Best forex brokers in Guatemala

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A Latin American country bordering with Mexico and Belize, Guatemala has an open exchange regime, meaning there are no restrictions on converting or transferring investment funds. The only requirement is that if you deposit over 3 000 USD per month, you will have to sign a declaration that your money come from legit activities.

The institutions governing the financial markets are the Central Bank – Banco de Guatemala, which looks after the overall economic and monetary stability and Superintendencia de Bancos (SIB), which supervises all activities related to financial and insurance intermediation by local banks and branches of foreign banks, private finance companies, bonded warehouses, local insurance companies and branches of foreign insurance companies, foreign exchange dealers, off-shore banking institutions, credit card issuers and financial groups.

In addition all participants in the securities and commodities markets in the country should be registered by the Securities and Commodities Markets Registry (Registro del Mercado de Valores y Mercancías, RMVM), which is not a financial regulator per se, but is responsible for the compliance of all market participants with the Securities and Goods Market Act. Thus, all stock exchanges, public companies, agents, investment funds, investment companies and risk rating agencies should be listed in RMVM.

As forex and CFD brokers are not mentioned specifically and as forex and CFD trade is not prohibited by the local legislation, traders in Guatemala can choose freely form all international brokers, offering their services in the country, with the only condition that they are licensed by a well respected financial institution, such as he Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

Popular payment methods in Guatemala include major credit and debit cards like VISA and MasterCard, as well as PayPal, 2Checkout and Xendpay.

The official currency of Guatemala is the Quetzal, named after Guatemala’s national bird.