5 Best Online Forex Brokers in Bulgaria – In Depth Review 2022
Bulgaria has an accessible middle-income market economy. Whenever you want to trade in this city, you’ll want to know what options you have with your Bulgarian broker—as a Bulgarian, selecting the right brokerage firm can be challenging. Especially identifying those who will welcome Bulgarian traders and let you trade in your home currency, namely Bulgarian lev.
As a Bulgarian trader, you can trade Stocks, Forex, indices, ETFs, CDFs, Binary Options, and several cryptocurrencies through various online forex brokers. These brokers offer the lowest fees & can support different trading platforms, including cTrader, platforms MT4 MT5. They also offer the best signup benefits for new Bulgarian traders. Plus, they are reputable, secure, and have a good track record in the forex market.
We’ve included four top FX brokers which are used in Bulgaria that we believe are the best in order to make the broker selection process easier for you. Although they aren’t as significant at the top, there are some differences between them. That’s why we’ll give you the information on the top four Bulgarian FX brokers, as well as some considerations to keep in mind when choosing the best fit for your trading requirements.
Table of Contents
Best Online Forex Brokers in Bulgaria
5 Best Online Forex Brokers in Bulgaria
#1. Best Advanced for Non-US Traders: Avatrade
AvaTrade is the best-awarded platform for online trading, which can perform over two million deals each month, with a monthly trading volume of over $70 billion-plus dealing with more than 300,000 worldwide registered customers. It is indeed one of the world’s largest forex & CFD brokers. AvaTrade can accept clients who are living in Bulgaria.
This is by far one of the most strictly regulated best forex brokers in the market. It is one of the most comprehensive Brokers in terms of instrument availability, with CFDs on Shares, Indices, Forex, Crypto, Commodities, and even Bonds.
Its platform is impressive, allowing traders to trade in a variety of trading environments, including MT4, MT5, and even these platforms further have their own, i.e., AvaTradeGo and AvaOptions. AvaOptions, on the other hand, is the best options trading platform available. It’s truly outstanding, with excellent risk management tools that are both visible and automatic, making Options trading as simple as possible.
How does it work?
Opening a trading account with Avatrade from Bulgaria is simple. For opening an account, what you need to do is to submit a valid ID and a utility bill using their app. You can then fund your account and can start trading right away. Keep in mind that once you’ve set up your account, you won’t be able to change the preferred currency.
CFDs are sophisticated instruments that carry a high risk of losing money rapidly due to leverage. When trading CFDs with this provider, 79 percent of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The most important thing about its usability is that it provides a flexible trading platform for traders of all skill levels. As it allows for a variety of platform options for its user, it also offers multilingual customer service. It will provide a support staff that may be reached via phone, live chat, or email.
Pros
- Great educational tools
- Low trading fees
- Account creation is quick and straightforward.
- Free and multiple deposits & withdrawal options
Cons
- Only CFDs, FX, and cryptos are available.
- Has few research tools.
Price
There are no trade commissions, withdrawal fees, or inactivity fees with AvaTrade. This trading platform has a minimum deposit requirement, which varies depending on your payment method and currency.
The minimum deposit is $100 by credit or debit card and $500 by wire or bank transfer. Withdrawals have no limits. However, this trading site makes demands that you take funds from your account using the same payment method you used to deposit.
#2. Best Intermediate for Non-US Traders: FXCC
FXCC is rated one of the best Bulgarian forex brokers for order execution, fast and efficient trading, and superior trading technology. The broker also has a wide range of tradable assets available and allows you to trade CFDs with leverage.
In fact, FXCC is headquartered in Cyprus and was founded in 2010 to give traders access to a huge variety of financial markets. Today, the brokerage has spread its reach and is available in several countries. FXCC is also regulated by the best tier 1 agencies including the Cyprus Securities and Exchange Commission CYSEC and others.
FXCC also delivers low fees and tight spreads, a leverage of 1:500, and a reliable customer support team that strives to offer the best customer service. The only downside with FXCC is the fact that it has a single trading platform. But other than that, it is one of the best forex brokers out there.
How Does it Work
Based in Cyprus, one of the most liberal financial centers in the world, you can be sure opening an account with FXCC is a breeze. You only need to verify your identity and address and after that, you will be good to go.
Before you open a trading account here, it is important to remember that a huge percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money rapidly due to leverage.
Nonetheless, once you open an account, go ahead and fund it using the various deposit methods offered by FXCC. You can then access the Metatrader 4 trading platform and start to trade forex and other assets. Bulgaria in essence is the leader when it comes to accommodative financial regulations. You should be able to trade at FXCC with minimal restrictions.
Pros
- Offers leveraged trading with max leverage of up 1:500 in some assets
- You get tight spreads on various assets for lower fees
- A wide range of tradable assets are also available here
Cons
- You only get the MT4 trading platform and nothing else
- The broker is not open to US investors
Pricing
Over the years, FXCC has built a reputation as one of the most affordable brokers in the world. As the best forex brokers in the market, FXCC uses a spread-based system to charge for its financial services. The great thing is that spreads on various assets are very low.
In fact, in the EUR/USD Pair, spreads are as low as 0.1 pips and this may even be lower if the trade volume is high. There are no fixed commissions here. Do not however forget that there will always be inactivity charges and a min deposit of USD 100 for new accounts.
#3. Best Overall Broker: Forex.com
This one is the third top broker on our list. For currency traders, FOREX.com is a one-stop-shop. Forex.com was founded in 2001. It is a fantastic alternative for brokers looking for a home base for their currency trading. It has an extensive range of traded currencies, cheap account minimums, and an exceptional trading platform.
This broker emphasizes fast & reliable execution, a range of platforms, and account security in their product offerings, which differ by area. Its vast teaching and research center, which offers free, instructive forex trading classes at many skill levels, will appeal to both new and experienced traders. While FOREX.com is outstanding, it is essential to realize that it is not a traditional broker.
This robust and sophisticated platform will meet the vast majority of traders’ needs. It will run on the MetaTrader 5 platform and will have access to premium features, including integrated Reuters news, FOREX.com content, and Trading Central-technical analysis.
MetaTrader 5 is available on the PC, the web, and on the iPhone and Android mobile apps. It provides better customer support services. Clients can contact FOREX.com in a variety of ways, including online chat and live phone assistance, according to the broker’s website.
How does it work?
You can Just sign up for an account and can start funding. If you’re unsure about its use, you must try their no-risk demo account, which comes with €10,000 in virtual money. In addition, its Trading Academy can teach you the fundamentals of trading. This broker recommends their mobile apps and web trading platform if you’re new to trading.
Using FOREX.com’s platforms to execute a trade is simple. Simply select the currency pair you wish to trade, input the amount of money you want to exchange, and complete your transaction. When you close a position, it will display a summary of your trade as well as your total profit or loss.
Must remember that CFDs are complex instruments and come with a high risk of losing money. When trading CFDs with this provider, almost 79 percent of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to risk losing all of your money.
Pros
- Access to over 80+ currencies to buy & sell
- Leverage accessible up to 50:1
- Impressive, easy-to-navigate platform
- Wide variety of education & research tools
Cons
- You won’t be able to acquire or sell other securities, i.e., stocks & bonds.
- Limited product portfolio
Price
FOREX.com needs a minimum initial deposit of at least $100 of your selected base currency. While they also recommend a deposit of $2,500 so that the client can trade with greater flexibility and better risk management.
Other fees include a per-month inactivity fee. You have to pay a $15/month inactivity fee for accounts with no trading activity for more than 12 months are also included. Additional fees for deposits and withdrawals are not listed on the website.
#4. Best for International Forex/CFD Traders: eToro
eToro is a renowned innovative trading platform that provides access to a wide range of global financial markets. It was founded in 2007 and is an Israeli fintech startup & social trading broker. It is a multi-asset framework that helps you trade CFDs and offers both investing in crypto-assets and stocks.
Please keep in mind that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. When trading CFDs with this supplier, 67 percent of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This broker just has one account type, yet it offers over 1,083 instruments to trade, with over 47 different currency pairs. The min deposit for such an account varies by country; for Bulgaria, it is around $50. As it is regulated by the top-tier FCA, Australian Securities and Investments Commission (ASIC), and Cyprus Securities and Exchange Commission (CySEC), it is a positive sign for its security.
Traders can use eToro’s custom trading platform to trade both individually and in groups. It helps a client to access markets conveniently by using both an online trading platform and the mobile platform. When it comes to innovation, eToro is a world leader. Plus, they are constantly seeking ways to improve and preserve their competitive advantage.
How does it work?
EToro provides online trading & brokerage services for buying and selling financial assets. Users can trade stocks, commodities, currencies, cryptocurrencies, ETFs, and indices using this broker. Thus this platform provides all of the information that a user could require about a trader, especially a trader’s percentage of gains & the portfolio composition. At this platform, Up to 100 traders can be imitated simultaneously, and you can invest up to $500,000.
The company’s Preferred Investor service allows its most successful traders to receive funds directly from the company. The most trustworthy and responsible merchants will be highlighted on this site. This broker also has many educational resources, e.g., blogs and videos, to assist you in learning about the financial markets and also give information about how to trade them.
This platform can be accessed via the company’s website or using mobile apps which are accessible for Android and iOS smartphones. Although this platform does not charge any commissions for securities trading, account opening, or administration fees, there are other methods to earn money from it.
Pros
- Free Stock & ETFs trading
- Source of social trading
- Account creation is quick and easy.
- User-friendly web and mobile app platform
Cons
- High non-trading fees
- There is only one base currency for each account.
Price
Ensure that your broker’s costs are transparent and that the dues are reasonable. The min deposit for this platform is $50. Non-trading fees on eToro are high, and after one year of inactivity, it charges a $10 per month inactivity fee for accounts with no trading activity.
This platform also charged a withdrawal fee which is about $5. Withdrawals at eToro can only be done if your account has a minimum amount of $30.