5 minute read
How to Start Forex Trading in Bangladesh: A Beginner’s Guide
from Exness
by Exness Blog
If you're in Bangladesh and wondering how to start forex trading, the answer is straightforward: you need a reliable broker, a verified trading account, some capital, and basic knowledge of the forex market. Forex trading is legal in Bangladesh under specific conditions, and thousands of Bangladeshis are already participating in global currency markets through regulated online brokers. Let’s break down exactly how you can get started.
Top 4 Best Forex Brokers in Bangladesh
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2️⃣ XM: Open An Account or Visit Brokers 💥
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4️⃣ Quotex: Open An Account or Visit Brokers 🌐
Step 1: Understand the Legal Framework in Bangladesh
Forex trading is allowed in Bangladesh but with strict limitations. The Bangladesh Bank does not permit residents to trade forex with foreign currency from local accounts. However, it does not directly prohibit citizens from trading through international platforms using offshore accounts. Therefore, most Bangladeshi forex traders use international brokers who accept clients from Bangladesh and offer funding options in local currency via e-wallets or cryptocurrency.
To avoid legal trouble:
· Do not use local bank accounts to deposit directly into foreign forex brokers.
· Use legal remittance channels, e-wallets (like Skrill, Neteller), or crypto where allowed.
Step 2: Choose a Trusted Forex Broker that Accepts Bangladeshi Clients
Selecting the right forex broker is the most important decision. You want a broker that:
· Accepts traders from Bangladesh.
· Has strong regulation (FCA, CySEC, ASIC, etc.).
· Offers local payment options like bKash, Rocket, Nagad via third-party exchangers or e-wallets.
· Provides access to major currency pairs, metals, indices, or cryptocurrencies.
· Has low spreads and fast execution.
Popular brokers among Bangladeshi traders include Exness, XM, FBS, and IC Markets. All of them offer demo accounts, multiple trading platforms (MetaTrader 4/5), and 24/7 customer service.
Step 3: Create a Trading Account and Verify Your Identity
Once you select a broker, go to their website and register. You’ll need:
· Your national ID card or passport.
· Proof of residence (utility bill or bank statement).
· A valid email and phone number.
Most brokers offer an instant sign-up process, but full verification may take 1–2 business days. Without verification, you can’t deposit large sums or withdraw profits.
Some brokers even allow you to start trading with as little as $10–$50.
Step 4: Choose a Trading Platform (MT4 or MT5)
After account verification, you’ll be asked to choose a trading platform. The two most popular ones are:
· MetaTrader 4 (MT4): Ideal for beginners. Simple, stable, and widely supported.
· MetaTrader 5 (MT5): A more advanced version with extra tools, better charting, and more assets.
Both platforms are available on desktop, web, and mobile (Android/iOS). You can start with a demo account to practice risk-free before switching to a live account.
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Step 5: Fund Your Account Safely
Since Bangladeshi banks don’t support direct forex transactions, use alternative funding options:
· Skrill/Neteller: Popular and fast. You can fund these using local agents or exchange platforms.
· Cryptocurrency (USDT/BTC): Secure and private.
· Local exchangers: Some brokers work with third-party exchangers who accept bKash, Nagad, Rocket and convert it to USD in your trading account.
Caution: Only work with trusted exchangers and double-check your broker’s official deposit methods.
Step 6: Learn the Basics of Forex Trading
Before risking real money, understand the core concepts of forex:
· Currency pairs: Forex is always traded in pairs (e.g., EUR/USD, GBP/JPY).
· Pips and Lots: These determine your profit/loss per movement.
· Leverage: Amplifies gains but also increases risk.
· Spreads and Commissions: The cost of placing a trade.
· Risk management: Never risk more than 1–2% of your capital on a single trade.
There are countless free courses, YouTube tutorials, and broker education portals to learn these basics. Practice with a demo account until you feel confident.
Step 7: Develop a Simple Trading Strategy
Don’t trade blindly. Use a strategy, even if it’s basic. Popular beginner strategies include:
· Breakout strategy: Enter trades when price breaks key support/resistance.
· Moving Average Crossover: Use indicators to spot trend changes.
· Price Action: Trade based on candlestick patterns and support/resistance zones.
Start by focusing on 1–2 currency pairs, preferably with low spreads like EUR/USD or GBP/USD. Always set stop-loss and take-profit levels.
Step 8: Track Your Trades and Improve
Once you start trading live, maintain a trading journal:
· Record every trade: entry, exit, reason, and outcome.
· Analyze your winning vs. losing trades.
· Learn from your mistakes.
This habit will make you a disciplined and data-driven trader over time.
Also, avoid common beginner mistakes:
· Overleveraging your account.
· Trading without stop-loss.
· Following random “signals” on Telegram/Facebook.
· Trading based on emotions or revenge after losses.
Step 9: Withdraw Your Profits Properly
You can withdraw your profits using the same method you used to deposit (Skrill, Neteller, crypto, etc.). Most brokers process withdrawals within 24 hours. Make sure:
· Your account is fully verified.
· You’ve met any minimum withdrawal amount.
· You’ve submitted the required KYC documents.
If you use third-party exchangers, they will typically send your money back via bKash or another local method. Always confirm rates and legitimacy before proceeding.
Final Tips for Success
1. Start small: Use a micro or cent account first to test your strategy with real money without high risk.
2. Stay updated: Watch forex news, economic calendars, and central bank policies.
3. Keep emotions in check: Don’t let greed or fear drive your decisions.
4. Network: Join Bangladeshi forex communities on Facebook or Telegram to learn from others and stay informed.
Conclusion
Starting forex trading in Bangladesh is completely achievable if you follow the right steps and stay within the legal boundaries. Choose a reputable international broker, learn the fundamentals, practice responsibly, and manage your risk. With time, discipline, and consistent learning, forex can be a viable online income stream — but only if approached wisely.
Remember, forex trading is not a get-rich-quick scheme. It’s a skill that takes time to master, but if you’re committed, the opportunities are real.
✅ Trade with Exness now: Open An Account or Visit Brokers 👈
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