| Updated: April 28, 2025Like many other Latin American countries, Chile has been witnessing a surge in retail forex trading activities driven by increased market accessibility, growing financial literacy, and ongoing economic liberalization. Many international brokers have expanded into the Chilean market, catering to local traders with Spanish-facing websites, locally available deposit methods, and peso-denominated accounts.
If you are looking for a reliable broker in Chile, you have come to the right place. Our expert reviewers worked hard to identify the most trusted trading sites accepting Chilean customers. After testing dozens of Chile-friendly brokers with live accounts, the team compiled a shortlist of the best options tailored to the needs of Chilean forex traders.
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
ActivTrades73% of retail investor accounts lose money
BlackBull MarketsTrading leveraged products is risky
Pepperstone75.5% of retail investor accounts lose money
Eightcap81.96% of retail investor accounts lose money when trading CFDs with this provider.We rely on a unique multi-step methodology for the selection process as we evaluate key aspects like spreads and trading costs, software, regulatory compliance, supported forex pairs, payment speed, and reliable order execution. Only companies excelling in all these areas made the final cut on our toplist of the best forex brokers in Chile.
Chilean Forex Brokers Ranked by Trustpilot Score
| Forex Broker | Trustpilot Reviews | |
|---|---|---|
| 1. FP Markets | 7,360 | 4.8 ⭐ |
| 2. BlackBull Markets | 1,063 | 4.8 ⭐ |
| 3. ActivTrades | 1,360 | 4.6 ⭐ |
| 4. Fusion Markets | 1,977 | 4.5 ⭐ |
| 5. Global Prime | 171 | 4.5 ⭐ |
| 6. Pepperstone | 2,901 | 4.5 ⭐ |
| 7. Axi | 2,668 | 4.4 ⭐ |
| 8. FxPro | 656 | 4.3 ⭐ |
| 9. Eightcap | 2,791 | 4.2 ⭐ |
| 10. eToro | 25,705 | 4.1 ⭐ |
Chilean Forex Brokers Ranked by Spread Commission
| Forex Broker | EURUSD | USDJPY | EURGBP | GBPUSD |
|---|---|---|---|---|
| 1. Fusion Markets | 0.93 avg (Classic) | 1.7 avg (Classic) | 1.09 avg (Classic) | 1 avg (Classic) |
| 2. FP Markets | 1.1 | 0.30 | 0.20 | 1.2 |
| 3. ActivTrades | 0.50 | 0.50 | 0.80 | 0.80 |
| 4. Global Prime | 0.96 avg (Standard) | 1.47 avg (Standard) | 1.19 avg (Standard) | 1.12 avg (Standard) |
| 5. Eightcap | 1.00 (min) | 1.1 | 1 | 1 |
| 6. BlackBull Markets | 0.1 | 0.2 | 0.7 | 0.4 |
| 7. Axi | 1.2 | 1.4 | 1.1 | 1.2 |
| 8. Pepperstone | 1.00 (min) | 1.0 | 1.2 | 1.00 (min) |
| 9. FxPro | 0.25 | 0.38 |
| 0.37 |
| 10. eToro | 1.0 | 1.0 | 1.5 | 2.0 |
Chilean Forex Brokers Ranked by Commission per Lot
| Forex Broker | Commission per lot |
|---|---|
| 1. Fusion Markets | $0 Classic Account, $4.50 round turn on Zero Account |
| 2. FP Markets | $0 Standard Account; $6 round turn on Pro Account |
| 3. ActivTrades | $0 |
| 4. Global Prime | $0 Standard Accounts; $7 round turn on Raw Accounts |
| 5. Eightcap | $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts |
| 6. BlackBull Markets | $0 Standard; $6 per lot Prime; $4 per lot Institutional |
| 7. Axi | $0 on Standard Account; $7 round trip on Pro Account |
| 8. Pepperstone | $0 (Standard Account), $7 round-turn (Razor Account) |
| 9. FxPro | $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts |
| 10. eToro | $1 or $2 (stocks only) |
Top 10 FX Brokers in Chile
Fusion Markets Broker Details Regulators ASIC, FSA (Seychelles), VFSC (Vanuatu) Min Deposit $0 Trading Platforms MetaTrader4, MetaTrader5, cTrader, DupliTrade, Fusion+ Copy Trade, TradingView Trustpilot Rating 4.5 out of 1,977 reviews Number of CFD Forex Pairs to Trade 80+ Leverage Forex & Metals CFDs: 1:30 (1:500 for forex and metals via VFSC)
Index CFDs: 1:5
Cryptocurrencie CFDs: 1:2 (ASIC), 1:10 (FSA, VFSC)Spread EURUSD: 0.93 avg (Classic)
USDJPY: 1.7 avg (Classic)
EURGBP: 1.09 avg (Classic)
GBPUSD: 1 avg (Classic)Forex Commission per Lot per Trade $0 Classic Account, $4.50 round turn on Zero Account Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Fasapay, Jeton Wallet, Perfect Money, Online Naira, Doku, Bitcoin, Ethereum, Litecoin, USDT, Tether, Ripple, bank wire, ZotaPay, VNPay, DuitNow, XPay, DragonPay, VAPay, FasaPay, AstroPay, PayID, Jetonbank, Sticpay, Interac, LuqaPay, Zotapay, MiFinity Withdrawal Methods Visa, Mastercard, Bank Wire, Skrill, Neteller,Bitcoin, Ethereum, Litecoin, Tether, Ripple, MiFinity, Interac, PayPal, AstroPay, Jetonbank, DragonPay Key Pros
- Offers some of the lowest spreads
- ASIC clients enjoy a negative balance protection
- Supports popular trading platforms
- Offers two copy trading platforms
- Supports fiat and crypto payment solutions
Key Cons
- Does not offer investor protection
- Traders outside Australia have no negative balance protection
- Cannot set up an account in a minor currency
- Has no FCA license
FP Markets Broker Details Regulators ASIC, CySEC, FSA (Seychelles), FSCA, FSA (St. Vincent and the Grenadines) Min Deposit $50 (AU$100) Trading Platforms MetaTrader4, MetaTrader5, WebTrader, IRESS, cTrader, TradingView Trustpilot Rating 4.8 out of 7,360 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: Up to 1:2 (Retail); Up to 1:5 (Pro)Spread EURUSD: 1.1
USDJPY: 0.30
EURGBP: 0.20
GBPUSD: 1.2Forex Commission per Lot per Trade $0 Standard Account; $6 round turn on Pro Account Deposit Methods Visa, Mastercard, Neteller, Bank Transfer, Skill, Sticpay, Fasapay, Virtual Pay, Perfect Money, Pagsmile, Dragonpay, Crypto, Apple Pay, Google Pay, Online Banking, Broker to Broker, PayPal, XPay, Rapyd Withdrawal Methods Visa, Mastercard, Bank Wire, Neteller, Skrill, Paytrust88, PayPal Key Pros
- Offers plenty of educational trading tools
- Broker with competitive spreads
- Allows easy trading on the go
- Regulated by reputable authorities
- Offers a decent number of currency pairs
Key Cons
- Supported trading platforms are a tad outdated
- Could expand selection of products
- No negative balance and investor protection for clients under ASIC
ActivTrades Broker Details Regulators FCA (UK), CMVM (Portugal), CVM (Brazil), SCB (Bahamas), FSC (Mauritius) Min Deposit $0 Trading Platforms Activtrader, TradingView, MT4, MT5 Trustpilot Rating 4.6 out of 1,360 reviews Number of CFD Forex Pairs to Trade 54 Leverage Forex & Metals CFDs: 1:30 (1:400 Bahamas)
Index CFDs: 1:20 (1:200 Bahamas)
Cryptocurrencie CFDs: 1:2 (1:20 Bahamas)Spread EURUSD: 0.50
USDJPY: 0.50
EURGBP: 0.80
GBPUSD: 0.80Forex Commission per Lot per Trade $0 Deposit Methods Visa, Mastercard, PayPal, Apple Pay, Google Pay, Skrill, Neteller, Bank Transfer Withdrawal Methods Visa, Mastercard, PayPal, Skrill, Neteller, Bank Transfer Key Pros
- Holds an FCA license since 2009
- Safeguards all traders with negative balance protection
- Stores customer funds at first-tier banks like Barclays and Lloyd’s
- Supports free PayPal deposits and withdrawals
Key Cons
- Additional fees on deposits with cards
- Charges administrative fees after 50 weeks of inactivity
Global Prime Broker Details Regulators ASIC (No. 385620), VFSC (No. 40256) Min Deposit $0 Trading Platforms MetaTrader4, MT4 Webtrader, MT4 Android, GP Copy Trustpilot Rating 4.5 out of 171 reviews Number of CFD Forex Pairs to Trade 56 Leverage Forex & Metals CFDs: 1:500 (1:30 for ASIC entity)
Index CFDs: 1:100 (1:20 for ASIC entity)
Cryptocurrencie CFDs: Up to 1:2 (ASIC); Up to 1:5 (Pro and VFSC)Spread EURUSD: 0.96 avg (Standard)
USDJPY: 1.47 avg (Standard)
EURGBP: 1.19 avg (Standard)
GBPUSD: 1.12 avg (Standard)Forex Commission per Lot per Trade $0 Standard Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, Mastercard, PayPal, Skrill, Neteller, Gate8, Dragonpay, Fasapay, VNPay, Pagsmile, BPay, POLi, AstroPay, Bank Transfer, Interac, Perfect Money, PayID, Jeton, MiFinity, XPay, Crypto Withdrawal Methods Mastercard, Visa, Local Bank Transfer, Bank Wire Transfer, Skrill, Neteller, AstroPay, PayPal, Dragonpay, Perfect Money, Jeton, Interac, Cryptocurrencies
Key Pros
- Overseen by a top-tier financial regulator (ASIC)
- No fees on deposits and withdrawals
- Low fees for FX trading
- Streamlined sign-up process
- A broad range of currency pairs
Key Cons
- Could use more trading platforms
- A limited range of educational resources
- Does not offer Islamic or cent accounts
Eightcap Broker Details Regulators SCB (No. SIA-F220), ASIC (No.391441), CySEC (No. 246/14), FCA (No. 921296) Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, WebTrader, TradingView, Capitalise.ai, FlashTrader Trustpilot Rating 4.2 out of 2,791 reviews Number of CFD Forex Pairs to Trade 50+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1.00 (min)
USDJPY: 1.1
EURGBP: 1
GBPUSD: 1Forex Commission per Lot per Trade $0 on Standard and TradingView Accounts; $7 round turn on Raw Accounts Deposit Methods Visa, PayPal, Mastercard, Wire Transfer, Neteller, Skrill, Tether, Bitcoin, BPAY, Dragonpay, Fasapay, Interac, Pix, UnionPay Withdrawal Methods Mastercard, Visa, PayPal, Skrill, Neteller, Bitcoin, Tether, Wire Transfers, BPAY, Fasapay, Pix, Interac, UnionPay Key Pros
- Commission-free FX trading via standard accounts
- Spreads from 0 pips on major currency pairs
- Accepts cryptocurrency deposits
- Fantastic variety of deposit and withdrawal methods
- Insights section with webinars, trade ideas, and weekly forecasts
Key Cons
- Below-average range of tradable instruments
- Crypto withdrawals incur transaction fees
BlackBull Markets Broker Details Regulators SFSA (No. SD045), FMA (No. FSP403326), FSA Min Deposit $0 (Standard)$2,000 (Prime)$20,000 (Institutional) Trading Platforms MetaTrader4, MetaTrader5, TradingView, cTrader, MT WebTrader, BlackBull Shares, BlackBull CopyTrader, BlackBull Trade, BlackBull Invest, ZuluTrade Trustpilot Rating 4.8 out of 1,063 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:500
Index CFDs: 1:500
Cryptocurrencie CFDs: 1:500Spread EURUSD: 0.1
USDJPY: 0.2
EURGBP: 0.7
GBPUSD: 0.4Forex Commission per Lot per Trade $0 Standard; $6 per lot Prime; $4 per lot Institutional Deposit Methods Visa, Mastercard, Neteller, Airtm, Skrill, Bank Transfer, HexoPay, American Express, POLi, Payment Asia, Help2Pay, FXPay, Fasapay, China Union Pay, Boleto, AstroPay, Beeteller, Bitcoin, Ethereum, Tether, Ripple, Litecoin, Bitcoin Cash, Chainlink, USD Coin, Stellar Withdrawal Methods Visa, Mastercard, Bank Transfer, Airtm, Skrill, Neteller, American Express, POLi, HexoPay, Payment Asia, Help2Pay, FXPay, China Union Pay, Boleto, Fasapay, Beeteller, AstroPay, Bitcoin, Litecoin, Bitcoin Cash, Tether, Ripple, Stellar, Chainlink, Ethereum, USD Coin Key Pros
- Uses proprietary copy-trading platform
- Swap-free trading via ECN Standard and Prime accounts
- Multi-platform support
- Provides a 24/7 customer support service
- Great Education Hub for traders looking to hone their skills
Key Cons
- High commissions per lot on Prime and Institutional accounts
- Charges a $5 fee on withdrawals
Axi Broker Details Regulators ASIC, FCA, CySEC, DFSA, FSA (Saint Vincent and the Grenadines) Min Deposit $0 Trading Platforms MetaTrader4, MT4 WebTrader, Axi Mobile Trustpilot Rating 4.4 out of 2,668 reviews Number of CFD Forex Pairs to Trade 80 Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1.2
USDJPY: 1.4
EURGBP: 1.1
GBPUSD: 1.2Forex Commission per Lot per Trade $0 on Standard Account; $7 round trip on Pro Account Deposit Methods Visa, Mastercard, Bank Transfer, Neteller, Skrill, AstroPay, Fasapay, Przelewy24, Boleto, Pix, Bitcoin, Ethereum, Ripple, Litecoin, Tether, Stellar, POLi, iDEAL, Sofort, Giropay Withdrawal Methods Mastercard, Visa, Bank Transfer, Przelewy24, Fasapay, Skrill, AstroPay, Pix, Boleto, Neteller, Bitcoin, Ripple, Ethereum, Litecoin, Tether, Stellar Key Pros
- Provides multilingual customer support
- Standard and Pro accounts available in 10 base currencies
- No minimum deposit requirements on Pro and Standard accounts
- Over 70 FX pairs tradable from zero pips
- Swift order execution and tight spreads
Key Cons
- A limited choice of trading platforms
- Below-average number of tradable symbols
Pepperstone Broker Details Regulators UK FCA (No.684312), CySEC (No. 388/20), ASIC (No. 414530), BaFin (No.151148), DFSA, CMA, SCB (Bahamas) Min Deposit $0 Trading Platforms TradingView, MetaTrader4, MetaTrader5 Trustpilot Rating 4.5 out of 2,901 reviews Number of CFD Forex Pairs to Trade 90+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 1.00 (min)
USDJPY: 1.0
EURGBP: 1.2
GBPUSD: 1.00 (min)Forex Commission per Lot per Trade $0 (Standard Account), $7 round-turn (Razor Account) Deposit Methods Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill Withdrawal Methods Visa, Mastercard, PayPal, Bank Transfer, BPay, Neteller, Skrill Key Pros
- Winner of multiple industry awards
- Commission-free FX trades via standard accounts
- Over 1,200 instruments across all major asset classes
- Competitive spreads on FX trades via Razor accounts
- Seamless withdrawals within 1 to 3 workdays
Key Cons
- A somewhat limited range of deposit and withdrawal options
- High swap rates on overnight positions
FxPro Broker Details Regulators FCA (No. 45052), CySEC (No. 078/07), SCB (No. SIA-F184), FSCA (No.45052) Min Deposit $100 Trading Platforms MetaTrader4, MetaTrader5, cTrader, FxPro Edge (proprietary), Proprietary Trustpilot Rating 4.3 out of 656 reviews Number of CFD Forex Pairs to Trade 70+ Leverage Forex & Metals CFDs: 1:30
Index CFDs: 1:20
Cryptocurrencie CFDs: 1:2Spread EURUSD: 0.25
USDJPY: 0.38
EURGBP:- 0.1 (MT4)
- 1.3 (MT5)
GBPUSD: 0.37Forex Commission per Lot per Trade $0 on Standard Account; $3.5 per side on Raw+ and Elite Accounts Deposit Methods Visa, Mastercard, Maestro, Bank Transfer, Neteller, PayPal, Skrill, Union Pay Withdrawal Methods Bank Transfer, Mastercard, Visa, Union Pay, Maestro, PayPal, Skrill, Neteller Key Pros
- Over 2,100 CFDs across six asset classes
- Zero fees on deposits and withdrawals
- Floating spreads with no commissions on MT4 FX trades
- Winner of over 100 industry awards
- Fills orders within less than 13 milliseconds
Key Cons
- FX spreads are slightly higher than industry averages
- Charges maintenance fees after six months of inactivity
eToro Broker Details Regulators FCA, CySEC, ASIC, MFSA, FSRA, FSA, FINRA/FinCEN, AMF, SEC, GFSC Min Deposit $50 or $100 based on country ($10 for the UK, $1 in the US) Trading Platforms eToro Investing, eToro App, TradingView, eToro CopyTrader, Proprietary Trustpilot Rating 4.1 out of 25,705 reviews Number of CFD Forex Pairs to Trade 55 Leverage Forex & Metals CFDs: 1:30 (1:400 advanced leverage at Seychelles entity)
Index CFDs: 1:20 (1:100 advanced leverage at Seychelles entity)
Cryptocurrencie CFDs: 1:2 (UK, CySEC, ASIC), 1:5 (Seychelles)Spread EURUSD: 1.0
USDJPY: 1.0
EURGBP: 1.5
GBPUSD: 2.0Forex Commission per Lot per Trade $1 or $2 (stocks only) Deposit Methods eToro Money, Visa, Mastercard, Neteller, PayPal, Skrill, iDeal, Klarna, Bank Transfer, Trustly, Przelewy24 Withdrawal Methods PayPal, Skrill, Visa, Mastercard, Neteller, Trustly, Bank Transfer Key Pros
- Offers trading with over 6,000 instruments
- Ideal for social and copy trading
- No commissions on forex trades
- Effortless registration process
- Offers negative balance protection
Key Cons
- Withdrawals are subject to additional processing fees ($5)
- USD is the only base account currency
- Charges inactivity fees on dormant accounts ($10 per month)
Is Forex Trading Legal in Chile?
Forex trading is a broadly accessible and legal activity in Chile that falls under the supervisory powers of the Comisión para el Mercado Financiero (CMF, Commission for the Financial Market in English). The foreign exchange sector is regulated by the Compendium of Foreign Exchange Regulations, issued by Banco Central de Chile, and Law No. 21521, informally known as the Chile Fintech Act.
The Compendium of Foreign Exchange Regulations outlines the rules and requirements for foreign exchange transactions. The central bank uses it to control the flow of foreign currencies in and out of Chile. Apart from regulating capital flow, the compendium lays out the legal requirements companies and individuals must satisfy to engage in forex transactions. All foreign exchange transactions must be reported to the central bank.
Securities agents and foreign financial institutions with registered offices in Chile must also seek authorization from the central bank’s Financial Policy Division. They must present certificates of background for key personnel members, including the entity’s general managers, directors, controlling shareholders, and principal executives. Additionally, the companies must provide certificates proving they have registrations with the CMF.
The certificate must also outline any fines or administrative sanctions imposed in the last 5 years. Public limited companies seeking to join the Formal Exchange Market must have a net worth of at least UF 12,000. Formal exchange market participants should maintain mechanisms to manage and mitigate their operational risk adequately. Derivative transactions in foreign currencies must be reported to the central bank (Chapter IX, Annex 1 of the Compendium).
The Chilean Fintech Act (Law 21521) came into effect in early 2023, establishing a regulatory framework for providing certain fintech services. The legislation covers alternative transaction systems, crowdfunding platforms, financial instrument custodians and intermediaries, order routing, and investment advisory services. Such companies must apply for registration in the CMF registry of financial service providers.
Entities interested in obtaining registration must set up local offices or have a registered subsidiary in the country (in the case of foreign companies). The CMF typically rules on registration applications within 30 days, although the process may take 4 to 7 months. Authorized brokers must regularly report to the CMF and implement various mechanisms to prevent customers from running excessive risk. Last but not least, the brokers must maintain a minimum equity of at least UF 5,000 or 3% of their financial and operational risk-weighted assets.
Forex Trading Regulators in Chile
Chile has two foreign exchange regulators, starting with Banco Central de Chile, whose primary responsibility is to preserve the stability of the local financial system and currency, the Chilean peso (CLP). It achieves this primarily by controlling inflation, which it strives to maintain within a 3% annual target rate. The central bank is responsible for determining the daily interest rates of interbank loans and regulating the flow of foreign currencies in and out of the country.
Banco Central de Chile additionally oversees the operations of payment service providers, monitoring them for efficiency, safety, and compliance. The bank manages Chile’s forex reserves and is the sole issuer of Chilean pesos. The country has adopted a floating exchange rate system whereby peso prices largely depend on current levels of supply and demand. Banco Central de Chile has the purview to intervene in exchange rates to preserve the peso’s stability.
Comisión para el Mercado Financiero (CMF) was established in early 2017 under Law 21000, effectively replacing the now-defunct Superintendencia de Valores y Seguros (SVS). The CMF consists of a five-member council headed by a commissioner appointed by the Chilean president. The commission oversees various participants in the Chilean financial market, including securities agents, stock exchanges, insurance companies, financial advisors, brokers, and fintech companies.
It also issues licenses to financial intermediaries like stock brokers and securities agents. The body monitors for compliance with the local regulatory framework and imposes sanctions on non-compliant companies. The CMF runs a register on its official website, allowing local traders to browse all regulated companies.
Many local retail traders prefer to do business with foreign-regulated brokers licensed outside of Chile. Such companies operate under the regulatory purview of offshore financial watchdogs like the FSA in Seychelles, VFSC in Vanuatu, and FSC in Mauritius. Offshore forex brokers cater to Chilean clients with Spanish customer support, local payment methods, and CLP-denominated accounts, among other perks.
How to Identify Authorized Forex Brokers in Chile?
It is essential to confirm the licensing status of your chosen broker to ensure you are dealing with a legitimate and adequately regulated company. Doing business with licensed forex brokers translates into higher security and price transparency. It also gives you legal recourse should any issues arise. As we mentioned earlier, the CMF has a dedicated registry of financial services providers on its website, allowing you to confirm the regulatory status of companies.
The CMF database contains all natural and legal persons registered to provide investment advice, intermediation, and custody of financial instruments as per the 2023 Fintech Law. Chilean traders can search companies by name or tax identification number (RUT). It is also possible to filter the registered entities by the type of service they provide (order routing, investment consultancy, intermediation, or custody of financial instruments). Registered entities are expressly listed as authorized.
If you intend to trade with a foreign broker, you still want to confirm its status in the licensee database of the respective offshore regulator. Offshore brokers commonly service Chilean customers with licensees issued by the Securities Commission of the Bahamas (SCB), the Financial Services Commission of Mauritius (FSCM), the Financial Services Authority of Seychelles (FSA), the Financial Services Commission of Belize (FSCB), or the Vanuatu Financial Services Commission (VFSC).
Chile Brokers Security
Reliable forex brokers accepting customers from Chile employ various security measures to protect clients and their money. Regulated brokers (whether by CMF or offshore) keep client funds in segregated bank accounts and never commingle them with their operating capital. This is a standard practice in the industry that aims to prevent brokers from using customer money for their own purposes. Trusted brokers normally store client deposits in dedicated accounts at recognized financial institutions like Lloyd’s or Barclays but it all depends on where you trade.
The brokers that made the final cut on our shortlist participate in investor compensation schemes or offer independent protection insurance to cover client losses up to a specific amount in the event of insolvency. Additionally, trusted brokers invest heavily in state-of-the-art technology infrastructures to eliminate the risks of hacker attacks. They rely on advanced encryptions to encode sensitive client information during transmission and prevent it from being intercepted by malicious individuals.
Robust firewalls and intrusion detection systems are in place to hinder unauthorized access to broker systems and client data. The companies additionally conduct regular security audits, which enables them to detect and address potential vulnerabilities promptly. Many forex brokers welcoming Chilean customers offer two-factor authentication. The latter provides an additional level of security by requiring traders to enter a second type of authentication when signing in. This could be a unique one-time code texted to the customer’s smartphone, for example.
Regulated brokers subject themselves to regular financial audits conducted by reputable accounting firms. They offer negative balance protection to prevent customers’ losses from exceeding their deposits. Rigorous know-your-customer (KYC) procedures are in place, helping to prevent money laundering, terrorist financing, and other illegal activities. Onboarding Chilean traders must submit various documents to confirm their permanent residential address, identity, and source of funds.
Some Chile-friendly brokers attempt to mitigate the risks associated with derivative trading by publishing risk disclaimers on their websites. Onboarding customers must sometimes complete brief questionnaires so that brokers can assess their experience in dealing with derivatives like the contract for difference (CFD). Customers deemed unfit to trade in these complex instruments typically cannot complete the registration process.
Negative Balance Protection at Chilean Brokers
The Chilean regulatory framework does not explicitly mandate negative balance protection, but many forex brokers still offer it to customers from the country, especially those regulated by more demanding foreign watchdogs. We strongly recommend you confirm this protective measure is in place before you trade on margin with any broker. Information about risk management policies is typically available on the broker’s website or in their client agreement.
As the name indicates, negative balance protection prevents margin traders who use leverage from losing more money than their available balance. Without it, you risk owing money to the broker even when your balance hits zero. Customers trading on margin must deposit a specific amount as collateral, but the exact sum depends on the leverage they use.
Brokers with negative balance protection automatically close out all rapidly losing leverage positions when a trader’s balance approaches zero. Your balance may go red if the automatic stopout fails to trigger due to extreme market volatility. However, the broker will absorb the excess losses and reset your account to zero. The availability of negative balance protection promotes trust among customers, which is why many offshore brokers offer it to clients from Chile even if they are not explicitly obliged to do so under Chilean law.
Taxes on Forex Trading in Chile
Profits derived from forex trading may be liable for income taxes, depending on the nature and frequency of one’s trading activities. The Chilean taxation framework does not impose capital gains taxes and taxes them as regular income. The Chilean Internal Revenue Service (Servicio de Impuestos Internos, SII) distinguishes between several tax categories, starting with the First Category Tax (FCT) of 15%, applicable to business income.
The Second Category Tax (SCT) applies to personal income derived from salaries and remuneration. The SCT uses progressive rates that range from 0% to 45% based on various factors. The Complementary Global Tax (CGT) reaches 45% and applies to income derived through dividends, among other sources. As you can see, Chile’s tax system is rather complex, not to mention rates are subject to change. We recommend you consult an experienced tax professional if you suspect your forex profits may be liable for taxation.
Leverage Comparison at Locally Regulated and Offshore Brokers
The Chilean regulatory framework does not contain any provisions on leverage restrictions as there is no legal distinction between retail and professional forex traders. The country has no specific regulations for CFD brokers, either. Consequently, the leverage available to Chilean retail forex traders usually depends on the regulations of the foreign-licensed brokers they use.
Chilean traders will find that brokers regulated in island countries like the Bahamas, Seychelles, Vanuatu, or Saint Vincent and the Grenadines often provide extremely high leverage. The ratios can go as high as 1:500, 1:1000, or even 1:2000 in some cases. In contrast, brokers licensed in jurisdictions like Australia, where regulatory requirements are stricter, cap retail leverage at 1:30 for major and 1:20 for minor forex pairs. The ratios can drop as low as 1:2 for cryptocurrency CFDs at Australia-regulated brokers.
As you can see in the table below, leverage caps vary significantly depending on the volatility of the underlying asset class. Less volatile markets like forex and gold offer higher leverage than stocks and cryptocurrencies where prices can fluctuate wildly within minutes. A 1:500 ratio enables you to trade $500 for every dollar you deposit to your live account. Respectively, a $100 deposit will allow you to open a position as large as $50,000.
While useful, high leverage carries various risks, such as suffering substantial losses due to small adverse market movements, increased chances of receiving margin calls, and running up debt in the absence of negative balance protection. It is crucial for local traders to do their due diligence on any offshore broker they plan to use.
| Maximum Leverage at FX Offshore Brokers Onboarding Chilean Traders | |||
|---|---|---|---|
| Asset Class | Fusion Markets (Vanuatu) | FP Markets (Seychelles) | Pepperstone (Bahamas) |
| Major FX Pairs | 1:500 | 1:500 | 1:200 |
| Gold | 1:500 | 1:500 | 1:200 |
| Other Commodities | 1:100 | 1:500 | 1:143 |
| Indices | 1:100 | 1:200 | 1:200 |
| Shares | 1:20 | 1:10 | 1:20 |
| Cryptocurrencies | 1:10 | 1:50 | 1:20 |
Professional Trader Requirements in Chile
Professional clients often qualify for exclusive account features and rebates, especially when trading higher volumes. Large-volume positions also render them eligible for discounts and dedicated account managers. Such clients have access to exclusive invitation-only events where they can socialize with like-minded professionals.
Chilean traders interested in upgrading to a professional status must fulfill several criteria to qualify. The first condition usually is to have a financial portfolio valued at $500,000 or more. Another requirement is to have at least 10 large-volume positions per quarter in the past year. The exact number of significant-size trades may vary from broker to broker. The third eligibility criterion is having one or more years of professional experience in the financial sector.
Chilean customers must usually satisfy two of three conditions to qualify for professional accounts. It is imperative to add upgrading to professional status comes with certain disadvantages. For starters, professional traders renounce their right to negative balance protection.
Brokers automatically assume professional clients have sufficient experience to manage their risk adequately. Retail leverage restrictions do not apply to pro traders, who are often ineligible for investor compensation. Brokers would use more sophisticated language in their communications with experienced traders that would otherwise sound confusing to unversed retail customers.
Trading Platforms at Chilean Brokers
Foreign-regulated brokers cater to the Chilean market with commonly used third-party platforms like MetaTrader 4 (MT4), MetaTrader 5 (MT5), TradingView, and cTrader. All four options support Spanish, making it easier for Chilean forex traders to navigate around, place orders, and analyze market trends.
Others like eToro, Plus500, and XTB develop proprietary platforms designed to deliver a unique user experience and features. Such platforms integrate seamlessly with other broker services like research tools, customer support, and account management. On the downside, using proprietary software is often associated with a steeper learning curve. Users require more time to find their way around and get accustomed to different features.
Because of this, many Chilean traders prefer to work with MT4 and MT5 brokers. Both platforms enable forex trading, but MetaTrader 5 is designed for multi-asset trading, supporting a broader range of markets. MT5 offers more advanced order types and 21 timeframes, whereas MT4 only has 9.
Level II pricing is also integrated into MT5, alongside an economic calendar displaying real-time information on important economic events. MT5 has more powerful analytical and charting capabilities, with 38 technical indicators and 44 graphical objects. MT4 has 30 indicators and 31 objects, respectively.
Chilean social traders commonly opt for brokers that support TradingView. The platform is home to a social trading network with over 100 million users worldwide. Users benefit from over 400 built-in indicators, 100,000 public indicators, 110 drawing tools, and auto-chart patterns. Backtesting and multi-timeframe analysis are also available in TradingView.
Direct market access (DMA) brokers often work with cTrader, reducing intermediary intervention and improving order execution speeds. The platform is renowned for its comprehensive charting tools, including 8 chart types. Customers have access to prices streamed directly from liquidity providers via the Depth of Market (DOM) feature. The latter provides valuable information to guide your trading decisions as you see the depth and volume of orders for your chosen markets.
It is always wise to do some research on your own, especially if you wish to acquaint yourself better with forex legislation and regulatory requirements in your country. Chilean traders can conveniently do this by following the links below. They provide more comprehensive information on CMF’s structure and responsibilities, fraud warnings, and complaint procedures.
- The official website of the CMF (Comisión para el Mercado Financiero de Chile) provides information on the Chilean regulatory framework, including full texts of statutory decrees. You can learn more about the CMF Board, its organization, and functions. The website is available in Spanish and English.
- Follow the Chilean regulator on X, Facebook, Instagram, YouTube, Spotify, LinkedIn, or WhatsApp to stay informed on the latest announcements and news from the CMF.
- You can schedule a Zoom appointment with the CMF to receive guidance on general consultations on the banking, securities, and insurance markets.
- Browse the official CMF database to find locally registered financial services providers.
- File a claim or complaint with the CMF against insurance companies, securities agents, banks, brokers, and other financial institutions.
- Browse the latest fraud alerts and warnings from the CMF to keep yourself out of harm’s way.
- Check the official registries of the regulators of Seychelles, Vanuatu, St. Vincent and Grenadines, Belize, and Mauritius to confirm the current regulatory status of your offshore broker.