5 Best Forex Brokers in Panama
We’ve listed the 5 Best Forex Brokers in Panama that offer secure, transparent, and reliable access to the global currency markets. While Panama’s financial sector is overseen by the Superintendencia del Mercado de Valores (SMV), forex trading is typically accessed through reputable international brokers regulated in top-tier jurisdictions. This enables Panamanian traders, including those in Panama City and other key regions, to benefit from robust client-fund protections, stable trading conditions, and consistently high platform performance.
5 Best Forex Brokers in Panama (2025)
- IC Markets – Overall, the Best Forex Broker in Panama
- FP Markets – Flexible account types including Islamic options.
- BlackBull Markets – Competitive pricing with tight spreads and low commissions.
- Interactive Brokers – Transparent, low-cost pricing that favors both retail/professional traders.
- FxPro – Client funds are segregated and protected with negative balance safeguards.
10 Best Forex Brokers – Globally
Pros and Cons of Forex Brokers in Panama – Immediate Advantages and Disadvantages
| ✓ Pros | ✕ Cons |
| Strong protection from top-tier EU regulators. | No EU-level regulator within Panama. |
| High transparency under MiFID II rules. | Lower leverage than offshore brokers. |
| Segregated client funds for added safety. | No bonuses allowed under EU rules. |
| Fair pricing and stable execution. | Some CFDs may be restricted. |
| Clear EU dispute resolution channels. | Certain account types limited for non-EU clients. |
1. IC Markets
IC Markets is available to traders in Panama via its global entity, Raw Trading Ltd, which is regulated by the 🇸🇨 Seychelles FSA. As one of the world’s leading ECN-style brokers, it offers very low spreads, fast execution, and a broad range of instruments, making it a strong choice for Panamanian forex traders.
| Feature | Details |
| Regulation | 🇸🇨 Seychelles FSA |
| Minimum Deposit | 200 USD |
| Fund Withdrawal Fee | Generally none |
| Spreads From | 0.0 pips |
| Commissions | Variable by account type |
| Platforms | MT4 MT5 cTrader |
| Leverage | Up to 1:500 |
| Account Types | Standard Raw ECN Islamic available |
| Base Currencies | USD EUR GBP AUD, others |
| Negative Balance Protection | Yes |
| Segregated Accounts | Yes |
| Execution Type | ECN no dealing desk |
| Instruments | Forex indices commodities metals crypto CFDs |
| Customer Support | 24/5 email, chat, phone |
 | Minimum Deposit: $200 Regulated by: FSA Crypto: Yes |
Frequently Asked Questions
Can someone from Panama open an account with IC Markets?
Yes. IC Markets accepts clients from Panama under its global entity, Raw Trading Ltd, which is regulated by the 🇸🇨 Seychelles FSA. Traders can access all account types and platforms offered globally.
Is IC Markets regulated in Panama by a local financial authority?
No. IC Markets is not licensed by a Panamanian regulator. Panama traders rely on its offshore regulation (FSA Seychelles) rather than a domestic regulatory authority.
| Minimum Deposit: $200 Regulated by: FSA Crypto: Yes |
Pros and Cons
| ✓ Pros | ✕ Cons |
| Very low spreads from 0.0 pips | Not regulated by Panamanian authorities |
| Access to global liquidity and deep markets | Leverage may vary depending on the regulatory entity |
| Multiple platforms (MT4, MT5, cTrader) | No investor compensation scheme for FSA‑Seychelles clients |
| Advanced account types (raw, standard) | Minimum deposit (US$200) may be high for beginners |
| Negative balance protection available | No local office or direct Panamanian-based support |
Our Insights
IC Markets does not hold a license from a Panamanian regulator, but it accepts traders from Panama through its FSA‑regulated entity. With strong global regulation, tight spreads, and high performance, IC Markets remains a compelling option for Panama-based traders seeking a reliable broker.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐⭐ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐☆ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐☆☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐☆ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐⭐☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐☆ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐☆ |
2. FP Markets
FP Markets accepts traders from Panama through its global entities, operating under strong regulation by 🇦🇺 ASIC, 🇨🇾 CySEC, 🇿🇦 FSCA, and the 🇸🇨 Seychelles FSA. It offers deep liquidity, tight spreads, and a huge range of instruments, making it a compelling broker option for Panamanian traders.
| Feature | Details |
| Regulation | 🇦🇺 ASIC 🇨🇾 CySEC 🇿🇦 FSCA 🇸🇨 FSA |
| Minimum Deposit | 100 AUD |
| Fund Withdrawal Fee | None |
| Spreads From | 0.0 pips |
| Commissions | Commission-free on some accounts |
| Platforms | MT4 MT5 cTrader IRESS |
| Leverage | Up to 1:500 |
| Account Types | Standard Raw ECN Islamic available |
| Base Currencies | USD AUD EUR GBP, others |
| Negative Balance Protection | Yes |
| Segregated Accounts | Yes |
| Execution Type | ECN no dealing desk |
| Instruments | Forex indices commodities metals crypto CFDs |
| Customer Support | 24/5 email, chat, phone |
 | Minimum Deposit: $100 Regulated by: ASIC, CySEC, FSCA, FSA, FSC, CMA Crypto: Yes |
Frequently Asked Questions
Is FP Markets regulated for traders in Panama?
Yes. FP Markets holds multiple licenses, including from 🇦🇺 ASIC, 🇨🇾 CySEC, 🇿🇦 FSCA, and the 🇸🇨 Seychelles FSA, allowing it to serve Panama-based users under its offshore or regulated entities.
Can someone in Panama open a live account with FP Markets?
Yes. Panama traders are eligible to open a live account – minimum deposit starts from 100 AUD or equivalent, and they can access all platforms and instruments offered by FP Markets.
| Minimum Deposit: $100 Regulated by: ASIC, CySEC, FSCA, FSA, FSC, CMA Crypto: Yes |
Pros and Cons
| ✓ Pros | ✕ Cons |
| Very tight spreads | Not controlled by a Panamanian regulator |
| High leverage up to 1:500 | Entities and regulation vary by region |
| Supports MT4, MT5, cTrader, IRESS | No Panamanian‑specific investor compensation scheme |
| Negative balance protection | Minimum deposit (100 AUD) may be high when converted |
| Segregated client funds | No local Panama-based office or support team |
Our Insights
FP Markets does not operate under Panamanian regulation, but it fully accepts traders in Panama via its globally regulated entities. Its multi-jurisdictional oversight, strong capital safeguards, and wide product offering make it a sound choice for serious forex traders in Panama.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐⭐ |
| 2 | Range of Investments, Platforms, and Tools | ⭐⭐⭐⭐⭐ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐⭐☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐⭐ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐⭐⭐ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐⭐ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐⭐ |
3. BlackBull Markets
BlackBull Markets accepts traders from Panama through its globally regulated entities. It operates under 🇳🇿 New Zealand FMA and 🇸🇨 Seychelles FSA regulations, offering wide market access, strong oversight, and a large range of instruments, making it a viable option for Panamanian forex traders.
| Feature | Details |
| Regulation | 🇳🇿 FMA 🇸🇨 FSA |
| Minimum Deposit | None |
| Fund Withdrawal Fee | None |
| Spreads From | 0.0 pips |
| Commissions | Varies by account type |
| Platforms | MT4 MT5 cTrader |
| Leverage | Up to 1:500 |
| Account Types | Standard ECN Islamic available |
| Base Currencies | USD EUR GBP AUD, others |
| Negative Balance Protection | Yes |
| Segregated Accounts | Yes |
| Execution Type | ECN, no dealing desk |
| Instruments | Forex indices commodities metals crypto CFDs |
| Customer Support | 24/5 email, chat, phone |
 | Minimum Deposit: $0 Regulated by: FMA Crypto: Yes |
Frequently Asked Questions
Can someone from Panama open an account with BlackBull Markets?
Yes. BlackBull Markets accepts clients from Panama via its globally regulated entities, giving access to all account types and trading platforms.
Under which regulators does BlackBull operate?
BlackBull Markets is regulated by 🇳🇿 New Zealand FMA and 🇸🇨 Seychelles FSA, providing a dual-regulatory framework that ensures compliance and client fund protection.
| Minimum Deposit: $0 Regulated by: FMA Crypto: Yes |
Pros and Cons
| ✓ Pros | ✕ Cons |
| Dual regulation adds credibility | Offshore entity may feel less local support |
| Very broad range of instruments | Minimum deposit may vary by account type |
| Multiple trading platforms | No local Panama office for direct support |
| Copy trading available | Some advanced features may require experience |
| Negative balance protection | Limited investor compensation outside tier‑1 regulation |
Our Insights
BlackBull Markets fully accepts Panama-based traders under its globally regulated entities. It provides secure fund handling, a wide selection of instruments, and strong execution, making it a solid choice for Panama forex traders seeking a reliable offshore broker.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐☆ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐☆ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐☆☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐☆ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐⭐☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐☆ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐☆ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐☆ |
3 Best Forex Brokers in Panama – Head to Head
| Broker |  |  |  |
| Minimum Deposit | 200 USD | 100 AUD | None |
| Fund Withdrawal Fee | Generally no fee | None | None |
| Spreads From | 0.0 pips | 0.0 pips | 0.0 pips |
| Commissions | Variable | Commission-free on some accounts | Varies by account type |
| Leverage | Up to 1:500 | Up to 1:500 | Up to 1:500 |
| Regulation | FSA | ASIC CySEC FSCA FSA FSC CMA | FMA FSA |
| Open an Account |  | | |
4. Interactive Brokers
Interactive Brokers (IBKR) welcomes clients from Panama via its global entities. It holds extensive regulation from top-tier authorities – including the 🇺🇸 SEC, FINRA, CFTC, plus European and Asian regulators. It offers deep liquidity, tight pricing, and advanced multi‑asset trading.
| Feature | Details |
| Regulation | 🇺🇸 SEC FINRA CFTC, plus European and Asian regulators |
| Minimum Deposit | 0–10,000 USD depending on account type |
| Fund Withdrawal Fee | None |
| Spreads From | Tight, variable by market |
| Commissions | Low, varies by instrument |
| Platforms | Trader Workstation WebTrader IBKR Mobile |
| Leverage | Up to 1:50 for retail forex, higher for professionals |
| Account Types | Individual Joint Corporate IRA |
| Base Currencies | USD EUR GBP, others |
| Negative Balance Protection | Yes, for retail accounts |
| Segregated Accounts | Yes |
| Execution Type | ECN, no dealing desk |
| Instruments | Forex stocks futures bonds options ETFs CFDs |
| Customer Support | 24/5 email, chat, phone |
 | Minimum Deposit: $0 Regulated by: SEC, FINRA, FCA, ASIC Crypto: No |
Frequently Asked Questions
Can someone from Panama open an account with Interactive Brokers?
Yes. Interactive Brokers accepts new clients from Panama. Its international structure allows Panamanian traders to access IBKR’s global platform and all available account types.
Is Interactive Brokers regulated in Panama?
No. IBKR does not have a Panamanian license. Instead, it relies on its well‑regulated global entities under agencies such as the 🇺🇸 SEC, CFTC, FINRA, and other major regulators.
| Minimum Deposit: $0 Regulated by: SEC, FINRA, FCA, ASIC Crypto: No |
Pros and Cons
| ✓ Pros | ✕ Cons |
| Very strong global regulation | No local Panamanian regulator oversight |
| Wide range of assets | Platform may be complex for beginners |
| Low financing costs | High minimums for some services or markets |
| Institutional-grade technology | Customer support may not be tailored to Panama specifically |
| Segregated client funds | Forex spreads may not be as tight as ECN-only brokers |
Our Insights
Interactive Brokers does not operate under a Panamanian regulatory license, but it fully accepts Panama-based traders. Its strong global regulation, broad product offering, and institutional-grade infrastructure make it a very credible and powerful choice for serious forex and multi-asset traders in Panama.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐⭐ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐⭐ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐⭐⭐ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐⭐ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐⭐⭐ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐⭐ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐⭐ |
5. FxPro
FxPro is a well‑regulated global broker operating under multiple respected authorities. While it primarily targets Europe and other major regions, it does not explicitly restrict Panama, suggesting that traders in Panama can likely open accounts with confidence.
| Feature | Details |
| Regulation | FCA CySEC FSCA SCB |
| Panama Access | No explicit restrictions; Panamanian clients likely accepted |
| Platforms | MT4 MT5 cTrader |
| Asset Range | Forex CFDs metals indices energies cryptocurrencies |
| Client Fund Protection | Segregated accounts, negative balance protection |
 | Minimum Deposit: $100 Regulated by: FCA, CySEC, ASIC Crypto: Yes |
Frequently Asked Questions
Is FxPro legally authorized to accept traders from Panama?
Yes. FxPro operates under globally recognized regulators and does not explicitly prohibit clients from Panama. Panamanian traders can likely open accounts safely with the broker.
Does regulation by FCA, CySEC, or other authorities protect Panamanian traders?
Partially. While regulation ensures strong safety standards, investor compensation schemes in the UK or EU may not cover clients outside those regions. Panamanian traders still benefit from segregated accounts and strict risk controls.
| Minimum Deposit: $100 Regulated by: FCA, CySEC, ASIC Crypto: Yes |
Pros and Cons
| ✓ Pros | ✕ Cons |
| Multiple reputable regulators | Limited investor compensation outside EU / UK |
| Client fund segregation | Offshore entity may have fewer protections |
| Negative balance protection | High leverage increases CFD risk |
| High-quality trading platforms | Terms may vary by legal entity |
| Wide range of tradable assets | Withdrawal rules can differ by region |
Our Insights
FxPro is regulated by top-tier global authorities and likely accepts Panama traders. While some regional protections may not apply, your funds remain segregated and trading platforms remain reliable, making FxPro a trustworthy option for Panama-based investors.
| # | Criteria | Score |
| 1 | Overall Rating and Trust Score | ⭐⭐⭐⭐⭐ |
| 2 | Range of Investments, Platforms and Tools | ⭐⭐⭐⭐☆ |
| 3 | Commissions, Fees, and Bonus Offers | ⭐⭐⭐⭐☆ |
| 4 | Research and Education | ⭐⭐⭐⭐☆ |
| 5 | Mobile Trading and User Experience | ⭐⭐⭐⭐☆ |
| 6 | Customer Support and Regulatory Compliance | ⭐⭐⭐⭐⭐ |
| 7 | Deposit and Withdrawal Option | ⭐⭐⭐⭐☆ |
| 8 | Execution Speed and Order Types | ⭐⭐⭐⭐⭐ |
| 9 | Risk Management and Safety Measures | ⭐⭐⭐⭐⭐ |
| 10 | Markets Analysis and Trading Tools | ⭐⭐⭐⭐☆ |
5 Best Forex Brokers in Panama – A Comparison
| Ultra-fast execution thanks to Equinix data centers and low-latency infrastructure. | |  |
| Regulated by ASIC, CySEC, FSCA, and others, enhancing trust and transparency. | | |
| Low barrier to entry with a Standard account that requires no minimum deposit. | | |
 | Broad multi-asset access including forex, stocks, ETFs, options, futures, and bonds. | | |
 | Client funds are segregated and protected with negative balance safeguards. | | |
Forex Trading in Panama – A Quick Overview
Forex trading is legal in Panama and supervised by the Superintendencia del Mercado de Valores (SMV). Since 2011, forex has been formally regulated, and companies must obtain a “casa de valores” license from the SMV to operate legally. Panama has no currency controls, and the U.S. dollar is the national currency, which simplifies trading and funding.
The SMV regularly publishes investor alerts about unauthorized forex providers, highlighting the importance of using licensed brokers. Many global, well-regulated forex brokers are accessible to Panamanian traders, offering competitive leverage, diverse instruments, and advanced trading platforms.
Pros and Cons of Forex Trading in Panama
| ✓ Pros | ✕ Cons |
| Regulated by the SMV for added security. | Few local Panamanian brokers — many are offshore. |
| U.S. dollar simplifies funding and trading. | Risk of unlicensed brokers operating in the market. |
| Global broker access with many trading options. | Leverage or product offerings may be limited by some regulated brokers. |
| No capital controls: funds flow freely in and out. | Limited local broker support compared to larger domestic markets. |
| Clear legal framework since 2011. | Investor education is limited; trading can be complex for beginners. |
You might also like:
- IC Markets Review
- FP Markets Review
- BlackBull Markets Review
- Interactive Brokers Review
- FxPro Review
In Conclusion
Forex trading in Panama provides a relatively safe and regulated environment due to SMV oversight and the use of the U.S. dollar. Additionally, local licensed firms must comply with strict rules, and many Panamanian traders use internationally regulated brokers that offer advanced platforms, high leverage, and a wide range of instruments. Therefore, traders should carefully verify broker regulation and be aware of the risks associated with leveraged trading.
Faq
Yes, it is regulated by the SMV, and retail traders can access forex markets legally.
No – retail traders do not need a license, but brokers must be authorized by the SMV.
Minimal, since Panama uses the U.S. dollar, reducing conversion risk.
Check the SMV’s list of authorized firms and avoid unlicensed brokers.
It depends on the broker; globally regulated brokers may offer high leverage, while SMV-licensed brokers may be more conservative.
