Table of Contents
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Affiliate Disclosure DailyForex.com adheres to strict guidelines to preserve editorial integrity to help you make decisions with confidence. Some of the reviews and content we feature on this site are supported by affiliate partnerships from which this website may receive money. This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker's track record, plus the scope of regulatory standing. Major factors in determining the quality of a broker’s offer include the cost of trading, the range of instruments available to trade, and general ease of use regarding execution and market information.

Top Forex Brokers in Chile

Chile leads Latin American countries in human development, competitiveness, globalization, economic freedom, and a low perception of public sector corruption, making it an excellent Forex trading market. It has a high-income economy, and Forex deposits are often higher than in other Latin American countries.

Chile is a leading Latin American economy and, therefore, an excellent Forex market, which the brokers from our best Chile Forex brokers review serve with competitive trading conditions.

1
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
MT4/MT5, a proprietary mobile app & VPS hosting for 24/5 low latency trading.
Quality education for beginners & actionable trading signals.
2
4.9/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Account management via MAM/PAMM for licensed account managers.
A balanced asset selection & competitive, commission-based fees.
3
4.8/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
A competitive edge for news traders via the AI-powered economic calendar.
Quality education and research through Eightcap Labs and Eightcap Trade Zone.
4
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Reasonable commission-based fees & licenses from nine regulators.
Well-balanced asset selection, including ETFs, and cryptocurrencies.
5
4.7/5
The ratings shown on DailyForex.com are determined by hours of research from our editorial team into over 10 factors, including account fees, deposit/withdrawal options, regulatory status, tradable assets, and more.
Cryptocurrency deposits and withdrawals & a $100 minimum deposit requirement.
Multilingual customer support, including phone support & well-regulated broker.
  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • Eightcap, Competitive pricing + excellent daily videos.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • DNA Markets, Super asset selection for Forex and cryptocurrency traders.

Comparison of the Best Forex Brokers in Chile

Regulators
CMA, CySEC, FCA, FSC Mauritius, FSCAASIC, CySEC, FSCAASIC, CySEC, FCA, SCBASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFIDASIC
Year Established
20112005200920062023
Execution Type(s)
ECN/STP, Market MakerECN/STPECN/STP, Market MakerMarket MakerECN/STP, Market Maker
Minimum Deposit
$200
$100
$100
$100
$100
Average Trading Cost EUR/USD
0.1 pips1.1 pips1.0 pips0.9 pips1.1 pips ($11.00)
Average Trading Cost GBP/USD
0.2 pips1.4 pips1.2 pips1.5 pips1.3 pips ($13.00)
Average Trading Cost Gold
$0.18 $0.21 $0.12 $0.29 $0.12
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedMetaTrader 4, MetaTrader 5, Trading ViewOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5
Islamic Account
Negative Balance Protection

FXTM

In Summary Best all-around broker with high floating leverage and fast execution

Demanding algorithmic traders and scalpers benefit from the ultra-low trading fees at FXTM in the Advantage account for a minimum deposit of $500. They start from raw spreads of 0.0 pips for a commission of $0.80 and $4.00 per 1.0 standard round lot, making FXTM the cheapest Forex broker on our best Chile Forex brokers ranking. The excellent price improvement technology decreases trading fees by an average of $3.00 per round lot.

FXTM offers its MT4 Pivot Point Strategy plugin and its user-friendly mobile app FXTM Trader.

Read more on FXTM »
4.9/5 in this category

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

FP Markets

In Summary ECN trading with leverage up to 1:500

FP Markets is an excellent choice for copy trading strategies, where traders can diversify via embedded copy trading services in MT4/MT5/cTrader, the well-known Myfxbook Autotrade service, fee-based Signal Start, or the proprietary FP Markets alternative. The superb choice of payment processors includes 15+ cryptocurrencies, and FP Markets has fast payment processing times.

The 12-plugin upgrade package for MT4/MT5 plus services by Trading Central and Autochartist makes the FP Markets MT4/MT5 trading environment the most enhanced among our best Chile Forex brokers. Beginner traders receive quality education and research, daily market reports via the FP Markets newsletter, and 24/7 multi-lingual customer support.

Read more on FP Markets »
4.9/5 in this category

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

Eightcap

In Summary Competitive pricing + excellent daily videos

Eightcap is the most advanced Forex broker among our best Chile Forex brokers due to the availability of cutting-edge trading tools. Capitalise AI for MT4 stands out, allowing algorithmic trading in a code-free environment. The FlashTrader plugin enhances the MT5 trading environment, and Crypto Crusher is a dedicated solution for demanding cryptocurrency traders.

Copy traders can use the embedded MT4/MT5 services, and Eightcap additionally connects social traders with 50M+ traders at TradingView. The well-balanced asset selection, competitive commission-based trading costs, and deep liquidity make Eightcap an ideal broker for algorithmic traders benefiting from low-latency 24/5 algorithmic Forex trading via VPS.

Read more on Eightcap »
4.8/5 in this category

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

AvaTrade

In Summary Highly regulated, choice of fixed or floating spreads

Beginners get an industry-leading education package via the Ava Academy, making AvaTrade the best choice for first-time traders among our best Chile Forex brokers. The fee-based Ava Protect insurance policy protecting against losses and the MT4 Guardian Angel plugin are other beginner-friendly tools.

AvaTrade offers embedded Trading Central services in WebTrader and the mobile app AvaTradeGO, its specialized platforms Ava Option and Ava Social, and MT4/MT5 for algorithmic and copy traders. Third-party copy trading provider DupliTrade is also available. It also maintains a high-paying affiliate program with 145,000 registered partners and $300,000,000+ in commission payouts for passive income generation.

Read more on AvaTrade »
4.7/5 in this category

Pros & Cons

  • High quality educational offering via AvaAcademy
  • Excellent choice of trading platforms catering to various trading needs
  • Broad asset selection and cross-asset diversification opportunities
  • Well-regulated and trusted broker with oversight from a central bank
  • Trading costs competitive but nothing special

DNA Markets

In Summary Super asset selection for Forex and cryptocurrency traders

DNA Markets supports micro lot trading from 0.01 lots or 1,000 currency units and has no restrictions on trading strategies, including scalping and algorithmic trading using EAs on MT4/MT5. It makes DNA Markets one of the best Forex brokers in Chile. Traders get a margin call level at 100% margin level, with an automatic stop-out level of 50%. Negative balance protection ensures traders cannot lose more than they deposit.

A partnership program provides passive income generation. DNA Markets is also excellent for copy trading, as it offers fee-based Signal Start, besides embedded MT4/MT5 services, and pays the first free months.

Read more on DNA Markets »
4.7/5 in this category

Pros & Cons

  • Competitive, commission-based trading fees
  • Choice of payment processors, including cryptocurrencies
  • Excellent choice of Forex and cryptocurrency pairs
  • MT4/MT5 trading platforms for algorithmic and copy trading
  • Limited commodity asset selection and no ETF trading

Forex Trading in Chile

As a leading Latin American economy, the Chilean Forex market is well-served by our Chile Forex brokers, which offer services in Spanish and cater to the most in-demand Forex trading strategies in Chile. Internet penetration is above 90%, social media usage is nearly 85%, and mobile penetration is 147%, with 88% of Chileans living in urban centres.

What to Look for in a Forex Broker from Chile

All competitive Chile Forex brokers should offer the following:

  • Regulation - A clean regulatory track record of 10+ years.
  • Low trading fees - Competitive trading fees and low swap rates, including positive ones.
  • Trading platforms - Support for algorithmic and copy trading and user-friendly mobile apps.
  • Asset diversity - A choice of liquid trading instruments.
  • Deposits/Withdrawals - No internal transaction fees and low minimum requirements.

Forex Trading Regulations in Chile

The Comisión para el Mercado Financiero (CMF) regulates the Chilean financial market and the Banco Central de Chile physical Forex transactions. There is no specific regulation for online Forex derivative trading, occurring primarily via international offshore brokers like the ones on our Chile Forex brokers. There are no restrictions on Chilean residents from opening offshore accounts.

How Much is Forex Leverage in Chile?

There is no limit since Chilean Forex traders deal with well-regulated offshore brokers, like the ones from our Chile Forex brokers review. The standard industry maximum leverage is 1:500 with negative balance protection, which all Forex brokers active in Chile provide. Forex traders must always use proper risk management when trading leveraged accounts.

How to Start Forex Trading in Chile

Before funding trading accounts with the brokers from our Chile Forex brokers review, they should consider the tips below to shorten their learning curve.

Here are tips on how to start Forex trading in Chile:

  1. Invest time in quality education.
  2. Respect Forex trading as a skilled profession.
  3. Master trading psychology, which separates 90% of unprofitable traders from profitable ones.
  4. Comprehend the relationship between leverage and risk management.
  5. Use leverage properly, as it magnifies profits and losses.
  6. Risk management is equally as important as the trading strategy.
  7. A suitable trading strategy reflects your personality.
  8. Low trading fees are paramount to a competitive trading environment.
  9. Excel at proper take profit and stop loss placement.

What is the Best Trading Platform in Chile?

Since algorithmic trading accounts for 80%+ of daily trading volume and mobile copy trading is one of the most popular strategies with retail traders, MT4 is the best trading platform in Chile. It also supports API trading, has an embedded copy trading service, and has a mobile app. Traders can customize it with 25,000+ custom indicators, plugins, and EAs. MT5 and cTrader rank second and third-best options.

Forex Trading Taxation in Chile

Chilean-resident Forex traders should consult a legal professional to seek tax advice in Chile to ensure compliance with local rules and regulations. There is no capital gains tax, but some sources claim a 10% tax on Forex trading exists, which counts as a credit against the Global Complementary Tax in annual income tax returns. Personal income taxes also apply to global revenues earned by Chilean tax residents, something to consider, as all our Chile Forex brokers are offshore brokers.

Pros & Cons of Forex Trading in Chile

Traders should consider the pros and cons of Forex trading in Chile before opening an account with our Chile Forex brokers.

The pros of Forex trading in Chile are:

  • Lower capital requirements versus other assets
  • Passive income opportunities
  • Low-latency algorithmic trading
  • 24/5 decentralized trading
  • Mobile trading
  • Copy and social trading.
  • PAMM/MAM accounts

The cons of Forex trading in Chile are:

  • Scams and frauds
  • Misleading marketing campaigns
  • Demo trading that results in a false sense of accomplishment

Bottom Line

Chile is home to excellent Forex trading conditions, and more Forex brokers take notice of the above-average deposits and surge in demand. Our best Chile Forex brokers present well-regulated and competitive trading environments for the most dominant Chilean Forex trading strategies, including algorithmic and copy trading.

All Forex brokers we have listed offer their websites in Spanish. The most notable obstacle remains proper education, which is readily available for free, but many beginners either skip or rush this process.

You might also be interested in reviewing the below top brokers:

FAQs

Can you trade Forex in Chile?

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Yes, Forex trading is legal in Chile and a high-growth market for international Forex brokers.

Is Forex income taxable in Chile?

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Some sources report that Forex trading income incurs a 10% tax, which traders can claim as a credit against the Global Complementary Tax in their annual income tax returns. There is no capital gains tax, and personal income taxes apply to global revenues earned by Chilean tax residents. Chilean Forex traders should consult a legal professional to seek tax advice in Chile to ensure compliance with local rules and regulations.

What time does the Forex market open in Chile?

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The Forex market operates 24/5, but the London open is typically seen as 6am local time and the New York open as 10am local time.

How can I withdraw money from Forex brokers in Chile?

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Forex traders in Chile can withdraw their money via the back office or mobile apps of Forex brokers.

Christopher Lewis
About Christopher Lewis

Christopher Lewis has been trading Forex for several years. He writes about Forex for many online publications, including his own site, aptly named The Trader Guy.