Best Forex Brokers Sri Lanka 2022

To come up with this list, we have tested forex brokers Sri Lanka.

We opened a real account and deposited between $4,000 and $6,000 with each broker. We then placed trades in each popular market, to get an accurate picture.

We also reached out to customer support to see how the team solved the issues we had faced. At last, we withdrew our funds to check the withdrawal process.

We handpicked the best forex brokers Sri Lanka based on our trading data and experience as a trader.

Is Forex Trading Legal in Sri Lanka?

Sri Lanka is an island country situated in South Asia. The developed sectors of the country are tourism, tea export, coffee, sugar, rubber, etc. However, food processing, textiles, and finance have lately gained importance.

Forex trading in the country is mostly regulated by the Central Bank of Sri Lanka. The brokers that operate in the country should be registered by the Bank. However, the forex trading sector in Sri Lanka is directly regulated by the Exchange Control Department. In fact, the Exchange Control Department was established back in 1935. Anyway, in 2017, due to technological development and innovations, the changes in the Foreign Exchange Act became inevitable. The new act is known as the Foreign Exchange Act No.12.

Due to the laws imposed by the local regulator, some brokers might be restricted for Sri Lanka residents. However, there are still trustworthy brokers that offer their services to Sri Lanka traders.

🏦Regulator	The Bank of Sri Lanka
🛡️Is It safe to trade	Yes
🔒Negative Balance Protection	No
💰Compensation Scheme	No
📊 Maximum Leverage	1:30

Best Online Forex Brokers in Sri Lanka

Generally, choosing a forex broker is quite difficult. In the case of Sri Lanka, it is even more difficult, as Forex Trading is relatively new in the country.

There are Brokers that are based in the country and fall under local regulations, and there are international brokers that accept Traders from Sri Lanka. We recommend signing only with reliable firms as money safety in trading goes first.

As Sri Lanka clients are new to forex trading, we recommend them to be careful to the broker’s offerings. Sri Lanka traders should pay attention to the payment methods, and their availability in the country, check customer support and whether the team provides help in the preferred language. Also, check the account types, and trading platforms. They should make sure that the broker’s offerings meet their trading expectations.

To select the best forex brokers Sri Lanka, we have reviewed many reputable forex brokers. Based on our research we have come up with the following best brokers Sri Lanka:

• AxiTrader – Best Forex Broker Online Sri Lanka Overall
• FxPro – Best Forex Broker for Beginners Sri Lanka
• FXTM – Best Copy Trading Forex Brokers Sri Lanka
• ICM Capital – Best Forex Brokers with Low Spreads for Sri Lanka
• IG – Best Sri Lanka Forex Brokers with High leverage

Best Forex Broker Online Sri Lanka Overall

We picked AxiTrader as the overall best forex broker Sri Lanka. 

AxiTrader, now rebranded as Axi, was founded in 2007. The broker is tightly regulated in Australia, the United Kingdom, the UAE, Saint Vincent, and the Grenadines. With Axi traders have access to multiple trading instruments: forex pairs, indices, commodities, and cryptocurrencies. Axi offers 2 account types: the Standard, and PRO. For its Islamic clients, the broker offers swap-free Islamic Accounts.

In our tests, we found that Axi spreads for the popular instruments in each market are below industry averages, especially on Bitcoin trades. Those clients who prefer the MT4 platform will be satisfied, as the broker offers only this platform. Traders can trade via the broker’s website or via mobile and desktop. At last, Axi offers a good educational section with in-depth articles on many trading topics. The broker also offers video tutorials dedicated to navigation on its own website.

Best Forex Broker for Beginners Sri Lanka

We picked FxPro as the best forex broker Sri Lanka for beginners.

FxPro was founded in 2006. It is headquartered in the UK. FxPro holds licenses in the United Kingdom, Cyprus, South Africa, and The Bahamas. The broker offers CFDs for forex, shares, spot indices, futures, spot metals, and spot energies.

FxPro accounts are based on the trading platforms and execution types: FxPro MT4 Instant, FxPro MT5, cTrader, FxPro (EDGE), and MT4 fixed spread. The broker offers its traders MetaTrader4, MetaTrader5, cTrader, and FxPro (EDGE) platforms. FxPro supports a wide range of deposit methods: credit and debit cards, bank transfers, and others.

We have chosen FxPro as the best forex broker Sri Lanka for beginners as it offers quality educational resources to traders. FxPro offers its clients different useful materials: text-based tutorials, video tutorials on trading, and a Demo account.

Best Copy Trading Forex Broker Sri Lanka

We picked FXTM as the best copy trading forex broker Sri Lanka. 

ForexTime (FXTM) was founded in 2011. The broker is headquartered in Cyprus and holds licenses in different jurisdictions: the United Kingdom, Cyprus, South Africa, and Mauritius. With FXTM traders have access to multiple trading instruments: forex pairs, indices, commodities, stocks, cryptocurrencies, spot metals, and also real stocks.

FXTM offers 3 main trading platforms: MT4, MT5, FXTM Trader (proprietary mobile platform). The broker offers several account types: Standard Account, Cent Account, and Stock CFDs Account.

Based on our research we have chosen FXTM as the best copy trading forex broker Sri Lanka. The broker offers copy-trading services under FXTM Invest. Beginner traders are able to copy the trading strategies of any Strategy Manager, making investments from $100.

Best Forex Brokers with Low Spreads for Sri Lanka

We picked ICM Capital as the best lowest spread forex broker Sri Lanka.

ICM Capital is a global Forex and CFDs broker. It was founded in 2009 and has headquarters in London, United Kingdom. The broker holds licenses in the United Kingdom, Cyprus, Malaysia, St Vincent and the Grenadines, and Mauritius. With ICM Capital traders have access to multiple trading instruments: forex, indices, stocks, and commodities categories.

ICM Capital offers 2 account types: the ICM Direct Account and the ICM Zero Account (spread from zero). The broker offers a wide choice of payment methods: bank transfers, credit and debit cards, and e-wallets such as Skrill, Neteller, and PayPal. ICM Capital has its own proprietary platform – ICM Direct. It also offers the popular MT4 platform.

Based on our trades we have chosen ICM Capital as the best low spread forex broker Sri Lanka. The broker’s spreads on all instruments are much lower than industry benchmarks. You can also read our article on the Best Low Spread Forex Brokers.

Best Sri Lanka Forex Brokers with High leverage

We have picked IG as the best high leverage forex broker Sri Lanka.

IG was founded back in 1974. It is heavily regulated by the FCA, ASIC, CFTC, DFSA, etc. IG has the following offerings: forex, indices, shares, commodities, cryptocurrencies, bonds, ETFs, options, industry sectors, and interest rates. IG has its own proprietary platform, also clients can conduct their trades on the popular MT4, and MT5 platforms. IG stands out for its trading conditions, low costs for Forex, also, quality education section, selection of trading platforms, and excellent research tools.

We have chosen IG as the best high leverage forex broker Sri Lanka. To receive high leverage, traders need to open accounts under the relevant entity that is regulated by the regulator allowing high leverage.

Sri Lanka Forex Brokers List

We have tested many regulated forex brokers Sri Lanka. It was not very easy to make a full list of forex brokers Sri Lanka. However, we have come up with a list of available forex brokers in the country.

Forex Broker Sri Lanka	About Our Test	Our Review
AXI (AxiTrader)	Deposit Amount: Over €6,000 Total Trade: 12 trades	AXI Review
XM	Deposit Amount: Over €5,000 Total Trade: 12 trades	XM Review
ICM Capital	Deposit Amount: Over €5,000 Total Trade: 12 trades	ICM Capital Review
IC Markets	Deposit Amount: Over €5,000 Total Trade: 12 trades	IC Markets Review
Admiral Markets	Deposit Amount: Over €4,500 Total Trade: 12 trades	Admiral Markets Review
Vantage FX	Deposit Amount: Over €5,000 Total Trade: 15 trades	Vantage FX Review
ThinkMarkets	Deposit Amount: Over €5,000 Total Trade: 15 trades	ThinkMarkets Review
INFINOX	Deposit Amount: Over €4,000 Total Trade: 9 trades	INFINOX Review
Amana Capital	Deposit Amount: Over €5,000 Total Trade: 12 trades	Amana Capital Review
XTB	Deposit Amount: Over €5,000 Total Trade: 12 trades	XTB Review
FXTM	Deposit Amount: Over €6,000 Total Trade: 12 trades	FXTM Review
Tickmill	Deposit Amount: Over €8,000 Total Trade: 12 trades	Tickmill Review
Trading 212	Deposit Amount: Over €5,500 Total Trade: 15 trades	Trading 212 Review
FP Markets	Deposit Amount: Over €6,000 Total Trade: 12 trades	FP Markets Review

FAQ and More on Best Forex Trading Brokers in Sri Lanka

Traders usually have a lot of questions related to forex trading in Sri Lanka. In an attempt to be helpful we picked and answered some of the most important and frequent queries related to forex brokers Sri Lanka.

How to Verify Sri Lanka Regulated Broker?

Traders can verify a Sri Lanka forex broker in several ways. All the brokers operating in the country are registered in the Exchange Control Department of the Bank of Sri Lanka. On the Bank’s official website it is possible to find information about the brokers operating in the country.

Moreover, forex brokers Sri Lanka can also be verified on the brokers’ websites. Generally, all brokers provide information about their availability in certain regions and countries.

Forex Brokers with Guaranteed Stop Loss Sri Lanka

Guaranteed stop loss helps to stop losses and is very useful, especially for beginner traders. Many Sri Lanka traders are looking for the best available forex brokers Sri Lanka with guaranteed stop loss.
Based on our trading data we have come up with the following brokers:

• IG
• Vantage FX

Sri Lanka No deposit Bonus Forex Brokers

No deposit bonus is the initial free credit that forex brokers provide the traders upon the opening of a new trading account. There are not many welcome bonus forex brokers Sri Lanka. However, based on our trades, we have been able to find two such brokers that offer their services to Sri Lanka traders.

• Tickmill
• XM

Swap Free Forex Broker for Sri Lanka Traders

With Swap free accounts forex traders are able to take overnight positions on currency pairs without earning or paying interest. Forex Swap Free Accounts are available in Sri Lanka with brokers offering accounts free of swaps. To find swap-free forex broker Sri Lanka, we tested many brokers operating in the country.

Based on our research, we have come up with the brokers listed below:

• XTB
• FxPro
• ActivTrades

Sri Lanka Cent Account Forex Brokers

Cent accounts are especially popular among novice traders. A cent account calculates the balance in the lowest fungible form of a currency. Read more about Cent Accounts.

Based on our trades we selected the following cent account forex brokers Sri Lanka:

• XM
• FXTM

Sri Lanka Scalping Forex Broker

Scalping is known as a trading style that gains profits from minor price changes. To run the scalping strategy forex traders in Sri Lanka are advised to choose MT4 forex brokers. Taking this into account, we recommend OANDA as a scalping forex broker Sri Lanka.

Sri Lanka Brokers by Type

There are various trading executions or types used by the broker including Market Making, OTC, ECN and NDD. Here we have selected the best forex brokers Sri Lanka by the execution model:

• IG – Best Market Making Forex Broker Sri Lanka
• FXTM – Best OTC Forex Broker Sri Lanka
• Vantage FX – Best ECN Forex Broker Sri Lanka
• FP Markets – Best STP Forex Broker Sri Lanka
• IC Markets – Best NDD Forex Broker Sri Lanka

Best Forex Brokers Minimum Deposit

Based on our trades we have picked the best forex brokers Sri Lanka with the lowest deposits. Traders should consider the margins based on the instruments they trade.

Below are our best picks:

• Trading 212
• AxiTrader
• INFINOX

Tax for Forex Trading in Sri Lanka

In Sri Lanka, the interest income earned from a foreign currency is exempted from taxation. The income earned by non-residents from a foreign currency is also exempted. In an attempt to encourage foreign investments the government of Sri Lanka has introduced relaxed taxes.

However, traders should be very careful, and check the information with the Revenue Department. If there are any taxes, they should be responsible to file the tax forms to the Department. Any delays or tax avoidance may lead to different penalties and fines.