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How to Invest Money How to Invest in ETFs How to Invest in Index Funds How to start Forex Trading How to Pick Shares How to Report a Forex Broker How to be Consistent in Forex. Yes, Forex Trading is legal in Sri Lanka and the country has a population of roughly The regulation and supervision of the Sri Lankan banking institutions is mainly governed by the central bank of Sri Lanka.

The main economic sectors in Sri Lanka are tourism , tea export, apparel, textile, rice production and other agricultural products respectively. In addition, overseas employment contributes highly in foreign exchange, which in turn adds an additional level of legality to Forex Trading in the country.

Aside from standard forex trading , Islamic forex trading is also legal and available in the country. Islam is the third largest religion in Sri Lanka with roughly 9. Local Muslim investors must choose a Forex Broker who makes both standard and Islamic forex trading accounts available in order to trade in accordance to Sharia Law.

Here is an overview of 5 of the best Forex Brokers who make Standard and Islamic Forex Trading accounts available in Sri Lanka. FBS is a Forex and CFD broker which is authorised 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 across the Metatrader 4 , Metatrader 5 and FBS Trader trading platforms. IC Markets is regulated by the Australian Securities and Investments Commission ASIC , the Cyprus Securities and Exchange Commission CySEC , as well as Sri Lanka Financial Services Authority FSA.

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. HotForex was established in is well regulated by FCA, CySEC, DFSA , FSCA and SFSA. 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. IQ Option is a broker developed under the IQ Option Europe company which was founded in 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. IQ Option provides clients with a proprietary platform which is also used for CFDs and for binary options trading.

Traders 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. 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.

XM Group XM is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission. XM offers traders more than 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 CFDs.

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

Yes, Forex Trading is legal , popular and well-regulated in Sri Lanka. 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. The Inland Revenue Department is the local Revenue Service of Sri Lanka.

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. It is indeed possible to be profitable when trading Forex. Forex is a global market for the trading of currencies, it is the largest market in the world, opened 24 hours a day from Sunday evening until Friday night. Forex is also the most liquid financial market, there is a huge trading volume: each day, more than 5 trillion dollars are exchanged, there are always a lot of trades.

Currency values rise and fall against each other due to a number of economic, technical and geopolitical factors. The common goal of forex trading is to profit from these changes in the value of one currency against another. All forex pairs are quoted in terms of one currency versus another, Forex trading is the act of simultaneously buying one currency while selling another. Each currency pair has a "base" currency and a "counter" currency. The base currency is the currency on the left of the currency pair and the counter currency is on the right.

A forex trader will buy a currency pair if he expects its exchange rate will rise in the future and sell a currency pair if he expects its exchange rate will fall in the future. Traders must conduct their trading activities through a forex broker. A broker acts as an intermediary between the buyer and the seller involved in a forex transaction.

They provide trading platforms that allow traders to buy and sell foreign currencies. Traders have to take the time to research and compare options to find the broker that best fits their needs.

Risk Warning: Investments involve a high level of risk. It is possible to lose all your capital. The information on this site is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation and is not directed at residents of: Australia · Belgium · Canada · Spain · France · Israel · Japan · Latvia · New Zealand · Portugal · Turkey · United States ·.

Risk Warning: Your capital is at risk. www App Store Google Play. IC Markets. Click here to visit IC Markets ». Click here to visit RoboForex ». Click here to visit NordFX ». XM Group. Click here to visit XM Group ». Click here to visit JustMarkets ». Click here to visit LiteFinance ». Click here to visit FBS ».

Click here to visit FxPro ». Click here to visit Deriv ». Click here to visit Pepperstone ». Click here to visit XTB ». Click here to visit Vantage ». All brokers operating in the country have to register with the Central Bank. Though, the registration process is not only about filling the blank and receiving the license but is rather complex. In order to register, the broke needs to satisfy some of the major requirements imposed by the regulator. While the Central Bank of Sri Lanka is the main regulator, the Exchange Control Department is specifically in charge of the forex market and trading in the country.

This is the department, which you have to address in case of any concerns in the process of choosing the right and legit broker to trade with. It is not the first-ever regulations, and it is not the first time Sri Lanka tries to regulate the market. The registration and the legal framework making process has taken a round of changes. Exchange Control Department was first established back in by the Exchange Control Act No It should be no surprise that the laws included in the act were not modernized and were quite old.

They did not consider some of the technological advancements and thus did not mention it, in law. As a result, some major changes regarding some of the technological advancements and changes were introduced in The following framework was named as the Foreign Exchange Act No. The changes made back in , had some of the major impact and effects on the local forex industry. The main intention of creating a new act was to liberate the forex industry in the country. Prior to that the laws and regulations were restricting the operation of brokers.

According to the Foreign Exchange Act, the laws and the framework became more liberal, which was, of course, great news for the Sri Lanka forex brokers.

Not only the idea of the act changed, but there were some of the major changes made in the terminology of the act as well, which became way more technology-oriented as well as modernized.

The new act refers to Exchange Management instead of Exchange Control, which shows the openness and the positive attitude of the government to foster Forex activities but also to do so responsibly. Some of the excerpts mentioned below should give you a clearer idea about the act itself and the idea behind it. a deals in foreign exchange in any current transaction or capital transaction contrary to the provisions of this Act; b deals in foreign exchange in relation to foreign assets contrary to the provisions of this Act; … d violates any provision of this Act or any regulation or order made thereunder, the Central Bank may, upon the Minister being informed, issue a notice directing any such authorized dealer or restricted dealer to comply with the provisions of this Act or any regulation, Order, guideline or direction issued or made thereunder, within the period specified therein.

While this act concerns all brokers operating in Sri Lanka, not all Sri Lanak trading forex brokers are regulated and licensed. Some of them find a way to operate outside the legal framework to operate in the market illegally. It is very important that you learn to prioritize the licensed brokers for your choice.

This is for your own safety and thus, make sure to check whether the broker operating in the market has a proper license. To understand the process, take into consideration several points. The operating company has to apply for the Certificate of Authorization to the Director of Domestic Operations at Central Bank of Sri Lanka.

The companies which have already been operating in the market, have the full right to do that as well. The application has to go through a screening process first, which will assess if the broker is qualified for the operation and offers legit services to the costumers and citizens of Sri Lanka.

Those requirements are not very tough and are not hard to comply with. They are pretty similar to some other countries. Some fo the conditions to meet the requirements by a facilitator include the qualified and experienced staff, the CEO without any criminal record, and the compliance to the Central Bank of Sri Lanka regulations and some more, very common requirements.

While we have mentioned several factors that contribute to the formation of a licensed and authorized forex broker, it still does not mean that the broker with a license is the best choice for you. As the forex trading industry is a relatively new industry in Sri Lanka, there are a lot of people who are very new to the industry and need to learn and get acquainted with the industry before they start trading on their own.

Choosing the right broker is usually a big issue not only for Sri Lanka newbies but for people all over the work. The major thing during the choosing process is to be attentive and to have the patience in comparing different brokers with each other. This way you are less likely to miss any better opportunities. The first thing to consider while choosing the right broker is the security the broker can provide you with.

Besides the license and the registration of the company, also make sure to check the background od the company. The history of the company will most probably uncover all of the secrets and operations of the company over the years. The broker should provide information on how it works and how it is regulated. IF you can not find this information anywhere on the webpage, then you should not work with the broker at all. The broker might say it has the Certificate of Authorization from the Central Bank of Sri Lanka.

In this case, just double-check with the institution that the broker is providing you with the correct information. There might be some Forex brokers in Sri Lanka that will operate for a short period of time to defraud the customers. They might be willing to lie about their regulatory status. Sri Lanka forex brokers could also say that they do not possess any certification and the certification authorization of the country.

The best option is the force that the broker has a local license, but in case it does not have one, you do not have to cross it straight away, first of all, check if the broker is regulated in other countries and territories. The latter are better avoided. Regulations establish some standards that protect you as a customer so if a company is regulated, you can have some sort of a guarantee that it is adhering to those standards.

Security is not only about the license, while it is some kind of guarantee, but the protection of the customer is also another thing to consider. Security measure is mainly considered in order to provide the security and protection of the payments and transactions made with the broker.

YOu can also complete the background check of the company with some individual audit companies, which should give you the final conclusion about the security of the platform. Another important thing to know and pay attention to while choosing the broker from the list of best Sri Lanka forex brokers is the way they make money. Most of the brokers make commissions through spreads, which is acceptable and secure.

Forex Trading industry is getting more and more popular over the years. The industry was first very popular in western countries but now has switched to every region of the world, and millions of people are involved in forex trading.

The tendency does not seem to slow down and thus more and more people are expected to trade forex in the nearest future. As mentioned before, the industry did not have that much popularity in the Eastern countries but rather got it very recently.

Many people from Asian and Eastern countries try to learn about forex as much as they can. Many pieces of training and educational courses are available for the ones who are interested. On of the leading countries in terms of ever-rising interest in the industry, is Sri Lank. Forex is relatively new to the country and population, though is already very popular and many people are involved in trading very actively.

Considering tp many other countries Sri Lanka does not have a very rigid economy but is working hard on the improved and development of the economic situation of the country. As far as the Forex industry is getting more and more popular and it needs a stable economy in order for people to take an active part in it. The governmental officials are working in improving the sector and thus have recently imposed certain guidelines for the forex trading industry in Sri Lanka.

Comparing to the size of the country, which is The economy has been developing for the past couple of years and the results are actually way better than some of its neighboring countries, yet there is still a big room for development. The factor which contributes the most to the fast development of the industry is the population, which is very innovative and has an extremely entrepreneurial spirit. While there are many forex trading brokers in Sri Lanka, there also are a lot of people who are willing to make their living out of trading.

The legal situation within the industry in Sri Lanka is way better than it is in some other countries, which have just started popularisation of the forex trading. The Central Bank of Sri Lanka is the main regulatory authority of the forex industry and has taken control of all major operations in the market. Due to this fact, the regulator does not allow the industry to spin out, just like many other countries did.

Despite the regulations and the changes the country has introduced, there are still some brokers who are operating illegally, without the license. While there is the legal framework, which cares about customer safety, there are still some major points to take into consideration if you are willing t start forex trading in Sri Lanka. However, it is extremely hard to find the best Forex broker if you do not have enough knowledge about the market.

It is especially hard for those who have just started trading Forex, and to help you out, we have decided to come up with a list of the best FX brokers. Take a look at the list below! Before knowing some major steps of choosing the right broker and knowing some of the major characteristics the forex brokers Sri Lanka must process, you have to know some of the details regarding the regulatory framework of the forex industry in the country.

As mentioned before the forex broker industry is majorly regulated in Sri Lanka by the Central Bank of Sri Lanka. All brokers operating in the country have to register with the Central Bank. Though, the registration process is not only about filling the blank and receiving the license but is rather complex. In order to register, the broke needs to satisfy some of the major requirements imposed by the regulator.

While the Central Bank of Sri Lanka is the main regulator, the Exchange Control Department is specifically in charge of the forex market and trading in the country. This is the department, which you have to address in case of any concerns in the process of choosing the right and legit broker to trade with. It is not the first-ever regulations, and it is not the first time Sri Lanka tries to regulate the market.

The registration and the legal framework making process has taken a round of changes. Exchange Control Department was first established back in by the Exchange Control Act No It should be no surprise that the laws included in the act were not modernized and were quite old.

They did not consider some of the technological advancements and thus did not mention it, in law. As a result, some major changes regarding some of the technological advancements and changes were introduced in The following framework was named as the Foreign Exchange Act No. The changes made back in , had some of the major impact and effects on the local forex industry.

The main intention of creating a new act was to liberate the forex industry in the country. Prior to that the laws and regulations were restricting the operation of brokers. According to the Foreign Exchange Act, the laws and the framework became more liberal, which was, of course, great news for the Sri Lanka forex brokers.

Not only the idea of the act changed, but there were some of the major changes made in the terminology of the act as well, which became way more technology-oriented as well as modernized. The new act refers to Exchange Management instead of Exchange Control, which shows the openness and the positive attitude of the government to foster Forex activities but also to do so responsibly.

Some of the excerpts mentioned below should give you a clearer idea about the act itself and the idea behind it. a deals in foreign exchange in any current transaction or capital transaction contrary to the provisions of this Act; b deals in foreign exchange in relation to foreign assets contrary to the provisions of this Act; … d violates any provision of this Act or any regulation or order made thereunder, the Central Bank may, upon the Minister being informed, issue a notice directing any such authorized dealer or restricted dealer to comply with the provisions of this Act or any regulation, Order, guideline or direction issued or made thereunder, within the period specified therein.

While this act concerns all brokers operating in Sri Lanka, not all Sri Lanak trading forex brokers are regulated and licensed. Some of them find a way to operate outside the legal framework to operate in the market illegally. It is very important that you learn to prioritize the licensed brokers for your choice. This is for your own safety and thus, make sure to check whether the broker operating in the market has a proper license.

To understand the process, take into consideration several points. The operating company has to apply for the Certificate of Authorization to the Director of Domestic Operations at Central Bank of Sri Lanka. The companies which have already been operating in the market, have the full right to do that as well. The application has to go through a screening process first, which will assess if the broker is qualified for the operation and offers legit services to the costumers and citizens of Sri Lanka.

Those requirements are not very tough and are not hard to comply with. They are pretty similar to some other countries. Some fo the conditions to meet the requirements by a facilitator include the qualified and experienced staff, the CEO without any criminal record, and the compliance to the Central Bank of Sri Lanka regulations and some more, very common requirements.

While we have mentioned several factors that contribute to the formation of a licensed and authorized forex broker, it still does not mean that the broker with a license is the best choice for you.

As the forex trading industry is a relatively new industry in Sri Lanka, there are a lot of people who are very new to the industry and need to learn and get acquainted with the industry before they start trading on their own. Choosing the right broker is usually a big issue not only for Sri Lanka newbies but for people all over the work.

The major thing during the choosing process is to be attentive and to have the patience in comparing different brokers with each other. This way you are less likely to miss any better opportunities.

The first thing to consider while choosing the right broker is the security the broker can provide you with. Besides the license and the registration of the company, also make sure to check the background od the company.

The history of the company will most probably uncover all of the secrets and operations of the company over the years. The broker should provide information on how it works and how it is regulated. IF you can not find this information anywhere on the webpage, then you should not work with the broker at all.

The broker might say it has the Certificate of Authorization from the Central Bank of Sri Lanka. In this case, just double-check with the institution that the broker is providing you with the correct information. There might be some Forex brokers in Sri Lanka that will operate for a short period of time to defraud the customers. They might be willing to lie about their regulatory status.

Sri Lanka forex brokers could also say that they do not possess any certification and the certification authorization of the country. The best option is the force that the broker has a local license, but in case it does not have one, you do not have to cross it straight away, first of all, check if the broker is regulated in other countries and territories.

The latter are better avoided. Regulations establish some standards that protect you as a customer so if a company is regulated, you can have some sort of a guarantee that it is adhering to those standards. Security is not only about the license, while it is some kind of guarantee, but the protection of the customer is also another thing to consider.

Security measure is mainly considered in order to provide the security and protection of the payments and transactions made with the broker. YOu can also complete the background check of the company with some individual audit companies, which should give you the final conclusion about the security of the platform. Another important thing to know and pay attention to while choosing the broker from the list of best Sri Lanka forex brokers is the way they make money.

Most of the brokers make commissions through spreads, which is acceptable and secure. The other way of earning money is through commissions, which should be avoided. The spreads are the values of the currency pairs and the trading of the value of the pairs. If you win the company earns money, if you lose, the company will still earn a slight slide form it. This is due to the value it has put as a ratio of the currency pairs.

Though, some brokers may offer you trading in the local currency. Check this information in their terms and conditions. Otherwise, make sure to know what are you willing to trade with before even choosing the broker. The second thing is the commission. If the broker is earning through the commission, this does not sound very appealing, as this means that the broker has some sort of hidden fees. The information is very easy to find out.

In case there are certain requirements of the extra fees for the deposits or withdrawals, this means that there are commissions, and most probably will be some hidden fees. Most of the good brokers, do not do this and earn through spreads. While trading online you should make sure that you understand the whole process, otherwise, your trading experience might not be the best of it.

In order to learn at least the basics, we recommend you to get acknowledged with the theoretical information, available almost all over the internet. This is very important especially when you just start trading. when you know some basics it is easy to navigate through the platform and through the variety of tools.

There is one more option, which is Demo and No Deposit account. Those are the account types the Forex Broker often offers the costumers. The Demo account means that you are given some sort of virtual fund, which you can spend on virtual trading. The funds do not have to be refunded and the tools are very much the same as the real trading.

What is Bitcoin? Check this information in their terms and conditions. New York Stock Exchange. Tickmill 7. Launched in , our team has grown a reputation for producing unbiased and fair reviews online trading platforms for Sri Lankans.

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