Forex Brokers in Panama
Forex trading in Panama is popular amongst residents who are looking to buy and sell currencies to speculate on the fluctuating currency market prices. Whilst international forex brokers can accept traders in Panama as clients, forex brokers in Panama are required to become authorised by the Superintendency of Banks of Panama (SBP) which is the regulator and supervisor of the banks and banking groups authorized to operate in Panamá, as well as the supervisor of the trust entities to which the SBP has granted a license.
Best forex brokers Panama
To find the best forex brokers in Panama, we created a list of all the forex brokers that accept clients in Panama and then ranked them based on our overall rating. You can see our list of our top forex brokers for Panama below.
ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA
SBP forex brokers in Panama
The Superintendency of Banks of Panama, also known as Superintendency de Bancos Panama (SBP), is responsible for the oversight and regulation of the banking sector of Panama’s financial services industry.
In the amended law of Panama, Article 44 defines forex activity as the operation of selling and buying currency and coins at a price or exchange rate (Foreign Exchange Market) regularly. Article 44 further authorizes the Superintendency (the financial authority of Panama) to develop technology that the brokerage houses should maintain for the exercise of this activity.
The SMV of Panama is the regulatory body responsible for the implementation and enforcement of Decree Law No. 1 of 8 July 1999, as amended to date (Securities Act) and the supervision and regulation of:
- broker-dealers, investment advisers, foreign exchange services, investment managers, investment managers of pension and severance funds, investment companies and investment funds, credit rating agencies and third-party price providers (collectively, licensed entities);
- issuers of securities (collectively, regulated entities); and
- self-regulated entities, such as the Panamanian Stock Exchange (BVP) and LatinClear, the central securities settlement agency and depositary.
Each of the listed licensed entities require a licence issued at the discretion of the SMV. The approval process entails a review of the relevant entity or individual’s formal application and accompanying documentation, interviews with the representatives of the applicant entity or individual and research about the applicant entity or individual by the SMV.
How to verify SBP regulated brokers in Panama
You can find an authorised broker’s license number from the disclosure text at the bottom of their homepage. You can then look up the authorisation number on the SBP website to confirm if the forex broker is regulated in Panama to provide online forex trading products and services.
Some Panama forex brokers are regulated in more than one jurisdiction so that they can offer a different range of trading accounts and conditions depending on the location of the trader and regulated entity that they choose to open a forex trading account with.
Is forex trading legal in Panama?
Yes, it is legal for traders in Panama to trade Forex. Each Panama forex broker should be regulated by an authority such as the Superintendencia del Mercado de Valores and be respectful of the law.
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