Economy
Exploring the Best Forex Brokers in Sri Lanka: TU Experts’ Choice for 2023
To trade in financial markets successfully, you need to pick the right broker. Your money, profits, and opportunities rely on this choice. Traders Union (TU) experts have already done the hard work for you. They’ve reviewed and compared the top five Forex brokers in Sri Lanka for 2023, helping you make an informed decision.
Top Forex brokers in Sri Lanka
Here are the best Forex brokers in Sri Lanka for 2023, as reviewed by TU’s analysts:
- Tickmill
- Suitable for both beginners and professionals.
- Provides a range of account options, such as Classic, Pro, and VIP.
- Classic accounts have no fees and a transparent spread.
- Pro and VIP accounts are for advanced traders with low spreads.
- The minimum deposit is $100 for Classic and Pro accounts.
2. FxPro
- Offers narrow spreads and zero commissions for stock trading.
- Provides advanced tools and charting options for analysis.
- Supports various trading platforms and devices, including mobile.
- Incorporated TradingView charts into the FxPro mobile app.
3. Pocket Option
- Classic binary options trading conditions.
- Trade in currency pairs, stocks, commodities, and cryptocurrencies.
- The minimum initial deposit is $5, with subsequent balance requirements.
- The minimum bet size is $1.
4. Forex4you
- No minimum deposit requirement.
- Offers leverage up to 1:1000.
- Provides a variety of account types with different spreads.
- Access to over 150 trading instruments and copy trading through Share4you.
- Supports various deposit and withdrawal methods.
5. HFM
- Competitive trading conditions with a low minimum deposit.
- Leverage up to 1:500.
- Variable spreads with a minimum of 1 pip (zero for Zero accounts).
- These brokers offer different features, so consider your trading preferences and goals when choosing the right one for you.
Selecting the best Forex broker in Sri Lanka
Selecting a reliable Forex broker in Sri Lanka is crucial for traders. Here are key considerations advised by analysts at Traders Union:
- Regulation and licensing: ensure your chosen broker is regulated by a reputable financial authority to guarantee adherence to industry standards and provide a secure trading environment.
- Trading platform: opt for a broker offering a user-friendly and technologically advanced trading platform, as it plays a vital role in executing trades and managing your trading activity effectively.
- Security measures: prioritize brokers that prioritize the safety of your funds and personal information, including encryption technology and segregated client funds.
- Client service: choose a broker with responsive and efficient client support across multiple channels to address any concerns or issues that may arise during your trading journey.
Sri Lanka’s legitimacy of Forex trading
TU’s experts confirm that Forex trading in Sri Lanka is completely legal and carefully regulated by the Securities and Exchange Commission (SEC). The role of the SEC is to oversee and supervise the Forex market within the country. Their primary goal is to ensure that both Forex brokers and traders adhere to the appropriate regulations and guidelines. This regulatory framework serves to safeguard the interests of investors and uphold the integrity of the Forex industry in Sri Lanka.
Thanks to these regulations, the Forex market in Sri Lanka is known for its transparency, security, and adherence to fair trading practices. However, it’s important to be aware of certain limitations when it comes to Forex trading in Sri Lanka.
Firstly, only Forex brokers that are regulated by the SEC are permitted to offer their services in the country. Additionally, Sri Lankan residents are not allowed to engage in foreign currency trading on their own. Instead, Forex transactions are facilitated exclusively through approved banks and recognized financial organizations. These measures are in place to maintain the integrity and security of the Forex market in Sri Lanka while protecting the interests of its residents.
Conclusion
Choosing the right Forex broker in Sri Lanka is crucial for successful trading, and Traders Union has made this process easier for you by reviewing and comparing the top five brokers for 2023. Each broker has its unique features, so consider your preferences and goals when making your choice.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, August 5, as the market witnessed weaker trading activity with only two deals executed.
In the midweek session, the volume of securities exchanged by investors dropped 99.9 per cent to 802 units from the 1.6 million units recorded on Tuesday. The value of securities further decreased by 99.6 per cent to N208,240 from the preceding session’s N47.6 million, and the number of deals significantly went down by 93.9 per cent to two deals from the 33 deals recorded a day earlier.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 76.9 million units transacted for N5.5 billion.
GNI Plc was also the most active stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units valued at N415.7 million.
There were no price gainers or losers yesterday.
As a result, the market capitalisation stood unmoving at N2.739 trillion, while the NASD Security Index (NSI) remained unchanged at 4,563.96 points.
By Adedapo Adesanya
The Naira slid against the US Dollar by N2.28 or 0.17 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Wednesday, August 5, to N1,363.85/$1 from N1,362.55/$1.
The local currency also declined against the Pound Sterling in the official market during the session by N5.97 to close at N1,837.38/£1 compared with Tuesday’s closing rate of N1,831.41/£1, and against the Euro, it crashed by N6.54 to quote at N1,575.25/€1 versus the preceding session’s N1,568.71/€1.
But at the black market, the Nigerian Naira traded flat against the greenback yesterday at N1,400/$1, and also remained unchanged at the GTBank FX desk at N1,373/$1.
The Central Bank of Nigeria (CBN) says rates have narrowed to below two per cent, while the country’s external reserves have risen above $52.5 billion, reflecting the impact of its ongoing monetary and foreign exchange reforms.
CBN Governor Yemi Cardoso, represented by the Acting Director of Corporate Communications and Investor Relations, Mrs Hakama Sidi-Ali, disclosed this on Tuesday during the CBN Fair in Gombe. He noted that reforms introduced since 2023 had significantly reduced the disparity between the official FX market and the parallel market.
“The Naira continues to strengthen, with the spread between official and Bureau de Change rates now below two per cent,” he said, adding that reserves at $52.5 billion were supported by sustained inflows and renewed investor confidence in the economy.
Interbank FX transactions slid as weaker market activities dropped total Dollar volume exchanged to $75.35 million, a 51.8 per cent decline from $156.23 million in turnover quoted at the previous close.
The deals at the NFEM window also fell as data from the central bank put Wednesday’s quote at 82 from 139.
In the cryptocurrency market, major were down as global risk sentiment softened as a key world equity index slipped and chipmakers fell.
The MSCI All Country World Index snapped a five-day run to fall 0.2 per cent as chipmakers retreated on both sides of the Pacific. South Korea’s Kospi, a bellwether for the AI trade, dropped 4.4 per cent.
Ripple (XRP) depleted by 1.7 per cent to $1.05, Binance Coin (BNB) decreased by 1.0 per cent to $594.87, Cardano (ADA) depreciated by 0.9 per cent to $0.1884, TRON (TRX) shrank by 0.2 per cent to $0.3261, Solana (SOL) crumbled by 0.1 per cent to $74.00, and Dogecoin (DOGE) went down by 0.1 per cent to $0.0697.
On the flip side, Ethereum (ETH) gained 2.3 per cent to trade at $1,911.41, and Bitcoin (BTC) rose by 0.8 per cent to $64,759.28, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 apiece.
By Dipo Olowookere
The domestic stock exchange rebounded by 0.05 per cent on Wednesday on the back of renewed bargain-hunting by investors, though the level of activity waned.
After bleeding for a few days, the Nigerian Exchange (NGX) Limited heaved a sigh of relief yesterday, as the All-Share Index (ASI) gained 109.41 points to close at 244,912.24 points compared with the previous day’s 244,802.83 points, and the market capitalisation garnered N71 billion to settle at N158.087 trillion versus Tuesday’s N158.016 trillion.
Business Post reports that despite the rebound recorded by Customs Street at midweek, the market breadth index remained negative, as there were 20 price advancers and 29 price decliners, implying bearish investor sentiment.
Linkage Assurance appreciated by 9.94 per cent to N1.77, AVA Capital rose by 9.55 per cent to N10.90, Fortis Global Insurance advanced by 7.69 per cent to N2.80, McNichols gained 7.34 per cent to finish at N5.85, and Coronation Insurance surged by 5.51 per cent to N2.49.
Conversely, Honeywell Flour depreciated by 9.94 per cent to N16.30, PZ Cussons gave up 9.94 per cent to trade at N74.75, Zichis crashed by 9.74 per cent to N20.76, Learn Africa slipped by 9.62 per cent to N9.40, and Neimeth tumbled by 8.33 per cent to N8.25.
The busiest equity was FCMB, with a turnover of 369.2 million units valued at N4.1 billion. Chams transacted 46.7 million units worth N201.8 million, First Holdco transacted 43.5 million units for N5.7 billion, Access Holdings sold 29.8 million units worth N778.0 million, and Linkage Assurance exchanged 19.6 million units valued at N33.5 million.
At the close of transactions, market participants bought and sold 824.1 million units worth N25.5 billion in 48,114 deals, in contrast to the 1.6 billion units sold for N28.7 billion in 54,160 deals a day earlier, showing a shortfall in the trading volume, value, and number of deals by 48.49 per cent, 11.15 per cent, and 11.16 per cent, respectively.
