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Affiliate Disclosure
Affiliate Disclosure 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.

Best Forex Brokers in Panama

As one of the most competitive economies in Latin America, Panama has established itself as a significant offshore banking centre.

The country's young and tech-savvy population plays a crucial role in driving demand for Forex trading. To assist traders resident in Panama, I have conducted comprehensive research to create a list of the most suitable Forex brokers for trading in Panama. Our guide includes information on how beginners can start Forex trading, an overview of the pros and cons of Forex trading in Panama, and a broker checklist to help Panamanian-resident traders make informed decisions about which Forex broker to use.

The ratings shown on 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.
Best all around broker
High floating leverage + fast execution
The ratings shown on 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.
ECN-style trading
Daily market research and Autochartist access
The ratings shown on 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.
High level regulation in multiple jurisdictions
Impressive range of tradeable assets including vanilla options and gold options
The ratings shown on 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.
Trade 1,000+ financial instruments
Experience low, competitive spreads
The ratings shown on 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.
NFA regulated broker
In-house research and excellent educational center

  • FXTM, Best all-around broker with high floating leverage and fast execution.
  • FP Markets, ECN trading with leverage up to 1:500.
  • AvaTrade, Highly regulated, choice of fixed or floating spreads.
  • Eightcap, Competitive pricing + excellent daily videos.
  •, Excellent trading conditions + NFA regulation.

Best Panama Brokers Comparison

Year Established
Execution Type(s)
ECN/STP, Market MakerECN/STPMarket MakerECN/STP, Market MakerMarket Maker
Minimum Deposit
Average Trading Cost EUR/USD
0.1 pips1.1 pips0.9 pips1.0 pips1.1 pips
Average Trading Cost GBP/USD
0.2 pips1.4 pips1.5 pips1.2 pips1.3 pips
Average Trading Cost Gold
$0.18 $0.21 $0.29 $0.12 $0.63
Trading Platform(s)
MetaTrader 4, MetaTrader 5, Proprietary platformMetaTrader 4, MetaTrader 5, cTrader, Proprietary platform, Web-basedOther, MetaTrader 4, MetaTrader 5, Web-based+MetaTrader 4, MetaTrader 5, Trading ViewMetaTrader 4, MetaTrader 5, Proprietary platform, Trading View
Islamic Account
Negative Balance Protection


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

According to our research FXTM is the leading broker when it comes to cost effectiveness for Panamanian residents. With a minimum deposit of $500, traders can access the Advantage account featuring raw spreads from 0.0 pips for a commission between $0.80 and $4.00 per 1.0 lot. FXTM also boasts exceptional order execution statistics, including an average execution speed of 0.071 seconds and a price improvement of 0.30 pips or $3.00 per lot on 97.18% of orders filled. These factors make FXTM and ideal choice for traders looking for cost efficient and reliable Forex trading in Panama.

In addition to its cost effectiveness FXTM also provides traders with access to the widely used MetaTrader MT4/MT5 platforms, FXTM also developed its own in-house mobile app FXTM Trader.

Read more on FXTM »
4.8/5 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, another reputable Forex broker in Panama, has made our ranking due to its cutting-edge trading tools. FP Markets offers a competitive commission-based pricing environment of raw spreads from 0.0 pips for a commission of $6.00 per round lot.

Copy traders can use the proprietary FP Markets Copy Trading solution, Myfxbook Autotrade, Signal Start, and embedded MT4/MT5 copy trading services. Algorithmic traders benefit from VPS hosting for low latency executions, 24/5 market access, NDD order processing, lack of requotes, high leverage, and deep liquidity. MAM/PAMM accounts are available to those wanting traditional account management options.

Read more on FP Markets »
4.7/5 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


In Summary Highly regulated, choice of fixed or floating spreads

The choice of trading platforms is the reason AvaTrade makes my list. Traders can get access to MT4/MT5 upgraded with the Trading Central plugin, while AvaTrade also offers the MT4 Guardian Angel plugin.

AvaTrade offers commission-free trading fees and a comprehensive partnership program. For those interested in Copy trading there are a variety of solutions including Ava Social, ZuluTrade, DupliTrade, and embedded MT4/MT5. Capitalise AI, a unique tool that allows automation of strategies in a code-free environment providing a competitive edge. With the importance of education in mind, that's why Ava has created the SharpTrader Academy, a comprehensive education resource for beginners, to help them develop the skills and knowledge they need to succeed in the trading world.

Read more on AvaTrade »
4.6/5 in this category

Pros & Cons

  • High-quality educational offering via SharpTrader
  • 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


In Summary Competitive pricing + excellent daily videos

Eightcap is a leading Forex broker in Panama, offering a variety of tools and resources to help traders achieve their goals. One of its unique features is the ability to connect portfolios to the active TradingView community. Licensed account managers also have access to a MAM/PAMM module.

In addition to traditional Forex trading, Eightcap is also the leading cryptocurrency broker in Panama, offering over 250 cryptocurrency CFDs and our dedicated cryptocurrency solution, Cryptocrusher. The broker offers both MT4/MT5 for Forex traders and Capitalise AI, a tool that enables the automation of strategies in a code-free environment, providing a competitive edge.

Eightcap has a competitive commission-based cost structure with raw spreads from 0.0 pips for a commission of $7.00 per lot.

Read more on Eightcap »
4.4/5 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

In Summary Excellent trading conditions + NFA regulation is on my Forex Brokers in Panama list due to the excellent trading tools it makes available to clients. It provides traders with in-depth performance analytics, helping traders improve their strategies and manage risk effectively. offers its own cutting-edge web-based trading platform. The core MT5 is equally available, and mobile traders get a user-friendly mobile app.

The reasonably priced commission-free pricing environment has minimum spreads from 0.8 pips or $8.00 per 1.0 standard lot for the most liquid currency pairs. Overall average trading fees are often lower due to the price improvement technology employed at

Read more on »
4.2/5 in this category

Pros & Cons

  • Lower minimum deposit
  • Islamic account available
  • Good reputation
  • Choice of account types
  • Withdrawal fee

Get Started with Forex in Panama

Before opening an account, traders should consider the guidance outlined below:

1. Forex trading is a high-skilled profession, and Forex traders in Panama should ensure they have the necessary education, which is often largely available online for free.

2. Traders should seek to master trading psychology, as it often separates losing traders from profitable ones. Don’t trade with excessive leverage, and its relationship to risk management is also a core aspects successful Forex traders should understand and execute carefully. Trading losses are part of the learning curve.

3. A trustworthy broker with a cutting-edge trading infrastructure can ensure a competitive edge in the execution of trades.

4. Identifying a suitable strategy, and executing it consistently, remains paramount to the success of Forex trading in Panama. This includes an appropriate risk management profile, using leverage intelligently, understanding the impact of trading fees, and approaching the Forex market with realistic expectations and annual goals.

5. Traders must follow, analyze, and study market events as they can create volatile price action, break trends, cause large swings in asset values and thus create great trading opportunities.

6. Due diligence and several months of demo account testing should precede committing capital to third-party signal providers, copy trading services, or managed accounts. Traders should also select strategies and risk tolerance that align with their own preferences, and never blindly trust third parties.

How to Choose a Forex Broker in Panama

Trading with a competitive and trustworthy broker is essential for successful Forex trading in Panama, however the task of selecting a suitable broker remains challenging. We have created a handy 12-point checklist below.

Panamanian resident Forex traders should ensure their brokers offer the following:

  • Regulation - A broker with a clean operational track record exceeding ten years significantly reduces the risk of scams and fraud. Regulated brokers also segregate client deposits from corporate funds and offer negative balance protection, which is essential for leveraged trading.
  • Local payment methods - Besides traditional bank wires and credit/debit card deposits, e-wallets Skrill and UnionPay rank amongst the most popular funding options in Panama. The cryptocurrency payment processor BitPay is also widely used, and many offshore brokers support it.
  • Spreads - During the most liquid trading periods, major currency pairs should trade with spreads not exceeding 0.1 pips in a commission-based and 0.7 pips in a commission-free cost structure.
  • Fees – Traders should look for brokers charging Forex commissions up to $6.00 per 1.0 standard lot, complemented by volume-based rebate programs that can significantly lower overall trading costs.
  • Products – In order to achieve diversified portfolios, traders should expect brokers to offer 60+ currency pairs.
  • Asset diversity - Forex traders usually diversify their portfolios with commodities, index CFDs, and cryptocurrencies.
  • Account type diversity -There are two primary account types, commission-free, spread markup and commission-based, and their respective sub-account options.
  • Demo account - Unlimited demo accounts allow beginners to test trading conditions. Demo accounts are necessary, but traders should understand their limitations.
  • Mobile trading - Mobile trading is ideal for passive strategies that require portfolio management rather than trade placement. All brokers offer the MT4/MT5 mobile app, and the most competitive ones have developed high-quality proprietary alternatives.
  • Competitive deposits/withdrawals - Traders may face withdrawal fees, including third-party payment processing. This is worth checking.

Forex Trading Licenses & Regulators in Panama

Panama does not have a central bank, but the government owns and operates two banks, which only conduct business in Panama. The Superintendency of Banks of Panama regulates the banking sector, and the Superintendency of Capital Markets oversees activities in investments and financial instruments, including Forex trading in Panama. Regulation 4-2013, dated May 29th, 2013, defines the operational, technological and personnel requirements licensed Forex brokers and advisors must satisfy. Operating without a license violates article 255 of the Securities Law.

The rules and regulations apply to physical Forex trading and Forex futures Forex options, while most government activities remain exempt with minor exceptions.

Requirements to obtain a Forex license in Panama are:

  • Minimum paid-up capital of $150,000
  • Offices in Panama, which can consist of virtual offices without physical presence, including staff.
  • Board of non-executive directors with proven professional experience and business integrity, excluding corporate directors.
  • At least 33% of the board of directors must have sufficient knowledge and experience in the financial sector for a minimum of two years, preferably as a principal director or in corporate roles related to finance.
  • One executive must be licensed by the Superintendency of Capital Markets.
  • Articles of Association must be filed outlining the activities of the Forex broker.

The above only applies to domestic Forex brokers in Panama. There are no requirements for offshore brokers to obtain a license from the Superintendency of Capital Markets to accept Panamanian Forex traders. The Superintendency of Capital Markets does not restrict Panamanian Forex traders from opening offshore Forex accounts.

What Trading Instruments May be Traded in Panama?

There are no restrictions or limitations on available trading instruments in Panama. Therefore, Panamanian traders can transact in all financial instruments their broker offers. The brokers from our Forex Brokers Panama review cover asset classes consisting of Forex, commodities, cryptocurrencies, indices, equities, ETFs, and bonds. Forex and cryptocurrency trading are the fastest-growing sectors, mirroring global trends. All asset types benefit from lower capital requirements, access to leverage trading and algorithmic and copy trading strategies being widely available.

Is Forex Trading Legal in Panama?

Forex trading is legal in Panama and supervised by the Superintendency of Capital Markets. Well-regulated and trustworthy international offshore brokers handle the bulk of retail Forex trading volume in Panama. The two government-owned Panamanian banks, and international bank branches, cater to physical Forex trading, primarily for institutional and business clients.

The Pros & Cons of Forex Trading in Panama


  • 24/5 market access to the decentralized Forex market
  • Capital requirements are lower for Forex trading than other assets.
  • The Forex market has passive income opportunities.
  • Frictionless financial transactions due to low-cost deposit and withdrawal methods, including cryptocurrencies
  • Portfolio diversification via copy trading and traditional account management services is available.
  • Social trading and mobile trading are available in the Forex market.


  • Despite its availability, a lack of quality education can creates a fundamental misunderstanding of Forex trading, its requirements, and possibilities
  • Questionable Forex brokers and affiliates can promote unrealistic trading expectations.
  • The absence of adequate risk management by many traders often results in avoidable catastrophic leveraged trading losses
  • Beginners who rely on demo trading as an educational tool may achieve a false sense of accomplishment amid the lack of exposure to trading psychology.
  • Beginners may fall victim to scams and fraud mainly due to the lack of in-depth education and understanding of the potential risks.

Bottom Line

The Superintendency of Capital Markets regulates Forex trading in Panama. It does not require international brokers to obtain a license to accept Panamanian resident clients, nor restricts Panamanians from opening offshore accounts.

Traders new to trading should begin with in-depth education, as the risk of scams and frauds represents the most notable headwind, followed by insufficient capital and unrealistic trading expectations. Forex brokers in Panama support the most sought-after strategies, like algorithmic trading and copy trading, with cutting-edge technology, trading tools, and active trading communities.

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


Can I trade Forex in Panama?


Yes, any adult can trade Forex in Panama, as it is 100% legal. Well-regulated and trustworthy offshore brokers handle most of the retail Forex trading volume from Panamanian residents, and almost all providers accept Forex traders from Panama.

Can you make money with Forex trading in Panama?


The infrastructure to make money with Forex trading in Panama exists, but results depend on the individual. In-depth education remains paramount for success, as about 71% of retail Forex traders lose money, and less than 2% trade for a living successfully.

Huzefa Hamid
About Huzefa Hamid

I’m a trader and manage my own capital. I trade the major Forex pairs, some Futures contracts, and I rely entirely on Technical Analysis to place my trades. Today, I am also a Senior Analyst for I began trading the markets in the early 1990s, at the age of sixteen. I had a few hundred British pounds saved up (I grew up in England), with which I was able to open a small account with some help from my Dad. I started my trading journey by buying UK equities that I had read about in the business sections of newspapers. The 1990s were a bull market, so naturally, I made money. I was fortunate enough in my early twenties to have a friend that recommended a Technical Analysis course run by a British trader who emphasized raw chart analysis without indicators. Having this first-principles approach to charts influences how I trade to this day.