Best Forex Brokers in Armenia 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best brokerage companies in Armenia based on our analysis:
- 1
Roboforex - Best broker in Armenia - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts. - 2
FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools. - 3
Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure. - 4
XM - Wide range of trading assets. Extensive educational resources. Tight spreads on the Ultra Low account. - 5
InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support. - 6
Libertex - Tight spreads and attractive trading conditions. Wide selection of trading assets. Rich selection of educational materials and analytics. - 7
Alpari - A wide range of trading accounts. Flexible conditions for depositing and withdrawing funds. Diversity of trading platforms. - 8
- 9
Gerchik & Co - Transparent information about the broker's owners. A large number of trading accounts. Decent services that can help improve Forex trading. - 10NPBFX - A rich selection of analytical tools and resources. Extensive education section. A variety of trading account types.
The top 10 best Forex brokers in Armenia list was developed based on strict criteria, including reliability, user interface, trading conditions, as well as the level of support and protection of client investments.
List of the Best Forex Brokers in Armenia in 2024
1. RoboForex
RoboForex is recognized as one of the few Forex brokers with an impeccable reputation. The company strictly adheres to its regulations, does not delay payments, and provides fair quotes. RoboForex can be a good choice for both novice and professional traders due to its robust offerings, which include a variety of trading instruments, account types, platforms, and competitive trading conditions. The broker's commitment to transparency and customer service further solidifies its standing in the Forex community.
Pros and Cons of Roboforex
Pros
- A variety of trading platforms.
- Over 12,000 trading assets.
- Different types of trading accounts.
- Competent 24/7 customer support.
- Loyalty programs and bonus offers for clients.
- Low spreads and fees.
Cons
- Regulation in an offshore jurisdiction.
- Beginner traders may find a lack of educational materials.
2. FxPro
FxPro provides a comprehensive range of services and tools for traders. With its variety of trading accounts, platforms, and available markets, it is well-suited to meet the needs of different traders. This broker suits traders looking for a wide selection of markets, diverse platforms, and analytical tools. It is also apt for beginner traders, thanks to the educational materials and experienced traders who value flexible trading conditions.
Pros and Cons of FxPro
Pros
- Various trading platforms.
- A diverse range of available markets and products.
- Multiple analytics tools.
- Extensive educational materials.
Cons
- An inactivity fee.
- Absence of cent accounts and services for copying trades.
3. Deriv
Deriv is an appealing choice for a wide array of traders, particularly those who are just beginning or are at an intermediate level. Its user-friendly approach, diverse platforms, and low-cost structure make it ideal for individuals seeking a straightforward trading experience. While it may not fully satisfy the needs of highly advanced traders due to some limitations in educational and analytical resources, Deriv's overall offering is solid, making it a reliable and accessible broker for most trading requirements.
Pros and Cons of Deriv
Pros
- Simple and fast account opening process.
- A wide variety of account types cater to different trading needs.
- Low commission structure.
- A wide range of trading platforms.
- High-quality technical support with fast and effective responses.
Cons
- Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
- Educational materials are confined to a blog and lack comprehensive learning resources.
4. XM
XM broker offers a wide range of services, making it an attractive option for various traders. With over 1500 trading instruments, extensive educational resources, and numerous trading platforms, XM is ideally suited for beginners and experienced traders. Novice traders will particularly appreciate the accessible educational materials and low entry threshold, while professionals will find the competitive spreads and diversity of instruments appealing.
Pros and Cons of XM
Pros
- Wide range of trading assets.
- Extensive educational resources.
- Tight spreads on the Ultra Low account.
- Many analytical materials.
- Commission-free deposits and withdrawals.
Cons
- Inconsistency in technical support.
- Inactivity fee.
- Standard account has a higher spread than the market average.
5. InstaForex
InstaForex is a popular broker that offers a wide range of trading instruments and specialized accounts. The unique possibility of accruing interest on the account balance, ForexCopy's automatic transaction copying service, and support for cryptocurrency trading make InstaForex an attractive choice for a variety of traders. Customer support is available round the clock, and account replenishment does not charge any commission, which is a significant plus.
InstaForex is suitable for beginner traders and investors interested in passive income through PAMM accounts, as well as for those looking for innovative features such as cryptocurrency trading and automatic trade copying.
Pros and Cons of InstaForex
Pros
- Large selection of trading instruments.
- PAMM accounts and the ForexCopy automatic trade copying service for passive income.
- 24/7 efficient customer support.
- Wide range of methods for depositing and withdrawing funds.
- Decent analytical section.
Cons
- Trading commissions are above average.
- No trading accounts with market execution of orders (ECN or STP).
- Broker commission on fund withdrawals.
6. Libertex
Libertex is an established broker offering various trading instruments and educational resources. With zero commission on deposits and various analytical tools, this broker can appeal to novice and experienced traders.
Pros and Cons of Libertex
Pros
- Tight spreads and attractive trading conditions.
- Wide selection of trading assets.
- Rich selection of educational materials and analytics.
Cons
- High swaps and inactivity fee.
7. Alpari
Alpari has established itself as a stable and reliable broker, providing its services on Forex for over 20 years. The broker is widely popular among professional traders due to its wide range of trading accounts and instruments and convenient and practical services for investing—PAMM accounts and portfolios. Beginning traders will find quality support, training courses, and favorable trading conditions at Alpari.
Overall, Alpari is an excellent choice for beginners and professional traders.
Pros and Cons of Alpari
Pros
- A wide range of trading accounts.
- Flexible conditions for depositing and withdrawing funds.
- Diversity of trading platforms.
Cons
- Licensing in the Comoros does not provide the same level of investor protection as in countries with stricter regulators.
- Fees for fund withdrawal and inactivity charges.
- Limited choice in terms of different asset classes.
8. Grand Capital
Grand Capital is a broker that offers a wide range of trading instruments and account types, making it an attractive choice for traders with different strategies and experience. Narrow spreads, especially on major currency pairs, ensure competitive trading conditions and the availability of educational materials that support novice and experienced traders in their development. The 24/7 multi-lingual support ensures that assistance is promptly provided.
Grand Capital will suit traders who appreciate a variety of trading tools and account types, as well as those who actively utilize educational resources to enhance their skills. The broker will be especially attractive for those who prefer to use MetaTrader platforms and are not concerned about the potential risks of the lack of strict regulation.
Pros and Cons of Grand Capital
Pros
- Diversity of trading account types.
- Tight spreads.
- A wide range of trading assets.
- Multilingual support 7 days a week, 24 hours a day.
Cons
- It is not regulated by leading financial regulators.
- High swaps.
- Lack of MetaTrader alternatives.
9. Gerchik & Co
Gerchik & Co. serves as a commendable platform for traders of all levels. The wide array of trading instruments and platforms makes this broker attractive to novices and seasoned traders.
The educational materials provided by the broker can be particularly beneficial for beginners and those looking to deepen their knowledge. In addition, the broker offers a variety of technical support communication options, which can be valuable for traders requiring immediate assistance.
This broker is suitable for novice and experienced traders due to its comprehensive approach and attention to detail regarding trading and education.
Pros and Cons of Gerchik & Co
Pros
- Transparent information about the broker's owners.
- A large number of trading accounts.
- Decent services that can help improve Forex trading.
- Educational courses, webinars, analytics.
- Opportunity for passive income on TIMA accounts.
- Contests on demo accounts and broker promotions.
Cons
- High commission for transactions on certain types of accounts.
- The website and personal account area may seem inconvenient (according to reviews).
- High deposit requirements for training or using services.
10. NPBFX
NPBFX is suitable for novice and experienced traders, thanks to its extensive educational program, various account types, and set of trading instruments. The broker is particularly noteworthy for those who value quality technical analysis and a diversity of trading instruments.
Despite certain drawbacks, NPBFX provides quality service and can be used by most traders.
Pros and Cons of NPBFX
Pros
- A rich selection of analytical tools and resources.
- Extensive education section.
- A variety of trading account types.
- Numerous available methods for depositing and withdrawing funds.
Cons
- High commission per trade on the Zero account.
- Lack of alternatives to the MetaTrader 4 platform.
- Regulation in an offshore jurisdiction.
Regulation of Forex Brokers in Armenia
In Armenia, the activities of Forex brokers are not distinguished into a separate category of financial services but are subject to general regulatory rules applicable to financial intermediaries. All local brokers wishing to provide services in the Forex market must register on the Armenian Stock Exchange, which is a key condition for starting their activities.
To obtain the right to provide Forex services in the country, a company must meet several requirements, including official registration of a legal entity in Armenia, providing a developed business plan, having qualified specialists with financial or economic education and a minimum of three years of work experience on staff, as well as providing equipment and software for executing client orders for research.
Despite these requirements, the Central Bank of Armenia (CBA) and the stock exchange show limited interest in attracting Forex dealers to the market, mainly due to their work with relatively small amounts and the high risk of losses for inexperienced investors. This leads to Forex trading in Armenia being considered high-risk and may cause dissatisfaction among citizens due to the rapid loss of deposits.
Since 2020, the requirement for Forex dealers to obtain a special license has been abolished, but all Armenian brokers must obtain a standard permit to provide financial services and register membership on the exchange. Additionally, brokers are prohibited from accepting funds from unqualified clients, limiting their work to companies and investors with investment experience or financial education.
These factors combined lead to Forex brokers in Armenia not being widely popular among locals, who prefer to open accounts with offshore brokers offering more attractive trading conditions, including high leverage, various Forex bonuses, and low spreads.
How We Compiled the List of Top Forex Brokers in Armenia
The list of the best Forex brokers in Armenia was compiled based on several key criteria, specifically tailored to the needs of the Armenian market:
The position of each broker in the ranking is based on our overall list of Forex brokers.
The evaluation of brokers was carried out according to a unique methodology, which includes a detailed analysis of their trading conditions, level of customer support, availability of licenses, and compliance with regulatory standards.
All brokers included in the list are highly popular among Armenian traders and offer services that have been specifically adapted to meet the needs of traders from Armenia.
These criteria ensure that the Forex brokers selected for the rating meet strict quality and safety standards while offering trading conditions optimally suited for investors from Armenia.
FAQ
Which brokers are the best?
Choosing the best broker depends on your needs and preferences. Among the popular and time-tested brokers, the following can be highlighted:
- IC Markets: Known for low spreads and fast order execution.
- RoboForex: Offers a wide range of trading instruments and good educational support.
- Alpari: Known for its variety of bonuses and promotions for traders.
- FxPro: Offers high-quality analytical materials and a wide range of trading platforms.
Each broker has its advantages and disadvantages, so it is recommended to study them in detail and choose the one that best meets your requirements.
How much does a broker charge?
Broker commissions and fees can vary depending on the type of account, the chosen platform, and trading instruments. The main types of commissions include:
- Spread: The difference between the buying and selling price of an asset.
- Transaction Fee: A fixed fee for each opened position.
- Swaps: Fee for carrying a position over to the next day.
- Additional Fees: Fees for withdrawals, account inactivity, and other services. It is recommended to carefully review the broker's terms before starting to trade.
What can a broker do?
A broker provides access to financial markets and performs the following functions:
- Order Execution: Buying and selling assets at the trader's request.
- Provision of Trading Platforms: Access to software for analysis and trading.
- Educational Materials: Courses, webinars, and articles to improve trader skills.
- Analytical Tools: Charts, indicators, and analytical reviews.
- Technical Support: Assistance in resolving technical and organizational issues.
How to Distinguish a Broker from a Scammer?
To distinguish a reliable broker from a scammer, pay attention to the following aspects:
- Regulation: Reliable brokers have licenses from reputable regulators (e.g., FCA, CySEC, ASIC).
- Transparency: Open information about the company, trading conditions, and commission fees.
- Reviews and Reputation: Study client reviews and ratings on specialized forums and websites.
- Contact Information: Availability of real contact details and offices.
- Customer Support: Quality and prompt customer support.
How to Check the Reliability of a Broker?
You can check the reliability of a broker in the following ways:
- License Verification: Ensure the broker has a license from a reputable regulator.
- Study Trading Conditions: Carefully review the trading conditions, commissions, and spreads.
- Analyze Reviews: Study reviews and ratings on independent resources.
- Platform Testing: Try a demo account to assess the quality of order execution and platform convenience.
- Company History Check: Study how long the broker has been in the market and its reputation.
What to Do If a Broker Scams You?
If you encounter fraud from a broker, it is recommended to take the following steps:
- Gather Evidence: Save all correspondence, screenshots, and documents proving the fraud.
- Contact the Regulator: File a complaint with the regulatory body that issued the broker's license.
- Consult a Lawyer: Seek help from a lawyer specializing in financial disputes.
- Report to Financial Organization: File a complaint with the bank or payment system through which the transfers were made.
- Post Reviews: Leave a review on specialized forums and websites to warn other traders.
