Choose your quick section of our best FCMC Regulated Forex Brokers in Latvia below.
Our 10 Best Handpicked FCMC Regulated Forex Brokers in Latvia Revealed:
Latvia is a member of the World Trade Organization and the European Union which makes it an excellent country of trade for all investors as a wide selection of Brokerage Firms are available to choose from. The Commission was created with the goal of bringing together a number of regulatory bodies into one unified regulatory body, as the financial markets was expanding at such a rapid rate.
Here is an overview of the Top 13 FCMC Regulated and International Forex Brokers and Trading Platforms available to Latvian Investors:
Dukascopy
Dukascopy is an online forex & CFD broker headquartered in Geneva, Switzerland with 2 subsidiaries operating in the online trading space: Dukascopy Europe IBS AS based in Latvia and Dukascopy Japan K.K. based out of Tokyo. The two subsidiaries are regulated by their respective countries. Dukascopy Bank is a major Swiss financial institution, which as a whole is regulated by the Swiss Financial Market Supervisory Authority (FINMA), both as a bank and a securities dealer.
Pros and Cons
| Pros | Cons |
| Multiple Trading Tools | No US Clients |
| Deposit Insurance Scheme | Restricted Leverage |
| Expert News and Analysis | No MetaTrader 5 |
Trading instruments on offer include forex, CFDs based on cryptocurrencies, indices, bonds, stocks, and commodities, as well as binary options across the MetaTrader 4 (MT4) and JForex trading platforms. Accounts on offer are live, demo and a gold account.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Allows scalping | Demo account | Wire Transfer |
| Allows hedging | Micro account | Credit/Debit |
| Offers STP | Mini account | Bitcoin |
| Low min deposit | Standard account | |
| ECN account | ||
| Islamic account |
Customer service is available via social media, live chat and a call-back request. A online contact form may also be made available via the Brokers website.
XM Group
XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.
Pros and Cons
| Pros | Cons |
| Low stock CFD and withdrawal fees | Limited product portfolio |
| Easy and fast account opening | Average forex and stock index CFD fees |
| Great educational tools | No investor protection for non-EU clients |
XM offers traders more than 1000 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.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Micro | Wire Transfer |
| Low Spreads | Standard | Credit/Debit |
| Low Commission | XM Zero | Neteller |
| Hedging Allowed | UnionPay | |
| Scalping Allowed | WebMoney | |
| Qiwi |
Customer Service is available via live chat, Phone and email support.
HotForex
HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | Not FCA Regulated |
| Regulated by CySEC | |
| Min. deposit from $1 |
The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar. 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.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Micro account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Neteller |
| Low min deposit | Zero spread account | |
| Offers Negative Balance Protection | Islamic account |
Customer support is available via phone and email. A online contact form may also be made available via the Brokers website.
FBS
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).
Pros and Cons
| Pros | Cons |
| Negative Balance Protection | Limited Tradable assets |
| Excellent Regulation | Limited Trading Platforms |
| Available in Multiple Countries | |
| Award Winning Service |
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 .
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Copy Trading | Cent | Wire Transfer |
| Rapid Order Execution | Micro | Credit/Debit |
| Standard | Neteller | |
| Zero Spread | Bitwallet | |
| ECN | Perfect Money |
Customer Support is available 24/7 via a Call-back service, online Live Chat, Telegram, Viber and Facebook Messenger. A online contact form may also be made available via the Brokers website.
FXCM
Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinjaTrader and ZuluTrade.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 1999 | |
| Regulated by Financial Conduct Authority | |
| Min. deposit from $1 |
FXCM offers traders 4 main types of trading accounts to choose from, including Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Payoneer |
| Low min deposit | Islamic account |
Customer Support is available via Live Chat, Phone, Email and SMS.
Forex Time (FXTM)
FXTM or ForexTime was founded in 2011 and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295. FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary. Three accounts are offered under the Standard category. Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2011 | Not ASIC Regulated |
| Regulated by CySEC | |
| Min. deposit from $10 |
FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Payoneer |
| Low min deposit | Standard account | Neteller |
| Offers Negative Balance Protection | Zero spread account | |
| ECN account | ||
| Islamic account |
Customer Service is available via phone, email, online chat options – WhatsApp, live chat, Viber, Telegram or Messenger. A online contact form may also be made available via the Brokers website.
FP Markets
FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer. Over 100 instruments and over 60 currency pairs in total are on offer, on the popular MT4 forex trading platform. FP Markets also offers traders mobile apps for Android and iOS.
Pros and Cons
| Pros | Cons |
| Low Forex Fees | High Stock CFD fees |
| Easy Account Opening | Limited Product Portfolio |
| Quick Deposit and Withdrawal | Outdated Platform |
Trading benefits
| Trading Benefits | Accounts Offered | Funding Methods |
| Allows scalping | Mini | Bank Transfer |
| Allows hedging | Standard | Credit/Debit |
| Offers STP | ECN | Electronic Wallets |
| Low min deposit | STP | |
| Offers Negative Balance Protection | Managed |
All accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese. Customer Service is available via email, phone and live chat.
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
| Pros | Cons |
| Used by 200,000+ traders | Doesn’t offer VPS |
| Established in 2006 | Not FCA Regulated |
| Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI | |
| Min. deposit from $100 |
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
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | PayPal |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
Customer support is available by email, phone, or live chat. A online contact form may also be made available via the Brokers website.
Alpari
Alpari with its long-standing brand history, numerous offices, range of account types and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms. Alpari is regulated by the FSC.
Pros and Cons
| Pros | Cons |
| Transparent | Limited Research Tools |
| Suitable to all trader types | |
| No Deposit Fees |
Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker. The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| 250 tradable assets | Micro | Wire Transfer |
| PAMM Accounts | Standard | Credit/Debit |
| ECN | E-Wallets | |
| Pro MT4 | Cryptocurrency |
Customer Service is available via live chat, email and phone service.
HYCM
HYCM is an online broker which was founded in 1977 and offers Forex and CFDs trading on the popular MT4 forex trading platform plus mobile apps for Android and iOS.
Pros and Cons:
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 1977 | Inactivity Fee |
| Regulated by Financial Conduct Authority | Limited range of instruments |
| Min. deposit from $1 | Not ASIC Regulated |
Traders starting off with HYCM will need to make a minimum deposit of at least $100 and have the choice to sign up for a demo account perfect for various levels of traders, experienced or novice. a wide variety of instruments and currency pairs are available for trade: Over 100 instruments and over 40 currency pairs.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Micro account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Low min deposit | Standard account | PayPal |
| Islamic account | Payoneer |
HYCM customer service is available through WhatsApp, Skype, Viber, Telegram Instant messaging services, Facebook Chat and Phone – 24/5. A online contact form may also be made available via the Brokers website.
Markets.com
Markets.com offers traders access to the world’s most traded CFDs using instruments such as shares, currencies, indices, bonds, ETFs and commodities. Markets.com is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Pros and Cons
| Pros | Cons |
| Segregates client funds | Doesn’t offer VPS |
| Established in 2008 | Inactivity Fee |
| Regulated by CySEC, Financial Services Board | Limited range of instruments |
| Min. deposit from $100 | Not FCA Regulated |
To open a live account, traders will need to make a minimum deposit of at least $100. Markets.com offers over 2,146 different instruments to trade, including over 56 currency pairs on MT4 and MT5 forex trading platforms.
Trading Features
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Low min deposit | Standard account | PayPal |
| Guaranteed stop loss | Islamic account | Payoneer |
| Offers Negative Balance Protection |
Customer support is available in over 25 languages, 24/5 via email, telephone and 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
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2009 | Not FCA Regulated |
| Regulated by IFSC Belize | |
| Min. deposit from $10 |
When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a free 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
| Trading Benefits | Accounts Offered | Funding Methods |
| Allows scalping | Micro | Credit cards |
| Allows hedging | Mini | Bank Transfer |
| Offers STP | Standard | Payoneer |
| Low min deposit | Zero | Neteller |
| ECN | ||
| STP | ||
| Islamic |
Customer support is available via phone, Webchat, WeChat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.
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
| Pros | Cons |
| Lowest FX spreads | Does not accept U.S. clients |
| Regulated by FCA (U.K.) | Non-FX spread costs are high |
| Offers protection for client accounts | No guaranteed stop loss |
| Emphasis on customer service | No back-testing or automated trading capabilities |
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
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | PayPal |
| Low min deposit | Standard account | Skrill |
| Guaranteed stop loss | Islamic account | Payoneer |
| Offers Negative Balance Protection | Neteller |
XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.
The FCMC and Forex Trading Scams in Latvia
Latvian Forex traders have in recent years found themselves caught up in a number of frauds and trading scams. The FCMC was forced to tighten up its regulations and stricter supervisions have been set in place. As Latvia is a member of the European Union, FCMC regulated Forex brokers will able to enjoy passporting rights according to the European Markets in Financial Instruments Directive (MiFID). MiFID was designed with the goal to protect investors across the European Union.
Unregulated Forex Brokers in Latvia
Although the forex market as a whole is not entirely unregulated, it does not have one single, central regulating authority. However, the forex spot market, which accounts for the majority of trades, is indeed completely unregulated. With this said it is not at all unsurprising that some unregulated forex brokers will not deal fairly with their Latvian customers and, in some instances, defraud them. Latvian investors should by all cost avoid doing business with an unregulated entity as the safety of their capital cannot be guaranteed.
Conclusion
Finding a Forex Broker in Latvia is definitely not a tough ask as local and international Brokers offer their services to local clients.
Latvia, officially known as the Republic of Latvia is a country situated in the Baltic region of Northern Europe. The Commission was able to provide a better level of regulation and the entities turned out to be more efficient, and was able to oversee the markets in a more objective way. These regulatory improvements meant that the risk factors were much easier to identify and market participants and clients were better protected.
FCMC and Internationally Regulated Forex Brokers in Latvia
Latvia represents a very active country when it comes to Forex trading. Multiple international Forex brokerage firms have found Latvia as the ideal place to open a regional office, and many have continued to do so. These firms will enjoy an EU-recognized status, whilst paying lower taxes, and other expenses are significantly lower. This is one of the main reasons why international companies have chosen to move their companies to the east. Prices for goods and services are known to be much cheaper in comparison to the rest of the EU.
FAQs
Do all Forex Brokers offer Trading tools and Educational Materials?
Most Forex Brokers in the Financial Market will offer their clients access to a selection of trading tools and educational materials.
What is FCMC?
FCMC stands for the Financial and Capital Market Commission. The entity regulates financial institutions such as banks and insurance companies in Latvia.
What does the FCMC do?
The FCMC is responsible for overseeing and regulating the activity of brokers and other financial institutions in Latvia.
Top 4 Brokers
