5 Best Online Forex Brokers in Bulgaria – In Depth Review 2024

Want to jump straight to the answer? The best forex broker for traders is Avatrade

The #1 Forex Trading Course is Asia Forex Mentor

Bulgaria has an accessible middle-income market economy. Whenever you want to trade in this city, you’ll want to know what options you have with your Bulgarian broker—as a Bulgarian, selecting the right brokerage firm can be challenging. Especially identifying those who will welcome Bulgarian traders and let you trade in your home currency, namely Bulgarian lev.

As a Bulgarian trader, you can trade Stocks, Forex, indices, ETFs, CDFs, Binary Options, and several cryptocurrencies through various online forex brokers. These brokers offer the lowest fees & can support different trading platforms, including cTrader, platforms MT4 MT5. They also offer the best signup benefits for new Bulgarian traders. Plus, they are reputable, secure, and have a good track record in the forex market.

We’ve included four top FX brokers which are used in Bulgaria that we believe are the best in order to make the broker selection process easier for you. Although they aren’t as significant at the top, there are some differences between them. That’s why we’ll give you the information on the top four Bulgarian FX brokers, as well as some considerations to keep in mind when choosing the best fit for your trading requirements.

Best Online Forex Brokers in Bulgaria

5 Best Online Forex Brokers in Bulgaria

#1. Best Advanced for Non-US Traders: Avatrade

AvaTrade is the best-awarded platform for online trading, which can perform over two million deals each month, with a monthly trading volume of over $70 billion-plus dealing with more than 300,000 worldwide registered customers. It is indeed one of the world’s largest forex & CFD brokers. AvaTrade can accept clients who are living in Bulgaria.

This is by far one of the most strictly regulated best forex brokers in the market. It is one of the most comprehensive Brokers in terms of instrument availability, with CFDs on Shares, Indices, Forex, Crypto, Commodities, and even Bonds.

Its platform is impressive, allowing traders to trade in a variety of trading environments, including MT4, MT5, and even these platforms further have their own, i.e., AvaTradeGo and AvaOptions. AvaOptions, on the other hand, is the best options trading platform available. It’s truly outstanding, with excellent risk management tools that are both visible and automatic, making Options trading as simple as possible.

How does it work?

Opening a trading account with Avatrade from Bulgaria is simple. For opening an account, what you need to do is to submit a valid ID and a utility bill using their app. You can then fund your account and can start trading right away. Keep in mind that once you’ve set up your account, you won’t be able to change the preferred currency.

CFDs are sophisticated instruments that carry a high risk of losing money rapidly due to leverage. When trading CFDs with this provider, 79 percent of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

The most important thing about its usability is that it provides a flexible trading platform for traders of all skill levels. As it allows for a variety of platform options for its user, it also offers multilingual customer service. It will provide a support staff that may be reached via phone, live chat, or email.

Pros

• Great educational tools
• Low trading fees
• Account creation is quick and straightforward.
• Free and multiple deposits & withdrawal options

Cons

• Only CFDs, FX, and cryptos are available.
• Has few research tools.

Price

There are no trade commissions, withdrawal fees, or inactivity fees with AvaTrade. This trading platform has a minimum deposit requirement, which varies depending on your payment method and currency.

The minimum deposit is $100 by credit or debit card and $500 by wire or bank transfer. Withdrawals have no limits. However, this trading site makes demands that you take funds from your account using the same payment method you used to deposit.

#2. Best Intermediate for Non-US Traders: FXCC

FXCC is rated one of the best Bulgarian forex brokers for order execution, fast and efficient trading, and superior trading technology. The broker also has a wide range of tradable assets available and allows you to trade CFDs with leverage.

In fact, FXCC is headquartered in Cyprus and was founded in 2010 to give traders access to a huge variety of financial markets. Today, the brokerage has spread its reach and is available in several countries. FXCC is also regulated by the best tier 1 agencies including the Cyprus Securities and Exchange Commission CYSEC and others.

FXCC also delivers low fees and tight spreads, a leverage of 1:500, and a reliable customer support team that strives to offer the best customer service. The only downside with FXCC is the fact that it has a single trading platform. But other than that, it is one of the best forex brokers out there.

How Does it Work

Based in Cyprus, one of the most liberal financial centers in the world, you can be sure opening an account with FXCC is a breeze. You only need to verify your identity and address and after that, you will be good to go.

Before you open a trading account here, it is important to remember that a huge percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing money rapidly due to leverage.

Nonetheless, once you open an account, go ahead and fund it using the various deposit methods offered by FXCC. You can then access the Metatrader 4 trading platform and start to trade forex and other assets. Bulgaria in essence is the leader when it comes to accommodative financial regulations. You should be able to trade at FXCC with minimal restrictions.

Pros

• Offers leveraged trading with max leverage of up 1:500 in some assets
• You get tight spreads on various assets for lower fees
• A wide range of tradable assets are also available here

Cons

• You only get the MT4 trading platform and nothing else
• The broker is not open to US investors

Pricing

Over the years, FXCC has built a reputation as one of the most affordable brokers in the world. As the best forex brokers in the market, FXCC uses a spread-based system to charge for its financial services. The great thing is that spreads on various assets are very low.

In fact, in the EUR/USD Pair, spreads are as low as 0.1 pips and this may even be lower if the trade volume is high. There are no fixed commissions here. Do not however forget that there will always be inactivity charges and a min deposit of USD 100 for new accounts.

#3. Best Overall Broker: Forex.com

This one is the third top broker on our list. For currency traders, FOREX.com is a one-stop-shop. Forex.com was founded in 2001. It is a fantastic alternative for brokers looking for a home base for their currency trading. It has an extensive range of traded currencies, cheap account minimums, and an exceptional trading platform.

This broker emphasizes fast & reliable execution, a range of platforms, and account security in their product offerings, which differ by area. Its vast teaching and research center, which offers free, instructive forex trading classes at many skill levels, will appeal to both new and experienced traders. While FOREX.com is outstanding, it is essential to realize that it is not a traditional broker.

This robust and sophisticated platform will meet the vast majority of traders’ needs. It will run on the MetaTrader 5 platform and will have access to premium features, including integrated Reuters news, FOREX.com content, and Trading Central-technical analysis.

MetaTrader 5 is available on the PC, the web, and on the iPhone and Android mobile apps. It provides better customer support services. Clients can contact FOREX.com in a variety of ways, including online chat and live phone assistance, according to the broker’s website.

How does it work?

You can Just sign up for an account and can start funding. If you’re unsure about its use, you must try their no-risk demo account, which comes with €10,000 in virtual money. In addition, its Trading Academy can teach you the fundamentals of trading. This broker recommends their mobile apps and web trading platform if you’re new to trading.

Using FOREX.com’s platforms to execute a trade is simple. Simply select the currency pair you wish to trade, input the amount of money you want to exchange, and complete your transaction. When you close a position, it will display a summary of your trade as well as your total profit or loss.

Must remember that CFDs are complex instruments and come with a high risk of losing money. When trading CFDs with this provider, almost 79 percent of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to risk losing all of your money.

Pros

• Access to over 80+ currencies to buy & sell
• Leverage accessible up to 50:1
• Impressive, easy-to-navigate platform
• Wide variety of education & research tools

Cons

• You won’t be able to acquire or sell other securities, i.e., stocks & bonds.
• Limited product portfolio

Price

FOREX.com needs a minimum initial deposit of at least $100 of your selected base currency. While they also recommend a deposit of $2,500 so that the client can trade with greater flexibility and better risk management.

Other fees include a per-month inactivity fee. You have to pay a $15/month inactivity fee for accounts with no trading activity for more than 12 months are also included. Additional fees for deposits and withdrawals are not listed on the website.

#4. Best for International Forex/CFD Traders: eToro

eToro is a renowned innovative trading platform that provides access to a wide range of global financial markets. It was founded in 2007 and is an Israeli fintech startup & social trading broker. It is a multi-asset framework that helps you trade CFDs and offers both investing in crypto-assets and stocks.

Please keep in mind that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. When trading CFDs with this supplier, 67 percent of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This broker just has one account type, yet it offers over 1,083 instruments to trade, with over 47 different currency pairs. The min deposit for such an account varies by country; for Bulgaria, it is around $50. As it is regulated by the top-tier FCA, Australian Securities and Investments Commission (ASIC), and Cyprus Securities and Exchange Commission (CySEC), it is a positive sign for its security.

Traders can use eToro’s custom trading platform to trade both individually and in groups. It helps a client to access markets conveniently by using both an online trading platform and the mobile platform. When it comes to innovation, eToro is a world leader. Plus, they are constantly seeking ways to improve and preserve their competitive advantage.

How does it work?

EToro provides online trading & brokerage services for buying and selling financial assets. Users can trade stocks, commodities, currencies, cryptocurrencies, ETFs, and indices using this broker. Thus this platform provides all of the information that a user could require about a trader, especially a trader’s percentage of gains & the portfolio composition. At this platform, Up to 100 traders can be imitated simultaneously, and you can invest up to $500,000.

The company’s Preferred Investor service allows its most successful traders to receive funds directly from the company. The most trustworthy and responsible merchants will be highlighted on this site. This broker also has many educational resources, e.g., blogs and videos, to assist you in learning about the financial markets and also give information about how to trade them.

This platform can be accessed via the company’s website or using mobile apps which are accessible for Android and iOS smartphones. Although this platform does not charge any commissions for securities trading, account opening, or administration fees, there are other methods to earn money from it.

Pros

• Free Stock & ETFs trading
• Source of social trading
• Account creation is quick and easy.
• User-friendly web and mobile app platform

Cons

• High non-trading fees
• There is only one base currency for each account.

Price

Ensure that your broker’s costs are transparent and that the dues are reasonable. The min deposit for this platform is $50. Non-trading fees on eToro are high, and after one year of inactivity, it charges a $10 per month inactivity fee for accounts with no trading activity.

This platform also charged a withdrawal fee which is about $5. Withdrawals at eToro can only be done if your account has a minimum amount of $30.

#5. Best for Forex Trading: HYCM

HYCM is a regulated broker in Bulgaria, covering Forex, Stocks, Cryptocurrencies, indices, Commodities, and ETFs. It was founded in 1977 and had MetaTrader 4 & MetaTrader 5 trading platforms. Traders new to HYCM must make a minimum deposit of US Dollar 100. If you have any difficulty using it, it provides you with a free demo account.

You can choose to sign up for a demo account, which is ideal for all levels of traders, whether experienced or beginner. HYCM is regulated by The Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Cayman-Islands Monetary Authority, which are all regulatory and authorization bodies for HYCM.

According to reliable sources, there are forex traders registered with HYCM from more than 170 countries around the world. With over a few hundred registered users, It is a popular forex broker in Bulgaria.

It is a large, well-known broker with a wide range of services for both beginners and experienced traders. It is not known to offer such unique benefits to Bulgarian citizens or forex traders in terms of privileges. The fact that HYCM’s solutions are secure and trusted is one of the reasons why so many forex traders in Bulgaria utilize them.

How does it work?

The procedure of opening an account with HYCM is simple and quick. After entering your personal information, you have an option for choosing your desired platform. You can select your trading platform (MetaTrader 4 or MetaTrader 5), the account type (Classic, regular or Raw), as well as the currency that must be your home-based currency.

Demo, Micro, Mini, Standard, and Islamic HYCM Trading Accounts are also available on its site. Their minimum and maximum trading criteria will differ depending on the user and the instrument. Their support team is available 24 hours a day, 7 days a week, which deal with their clients via WhatsApp, Skype, Telegram, Facebook Chat, & Phone.

It is an innovative technology that offers a safe trading environment and more than 300 freely traded instruments. It will also provide a free newsletter and blog for research and education. Trading Calculators, Economic Calendars, Market Outlooks, Trading Centrals, Trading Guides, Webinars, & Seminars are just a few of the trading tools available to forex traders.

Keep in mind that When trading CFDs with this provider, 67.00 percent of retail investor accounts lose money when trading CFDs. You should consider whether you can afford to take the high risk of losing your money.

Pros

• Low forex & CFD fees
• Great educational content
• User-friendly account opening
• Low min deposit

Cons

• High account inactivity charges
• The design of trading platforms is outdated.

Price

HYCM charges fewer fees for forex and CFD trading. It’s also excellent that, in most situations, the broker doesn’t charge any deposit or withdrawal fees. On the downside, there is a high inactivity cost.

HYCM’s CFD trading fees are generally minimal, and they compare favorably to those imposed by its main competitors. It’s fantastic that there are no deposit or account fees. A $10 inactivity fee is charged each month after 90 days of inactivity, which is less convenient.

How we rank the Best Online Forex Brokers in Bulgaria?

People living in Bulgaria must be able to use the trading platform. That is what we mean to say, and they must be able to work in tandem with Bulgaria’s existing infrastructure. For example, the platform should accept the most frequent funding ways in Bulgaria, make it simple for Bulgarian nationals and foreigners living in the country to sign up and begin trading. They also provide customer assistance in time zones that correspond to Bulgaria’s waking hours.

You have to choose only those intuitive trading platforms, have easy-to-use interfaces and stable back-ends, capable of handling all of the transactions you wish to make.

Some of the most significant criteria to consider while the ranking is given below:

• Product portfolio size and scope
• Overall trading experience
• Costs (such as spreads & commissions)
• Trading platforms MT4 MT5
• Customer support, i.e., phone calls, email assistance, FAQs, and live chat.
• Trading research and education

How to choose the Best Online Forex Brokers in Bulgaria?

Forex brokers offer a wide range of trading platforms, including financial services, trade education, research, customizable features, and technical indicators. The best forex platforms allow traders to have a pleasurable trading experience.  When you’ve found a forex broker, you’ll need to think critically about how to trade and invest on their platform.

When you are looking for a trustworthy forex broker, spend your time to make sure that your trades & money are handled correctly through it or not. It should be malleable enough to allow newcomers to fit in. It should also be adaptable, providing possibilities for more advanced features aimed at seasoned traders.

Forex brokers regularly provide practicing accounts to new traders. It allows potential customers to trade currency pairings using virtual money. This is a valuable tool for traders to evaluate the broker’s bid/ask price quality.

To assist traders in spotting short-term profit opportunities, forex brokers should provide economic analysis and extensive market research. Most brokers also include email support, frequently asked questions, and online community forums where traders can talk about their trades with others. In short, choose an online broker that can give you the services you require.

Choose Asia Forex Mentor for Your Forex and Stocks Trading Success

If you have a keen interest in establishing a successful career in forex trading and aspire to achieve substantial financial gains, Asia Forex Mentor stands as the optimal choice for the best forex, stock, and crypto trading course. Ezekiel Chew, renowned as the visionary behind trading institutions and banks, is the driving force behind Asia Forex Mentor. On a personal note, Ezekiel consistently achieves seven-figure trades, a distinction that truly sets him apart from other educators in the field. Here are the compelling reasons that underpin our recommendation:

Comprehensive Curriculum: Asia Forex Mentor offers an all-encompassing educational program that covers stock, crypto, and forex trading. This well-structured curriculum equips aspiring traders with the knowledge and skills necessary to excel in these diverse markets.

Proven Track Record: The credibility of Asia Forex Mentor is firmly established through its impressive track record of producing consistently profitable traders across various market sectors. This achievement serves as a testament to the effectiveness of their training methodologies and mentorship.

Expert Mentors: At Asia Forex Mentor, students benefit from the guidance and insights of experienced mentors who have demonstrated remarkable success in stock, crypto, and forex trading. These mentors provide personalized support, enabling students to navigate the intricacies of each market with confidence.

Supportive Community: Joining Asia Forex Mentor brings access to a supportive community of like-minded traders pursuing success in the stock, crypto, and forex markets. This community fosters collaboration, idea-sharing, and peer learning, enhancing the overall learning experience.

Emphasis on Discipline and Psychology: Success in trading necessitates a strong mindset and disciplined approach. Asia Forex Mentor provides crucial psychological training to help traders manage emotions, handle stress, and make rational decisions during trading.

Constant Updates and Resources: The financial markets are dynamic, and Asia Forex Mentor ensures that students remain up-to-date with the latest trends, strategies, and market insights. Continuous access to valuable resources keeps traders ahead of the curve.

Success Stories: Asia Forex Mentor takes pride in a multitude of success stories where students have transformed their trading careers and achieved financial independence through their comprehensive forex, stock, and crypto trading education.

In summary, Asia Forex Mentor emerges as the premier choice for those seeking the best forex, stock, and crypto trading course to carve a rewarding career and achieve financial prosperity. Through its comprehensive curriculum, experienced mentors, practical approach, and supportive community, Asia Forex Mentor provides the necessary tools and guidance to mold aspiring traders into accomplished professionals across diverse financial markets.

Conclusion: Best Online Forex Brokers in Bulgaria

All of the best forex brokers listed at the top are also good choices. Choose anyone and move on to the next stage of your investment adventure.

If you want to trade CFD cryptocurrencies with leverage, AvaTrade is the place to go, as they provide a large number of cryptocurrency pairs to choose from. They also offer a unique selection of platforms for different levels of users to trade on and a variety of free instructional resources for users.

FXCC is the best FX copy trading broker. It is a proprietary trading platform that allows traders to trade both individually and in groups.

HYCM and eToro is a multi-award-winning, multi-regulated, globally known broker specializing in trade execution across many asset classes. It’s a superb broker when it comes to security, trading speed, online support, and cryptocurrency.

FOREX.com gives FX traders everything they need and more to trade profitably.

In the end, it’s all about your unique preferences and requirements. In other words, we can say it’s totally up to you what you want to get out of your forex trading account and how much you can spend. It is up to the trader to choose which broker from all the top four is best, and he or she can utilize it efficiently without any discomfort.

Best Online Forex Brokers in Bulgaria FAQs

Is Forex trading legal in Bulgaria?

There is a common misconception that trading Forex on the Bulgarian financial market is risky. This is not the case; Bulgarian FX traders are very active.

In Bulgaria, forex trading is permitted because currency exchange is required to conduct business. The use of FX is required for exports and imports, as well as for foreign investment. The most important thing to remember while trading Forex is to choose a licensed, safe, and reputed broker.

According to Bulgarian law, trading in the FX market is considered an investment activity, and it is prohibited without a license from the Financial Supervision Commission. This implies that investment brokerage activity on the FX market must require a license. Thus Forex trading is not prohibited in Bulgaria.

What are retail investor accounts?

The retail investor is the non-professional investor who invests their own funds through conventional or online brokerage services. They can invest as an active investor, allocating money and making transactions on their own. Plus, they can employ a professional to oversee the investment decision-making process, such as a financial planner or advisor.

Smaller transactions, maybe in the hundreds or thousands of dollars, are common in retail trading.  Even though the fact that individual investors’ trades may not be significant, there are more than 100 million retail investors. Retail investors make up a major share of the American stock market as a whole.

Does forex broker lose money?

Any type of trading, especially Forex trading, necessitates a significant amount of time and effort to learn how to trade and build a firm foundation of Forex expertise. It takes time to gain the experience and confidence necessary to apply your Forex knowledge in real-time trading in a turbulent and unpredictable market. As previously indicated, the conservative estimate is that 70% to 80% of all FX traders lose money, with the percentage rising to as high as 90%!