Best Forex Brokers In Jamaica 2024

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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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James Barra
James is an investment writer with a background in financial services. He has worked as a management consultant, where he delivered large-scale operational transformational programmes at some of Europe's biggest banks. James authors, edits and fact-checks content for a series of investing websites.
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Interest in trading currencies online has increased across Jamaica in recent years and is overseen by the Bank of Jamaica (BoJ) and the Financial Services Commission (FSC).

Explore our list of the best forex brokers in Jamaica, selected by our experts for their excellent range of currency pairs, competitive pricing, and convenient funding for deposits in the Jamaican Dollar (JMD).

5 Top Forex Brokers In Jamaica

We have exhaustively reviewed and compared brokers from our extensive database to find the best 5 forex platforms that accept traders from Jamaica:

  1. XM - XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.
  2. Vantage - Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.
  3. IC Markets - IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.
  4. AvaTrade - AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.
  5. FOREX.com - FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

Best Forex Brokers In Jamaica 2024 Comparison

Best Forex Brokers In Jamaica 2024 Comparison
Broker Forex Assets EUR/USD Spread Forex App Rating Minimum Deposit Regulator Visit
XM logo
55+ 1.6
$5 ASIC, CySEC, DFSA, FSC, FSCA Visit
Vantage logo
55+ 0.0
$50 FCA, ASIC, FSCA, VFSC Visit
IC Markets logo
75 0.02
$200 ASIC, CySEC, FSA Visit
AvaTrade logo
50+ 0.9
$100 ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM Visit
FOREX.com logo
80+ 1.2
$100 NFA, CFTC, CIRO, FCA, CYSEC, ASIC, SFC, FSA, MAS, CIMA Visit
Pepperstone logo
100+ 0.1
$0 FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB Visit
Eightcap logo
50+ 0.0
$100 ASIC, FCA, xCySEC, SCB Visit
PrimeXBT logo
45+ Variable
$0 - Visit
IQ Option logo
60+ 14 pips
$10 - Visit
BDSwiss logo
50+ 1.2
$10 FSC, FSA Visit
FxPro logo
70+ 1.58 pips (Ave)
$100 FCA, CySEC, FSCA, SCB, FSC Visit
FXCC logo
70+ 0.2
$0 CySEC Visit
XTB logo
70+ 1.0
$0 FCA, CySEC, KNF, CNMV, DFSA, FSC Visit
Plus500 logo
60+ 0.6
$100 FCA, ASIC, CySEC, DFSA, MAS, FSA, FSCA, FMA, EFSA Visit
IG logo
80+ 0.8
$0 FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA Visit

#1 - XM

Why We Chose XM

XM offers ultra low spreads across a wide range of forex assets with no re-quotes or hidden charges. Over 50 currency pairs are available, which is above the market average and is in line with one of our top award-winners, AvaTrade.

"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."

- DayTrading Review Team
  • GBPUSD Spread: 1.9
  • EURUSD Spread: 1.6
  • EURGBP Spread: 1.8
  • Total Assets: 55+
  • Leverage: 1:1000
  • Platforms: MT4, MT5

About XM

XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

Pros

  • XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
  • Accessible trading accounts with a $5 minimum deposit and fast account opening
  • XM is a hugely respected broker authorized by tier-one regulators

Cons

  • There's $5 inactivity fee after only 3 months, though this won't affect active traders
  • There is weak regulatory oversight through the global entity
  • PayPal deposits are not supported

#2 - Vantage

Why We Chose Vantage

Vantage offers 55+ currency pairs - above the industry average, so experienced traders can explore plenty of opportunities. Vantage's deep liquidity pool provides forex spreads from 0.0 pips in the ECN account, lower than many alternatives. There are also no commissions, deposit fees or hidden charges.

"Vantage remains an excellent option for CFD traders seeking a tightly-regulated broker with access to the reliable MetaTrader platforms. The fast sign-up process and $50 minimum deposit make it very straightforward to start day trading quickly."

- DayTrading Review Team
  • GBPUSD Spread: 0.5
  • EURUSD Spread: 0.0
  • EURGBP Spread: 0.5
  • Total Assets: 55+
  • Leverage: 1:500
  • Platforms: ProTrader, MT4, MT5, TradingView, DupliTrade

About Vantage

Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

Pros

  • Vantage maintains its high trust score thanks to its strong reputation and top-tier regulation from the FCA and ASIC
  • The broker has recently made efforts to expand its suite of CFDs providing further trading opportunities
  • The ECN accounts are very competitive with spreads from 0.0 pips and a $1.50 commission per side

Cons

  • The average execution speeds of 100ms to 250ms are slower than alternatives based on tests
  • A steep $10,000 deposit is needed for the best trading conditions, which include the $1.50 commission per side
  • Unfortunately, cryptos are only available for Australian clients

#3 - IC Markets

Why We Chose IC Markets

IC Markets maintains its commitment to providing exceptionally tight 0.0-pip forex spreads on major currency pairs such as EUR/USD. This makes it an excellent option if you are seeking superior execution, with an average of 35 milliseconds. Additionally, if you are a high-volume trader, you can benefit from rebates of up to $2.50 per forex lot.

"IC Markets offers superior pricing, exceptionally fast execution and seamless deposits. The introduction of advanced charting platforms, notably TradingView, and the Raw Trader Plus account, ensures it remains a top choice for intermediate to advanced day traders."

- DayTrading Review Team
  • GBPUSD Spread: 0.23
  • EURUSD Spread: 0.02
  • EURGBP Spread: 0.27
  • Total Assets: 75
  • Leverage: 1:30 (ASIC & CySEC), 1:500 (FSA), 1:1000 (Global)
  • Platforms: MT4, MT5, cTrader, TradingView, TradingCentral, DupliTrade

About IC Markets

IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

Pros

  • As a tightly regulated and widely respected broker, IC Markets prioritizes client security and transparency, helping to ensure a reliable trading experience globally.
  • IC Markets offers among the tightest spreads in the industry, with 0.0-pip spreads on major currency pairs, making it especially cost-effective for day traders.
  • With ultra-fast execution speeds averaging 35 milliseconds and deep liquidity, IC Markets provides an optimal trading environment for scalpers, hedgers, and algorithmic traders.

Cons

  • While IC Markets offers a selection of metals and cryptos for trading via CFDs, the range is not as extensive as brokers like eToro, limiting opportunities for traders interested in these asset classes.
  • Despite four industry-leading third-party platforms, there is no proprietary software or trading app built with new traders in mind.
  • There are fees for certain withdrawal methods, including a $20 wire charge, which can eat into profits, especially for frequent withdrawals.

#4 - AvaTrade

Why We Chose AvaTrade

AvaTrade offers 50+ currency pairs with competitive spreads from 0.9 pips and zero commissions. You can trade majors, minors and exotics around the clock on industry-leading platforms, including MT4 and MT5. Traders can also access beginner-friendly trading tools and comprehensive forex education.

"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."

- DayTrading Review Team
  • GBPUSD Spread: 1.5
  • EURUSD Spread: 0.9
  • EURGBP Spread: 1.5
  • Total Assets: 50+
  • Leverage: 1:30 (Retail) 1:400 (Pro)
  • Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade

About AvaTrade

AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.

Pros

  • The broker’s unique risk management tool, AvaProtect, protects against losses up to $1 million and is easy to activate in the platform
  • AvaTrade is a heavily regulated and trustworthy broker with licenses from the ASIC, CySEC and more
  • Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools

Cons

  • A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
  • It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
  • There’s an above-average $50 inactivity fee after three months, though this won't impact active day traders

#5 - FOREX.com

Why We Chose FOREX.com

FOREX.com continues to uphold its stature as a premier FX broker, offering over 80 currency pairs and boasting some of the most competitive fees in the industry. With EUR/USD spreads dipping as low as 0.0 and $5 commission per $100k, it stands out. Moreover, its SMART Signals help to identify price behaviors across numerous major currency markets.

"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."

- DayTrading Review Team
  • GBPUSD Spread: 1.3
  • EURUSD Spread: 1.2
  • EURGBP Spread: 1.4
  • Total Assets: 80+
  • Leverage: 1:200 (Retail), 1:500 (Pro)
  • Platforms: MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral

About FOREX.com

Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

Pros

  • FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
  • Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.

Cons

  • There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.

How We Rate Forex Brokers In Jamaica

Trust

The most important step when choosing a forex broker should always be to make sure it’s a legitimate outfit. This is especially important given that Jamaica’s FSC has warned of fraudulent investment schemes that promise “guaranteed high returns” but are built on shady operations.

That’s why we only recommend forex trading platforms we trust, after balancing their regulatory credentials with their years in the industry and our own observations during the testing process.

  • AvaTrade stands out with a 4.9/5 trust rating owing to its 20-year track record of providing secure forex trading services and licenses from ‘Green-Tier’ regulators, notably the ASIC and CySEC.

Forex Markets

Jamaican Dollars are not commonly traded online, especially compared to leading currencies like the US Dollar and Euro.

However, the best forex brokers still provide a wide selection of forex pairs, providing short-term trading opportunities on a diverse range of currencies and economies, for example, those from nearby Latin America and North America.

Currency pairs available at FOREX.com platform
FOREX.com – Currency Pairs

Our minimum expectation for a good forex broker is 50 currency pairs, but you’ll find outstanding platforms with 70, 80 or more pairs, catering to advanced traders looking to speculate on volatile exotics, such as the USD/MXN.

  • FOREX.com’s 80+ currency pairs remain the best range in our toplist for forex traders in Jamaica, including assets from Latin America, notably the USD/MXN, EUR/MXN and GBP/MXN.

Trading Fees

Choosing a forex broker with excellent pricing, notably tight spreads and low to zero commissions, is critical for short-term currency traders in Jamaica. Even small differences in fees will add up over time, impacting your overall profitability.

That’s why for every forex trading platform we test, we record and assess spreads on popular currency pairs, notably the EUR/USD, EUR/GBP and GBP/USD. Then we investigate non-trading fees, for instance, conversion charges if you fund your forex account in Jamaican Dollars.

Finally, we balance price with quality. This is because we’ve learned that sometimes it can be prudent to pay more for analyst insights and financial calendars that highlight economic releases that could affect the value of the Jamaican Dollar, for example.

  • IC Markets maintains its position as one of the lowest-cost forex brokers in Jamaica, featuring consistently low spreads of 0.1 pips on the EUR/USD, alongside cash rebates up to $2.50 per forex lot for active traders.

Charting Platforms

Selecting a forex trading platform with well-designed, reliable charting tools is essential, especially for short-term trading strategies.

Powerful third-party options, such as MetaTrader 4 and MetaTrader 5, are our top picks for experienced forex traders because they provide sophisticated tools for planning and executing fast-paced strategies, including support for automated forex trading.

However, newer options like TradingView offer similarly powerful charting tools but with a more user-friendly design and a huge social investment network.

Jamaican Dollar/US Dollar forex trading chart at TradingView
TradingView – JMD/USD Chart

We test the trading platforms of every forex broker we recommend to Jamaican traders, evaluating their usability, analytical tools and the overall environment for day traders.

  • Vantage stands out with MT4, MT5 and TradingView, plus its own ProTrader solution that sports a slick design we love using with an excellent charting package, integrated technical summaries, analyst views and financial news.

Account Funding

Most forex brokers do not support accounts in Jamaican Dollars (JMD), meaning you may need to transfer funds to an account based in the US Dollar (USD), for example. As such, it’s important to have access to secure and convenient deposit methods.

Despite cash remaining prevalent in Jamaica, Our Today reported growing interest in electronic payment methods and mobile wallets, with Lynk emerging as the most popular funding option.

💡
Jeton is also available in Jamaica and allows for convenient transfers to online forex brokers.

As well as checking forex brokers support convenient deposits and withdrawals, we also verify that the minimum deposit is accessible. Our findings show most forex brokers accept traders from Jamaica with a minimum deposit up to 250 USD, around 40,000 JMD.

  • Fusion Markets stands out with its 15+ payment methods, including convenient options for Jamaican forex traders like Jeton. There is also no minimum deposit, catering to budget traders.

Methodology

To identify the top forex trading platforms in Jamaica, we first found all the brokers accepting Jamaican traders and then ranked them by their total rating, which considers key areas, notably:DayTrading.com broker testing methodology overview

  • Licenses from trusted regulators, if not the BoJ or FSC then top-tier bodies in other jurisdictions.
  • A great range of currency pairs, including those of interest to Jamaicans from Latin America and the US.
  • Secure, hassle-free deposits for Jamaican forex traders, including accessible minimum investments of <$250.
  • Easy-to-use charting platforms with analytical tools to help capitalize on short-term trading opportunities in the foreign exchange market.
  • Excellent trading fees with tight spreads on popular currency pairs and no hidden charges.

FAQ

Forex trading is legal in Jamaica. However, the country’s financial regulators are less active than many bodies, such as the FCA in the UK or ASIC in Australia. As a result, many Jamaicans sign up with international forex brokers.

Make sure you pay any taxes due on forex trading in line with the Tax Administration Jamaica.

Who Regulates Forex Trading In Jamaica?

Jamaica’s financial markets are overseen by the Bank of Jamaica (BoJ) and the Financial Services Commission (FSC), including brokers that offer retail investors access to the foreign exchange market.

How Much Money Do I Need To Start Day Trading Forex In Jamaica?

After years of reviewing forex brokers in Jamaica we’ve found that most reputable trading platforms have a minimum deposit of up to 250 USD, around 40,000 JMD.

That said, XM is one of the highest-rated forex brokers in Jamaica and only requires a $5 deposit, around 750 JMD, making it an excellent option for traders with less starting capital.

Article Sources

The writing and editorial team at DayTrading.com use credible sources to support their work. These include government agencies, white papers, research institutes, and engagement with industry professionals. Content is written free from bias and is fact-checked where appropriate. Learn more about why you can trust DayTrading.com