Forex Brokers in Panama

Richard Montana | November 25, 2022

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.

Broker
Rating
Regulated
Min. Deposit
Founded
Max. Leverage
1.

ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA

$100

2006

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
2.

ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA

$250

1974

1:200

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
3.

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$200

2010

1:400

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
4.

ASIC, CySEC, DFSA, IFSC

$5

2009

1:888

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.
5.

ASIC, CySEC, FSA, SCB

$200

2007

1:500

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

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.

About the Author

Avatar photo

Richard Montana
Richard has many years of experience in broker research, testing, analysis and reviews. He knows what to look for through years of trading himself with different brokers and listening to the feedback of others.

Review Methodology

For all of our broker reviews, we research, validate, analyse and compare what we deem to be the most important factors to consider when choosing a broker. This includes pros, cons and an overall rating based on our findings. We aim to help you find the best broker according to your own needs. You can read more about our review process.


Relevant Articles