| Updated: May 15, 2024Bulgaria has become an attractive destination for forex brokers in recent years, largely due to the low costs of acquiring and maintaining a broking license. An increasing number of brokers are turning their gaze to the Balkan country as it has some of the lowest corporate tax rates in all of Europe. Setting up a company here is relatively cheap, not to mention professionals earn some of the lowest average salaries in the EU.
The country has been witnessing an influx of forex brokers as of late, making it progressively harder for Bulgarians to identify the best companies operating on the local market. Best Brokers makes this process easier with an unbiased list of the top broking firms catering to Bulgarian forex traders. We tested dozens of forex brokers with live accounts to single out the companies with the highest trust scores, tightest spreads, and the fastest order execution.
Fusion Markets74-89% of retail CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
IC Markets70.64% of retail investor accounts lose money
easyMarkets71% of retail investor accounts lose money
Trade Nation86% of retail investor accounts lose money
eToro51% of retail investor accounts lose money
Global Prime74-89% of retail CFD accounts lose money
IG70% of retail client accounts lose money
Libertex74.91% of retail investor accounts lose money
BlackBull MarketsBulgarian Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 6143 | 4.8 ⭐ |
| 2. IC Markets | 35964 | 4.8 ⭐ |
| 3. Fusion Markets | 1409 | 4.8 ⭐ |
| 4. easyMarkets | 1618 | 4.5 ⭐ |
| 5. Trade Nation | 605 | 4.5 ⭐ |
| 6. eToro | 22902 | 4.2 ⭐ |
| 7. Global Prime | 100 | 4.1 ⭐ |
| 8. IG | 6723 | 4.1 ⭐ |
| 9. Libertex | 9328 | 4.0 ⭐ |
| 10. BlackBull Markets | 34 | 3.6 ⭐ |
Bulgarian Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. FP Markets | 0.10 | 0.30 | 0.30 | 0.30 |
| 2. Libertex | 0.1 | 0.3 | 0.3 | 0.4 |
| 3. Fusion Markets | 0.11 | 0.13 | 0.15 | 0.11 |
| 4. Global Prime | 0.13 | 0.28 | 0.28 | 0.22 |
| 5. IG | 0.6 | 0.9 | 0.9 | 0.9 |
| 6. Trade Nation | 0.6 | 1.9 | 1.8 | 1.9 |
| 7. easyMarkets | 0.7 | 1.0 | 1.0 | 0.9 |
| 8. IC Markets | 0.8 | 0.8 | 0.8 | 0.8 |
| 9. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
Bulgarian Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. easyMarkets | $0 |
| 2. eToro | $0 |
| 3. IG | $0 |
| 4. Trade Nation | $0 |
| 5. Libertex | $0 |
| 6. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 7. FP Markets | $0 Standard Account; $6 round turn on Pro Account |
| 8. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 9. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 10. IC Markets | $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT |
Important Note: Our top picks are all regulatory compliant and licensed by the Bulgarian Financial Supervision Commission (BFSC). Trading forex via BFSC-authorized brokers is recommended if you wish to benefit from high levels of consumer protection and safeguard yourself against potential forex scams.
Top 10 FX Brokers in Bulgaria
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade Trustpilot Rating 4.8 out of 1409 reviews Number of Forex Pairs to Trade Over 200 Leverage Forex & Metals: 30:1
Index CFDs: 5:1
Cryptocurrencies: 2:1Spread EURUSD: 0.11
USDJPY: 0.13
EURGBP: 0.15
GBPUSD: 0.11Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple Founded by Australian trading experts, Fusion Markets was launched in 2017 and is currently one of the top destinations for traders all over the globe. While it is common for brokers to advertise low spreads, Fusion Markets was actually recognized by Brookerchooser, receiving the award “Lowest Spread Forex Broker” four years in a row.
In addition to offering traders tight spreads, Fusion Markets is committed to offering the best value for your trading, charging a significantly low commission of only $2.25 per lot ($4.50 per side). As you can see, const-effectiveness is one of the main values of this top-shelf broker.
Safety is always a priority for Fusion Markets, with major regulatory bodies like the Australian Financial Services (license No.385620), the Financial Services Authority of Seychelles (license No.SD096), and authorities in Vanuatu regulating the services provided by the broker. Under ASIC’s (Australian Securities & Investments Commission) regulation, the broker also provides a negative balance protection to some of its clients.
With no minimum on deposits and a wide range of popular trading platforms like MetaTrader4, MetaTrader5, cTrader, and more, it is no surprise that Fusion Markets is one of the top choices of traders. With an average score of 4.6 out of 5 on Trustpilot, this broker has received an Excellent rating from more than 1,300 happy customers.
Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MT4 Desktop, MT4 Webtrader, MT4 Android Trustpilot Rating 4.1 out of 100 reviews Number of Forex Pairs to Trade 56 Leverage Forex & Metals: 500:1
Index CFDs: 100:1
Cryptocurrencies: 10:1Spread EURUSD: 0.13
USDJPY: 0.28
EURGBP: 0.28
GBPUSD: 0.22Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Global Prime is a reliable brokerage that has been providing low-cost trading services since 2010. Regulated by the watchdogs of Vanuatu and Australia, the broker facilitates trading with over 150 financial instruments, including indices, bonds, commodities, cryptocurrencies, and more than 50 currency pairs. Major-pair spreads on raw accounts start at zero pips, with most orders being executed within 10 milliseconds on average. The broker works with MT4 only but plans to soon expand its range of supported platforms with cTrader, MT5, and TradingView.
These excellent trading conditions, coupled with a streamlined registration process, fee-free transactions to and from customer accounts, and round-the-clock support, have earned the broker a solid 4.1 score on Trustpilot. Still, there is scope for improvement as the company offers no cent and swap-free accounts for Islamic customers. The broker has no compensation scheme for client funds, either, which is yet another area Global Prime could improve in.
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
FP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA Min Deposit $50 (AU$100) Trading Platforms MetaTrader4, MetaTrader5, WebTrader, IRESS Trustpilot Rating 4.8 out of 6143 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 50:1Spread EURUSD: 0.10
USDJPY: 0.30
EURGBP: 0.30
GBPUSD: 0.30Forex Commission per Lot per Trade $0 Standard Account; $6 round turn on Pro Account Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal FP Markets is a broker that joined the online trading scene in 2005, making it a well-experienced brand, offering great trading conditions for all of its clients. Traders from multiple markets will have the chance to trade a decent number of currency pairs as well as numerous CFDs. Some of the biggest perks FP Markets offers to traders include competitively low spreads, popular trading platforms, and a great selection of tools suitable for beginners.
To offer an equally smooth trading to different traders, FP Markets supports popular platforms like MetaTrader 4 and 5 as well as IRESS and WebTrader. A dedicated mobile app will also offer Android and iOS users easy access to mobile trading platforms, enabling seamless trading on the go.
Tight spreads are also among the features that attract numerous traders to FP Markets, with pleased reviewers on Trustpilot giving the brand an average score of 4.8 out of 5. The average leverage ratio that FP Markets members can enjoy can reach up to 30:1 on certain products, including popular currency pairs. To ensure the safety of traders, the broker abides by the rules and guidelines imposed by major regulators in jurisdictions like Australia (License No. 286354) and Cyprus (License No. 371/18).
Key Pros
- Offers plenty of educational trading tools
- Broker with competitive spreads
- Allows easy trading on the go
- Regulated by reputable authorities
- Offers a decent number of currency pairs
Key Cons
- Supported trading platforms are a tad outdated
- Could expand selection of products
- No negative balance and investor protection for clients under ASIC
easyMarkets Broker Details Regulators CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135). Min Deposit $100 Trading Platforms easyMarkets, MetaTrader 4, MetaTrader 5, TradingView Trustpilot Rating 4.5 out of 1618 reviews Number of Forex Pairs to Trade 60+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.7
USDJPY: 1.0
EURGBP: 1.0
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Withdrawal Methods Visa, Mastercard, JCB, Amex, Skrill, Neteller, Fasapay, Sofort, iDEAL, Web Money, BPay, Bank Transfer Starting in 2001, nowadays, easyMarkets is one of the top brokers that cater to the preferences of a wide range of traders, with several licenses authorizing the brand to operate in multiple markets. To ensure traders’ safety, the broker is regulated by authorities like CySEC (license no. 079/07), ASIC (license no. 246566), FSA (license no. SD056), and FSC (license no. SIBA/L/20/1135).
Being among the pioneers in online trading, easyMarkets was the first one to introduce advanced tools like dealCancellation, Freeze Rate, and Inside Viewer. As for the platforms available to members of the broker, first, we would like to highlight the easyMarkets platform, which boasts a simple design and a selection of advanced trading tools that will appeal to experienced traders. Meanwhile, there is also the alternative to use platforms like MetaTrader 4 and 5 as well as TradingView. Mobile trading is also very accessible thanks to the dedicated easyMarkets app available to both Android and iOS users.
Competitive spreads and low fees are also among the features that make easyMarkets a preferable destination for a large number of traders. The company enjoys an average score of 4.6 out of 5 on Truspilot’s review platform, further cementing the broker’s reputation. Going live requires a minimum deposit of only $100, with the broker supporting a wide selection of deposit methods.
Key Pros
- Offers tight spreads and low fees
- Supports trading of over 60 currency pairs
- Regulated by several reputable authorities
- Supports a wide range of payment methods
- Offers a proprietary platform
Key Cons
- Number of supported products is somewhat limited
- Does not offer copy trading platform
- Traders from certain countries may have access to fewer payment methods
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, ADGM, FSA, FINRA/FinCEN Min Deposit $10 Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader Trustpilot Rating 4.2 out of 22902 reviews Number of Forex Pairs to Trade 55 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $0 Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer Launched in 2007, eToro is home to a global investment community of more than 30 million customers. The company operates with licenses from tier-one financial regulators like CySEC, ASIC, and FCA. The brokerage provides a varied range of tradable instruments, including 55 currency pairs, 32 commodities, 21 equity indices, and thousands of stocks. Cryptocurrency, ETF, and NTF trading is also possible via the platform.
Forex traders will benefit from spreads as low as a single pip on major pairs like the EUR/USD. Unlike many rival brokers, eToro charges no commissions on currency trades. All costs and fees are built into the spreads instead. The broker’s proprietary platform is well-designed and user-friendly enough to accommodate novice and versed traders. Another thing that distinguishes eToro from rival brokerages is its social and copy trading platform that leaves the competition in the dust with its superior features.
Key Pros
- Offers trading with over 5,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts
IG Broker Details Regulators ASIC (No. 515106), FCA (No. 114059), CFTC, DFSA (No. F001780), MAS, BMA Min Deposit $50 Trading Platforms MT4, L2 Dealer, ProRealTime, IG proprietary software Trustpilot Rating 4.1 out of 6723 reviews Number of Forex Pairs to Trade 80+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 0.9
EURGBP: 0.9
GBPUSD: 0.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bank Transfer, Wire Transfer, Visa Electron, Discover, PayPal Withdrawal Methods Visa, Visa Electron, Mastercard, Discover, Bank Transfer IG is a trusted online broker regulated in multiple jurisdictions, including Australia, Singapore, Dubai, the UK, and the US. It provides low-cost trading in thousands of financial markets, ranging from forex and commodities to cryptocurrencies, shares, bonds, and indices. Seasoned traders can dabble in options contracts, bonds, and spread betting. Interest rate trading is also available to IG customers.
The brokerage charges no commissions on forex trades, deriving its profits mostly from spreads. IG predominantly caters to customers looking to capitalize on price movements without purchasing underlying assets by offering them a broad range of CFDs. Forex traders have access to complex speculative instruments like turbo warrants, vanilla options, contracts for difference, and barrier options.
IG’s proprietary software does an excellent job at delivering seamless trading sessions, although clients can also connect third-party platforms like MT4 and ProRealTime to their IG accounts. Both platforms are suitable for algorithmic trading. Moving funds to and from your live account is entirely free, although the broker could expand its range of accepted payment methods. Cards, bank transfers, and PayPal are the only banking options IG works with at the moment. Bank transfers have no minimum threshold on deposits.
Key Pros
- Towering selection of over 17,000 tradable markets
- Listed on the FTSE 250 index
- Competitive pricing and low forex spreads
- No fees on deposits or withdrawals
- Demo accounts for risk-free forex trading practice
Key Cons
- Payment options are a bit limited
- Customer support is slow to respond during busy hours
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326) Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MT4, MT5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade Trustpilot Rating 3.6 out of 34 reviews Number of Forex Pairs to Trade 70+ Leverage Forex & Metals: 500:1
Index CFDs: 500:1
Cryptocurrencies: 500:1Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Founded in 2014, BlackBull Markets takes the lead when it comes to tradable asset diversity, providing a choice from a whopping 26,000 financial instruments. The broker caters to forex traders with over 70 major, minor, and exotic currency pairs tradable via three types of ECN accounts (Standard, Prime, and Institutional). Commodities, shares, indices, and futures can also be traded at BlackBull Markets.
The Seychelles-licensed broker offers relatively reasonable trading conditions, although the exact trading costs largely depend on what type of live account you open. Customers looking to trade commission-free can do so via ECN Standard accounts, where spreads generally start from 0.8 pips and there are no minimum deposit requirements. ECN Prime and ECN Institutional accounts are suitable for seasoned and high-volume traders. Both account types incur above-average commissions per lot.
Customers with live accounts can top up their balance with cards, digital wallets, online banking gateways, bank transfers, and cryptocurrencies. While deposits come at no extra cost, the New Zealand-based broker charges a $5 processing fee on all withdrawals, regardless of the payment method used.
Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
IC Markets Broker Details Regulators FSA (Seychelles), CySEC, ASIC Min Deposit $200 Trading Platforms MetaTrader4, MetaTrader5, cTrader, ZuluTrade Trustpilot Rating 4.8 out of 35964 reviews Number of Forex Pairs to Trade 61 Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.8
USDJPY: 0.8
EURGBP: 0.8
GBPUSD: 0.8Forex Commission per Lot per Trade $0 Standard MT; $6 round turn on Raw cTrader; $7 round turn on Raw MT Deposit Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, CardPay, Bpay, FasaPay, Poli, RapidPay, Klarna Withdrawal Methods Bank transfer, Visa, Mastercard, PayPal, Skrill, Neteller, Visa Direct, SafeCharge, Transact365, eCommPay, FasaPay, Poli, RapidPay, Klarna Launched in 2007, IC Markets is a well-experienced Australian-based broker, catering to traders across multiple markets. We recommend the brand mainly to forex traders due to its tight spreads and a rather decent currency pair coverage. Supporting the standard MetaTrader 4 and 5 platforms as well as cTrader and ZuluTrade, IC Markets offers a smooth trading experience to both seasoned and less experienced traders.
Cost-effectiveness is definitely one of the reasons for so many traders choosing the services of IC Markets. With no inactivity or withdrawal fees, traders can enjoy a better value for their trading. Forex commission fee is as low as $3.50 per lot traded, while the average spread for a standard pair like EUR-USD is 0.2 for raw spread accounts.
The minimum deposit at IC Markets starts at $200, with traders having multiple secure payment options to choose from. Further ensuring its clients’ security, the broker follows strict trading guidelines imposed by regulators like the Cyprus Securities and Exchange Commission (License No. 362/18) and Australian Securities and Investments Commission ( License No. 335692). Another proof of the broker’s excellent trading services is the extremely high score of 4.8 out of 5 on Trustpilot.
Key Pros
- Offers a large number of forex pairs to trade
- Great for forex traders due to low spreads
- Supports all industry-standard trading platforms
- Supports a wide range of payment solutions
- Low forex trading commission
Key Cons
- Non-EU customers have no investor protection
- Not listed on stock exchange
- List of products can be further expanded
Trade Nation Broker Details Regulators FCA (ref.no 525164), SCB (SIA-F216., ASIC (AFSL No. 422661), FSA (license no. SD150), FSCA Min Deposit $0 Trading Platforms TN Trader, MetaTrader 4 Trustpilot Rating 4.5 out of 605 reviews Number of Forex Pairs to Trade 30+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.6
USDJPY: 1.9
EURGBP: 1.8
GBPUSD: 1.9Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, Bitcoin, Skrill, Bank Transfer, GrabPay Withdrawal Methods Visa, Mastercard, Bitcoin, Skrill, Bank Transfer, GrabPay Trade Nation was launched in 2014, bringing top-shelf trading services to its customers from different parts of the world. When it comes to security, one can be certain of Trade Nation’s integrity with the FCA, one of the most reputable authorities in the industry, regulating the broker. Meanwhile, Trade Nation has also been authorized to operate in several other markets, with regulators like the SCB, ASIC, FSA, and FSCA making sure the brand follows strict trading guidelines.
To offer seamless trading to all of its members, the broker supports the popular platform MetaTrader 4, offering CFDs across various markets. In addition, traders can also use the broker’s proprietary TN Trader platform, which allows intuitive trading while fees and risk levels are kept under control. Trading on the go is also extremely easy through the dedicated Trade Notion app, available to both Android and iOS users.
When it comes to funding their accounts or withdrawing money, Trade Nation allows its customers to resort to various payment solutions. These include credit/debit cards, bank transfers, and even crypto. There is no set minimum for your deposits at Trade Nation, allowing you to start with as little as you are comfortable with.
Key Pros
- Regulated by multiple trustworthy authorities
- Suitable for trading beginners
- Offers proprietary trading platform
- Easy trading on mobile app
- Supports various payment solutions
Key Cons
- Number of forex pairs is underwhelming
- Some payment methods are available only in specific markets
- Chat service available only 24/5
Libertex Broker Details Regulators CySEC (CIF Licence number 164/12), BaFin (BaFin ID: 10161686 / Bak No.: 161686) Min Deposit $10 Trading Platforms Libretex Trading Platform, MT4, MT5 Trustpilot Rating 4.0 out of 9328 reviews Number of Forex Pairs to Trade 50+ Leverage Forex & Metals: 30:1
Index CFDs: 20:1
Cryptocurrencies: 2:1Spread EURUSD: 0.1
USDJPY: 0.3
EURGBP: 0.3
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Deposit Methods PayPal, Visa, Mastercard, Sofort, iDeal, Trustly, Skrill, Giropay, Sepa International Bank Wire, Multibanco, P24, BLIK, eService, Neteller Withdrawal Methods SEPA International Bank Wire, PayPal, Visa Mastercard, Skrill, Neteller Libertex’s roots date back to 1997, making it a broker with nearly three decades of experience in the field of trading. Forex, cryptocurrencies, ETFs, and bonds are a few examples of what markets are available, and cost-effectiveness is one of the broker’s key characteristics thanks to tight spreads and a lack of commissions when it comes to some assets.
Traders are presented with several options in terms of platforms, the first one being Libertex’s own. If you wish to trade on the go, the said platform can be downloaded from the App Store or Google Play. Both MT4 and MT5 are available as well.
Libertex’s efforts to provide traders with an excellent experience have paid off, resulting in the broker earning a 4.0 score on Trust Pilot and a range of accolades, including the one dubbed “Best Trading Experience” granted by the Ultimate Fintech Awards.
In the event that something goes wrong or you need to find a piece of information about Libertex, the broker’s Help Desk Portal can be of great help. You may also reach out to the customer support team via live chat when necessary.
Key Pros
- Great variety in terms of markets
- Users have a range of deposit and cashout solutions to pick from
- Available in English, Spanish, French, Portuguese, and other languages
- Negative balance protection
- Traders can contact the customer support staff via live chat
Key Cons
- No longer available for UK traders
- Does not accept traders from the US
- Somewhat lacking in terms of educational resources
Is Forex Trading Legal in Bulgaria
Bulgarians can legally trade spot forex and currency derivatives like futures, options, and contracts for difference (CFDs) on condition they do so with brokers authorized by the Bulgarian Financial Supervision Commission (BFSC). Broking firms are considered investment intermediaries in Bulgaria and can apply for one of two types of licenses.
Standard broker licenses come with minimum capital requirements of €125,000 (BGN 250,000). Such permits enable approved companies to execute orders on customers’ behalf, provide investment advice, and manage their portfolios. Applicants must deposit 25% of this amount in a Bulgarian bank before submitting their application forms. The remaining 75% is payable within two weeks after gaining approval.
Companies applying for market maker licenses must meet a minimum capital threshold of €750,000 (approximately BGN 1.5 million). This type of permit enables approved broking firms to trade on their own account. License issuance fees are considerably lower than those in other EU member states, averaging €2,200 for standard broker permits. The companies must participate in investor compensation schemes, a standard requirement for all EU-regulated brokers.
Each broking firm should have two or more directors with permanent domicile in the EU. Said directors must provide high-education certificates or employment records to prove they are knowledgeable enough about the financial industry. The entire process takes between four and seven months from the date of sending the necessary documents to the BFSC. Approved forex firms undergo regular audits and file financial reports with the Bulgarian watchdog. They must set up registered offices and have a physical presence in the Balkan country.
Forex Trading Regulators in Bulgaria
The Bulgarian Financial Supervision Commission (BFSC) oversees all nonbank financial companies operating on the local market, including forex brokerages, insurance firms, pension schemes, and electronic payment gateways. The regulatory body came to be in 2003 under the provisions of the Financial Supervision Commission Act. It functions independently from the executive branch of the government and reports directly to the National Assembly.
Ensuring the stability and transparency of the local financial markets is the primary objective of the BFSC. To this end, the watchdog drafts regulations and issues guidelines for all market participants. It conducts on-site and off-site inspections to ensure licensees uphold high regulatory compliance.
Protecting the interests of consumers is another responsibility of Bulgaria’s financial regulator. Non-compliant licensees suffer sanctions in the form of fines, permit suspensions, or complete revocation in cases of severe transgression. We should point out that the BFSC operates under the umbrella of the Markets of Financial Instruments Directive II (MiFID), introduced by the European Securities and Markets Authority (ESMA) in 2014.
The directive aims to synchronize financial regulations across the European Union and the European Economic Area (EEA). Bulgaria acceded to the EU at the turn of 2007. BFSC-authorized brokers comply with the MiFID regulatory framework and enjoy passport rights, allowing them to conduct business in other member states. Conversely, broking firms regulated by other EU watchdogs like Cyprus’ CySEC can legally serve Bulgarian traders without necessarily applying for licenses from the BFSC.
How to Identify Forex Brokers Authorized in Bulgaria
When choosing a broker, forex traders from Bulgaria should, first and foremost, look for the seal of approval of the BFSC or another notable financial regulator based in the EU. Trading with a locally regulated firm is always preferable, as BFSC brokers adhere to strict fairness, transparency, and investor protection guidelines.
Locally approved companies post information about their permits in the footer section of their websites, including their license numbers. Another option is to check the website of the BFSC or contact the information center on the toll-free number 0800-40-444. The BFSC maintains an up-to-date warning list of companies providing trading and investment services to Bulgarians without authorization. We highly recommend you check this out if you think a broker you are interested in lacks a proper operating license.
Security at Bulgarian Forex Brokers
BFSC-authorized brokers actively work to prevent undesirable outcomes for retail traders from Bulgaria. All retail clients undergo obligatory tests for financial literacy to ensure they possess sufficient knowledge and experience in trading with complex derivative instruments like currency CFDs, futures, and options. Retail traders are denied access to leverage in the event of failing this test.
Authorized brokers operating in line with MiFID must impose leverage caps on derivative positions to mitigate risk and limit the potential losses of retail clients. Customers trading on margin have access to negative balance protection to prevent them from running up debt. Brokers must liquidate all rapidly declining leveraged trades when a retail account’s balance falls below the minimum margin required to keep the CFD positions open.
MiFID-compliant forex brokers automatically start closing out positions when the equity in retail accounts drops to 50% or less. Standardized disclosures are prominently featured on their websites, warning unversed traders about the risks of trading with CFDs and other leveraged products. Each broker must publish information about the percentage of its retail customers losing their balance when margin trading. Regulated broking companies update these loss percentages on a regular basis.
It is not unheard of for a forex firm to find itself in financial trouble. The good news is you have nothing to worry about when trading with reliable, adequately regulated brokers. The BFSC requires all authorized brokerages to join an investor compensation scheme to protect clients in the unlikely event of insolvency.
Retail traders from the Balkan country are eligible for a maximum compensation of BGN 40,000 (around €20,000) per client, corresponding to 90% asset protection. Brokers can access client funds only to conduct trades on their behalf. They keep customers’ money in segregated accounts at approved Bulgarian or European banks.
Negative Balance Protection at Bulgarian Forex Brokers
Let’s elaborate on what negative balance protection is and how it works. This safety mechanism applies to each account and provides guaranteed limits on the losses retail customers can incur. It goes hand in hand with obligatory margin calls, resulting in automatic closeouts of losing CFD positions when a trader’s account no longer meets the minimum capital requirements to keep them open.
Margin closeouts enable you to manage your risk and prevent additional losses. Access to negative balance protection is a statutory right of all retail clients trading with brokers regulated in the EU. If your balance goes negative, your broker will restore it to zero at no extra cost without requiring you to deposit additional funds to your account.
Taxes on Forex Trading Profits in Bulgaria
The Balkan country is a desirable destination for new forex brokers as businesses are subject to lower corporate taxes than those levied in other EU member states. Brokers regulated in the country pay a 10% corporate tax, one of the lowest rates in Europe. To provide context, Cyprus levies a 12.5% corporate tax on forex broking firms regulated by CySEC.
Bulgarian residents are levied personal income taxes at a fixed 10% rate. Profits resulting from transacting with most financial instruments go untaxed. However, earnings from trading currencies on the forex market incur 10% taxes. As usual, we urge you to contact a professional tax consultant if you are unsure how to file your annual tax returns.
Comparing Maximum Leverage at Bulgarian and Offshore Forex Brokers
Using leverage involves borrowing capital from your forex broker to artificially boost the size of your CFD positions and increase your market exposure. It can be great for seasoned traders since it can magnify their gains when exiting CFDs on profit. Unfortunately, leverage is often the arch-enemy of inexperienced retail traders just making their first steps in derivative trading.
When implemented without due caution, unreasonably high leverage can considerably inflate one’s losses or cause them to part with their entire balance. MiFID-compliant brokers operating in Bulgaria partially offset the risk of racking up enormous losses by limiting the maximum leverage available to retail customers. Leverage is capped at 30:1 for major forex pairs and 20:1 for crosses and exotic pairs. The maximum leverage ratios for other financial instruments decrease proportionately to their volatility, dropping to a meager 2:1 rate for cryptocurrency derivatives.
Many brokers licensed outside Bulgaria and the EU have considerably higher leverage caps since they operate from jurisdictions like the Cayman Islands, whose regulatory frameworks are far more lenient. Their clients can access leverage of up to 500:1, sometimes even more. We recommend Bulgarian forex traders stick to BFSC and EU-regulated broking firms due to their superior investor protection policies.
Professional Trader Requirements in Bulgaria
Depending on their classification, Bulgarian traders can gain access to leverage rates as high as 400:1 or 500:1. They must upgrade to professional accounts for this purpose and meet several requirements that largely overlap across EU-regulated brokers. One of the conditions is to have conducted ten or more large-scale transactions in over-the-counter derivatives per quarter over the last year. We are talking about five-figure amounts here, usually €50,000 per transaction or the equivalent in Bulgarian levs.
Another common requirement in the EU stipulates that applicants must have investment portfolios exceeding €500,000. Before you start flinching, we should warn you there is no need to actually deposit this amount in your trading account. You must simply provide your broker with bank statements or certificates from other broking firms you invest with to prove your portfolio is large enough.
The last requirement is having sufficient work experience in the financial services industry. Applicants must have occupied professional positions in this field for one or more years. By switching from retail to professional status, you relinquish your rights to negative balance protection.
Forex Trading Platforms at Bulgarian Brokers
The software your broker runs on is crucial whether you are a seasoned trader or new to the forex markets. It can directly impact your trading results and performance. All trusted forex brokers catering to the Bulgarian market utilize reliable trading platforms that facilitate seamless order execution at the most accurate prices possible. Their platforms, either proprietary or third-party, are packed full with charting and analytical tools designed to improve customers’ overall performance.
Novice traders looking for a beginner-friendly platform should consider choosing brokers working with MetaTrader 4. MT4 combines user-friendliness and straightforward navigation with a healthy range of charting tools and expert advisors for algorithmic trading. Its successor MetaTrader 5 is a viable option for well-versed traders looking to perform more advanced technical analysis.
DupliTrade is another great alternative for Bulgarians who wish to engage in algorithmic trading, although it is less broadly supported than MT4 and MT5. The platform is equipped with a free simulator, allowing users to backtest their past forex trading strategies. DupliTrade users can additionally outsource trading techniques from experienced strategy providers, as the platform is also suitable for copy trading. Another piece of third-party software you can do this with is cTrader, which also has more limited support at Bulgarian-friendly forex brokers.
Below you can find some useful references with links to organisations that monitor the forex market in Bulgaria.
- Bulgarian Financial Supervision Commission (BFSC) – Here you can find all companies authorised to provide forex brokerage services in Bulgaria.
- Warning list of companies providing trading and investment services to Bulgarians without authorization