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18 Best Forex Brokers in Tonga

18 Best Forex Brokers in Tonga

 

Forex Brokers Tonga

 

 

Finding the list of the Best Forex Brokers in Tonga and worldwide can be a difficult process, especially finding a list of trustworthy brokers who accept Tongan traders and who allow these traders to invest in their currency, the Pa’anga (TOP).

 

Tonga is a Polynesian sovereign state and archipelago comprising 169 islands, 36 of which are inhabited, and boasts a population of approximately 103’197 Potential Forex Traders.

 

Here are our 10 Best Handpicked Forex Brokers in Tonga

Tonga was ranked the 165th safest investment destination in the world which makes it a popular choice with Forex Traders and Investors. Tongan Forex Traders can make their choice of Broker from 18 of the Best Globally Regulated Forex Brokers and Trading Platforms who accept local investors.

 

 

Interactive Brokers review

 

Interactive Brokers

 

Interactive Brokers was founded in 1978 and is regulated by multiple financial authorities including the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

 

Interactive Brokers offers many account types, which fall into two big groups:

  • accounts for individual traders and investors
  • accounts for institutions

 

Traders can choose between two different web trading platforms:  The Client Portal and Webtrader and IBKR Mobile, Interactive Brokers’ mobile trading platform, is available both for iOS and Android.  Users can trade on Stock, Forex, Option, and Futures – to name but a few.

Customer Service is available 24/7 via Live Chat, Phone, and Email.

 

 XTB broker review

 

XTB

 

XTB is a European broker which was founded in 2002 and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

 

XTB is a fintech company that combines financial services with innovative technology and it offers clients two platforms to choose from:

  • xStation 5
  • MT4

 

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3 am Saturday to 9 pm Friday). Traders can buy or sell digital coins with 2:1 leverage and a 365-day expiry.

 

Trading Features: Accounts offered: Funding methods:
Allows scalping Demo account Credit cards
Allows hedging Micro account Bank Transfer
Offers STP Mini account PayPal
Low min deposit Standard account Skrill
Guaranteed stop loss Islamic account Payoneer
Offers Negative Balance Protection Neteller

 

XTB supports a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

 

Pepperstone broker review

 

Pepperstone

 

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

Pepperstone offers traders a variety of trading accounts to choose from including Razor, Standard and Swap-Free, and –

 

Boasts three top forex trading platforms:

  • MetaTrader 4: Most Popular for Forex Trading
  • MetaTrader 5: Most Popular CFDs Trading Platform
  • cTrader: Best Automated Trading Platform

 

All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

 

Platform enhancements available for Pepperstone include:

  • MetaTrader 4 smart trader tools
  • cTrader Automate
  • Autochartist and
  • API trading

 

A range of options for depositing funds is available, including Bank wire transfer, MasterCard, Visa credit card, PayPal, Neteller, Skrill, and QIWI.

Pepperstone offers 24/5 multiple language support via email, phone, and live chat.

 

IQ Option broker review

 

IQ Option

 

IQ Option is a forex & binary options broker with offices based in the UK, Cyprus, and Seychelles, and regulated by the FCA and CySECIQ Option offers traders three trading account to choose from, Retail, Professional, and Demo.

IQ Option offers the following underlying assets for FX trading.

 

90+ Currency Pairs Based on major and minor world currencies.
17 Crypto Pairs Based on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Zcash, Qtum, Cardano, OmiseGo, Stellar, EOS, IOTA, NEO, NEM, TRON.
5 Indices CFDs Based on baskets of different blue-chip stocks.
3 Metal CFDs Based on Gold, Silver, and Platinum.
2 Energy CFDs Based on Crude Oil (WTI, Brent).
1 Soft CFD Based on Wheat.
130+ Stock CFDs Based on shares of US, UK, and EU companies.
28+ ETF CFDs Based on exchange-traded funds containing various tradable assets.

 

IQ Option offers the following underlying assets for Binary Options trading (unfortunately, not available for EU residents).

 

30+ Currency Pairs Based on major and minor world currencies.
2 Indices BOs Based on DFMGI, TelAviv-25.
2 Metal BOs Based on Gold and Silver.
20+ Stock BOs Based on shares of US companies.

 

Payment methods accepted include all the usual options like VISA, MasterCard, Skrill, and Neteller, plus a range of other online money transfer services, including AstroPay, Qiwi, and WebMoney.  IQ Option’s trading platform is web-based and supports both binary options and forex & CFD trading within the same user interface.

Customer support is available 24/7 via email and local phone numbers in 13 countries.

 

 Olymp Trade broker review

 

Olymp Trade

 

Olymp Trade was Established in 2014 and boasts over 25k active traders each day.  Olymp Trade is regulated by the International Financial Commission (IFC) and headquartered in St. Vincent and the Grenadines.

Apart from the demo account, there are two different accounts on offer – Standard and VIP.  The Olymp Trade platform is the only trading platform on offer and can be accessed via the web, a dedicated desktop application (available for Windows and Mac), and a smartphone/tablet app (available for Android/iOS).

 

Olymp Trade offers users the opportunity to trade in the following markets:

  • Stocks
  • Commodities
  • ETFs
  • Currencies
  • Cryptocurrency

 

Customer Service is available 24/7 via phone, email, and their website.

 

Expert Option broker review

 

Expert Option

 

Expert Option is a binary options broker and is regulated by the Vanuatu Financial Services Commission (VFSC) with license number 15014.   Expert Option is focused exclusively on offering binary options for trading, and traditional CFD & forex trading is not on offer.  Assets on offer include – all major and some minor forex pairs, a selection of 16 popular cryptocurrencies, stocks of US-based companies, as well as gold, silver, and oil.  The trading platform offered by Expert Option is designed specifically for trading in binary options and is web-based.

Accounts on offer include a free demo account, a Basic account, Silver, Gold, and Platinum.  Account funding can be done via a variety of payment methods, including common credit & debit cards, Neteller, Skrill, UnionPay, WeChat Pay, and AliPay. Customer support is available in English 24 hours per day, 7 days per week.

 

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eToro broker review

 

eToro

 

eToro is a leading social trading platform for trading major financial markets including stocks, forex, and cryptocurrencies. eToro is regulated by FCA, CySEC, and ASIC.

eToro only offers one account type with over 1,083 different instruments to trade, including over 47 currency pairs. The minimum deposit for said account differs by country.  eToro offers traders a proprietary trading platform that allows both individual and social trading.

eToro supports a wide range of languages including English, German, Spanish, French, and Italian via phone and support ticket.

 

XM broker review

 

XM

 

Leverage:                            1:30 to 1:888 *Depends on the entity of the group

Regulation:                         CySEC, ASIC, IFSC

Min. Deposit:                    USUS Dollar 5

HQ:                                        Cyprus, Australia, Belize

Platforms:                           MT4, MT5, XM WebTrader

Founded in:                        2009

 

XM operates with clients from over 196 countries and offers support in 30 languages. The main branch located in Cyprus is regulated by CySEC.  1.5 Million Traders and investors choose XM and their wide range of XM trading products on offer.  Four main account types are on offer – Micro, Standard, XM Ultra-Low Account, and Shares Accounts.  Traders can select the base currency of their preference from a large selection on offer. This range includes South African Rand (ZAR), Singapore Dollar (SGD), and other global currencies.

Customer Support is available via live chat, email, and phone.

 

OctaFX broker review

 

OctaFX

 

OctaFX is a Forex ECN broker registered by CySEC in St. Vincent and the Grenadines and offers the option to trade on Forex, Indices, Metals, and Cryptocurrencies via CFDs, across the MetaTrader and cTrader suite of trading platforms as well as their own OctaFX Trading App.

Three main types of trading accounts are on offer – MetaTrader 4 Micro, MetaTrader 5 Pro, and cTrader ECN. OctaFX also offers Copy Trading accounts, a swap-free account, and demo trading accounts. OctaFX offers 24/5 customer support via Live Chat, Email, Phone, WhatsApp, and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

 

 

FP Markets broker review

 

FP Markets

 

Leverage:                            1:500

Regulation:                         ASIC, CySEC

HQ:                                        Australia

Platforms:                           IRESS, MT4, MT5

Found in:                             2005

 

The FP Markets was established in 2005 and serves over 12,000 clients across the globe.  FP Markets connect traders to the market through electronic bridges and DMA pricing models.  FP Markets offers traders access to trade 13,000+ products ranging from ForexIndices, Commodities, Metals, Bitcoin, Cryptocurrencies, Equity CFDs. 

Traders can choose between MT4, MT5, and IRESS platforms as well MAM and PAMM account possibility for money managers.

FP Markets offer two account types with STP and ECN execution models available through MT4 or MT5 platforms. FP Markets also offers three IRESS account types that cover traders who prefer to use this particular software.

Customer Service is available 24/5 via Live Chat.

 

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RoboForex broker review

 

Roboforex

 

Roboforex is an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

When starting with Roboforex traders will need to make a minimum deposit of US Dollar 1 and there is an option available for a demo account for those who would like to get acquainted with the platform.  Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.

Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offers mobile apps for Android and iOS.

 

Roboforex Trading benefits:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit

 

Roboforex Trading Accounts include – Demo, Micro, Mini, Standard, Zero, ECN, STP, and Islamic.

Customer support is available via phone, Webchat, Wechat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email, and a call-back request.

 

FxPro broker review

 

FXPro

 

FXPro is an online broker which was founded in 2006 and offers Forex, Share Dealing, Spot Indices, Futures, Spot Metals, and Spot Energies tradingFXPro is a global broker with a head office located in the UK. FXPro is regulated by CySEC and operates under the CIF license number 078/07. As a CySEC regulated brokerFXPro is also a member of the Investor Compensation Fund scheme.

FXPro provides traders with access to top-tier liquidity and advanced trade execution with no dealing desk intervention and a starting account will need a minimum deposit of US Dollar 100.

 

What can be traded with FXPro? 

  • Over 250 instruments
  • Over 70 currency pairs

 

FXPro is one of the few brokers in the market that offers both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform and mobile apps for Android and iOS.

 

FXPro Trading benefits include: 

 

With FXPro, the minimum and maximum trade requirements vary depending on the trader and the instrument chosen.

FxPro offers customer support 24 hours a day, 5 days a week via Live Chat, Telephone, and Email in a variety of different languages including English, Spanish, French, Polish, Malay, Arabic, Chinese, Greek, Hungarian, Japanese, Korean, Russian, Thai, Vietnamese, Indonesian and others.

 

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OANDA broker review

 

OANDA

 

OANDA is a globally regulated Forex and CFD broker which also provides corporate Forex solutions and currency conversion. Users have the choice to trade on Forex, Indices, Metals, Commodities, and Bond CFDs on the broker’s own proprietary trading platform for desktop, web, and mobile, as well as on MetaTrader 4.

 

OANDA is the most Regulated Forex Broker and operates across six of the most credible authorities including:

  • Australia AISC (Australian Securities and Investments Commission)
  • United States CFTD (Commodity Futures Trading Commission)
  • Europe and UK FCA (Financial Conduct Authority)
  • Japan IFFA (Institute Financial Futures Association)
  • Singapore MAS (Monetary Authority Of Singapore)
  • Canada IIROC (Investment Industry Regulatory Organization of Canada)

 

OANDA has 2 accounts on offer: a Standard Account and Premium Account. Each account comes with its own unique features and benefits. A free demo trading account is also on offer.

Customer support is available via a FAQ section, and OANDA Virtual Assistant, and phone.

 

IG broker review

 

IG

 

IG Group was founded in 1974 and is regulated by the Financial Conduct Authority (FCA) in the U.K. and the Australian Securities and Investment Commission (ASIC) in Australia.

The country of a trader’s residency will determine which account type they can open. In most countries, they will only be able to trade forex, CFDs, and options.  Traders can choose between two trading platforms, IG’s proprietary trading platform or MetaTrader 4.

 

IG offers the following education resources:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars
  • Live sessions

 

Customer Service is available 24/7 via Phone, Live Chat, and Email.

 

FBS broker review

 

FBS

 

FBS is a Forex and CFD broker which is authorized and regulated by the International Financial Services Commission (IFSC) of Belize and the Cyprus Securities and Exchange Commission (CySEC). FBS offers users the option to trade on Forex, Indices, Stocks, Metals, and Energies on the MetaTrader 4, MetaTrader 5, and FBS Trader trading platforms for PC, Mac, Web, Android, and iOS with a maximum 1:3000 leverage, copy trading services, and a range of bonus promotions.

Five different trading accounts are available – Cent, Micro, Standard, Zero Spread, and ECN. Each account offers different features and benefits respectively. Demo trading and swap-free accounts are also available.

Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber, and Facebook Messenger.

 

HotForex broker review

 

HotForex

 

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA, and SFSA.

The HotForex MT5 Terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging, and one-click trading, and 80+ technical indicators plus an in-built economic calendar.

The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs.

 

Key features include:

  • Supports:  MT4, MT5 for desktop, web & mobile
  • Minimum deposit:  US Dollar 5
  • Leverage:  1:1000
  • Trading Instruments:  Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals

 

Customer support is available via phone and email.

 

IronFX broker review

 

IronFX

 

IronFX is the trade name of Notesco Limited which is based in Bermuda, Regulated By ASIC, CySEC, FCA, and offers a multi-asset class Forex and CFD trading experience with 7 different account types to trade on over 200 financial instruments which cover Forex, Metals, Indices, Commodities, Futures, and Shares on the MetaTrader 4 trading platform for PC, Mac, Web, Android, and iOS.

The 7 different account types on offer are: The Micro, Premium, VIP and Zero Fixed Accounts offer live floating/fixed spreads. The No Commission, Zero Spread, and Absolute Zero Accounts offer STP/ECN trading. A free demo trading account plus a swap-free account is also on offer.  IronFX offers users the ability to trade on the MetaTrader 4 trading platform for PC, Mac, and Web, and mobile devices.

IronFX provides customer support 24/5  via email, live chat, a telephone support line, and an FAQ section.

 

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HYCM broker review

 

HYCM

 

HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.

Traders starting with HYCM will need to make a minimum deposit of at least US Dollar 100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice.

 

A wide variety of instruments and currency pairs are available for trade:

  • Over 100 instruments
  • Over 40 currency pairs

 

HYCM Trading benefits:

  • Allows scalping
  • Allows hedging
  • Low min deposit

 

HYCM Trading Accounts on offer include Demo, Micro, Mini, Standard, and Islamic, and the minimum and maximum trade requirements will vary depending on the trader and the instrument.  HYCM customer service is available through WhatsApp, Skype, Viber, Telegram Instant messaging services, Facebook Chat, and Phone – 24/5.

 

Conclusion

There are thousands of Forex brokers around the world, and Tonga residents can register and trade with each of them.

Many Forex brokers may appear similar but there are understated differences that make each broker uniquely suitable for a different type of trader.

 

FAQ’s

 

Is forex trading legal in Tonga?

Yes, it is

Which is Tonga’s most used forex broker?

Interactive Brokers

Is forex trading a gamble in Tonga?

Forex trading anywhere is always a gamble.

How many forex traders are there in Tonga?

The estimate is around 150 000 monthly forex traders.

Can you make money with forex trading in Tonga?

75% of all traders lose money*

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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