Many international and forex trading brokers Srilanka dealers allow you to trade with them. Effectively they combine the order be due to retail traders and move it to larger markets. There are quite a few sites, the more reputed ones are fxcm.com and etoro.com.
If you are investing, check and see how authentic they are. Sometime back when I got registered in one of these sites and did not complete the registration by paying up, they called in to ask if everything went ok with the registration and why I was reluctant to pay and get the registration finalized. As important as it makes you feel, I felt a bit fishy about this.
Also, read about leveraging in forex. In forex, you trade more than what you invest and therefore your gains and losses can be way above the investments. This means there is potential for your entire investment to be wiped out.
Do you ask someone on the legality of forex trading brokers Srilanka?
The direct answer from any bank/authority would be no given the very fact that there are strict forex controls. However, you’ll need to inform them that you simply aren’t exactly bringing in dollars/euros/pounds from abroad but rather trading on a ‘good’ or an ‘item’ abroad. However, when you are redeeming your money, you are bringing foreign currency in.
In Sri Lanka, it won’t be hard to seek out that a lot of the brokers you encounter don’t offer Rupee deposits or withdrawals. But there are those which may allow you to deposit and withdraw your money in SriLankan Rupee.
The number of ECD regulated Forex brokers must have this feature. All the brokers, however, do let their clients withdraw their money in kind of USD, AUD, GBP, and even EUR.
While this might sound a little hurdle, remember that if you withdraw your money in anybody of these currencies, you will be forced to vary it back to LKR at a fee. an honest broker should have a knowledgeable support team that is reachable 24 hours of every business day.
Sri Lankan Forex brokers and their reviews
There are quite a number of forex trading Srilanka that are approved by ECD to provide Forex trading. Many of these brokers are incorporated outside Sri Lanka and only have virtual offices here.
There are other brokers which have fully manned offices. we will show you Sri Lanka’s Forex brokers list. From this list, you’ll pick the right broker to enable you to trade the way you’d like.