global trade industries such as CFTC, FCA, ESMA, and CySec. This might sound too much for one organization but one thing is certain a trader is safer. One thing to note about eToro its only limited to 36 countries which are mainly African countries.
Trading terms and platforms.
Fees applied in eToro range from high, average or low. For broker fee a trader needed to be cautious on the trading and non-trading fees. Trading includes conversion fees, spreads, financing rates and commissions. Whereas, non-trading is when charges applied are not from trading such as inactivity or withdrawal fees. One thing is clear though, eToro trading fees is low. CFDs trade fees is generally low compared to other competitors.
On minimum deposits; eToro requires $200. This rate is not consistent to all countries such as Israel where the minimum is $10,000. First time deposit in US and Australia is $50. For Russia, Macau, Taiwan, Hong Kong and China a deposit of $500 is made. At eToro most deposits are made in USD dollars. The organization itself can convert it or the trader can do it from their credit card.
Customer service and support.
eToro has two straightforward accounts; a live and a demo or virtual accounts. Instructions are issued for each accounts. That way a client can comfortably go through the platform using the demo account to familiarize with the trade patterns, eToro is quick to provide assistance where things are not clear.
At eToro it has biased policy towards top traders since they are the most followed due to the copy trading mechanism that is used. Top traders are the biggest assets to eToro that means response to any of their issues are handled promptly. This has affected starters an low traders but one thing is certain, each and everyone gets their problems solved eventually.
Online marketing is still gaining momentum as years go by. This means the number of traders will rise from the current number. Forex brokers therefore have to ensure that new and existing traders get to choose them based on good terms of trade, security, customer service and profit making. For traders looking to join forex trade, this guidelines should make your decision making smooth depending on your needs.