Best Forex Brokers in Azerbaijan 2024

Last updated Jul 3, 2024

We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best brokers in Azerbaijan based on our analysis:

  1. 1
    Roboforex Logo
    Roboforex - Best Forex broker in Azerbaijan - A variety of trading platforms. Over 12,000 trading assets. Different types of trading accounts.
  2. 2
    FxPro Logo
    FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools.
  3. 3
    AMarkets Logo
    AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations.
  4. 4
    InstaForex Logo
    InstaForex - Large selection of trading instruments. PAMM accounts and the ForexCopy automatic trade copying service for passive income. 24/7 efficient customer support.
  5. 5
    Fibo Group Logo
    Fibo Group - A wide selection of trading and investment accounts. Low spreads, which facilitates more profitable trading. A wide range of payment methods.
  6. 6
    Libertex Logo
    Libertex - Regulated Broker. Tight spreads and attractive trading conditions. Wide selection of trading assets.
  7. 7
    Alpari Logo
    Alpari - A wide range of trading accounts. Flexible conditions for depositing and withdrawing funds. Diversity of trading platforms.
  8. 8
    Grand Capital Logo
    Grand Capital - Diversity of trading account types. Tight spreads. A wide range of trading assets.
  9. 9
    Gerchik & Co Logo
    Gerchik & Co - Transparent information about the broker's owners. A large number of trading accounts. Decent services that can help improve Forex trading.
  10. 10
    NPBFX Logo
    NPBFX - A rich selection of analytical tools and resources. Extensive education section. A variety of trading account types.

In 2024, the Azerbaijani Forex market is opening new opportunities for traders, offering a variety of reliable brokerage companies. Our Top 10 Forex Brokers in Azerbaijan, formed based on strict criteria and extensive research, will be the key to success in the trading world.

List of the Best Forex Brokers in Azerbaijan in 2024

1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2009
Minimum Deposit
$10
2
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2006
Minimum Deposit
$100
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2007
Minimum Deposit
$100
4
Register71.99% of retail investors lose money when trading CFDs with this broker
Foundation Year2007
Minimum Deposit
$1
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year1998
Minimum Deposit
$1
6
Register74.91% of retail investors lose money when trading CFDs with this broker
Foundation Year1996
Minimum Deposit
$10
7
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year1998
Minimum Deposit
$20
8
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2006
Minimum Deposit
$10
9
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2015
Minimum Deposit
$100
10
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2016
Minimum Deposit
$10

After a comprehensive analysis of numerous companies, we have compiled a list of the most reliable and efficient Forex brokers in Azerbaijan for traders of various experience levels. Below you will find detailed reviews of the best Forex brokers in Azerbaijan, which will help you make an informed choice. Our reviews contain an in-depth analysis of each broker, including their trading conditions, tools, and technologies, as well as real reviews from traders who have already used their services. Whether you are new to Forex or an experienced trader looking for a reliable partner, our reviews will provide you with the necessary information to make the right decision and choose a broker that meets your requirements and financial goals in the Forex market in Azerbaijan.

1. RoboForex

Roboforex Logo
1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesStocksETFPrecious MetalsEnergy CarriersSoft CommoditiesFutures
Trading Platforms
MetaTrader 5MetaTrader 4R WebTraderR MobileTraderR StocksTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип AdvCash
Логотип Perfect Money
Логотип Касса24
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип JCB
compare Roboforex trading accounts

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

  1. A variety of trading platforms.
  2. Over 12,000 trading assets.
  3. Different types of trading accounts.
  4. Competent 24/7 customer support.
  5. Loyalty programs and bonus offers for clients.
  6. Low spreads and fees.

Cons

  1. Regulation in an offshore jurisdiction.
  2. Beginner traders may find a lack of educational materials.

2. FxPro

FxPro Logo
2
4.4/5
FxPro review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4FxPro EdgeMetaTrader 5cTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип UnionPay
compare FxPro trading accounts

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

  1. Various trading platforms.
  2. A diverse range of available markets and products.
  3. Multiple analytics tools.
  4. Extensive educational materials.

Cons

  1. An inactivity fee.
  2. Absence of cent accounts and services for copying trades.

3. AMarkets

AMarkets Logo
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Perfect Money
Логотип Neteller
Логотип FasaPay
Логотип Bank Transfer
Логотип Система быстрых платежей (СБП)
Логотип Visa
Логотип Mastercard
Логотип Мир
Логотип HUMO
compare AMarkets trading accounts

AMarkets is a versatile broker offering a full range of services in the Forex market. It enables independent trading and investing funds in copy trading with equal success.

Traders can access several accounts with low spreads, permitted scalping, and fast trade execution. Up-to-date analytics, valuable services, and rapid fund withdrawal support a stable technical platform.

Investors who are not keen on engaging in independent trading can still achieve significant profits by copying the trades of successful traders. Building a portfolio is time-efficient and offers the possibility of passive income.

Pros and Cons of AMarkets

Pros

  1. A wide range of trading assets.
  2. Extensive analytical capabilities using modern tools and trading robots.
  3. No commissions on many operations.
  4. Convenience and simplicity of opening an account and managing it.

Cons

  1. Not the most extensive educational materials.
  2. On some assets, spreads are higher than those of competing Forex brokers.

4. InstaForex

InstaForex Logo
4
Register71.99% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4InstaForex Webtrader
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип YooMoney
Логотип PayCo
Логотип AstroPay
Логотип Swift
Логотип Visa
Логотип Mastercard
compare InstaForex trading accounts

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

  1. Large selection of trading instruments.
  2. PAMM accounts and the ForexCopy automatic trade copying service for passive income.
  3. 24/7 efficient customer support.
  4. Wide range of methods for depositing and withdrawing funds.
  5. Decent analytical section.

Cons

  1. Trading commissions are above average.
  2. No trading accounts with market execution of orders (ECN or STP).
  3. Broker commission on fund withdrawals.

5. FIBO Group

Fibo Group Logo
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexCryptocurrencyPrecious MetalsEnergy CarriersSoft CommoditiesIndices
Trading Platforms
MetaTrader 4cTraderMetaTrader 5
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип WebMoney
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Fibo Group trading accounts

FIBO Group is suitable for various types of traders, including beginners and experienced ones. The broad selection of accounts and trading platforms allows every trader to find an appropriate solution. Additionally, educational materials and analytics will aid in skill development and making informed trading decisions.

The broker offers competitive trading conditions, various instruments, and robust support. However, fees and the absence of certain assets may limit its potential.

Pros and Cons of Fibo Group

Pros

  1. A wide selection of trading and investment accounts.
  2. Low spreads, which facilitates more profitable trading.
  3. A wide range of payment methods.
  4. Availability of various trading platforms.
  5. Comprehensive analytics and educational materials.

Cons

  1. An inactivity fee.
  2. Withdrawal fees.
  3. The absence of stocks and ETFs in the range of instruments.

6. Forex Club Libertex

Libertex Logo
6
Register74.91% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexStocksCryptocurrencyETFPrecious MetalsEnergy CarriersSoft CommoditiesIndicesBonds
Trading Platforms
LibertexMetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Jeton
Логотип WebMoney
Логотип VLoad
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
Логотип Maestro
compare Libertex trading accounts

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

  1. Regulated Broker.
  2. Tight spreads and attractive trading conditions.
  3. Wide selection of trading assets.
  4. Rich selection of educational materials and analytics.

Cons

  1. High swaps and inactivity fee.
  2. No email address provided for support contact and no chat on the website.

7. Alpari

Alpari Logo
7
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyPrecious MetalsEnergy CarriersStocks
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Perfect Money
Логотип VLoad
Логотип AdvCash
Логотип WebMoney
Логотип Касса24
Логотип Neteller
Логотип Wallet One
Логотип Skrill
Логотип TC Pay
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Alpari trading accounts

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

  1. A wide range of trading accounts.
  2. Flexible conditions for depositing and withdrawing funds.
  3. Diversity of trading platforms.

Cons

  1. Licensing in the Comoros does not provide the same level of investor protection as in countries with stricter regulators.
  2. Fees for fund withdrawal and inactivity charges.
  3. Limited choice in terms of different asset classes.

8. Grand Capital

Grand Capital Logo
8
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesETFStocksBondsPrecious MetalsEnergy CarriersSoft CommoditiesCryptocurrency
Trading Platforms
MetaTrader 4WebTraderMetaTrader 5
Deposit/withdrawal:
Логотип Perfect Money
Логотип PayRedeem
Логотип Credit and Debit Cards
compare Grand Capital trading accounts

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

  1. Diversity of trading account types.
  2. Tight spreads.
  3. A wide range of trading assets.
  4. Multilingual support 7 days a week, 24 hours a day.

Cons

  1. It is not regulated by leading financial regulators.
  2. High swaps.
  3. Lack of MetaTrader alternatives.

9. Gerchik & Co

Gerchik & Co Logo
9
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип AdvCash
Логотип Perfect Money
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
compare Gerchik & Co trading accounts

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

  1. Transparent information about the broker's owners.
  2. A large number of trading accounts.
  3. Decent services that can help improve Forex trading.
  4. Educational courses, webinars, analytics.
  5. Opportunity for passive income on TIMA accounts.
  6. Contests on demo accounts and broker promotions.

Cons

  1. High commission for transactions on certain types of accounts.
  2. The website and personal account area may seem inconvenient (according to reviews).
  3. High deposit requirements for training or using services.

10. NPBFX

NPBFX Logo
10
3.9/5
NPBFX review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyETFStocksCommodities
Trading Platforms
MetaTrader 4
Deposit/withdrawal:
Логотип WebMoney
Логотип Qiwi
Логотип YooMoney
Логотип Moneta.ru
Логотип FasaPay
Логотип Skrill
Логотип Neteller
Логотип AdvCash
Логотип Perfect Money
Логотип Payoma
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип Альфа Банк
Логотип Промсвязьбанк
Логотип Русский Стандарт
Логотип Faktura.ru
Логотип Почта Банк
compare NPBFX trading accounts

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

  1. A rich selection of analytical tools and resources.
  2. Extensive education section.
  3. A variety of trading account types.
  4. Numerous available methods for depositing and withdrawing funds.

Cons

  1. High commission per trade on the Zero account.
  2. Lack of alternatives to the MetaTrader 4 platform.
  3. Regulation in an offshore jurisdiction.

Regulation of Forex Brokers in Azerbaijan

The key regulatory organization overseeing the activities of Azerbaijani brokers is the Central Bank of the Republic of Azerbaijan (CBAR). To legally operate in the Azerbaijani market, brokers must have a CBAR license, which confirms their reliability and compliance with strict financial criteria. CFD and Forex brokers with a CBAR license are required to adhere to stringent financial norms, including ensuring the necessary level of capitalization and compliance with trading operation rules and regulations.

However, Azerbaijani traders can also trade with foreign brokers, most of which are represented in our list. This gives traders a wide range of options, allowing them to find the most suitable conditions and opportunities for their trading strategies.

National Features of the Forex Market in Azerbaijan

In Azerbaijan, the majority of the population practices Islam, and this has its own features in the context of trading in the Forex market. Given that Islam has certain prohibitions related to financial operations, it is important to choose Forex brokers that offer accounts compliant with Sharia principles.

The main prohibitions affecting Forex trading in the context of Islam:

  1. Interest (Riba) is prohibited, which limits the use of regular Forex accounts.

  2. Violation of the principle of immediate money transfer between transaction participants.

  3. Participation in currency operations that can be considered gambling.

  4. Potential harm to public welfare.

The solution for Muslim traders in Azerbaijan is to use Islamic trading accounts. These accounts comply with Islamic laws, excluding interest and other elements that contradict Sharia.

Features of Islamic trading accounts:

  • Immediate transfer of funds between transaction participants.

  • Order execution without delays.

  • No swaps and interest charges for position rollover.

Azerbaijani brokers offering Islamic accounts may compensate for the lack of swap income by increasing spreads. It is also important to note that the range of available currency pairs on such accounts may be limited. Before opening an account, it is recommended to familiarize yourself with the trading conditions and available instruments by contacting customer support or studying the broker's documentation.

How to Choose the Best Forex Broker in Azerbaijan

Choosing a Forex broker is an important step for successful trading in the international currency market. To determine the right Forex broker in Azerbaijan, it is necessary to carefully consider a number of key factors that match your personal needs and trading style. It is important that the chosen broker meets your expectations and does not have drawbacks that could negatively impact your trading. When choosing a Forex broker, the following aspects should be considered:

  1. Broker Regulation. Prefer brokers regulated by authoritative bodies such as the CB AR, FCA, ASIC, CySEC. This ensures the reliability and transparency of their operations.

  2. Account Types. Ensure that the broker offers account types that suit your experience and capital size.

  3. Trading Platforms. Choose a broker with convenient and functional trading platforms that meet your requirements.

  4. Trading Conditions. Evaluate spreads, commissions, minimum deposit, and lot sizes to ensure they meet your trading needs.

  5. Customer Support. Check the quality and responsiveness of customer support, as well as the available communication methods.

Considering all these criteria, you will be able to make a balanced choice of a Forex broker in Azerbaijan. We recommend starting with opening a demo account to practically evaluate the offered services and platform convenience.

How We Compiled the List of Top Forex Brokers in Azerbaijan

The list of the best Forex brokers in Azerbaijan was compiled based on carefully selected criteria:

  1. The list of brokers is determined based on our own Forex broker rating.

  2. Forex brokers received high ratings according to our specialized evaluation methodology.

  3. All selected companies offer services available to traders from Azerbaijan.

These criteria ensure that the brokerage companies included in our list meet high standards of reliability and offer trading conditions necessary for safe and productive work on Forex in Azerbaijan.

Conclusion

Choosing the right Forex broker is a key factor for success in trading on the international currency market. It is important to consider aspects such as the broker's reliability, regulation, trading conditions, and the quality of customer service. Our list of the best brokers in Azerbaijan is created to facilitate this choice, providing comprehensive information and recommendations based on detailed analysis and real user reviews. We strive to provide you with useful information to find a broker that will best meet your unique requirements and help you confidently step towards financial independence and success in the Forex market.

FAQ

Is trading allowed in Azerbaijan?

Yes, trading is allowed in Azerbaijan. Azerbaijani traders can trade on international financial markets through foreign brokers that offer their services in the country.

Is trading allowed in Islam?

Trading is allowed in Islam, but it must adhere to certain Shariah rules. The main requirements include the absence of interest (riba), meaning that trading should be free from any forms of profit associated with interest. To meet this requirement, there are special Islamic (swap-free) accounts that do not charge or pay interest for holding positions overnight. Additionally, trading should be free from excessive risk and speculation (gharar), and transactions should be transparent and fair. Furthermore, transactions should be tied to real assets or commodities, not just financial instruments with no intrinsic value. Many brokers offer Islamic accounts that meet these requirements, allowing Muslim traders to conduct their activities in accordance with Shariah. Before starting to trade, it is recommended to consult with a religious advisor or an expert in Islamic finance to ensure compliance with all rules.

Which brokers are the best in Azerbaijan?

The best brokers in Azerbaijan depend on the trader's needs. Among the popular brokers are RoboForex, AMarkets, and IC Markets, which offer a wide range of instruments, competitive spreads, and quality support.

Who is the most reliable Forex broker?

The most reliable Forex broker depends on many factors, including regulation, reputation, trading conditions, and customer reviews. Brokers such as IG, Oanda, and XM are considered reliable due to strict regulation and long market presence.

What is the essence of brokers?

Brokers act as intermediaries between traders and financial markets, providing platforms for trading various financial instruments such as currencies, stocks, indices, and commodities.

How do brokers make money?

Brokers make money from spreads (the difference between the buy and sell price), trading commissions, swaps (interest rate for carrying a position overnight), and other fees related to trading.

Is it possible to trade Forex without a broker?

It is impossible to trade Forex without a broker, as only brokers have direct access to the interbank currency market and provide the necessary infrastructure for trading.

Is it possible to earn consistently on Forex?

It is possible to earn consistently on Forex, but it requires significant knowledge, experience, discipline, and an effective strategy. It is important to understand the risks and be prepared for potential losses.

How does a broker differ from an exchange?

A broker is an intermediary that provides access to trading financial instruments, while an exchange is a market where these instruments are traded. Brokers connect to exchanges or the interbank market to execute their clients' orders.

Nikolay is an experienced specialist in financial markets and co-founder of IamForexTrader. He has been successfully trading Forex since 2014 and has been actively involved in the cryptocurrency market since 2017.

He develops investment strategies adaptable to any level of experience and has been actively investing in stocks, bonds and ETFs since 2018.

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