10 Best BCU Regulated Forex Brokers in Uruguay

Choose your quick section of our best BCU Regulated Forex Brokers in Uruguay below.

Our 10 Best Handpicked BCU Regulated Forex Brokers in Uruguay Revealed:

• ✔️TD Ameritrade
• ✔️IC Markets
• ✔️XTB
• AvaTrade
• Roboforex
• Trading 212
• Pepperstone
• Interactive Brokers
• OctaFX
• Olymp Trade

Uruguay, officially the Oriental Republic of Uruguay, is a country situated in the south eastern region of South America.  Uruguay is home to an estimated 3.51 million potential Forex traders and the country is a popular tourist destination. Here is an overview of the 10 Best BCU and Globally Regulated Online Brokers and Trading Platforms available to local investors.

TD Ameritrade

TD Ameritrade remains one of the largest online brokers available in the Financial Markets to date and offers their clients a choice of platforms, including its website and a selection of mobile apps.  TD Ameritrade and Charles Schwab are now part of one company and even though changes may be in progress, the complete merger of Charles Schwab and TD Ameritrade may take some time to finalize.  Charles Schwab is also confirmed that the award winning Thinkorswim trading platform will be and stay available to all clients.

Pros and Cons

TD Ameritrade clients can trade a wide range of assets including Stocks, ETF, Forex, Funds and Bonds.

Trading Benefits

Customer Service is available via live chat and phone respectively.

IC Markets

IC Markets is a regulated Forex ECN and CFD broker which offers more than 236+ financial instruments across Forex, Commodities, Indices, Bonds, Cryptocurrency, Stocks and Futures on the MetaTrader 4, MetaTrader 5 and cTrader platforms for desktop, web and mobile.  IC Markets is regulated by the Australian Securities and Investments Commission (ASIC), the Cyprus Securities and Exchange Commission (CySEC), as well as the Seychelles Financial Services Authority (FSA).

Pros and Cons

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.

Trading Benefits

Customer support is available 24/7 via Live Chat, Phone and Email.

XTB

XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016. XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:  xStation5, MT4

Pros and Cons

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

Trading Benefits

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

AvaTrade

AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.

Pros and Cons

For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform.  AvaTrade also offer mobile apps for Android and iOS.

Trading benefits

Customer support is available by email, phone, or live chat.

Roboforex

Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading.  Roboforex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.

Pros and Cons

When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform.  Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs.  Roboforex offers over 100 instruments and over 35 currency pairs in total.   Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders.   Roboforex also offer mobile apps for Android and iOS.

Trading Benefits

Customer support is available via phone, Webchat, WeChat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.

Trading 212

Trading 212 are an online broker which was founded in 2006 and offers Stocks trading, Forex trading, Commodities trading, and Indices trading.  Trading 212 are a global broker and has a head office situated in UK.  Trading 212 is Regulated by the Financial Conduct Authority (FCA), Financial Supervision Commission (FSC) and is used by over 14,000,000 traders.

Pros and Cons

Trading 212 are the UK’s number one trading and investment app with over 14,000,000 downloads, thus a large userbase but is not available in the following countries: US

Trading Benefits

Trading 212 offers an outstanding, highly responsive customer service team available 24 hours a day across a variety of platforms and in 16 different languages.

Pepperstone

Pepperstone was founded in 2010 and is regulated by the Australian Securities and Investments Commission (ASIC), as well as the UK’s Financial Conduct Authority (FCA).

Pros and Cons

Trading platforms on offer include MetaTrader 4,  MetaTrader 5 and cTrader. All three FX trading platforms come with a free demo account which will allow traders to test out the forex broker and platform for 30 days.

Trading Benefits

Pepperstone offers 24/5 multiple language support via email, phone and live chat.

Interactive Brokers

Interactive Brokers was founded in 1978 and is regulated by multiple financial authorities including the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC). Interactive Brokers offers many account types, which fall into two big groups:  accounts for individual traders and investors,   accounts for institutions.

Pros and Cons

Trading Benefits

Traders can choose between two different web trading platforms: The Client Portal and WebTrader and IBKR Mobile, Interactive Broker’s mobile trading platform, is available both for iOS and Android.  Users can trade on Stock, Forex, Option and Futures – to name but a few. Customer Service is available 24/7 via Live Chat, Phone and Email.

OctaFX

OctaFX is an online broker which was founded in 2011, offering Forex trading.  As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account.  OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.

Pros and Cons

OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.

Trading Benefits

Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

Olymp Trade

Olymp Trade is a well-known online trading platform, which offers trader multiple different assets, including binary options. Olymp Trade is regulated by the IFC. 

Pros and Cons

Safety measures and precautions are put first by this platform and it is considered a financial organization which keeps the interests of their clients in mind at all times.

Trading Benefits

Customer Support is available via Phone, email and their website.

How to choose the best Online broker in Uruguay

Any Forex broker that wishes to offer their services in the country of Uruguay  must  be authorised and regulated. Using a regulated broker will offer investors a certain level of protection which unregulated brokers cannot. Many experts and professional traders will only make use of regulated online brokers.  Trading online in Uruguay has become extremely popular among residents and there are multiple internationally regulated brokers who  accept clients from Uruguay.  In order to identify if a broker which is legally licensed to operate in Uruguay, investors can identify the regulation number from the disclosure text at the bottom of the brokers homepage. The  brokerage firm will also be listed with the Banco Central del Uruguay.

Uruguay Broker Trading Platforms

Each Forex broker will offer clients a range of different trading platforms for a selection of devices including desktop, web and mobile trading apps. Trading platforms should be user friendly and offer a wide selection of tools and functionality to suit different trading strategies and styles. If an investor is already familiar with a particular platform, they may wish to ensure that this platform is indeed made available. If an investor is brand new to trading online, MetaTrader and cTrader are considered to be the best trading platforms for forex and stock trading.

Uruguay Broker Trading Instruments

Forex Brokers should be able to provide traders in Uruguay with a wide range of trading instruments across multiple asset classes including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Options, ETFs and CFDs. The larger the choice of markets on offer, the easier it may be for clients to expand and diversify their portfolio.

Uruguay Broker Spreads

Generally, Forex Brokers will charge a spread for each trade placed. The spread referrers to the difference between the bid and ask price at the time a position is executed into the market. In general, the lower the brokers spread, the better the price a client can enter into the market and this can potentially lower their trading costs in the long run. However, execution speeds can also be dependent on other factors such as the brokers liquidity, slippage and execution model.

Uruguay Broker Commission

The majority of Forex brokers will charge their clients a small commission fee for placing trades through them. This is another cost which investors should consider alongside the spread. The lower the brokers commission fee, the more clients can potentially save on trading expenses. Some trading strategies will be dependent on tight spreads and low commission fees.

Uruguay Broker Fees

In addition to the spreads and commissions, there may also be additional fees. These fees can include overnight swap fees, funding fees, platform fees, trading tool fees, educational resource fees, inactivity fees, etc.

Uruguay Broker Execution Speeds

Execution speeds will determine how quick a clients order is placed on the market. The quicker the execution speed, the better the price may be. Instant execution should mean that the order is placed as close to the clients desired price as possible. Slippage in turn refers to how many points from a clients requested price the position was actually placed at. The best brokers in Uruguay should offer fast trade execution speeds with minimal slippage.

Uruguay Broker Liquidity Providers

A market maker or liquidity provider is a company or an individual which quotes both a buy and a sell price in a financial instrument or commodity held. Online Brokers will generally speaking have a liquidity pool which consists of various liquidity providers. The best brokers in Uruguay will preferably have a vast range of top liquidity providers (LPs) with deep liquidity pools available.

Uruguay Broker Trading Tools

The trading platforms provided by brokers must offer investors an abundance of useful trading tools to assist them with conducting thorough market analysis. Some Brokers may offer additional trading tools to help deliver a more efficient trading experience,  including economic calendars, trading calculators, daily market analysis, trading signals and much more.

Uruguay Broker Educational Resources

The best Forex brokers should have a wide selection of educational materials available to help traders increase their trading knowledge and improve their trading skills. Educational Resources may include tutorial videos, trading guides, eBooks, trading glossary, FAQs, webinars and seminars.

Uruguay Broker Account Types

Forex brokers will offer their clients at least one real trading account and one demo trading account. Most brokers will have a selection of different account types on offer, created to suit a range of different client needs. These accounts will vary in the minimum deposit required, leverage available, execution type, spreads, commissions, instruments, additional services and more.   Demo accounts are especially useful to entry level investors to practice trading online with virtual funds.  Investors can make use of Demo accounts to familiarise themselves with the firms trading platforms and broker services.

Uruguay Broker Account Funding Options

When a client opens a broker account, they will be able to make deposits and withdrawals using the funding methods made available. Most brokers will offer wire transfer, credit/debit card payments and online payment processors such as Skrill, Neteller and PayPal. The best brokers in Uruguay should offer their clients a choice of convenient funding options suited to their personal needs.

Uruguay Broker Customer Support

Most online brokers will have customer support available via telephone, email or live chat. Traders should ensure that their chosen broker can be reached in a convenient way, is prompt, polite and efficient in their responses.

The BCU and Online Brokers in Uruguay

The Forex market and Online Brokers falls under the supervision of the BCU in Uruguay and firms who wish to open regional offices will be required to first fulfil the criteria imposed by the national regulatory authority.

The BCU regulates and supervises all financial institutions and administers international reserves in Uruguay and acts as the banker and advisor to the Uruguayan government.

Conclusion

Whilst these are some of the most important factors in the process of choosing a broker in Uruguay, it will differ depending on individual trader needs. It is extremely important that a client chooses a broker which meets their own personal requirements and trading needs.

FAQs

What is BCU?

The BCU stands for The Banco Central del Uruguay – also known as The Central Bank of the Uruguay.

What does BCU do?

The BCU is responsible for a range of responsibilities including issuing money and managing currency to regulating all financial institutions.

Are BCU regulated brokers safe?

If a Broker is regulated by the BCU it will mean fair trades, no cryptocurrency scams, and fully licensed operations. Therefore, BCU regulated brokers are considered to be 100% safe.