Best Forex Brokers in Georgia 2024
We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the best Forex brokers in Georgia based on our analysis:
- 1
Roboforex - Best broker in Georgia - 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
AMarkets - A wide range of trading assets. Extensive analytical capabilities using modern tools and trading robots. No commissions on many operations. - 4
Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure. - 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
LiteFinance - A variety of analytical tools. Extensive educational materials. 24/5 technical support. - 8
Alpari - A wide range of trading accounts. Flexible conditions for depositing and withdrawing funds. Diversity of trading platforms. - 9
xChief - A wide range of trading instruments. Availability of cent and PAMM accounts. Tight spreads and low commission per transaction. - 10
In 2024, the Forex market opens up vast opportunities for investors, providing them access to numerous brokerage firms with diverse trading conditions. We have meticulously analyzed the market and created a Top-10 list of the best Forex brokers in Georgia, considering strict criteria for quality and reliability.
List of the Best Forex Brokers in Georgia 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. AMarkets
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
- A wide range of trading assets.
- Extensive analytical capabilities using modern tools and trading robots.
- No commissions on many operations.
- Convenience and simplicity of opening an account and managing it.
Cons
- Not the most extensive educational materials.
- On some assets, spreads are higher than those of competing Forex brokers.
4. 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.
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. LiteFinance
LiteFinance is a broker that actively invests in analytical and educational resources, providing its clients access to the economic calendar, daily forecasts, and analytics from Claws&Horns. These resources can significantly assist traders in developing their trading skills and strategies. The 24/7 technical support ensures that help is always on hand when needed, which is especially valuable for beginners and those who trade in various markets worldwide.
LiteFinance will be most suitable for beginner and intermediate-level traders who can make the most of the educational and analytical resources offered. It will also suit those who prefer to use standard trading platforms and do not plan to trade cryptocurrencies or soft commodities actively.
Pros and Cons of LiteFinance
Pros
- A variety of analytical tools.
- Extensive educational materials.
- 24/5 technical support.
Cons
- High trading fees.
- Lack of certain trading assets.
8. 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.
9. xChief
xChief offers traders a variety of opportunities and services for successful trading in the Forex market. With a wide selection of trading instruments, reliable trading platforms, contests, and educational materials, the broker creates conditions for developing traders of all experience levels.
Pros and Cons of xChief
Pros
- A wide range of trading instruments.
- Availability of cent and PAMM accounts.
- Tight spreads and low commission per transaction.
- Scalping and algorithmic trading allowed.
Cons
- Regulation in an offshore jurisdiction.
- Weak analytical section.
- No educational courses and webinars for beginner traders.
10. 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.
Regulation of Forex Brokers in Georgia
The regulation of Forex brokers in Georgia is under the strict supervision of the National Bank of Georgia (NBG), which sets stringent criteria for licensing and controlling their activities. Obtaining a license from the NBG is not only a mark of reliability but also an indicator of the broker's compliance with local legislation. This ensures that licensed brokers adhere to high standards of financial security and transparency, which is critically important for protecting the interests of Georgian traders.
To obtain a Forex dealer license in Georgia, a starting capital of 500,000 GEL (approximately 200,000 USD) is required, along with regular submission of audit and accounting reports to the Central Bank, and a thorough review of the broker's operating model. The regulator particularly focuses on models such as NDD (No Dealing Desk) and market maker. For NDD brokers, the licensing process is simplified, but due to the overall complexity of the process, many companies have opted out of obtaining a license. Regarding leverage, new rules have set its maximum value to 1:50 for major currency pairs, while for other currencies it is up to 1:20, for indices and commodities – 1:10, stocks – 1:5, and cryptocurrencies – 1:2. These measures were taken after prolonged dialogue with market participants and are aimed at establishing balanced trading conditions.
In our top list, we focused on well-known foreign Forex brokers that accept traders from Georgia. These companies, although not licensed by the NBG, have earned a reputation as reliable and transparent participants in the global financial market. They offer Georgian traders a high level of service and security, meeting international standards of brokerage activity. This makes them a preferred choice for those seeking access to a wide range of financial instruments and global markets.
How We Compiled the List of Top Forex Brokers in Georgia
The list of the best brokers in Georgia was compiled taking into account the following key criteria, adapted for the Georgian market:
The position of each broker is determined based on our overall Forex broker rating, ensuring objectivity and fairness in the assessments.
Brokers were evaluated according to our unique methodology, which includes an analysis of their trading conditions, customer service, licenses, and regulatory standards.
All selected brokerage companies are popular in Georgia and offer services specifically tailored to the needs of Georgian traders.
These criteria ensure that the presented Forex brokers meet high standards of quality and safety, as well as offer trading conditions that are ideally suited for investors from Georgia.
FAQ
Is it legal to trade Forex in Georgia?
Yes, trading Forex is legal in Georgia. However, it is important for traders to work with licensed and regulated brokers to ensure the safety of their funds and compliance with trading rules.
How to find a licensed Forex company in Georgia?
To find a licensed Forex broker in Georgia, you can refer to the official list provided by the National Bank of Georgia.
How can a trader open a trading account with a Forex broker in Georgia?
To open a trading account, a trader needs to choose a broker, register on their platform, provide the necessary documents for verification, and make an initial deposit.
What trading platforms do Forex brokers in Georgia offer?
Forex brokers in Georgia offer various trading platforms, including the popular MetaTrader 4 and MetaTrader 5, as well as other customizable and user-friendly interfaces.
What financial rules and regulations exist in Georgia?
The financial market in Georgia is regulated by the National Bank of Georgia, which sets rules and standards for Forex brokers, including licensing requirements, capitalization, and compliance with financial standards.
Can brokers operate in Georgia without a license?
Brokers can offer their services without a license from the National Bank of Georgia. However, traders are advised to avoid such companies due to increased risks and lack of regulatory oversight.
Is it possible to trade Forex with a small capital?
Yes, many Forex brokers allow trading with small capital by offering micro and mini accounts, as well as high leverage, making the market accessible to traders with limited financial resources.
What is Forex?
Forex (Foreign Exchange) is an international currency market where participants can buy, sell, exchange, and speculate on currency pairs. The Forex market is one of the largest and most liquid markets in the world.
What is the role of a broker in Forex trading?
A broker in Forex trading acts as an intermediary between the trader and the currency market, providing access to trading platforms, necessary tools, and market information, as well as executing client orders.
