Best Forex Brokers in Montenegro for 2024

Last updated Jul 9, 2024

We rigorously test brokers on real accounts and evaluate them using our methodology. Here are the top 10 Forex brokers in Montenegro based on our analysis:

  1. 1
    IC Markets Logo
    IC Markets - Best Forex broker in Montenegro - A wide range of trading assets. Low spreads. Variety of trading platforms.
  2. 2
    Pepperstone Logo
    Pepperstone - Wide selection of trading platforms. Tight spreads and favourable trading conditions. Numerous regulatory licenses.
  3. 3
    AvaTrade Logo
    AvaTrade - A wide selection of financial assets. Innovative trading platforms. Highly rated educational resources.
  4. 4
    FxPro Logo
    FxPro - Various trading platforms. A diverse range of available markets and products. Multiple analytics tools.
  5. 5
    Deriv Logo
    Deriv - Simple and fast account opening process. A wide variety of account types cater to different trading needs. Low commission structure.
  6. 6
    Admirals Logo
    Admirals - Low trading fees. Wide range of payment methods. Extensive analytical resources.
  7. 7
    ActivTrades Logo
    ActivTrades - Wide range of trading assets. A wide variety of trading platforms. Extensive training materials including webinars, videos, articles and guides.
  8. 8
    HF Markets Logo
    HF Markets - Regulated by reputable financial authorities. Wide selection of trading assets. A variety of educational materials and analytical reviews.
  9. 9
    FBS Logo
    FBS - Regulated by major international organizations. Low spreads and commissions. Wide range of trading assets.
  10. 10
    XM Logo
    XM - Wide range of trading assets. Extensive educational resources. Tight spreads on the Ultra Low account.

This detailed guide is crafted to help you select a broker that aligns perfectly with your trading strategy while offering top-tier protection for your investments. Each broker highlighted in this list is distinguished by its unique features, advanced technology, and robust security measures, ensuring an exceptional trading experience in the dynamic Forex market of Montenegro.

List of the Best Forex Brokers in Montenegro in 2024

1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2007
Minimum Deposit
€200
2
Register81.7% of retail investors lose money when trading CFDs with this broker
Foundation Year2010
Minimum Deposit
€1
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2005
Minimum Deposit
€100
4
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2006
Minimum Deposit
€100
5
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2020
Minimum Deposit
€1
6
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2001
Minimum Deposit
€1
7
Register81% of retail investors lose money when trading CFDs with this broker
Foundation Year2000
Minimum Deposit
€1
8
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2009
Minimum Deposit
€1
9
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2007
Minimum Deposit
€5
10
RegisterTrading CFDs carries high risks. You may lose all invested funds
Foundation Year2009
Minimum Deposit
€5

We have thoroughly reviewed numerous local firms to identify the most reliable and user-friendly online Forex trading brokers. This section is dedicated to offering in-depth reviews of the top Forex brokers in Montenegro, meticulously crafted to help you make an informed decision. Our reviews provide comprehensive profiles of each broker, enriched with authentic feedback from traders who have firsthand experience with their services. Whether you are just beginning your CFD and Forex trading journey or seeking the ideal partner to navigate the complexities of the financial markets, our detailed broker reviews are designed to help you avoid common pitfalls and guide you toward the most suitable trading platform to achieve your financial goals in 2024.

1. IC Markets

IC Markets Logo
1
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Regulators:
Trading Assets
ForexIndicesCryptocurrencyStocksBondsETFPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
Deposit/withdrawal:
Логотип PayPal
Логотип Neteller
Логотип Skrill
Логотип Bpay
Логотип FasaPay
Логотип Klarna
Логотип Swift
Логотип SEPA
Логотип Visa
Логотип Mastercard
Логотип UnionPay
Логотип POLi
Логотип Rapidpay
compare IC Markets trading accounts

IC Markets is a reliable and versatile broker that offers a wide range of services and tools for trading in the financial markets. The company provides impressive trading instruments, high-quality trading platforms, advanced analytical tools, and valuable education for traders of all levels.

IC Markets is likely most suitable for experienced traders who value deep liquidity, tight spreads, and advanced trading tools. Beginner traders can also benefit from the educational materials offered by the company, but they should be prepared for some additional expenses and a higher minimum deposit requirement.

Pros and Cons of IC Markets

Pros

  1. A wide range of trading assets.
  2. Low spreads.
  3. Variety of trading platforms.
  4. Quality educational materials.
  5. Efficient customer support service.

Cons

  1. High minimum deposit.

2. Pepperstone

Pepperstone Logo
2
Register81.7% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyETFStocksPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 5MetaTrader 4cTraderTradingView
Deposit/withdrawal:
Логотип Neteller
Логотип PayPal
Логотип Skrill
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Pepperstone trading accounts

Pepperstone is a significant and reliable broker that offers a broad range of trading instruments and attractive trading conditions. With regulation by serious authorities, clients can be confident in the security of their funds.

The broker is suitable for various types of traders. Beginners will find extensive educational materials, including trading guides, webinars, instructional videos, and Forex trading courses. Experienced traders will also appreciate Pepperstone's opportunities, including favorable trading conditions, various trading platforms, and access to complex trading instruments.

The broker's technical support operates at a high level, offering clients quick and efficient responses to any questions.

Pepperstone is an excellent choice for traders of all experience levels. With a unique combination of educational materials, trading tools, and high-quality customer service, this broker ensures excellent conditions for successful trading.

Pros and Cons of Pepperstone

Pros

  1. Wide selection of trading platforms.
  2. Tight spreads and favourable trading conditions.
  3. Numerous regulatory licenses.
  4. A large number of trading assets.

Cons

  1. Lack of diversity in types of trading accounts.
  2. Withdrawals are only available via bank transfer, which can prolong the process for an extended period.

3. AvaTrade

AvaTrade Logo
3
RegisterTrading CFDs carries high risks. You may lose all invested funds
Trading Assets
ForexStocksIndicesETFCryptocurrencyBondsPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4MetaTrader 5WebTraderAvaTradeGO
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Perfect Money
Логотип Google Pay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип JCB
compare AvaTrade trading accounts

AvaTrade is ideal for traders looking for various trading tools and a high level of investment protection. Beginners will be comfortable with the intuitive interface of the AvaTradeGO mobile platform, while experienced traders will appreciate the depth of MetaTrader's customization and analytical tools. However, traders who need access to STP or ECN accounts should pay attention to other brokerage companies.

Pros and Cons of AvaTrade

Pros

  1. A wide selection of financial assets.
  2. Innovative trading platforms.
  3. Highly rated educational resources.

Cons

  1. Limited trading account options.
  2. Account inactivity fee.

4. FxPro

FxPro Logo
4
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.

5. Deriv

Deriv Logo
5
4.3/5
Deriv review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesCryptocurrencyStocksETFPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 5Deriv XcTrader
Deposit/withdrawal:
Логотип FasaPay
Логотип Perfect Money
Логотип Skrill
Логотип Neteller
Логотип WebMoney
Логотип PaySafeCard
Логотип Jeton
Логотип SticPay
Логотип Airtm
Логотип Boleto
Логотип Paylivre
Логотип OnlineNaira
Логотип Beyonic
Логотип AstroPay
Логотип 1foryou
Логотип AdvCash
Логотип Swift
Логотип Visa
Логотип Mastercard
Логотип Maestro
Логотип Diners Club
Логотип JCB
Логотип PayTrust88
Логотип Help2pay
Логотип DragonPhoenix
Логотип ZingPay
Логотип Ngan Luong
Логотип Trustly
compare Deriv trading accounts

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

  1. Simple and fast account opening process.
  2. A wide variety of account types cater to different trading needs.
  3. Low commission structure.
  4. A wide range of trading platforms.
  5. High-quality technical support with fast and effective responses.

Cons

  1. Some essential asset classes are absent, and a limited number of CFDs on stocks exist.
  2. Educational materials are confined to a blog and lack comprehensive learning resources.

6. Admirals

Admirals Logo
6
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesPrecious MetalsEnergy CarriersSoft CommoditiesCryptocurrencyStocksETF
Trading Platforms
MetaTrader 4MetaTrader 5
Deposit/withdrawal:
Логотип Skrill
Логотип Neteller
Логотип Perfect Money
Логотип Swift
Логотип Visa
Логотип Mastercard
compare Admirals trading accounts

The broker Admirals is suitable for a broad spectrum of traders. With its strict regulation, various account types, and a competent set of educational and analytical materials, this broker provides high-quality services for novice and experienced traders.

Beginners seeking detailed educational resources and support will undoubtedly appreciate this broker. Experienced traders will also find it beneficial due to competitive trading commissions, abundant tools for analysis and trading, and the convenience of the depositing and withdrawal process.

Pros and Cons of Admirals

Pros

  1. Low trading fees.
  2. Wide range of payment methods.
  3. Extensive analytical resources.
  4. A rich collection of educational materials.

Cons

  1. Inactivity fee.
  2. Some users complain about the intrusiveness of the support service.

7. ActivTrades

ActivTrades Logo
7
Register81% of retail investors lose money when trading CFDs with this broker
Countries of registration:
Trading Assets
ForexStocksIndicesCryptocurrencyBondsPrecious MetalsEnergy CarriersSoft CommoditiesETF
Trading Platforms
MetaTrader 4MetaTrader 5ActivTraderTradingView
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип AstroPay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
compare ActivTrades trading accounts

ActivTrades is suitable for beginner traders who value simplicity and intuitive trading platforms, as well as a variety of educational materials to improve their skills. Moreover, this broker can be a suitable option for experienced traders who prefer to trade various instruments and use the powerful features of the MetaTrader 4, MetaTrader 5 and TradingView platforms.

However, for traders with more specific requirements, such as a variety of trading accounts or individual conditions for professional traders, ActivTrades may be less attractive.

Pros and Cons of ActivTrades

Pros

  1. Wide range of trading assets.
  2. A wide variety of trading platforms.
  3. Extensive training materials including webinars, videos, articles and guides.
  4. Professional Support Team.

Cons

  1. Lack of diversity in trading accounts.

8. HF Markets

HF Markets Logo
8
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexStocksIndicesBondsETFCryptocurrencyPrecious MetalsEnergy CarriersSoft Commodities
Trading Platforms
MetaTrader 4MetaTrader 5WebTrader
Deposit/withdrawal:
Логотип Skrill
Логотип Perfect Money
Логотип FasaPay
Логотип BitPay
Логотип Bank Transfer
Логотип Visa
Логотип Mastercard
compare HF Markets trading accounts

HF Markets is a reliable and appealing Forex broker, offering a wide selection of trading assets, a variety of account types, and access to the popular trading platforms MetaTrader 4 and MetaTrader 5. With its regulation and industry experience, the company has earned a reputation as a dependable partner for traders of varying experience levels.

HF Markets is recommended for those seeking a trustworthy and vetted broker with favorable trading conditions and customer support.

Pros and Cons of HF Markets

Pros

  1. Regulated by reputable financial authorities.
  2. Wide selection of trading assets.
  3. A variety of educational materials and analytical reviews.

Cons

  1. There is no alternative to MetaTrader.
  2. High swaps and wide spreads.

9. FBS

FBS Logo
9
4.3/5
FBS review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesStocksCryptocurrencyPrecious MetalsEnergy Carriers
Trading Platforms
MetaTrader 4MetaTrader 5FBS Trader
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип Perfect Money
Логотип SticPay
Логотип Visa
Логотип Mastercard
Логотип Maestro
compare FBS trading accounts

FBS is a reliable choice for traders who value a secure and regulated trading environment, complemented by a robust selection of educational resources and trading tools. It is particularly well-suited for those new to trading or looking to expand their knowledge and experienced traders focusing on a diverse range of assets. Despite its limitations in account types and currency options, FBS's strengths in providing competitive trading conditions and comprehensive support make it a commendable broker for a broad spectrum of traders.

Pros and Cons of FBS

Pros

  1. Regulated by major international organizations.
  2. Low spreads and commissions.
  3. Wide range of trading assets.
  4. Extensive database of educational materials and analytical tools.
  5. Support for various trading platforms.

Cons

  1. Limited choice of trading accounts.
  2. Limited choice of account currency.

10. XM

XM Logo
10
4.2/5
XM review
RegisterTrading CFDs carries high risks. You may lose all invested funds
Countries of registration:
Trading Assets
ForexIndicesStocksPrecious MetalsEnergy CarriersSoft CommoditiesCryptocurrency
Trading Platforms
MetaTrader 5MetaTrader 4
Deposit/withdrawal:
Логотип Neteller
Логотип Skrill
Логотип WebMoney
Логотип Perfect Money
Логотип SticPay
Логотип Visa
Логотип Mastercard
compare XM trading accounts

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

  1. Wide range of trading assets.
  2. Extensive educational resources.
  3. Tight spreads on the Ultra Low account.
  4. Many analytical materials.
  5. Commission-free deposits and withdrawals.

Cons

  1. Inconsistency in technical support.
  2. Inactivity fee.
  3. Standard account has a higher spread than the market average.

Regulation of Forex Brokers in Montenegro

In Montenegro, the regulatory environment for Forex and CFD brokers is defined by the oversight of the Capital Market Authority (CMA) and the Central Bank of Montenegro. The Central Bank of Montenegro plays a significant role in ensuring that the financial markets operate transparently and fairly. However, there is no specific regulatory authority solely dedicated to overseeing Forex trading, which creates a somewhat decentralized regulatory landscape​​.

Key Regulatory Considerations

  • Transparency and Client Fund Segregation: Internationally regulated brokers are required to maintain high standards of transparency, including the segregation of client funds to protect traders' investments. These brokers must provide clear risk warnings and adhere to leverage limits designed to prevent excessive losses​​.

  • No Centralized National Regulation: Unlike the European Union's MiFID II regulations, Montenegro does not have a centralized regulatory framework specifically for Forex trading. This means traders often rely on the credibility and oversight of international regulatory bodies to ensure the safety and security of their trading activities​.

  • Legal Trading Environment: Forex trading is legal in Montenegro, with no specific restrictions on the amount of capital traders can invest. This open environment encourages currency exchange as a method of trade, benefiting the local economy. However, due to the lack of a dedicated national regulatory body, traders must exercise caution and choose brokers with strong international licenses​​.

How to Choose a Forex Broker in Montenegro

Choosing the right Forex broker is a critical step for anyone looking to succeed in the global currency market. For traders in Montenegro, it is important to evaluate several key aspects to ensure the broker aligns with your trading needs and preferences. Here are essential factors to consider when selecting a Forex broker in Montenegro:

  1. Regulatory Compliance. It's vital to choose a broker that is regulated by respected international regulatory bodies such as the Financial Conduct Authority (FCA), Australian Securities and Investments Commission (ASIC), or Cyprus Securities and Exchange Commission (CySEC). International regulation ensures the broker's adherence to high standards and fair trading practices, providing an extra layer of security.

  2. Account Types. Select a broker that offers a variety of account types suitable for your level of trading experience and investment capacity. Whether you are a beginner or an experienced trader, the broker should provide options that cater to your specific trading needs, such as standard, mini, or ECN accounts.

  3. Trading Platforms. The quality and usability of trading platforms are crucial. Look for brokers that offer intuitive and efficient platforms like MetaTrader 4, MetaTrader 5, or other advanced proprietary platforms that enhance your trading experience.

  4. Trading Conditions. Evaluate the broker's trading conditions, including spreads, fees, minimum deposit requirements, and the range of available trading instruments. Ensure these conditions are favorable for your trading strategies and provide a competitive edge.

  5. Customer Support. Assess the quality of customer support provided by the broker. Prompt and effective customer service is essential, and it is beneficial if the broker offers multilingual support, including Montenegrin, to address your queries and concerns effectively.

To ensure the broker's services meet your needs, consider starting with a demo account. This allows you to test the platform and evaluate the broker's offerings without risking real money.

How We Compiled the List of Top Forex Brokers in Montenegro

Our approach to identifying the best Forex trading platforms in Montenegro involved a meticulous process and a comprehensive set of criteria:

  1. Detailed Research and Evaluation. We began by compiling a rating list for forex brokers that meet our predefined criteria. Each broker was rigorously evaluated based on their services, operational efficiency, and reliability.

  2. Regulatory Standards. We focused on brokers regulated by well-known financial authorities such as the FCA, ASIC, and CySEC. This ensures that the brokers operate with transparency and adhere to stringent financial standards.

  3. Trading Conditions and Platforms. We assessed brokers based on their trading conditions, including spreads, fees, minimum deposits, and the diversity of trading instruments offered. The quality and usability of their trading platforms were also evaluated, with a preference for brokers offering popular platforms like MetaTrader 4 and MetaTrader 5, as well as feature-rich proprietary platforms.

  4. Customer Support and Localization. The quality of customer support was a key consideration, especially the availability of multilingual support and accessible communication channels. We also value brokers that provide localized services, such as websites and educational resources in Montenegrin.

  5. User Feedback. We incorporated genuine feedback from traders who have used these brokers to provide a balanced view of each broker's strengths and weaknesses. This includes aspects like ease of use, customer service experiences, and overall satisfaction.

Conclusion

By combining these factors, we ensured that our list of top Forex brokers in Montenegro is comprehensive, reliable, and tailored to meet the needs of local traders. Careful consideration of regulatory compliance, account types, trading platforms, trading conditions, customer support, and user feedback will help you find a broker that best suits your trading needs in Montenegro.

FAQ

Which Forex broker is the best?

The best Forex broker depends on your specific needs and preferences. The top 5 Forex brokers globally include IC Markets, Pepperstone, AvaTrade, RoboForex, and FxPro. These brokers are known for their robust trading platforms, excellent customer service, and comprehensive market research tools. It’s important to choose a broker that is regulated by reputable authorities such as the FCA, ASIC, or CySEC.

Yes, Forex trading is legal in Montenegro. The Central Bank of Montenegro oversees financial market operations, ensuring transparency and fairness. Traders must comply with local laws and regulations and are advised to choose brokers regulated by respected international authorities to ensure safety and security.

How to trade with MetaTrader 4 in Montenegro?

To trade with MetaTrader 4 in Montenegro, follow these steps:

  1. Choose a reputable MetaTrader 4 Forex broker.
  2. Open and fund your trading account.
  3. Download and install the MetaTrader 4 platform from the broker’s website.
  4. Log in using your account credentials.
  5. Start trading by selecting your preferred currency pairs, analyzing the charts, and placing trades.

Which is the safest Forex broker?

The safest Forex brokers are those regulated by top-tier financial authorities such as the FCA (UK), ASIC (Australia), and CySEC (Cyprus). Examples of safe brokers include IG Group, Saxo Bank, and CMC Markets. These brokers adhere to stringent regulatory standards, including client fund segregation and transparent trading practices.

What is the best broker for beginners in Montenegro?

For beginners in Montenegro, brokers such as XM, AvaTrade, and eToro are recommended. These brokers offer user-friendly platforms, comprehensive educational resources, and demo accounts to help new traders learn and practice without risking real money.

Can you make money with Forex trading in Montenegro?

Yes, it is possible to make money with Forex trading in Montenegro. Success in Forex trading depends on market knowledge, trading strategy, risk management, and emotional discipline. Traders should educate themselves thoroughly and use risk management tools to improve their chances of profitability.

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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