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Is Forex Trading Legal in Belize

Yes, Forex Trading is legal in Belize and the country has a population of roughly 390’353 potential Forex Traders. Forex brokers in Belize are regulated by the International Financial Services Commission (IFSC).  The IFSC is an independent self-regulatory agency under the Ministry of Belize Securities and International Financial Services Commission Act.  Belize has a small, mostly private enterprise economy tourism plays an important role in the country’s economy.  Aside from standard forex trading, Islamic forex trading is also legal and available in the country. The religion of Islam is not largely followed in Belize, and finding an Islamic Forex Broker may be a tough task.   The Muslim population of Belize is only estimated to be around 577 locals.  Local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance with Sharia Law.

 

 

 

 

Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Belize

 

HotForex

 

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

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2010 Not FCA Regulated
Regulated by CySEC  
Min. deposit from $1  

 

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.

 

Trading Benefits

 

Trading Features Accounts offered Funding methods
Allows scalping Micro account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account Neteller
Low min deposit Zero spread account  
Offers Negative Balance Protection Islamic account  

 

Customer support is available via phone and email.

 

eToro

 

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

 

Pros and Cons

 

Pros Cons
Used by 6,000,000+ traders Doesn’t allow scalping
Established in 2006 Inactivity Fee
Regulated by Financial Conduct Authority, CySEC, ASIC Limited range of instruments
Min. deposit from $200  

 

eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.  Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

 

Trading Benefits

 

Trading Features Accounts offered Funding methods
Offers STP Demo account Credit cards
Low min deposit Micro account Bank Transfer
  Mini account PayPal
  Standard account Skrill
  Islamic account Payoneer
    Neteller

 

eToro supports a wide range of languages including English, German, Spanish, French, and Italian.  24/6 customer support is available via telephone and support ticket.

 

IC Markets

 

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader4, MetaTrader5 and cTrader platforms for desktop, web and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

 

Pros and Cons

 

Pros Cons
Segregates client funds Limited range of instruments
Established in 2007 Not FCA Regulated
Regulated by ASIC  
Min. deposit from $200  

 

IC Markets offers traders three main types of live trading accounts to choose from, including  Raw Islamic swap-free accounts and the use of a free demo trading account.

 

Trading Benefits

 

Trading Features Accounts offered Funding methods
Allows scalping Demo account Credit cards
Allows hedging Mini account Bank Transfer
Offers STP Standard account PayPal
Low min deposit Zero spread account Skrill
  ECN account Neteller
  Islamic account  

 

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

 

IQ Option

 

IQ Option is a broker developed under the IQ Option Europe company which was founded in 2013. IQ Option contains a CySEC license Cyprus Securities and Exchange Commission from Cyprus, with permission to provide its financial services within the European Economic Area zone, with several licenses from other EU local jurisdictions. IQ Option offers its clients services in binary options, stocks and shares, currencies, and ETF trading.

 

Pros and Cons

 

Pros Cons
Regulated by the Cyprus Securities and Exchange Commission (CySEC) Does not provide MT4 and MT5 trading platforms
Easy and convenient method of opening an account Not available for traders in the US, Canada, Australia, Japan, and other countries
Wide range of trading instruments on offer  
No deposit and withdrawal fees  

 

IQ Option provides clients with a proprietary platform which is also used for CFDs and for binary options tradingTraders can also install the mobile trading app which is provided free of charge. The mobile trading app has been designed specifically for use on smartphones and mobile devices and allows traders to check their account status, keep updated with all the developments in the market as well as to execute trades.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Low min. deposit Standard Alipay
Low Spreads VIP Credit Card
Regulated by CySEC Demo MoneyGram
    Perfect Money
    QIWI
    Skrill
    Wire Transfer

 

The IQ Options trading platform and website are available to traders in thirteen different languages and allows traders to choose the currency to trade with. The selections of currencies are: GBP, RUB, EUR, IDR, USD, MUR, and Yuan.

 

Customer service is available via email, live chat or the telephone.

 

XM Group

 

XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.

 

Pros and Cons

 

Pros Cons
Low stock CFD and withdrawal fees Limited product portfolio
Easy and fast account opening Average forex and stock index CFD fees
Great educational tools No investor protection for non-EU clients

 

XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

 

Trading Benefits

 

Trading Features Accounts Offered Funding Methods
Negative Balance Protection Micro Wire Transfer
Low Spreads Standard Credit/Debit
Low Commission XM Zero Neteller
Hedging Allowed   UnionPay
Scalping Allowed   WebMoney
    Qiwi

 

Customer Service is available via live chat, Phone and email support.

 

In Conclusion –

 

Forex Trading is indeed legal in Belize with laws and rules in regards to the local financial markets determined by the countries regulatory authority.

 

FAQS

 

Is Forex Trading Legal in Belize?

 

Yes, Forex Trading is legal, popular and well-regulated in Belize.

 

At what age are local investors allowed to trade Forex in Belize?

 

There is no set age for local investors to trade in Forex.  However, the legal age for gambling in the country is set at 18 years of age and this can be seen as an accurate, legal age for Forex Trading.

 

What is the revenue service in Belize?

 

The Belize Tax Services is the central executive body which ensures the implementation of the state tax policy and fulfils timely and full collection of taxes in Belize.

 

Who is the regulatory authority of financial services in Belize?

 

Forex brokers in Belize are regulated by the International Financial Services Commission (IFSC).

 

What is the local currency in Belize?

 

The local currency in the Belize is the Belize Dollar.

 

Who is the best Forex Broker in Belize?

 

There is no one Forex Brokerage Firm which is suited to all investors.  Forex Traders must consider factors such as Regulation, Account Types and Customer Service before making a final brokerage choice.

 

Is it profitable to trade forex in Belize?

 

It is indeed possible to be profitable when trading Forex.  However, there are steps to follow such as self-education, making use of a demo account and more.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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