Several well-known international Forex brokers have offices in Bulgaria, where they primarily house their development teams. My Bulgaria Forex review identified the best Forex brokers in Bulgaria to help traders select a broker that ensures a competitive edge with increased earnings potential. I have also included a shortlist of how to start with Forex in Bulgaria to shorten the learning curve for beginners. I also looked at maximum retail leverage conditions, regulations, taxes, and the pros and cons of Forex trading in Bulgaria. Find out everything you need to know from my review before you start trading with the best Forex brokers in Bulgaria.
- Plus500, multi-asset and CFD broker.
- FXTM, Best all-around broker with high floating leverage and fast execution.
- Eightcap, Competitive pricing + excellent daily videos.
- FP Markets, ECN trading with leverage up to 1:500.
- BlackBull Markets, Best ECN trading environment, with scalping and hedging.
An Introduction to Forex Trading in Bulgaria
The best Forex brokers in Bulgaria maintain a competitive edge via a cutting-edge technology infrastructure and competitive trading fees. Below is my listing of the best Forex brokers in Bulgaria.
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Regulators | ASIC, CySEC, FCA, FMA, FSCA, MAS | CMA, CySEC, FCA, FSC Mauritius, FSCA | ASIC, CySEC, FCA, SCB | ASIC, CMA, CySEC, FSCA | FMA, FSA |
Year Established | 2008 | 2011 | 2009 | 2005 | 2014 |
Execution Type(s) | Market Maker | ECN/STP, Market Maker | ECN/STP, Market Maker | ECN/STP | ECN/STP, No Dealing Desk |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.3 pips | 0.1 pips | 1.0 pips | 1.2 pips | 1.3 pips |
Average Trading Cost GBP/USD | 1.7 pips | 0.2 pips | 1.2 pips | 1.4 pips | 2.0 pips |
Average Trading Cost Gold | $0.34 | $0.18 | $0.12 | $0.16 | $0.90 |
Trading Platform(s) | Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, Proprietary platform | MetaTrader 4, MetaTrader 5, Trading View | MetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader, Trading View |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
Get Started Visit Website80% of retail CFD accounts lose money | Visit Website | Visit Website | Visit Website | Visit Website |
Plus500
In Summary multi-asset and CFD brokerPlus500 is a global Forex broker founded in 2008. It maintains an excellent regulatory environment provided by the FCA in the UK, the CySEC in Cyprus, the ASIC in Australia, the FMA in New Zealand, the FSCA in South Africa, the FSA in Seychelles, and the MAS in Singapore. Plus500 offers traders a choice of more than 2,800 assets to trade, including nearly 900 options contracts, in a commission-free trading environment. This extremely wide range of choice can make Plus500 an appropriate choice for traders looking to pursue wide diversification of assets. Plus500 is licensed to offer CFDs through ASIC (AFSL #417727), and through the FMA (FSP #486026), for licensed CFDs in New Zealand. Plus500 trading services are also available in South Africa (Authorised Financial Services Provider #47546).
Pros & Cons
- Broad asset selection in equities and options
- Free and unlimited demo account
- Advanced free-of-charge analytical trading tools
- Global and regulated fintech platform
- Sub-standard trading platform without support for automated or social trading
FXTM
In Summary Best all-around broker with high floating leverage and fast executionWe have made FXTM one of our top-rated brokers because in addition to its lengthy track record, it enjoys a very high level of regulation and reputation, and it offers a highly competitive fee structure which tends to keep down the cost of trading.
Pros & Cons
- Excellent commission-based Forex pricing environment and transparency
- Upgraded MT4/MT5 trading platforms plus proprietary mobile trading app
- Quality market research and educational content for beginner traders
- A highly regulated broker with a tier-1 license
- No cryptocurrencies and limited choice of commodities
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap established itself among the best Forex brokers due to its superb trading infrastructure, excellent order execution amid deep liquidity, competitive fees, and cutting-edge trading tools. Manual traders get a well-designed AI-powered economic calendar, and Eightcap upgrades MT4 via Capitalise AI, which enables algorithmic trading in a code-free environment. MT5 traders benefit from Flash Trader, while the dedicated cryptocurrency solution Crypto Crusher caters to cryptocurrency traders.
Copy traders get the embedded MT4/MT5 services, and Eightcap connects social traders to the active TradingView community. Beginner traders get an outstanding educational and research offering via Eightcap Labs and Eightcap Trade Zone.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
FP Markets
In Summary ECN trading with leverage up to 1:500fpmarkets is an ASIC-regulated Australian brokerage which launched in 2005. For most traders, the unique selling point of this broker is in the extremely wide range of tradable assets offered, providing the opportunity to trade over ten thousand individual stocks and shares including publicly quoted Hong Kong and Australian companies. Ffpmarkets also offers 60 Forex pairs and crosses, 11 equity indices, the major commodities, and 5 cryptocurrencies including Bitcoin. fpmarkets offers an unusual hybrid ECN/STP execution model, meaning their clients can choose between ECN style of execution giving a very high level of speed, and a “straight through processing” execution style which allows for more “natural” spreads.
Pros & Cons
- Choice of trading platforms and auxiliary trading tools
- Very competitive cost structure and excellent asset selection
- Low minimum deposit requirement and leverage of up to 1:500
- Well-regulated and trustworthy
- Availability of Iress geographically restricted
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
What to Look for in a Forex Broker from Bulgaria
My analysis of the best trading platforms in Bulgaria focused on the criteria below.
All competitive Bulgaria Forex brokers should offer the following:
- A clean regulatory record exceeding 10+ years.
- Low Forex trading fees, with the EUR/USD not exceeding costs of $10.00 per 1.0 standard round lot or 1.0 pips.
- MT4 and MT5, as they support algorithmic trading and copy trading and include a user-friendly mobile app.
- A balanced asset selection exceeding 300+ assets
- No internal transaction fees and low minimum requirements with a choice of e-wallets and preferably cryptocurrency deposits and withdrawals.
How to Start Forex Trading in Bulgaria?
My tips below can help beginners shorten their learning curve and highlight areas of study to focus on.
Here are my Forex trading tips:
- Begin with in-depth education.
- Approach and respect Forex trading as the highly skilled profession it is.
- Master trading psychology.
- Understand the leverage-risk management relationship.
- Low trading fees determine a competitive trading environment.
Pros and Cons of Forex Trading in Bulgaria
Forex traders should consider the pros and cons of Forex trading in Bulgaria.
Pros of Forex Trading in Bulgaria
- Stable internet connection
- High-speed internet
- Excellent time zone to trade during the most liquid trading periods
- Stable electricity grid
- Good choice of Forex brokers
Cons of Forex Trading in Bulgaria
- No domestic assets
- Limited local presence by Forex brokers
- Forex education requires more focus
Forex Trading Regulations in Bulgaria
The Bulgarian National Bank and the Bulgarian Financial Supervision Commission (FSC) regulate the Forex market, ensuring all Forex brokers comply with ESMA regulations.
How Much is Forex Leverage in Bulgaria?
Per ESMA restrictions, the maximum Forex leverage in Bulgaria is 1:30. Forex traders must always use proper risk management when trading leveraged accounts and understand the relationship between leverage and risk management.
Forex Trading Taxation in Bulgaria
Bulgaria levies a 10% flat tax, but I urge Forex traders in Bulgaria to consult a licensed professional to seek tax advice to ensure compliance with local rules and regulations.
Bottom Line
The best Forex brokers in Bulgaria all provide algorithmic trading platforms and low trading fees. Beginners should start with in-depth education before funding a trading account.
